2022 Q3 Form 10-Q Financial Statement
#000147793222006078 Filed on August 15, 2022
Income Statement
Concept | 2022 Q3 | 2022 Q2 | 2021 Q3 |
---|
Balance Sheet
Concept | 2022 Q3 | 2022 Q2 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $296.4K | $435.4K | $0.00 |
Short-Term Investments | |||
Other Short-Term Assets | $2.000K | ||
YoY Change | |||
Inventory | |||
Prepaid Expenses | $0.00 | $0.00 | $3.393K |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $298.4K | $435.4K | $225.7K |
YoY Change | 32.2% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $17.57K | $18.02K | $19.40K |
YoY Change | -9.44% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $17.57K | $20.02K | $21.40K |
YoY Change | -17.9% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $298.4K | $435.4K | $225.7K |
Total Long-Term Assets | $17.57K | $20.02K | $21.40K |
Total Assets | $316.0K | $455.4K | $247.1K |
YoY Change | 27.86% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $516.7K | $14.36K | $33.32K |
YoY Change | 1450.64% | 344.25% | |
Accrued Expenses | $34.97K | $122.2K | |
YoY Change | 1936.27% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.868M | $1.553M | $2.248M |
YoY Change | -16.92% | 40273.19% | 12860.08% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $89.22K | ||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.868M | $1.553M | $2.248M |
Total Long-Term Liabilities | $89.22K | ||
Total Liabilities | $1.957M | $1.865M | $2.738M |
YoY Change | -28.53% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$16.29M | -$15.78M | -$11.31M |
YoY Change | 44.06% | 38645.73% | |
Common Stock | $38.68K | $285.00 | $24.51K |
YoY Change | 57.83% | -98.58% | -78.66% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.641M | -$1.410M | -$2.491M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $316.0K | $455.4K | $247.1K |
YoY Change | 27.86% |
Cashflow Statement
Concept | 2022 Q3 | 2022 Q2 | 2021 Q3 |
---|
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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IncreaseDecreaseInAccruedPayroll
|
-67855 | usd | |
allure |
Increase Decrease In Accrued Payroll
IncreaseDecreaseInAccruedPayroll
|
170709 | usd | |
allure |
Increase Decrease In Usda Crada Liability
IncreaseDecreaseInUsdaCradaLiability
|
2800 | usd | |
allure |
Increase Decrease In Usda Crada Liability
IncreaseDecreaseInUsdaCradaLiability
|
-47200 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-667602 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-397705 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1700 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1700 | usd | |
us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
735005 | usd | |
us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
0 | usd | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
300000 | usd | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
0 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
4330 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
0 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
0 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
500000 | usd | |
allure |
Payment For Reverse Capitalization
PaymentForReverseCapitalization
|
0 | usd | |
allure |
Payment For Reverse Capitalization
PaymentForReverseCapitalization
|
140000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
2500 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1030675 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
357500 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
363073 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-41905 | usd | |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
72315 | usd |
CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
103541 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
435388 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
61636 | usd |
us-gaap |
Interest Paid
InterestPaid
|
0 | usd | |
us-gaap |
Interest Paid
InterestPaid
|
0 | usd | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | usd | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | usd | |
allure |
Capital Contribution From Shareholder To Pay Accrued Expenses Note7
CapitalContributionFromShareholderToPayAccruedExpensesNote7
|
0 | usd | |
allure |
Capital Contribution From Shareholder To Pay Accrued Expenses Note7
CapitalContributionFromShareholderToPayAccruedExpensesNote7
|
13500 | usd | |
allure |
Principal And Interest Settled Through Common Stock Issuance
PrincipalAndInterestSettledThroughCommonStockIssuance
|
1135946 | usd | |
allure |
Principal And Interest Settled Through Common Stock Issuance
PrincipalAndInterestSettledThroughCommonStockIssuance
|
0 | usd | |
allure |
Accrued Payroll Settled Through Common Stock Issuance
AccruedPayrollSettledThroughCommonStockIssuance
|
125750 | usd | |
allure |
Accrued Payroll Settled Through Common Stock Issuance
AccruedPayrollSettledThroughCommonStockIssuance
|
0 | usd | |
allure |
Discount On Note Payable
DiscountOnNotePayable
|
0 | usd | |
allure |
Discount On Note Payable
DiscountOnNotePayable
|
35000 | usd | |
allure |
Right Of Use Asset Lease Asset And Liability
RightOfUseAssetLeaseAssetAndLiability
|
0 | usd | |
allure |
Right Of Use Asset Lease Asset And Liability
RightOfUseAssetLeaseAssetAndLiability
|
15165 | usd | |
allure |
Prepaid Costs For Reverse Capitalization Recognized In Additional Paid In Capital
PrepaidCostsForReverseCapitalizationRecognizedInAdditionalPaidInCapital
|
150000 | usd | |
allure |
Prepaid Costs For Reverse Capitalization Recognized In Additional Paid In Capital
PrepaidCostsForReverseCapitalizationRecognizedInAdditionalPaidInCapital
|
0 | usd | |
CY2022Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-15775711 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-4469004 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-667602 | usd | |
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 generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> | ||
allure |
Cash Flow Reportingpolicytextblock
CashFlowReportingpolicytextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company follows Accounting Standards Codification (“ASC 230”), <em>Statement of Cash Flows</em>, for cash flow reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.</p> | ||
CY2022Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
185388 | usd |
CY2021Q3 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
allure |
Financial Instrumentspolicytextblock
FinancialInstrumentspolicytextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s financial instruments include cash and cash equivalents, payables, and accrued interest and short-term and long-term notes payable and are accounted for under the provisions of ASC 825, <em>Financial Instruments</em>. The carrying amount of these financial instruments, as reflected in the accompanying consolidated balance sheet, approximates fair value.</p> | ||
allure |
Fixed Assetspolicytextblock
FixedAssetspolicytextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Furniture and equipment are stated at cost. Depreciation is provided by the straight-line method over the useful lives of the related assets, approximately seven years. Expenditures for minor enhancements and maintenance are expensed as incurred.</p> | ||
allure |
Schedule Of Loss Income Per Share Of Common Stocktabletextblock
ScheduleOfLossIncomePerShareOfCommonStocktabletextblock
|
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%"><tbody><tr style="height:15px"><td style="vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><span style="text-decoration:underline">Instrument</span></strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td><td style="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">Convertible debt</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%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,060,000</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%;white-space: nowrap;"><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><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,887,923</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">Options</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;">10,000</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><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;">1,410,000</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><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><td style="BORDER-BOTTOM: 3px double;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: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,070,000</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><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%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">3,297,923</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> | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1070000 | shares | |
CY2021 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3297923 | shares |
CY2022Q2 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
1322000 | usd |
us-gaap |
Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
|
1060000 | shares | |
CY2022Q2 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
989000 | usd |
CY2022Q2 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
146946 | usd |
us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
2316147 | shares | |
allure |
Loss On Debt Settelment
LossOnDebtSettelment
|
5000 | usd | |
allure |
Schedule Of Future Maturities Of The Notes Payabletabletextblock
ScheduleOfFutureMaturitiesOfTheNotesPayabletabletextblock
|
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">2023</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;">12,500</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><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><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" 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">2024</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;">300,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table> | ||
CY2022Q2 | allure |
Future Maturities Of Notes Payable Year One
FutureMaturitiesOfNotesPayableYearOne
|
12500 | usd |
CY2022Q2 | allure |
Future Maturities Of Notes Payable Year Two
FutureMaturitiesOfNotesPayableYearTwo
|
300000 | usd |
us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
73242 | usd | |
us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
64778 | usd | |
allure |
Late Fees
LateFees
|
90000 | usd | |
allure |
Late Fees
LateFees
|
90000 | usd | |
CY2022Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
300000000 | shares |
CY2022Q2 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0.001 | |
CY2020Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
230000 | shares |
CY2020Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
114828 | usd |
CY2022Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
569 | shares |
CY2022Q2 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0.50 | |
CY2022Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
285 | usd |
CY2022Q2 | allure |
Common Stock Shares Cancelled
CommonStockSharesCancelled
|
18144112 | shares |
CY2022Q2 | allure |
Common Stock Shares Retaining
CommonStockSharesRetaining
|
1855888 | shares |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
3280000 | usd |
CY2021Q3 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
2343000 | usd |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
|
0.026 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
|
-0.030 | pure | |
allure |
Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
|
-0.172 | pure | |
allure |
Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
|
-0.071 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.064 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.109 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.000 | pure | |
us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.000 | pure | |
CY2022Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
3280000 | usd |
CY2021Q3 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2343000 | usd |
CY2022Q2 | allure |
Deferred Tax Asset Temporary Differences
DeferredTaxAssetTemporaryDifferences
|
18000 | usd |
CY2021Q3 | allure |
Deferred Tax Asset Temporary Differences
DeferredTaxAssetTemporaryDifferences
|
-62000 | usd |
CY2022Q2 | allure |
Deferred Tax Asset Permanent Differences
DeferredTaxAssetPermanentDifferences
|
-118000 | usd |
CY2021Q3 | allure |
Deferred Tax Asset Permanent Differences
DeferredTaxAssetPermanentDifferences
|
-585000 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
3180000 | usd |
CY2021Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1696000 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2021Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
us-gaap |
Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
|
1484000 | usd | |
us-gaap |
Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
|
1952000 | usd | |
CY2022Q2 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
19705 | usd |
CY2021Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1073388 | usd |
CY2021 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
2810 | usd |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
30574 | usd | |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
20094 | usd | |
allure |
Merger With Old Genvordisclosuretextblock
MergerWithOldGenvordisclosuretextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><span style="text-decoration:underline">NOTE 8 – MERGER WITH OLD GENVOR</span></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 27, 2022, the Company, formerly known as Allure Worldwide, Inc., Merger Sub, and Old Genvor completed the Acquisition and Merger transaction (Note 1). The transaction was completed pursuant to the Merger Agreement, pursuant to which Merger Sub merged with and into Old Genvor, with Old Genvor continuing as a wholly owned subsidiary of the Company and the surviving corporation in the Merger. Immediately upon completion of the Merger, the former stockholders of Old Genvor stockholders held a majority of the common stock and voting interest of the combined company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the Merger, the Company issued shares of its common stock to Old Genvor stockholders at an exchange ratio of 1:1 (with each share of Old Genvor common stock automatically converted in the merger into the right to receive a share of Company common stock, and a total of 35,261,871 shares of Company common stock issued to Old Genvor’s pre-merger stockholders). Pursuant to the original Acquisition agreement and Merger, the Company’s founding shareholders retained 5% of the Company’s outstanding shares of common stock, or 1,855,888 shares (Note 4). After closing the Acquisition and for a period of two years following commencement of trading of the Company’s common stock, the Company and Old Genvor agreed that the Company will make additional issuances of the Company’s common stock to the founding shareholders to ensure that in the aggregate they maintain their 5% ownership of the Company’s outstanding common stock. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Pursuant to business combination accounting for reverse acquisitions, the Company accounted for the Merger as a capital transaction (reverse recapitalization) rather than a business combination (or asset acquisition). Since the Company was formerly a special purpose acquisition company (SPAC) with no assets and only expenses related to maintaining its public shell company status, and Old Genvor has cash, other assets, a contract with the USDA (Note 6), and has raised funds from investors, Old Genvor was determined to be the accounting acquirer. Because a reverse recapitalization is equivalent to the issuance of shares by the private operating company for the net monetary assets of the public shell company, the transaction costs incurred by Old Genvor to effect the recapitalization were recognized as a reduction in additional paid-in capital rather than expensed as incurred. The assets and liabilities of Old Genvor were consolidated with the Company at their book value, the equity accounts were retroactively adjusted to reflect the equity of the Company, with a balancing adjustment through the additional paid-in capital account.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the nine months ended September 30, 2021 and 2020, the Company paid $140,000 and $10,000, respectively, in anticipation of closing the Acquisition. The total $150,000 was recognized in additional paid-in capital as of the date of the Merger.</p> | ||
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Common Stock Value
CommonStockValue
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37284 | usd |
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Additional Paid In Capital
AdditionalPaidInCapital
|
14328585 | usd |
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-15775711 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1409842 | usd |
CY2022Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
455411 | usd |
CY2022Q2 | us-gaap |
Revenues
Revenues
|
0 | usd |
CY2021Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
53417 | usd |
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Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
165361 | usd |