Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES  
Schedule of net sales

The following table presents the Company’s net sales by product category for the three months ended June 30, 2020 and 2019:

 

 

 

Three Months Ended

June 30,

 

 

 

2020

 

 

2019

 

Sales/access fees

 

$

3,750

 

 

$

7,500

 

Distribution rights income

 

 

28,645

 

 

 

58,476

 

Membership/program fees

 

 

1,300

 

 

 

-

 

Net sales

 

$

33,695

 

 

$

65,976

 

 

The following table presents the Company’s net sales by product category for the six months ended June 30, 2020 and 2019:

 

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

Sales/access fees

 

$

12,000

 

 

$

14,250

 

Distribution rights income

 

 

57,290

 

 

 

117,000

 

Membership/program fees

 

 

1,300

 

 

 

 

 

Net sales

 

$

70,590

 

 

$

131,250

 

Schedule of changes in deferred revenue

Balance as of December 31, 2019

 

 

 

Short term

 

$

134,924

 

Long term

 

 

103,313

 

Total as of December 31, 2019

 

$

238,237

 

Cash payments received

 

 

2,649

 

Net sales recognized

 

 

(58,590

)

Balance as of June 30, 2020

 

 

182,296

 

Less short term

 

 

95,077

 

Long term

 

$

87,219

 

Schedule of computations of weighted average shares outstanding

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

Shares underlying options outstanding

 

$

831,131

 

 

$

843,630

 

Shares underlying warrants outstanding

 

 

72,500

 

 

 

85,250

 

Shares underlying convertible notes outstanding

 

 

-

 

 

 

2,227,575

 

Convertible preferred stock outstanding

 

 

240,000

 

 

 

240,000

 

 

 

$

1,143,631

 

 

$

3,396,455