v3.20.1

Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 11,635	$ 65,615
Accounts receivable, net	0	1,687
Prepaid expenses	18,591	86,390
Inventory	357,391	270,732
Total current assets	387,617	424,424
Long term assets
Website development, net	75,697	90,378
Total assets	463,314	514,802
Current liabilities:
Accounts payable and accrued liabilities	132,691	77,933
Unsecured notes payable	2,800	13,617
Derivative liability	769,184	470,331
Current portion of convertible notes payable, net	1,182,605	922,690
Total current liabilities	2,087,280	1,484,571
Convertible notes payable, net	158,939	225,624
Total liabilities	2,246,219	1,710,195
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.001 par value, 1,000,000 shares authorized, 1,000,000 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,000	1,000
Common stock; $.001 par value, 112,500,000 shares authorized, 35,298,085 shares issued and 32,383,196 shares issued outstanding as of March 31, 2020 and December 31, 2019, respectively	35,298	32,383
Additional paid-in capital	8,505,793	8,170,692
Accumulated deficit	(10,324,996)	(9,399,468)
Total stockholders' equity (deficit)	(1,782,905)	(1,195,393)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)	$ 463,314	$ 514,802

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

Vitalibis, Inc. 10-Q