Conversion Labs, Inc. Condensed Consolidated Balance Sheet (Unaudited)
Tuesday, November 17, 2020 1 min read
Key Takeaway: Consolidated Balance Sheet
September 30, 2020 Pro Forma Adjustments Pro Forma September 30, 2020 ASSETS Current Assets Cash $ 916,637 $ 14,461,513 (1) $ 15,378,150 Accounts receivable, net 414,342 - 414,342 Product deposit 1,093,388 -
Full Press Release Details
Consolidated Balance Sheet
September 30, 2020
Pro Forma Adjustments
Pro Forma September 30, 2020
ASSETS
Current Assets
Cash
$
916,637
$
14,461,513
(1)
$
15,378,150
Accounts receivable, net
414,342
-
414,342
Product deposit
1,093,388
-
1,093,388
Inventory, net
1,858,545
-
1,858,545
Other current assets
370,078
-
370,078
Total Current Assets
$
4,652,990
$
14,461,513
$
19,114,503
Non-current assets
Right of use asset, net
18,173
-
18,173
Capitalized Software, net
334,585
-
334,585
Intangible assets, net
423,743
-
423,743
Total non-current assets
776,501
-
776,501
Total Assets
$
5,429,491
$
14,461,513
$
19,891,004
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable and accrued expenses
$
7,269,145
$
1,197,691
(2)
$
8,466,836
Notes payable, net
1,754,143
(1,000,000
) (3)
754,143
Contract liabilities
412,616
-
412,616
Total Current Liabilities
9,435,904
197,691
9,633,595
Long-term Liabilities
Lease Liability
28,241
-
28,241
Contingent consideration on purchase of LegalSimpli
100,000
-
100,000
Liability to issue common stock
218,848
-
218,848
Series B Preferred Stock - put liability
3,541,137
-
3,541,137
Deferred tax liability
70,000
-
70,000
Total Liabilities
13,394,130
197,691
13,591,821
Commitments and contengencies
Stockholders' Equity (Deficit)
Preferred Stock
-
-
-
Common stock
156,349
30,445
(1)(3)
186,794
Additional paid-in capital
40,614,348
14,233,377
(1)(2)(3)
54,847,725
Accumulated deficit
(47,901,176
)
(47,901,176
)
Treasury stock, at cost
(163,701
)
-
(163,701
)
Total Conversion Labs, Inc. Stockholders' Equity (Deficit)
(7,294,180
)
14,263,822
6,969,642
Non-controlling interest
(670,459
)
-
(670,459
)
Total Stockholders' Equity (Deficit)
(7,964,639
)
14,263,822
6,299,183
Total Liabilities and Stockholders' Equity (Deficit)
$
5,429,491
$
14,461,513
$
19,891,004
(1)
Reflects the receipt of proceeds of $14,461,513 in the Financing Transaction.
(2)
Reflects the costs, estimated to be $1,197,691, to be incurred in connection with the Financing Transaction.
(3)
Reflects the exercise of the conversion feature related to $1 million of convertible debt.