EXHIBIT 99.1
Pro Forma Balance Sheet as of September 30, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
| September 30, 2021 |
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|
| (Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
| $ | 5,979,546 |
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Accounts receivable, net |
| 28,341,724 |
| |
Accounts receivable - related party |
| 3,050,283 |
| |
Marketable securities |
|
| 216,561 |
|
Inventory |
| 3,716,251 |
| |
Prepaid expenses and other current assets |
| 5,689,116 |
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Prepaid expenses and other current assets - related party |
| 2,831,728 |
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Operating lease right-of-use asset |
|
| 960,026 |
|
Financing lease right-of-use asset |
|
| 237,167 |
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|
|
|
|
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TOTAL CURRENT ASSETS |
| 51,022,402 |
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|
|
|
|
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Property and equipment, net |
| 2,061,841 |
| |
Goodwill and intangible assets, net |
|
| 218,475 |
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Other assets |
|
| 763,910 |
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Deferred tax assets |
|
| 286,555 |
|
|
|
|
|
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TOTAL ASSETS |
| $ | 54,353,183 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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|
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Accounts payable and accrued expenses |
| $ | 14,161,588 |
|
Accounts payable and accrued expenses - related party |
|
| 181,203 |
|
Accrued interest |
|
| 719,332 |
|
Customer advances |
|
| 48,972 |
|
Convertible notes payable |
|
| 926,624 |
|
Derivative liability - convertible note |
|
| 234,978 |
|
Notes payable |
| 6,413,150 |
| |
Notes payable - related party |
|
| 440,366 |
|
Lines of credit |
| 5,151,825 |
| |
Loans payable - related party |
|
| 708,344 |
|
Taxes payable |
|
| 760,932 |
|
Operating lease liability, current portion |
|
| 172,530 |
|
Financing lease liability, current portion |
|
| 96,323 |
|
Other current liabilities |
|
| 498,248 |
|
|
|
|
|
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TOTAL CURRENT LIABILITIES |
| 30,514,415 |
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|
|
|
|
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Share settled debt obligation |
| 1,554,590 |
| |
Notes payable - long term portion |
| 10,124,779 |
| |
Operating lease liability, net of current portion |
|
| 773,099 |
|
Financing lease liability, net of current portion |
|
| 157,537 |
|
Other liabilities |
|
| 103,365 |
|
TOTAL LIABILITIES |
| $ | 43,227,785 |
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STOCKHOLDERS' EQUITY: |
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Preferred stock, $0.001 par value; 100,000,000 shares authorized; 1,250,000 shares issued and outstanding as of September 30, 2021 |
|
| 1,250 |
|
Common stock, $0.001 par value; 300,000,000 shares authorized; 17,627,843 shares issued as of September 30, 2021 |
|
| 17,628 |
|
Additional paid-in capital |
| 36,255,189 |
| |
Treasury stock, 350,328 and 415,328 shares as of September 30, 2021 |
|
| (611,204 | ) |
Accumulated deficit |
| (24,902,167 | ) | |
Accumulated other comprehensive income |
|
| 364,702 |
|
|
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TOTAL STOCKHOLDERS' EQUITY |
| 11,125,398 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 54,353,183 |
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