FMC GlobalSat Holdings, Inc.

CIK:0001719881|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue	$ 305,403	$ 35,213
Cost of revenue	185,766	34,275
Gross profit	119,637	938
Operating Expenses:
Selling and marketing	532,062	25,222
General and administrative	1,531,439	615,419
Total operating expenses	2,063,501	640,641
Loss from operations	(1,943,864)	(639,703)
Other income(expense)
Interest income	2,000
Interest expense	(1,318)	(139,945)
Total other income (expense)	682	(139,945)
Loss before provision for income taxes	(1,943,182)	(779,648)
Provision (credit) for income tax
Net loss	$ (1,943,182)	$ (779,648)
Net loss per share (Basic and fully diluted)	$ (0.13)	$ (0.07)
Weighted average number of common shares outstanding	14,599,419	11,593,908

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities:
Net (loss)	$ (1,943,182)	$ (779,648)
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	13,052	139,945
Bad debt expense	40,912
Stock-based compensation	247,146
Changes in operating assets and liabilities
Accounts receivable	(105,891)	(1,403)
Inventory	30,908	(50,267)
Prepaid expenses and other current assets	(54,340)	(15,877)
Other assets	(2,000)	(9,752)
Accounts payable and accrued expenses	56,250	239,720
Deferred revenue	6,927	138
Net cash used in operating activities	(1,710,218)	(477,144)
Cash flows from Investing Activities
Purchase of property and equipment	(349,257)
Net cash used in investing activity	(349,257)
Cash Flows From Financing Activities:
Cash advances from officer	40,712
Proceeds from the sale of common stock, net	1,158,950	1,316,859
Repayments of convertible notes	(70,000)
Proceeds from the issuance of convertible notes	70,000	250,000
Net cash provided by financing activities	1,199,662	1,566,859
Net Increase (Decrease) In Cash	(859,813)	1,089,715
Cash At The Beginning Of The Period	1,089,715
Cash At The End Of The Period	229,902	1,089,715
Supplemental disclosure of cash flow information:
Cash paid for income taxes
Cash paid for interest	690
Supplemental disclosure of non-cash financing activities:
Warrants issued to former Founders of FMC GlobalSat Holdings, Inc.		500,000
Conversion of convertible notes and accrued interest to common stock		255,230
Warrants issued related to December private placement offerings		$ 1,878,750

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash	$ 229,902	$ 1,089,715
Accounts receivable	66,382	1,403
Inventory assembly parts	19,360	50,267
Prepaid expenses and other current assets	70,217	15,877
Total current assets	385,861	1,157,262
Property and equipment, net	336,205
Other assets	11,752	9,752
Total Assets	733,818	1,167,014
Current liabilities
Accounts payable and accrued expenses	139,938	239,720
Accounts payable related party	48,712
Deferred revenue	7,065	138
Total current liabilities	195,715	239,858
Total Liabilities	195,715	239,958
Stockholders' Equity
Common stock, $0.0001 par value; 20,000,000 shares authorized, 10,883,460 and 15,013.460 issued and outstanding as of December 31, 2018 and 2017, respectively	1,088	1,501
Additional paid-in capital	3,259,845	1,705,303
Accumulated deficit	(2,722,830)	(779,648)
Total Stockholders' Equity	538,103	927,156
Total Liabilities and Stockholders' Equity	$ 733,818	$ 1,167,014