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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021.

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to _______.

 

Commission File Number: 000-55453

 

ENDONOVO THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   45-2552528
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

6320 Canoga Avenue, 15th Floor, Woodland Hills, CA 91367

(Address of principal executive offices, zip code)

 

(800) 489-4774

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large-accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large-accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
   
Non-accelerated filer ☒ Smaller reporting company ☒
   
  Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

 

As of November 19, 2021, there were 72,013,761 shares of common stock, $0.0001 par value issued and outstanding.

 

 

 

 

 

 

ENDONOVO THERAPEUTICS, INC.

TABLE OF CONTENTS

FORM 10-Q REPORT

September 30, 2021

 

   

Page

Number

PART I - FINANCIAL INFORMATION     
     
Item 1. Condensed Consolidated Financial Statements (unaudited). 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 23
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 28
Item 4. Controls and Procedures. 28
     
PART II - OTHER INFORMATION     
     
Item 1. Legal Proceedings. 29
Item 1A. Risk Factors. 29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 29
Item 3. Defaults Upon Senior Securities. 30
Item 4. Mine Safety Disclosures 30
Item 5. Other Information. 30
Item 6. Exhibits. 30
     
SIGNATURES 31

 

2
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Endonovo Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

   September 30, 2021   December 31, 2020 
   (Unaudited)   (Audited) 
         
ASSETS          
Current assets:          
Cash  $5,732   $13,420 
Accounts receivable, net of allowance for doubtful accounts of $0   7,092    942 
Prepaid expenses and other current assets   49,725    31,825 
Total current assets   62,549    46,187 
           
Property, Plant and Equipment, net   -    1,580 
Patents, net   2,074,084    2,559,268 
Total assets  $2,136,633   $2,607,035 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
Current liabilities          
Accounts payable  $753,041   $700,932 
Accrued interest   2,334,302    1,904,136 
Deferred compensation   3,970,056    3,384,117 
Notes payable, net of discounts of $48,927 and $201,157 as of September 30, 2021, and December 31, 2020   6,639,056    6,491,039 
Notes payable – former related party   132,600    143,000 
Derivative liability   6,446,149    4,202,597 
           
Total current liabilities   20,275,204    16,825,821 
           
Acquisition payable   79,825    155,000 
Total liabilities   20,355,029    16,980,821 
COMMITMENTS AND CONTINGENCIES, note 10   -       
           
Shareholders’ deficit          
Super AA super voting preferred stock, $0.001 par value; 1,000,000 authorized and 25,000 issued and outstanding at September 30, 2021, and December 31, 2020   25    25 
Series B convertible preferred stock, $0.0001 par value; 50,000 shares authorized, 600 shares issued and outstanding at September 30, 2021, and December 31, 2020   1    1 
           
Series C convertible preferred stock, $0.0001 par value; 8,000 shares authorized, 738 and 763 shares issued and outstanding at September 30, 2021, and December 31, 2020   -    - 
           
Series D convertible preferred stock, $0.0001 par value; 20,000 shares authorized, 305 issued and outstanding at September 30, 2021, and December 31, 2020   -    - 
Preferred value   -     
           
Common stock, $0.0001 par value; 2,500,000,000 shares authorized; 69,193,105 and 24,536,689 shares issued and outstanding as of September 30, 2021, and December 31, 2020   6,920    2,453 
Additional paid-in capital   40,615,974    38,963,827 
Stock subscriptions   (1,570)   (1,570)
Accumulated deficit   (58,839,746)   (53,338,522)
Total shareholders’ deficit   (18,218,396)   (14,373,786)
Total liabilities and shareholders’ deficit  $2,136,633   $2,607,035 

 

See accompanying summary of accounting policies and notes to unaudited condensed consolidated financial statements.

 

3
 

 

Endonovo Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 

                 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2021   2020   2021   2020 
                 
Revenue  $7,790   $39,980   $72,789   $154,296 
Cost of revenue   3,103    760    6,124    18,320 
Gross profit   4,687    39,220    66,665    135,976 
                     
Operating expenses   696,943    986,019    1,919,418    2,364,213 
Loss from operations   (692,256)   (946,799)   (1,852,753)   (2,228,237)
                     
Other income (expense)                    
Change in fair value of derivative liability   (542,346)   416,370    (2,962,795)   6,016,625 
Gain (loss) on settlement of debt   (42,460)   (47,602)   28,536    (564,385)
Other expense   -    (58,902)   -    (58,902)
Interest expense, net   (246,612)   (432,108)   (714,212)   (1,530,375)
Other income (expense)   (831,418)   (122,242)   (3,648,471)   3,862,963 
                     
Income (Loss) before income taxes   (1,523,674)   (1,069,041)   (5,501,224)   1,634,726 
                     
Provision for income taxes   -    -    -    - 
                     
Net Income (loss) income  $(1,523,674)  $(1,069,041)  $(5,501,224)  $1,634,726 
                     
Basic Income (Loss) per share  $(0.02)  $(0.07)  $(0.10)  $0.17 
Diluted Income (Loss) per share  $(0.02)  $(0.07)  $(0.10)  $(0.15)
Weighted average common share outstanding:                    
Basic   66,291,292    16,137,373    55,303,026    9,621,530 
Diluted   66,291,292    16,137,373    55,303,026    23,575,380 

 

See accompanying summary of accounting policies and notes to unaudited condensed consolidated financial statements.

 

4
 

 

Endonovo Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

         
   Nine Months ended September 30, 
   2021   2020 
Operating activities:          
Net (Loss) Income  $(5,501,224)  $1,634,726 
Adjustments to reconcile net (loss) income to cash used in operating activities:          
Depreciation and amortization expense   486,764    488,616 
Stock compensation expense   61,453    400,108 
Fair value of commitment shares issued with debt   70,971    - 
Fair value of equity issued for services   95,250    13,067 
Loss (gain) on extinguishment of debt   (28,536)   564,385 
Amortization of note discount and original issue discount   103,659    50,348 
Amortization of discount on Series C Preferred stock liability   -    248 
Non-cash interest expense   -    713,462 
Change in fair value of derivative liability   2,962,795    (6,016,625)
Changes in assets and liabilities:          
Accounts receivable   (6,150)   21,800 
Deposit   -    (2,500)
Prepaid expenses and other current assets   (17,900)   18,320 
Account payable   52,109    82,006 
Accrued interest   539,582    766,319 
Deferred compensation   585,939    716,986 
Net cash used in operating activities   (595,288)   (548,734)
           
Financing activities:          
Proceeds from the issuance of notes payable   475,000    401,424 
Repayments to former related-party of notes payable   (10,400)   (19,000)
Repayments of convertible debt in cash   (3,000)   - 
Proceeds from issuance of common stock and units   126,000    100,000 
Proceeds from issuance of preferred stock   -    50,000 
Net cash provided by financing activities   587,600    532,424 
           
Net decrease in cash   (7,688)   (16,310)
Cash, beginning of year   13,420    18,893 
Cash, end of period  $5,732   $2,583 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest  $-   $- 
Cash paid for income taxes  $-   $- 
           
Non-Cash Investing and Financing Activities:          
Conversion of notes payable and accrued interest to common stock  $458,335   $1,357,573 
Issuance of common stock to settle debt  $127,522   $- 
Conversion of Preferred C Stock to common stock  $33,333   $1,400,934 
Issuance of common stock to Preferred C Stock inducement  $-   $8,152 
Exchange of note and accrued interest to new convertible note  $-   $316,494 

 

See accompanying summary of accounting policies and notes to unaudited condensed consolidated financial statements.

 

5
 

 

Endonovo Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Deficit

(Unaudited)

 

For nine months ended September 30, 2020.

 

                                                                                     
    Series AA     Series B Convertible     Series D Convertible     Series C
Convertible		           Additional                 Total  
    Preferred Stock     Preferred Stock     Preferred Stock     Preferred Stock     Common Stock     Paid-in     Subscription     Retained     Shareholder’s  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Receivable     Earnings     Deficit  
                                                                                     
Balance December 31, 2019     25,000     $ 25       600     $ 1       255     $ -       -       -       1,189,204     $ 118     $ 32,432,392     $ (1,570 )   $ (52,934,786 )   $ (20,503,820 )
                                                                                                                 
Reclassification Preferred Series C     -       -       -       -       -       -       1,814       -       -       -       2,418,269       -       -       2,418,269  
Shares issued for Preferred Series D     -       -       -       -       50       -       -       -       -       -       50,000       -       -       50,000  
Shares issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -       4,388,291       439       2,545,275       -       -       2,545,714  
Shares issued for conversion of Preferred Series C to common share     -       -       -       -       -       -       (936 )     -       1,636,166       164       (164 )     -       -       -  
Valuation of stock options issued for services     -       -       -       -       -       -       -       -       -       -       9,567       -       -       9,567  
Net loss for the quarter ended March 31, 2020     -       -       -       -       -       -       -       -       -       -               -       4,338,418       4,338,418  
Balance March 31, 2020     25,000       25       600       1       305       -       878       -       7,213,661       721       37,455,339       (1,570 )     (48,596,368 )     (11,141,852 )
                                                                                                                 
Shares issued for conversion of Preferred Series C to Common share     -       -       -       -       -       -       (105 )     -       985,322       99       27       -       -       126  
Shares issued for conversion of notes payable and accrued interest     -       -       -       -       -       -                       3,353,044       335       475,627       -       -       475,962  
Restricted shares issued as inducement to Series C     -       -       -       -       -       -       -       -       58,428       6       8,146       -       (8,152 )     -  
Common stock issued for services     -       -       -       -       -       -                       25,000       3       3,497       -       -       3,500  
Commitment shares     -       -       -       -       -       -                       385,963       39       55,501       -       -       55,540  
Common stock issued with exchange of convertible notes     -       -       -       -       -       -                       409,000       41       58,814       -       -       58,855  
Net loss for the quarter ended June 30, 2020     -       -       -       -       -       -                       -       -       -       -       (1,634,651 )     (1,634,651 )
                                                                                                                 
Balance June 30, 2020     25,000       25       600       1       305       -       773       -       12,430,418       1,244       38,056,951       (1,570 )     (50,239,171 )     (12,182,520 )
                                                                                                                 
Shares issued for conversion of Preferred Series C to Common share     -       -       -       -       -       -       (10 )     -       133,334       13       (13 )     -       -       -  
Shares issued for exchange of stock options     -       -       -       -       -       -       -       -       1,500,000       150       164,850       -       -       165,000  
Shares issued as inducement to note holder     -       -       -       -       -       -       -       -       500,000       50       54,950       -       -       55,000  
Shares issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -       759,669       76       70,334       -       -       70,410  
Common stock issued for cash     -       -       -       -       -       -       -       -       1,234,568       123       99,877       -       -       100,000  
Common stock issued for services     -       -       -       -       -       -       -       -       360,000       36       35,964       -       -       36,000  
Valuation of stock options issued for services     -       -       -       -       -       -       -       -       -       -       20,490       -       -       20,490  
Commitment shares     -       -       -       -       -       -       -       -       385,963       39       42,340       -       -       42,379  
Net loss for the quarter ended September 30, 2020     -       -       -       -       -       -       -       -       -       -       -       -       (1,069,041 )     (1,069,041 )
                                                                                                                 
Balance September 30, 2020     25,000       25       600       1       305       -       763       -       17,303,952       1,731       38,545,743       (1,570 )     (51,308,212 )     (12,762,282 )

 

6
 

 

For nine months ended September 30, 2021.

 

    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Receivable     Earnings     Deficit  
    Series AA     Series B Convertible     Series C Convertible     Series D Convertible                 Additional                 Total  
    Preferred Stock     Preferred Stock     Preferred Stock     Preferred Stock     Common Stock     Paid-in     Subscription     Retained     Shareholder’s  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Receivable     Earnings     Deficit  
                                                                                     
Balance December 31, 2020     25,000     $ 25       600     $ 1