Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 19, 2021 | |
Details | ||
Registrant CIK | 0001404804 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 000-53955 | |
Entity Registrant Name | OMNITEK ENGINEERING CORP. | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 33-0984450 | |
Entity Address, Address Line One | 1345 Specialty Drive | |
Entity Address, Address Line Two | Suite E | |
Entity Address, City or Town | Vista | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92081 | |
City Area Code | 760 | |
Local Phone Number | 591-0089 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,600,189 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 14,123 | $ 60,729 |
Accounts receivable, net | 12,613 | 9,455 |
Accounts receivable - related parties | 30,475 | 17,345 |
Inventory Net | 734,988 | 821,866 |
Contract assets | 13,221 | 13,221 |
Deposits | 8,195 | 38,610 |
Total Current Assets | 813,615 | 961,226 |
Property and equipment, net | 10,536 | 1,266 |
OTHER ASSETS | ||
Operating lease right-of-use asset | 624,403 | 0 |
Other noncurrent Assets | 12,163 | 14,280 |
Total Other Assets | 636,566 | 14,280 |
TOTAL ASSETS | 1,460,717 | 976,772 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 428,685 | 468,839 |
Accrued management compensation | 616,311 | 595,158 |
Accounts payable - related parties | 125,974 | 121,527 |
Note payable - related party | 15,000 | 15,000 |
Convertible notes payable - related party | 30,869 | 0 |
Contract liabilities | 75,000 | 75,000 |
Current portion, long-term debt | 0 | 69,551 |
Operating lease liabilities | 104,849 | 0 |
Customer deposits | 170,026 | 276,381 |
Total Current Liabilities | 1,566,714 | 1,621,456 |
LONG-TERM LIABILITIES | ||
Convertible notes payable - related party, net of current portion | 15,680 | 0 |
Operating lease liabilities - long-term | 531,993 | 0 |
Loans payable - SBA, net of current portion | 298,674 | 229,449 |
Total Long-term Liabilities | 846,347 | 229,449 |
Total Liabilities | 2,413,061 | 1,850,905 |
STOCKHOLDERS' DEFICIT | ||
Common stock, 125,000,000 shares authorized, no par value, 21,600,189 shares issued and outstanding | 8,578,210 | 8,578,210 |
Additional paid-in capital | 12,029,791 | 12,013,298 |
Accumulated deficit | (21,560,345) | (21,465,641) |
Total Stockholders' Deficit | (952,344) | (874,133) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 1,460,717 | $ 976,772 |
Condensed Balance Sheets - Pare
Condensed Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares, Issued | 21,600,189 | 21,600,189 |
Common Stock, Shares, Outstanding | 21,600,189 | 21,600,189 |
Condensed Statements of Operati
Condensed Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||||
Revenues | $ 311,909 | $ 215,867 | $ 758,329 | $ 650,771 |
COST OF GOODS SOLD | 165,286 | 122,624 | 456,169 | 402,604 |
GROSS MARGIN | 146,623 | 93,243 | 302,160 | 248,167 |
OPERATING EXPENSES | ||||
General and administrative | 145,811 | 164,549 | 444,688 | 519,300 |
Research and development | 15,555 | 17,535 | 49,110 | 67,220 |
Depreciation and amortization | 349 | 136 | 620 | 407 |
Total Operating Expenses | 161,715 | 182,220 | 494,418 | 586,927 |
LOSS FROM OPERATIONS | (15,092) | (88,977) | (192,258) | (338,760) |
OTHER INCOME (EXPENSE) | ||||
Other income | 17,918 | 0 | 17,985 | 874 |
Loss on abandoned asset | (950) | 0 | (950) | 0 |
Extinguishment of liability | 0 | 0 | 100,655 | 0 |
Interest expense | (7,004) | (4,392) | (19,336) | (14,685) |
Total Other Income (Expense) | 9,964 | (4,392) | 98,354 | (13,811) |
LOSS BEFORE INCOME TAXES | (5,128) | (93,369) | (93,904) | (352,571) |
INCOME TAX EXPENSE | 0 | 800 | 800 | 800 |
NET LOSS | $ (5,128) | $ (94,169) | $ (94,704) | $ (353,371) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ (0.02) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 21,600,189 | 21,561,000 | 21,600,189 | 20,414,922 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($) | Common Stock | Common Stock Subscribed | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 8,527,210 | $ 20,000 | $ 11,997,842 | $ (20,975,929) | $ (430,877) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 21,339,865 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 10,408 | 0 | 10,408 |
Deposit - Stock purchase agreement | 31,000 | 31,000 | |||
NET LOSS | 0 | 0 | 0 | (126,705) | (126,705) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 8,527,210 | 51,000 | 12,008,250 | (21,102,634) | (516,174) |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 21,339,865 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 8,527,210 | 20,000 | 11,997,842 | (20,975,929) | (430,877) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 21,339,865 | ||||
Common stock issued for stock subscription | 51,000 | ||||
NET LOSS | (353,371) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2020 | $ 8,578,210 | 0 | 12,011,609 | (21,329,300) | (739,481) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 21,600,189 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2020 | $ 8,527,210 | 51,000 | 12,008,250 | (21,102,634) | (516,174) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 21,339,865 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 1,670 | 0 | 1,670 |
NET LOSS | 0 | 0 | 0 | (132,497) | (132,497) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | $ 8,527,210 | 51,000 | 12,009,920 | (21,235,131) | (647,001) |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 21,339,865 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 1,689 | 0 | 1,689 |
Common stock issued for stock subscription | $ 51,000 | (51,000) | 0 | 0 | 0 |
Common stock issued for stock subscription, shares | 260,324 | ||||
NET LOSS | $ 0 | 0 | 0 | (94,169) | (94,169) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2020 | $ 8,578,210 | 0 | 12,011,609 | (21,329,300) | (739,481) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 21,600,189 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | $ 8,578,210 | 0 | 12,013,298 | (21,465,641) | (874,133) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 21,600,189 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 11,283 | 0 | 11,283 |
Deposit - Stock purchase agreement | 0 | 0 | 0 | 0 | 0 |
NET LOSS | 0 | 0 | 0 | (395) | (395) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2021 | $ 8,578,210 | 0 | 12,024,581 | (21,466,036) | (863,245) |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 21,600,189 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | $ 8,578,210 | 0 | 12,013,298 | (21,465,641) | (874,133) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 21,600,189 | ||||
Common stock issued for stock subscription | 0 | ||||
NET LOSS | (94,704) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2021 | $ 8,578,210 | 0 | 12,029,791 | (21,560,345) | (952,344) |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 21,600,189 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2021 | $ 8,578,210 | 0 | 12,024,581 | (21,466,036) | (863,245) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 21,600,189 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 2,591 | 0 | 2,591 |
NET LOSS | 0 | 0 | 0 | (89,181) | (89,181) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2021 | $ 8,578,210 | 0 | 12,027,172 | (21,555,117) | (949,835) |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 21,600,189 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | 2,619 | 0 | 2,619 |
NET LOSS | 0 | 0 | 0 | (5,128) | (5,128) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2021 | $ 8,578,210 | $ 0 | $ 12,029,791 | $ (21,560,345) | $ (952,344) |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 21,600,189 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES | ||
NET LOSS | $ (94,704) | $ (353,371) |
Adjustments to reconcile net loss to | ||
Depreciation and amortization | 620 | 407 |
Loss on abandoned asset | 950 | 0 |
Options and warrants issued for services | 16,493 | 13,767 |
Extinguishment of liability | (100,655) | 0 |
Amortization of ROU asset | 27,947 | 0 |
Inventory reserve | (121,572) | 49,681 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,158) | (4,112) |
Accounts receivable-related parties | (13,130) | 2,191 |
Contract assets | 0 | 0 |
Deposits | 30,415 | (5,369) |
Inventory | 208,450 | 67,417 |
Accounts payable and accrued expenses | (39,499) | (71,628) |
Contract liabilities | 0 | 0 |
Customer deposits | (106,355) | (5,856) |
Accounts payable-related parties | 4,447 | (12,052) |
Other noncurrent assets | 2,117 | 0 |
Accrued management compensation | 21,153 | 49,231 |
Operating lease liability | (15,508) | |
Net Cash Used in Operating Activities | (181,989) | (269,694) |
INVESTING ACTIVITIES | ||
Purchase of fixed assets | (10,840) | 0 |
Net Cash Used in Investing Activities | (10,840) | 0 |
FINANCING ACTIVITIES | ||
Proceeds from loans payable - SBA | 100,000 | 299,000 |
Proceeds from convertible notes payable - related party | 50,000 | 0 |
Payments on related party note payable | (3,777) | (27,000) |
Proceeds from stock subscription | 0 | 31,000 |
Payments on convertible note payable | 0 | (15,000) |
Net Cash Provided by Financing Activities | 146,223 | 288,000 |
NET CHANGE IN CASH | (46,606) | 18,306 |
CASH AT BEGINNING OF YEAR | 60,729 | 20,236 |
CASH AT END OF PERIOD | 14,123 | 38,542 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | ||
Interest | 13,103 | 13,297 |
Income taxes | 800 | 800 |
NON CASH FINANCING ACTIVITIES: | ||
Common stock issued for stock subscription | 0 | $ 51,000 |
Adoption of ASC 842 - ROU Asset | 653,701 | |
Adoption of ASC 842 - ROU Liability | $ (652,350) |
NOTE 1 - CONDENSED FINANCIAL ST
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2021 and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2020 audited financial statements. The results of operations for the periods ended September 30, 2021 and September 30, 2020 are not necessarily indicative of the operating results for the full years. In December 2019, a novel strain of coronavirus disease (“COVID-19”) was first reported in Wuhan, China. Less than four months later, on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The extent of COVID-19’s impact on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business. However, if the pandemic continues to evolve into a severe worldwide health crisis, the disease could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. |
NOTE 2 - SIGNIFICANT ACCOUNTING
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition In general, revenue is recognized when control of the promised goods is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for the goods or services. In order to achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when we satisfy the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition. We recognize revenue on various products and services as follows: Products Contracts NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and associated change orders and claims, including those changes arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good Performance Obligations Satisfied Over Time Revenues for Omnitek’s long-term contracts that satisfy the criteria for over time recognition (formerly known as percentage-of-completion method) is recognized as the work progresses. The majority of the revenue is derived from long-term engine development agreements that typically span between 12 to 24 months. Omnitek’s long-term contracts will continue to be recognized over time because our typical contract is for a customized asset with no alternative use and generally the Company has a right to payment for work completed to date. Under the new revenue standard, the cost-to-cost measure of progress continues to best depict the transfer of control of assets to the customer, which occurs as the Company incurs costs. Contract costs include labor and material. Revenue from products and services transferred to customers over time accounted for 0% and 0% of revenue for the periods ended September 30, 2021 and September 30, 2020, respectively. Performance Obligations Satisfied at a Point in Time Revenue from product sales is recognized at a point in time. These sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer. Upon fulfilment of the performance obligation, the customer is provided an invoice demonstrating transfer of control to the customer. Revenue from goods and services transferred to customers at a point in time accounted for 100% and 100% of revenue for the periods ended September 30, 2021 and September 30, 2020, respectively. Assurance-type warranties are the only warranties provided by the Company and, as such, Omnitek does not recognize revenue on warranty-related work. Omnitek generally provides a one-year warranty for products that it sells. Warranty claims historically have been insignificant. Pre-contract costs are generally not incurred by the Company Contract Estimates Variable Consideration NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Disaggregation of Revenue The following table presents Omnitek’s revenues disaggregated by region and product type for the three months ended September 30, 2021 and September 30, 2020: For the three months ended September 30, For the three months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 84,491 - 84,491 $ 117,632 - 117,632 International 227,418 - 227,418 98,235 - 98,235 $ 311,909 - 311,909 $ 215,867 - 215,867 Filters $ 189,559 - 189,559 $ 45,561 - 45,561 Components 122,350 - 122,350 170,306 - 170,306 Engineering Services - - - - - - $ 311,909 - 311,909 $ 215,867 - 215,867 The following table presents Omnitek’s revenues disaggregated by region and product type for the nine months ended September 30, 2021 and September 30, 2020: For the nine months ended September 30, For the nine months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 318,360 - 318,360 $ 463,971 - 463,971 International 439,969 - 439,969 186,800 - 186,800 $ 758,329 - 758,329 $ 650,771 - 650,771 Filters $ 399,966 - 399,966 $ 209,593 - 209,593 Components 349,893 - 349,893 441,178 - 441,178 Engineering Services 8,470 - 8,470 - - - $ 758,329 - 758,329 $ 650,771 - 650,771 NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Inventory Inventory is stated at the lower of cost or market. The Company’s inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: September 30, December 31, Location : Vista, CA 2021 2020 Raw materials $ 847,392 $ 917,567 Finished goods 824,333 962,608 Allowance for obsolete inventory (936,737) (1,058,309) Total $ 734,988 $ 821,866 The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was $51,165 and $49,681, for the periods ended September 30, 2021 and September 30, 2020, respectively. Property and Equipment Property and equipment at September 30, 2021 and December 31, 2020 consisted of the following: September 30, December 31, 2021 2020 Production equipment $ 65,417 $ 64,673 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 7,383 42,451 Less: accumulated depreciation (103,184) (146,778) Total $ 10,536 $ 1,266 Depreciation expense for the periods ended September 30, 2021 and September 30, 2020 was $620 and $407, respectively. Basic and Diluted Loss per Share The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 3,048,889 and 2,857,223 stock options that would have been included in the fully diluted earnings per share as of September 30, 2021 and September 30, 2020, respectively. However, the common stock equivalents were not included in the computation of the loss per share computation because they are anti dilutive. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of September 30, 2021 and December 31, 2020 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2012. Operating Lease Right-of-Use Assets and Liabilities Operating lease right-of-use asset represents the Company’s right to use an underlying asset for the lease term and operating lease liability represents its obliation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (the Commencement Date) based on the present value of lease payments over the lease term. Rent expense on noncancellable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the lease beginning on the Commencement Day. Liquidity and Going Concern Historically, the Company has incurred net losses and negative cash flows from operations. As of September 30, 2021, the Company had an accumulated deficit of $21,560,345 and total stockholders’ deficit of $(952,344). At September 30, 2021, the Company had current assets of $813,615 including cash of $14,123, and current liabilities of $1,566,714, resulting in negative working capital of $(753,099). For the nine months ended September 30, 2021, the Company reported a net loss of $94,704 and net cash used in operating activities of $181,989. Management believes that based on its operating plan, the projected sales for 2021, combined with funds available from its working capital will be sufficient to fund operations for the next twelve months. However, there can be no assurance that operations and operating cash flows will continue at the current levels or improve in the near future. Whether, and when, the Company can attain profitability and positive cash flows from operations is uncertain. The Company is also uncertain whether it can raise additional capital. These uncertainties cast significant doubt upon the Company’s ability to continue as a going concern. Our financial statements have been prepared on a going concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of operations. The financial statements do not include any adjustments relating to the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities should we be unable to continue as a going concern. Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. |
NOTE 3 - CONTRACT ASSETS AND LI
NOTE 3 - CONTRACT ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 3 - CONTRACT ASSETS AND LIABILITIES | NOTE 3 – CONTRACT ASSETS AND LIABILITIES The timing of revenue recognition, billings and cash collections results in billed accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) on the balance sheet. For Omnitek’s long-term contracts, amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, Omnitek sometimes receives advances or deposits from its customers, before revenue is recognized, resulting in billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities). NOTE 3 – CONTRACT ASSETS AND LIABILITIES (Continued) The table below reconciles the net excess billings to the amounts included in the balance sheets at those dates: September 30, December 31, 2021 2020 Contract assets $ 13,221 $ 13,221 Contract liabilities $ (75,000) $ (75,000) Net amount of contract liabilities in excess of contract assets $ (61,779) $ (61,779) |
NOTE 4 - LEASES
NOTE 4 - LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 4 - LEASES | NOTE 4 – LEASES The Company’s leases consist of an operating lease for general office space and warehouse facilities. The Company recognizes rent expense for this lease on a straight-line basis over the lease term. Because the lease does not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease Commencement Date in determining the present value of future lease payments. On June 3, 2021, the Company entered into a lease for the premises located at 1345 Specialty Drive #E, Vista, CA, containing approximately 11,751 square feet of rentable area. The lease commenced on July 1, 2021 and expires on June 30, 2026. The monthly base rent under the lease is $9,988 per month and monthly operating expenses during the term of the lease, subject to adjustment under the lease, is $1,175 per month. On Commencement Date the Company recognized a ROU asset of $653,701 and a lease liability of $652,350. In agreement with the Company’s former landlord, the Company vacated the previous leasehold effective July 15, 2021. As of September 30, 2021 the outstanding balance of back rent, included in accounts payable, was $23,374. As of September 30, 2021, maturities of operating lease liabilities were as follows: Years ending December 31, 2021 (remaining) $ 33,489 2022 133,956 2023 141,036 2024 148,074 Thereafter 264,402 Total lease payments 720,957 Less: imputed interest (84,115) Total lease liability $ 636,842 Less: current lease liability (104,849) Long-term lease liability $ 531,993 |
NOTE 5 - RELATED PARTY TRANSACT
NOTE 5 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTY TRANSACTIONS Accounts Receivable – Related Parties As of September 30, 2021 and December 31, 2020, the Company was owed $30,475 and $17,345, respectively, by an entity controlled by the Company’s CEO for purchase of products and services. Accounts Payable – Related Parties The Company regularly incurs expenses that are paid to related parties and purchases goods and services from related parties. As of September 30, 2021 and December 31, 2020, the Company owed a board member’s company for such expenses, goods and services in the amounts of $125,974 and $121,527, respectively. NOTE 5 - RELATED PARTY TRANSACTIONS (Continued) Accrued Management Compensation For the periods ended September 30, 2021 and December 31, 2020, the Company’s president was due amounts for services performed for the Company. As of September 30, 2021 and December 31, 2020 the accrued management fees consisted of the following: September 30, December 31, 2021 2020 Amounts due to the president $ 616,311 $ 595,158 Total $ 616,311 $ 595,158 |
NOTE 6 - NOTES PAYABLE - RELATE
NOTE 6 - NOTES PAYABLE - RELATED PARTY | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 6 - NOTES PAYABLE - RELATED PARTY | NOTE 6 – NOTES PAYABLE - RELATED PARTY Convertible Notes – Related Parties On June 4, 2021 the Company issued a convertible promissory note for $30,000 to its CEO. The note has an annual interest rate of 8% and is unsecured. The note calls for monthly installment payments of $1,050 commencing on July 4, 2021. The unpaid principal amount of the note and all unpaid accrued interest is due and payable on or before June 4, 2023. The note has a conversion feature, wherein, at the maturity date the lender may convert the remaining principal balance and any unpaid accrued interest into shares of the Company’s common stock. The number of shares of common stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the remaining unpaid principal balance and any unpaid accrued interest of this note by (ii) 90% of the average closing price of the common stock of the Company, for the five (5) trading days (between days 15 and 10 days) before the maturity date. Due to this provision, the Company considered whether the embedded conversion option qualifies for derivative accounting under ASC 815-15 “Derivatives and Hedging.” As the note isn’t convertible until maturity, no derivative liability was recognized as of September 30, 2021. On June 4, 2021 the Company issued a convertible promissory note for $20,000 to a board member. The note has an annual interest rate of 8% and is unsecured. The principal amount of the note and all accrued interest is due and payable on or before December 4, 2021. The note has a conversion feature, wherein, at the maturity date the lender may convert the remaining principal balance and any unpaid accrued interest into shares of the Company’s common stock. The number of shares of common stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the remaining unpaid principal balance and any unpaid accrued interest of this note by (ii) 90% of the average closing price of the common stock of the Company, for the five (5) trading days (between days 15 and 10 days) before the maturity date. Due to this provision, the Company considered whether the embedded conversion option qualifies for derivative accounting under ASC 815-15 “Derivatives and Hedging.” As the note isn’t convertible until maturity, no derivative liability was recognized as of September 30, 2021. As of September 30, 2021 and December 31, 2020 Convertible Notes – Related Party consisted of the following: September 30, December 31, 2021 2020 Convertible Note payable, related parties $ 46,549 $ - Less current portion (30,869) - Total $ 15,680 $ - NOTE 6 – NOTES PAYABLE - RELATED PARTY (Continued) Notes Payable – Related Party On January 19, 2017 the Company issued a promissory note for $15,000 to the Company’s CEO. The note has an annual interest rate of 5% and is unsecured. The principal amount of the note and all accrued interest is due and payable on or before January 19, 2021. As of September 30, 2021 and December 31, 2020 Notes Payable – Related Party consisted of the following: September 30, December 31, 2021 2020 Note payable, related party $ 15,000 $ 15,000 Total $ 15,000 $ 15,000 |
NOTE 7 - DEBT
NOTE 7 - DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 7 - DEBT | NOTE 7 – DEBT Loans payable – SBA Economic Injury Disaster Loan On April 21, 2020, the Company obtained a loan (the “SBA EIDL Loan”) under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) adminitstered by the U.S. Small Business Administration. The Company received total proceeds of $199,000 from the SBA EIDL loan. The SBA EIDL Loan is evidenced by a Loan Authorization and Agreement, a Secured Promissory Note (the “Note” and Security Agreement. Interest on the unpaid principal balance of the Note shall accrue at the rate of three and 75/100 percent (3.75%) per annum. Pursuant to the terms of the Note, commencing May 21, 2021 (i.e., twelve (12) months from the Note date), the Company shall make principal and interest payments in the amount of $970 every month, with any unpaid principal and accrued interest due and payable on April 21, 2050. In April 2021, the SBA announced that they were extending the first payment due date for all loans until 2022. For COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note. The obligations under the Loan Authorization and Agreement, and the Note shall be secured pursuant to the Security Agreement and a first position lien and security interest in the Collateral (as defined in the Security Agreement). The collateral in which the security interest is granted includes all tangible and intangible personal property, including, but not limited to: (a) inventory, and (b) equipment. Payroll Protection Program On May 28, 2020, the Company received funds pursuant to a Paycheck Protection Program loan (the “SBA PPP Loan”) from Riverview Bank, under recently enacted CARES Act administered by U.S. Small Business Administration. The Company received total proceeds of $100,000 from the SBA PPP Loan. In accordance with the requirements of the CARES Act, the Company will use proceeds from the SBA PPP Loan primarily for payroll costs. The SBA PPP Loan was scheduled to mature on May 22, 2022 but allowed for forgiveness if certain conditions were met. On January 30, 2021, the Company was notified by the SBA that the loan had been forgiven in its entirety, including outstanding principal of $100,000 and accrued interest of $655. On March 3, 2021 the Company received funds pursuant to a Paycheck Protection Program loan (the “PPP loan”) from LIBERTY CP2, SPV, LP, under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the SBA. The Company received total proceeds of $100,000 from the PPP loan. The loan carried an interest rate of 1.00%. Pursuant to the terms of the note, the first payment shall be determined based on the deferment period and time required to process any application for forgiveness. The Note shall be due on March 1, 2026, or as determined by the SBA and Department of the Treasury. As of September 30, 2021, and December 31, 2020 Debt consisted of the following: September 30, December 31, 2021 2020 Loan payable – SBA EIDL $ 198,674 $ 199,000 Loan payable – SBA PPP 100,000 100,000 Less current portion - (69,551) Total $ 298,674 $ 229,449 |
NOTE 8 - STOCK OPTIONS AND WARR
NOTE 8 - STOCK OPTIONS AND WARRANTS | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 8 - STOCK OPTIONS AND WARRANTS | NOTE 8 - STOCK OPTIONS AND WARRANTS During the nine months ended September 30, 2021 and 2020, the Company granted 400,000 and 150,000 options for services, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized expense of $16,493 and $13,767, respectively, for options and warrants that vested during the periods pursuant to ASC Topic 718. Total remaining amount of compensation expense to be recognized in future periods is $25,364. On August 3, 2011 the Board of Directors adopted the Omnitek Engineering Corp. 2011 Long-term Incentive Plan (the “2011 Plan”), under which 1,000,000 shares of Company’s Common Stock were reserved for issuance of both Incentive Stock Options to employees only and and Non-Qualified Stock Options to employees and consultants at its discretion. As of September 30, 2021 the Company has a total of 75,000 options issued under the 2011 Plan. On September 11, 2015 the Board of Directors adopted the Omnitek Engineering Corp. 2015 Long Term Incentive Plan (the “2015 Plan”), under which 2,500,000 shares of the Company’s Common Stock were reserved for issuance of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of September 30, 2021 the Company has a total of 1,915,556 options issued under the 2015 Plan. In October 2017, the Company’s shareholders approved its 2017 Long-Term Incentive Plan (the “2017 Plan”). Under the 2017 plan, the Company may issue up to 5,000,000 shares of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of September 30, 2021, the Company has a total of 1,300,000 options issued under the 2017 Plan. During the nine months ended September 30, 2021 and September 30, 2020 the Company issued -0- and -0- warrants, respectively. The Company recognizes compensation expense for stock-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. The Company estimates the fair value of stock options using a Black-Scholes option pricing model which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock and expected dividend yield of stock. When determining expected volatility, the Company considers the historical performance of the Company’s stock, as well as implied volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options’ expected term. The expected term of the options is based on the Company’s evaluation of option holders’ exercise patterns and represents the period of time that options are expected to remain unexercised. The Company uses historical data to estimate the timing and amount of forfeitures. The following table presents the assumptions used to estimate the fair values of the stock options granted: September 30, 2021 September 30, 2020 Expected volatility 201% 159% Expected dividends 0% 0% Expected term 7 Years 7 Years Risk-free interest rate 1.20% 0.60% NOTE 8 - STOCK OPTIONS AND WARRANTS (CONTINUED) A summary of the status of the options and warrants granted at September 30, 2021 and December 31, 2020 and changes during the periods then ended is presented below: September 30, December 31, 2021 2020 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 2,890,556 $ 0.20 2,940,556 $ 0.25 Granted 400,000 0.11 150,000 0.06 Exercised - - - - Expired or cancelled - - (200,000) 0.87 Outstanding at end of period 3,290,556 0.19 2,890,556 0.20 Exercisable 3,048,889 $ 0.19 2,882,223 $ 0.20 A summary of the status of the options and warrants outstanding at September 30, 2021 is presented below: Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life Number Exercisable Weighted-Average Exercise Price $ 0.01-0.99 3,290,556 3.46 years 3,048,889 $ 0.19 |
NOTE 9 - SUBSEQUENT EVENT
NOTE 9 - SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
NOTE 9 - SUBSEQUENT EVENT | NOTE 9 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the dates of these financial statements were used. The Company confirms non-occurrence of any subsequent agreement or events. |
NOTE 2 - SIGNIFICANT ACCOUNTI_2
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NOTE 2 - SIGNIFICANT ACCOUNTI_3
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Revenue Recognition | Revenue Recognition In general, revenue is recognized when control of the promised goods is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for the goods or services. In order to achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when we satisfy the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition. We recognize revenue on various products and services as follows: Products Contracts NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and associated change orders and claims, including those changes arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good Performance Obligations Satisfied Over Time Revenues for Omnitek’s long-term contracts that satisfy the criteria for over time recognition (formerly known as percentage-of-completion method) is recognized as the work progresses. The majority of the revenue is derived from long-term engine development agreements that typically span between 12 to 24 months. Omnitek’s long-term contracts will continue to be recognized over time because our typical contract is for a customized asset with no alternative use and generally the Company has a right to payment for work completed to date. Under the new revenue standard, the cost-to-cost measure of progress continues to best depict the transfer of control of assets to the customer, which occurs as the Company incurs costs. Contract costs include labor and material. Revenue from products and services transferred to customers over time accounted for 0% and 0% of revenue for the periods ended September 30, 2021 and September 30, 2020, respectively. Performance Obligations Satisfied at a Point in Time Revenue from product sales is recognized at a point in time. These sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risk and rewards transfer. Upon fulfilment of the performance obligation, the customer is provided an invoice demonstrating transfer of control to the customer. Revenue from goods and services transferred to customers at a point in time accounted for 100% and 100% of revenue for the periods ended September 30, 2021 and September 30, 2020, respectively. Assurance-type warranties are the only warranties provided by the Company and, as such, Omnitek does not recognize revenue on warranty-related work. Omnitek generally provides a one-year warranty for products that it sells. Warranty claims historically have been insignificant. Pre-contract costs are generally not incurred by the Company Contract Estimates Variable Consideration NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Disaggregation of Revenue The following table presents Omnitek’s revenues disaggregated by region and product type for the three months ended September 30, 2021 and September 30, 2020: For the three months ended September 30, For the three months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 84,491 - 84,491 $ 117,632 - 117,632 International 227,418 - 227,418 98,235 - 98,235 $ 311,909 - 311,909 $ 215,867 - 215,867 Filters $ 189,559 - 189,559 $ 45,561 - 45,561 Components 122,350 - 122,350 170,306 - 170,306 Engineering Services - - - - - - $ 311,909 - 311,909 $ 215,867 - 215,867 The following table presents Omnitek’s revenues disaggregated by region and product type for the nine months ended September 30, 2021 and September 30, 2020: For the nine months ended September 30, For the nine months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 318,360 - 318,360 $ 463,971 - 463,971 International 439,969 - 439,969 186,800 - 186,800 $ 758,329 - 758,329 $ 650,771 - 650,771 Filters $ 399,966 - 399,966 $ 209,593 - 209,593 Components 349,893 - 349,893 441,178 - 441,178 Engineering Services 8,470 - 8,470 - - - $ 758,329 - 758,329 $ 650,771 - 650,771 |
NOTE 2 - SIGNIFICANT ACCOUNTI_4
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Inventory (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Inventory | Inventory Inventory is stated at the lower of cost or market. The Company’s inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: September 30, December 31, Location : Vista, CA 2021 2020 Raw materials $ 847,392 $ 917,567 Finished goods 824,333 962,608 Allowance for obsolete inventory (936,737) (1,058,309) Total $ 734,988 $ 821,866 The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was $51,165 and $49,681, for the periods ended September 30, 2021 and September 30, 2020, respectively. |
NOTE 2 - SIGNIFICANT ACCOUNTI_5
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment at September 30, 2021 and December 31, 2020 consisted of the following: September 30, December 31, 2021 2020 Production equipment $ 65,417 $ 64,673 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 7,383 42,451 Less: accumulated depreciation (103,184) (146,778) Total $ 10,536 $ 1,266 Depreciation expense for the periods ended September 30, 2021 and September 30, 2020 was $620 and $407, respectively. |
NOTE 2 - SIGNIFICANT ACCOUNTI_6
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Loss per Share (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Basic and Diluted Loss per Share | Basic and Diluted Loss per Share The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 3,048,889 and 2,857,223 stock options that would have been included in the fully diluted earnings per share as of September 30, 2021 and September 30, 2020, respectively. However, the common stock equivalents were not included in the computation of the loss per share computation because they are anti dilutive. |
NOTE 2 - SIGNIFICANT ACCOUNTI_7
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of September 30, 2021 and December 31, 2020 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2012. |
NOTE 2 - SIGNIFICANT ACCOUNTI_8
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Operating Lease Right-of-Use Assets and Liabilities (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Operating Lease Right-of-Use Assets and Liabilities | Operating Lease Right-of-Use Assets and Liabilities Operating lease right-of-use asset represents the Company’s right to use an underlying asset for the lease term and operating lease liability represents its obliation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (the Commencement Date) based on the present value of lease payments over the lease term. Rent expense on noncancellable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the lease beginning on the Commencement Day. |
NOTE 2 - SIGNIFICANT ACCOUNTI_9
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Liquidity and Going Concern (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Liquidity and Going Concern | Liquidity and Going Concern Historically, the Company has incurred net losses and negative cash flows from operations. As of September 30, 2021, the Company had an accumulated deficit of $21,560,345 and total stockholders’ deficit of $(952,344). At September 30, 2021, the Company had current assets of $813,615 including cash of $14,123, and current liabilities of $1,566,714, resulting in negative working capital of $(753,099). For the nine months ended September 30, 2021, the Company reported a net loss of $94,704 and net cash used in operating activities of $181,989. Management believes that based on its operating plan, the projected sales for 2021, combined with funds available from its working capital will be sufficient to fund operations for the next twelve months. However, there can be no assurance that operations and operating cash flows will continue at the current levels or improve in the near future. Whether, and when, the Company can attain profitability and positive cash flows from operations is uncertain. The Company is also uncertain whether it can raise additional capital. These uncertainties cast significant doubt upon the Company’s ability to continue as a going concern. Our financial statements have been prepared on a going concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of operations. The financial statements do not include any adjustments relating to the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities should we be unable to continue as a going concern. |
NOTE 2 - SIGNIFICANT ACCOUNT_10
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. |
NOTE 2 - SIGNIFICANT ACCOUNT_11
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition: Schedule of Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Disaggregation of Revenue | The following table presents Omnitek’s revenues disaggregated by region and product type for the three months ended September 30, 2021 and September 30, 2020: For the three months ended September 30, For the three months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 84,491 - 84,491 $ 117,632 - 117,632 International 227,418 - 227,418 98,235 - 98,235 $ 311,909 - 311,909 $ 215,867 - 215,867 Filters $ 189,559 - 189,559 $ 45,561 - 45,561 Components 122,350 - 122,350 170,306 - 170,306 Engineering Services - - - - - - $ 311,909 - 311,909 $ 215,867 - 215,867 The following table presents Omnitek’s revenues disaggregated by region and product type for the nine months ended September 30, 2021 and September 30, 2020: For the nine months ended September 30, For the nine months ended September 30, 2021 2020 Consumer Long-term Consumer Long-term Segments Products Contract Total Products Contract Total Domestic $ 318,360 - 318,360 $ 463,971 - 463,971 International 439,969 - 439,969 186,800 - 186,800 $ 758,329 - 758,329 $ 650,771 - 650,771 Filters $ 399,966 - 399,966 $ 209,593 - 209,593 Components 349,893 - 349,893 441,178 - 441,178 Engineering Services 8,470 - 8,470 - - - $ 758,329 - 758,329 $ 650,771 - 650,771 |
NOTE 2 - SIGNIFICANT ACCOUNT_12
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Inventory: Schedule Of Inventory Current (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule Of Inventory Current | September 30, December 31, Location : Vista, CA 2021 2020 Raw materials $ 847,392 $ 917,567 Finished goods 824,333 962,608 Allowance for obsolete inventory (936,737) (1,058,309) Total $ 734,988 $ 821,866 |
NOTE 2 - SIGNIFICANT ACCOUNT_13
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Property Plant And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Property Plant And Equipment | September 30, December 31, 2021 2020 Production equipment $ 65,417 $ 64,673 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 7,383 42,451 Less: accumulated depreciation (103,184) (146,778) Total $ 10,536 $ 1,266 |
NOTE 3 - CONTRACT ASSETS AND _2
NOTE 3 - CONTRACT ASSETS AND LIABILITIES: Long-Term Contract or Program Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Long-Term Contract or Program Disclosure | September 30, December 31, 2021 2020 Contract assets $ 13,221 $ 13,221 Contract liabilities $ (75,000) $ (75,000) Net amount of contract liabilities in excess of contract assets $ (61,779) $ (61,779) |
NOTE 4 - LEASES_ Schedule of Ma
NOTE 4 - LEASES: Schedule of Maturities of Operating Lease Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Maturities of Operating Lease Liabilities | As of September 30, 2021, maturities of operating lease liabilities were as follows: Years ending December 31, 2021 (remaining) $ 33,489 2022 133,956 2023 141,036 2024 148,074 Thereafter 264,402 Total lease payments 720,957 Less: imputed interest (84,115) Total lease liability $ 636,842 Less: current lease liability (104,849) Long-term lease liability $ 531,993 |
NOTE 5 - RELATED PARTY TRANSA_2
NOTE 5 - RELATED PARTY TRANSACTIONS: Schedule Of Related Party Transactions Table (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule Of Related Party Transactions Table | September 30, December 31, 2021 2020 Amounts due to the president $ 616,311 $ 595,158 Total $ 616,311 $ 595,158 |
NOTE 6 - NOTES PAYABLE - RELA_2
NOTE 6 - NOTES PAYABLE - RELATED PARTY: Schedule of Convertible Notes - Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Convertible Notes - Related Parties | September 30, December 31, 2021 2020 Convertible Note payable, related parties $ 46,549 $ - Less current portion (30,869) - Total $ 15,680 $ - |
NOTE 6 - NOTES PAYABLE - RELA_3
NOTE 6 - NOTES PAYABLE - RELATED PARTY: Schedule Of Notes Payable Related Party table (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule Of Notes Payable Related Party table | September 30, December 31, 2021 2020 Note payable, related party $ 15,000 $ 15,000 Total $ 15,000 $ 15,000 |
NOTE 7 - DEBT_ Schedule of Debt
NOTE 7 - DEBT: Schedule of Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Debt | As of September 30, 2021, and December 31, 2020 Debt consisted of the following: September 30, December 31, 2021 2020 Loan payable – SBA EIDL $ 198,674 $ 199,000 Loan payable – SBA PPP 100,000 100,000 Less current portion - (69,551) Total $ 298,674 $ 229,449 |
NOTE 8 - STOCK OPTIONS AND WA_2
NOTE 8 - STOCK OPTIONS AND WARRANTS: The following table presents the assumptions used to estimate the fair values of the stock options granted (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
The following table presents the assumptions used to estimate the fair values of the stock options granted | The following table presents the assumptions used to estimate the fair values of the stock options granted: September 30, 2021 September 30, 2020 Expected volatility 201% 159% Expected dividends 0% 0% Expected term 7 Years 7 Years Risk-free interest rate 1.20% 0.60% |
NOTE 8 - STOCK OPTIONS AND WA_3
NOTE 8 - STOCK OPTIONS AND WARRANTS: Schedule Of Share Based Compensation Stock Options Activity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule Of Share Based Compensation Stock Options Activity | September 30, December 31, 2021 2020 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 2,890,556 $ 0.20 2,940,556 $ 0.25 Granted 400,000 0.11 150,000 0.06 Exercised - - - - Expired or cancelled - - (200,000) 0.87 Outstanding at end of period 3,290,556 0.19 2,890,556 0.20 Exercisable 3,048,889 $ 0.19 2,882,223 $ 0.20 |
NOTE 8 - STOCK OPTIONS AND WA_4
NOTE 8 - STOCK OPTIONS AND WARRANTS: Summary of the Status of the Options (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Summary of the Status of the Options | Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life Number Exercisable Weighted-Average Exercise Price $ 0.01-0.99 3,290,556 3.46 years 3,048,889 $ 0.19 |
NOTE 2 - SIGNIFICANT ACCOUNT_14
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Details) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Transferred over Time | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Transferred at Point in Time | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
NOTE 2 - SIGNIFICANT ACCOUNT_15
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition: Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Geographic Distribution, Domestic | ||||
Products | $ 84,491 | $ 117,632 | $ 318,360 | $ 463,971 |
Contract | 0 | 0 | 0 | 0 |
Revenues | 84,491 | 117,632 | 318,360 | 463,971 |
Geographic Distribution, Foreign | ||||
Products | 227,418 | 98,235 | 439,969 | 186,800 |
Contract | 0 | 0 | 0 | 0 |
Revenues | 227,418 | 98,235 | 439,969 | 186,800 |
Filters | ||||
Products | 189,559 | 45,561 | 399,966 | 209,593 |
Contract | 0 | 0 | 0 | 0 |
Revenues | 189,559 | 45,561 | 399,966 | 209,593 |
Components | ||||
Products | 122,350 | 170,306 | 349,893 | 441,178 |
Contract | 0 | 0 | 0 | 0 |
Revenues | 122,350 | 170,306 | 349,893 | 441,178 |
Engineering Services | ||||
Products | 0 | 0 | 8,470 | 0 |
Contract | 0 | 0 | 0 | 0 |
Revenues | 0 | 0 | 8,470 | 0 |
Products | 311,909 | 215,867 | 758,329 | 650,771 |
Contract | 0 | 0 | 0 | 0 |
Revenues | $ 311,909 | $ 215,867 | $ 758,329 | $ 650,771 |
NOTE 2 - SIGNIFICANT ACCOUNT_16
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Inventory: Schedule Of Inventory Current (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Raw materials | $ 847,392 | $ 917,567 |
Finished goods | 824,333 | 962,608 |
Allowance for obsolete inventory | (936,737) | (1,058,309) |
Inventory Net | $ 734,988 | $ 821,866 |
NOTE 2 - SIGNIFICANT ACCOUNT_17
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Inventory (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Inventory Reserve Adjustment | $ 51,165 | $ 49,681 |
NOTE 2 - SIGNIFICANT ACCOUNT_18
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Property Plant And Equipment (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Production Equipment | ||
Property Plant And Equipment Gross | $ 65,417 | $ 64,673 |
Computer Equipment | ||
Property Plant And Equipment Gross | 28,540 | 28,540 |
Tools, Dies and Molds | ||
Property Plant And Equipment Gross | 12,380 | 12,380 |
Land and Land Improvements | ||
Property Plant And Equipment Gross | 7,383 | 42,451 |
Property Plant And Equipment Gross | 10,536 | 1,266 |
Less: accumulated depreciation | $ (103,184) | $ (146,778) |
NOTE 2 - SIGNIFICANT ACCOUNT_19
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Depreciation | $ 620 | $ 407 |
NOTE 2 - SIGNIFICANT ACCOUNT_20
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Loss per Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,048,889 | 2,857,223 |
NOTE 2 - SIGNIFICANT ACCOUNT_21
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Liquidity and Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Details | |||||||||
Accumulated deficit | $ 21,560,345 | $ 21,560,345 | $ 21,465,641 | ||||||
Total Stockholders' Deficit | (952,344) | (952,344) | (874,133) | ||||||
Total Current Assets | 813,615 | 813,615 | 961,226 | ||||||
Cash | 14,123 | 14,123 | 60,729 | ||||||
Total Current Liabilities | 1,566,714 | 1,566,714 | $ 1,621,456 | ||||||
Working Capital | (753,099) | (753,099) | |||||||
NET LOSS | $ 5,128 | $ 89,181 | $ 395 | $ 94,169 | $ 132,497 | $ 126,705 | 94,704 | $ 353,371 | |
Net Cash Used in Operating Activities | $ 181,989 | $ 269,694 |
NOTE 3 - CONTRACT ASSETS AND _3
NOTE 3 - CONTRACT ASSETS AND LIABILITIES: Long-Term Contract or Program Disclosure (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Contract assets | $ 13,221 | $ 13,221 |
Contract liabilities | (75,000) | (75,000) |
Net amount of contract liabilities in excess of contract assets | $ (61,779) | $ (61,779) |
NOTE 4 - LEASES (Details)
NOTE 4 - LEASES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Adoption of ASC 842 - ROU Asset | $ 653,701 | |
Adoption of ASC 842 - ROU Liability | 652,350 | |
Accounts payable and accrued expenses | 428,685 | $ 468,839 |
Back Rent | ||
Accounts payable and accrued expenses | $ 23,374 |
NOTE 4 - LEASES_ Schedule of _2
NOTE 4 - LEASES: Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 33,489 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 133,956 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 141,036 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 148,074 | |
Lessee, Operating Lease, Liability, to be Paid, Thereafter | 264,402 | |
Lessee, Operating Lease, Liability, to be Paid | 720,957 | |
Operating Lease, Imputed interest | (84,115) | |
Operating Lease, Liability | 636,842 | |
Operating lease liabilities | (104,849) | $ 0 |
Operating lease liabilities - long-term | $ 531,993 | $ 0 |
NOTE 5 - RELATED PARTY TRANSA_3
NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Accounts Receivable, Related Parties, Current | $ 30,475 | $ 17,345 |
Accounts payable - related parties | $ 125,974 | $ 121,527 |
NOTE 5 - RELATED PARTY TRANSA_4
NOTE 5 - RELATED PARTY TRANSACTIONS: Schedule Of Related Party Transactions Table (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
President | |||
Accrued management compensation | $ 616,311 | $ 595,158 | |
Accrued management compensation | $ 616,311 | $ 595,158 | $ 595,158 |
NOTE 6 - NOTES PAYABLE - RELA_4
NOTE 6 - NOTES PAYABLE - RELATED PARTY (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Convertible Note payable, related parties | $ 46,549 | $ 46,549 | $ 0 |
Debt Instrument, Interest Rate During Period | 5.00% | ||
Debt Conversion, Original Debt, Amount | $ 15,000 | ||
Chief Executive Officer | |||
Convertible Note payable, related parties | $ 30,000 | 30,000 | |
Debt Instrument, Interest Rate During Period | 8.00% | ||
Board Member | |||
Convertible Note payable, related parties | $ 20,000 | $ 20,000 | |
Debt Instrument, Interest Rate During Period | 8.00% |
NOTE 6 - NOTES PAYABLE - RELA_5
NOTE 6 - NOTES PAYABLE - RELATED PARTY: Schedule of Convertible Notes - Related Parties (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Convertible Note payable, related parties | $ 46,549 | $ 0 |
Convertible notes payable - related party | (30,869) | 0 |
Convertible notes payable - related party, net of current portion | $ 15,680 | $ 0 |
NOTE 6 - NOTES PAYABLE - RELA_6
NOTE 6 - NOTES PAYABLE - RELATED PARTY: Schedule Of Notes Payable Related Party table (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Note payable - related party | $ 15,000 | $ 15,000 |
Notes Payable, Related Parties | $ 15,000 | $ 15,000 |
NOTE 7 - DEBT (Details)
NOTE 7 - DEBT (Details) - USD ($) | Mar. 03, 2021 | May 28, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Jan. 30, 2021 |
Proceeds from loans payable - SBA | $ 100,000 | $ 299,000 | ||||
SBA EIDL Loan | ||||||
Proceeds from loans payable - SBA | $ 199,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | 3.75% | ||||
Interest Expense, Debt | $ 970 | |||||
Debt Instrument, Maturity Date | Apr. 21, 2050 | |||||
SBA PPP Loan | ||||||
Proceeds from loans payable - SBA | $ 100,000 | |||||
Debt Instrument, Maturity Date | May 22, 2022 | |||||
Debt Instrument, Face Amount | $ 100,000 | |||||
Interest Payable, Current | $ 655 | |||||
PPP Loan | ||||||
Proceeds from loans payable - SBA | $ 100,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.00% |
NOTE 7 - DEBT_ Schedule of De_2
NOTE 7 - DEBT: Schedule of Debt (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
SBA EIDL Loan | ||
Loans Payable | $ 198,674 | $ 199,000 |
SBA PPP Loan | ||
Loans Payable | 100,000 | 100,000 |
Loans Payable, Current | 0 | (69,551) |
Loans Payable, Noncurrent | $ 298,674 | $ 229,449 |
NOTE 8 - STOCK OPTIONS AND WA_5
NOTE 8 - STOCK OPTIONS AND WARRANTS (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2017 | Sep. 11, 2015 | Aug. 03, 2011 | |
Granted | 400,000 | 150,000 | |||||
Options and warrants issued for services | $ 16,493 | $ 13,767 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 25,364 | ||||||
Outstanding | 3,290,556 | 2,890,556 | 2,940,556 | ||||
Employee Stock Option | |||||||
Granted | 400,000 | 150,000 | |||||
Employee Stock Option | 2011 Long Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||||||
Outstanding | 75,000 | ||||||
Employee Stock Option | 2015 Long Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | ||||||
Outstanding | 1,915,556 | ||||||
Employee Stock Option | 2017 Long Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | ||||||
Outstanding | 1,300,000 |
NOTE 8 - STOCK OPTIONS AND WA_6
NOTE 8 - STOCK OPTIONS AND WARRANTS: The following table presents the assumptions used to estimate the fair values of the stock options granted (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Expected volatility | 201.00% | 159.00% |
Expected dividends | 0.00% | 0.00% |
Expected term | 7 years | 7 years |
Risk-free interest rate | 1.20% | 0.60% |
NOTE 8 - STOCK OPTIONS AND WA_7
NOTE 8 - STOCK OPTIONS AND WARRANTS: Schedule Of Share Based Compensation Stock Options Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Outstanding | 3,290,556 | 2,890,556 | 2,940,556 |
Outstanding, Weighted Average Exercise Price | $ 0.19 | $ 0.20 | $ 0.25 |
Granted | 400,000 | 150,000 | |
Granted, Weighted Average Exercise Price | $ 0.11 | $ 0.06 | |
Exercised | 0 | 0 | |
Exercised, Weighted Average Exercise Price | $ 0 | $ 0 | |
Expired or cancelled | 0 | (200,000) | |
Expired or cancelled, Weighted Average Exercise Price | $ 0 | $ 0.87 | |
Exercisable | 3,048,889 | 2,882,223 | |
Exercisable, Weighted Average Exercise Price | $ 0.19 | $ 0.20 |
NOTE 8 - STOCK OPTIONS AND WA_8
NOTE 8 - STOCK OPTIONS AND WARRANTS: Summary of the Status of the Options (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 3,290,556 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 5 months 15 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares | 3,048,889 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0.19 |
Minimum | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 0.01 |
Maximum | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 0.99 |