GelTech Solutions, Inc.

CIK:0001403676|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Sales	$ 491,927	$ 607,596	$ 981,701	$ 1,268,032
Cost of goods sold	274,249	209,090	519,559	414,687
Gross profit	217,678	398,506	462,142	853,345
Operating expenses:
Selling, general and administrative expenses	1,038,558	1,042,127	3,048,154	3,183,426
Research and development	24,113	8,587	106,594	42,148
Total operating expenses	1,062,671	1,050,714	3,154,748	3,225,574
Loss from operations	(844,993)	(652,208)	(2,692,606)	(2,372,229)
Other income (expense)
Interest income	6	4	15	7
Loss on conversion of debt		(129,936)		(129,936)
Interest expense	(101,002)	(103,953)	(284,784)	(461,276)
Total other income (expense)	(100,996)	(233,885)	(284,769)	(591,205)
Net loss	$ (945,989)	$ (886,093)	$ (2,977,375)	$ (2,963,434)
Net loss per common share - basic and diluted	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
Weighted average shares outstanding - basic and diluted	112,942,858	96,687,944	109,922,727	86,819,775

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of net loss to net cash used in operating activities:
Net loss	$ (2,977,375)	$ (2,963,434)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense	1,572	10,653
Depreciation	59,348	63,344
Amortization of right of use assets		14,675
Amortization of debt discounts	109,493	137,265
Loss on conversion of debt		129,936
Stock issued for services and commissions	6,835	7,038
Options issued for services	17,614	15,572
Stock option compensation expense	104,262	138,362
Changes in assets and liabilities:
Accounts receivable	(65,687)	(289,682)
Inventories	(110,838)	36,372
Prepaid expenses and other current assets	105,300	90,400
Other assets		(2,250)
Accounts payable	38,411	83,081
Accrued expenses	147,594	325,915
Operating lease liability	(722)	(14,132)
Customer deposits		721
Net cash used in operating activities	(2,564,193)	(2,216,164)
Cash flows from Investing Activities
Purchases of equipment	(40,094)	(15,067)
Net cash used in investing activities	(40,094)	(15,067)
Cash flows from Financing Activities
Proceeds from sale of stock and warrants	1,575,000	2,180,000
Proceeds from note payable - related party	1,070,000
Proceeds from sale of stock		96,000
Proceeds from option exercise		3,596
Payments on insurance finance contract	(71,896)	(74,177)
Net cash provided by financing activities	2,573,104	2,205,419
Net decrease in cash and cash equivalents	(31,183)	(25,812)
Cash and cash equivalents - beginning	69,809	43,888
Cash and cash equivalents - ending	38,626	18,076
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	2,580	2,207
Cash paid for income taxes
Supplementary Disclosure of Non-cash Investing and Financing Activities:
Operating lease right of use assets and lease obligation		50,313
Stock issued for accrued interest		719,631
Stock issued to convert debt		2,500,000
Stock options granted for prepaid services	17,614	15,572
Prepaid insurance and related premium finance contracts	$ 65,695	$ 60,356

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash	$ 38,626	$ 69,809
Accounts receivable trade, net	176,931	112,816
Inventories	583,668	661,178
Prepaid expenses and other current assets	167,692	207,297
Total current assets	966,917	1,051,100
Furniture, fixtures and equipment, net	102,945	122,199
Operating lease right of use assets	10,482	29,349
Inventory not expected to be realized within one year	1,486,584	1,298,236
Deposits	18,336	18,336
Total assets	2,585,264	2,519,220
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	214,668	176,257
Accrued expenses	424,059	276,465
Customer deposit	721	721
Operating lease liability - current portion	10,482
Insurance premium finance contract	57,048	63,249
Total current liabilities	706,978	516,692
Operating lease liability		30,071
Note payable - related party	1,070,000
Convertible notes - related party, net of discounts	987,123	979,448
Convertible line of credit - related party, net of discounts	3,224,185	3,122,367
Total liabilities	5,988,286	4,648,578
Commitments and contingencies (Note 6)
Stockholders' deficit
Preferred stock: $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock: $0.001 par value; 200,000,000 shares authorized; 112,946,401 and 103,651,791 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.	112,946	103,652
Additional paid in capital	55,595,055	53,900,638
Accumulated deficit	(59,111,023)	(56,133,648)
Total stockholders' deficit	(3,403,022)	(2,129,358)
Total liabilities and stockholders' deficit	$ 2,585,264	$ 2,519,220