STARTENGINE CROWDFUNDING, INC.

2023 Q3 Form 10-Q Financial Statement

#000155837023014798 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.83M $14.24M
YoY Change 7.96% 2.49%
Cash & Equivalents $15.80M $14.20M
Short-Term Investments $1.860K $1.860K
Other Short-Term Assets $2.165M $1.911M
YoY Change 13.92% -12.52%
Inventory
Prepaid Expenses
Receivables $744.9K $1.092M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.74M $17.25M
YoY Change 5.52% -2.5%
LONG-TERM ASSETS
Property, Plant & Equipment $119.1K $119.2K
YoY Change 9.27% 37.44%
Goodwill
YoY Change
Intangibles $23.49M $24.14M
YoY Change 117361.35% 120605.19%
Long-Term Investments $14.79M $14.02M
YoY Change 13.31% 12.43%
Other Assets $67.11K $78.48K
YoY Change -3.32% -16.37%
Total Long-Term Assets $38.47M $38.36M
YoY Change 190.26% 202.73%
TOTAL ASSETS
Total Short-Term Assets $18.74M $17.25M
Total Long-Term Assets $38.47M $38.36M
Total Assets $57.21M $55.60M
YoY Change 84.47% 83.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.1K $125.9K
YoY Change -31.02% -79.22%
Accrued Expenses $3.603M $2.165M
YoY Change 111.08% 22.42%
Deferred Revenue $3.596M $3.435M
YoY Change 50.35% 22.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.587M $5.726M
YoY Change 62.77% 10.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.587M $5.726M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $7.587M $5.726M
YoY Change 62.77% 10.44%
SHAREHOLDERS EQUITY
Retained Earnings -$36.00M -$32.02M
YoY Change 26.25% 25.9%
Common Stock $342.00 $341.00
YoY Change 3.32% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.64M $49.89M
YoY Change
Total Liabilities & Shareholders Equity $57.21M $55.60M
YoY Change 84.47% 83.16%

Cashflow Statement

Concept 2023 Q3 2023 Q2

Facts In Submission

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StartEngine Crowdfunding, Inc.
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none Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsideration
24000000
none Subscription Receivable As Part Of Common Stock
SubscriptionReceivableAsPartOfCommonStock
-606700
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 – NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">StartEngine Crowdfunding, Inc. was formed on March 19, 2014 (“Inception”) in the State of Delaware. The Company was originally incorporated as StartEngine Crowdsourcing, Inc. and changed to the current name on May 8, 2014. The condensed consolidated financial statements of StartEngine Crowdfunding, Inc. (the “Company” are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s headquarters are located in Burbank, California.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company aims to revolutionize the startup financing model by helping both accredited and non-accredited investors invest in private companies on a public platform. StartEngine Crowdfunding Inc. has wholly-owned subsidiaries, StartEngine Capital LLC, StartEngine Secure LLC, StartEngine Assets LLC and StartEngine Primary LLC. StartEngine Capital LLC is a funding portal registered with the US Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA), StartEngine Secure LLC is a transfer agent registered with the SEC. StartEngine Assets LLC was formed in 2020 to buy, hold and manage assets in various asset classes such as real estate, automobiles, luxury goods and royalty-producing intangible assets. StartEngine Primary LLC was formed in October 2017 and received approval to operate as a registered broker-dealer in July 2019. On April 16, 2020, StartEngine Primary LLC received approval to operate as an alternative trading system. The Company’s mission is to empower thousands of companies to raise capital and create significant amounts of jobs over the coming years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Management Plans</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s revenue producing activities commenced in 2015 with the approved start of Title IV of the JOBS Act, which created new rules for Regulation A, and increased since then with the start of Regulation Crowdfunding under Title III of the JOBS Act. Because this is a relatively new industry, there is a level of uncertainty about how fast the volume of activity will increase and how future regulatory requirements may change the landscape. Because there is a level of uncertainty and because we are still in the early stages of these new regulations, the Company is expected to incur losses until such time that the volume of Regulation A and Regulation Crowdfunding campaigns and the investments in those campaigns is sufficient for revenues derived from those campaigns to cover its costs. These factors could indicate substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has cash and cash equivalents of approximately $14.2 million, which its management believes will cover losses for the foreseeable future. The Company’s management believes that any substantial doubt about the Company’s ability to continue as a going concern has been alleviated.</p>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14200000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amount of expenses during the reporting periods. Significant estimates include the value of marketable securities, the value of stock and warrants received as compensation and collectability of accounts receivable. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.</p>
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1512097
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
357709
none Provision For Doubtful Accounts Other
ProvisionForDoubtfulAccountsOther
162535
none Provision For Doubtful Accounts Other
ProvisionForDoubtfulAccountsOther
94983
CY2023Q2 none Accounts Receivable Over Ninety Days
AccountsReceivableOverNinetyDays
332486
none Cost Of Stock Received As Payment For Fees
CostOfStockReceivedAsPaymentForFees
1400548
none Cost Of Stock Received As Payment For Fees
CostOfStockReceivedAsPaymentForFees
1376298
none Shares Received As Payment For Fees Impairment Charge
SharesReceivedAsPaymentForFeesImpairmentCharge
0
none Shares Received As Payment For Fees Impairment Charge
SharesReceivedAsPaymentForFeesImpairmentCharge
12250
CY2023Q2 none Wine Noncurrent
WineNoncurrent
316888
CY2022Q4 none Wine Noncurrent
WineNoncurrent
476115
CY2023Q2 none Trading Cards Noncurrent
TradingCardsNoncurrent
486657
CY2022Q4 none Trading Cards Noncurrent
TradingCardsNoncurrent
486657
CY2023Q2 none Artwork Noncurrent
ArtworkNoncurrent
1182942
CY2022Q4 none Artwork Noncurrent
ArtworkNoncurrent
1287378
CY2023Q2 none Comic Books Noncurrent
ComicBooksNoncurrent
464477
CY2022Q4 none Comic Books Noncurrent
ComicBooksNoncurrent
704477
CY2023Q2 none Non Fungible Token Noncurrent
NonFungibleTokenNoncurrent
1865
CY2022Q4 none Non Fungible Token Noncurrent
NonFungibleTokenNoncurrent
64472
CY2023Q2 none Watches Noncurrent
WatchesNoncurrent
53128
CY2022Q4 none Watches Noncurrent
WatchesNoncurrent
53128
CY2023Q2 none Investment In Collectibles Noncurrent
InvestmentInCollectiblesNoncurrent
2505957
CY2022Q4 none Investment In Collectibles Noncurrent
InvestmentInCollectiblesNoncurrent
3072227
CY2023Q2 none Cryptocurrencies Current
CryptocurrenciesCurrent
28478
CY2022Q4 none Cryptocurrencies Current
CryptocurrenciesCurrent
16604
CY2023Q2 none Number Of Bitcoins Held
NumberOfBitcoinsHeld
1
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
34128
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0
none Decrease In Non Fungible Token Price
DecreaseInNonFungibleTokenPrice
46002
none Increase In Bitcoin Price
IncreaseInBitcoinPrice
11874
CY2023Q2 none Additions And Property Improvements Capitalized
AdditionsAndPropertyImprovementsCapitalized
5000
CY2021Q4 us-gaap Real Estate Investments
RealEstateInvestments
2136628
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
802248
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1572900
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3456142
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3456142
none Membership Fee Per Year
MembershipFeePerYear
275
none Percentage Of Bonus Shares That Members Are Entitled
PercentageOfBonusSharesThatMembersAreEntitled
0.10
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3434985
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2715422
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4718206
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6587906
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9958244
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14348712
CY2023Q2 none Research And Development Expense Other
ResearchAndDevelopmentExpenseOther
1318812
none Research And Development Expense Other
ResearchAndDevelopmentExpenseOther
2457220
none Research And Development Expense Other
ResearchAndDevelopmentExpenseOther
2457220
CY2022Q2 none Research And Development Expense Other
ResearchAndDevelopmentExpenseOther
1375719
none Research And Development Expense Other
ResearchAndDevelopmentExpenseOther
2612445
none Weighted Average Shares Outstanding Basic
WeightedAverageSharesOutstandingBasic
34519222
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
19994684
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9411607
none Total Common Stock Equivalents
TotalCommonStockEquivalents
63925513
none Weighted Average Shares Outstanding Basic
WeightedAverageSharesOutstandingBasic
32873120
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
19994684
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7926515
none Total Common Stock Equivalents
TotalCommonStockEquivalents
60794319
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be credit worthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At times, the Company may have certain vendors or customers that make up over 10% of the balance at any given time. However, the Company is not dependent on any single or group of vendors or customers, and accordingly, the loss of any such vendors or customers would not have a significant impact on the Company’s operations.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000
CY2023Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
1856
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
1856
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
157393
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
140801
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38205
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
31660
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119188
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
109141
us-gaap Depreciation
Depreciation
6545
us-gaap Depreciation
Depreciation
6545
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25950000
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q2 none Common Stock Shares Authorized After Split
CommonStockSharesAuthorizedAfterSplit
75000000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
33634
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
206023
CY2022Q2 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
606700
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3456142
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2824918
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100027
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2824918
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100027
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
24525733
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M4D

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