Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events (Tables)

v3.19.1
Subsequent Events (Tables)
 3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Schedule of Acquisition Performa Balance Sheet

The following proforma balance sheet reflects the Public Offering of shares and the acquisition of Sound Concepts as if these transactions occurred as of March 31, 2019.

 

    Verb Technology     Sound     Pro Forma Adjustments              
    Company, Inc.     Concepts     Sale of                 Pro Forma  
    March 31, 2019     March 31, 2019     Units     Acquisition     Financing     Combined  
    (Unaudited)     (Unaudited)                       (Unaudited)  
ASSETS                                                
                                                 
Current assets:                                                
Cash   $ 59,000     $ 557,000       18,940,000       (15,000,000 )     (2,025,000 )   $ 2,531,000  
Accounts receivable, net     7,000       1,089,000                               1,096,000  
Inventory, net     -       216,000                               216,000  
Prepaid expenses     212,000       142,000                               354,000  
Advance to related party     -       -                               -  
Total current assets     278,000       2,004,000                               4,197,000  
Right-of-use-asset     -       1,282,000                               1,282,000  
Deferred offering costs     488,000       -       (488,000 )                     -  
Property and equipment, net     7,000       58,000                               65,000  
Goodwill     -       -               24,857,000               24,857,000  
Other assets     51,000       20,000                               71,000  
                                                 
Total assets   $ 824,000     $ 3,364,000                             $ 30,472,000  
                                                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                                                
                                                 
Current liabilities:                                                
Accounts payable and accrued expenses   $ 2,171,000     $ 1,046,000               350,000             $ 3,567,000  
Accrued interest (including $45,000 and $41,000 payable to related parties)     55,000       103,000                               158,000  
Accrued officers’ salary     205,000       -                               205,000  
Customer deposits     -       463,000                               463,000  
Deferred revenue     -       321,000                               321,000  
Note payable, net of discount of $8,000 and $0, respectively     355,000       -                               355,000  
Notes payable - related party     170,000       -                               170,000  
Convertible notes payable, net of discount of $533,000 and $1,082,000, respectively     1,867,000       -                       (1,515,000 )     352,000  
Operating lease liabilities     -       220,000                               220,000  
Derivative liability     2,020,000       -                       (1,101,000 )     919,000  
Total current liabilities     6,843,000       2,153,000                               6,730,000  
                                                 
Note payable     1,065,000       -                               1,065,000  
Operating lease liabilities     -       1,068,000                               1,068,000  
Total liabilities     7,908,000       3,221,000                               8,863,000  
                                                 
Commitments and contingencies                                                
                                                 
Stockholders’ equity (deficit)                                                
Preferred stock     -       -                               -  
Common stock     1,000       3,000       1,000       (3,000 )             2,000  
Additional paid-in capital     36,590,000       465,000       18,451,000       9,535,000               65,041,000  
Treasury stock     -       (445,000 )             445,000               -  
Retained earnings (accumulated deficit)     (43,675,000 )     120,000               (470,000 )     591,000       (43,434,000 )
                                                 
Total stockholders’ equity (deficit)     (7,084,000 )     143,000                               21,609,000  
                                                 
Total liabilities and stockholders’ equity (deficit)   $ 824,000     $ 3,364,000                             $ 30,472,000