2022 Q1 Form 10-Q Financial Statement

#000164033422000520 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.28K $2.870K $2.790K
YoY Change 555.2% 20.59% -81.25%
Cash & Equivalents $18.28K $2.874K $2.791K
Short-Term Investments
Other Short-Term Assets $55.00K $52.50K $52.50K
YoY Change 4.76% 0.0% 0.0%
Inventory
Prepaid Expenses $2.500K
Receivables
Other Receivables
Total Short-Term Assets $73.28K $55.37K $55.29K
YoY Change 32.53% 0.9% -17.94%
LONG-TERM ASSETS
Property, Plant & Equipment $57.22K $57.22K $57.22K
YoY Change 0.0% 0.0% -68.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.61K $11.61K $11.52K
YoY Change 0.78% 0.78% -67.09%
Total Long-Term Assets $71.33K $70.83K $70.74K
YoY Change 0.83% 0.13% -67.73%
TOTAL ASSETS
Total Short-Term Assets $73.28K $55.37K $55.29K
Total Long-Term Assets $71.33K $70.83K $70.74K
Total Assets $144.6K $126.2K $126.0K
YoY Change 14.74% 0.46% -56.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.677M $1.676M $1.790M
YoY Change -6.29% -3.29% -3.25%
Accrued Expenses $357.0K $351.3K $1.351M
YoY Change -73.58% -73.99% 5.03%
Deferred Revenue
YoY Change
Short-Term Debt $901.7K $990.6K $730.5K
YoY Change 23.43% 35.59% -26.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.792M $4.634M $7.227M
YoY Change -33.69% 11.41% 63.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.792M $4.634M $7.227M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.792M $4.634M $7.227M
YoY Change -33.69% 11.41% 63.16%
SHAREHOLDERS EQUITY
Retained Earnings -$30.22M -$29.74M
YoY Change
Common Stock $470.7K $451.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.647M -$4.507M -$7.101M
YoY Change
Total Liabilities & Shareholders Equity $144.6K $126.2K $126.0K
YoY Change 14.74% 0.46% -56.03%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1

Facts In Submission

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0 USD
mlfb Reduction Of Put Premium Liability Related To Conversion Of Promissory Notes
ReductionOfPutPremiumLiabilityRelatedToConversionOfPromissoryNotes
165847 USD
mlfb Reduction Of Put Premium Liability Related To Conversion Of Promissory Notes
ReductionOfPutPremiumLiabilityRelatedToConversionOfPromissoryNotes
156855 USD
mlfb Reduction In Fair Value Of Conversion Option Liability For Conversion Of Promissory Note
ReductionInFairValueOfConversionOptionLiabilityForConversionOfPromissoryNote
0 USD
mlfb Reduction In Fair Value Of Conversion Option Liability For Conversion Of Promissory Note
ReductionInFairValueOfConversionOptionLiabilityForConversionOfPromissoryNote
30795 USD
mlfb Conversion Of Convertible Secured Promissory Note
ConversionOfConvertibleSecuredPromissoryNote
13198 USD
mlfb Conversion Of Convertible Secured Promissory Note
ConversionOfConvertibleSecuredPromissoryNote
30000 USD
mlfb Conversion Of Convertible Unsecured Promissory Notes
ConversionOfConvertibleUnsecuredPromissoryNotes
203170 USD
mlfb Conversion Of Convertible Unsecured Promissory Notes
ConversionOfConvertibleUnsecuredPromissoryNotes
147613 USD
mlfb Conversion Of Accrued Interest On Convertible Secured Promissory Notes
ConversionOfAccruedInterestOnConvertibleSecuredPromissoryNotes
0 USD
mlfb Conversion Of Accrued Interest On Convertible Secured Promissory Notes
ConversionOfAccruedInterestOnConvertibleSecuredPromissoryNotes
28500 USD
mlfb Onversion Of Accrued Interest On Convertible Unsecured Promissory Notes
onversionOfAccruedInterestOnConvertibleUnsecuredPromissoryNotes
12498 USD
mlfb Onversion Of Accrued Interest On Convertible Unsecured Promissory Notes
onversionOfAccruedInterestOnConvertibleUnsecuredPromissoryNotes
19714 USD
mlfb Discounts Related To Convertible Promissory Notes
DiscountsRelatedToConvertiblePromissoryNotes
37400 USD
mlfb Discounts Related To Convertible Promissory Notes
DiscountsRelatedToConvertiblePromissoryNotes
0 USD
mlfb Fair Value Of Warrants Issued With Secured Convertible Promissory Notes
FairValueOfWarrantsIssuedWithSecuredConvertiblePromissoryNotes
143001 USD
mlfb Fair Value Of Warrants Issued With Secured Convertible Promissory Notes
FairValueOfWarrantsIssuedWithSecuredConvertiblePromissoryNotes
0 USD
mlfb Net Loss
NetLoss
-1225628 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-318920 USD
CY2022Q1 mlfb Working Capital
WorkingCapital
-4718376 USD
CY2022Q1 mlfb Accumulated Deficit
AccumulatedDeficit
-30218410 USD
CY2022Q1 mlfb Stockholders Deficit
StockholdersDeficit
-4647046 USD
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
125000000 shares
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.001
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates. Significant estimates in the accompanying unaudited financial statements include the valuation of derivative liabilities, estimates of loss contingencies, valuation of equity-based instruments issued for other than cash and valuation allowance on deferred tax assets.  </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At January 31, 2022 and April 30, 2021, the Company did not have deposits with a financial institution that exceeded the FDIC deposit insurance coverage and determined that it had no cash equivalents.</p>
CY2022Q1 mlfb Football Equipments
FootballEquipments
57223 USD
mlfb Convertible Promissory Notes And Related Embedded Derivatives Policy Text Block Ed
ConvertiblePromissoryNotesAndRelatedEmbeddedDerivativesPolicyTextBlockED
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We account for the embedded conversion option contained in convertible instruments under the provisions of FASB ASC Topic No. 815-40, “Derivatives and Hedging – Contracts in an Entity’s Own Stock”. The embedded conversion option contained in the convertible instruments were accounted for as derivative liabilities at the date of issuance and shall be adjusted to fair value through earnings at each reporting date. The fair value of the embedded conversion option derivatives was determined using the Binomial Option Pricing model. On the initial measurement date, the fair value of the embedded conversion option derivative was recorded as a derivative liability and was allocated as debt discount up to the proceeds of the notes with the remainder charged to current period operations as initial derivative expense. Any gains and losses recorded from changes in the fair value of the liability for derivative contract is recorded as a component of other income (expense) in the accompanying unaudited Statements of Operations.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.35pt; text-align:justify;">The Company follows ASU 260 regarding changes to the classification of certain equity-linked financial instruments (or embedded features) with down round features and clarifies existing disclosure requirements for equity-classified instruments. For freestanding equity-classified financial instruments, entities that present earnings per share (“EPS”) in accordance with Topic 260, to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features would be subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt—Debt with Conversion and Other Options), including related guidance in Topic 260.</p>
CY2022Q1 mlfb Conversion Option Liabilities
ConversionOptionLiabilities
422392 USD
CY2021Q2 mlfb Conversion Option Liabilities
ConversionOptionLiabilities
208503 USD
mlfb Scheduleofconversionoptionliability Tabletextblock
ScheduleofconversionoptionliabilityTabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Conversion Option Liability</strong></p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">Balance – April 30, 2021</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208,503</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">Loss from change in the fair value of conversion option liability</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">213,889</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">Balance – January 31, 2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">422,392</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
mlfb Beginning Balance
BeginningBalance
208503 USD
mlfb Gain From Change In The Fair Value Of Conversion Option Liability
GainFromChangeInTheFairValueOfConversionOptionLiability
213889 USD
mlfb Ending Balance
EndingBalance
422392 USD
mlfb Stock Options Purchase
StockOptionsPurchase
1200000 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
34650000 shares
CY2022Q1 mlfb Issuance Of Common Stock Shares Related To Convertible Debt
IssuanceOfCommonStockSharesRelatedToConvertibleDebt
34464873 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11581285 shares
mlfb Stock Options Purchase
StockOptionsPurchase
1200000 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1500000 shares
CY2021Q1 mlfb Issuance Of Common Stock Shares Related To Convertible Debt
IssuanceOfCommonStockSharesRelatedToConvertibleDebt
104578586 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36994956 shares
CY2022Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
278130 USD
CY2021Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
261087 USD
CY2022Q1 mlfb Unpaid Federal Income Tax
UnpaidFederalIncomeTax
1764 USD
CY2021Q2 mlfb Unpaid Federal Income Tax
UnpaidFederalIncomeTax
1764 USD
CY2022Q1 mlfb Legal Settlement
LegalSettlement
70000 USD
CY2021Q2 mlfb Legal Settlement
LegalSettlement
70000 USD
CY2022Q1 mlfb Late Charges On Unpaid Promissory Notes
LateChargesOnUnpaidPromissoryNotes
7150 USD
CY2021Q2 mlfb Late Charges On Unpaid Promissory Notes
LateChargesOnUnpaidPromissoryNotes
5400 USD
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
357044 USD
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
338251 USD
CY2022Q1 us-gaap Notes Payable Current
NotesPayableCurrent
387300 USD
CY2021Q2 us-gaap Notes Payable Current
NotesPayableCurrent
332300 USD
CY2022Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
387300 USD
CY2021Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
332300 USD
mlfb Principal Amount
PrincipalAmount
232300 USD
CY2015Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
100000 USD
CY2016Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
35000 USD
us-gaap Debt Instrument Convertible If Converted Value In Excess Of Principal
DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal
1750 USD
CY2019Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
70000 USD
CY2020Q1 mlfb Default Accrued Interest Rate
DefaultAccruedInterestRate
0.24 pure
us-gaap Interest Expense Debt
InterestExpenseDebt
30900 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
25997 USD
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
131717 USD
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
100817 USD
CY2022Q1 mlfb Notes Payable Related Party
NotesPayableRelatedParty
55000 USD
CY2021Q2 mlfb Notes Payable Related Party
NotesPayableRelatedParty
55000 USD
CY2022Q1 mlfb Accrued Interest Related Party
AccruedInterestRelatedParty
9187 USD
CY2021Q2 mlfb Accrued Interest Related Party
AccruedInterestRelatedParty
5029 USD
mlfb Liability Of Option Conversion
LiabilityOfOptionConversion
446862 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions
0.0238 pure
mlfb Debt Issue Costs Payment On Behalf Of Lender
DebtIssueCostsPaymentOnBehalfOfLender
3000 USD
CY2021 mlfb Debt Discount Balance
DebtDiscountBalance
1882 USD
mlfb Debt Discount Balance
DebtDiscountBalance
1513 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
53000 USD
CY2021Q2 mlfb Balance Put Premium Liability
BalancePutPremiumLiability
35333 USD
CY2022Q1 mlfb Convertible Secured Note Payable Principal And Interest At8 Due May172019 Interest Recorded At Default Rate Of18
ConvertibleSecuredNotePayablePrincipalAndInterestAt8DueMay172019InterestRecordedAtDefaultRateOf18
16802 USD
CY2021Q2 mlfb Convertible Secured Note Payable Principal And Interest At8 Due May172019 Interest Recorded At Default Rate Of18
ConvertibleSecuredNotePayablePrincipalAndInterestAt8DueMay172019InterestRecordedAtDefaultRateOf18
80000 USD
CY2022Q1 mlfb November242021 Principal And Interest At
November242021PrincipalAndInterestAt
315000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
11201 USD
CY2021Q2 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
53333 USD
CY2022Q1 mlfb Less Debt Discount
LessDebtDiscount
-164515 USD
CY2022Q1 mlfb Convertible Secured Promissory Note
ConvertibleSecuredPromissoryNote
178488 USD
CY2021Q2 mlfb Convertible Secured Promissory Note
ConvertibleSecuredPromissoryNote
133333 USD
CY2021Q2 us-gaap Debt Instrument Convertible If Converted Value In Excess Of Principal
DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal
30000 USD
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
950000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
600000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
950000000 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
470708377 shares
CY2021Q2 mlfb Common Stock Shares Issuable
CommonStockSharesIssuable
40000 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
472208377 shares
us-gaap Option Indexed To Issuers Equity Strike Price1
OptionIndexedToIssuersEquityStrikePrice1
0.0125
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.070
mlfb Fair Value Assumption Expected Volatility Rate
FairValueAssumptionExpectedVolatilityRate
3.02 pure
mlfb Fair Value Assumption Expected Dividend Rate
FairValueAssumptionExpectedDividendRate
0.0000 pure
mlfb Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0001 pure
us-gaap Option Indexed To Issuers Equity Strike Price1
OptionIndexedToIssuersEquityStrikePrice1
0.0116
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.035
mlfb Fair Value Assumption Expected Volatility Rate
FairValueAssumptionExpectedVolatilityRate
3.16 pure
mlfb Fair Value Assumption Expected Dividend Rate
FairValueAssumptionExpectedDividendRate
0.0000 pure
mlfb Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0006 pure
CY2022Q1 mlfb Accounts Payable Related Parties
AccountsPayableRelatedParties
207650 USD
CY2021Q2 mlfb Accounts Payable Related Parties
AccountsPayableRelatedParties
177868 USD
us-gaap Related Party Costs
RelatedPartyCosts
0 USD
us-gaap Related Party Costs
RelatedPartyCosts
4268 USD
CY2021Q4 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.10 pure
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
4158 USD
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
3304 USD
CY2022Q1 mlfb Accrued Interest Related Party
AccruedInterestRelatedParty
9187 USD
CY2021Q2 mlfb Accrued Interest Related Party
AccruedInterestRelatedParty
5029 USD
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
110154 USD
CY2022Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
278130 USD
CY2021Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
261087 USD
mlfb Charges Non Filing Penalty
ChargesNonFilingPenalty
210 USD
mlfb Calculated The Estimated Penalty For The Unfiled Returns
CalculatedTheEstimatedPenaltyForTheUnfiledReturns
3585 USD

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