Generation Alpha, Inc.
CIK:0001398137|SEC Filings
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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| Income Statement [Abstract] | ||||||||
| Sales | $ 463,000 | $ 276,000 | $ 917,000 | $ 583,000 | ||||
| Cost of goods sold | 141,000 | 134,000 | 368,000 | 329,000 | ||||
| Gross profit | 322,000 | 142,000 | 549,000 | 254,000 | ||||
| Operating expenses | ||||||||
| Selling, general and administrative expenses | 303,000 | 260,000 | 569,000 | 621,000 | ||||
| Research and development | 25,000 | 25,000 | 51,000 | 50,000 | ||||
| Legal settlement | 448,000 | 448,000 | ||||||
| Impairment of right of use asset | 82,000 | |||||||
| Total operating expenses | 328,000 | 733,000 | 620,000 | 1,201,000 | ||||
| Loss from operations | (6,000) | (591,000) | (71,000) | (947,000) | ||||
| Gain (loss) on settlement of trade accounts payable | 46,000 | (60,000) | ||||||
| Gain on extinguishment of debt | 2,000 | |||||||
| Financing costs (1) | [1] | (15,000) | ||||||
| Change in fair value of derivative liability | 712,000 | (583,000) | (725,000) | (1,525,000) | ||||
| Interest expense (2) | [2] | (100,000) | (246,000) | (357,000) | (571,000) | |||
| Total other income (expenses) | 658,000 | (829,000) | (1,140,000) | (2,111,000) | ||||
| Income (loss) before income taxes | 652,000 | (1,420,000) | (1,211,000) | (3,058,000) | ||||
| Provision for income taxes | ||||||||
| Net loss | $ 652,000 | $ (1,420,000) | $ (1,211,000) | $ (3,058,000) | ||||
| BASIC AND DILUTED LOSS PER SHARE | $ 0.00 | $ (0.03) | $ (0.02) | $ (0.06) | ||||
| WEIGHTED - AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED | 204,282,307 | 51,162,447 | 59,557,830 | 50,216,412 | ||||
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Current Assets | ||
| Cash | $ 273,000 | $ 372,000 |
| Accounts receivable, net of allowance of $5,000 and $12,000, respectively | 107,000 | 54,000 |
| Inventories, net of reserves of $24,000 and $30,000, respectively | 85,000 | 133,000 |
| Prepaid expenses and other current assets | 28,000 | 54,000 |
| Total Current Assets | 493,000 | 613,000 |
| Property and equipment, net | 41,000 | 15,000 |
| Right of use asset, net | 212,000 | 63,000 |
| Other assets | 21,000 | 11,000 |
| Total Assets | 767,000 | 702,000 |
| Current Liabilities | ||
| Accounts payable and accrued expenses | 1,464,000 | 1,649,000 |
| Legal settlement payable | 448,000 | 448,000 |
| Lease liabilities, current portion | 424,000 | 440,000 |
| Contract obligations – past due | 824,000 | 816,000 |
| Notes payable - related parties – past due | 790,000 | 790,000 |
| Convertible notes payable to related party (including $2,125,000 and $1,775,000 that are past due, respectively), net of discount of $12,000 and $220,000, respectively | 2,263,000 | 2,055,000 |
| Accrued interest to related parties | 649,000 | 531,000 |
| Derivative liabilities | 2,886,000 | 2,161,000 |
| Loans payable | 11,000 | |
| Total Current Liabilities | 9,748,000 | 8,901,000 |
| Lease liabilities, net of current portion | 355,000 | 182,000 |
| Loans payable | 355,000 | 355,000 |
| Total Liabilities | 10,458,000 | 9,438,000 |
| Commitments and Contingencies | ||
| Shareholders’ Deficit | ||
| Preferred stock, no par value, 20,000,000 shares authorized; no shares issued and outstanding at June 30, 2021 and December 31, 2020 | ||
| Common stock, $0.001 par value, 100,000,000 shares authorized; 60,610,253 and 59,557,830 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 60,000 | 59,000 |
| Additional paid-in-capital | 32,441,000 | 32,186,000 |
| Accumulated deficit | (42,192,000) | (40,981,000) |
| Total Shareholders’ Deficit | (9,691,000) | (8,736,000) |
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ 767,000 | $ 702,000 |