no 8k's since early December, first of all. and, oh, and here you go...
GALAXY NEXT GENERATION, INC.
Consolidated Balance Sheets
December 31, 2019
June 30, 2019
Assets
(Unaudited)
(Audited)
Current Assets
Cash
$ 245,420
$ 169,430
Accounts receivable, net
847,251
262,304
Inventories, net
418,778
648,715
Prepaid and other current assets
25,798
20,898
Total Current Assets
1,537,247
1,101,347
Property and Equipment, net (Note 2)
85,441
26,765
Intangibles, net (Note 1 and 13)
2,692,000
-
Goodwill (Notes 1, 12 and 13)
1,634,507
834,220
Operating right of use asset (Note 7)
124,264
-
Total Assets
$ 6,073,459
$ 1,962,332
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities
Line of credit (Note 3)
$ 1,230,450
$ 1,230,550
Convertible notes payable, net of discount (Note 4)
1,214,667
2,124,824
Derivative liability, convertible debt features and warrants (Note 5)
671,312
1,025,944
Current portion of long term notes payable (Note 4)
414,506
279,346
Accounts payable
1,725,632
690,882
Accrued expenses
258,734
597,351
Deferred revenue
585,572
247,007
Short term portion of related party notes payable (Note 6)
1,223,467
200,000
Total Current Liabilities
7,324,340
6,395,904
Noncurrent Liabilities
Long term portion of accounts payable
133,897
174,703
Long term portion of related party notes payable (Note 6)
1,450,000
-
Notes payable, less current portion (Note 4)
71,228
1,607
Total Liabilities
8,979,465
6,572,214
Stockholders' Equity (Deficit)
Common stock
1,746
1,072
Preferred stock - Series E, non-redeemable
50
-
Additional paid-in-capital
11,402,437
4,859,731
Accumulated deficit
(14,310,239)
(9,470,685)
Total Stockholders' Equity (Deficit)
(2,906,006)
(4,609,882)
Total Liabilities and Stockholders' Equity (Deficit)
$ 6,073,459
$ 1,962,332
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