24 unchanged sentences
We had revenues of $1,465,782 in the year ended December 31, 2021 and $1,276,559 in the year ended December 31, 2020.
−Removed: We had revenues of $463,386 for the three months ended March 31, 2022.
+Added: We had revenues of $463,386 for the three months ended March 31, 2022 and $542,484 for the three months ended June 30, 2022.
On February 4, 2019, we acquired BergaMet NA, LLC, a Delaware limited liability company (“BergaMet”).
16 unchanged sentences
However, there is no assurance that our existing cash flow will be adequate to satisfy our existing operating expenses and capital requirements.
−Removed: Results of Operations for the Three Months Ended March 31, 20221 and 2021
−Removed: We had revenues of $463,386 for the three months ended March 31, 2022, compared to $170,433 for the three months ended March 31, 2021.
+Added: Results of Operations for the Three and Six Months Ended June 30, 2022 and 2021
+Added: We had revenues of $542,484 and $1,094,138 for the three and six months ended June 30, 2022, respectively, compared to $278,458 and $459,492 for the three and six months ended June 30, 2021.
Revenues for the three months ended December 31, 2021 were $671,589.
−Removed: Our cost of revenue for the three months ended March 31, 2022 were $138,681, compared to $41,442 for the three months ended March 31, 2021.
−Removed: Our operating expenses were $370,357 for the three months ended March 31, 2022, compared to $716,087 for the three months ended March 31, 2021, a decrease of $345,729, or 48%.
+Added: Our cost of revenue for the three and six months ended June 30, 2022 were $195,556 and $334,238, respectively, compared to $33,764 and $75,206 for the three and six months ended June 30, 2021.
+Added: Our operating expenses were $888,401 and $1,258,758 for the three and six months ended June 30, 2022, respectively, compared to $464,831 and $1,180,918 for the three and six months ended June 30, 2021.
Our operating expenses consisted entirely of general and administrative expenses.
+Added: We had a Net Loss of $859,326 for the three months ended June 30, 2022, compared to a Net Gain of $3,011 for the three months ended March 31, 2022.
Revenues and Net Operating Loss
−Removed: Our revenue, operating expenses, net operating loss, and net gain (loss) for the three months ended March 31, 2022 and 2021 were as follows:
+Added: Our revenue, operating expenses, net operating loss, and net gain (loss) for the three and six months ended June 30, 2022 and 2021 were as follows:
Cost of Revenue
7 unchanged sentences
SBA Loan Forgiveness
−Removed: Impairment of Assets
Gain on sale of asset
1 unchanged sentence
Net income (loss)
−Removed: We had revenues of $463,386 for the three months ended March 31, 2022, compared to $170,433 for the three months ended March 31, 2021, a, increase of $292,953, or 172%.
+Added: We had revenues of $542,484 and $1,094,138 for the three and six months ended June 30, 2022, compared to $278,458 and $459,492 for the three and six months ended June 30, 2021, an increase of $264,026 and $634,646, or 95% and 138%, respectively.
Revenues for the three months ended December 31, 2021 were $671,589.
−Removed: Our cost of revenue for the three months ended March 31, 2022 were $138,681, or 30% of revenue, compared to $41,442 for the three months ended March 31, 2021, or 24% of revenue.
Cost of Revenue
−Removed: Cost of revenue was $138,681 for the three months ended March 31, 2022, compared to $41,442 for the three months ended March 31, 2021, an increase of $97,239, or 235%.
−Removed: Gross profit was $324,705 for the three months ended March 31, 2022, compared to $128,991 for the three months ended March 31, 2021, an increase of $195,714, or 152%.
−Removed: Cost of revenue as a percentage of revenues was 30% for the three months ended March 31, 2022, compared to 24% for the three months ended March 31, 2021.
+Added: Our cost of revenue for the three and six months ended June 30, 2022 were $195,556 and $334,238, or 36% and 31% of revenue, respectively, compared to $33,764 and $75,206, or 12% and 16% of revenue, for the three and six months ended June 30, 2021.
+Added: Gross profit was $274,255 and $598,960 for the three and six months ended June 30, 2022, compared to $210,122 and $339,112 for the three and six months ended June 30, 2021, an increase of $64,133 and $259,848, or 31% and 77%, respectively.
General and Administrative
−Removed: General and administrative expenses were $370,357 for the three months ended March 31, 2022, compared to $716,087 for the three months ended March 31, 2021.
−Removed: In the three months ended March 31, 2022, general and administrative expenses consisted mainly of advertising $162,329, consulting fees $97,750, professional fees 43,870, and salary and wages $35,489.
−Removed: In the three months ended March 31, 2021, general and administrative expenses
−Removed: consisted mainly of consulting fees $172,500, professional fees $368,960, salary and wages $30,446, advertising $82,729, and postage $7,625.
+Added: General and administrative expenses were $888,401 and $1,258,758 for the three and six months ended June 30, 2022, compared to $464,831 and $1,180,918 for the three and six months ended June 30, 2021.
+Added: In the three months ended June 30, 2022, general and administrative expenses consisted mainly of advertising of $149,690, consulting fees of $133,200, professional fees of $28,123, and salary and wages of $36,388.
+Added: In the three months ended June 30, 2021, general and administrative expenses consisted mainly of consulting fees of $172,750, professional fees of $23,301, salary and wages of $42,573, and advertising of $169,994.
Other Income (Expense)
−Removed: Other income (expense) was $48,664 for the three months ended March 31, 2022, compared to $(706,540) for the three months ended March 31, 2021, an increase of $755,204, or 107%.
−Removed: In the three months ended March 31, 2022, other income (expense) consisted of interest expenses, net of interest income of $(32,957), change in fair value on derivative of $78,978, and gain on sale of asset of $2,643.
−Removed: In the three months ended March 31, 2021, other income (expense) consisted of interest expense, net of interest income of $(15,759) and change in fair value on derivative of $(690,780).
+Added: Other income (expense) was $(245,181) and $(196,517) for the three and six months ended June 30, 2022, compared to $(303,041) and $(1,009,581) for the three and six months ended June 30, 2021, an increase of $48,664, or 25%, for 2022 and a decrease of $706,540, or 70%, for 2021.
+Added: In the three months ended June 30, 2022, other income (expense) consisted of interest expenses, net of interest income of $(24,365) and change in fair value on derivative of $(220,817).
+Added: In the three months ended June 30, 2021, other income (expense) consisted of interest expense, net of interest income of $(57,322) and change in fair value on derivative of $(141,839).
Change in fair value of derivative was related to the conversion of convertible debts into common stock shares .
Net Income (Loss)
−Removed: Net income (loss) was $3,011 and $(1,293,636), or $0.00 and $0.00 per share, for the three months ended March 31, 2022 and 2021.
+Added: Net income (loss) was $(859,326) and $856,315), or $0.00 and $0.00 per share, for the three and six months ended June 30, 2022, compared to $(557,751) and $(1,851,387), or $0.00 and $0.01 per share, for the three and six months ended June 30, 2021.
Our net income (loss) various from period to period primarily because of the change in fair value on derivative.
Liquidity and Capital Resources
−Removed: During the three months ended March 31, 2022, we were unable to generate sufficient revenues and had negative operating cash flows.
−Removed: Our cash on hand as of December 31, 2021 was $222,098, and as of March 31, 2022 was $92,286.
−Removed: The decrease in cash on hand was primarily from our net cash used in operating activities of $(108,408), plus net cash used in investing activities of $(7,987) and net cash provided by financing activities of $(13,417).
−Removed: Our monthly cash flow burn rate for 2021 (not including inventory purchases) was approximately $37,000, and for the three months ended March 31, 2022 it was approximately $36,000.
+Added: During the three and six months ended June 30, 2022, we were unable to generate sufficient revenues and had negative operating cash flows.
+Added: Our cash on hand as of December 31, 2021 was $222,098, as of March 31, 2022 was $92,286, and as of June 30, 2022 was $159,405.
+Added: Our monthly cash flow burn rate for 2021 (not including inventory purchases) was approximately $37,000, for the three months ended March 31, 2022 was approximately $36,000, and for the six months ended June 30, 2022 was approximately $26,000.
We have strong short and medium term cash needs.
We anticipate that these needs will be satisfied through increased revenues and the issuance of debt or the sale of our securities until such time as our cash flows from operations will satisfy our cash flow needs.
−Removed: Our cash, current assets, total assets, current liabilities, and total liabilities as of March 31, 2022 and December 31, 2021, respectively, are as follows:
+Added: Our cash, current assets, total assets, current liabilities, and total liabilities as of June 30, 2022, March 31, 2022, and December 31, 2021, respectively, are as follows:
Total Current Assets
Total Current and Total Liabilities
−Removed: Our total current assets and total assets decreased during the three months ended March 31, 2022 primarily as a result of our decrease in cash of $129,812 and accounts receivable of $24,169, offset by our increase in inventory of $50,558.
−Removed: Our total current and total liabilities decreased by $55,015 during the three months ended March 31, 2022 primarily because of a decrease in accrued liabilities of $54,767 and derivative liabilities of $78,978, offset by an increase in accounts payable of $68,153 and convertible debt of $35,000.
−Removed: Our accumulated deficit decreased during the three months ended March 31, 2022 by $3,011 to $14,940,609.
+Added: Our total current assets and total assets decreased during the six months ended June 30, 2022 primarily as a result of our decrease in cash of $62,693, accounts receivable of $33,148, and inventory of $88,877.
+Added: Our total current and total liabilities increased by $337,367 during the six months ended June 30, 2022 primarily because of an increase in accounts payable of $76,874, convertible debt of $335,587, and derivative liabilities of $141,839, offset in part by a decrease in accrued liabilities of $51,479 and notes payable to related party of $170,000.
+Added: Our accumulated deficit increased during the six months ended June 30, 2022 by $856,315 to $15,799,935.
In order to repay our obligations in full or in part when due, we will be required to raise significant capital from other sources.
1 unchanged sentence
Cash Requirements
−Removed: Our cash on hand as of March 31, 2022 was $92,286.
+Added: Our cash on hand as of June 30, 2022 was $159,405.
Based on our current level of revenues and monthly burn rate of approximately $26,000 per month, we will need to continue to fund operations by raising capital from the sale of our stock and debt financings.
1 unchanged sentence
Operating Activities
−Removed: We had net cash used in operating activities of $(108,408) for the three months ended March 31, 2022, compared to $(635,261) for the three months ended March 31, 2021.
+Added: We had net cash used in operating activities of $(154,676) for the six months ended June 30, 2022, compared to $(668,875) for the six months ended June 30, 2021.
We use our cash for normal business operations.
−Removed: Our net cash used in operating activities for the three months ended March 31, 2022 consisted of our net gain of $3,011 plus our increase in accounts payable of $68,153, offset by our change in fair value on derivative liability of $(78,978), decrease in accrue liabilities of $(54,767), and decrease in inventory of $(50,558).
−Removed: Our net cash used in operating activities for the three months ended March 31, 2021 consisted of our net loss of $1,293,636, plus a decrease in inventory of $61,961, offset by a change in fair value on derivative liability of $690,780 and accrued interest payable of $50,298.
+Added: Our net cash used in operating activities for the six months ended June 30, 2022 consisted of our net loss of $856,315 plus our increase in accrued liabilities of $51,479, offset primarily by our warrants issued for services of $422,300, change in fair value on derivative liability of $141,839, increase in inventory of $88,877, and increase in accounts payable of $76,874.
+Added: Our net cash used in operating activities for the six months ended June 30, 2021 consisted of our net loss of $1,851,387, plus a decrease in inventory of $164,018 and a decrease in accounts payable of $50,113, offset in part by a change in fair value on derivative liability of $980,225 and warrants issued for services of $341,880.
Investing Activities
−Removed: We had $(7,987) in cash flows provided by investing activities for the three months ended March 31, 2022, compared to $(37,888) for the three months ended March 31, 2021.
+Added: We had $(7,987) in cash flows provided by investing activities for the six months ended June 30, 2022, compared to $(73,388) for the six months ended June 30, 2021.
Financing Activities
−Removed: Our net cash provided by financing activities for the three months ended March 31, 2022 was $(13,417), compared to $846,880 for the three months ended March 31, 2021.
−Removed: Our net cash provided by financing activities consisted of proceeds from the issuance of convertible debt of $202,000, offset primarily by payments for repayment of convertible debt of $(167,000).
+Added: Our net cash provided by financing activities for the six months ended June 30, 2022 was $99,970, compared to $970,000 for the six months ended June 30, 2021.
+Added: Our net cash provided by financing activities consisted of proceeds from the issuance of convertible debt of $539,000, offset by proceeds from the issuance of common stock of $(65,617), payments for repayment of convertible debt of $(203,413), and payments for repayment of notes payable related party of $(170,000).
ITEM 3 Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.