Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 548,930 $ 500,681
Restricted cash 336 336
Accounts and other receivables, net 63,050 131,887
Inventories 271,533 287,111
Prepaid expenses and other current assets 933,804 249,579
TOTAL CURRENT ASSETS 1,817,653 1,169,594
Property and equipment, net 5,325,071 5,630,490
Operating lease assets 11,256,497 11,668,026
Goodwill 8,513,342 8,567,888
Intangible assets, net 3,565,165 3,656,995
Investments 389,595 381,397
Deposits and other assets 302,701 309,462
Assets of discontinued operations 149,000 149,000
TOTAL ASSETS 31,319,024 31,532,852
Current liabilities:    
Accounts payable and accrued expenses 7,847,939 8,165,195
Current maturities of long-term debt and notes payable 6,348,124 6,630,961
Current operating lease liabilities 3,183,302 3,299,309
Derivative Liability 826,000
TOTAL CURRENT LIABILITIES 18,205,365 18,095,465
Redeemable preferred stock Series 1: no par value, 62,876 shares issued and outstanding, net of discount of $130,436 and $139,131, respectively 718,390 709,695
Long-term operating lease liabilities 14,064,517 14,382,354
Deferred revenue 935,402 959,445
Deferred tax liabilities 102,305 102,304
Liabilities of discontinued operations 247,600 435,600
TOTAL LIABILITIES 34,273,579 34,684,863
Commitments and contingencies (see Note 11)
Convertible Preferred Stock: Series 2: $1,000 stated value; authorized 1,500 shares; 787 issued and outstanding 459,608
Stockholders' Deficit:    
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding 549,336 and 400,167 shares, respectively 1,434 1,041
Additional paid in capital 73,470,624 71,505,989
Accumulated deficit (77,343,539) (75,068,385)
Accumulated other comprehensive loss (127,506) (46,437)
Total Sonnet BioTherapeutics Holdings, Inc., Stockholders' Equity (3,998,987) (3,607,792)
Non-Controlling Interests 584,824 455,781
TOTAL STOCKHOLDERS' DEFICIT (3,414,163) (3,152,011)
TOTAL LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS' DEFICIT $ 31,319,024 $ 31,532,852