2023 Q4 Form 10-Q Financial Statement

#000157587223001601 Filed on October 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.000K $1.800K
YoY Change -85.69%
Cost Of Revenue $583.00 $381.00
YoY Change -89.99% -89.08%
Gross Profit $412.00 $1.423K
YoY Change -64.57% -334.05%
Gross Profit Margin 41.2% 79.06%
Selling, General & Admin $231.7K $281.4K
YoY Change -10.33% -22.08%
% of Gross Profit 56239.81% 19774.7%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $194.00 $200.00
YoY Change 2.11% 66.67%
% of Gross Profit 47.09% 14.05%
Operating Expenses $286.2K $462.1K
YoY Change -52.71% -34.68%
Operating Profit -$285.8K -$460.7K
YoY Change -52.69% -34.94%
Interest Expense -$30.89K -$25.51K
YoY Change -44.78% -141.79%
% of Operating Profit
Other Income/Expense, Net -$111.8K -$25.51K
YoY Change 99.88% -67.72%
Pretax Income -$397.6K -$486.2K
YoY Change -39.76% -38.23%
Income Tax
% Of Pretax Income
Net Earnings -$397.6K -$486.2K
YoY Change -39.76% -38.23%
Net Earnings / Revenue -39756.5% -27010.78%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 419.2M 405.0M
Diluted Shares Outstanding 419.2M 411.8M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $390.00 $3.210K
YoY Change -87.62% 16.73%
Cash & Equivalents $386.00 $3.209K
Short-Term Investments
Other Short-Term Assets $2.660K $10.02K
YoY Change -97.38% -90.58%
Inventory $582.00 $910.00
Prepaid Expenses $2.661K $10.02K
Receivables $2.506K $2.259K
Other Receivables $29.32K $29.32K
Total Short-Term Assets $35.46K $45.72K
YoY Change -83.59% -60.24%
LONG-TERM ASSETS
Property, Plant & Equipment $965.00 $1.159K
YoY Change -44.57% -60.12%
Goodwill $583.5K $583.5K
YoY Change 0.0% 1.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $762.3K $780.7K
YoY Change 30.26% 34.51%
TOTAL ASSETS
Total Short-Term Assets $35.46K $45.72K
Total Long-Term Assets $762.3K $780.7K
Total Assets $797.8K $826.4K
YoY Change -0.44% 18.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $858.1K $719.2K
YoY Change 175.44% 7223.73%
Accrued Expenses $74.31K $73.61K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.010M $913.5K
YoY Change 400.2% 5.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.292M $1.955M
YoY Change 186.68% 72.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $103.6K $122.4K
YoY Change
Total Long-Term Liabilities $103.6K $122.4K
YoY Change -82.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.292M $1.955M
Total Long-Term Liabilities $103.6K $122.4K
Total Liabilities $2.396M $2.078M
YoY Change 70.99% 83.65%
SHAREHOLDERS EQUITY
Retained Earnings -$7.707M -$7.310M
YoY Change 94.74% 121.86%
Common Stock $41.92K $41.92K
YoY Change 7.49% 8.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.598M -$1.251M
YoY Change
Total Liabilities & Shareholders Equity $797.8K $826.4K
YoY Change -0.44% 18.84%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$397.6K -$486.2K
YoY Change -39.76% -38.23%
Depreciation, Depletion And Amortization $194.00 $200.00
YoY Change 2.11% 66.67%
Cash From Operating Activities -$20.83K -$67.56K
YoY Change -83.46% -75.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.00K 53.00K
YoY Change -85.83% -81.12%
NET CHANGE
Cash From Operating Activities -20.83K -67.56K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 18.00K 53.00K
Net Change In Cash -2.830K -14.56K
YoY Change -374.76% -24366.67%
FREE CASH FLOW
Cash From Operating Activities -$20.83K -$67.56K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$20.83K -$67.56K
YoY Change -83.46% -75.52%

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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1409
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-204064
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-628898
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6087
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
0
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2323
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8410
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
56640
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
558000
us-gaap Proceeds From Subordinated Short Term Debt
ProceedsFromSubordinatedShortTermDebt
211000
us-gaap Proceeds From Subordinated Short Term Debt
ProceedsFromSubordinatedShortTermDebt
75000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
17500
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3750
bfyw Expenses Contributed To Capital
ExpensesContributedToCapital
0
bfyw Expenses Contributed To Capital
ExpensesContributedToCapital
49686
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
193500
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
629796
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-10564
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7512
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13773
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9642
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3209
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2130
bfyw Common Stock Issued For Acquisition Value
CommonStockIssuedForAcquisitionValue
0
bfyw Common Stock Issued For Acquisition Value
CommonStockIssuedForAcquisitionValue
550000
us-gaap Stock Issued1
StockIssued1
0
us-gaap Stock Issued1
StockIssued1
17500
bfyw Discount On Notes Payable For Warrants
DiscountOnNotesPayableForWarrants
0
bfyw Discount On Notes Payable For Warrants
DiscountOnNotesPayableForWarrants
30702
bfyw Common Stock Issued For Settlement Of Debt
CommonStockIssuedForSettlementOfDebt
195000
bfyw Common Stock Issued For Settlement Of Debt
CommonStockIssuedForSettlementOfDebt
0
bfyw Common Stock Issued For Settlement Of Deferred Compensation
CommonStockIssuedForSettlementOfDeferredCompensation
331103
bfyw Common Stock Issued For Settlement Of Deferred Compensation
CommonStockIssuedForSettlementOfDeferredCompensation
0
CY2022Q3 bfyw Warrantcoverageraisedpercentage
Warrantcoverageraisedpercentage
0.49
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0381
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-style: normal; font-variant: normal; font-size: 10pt; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0px; text-align: justify; font-stretch: normal; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates</div></div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px; text-align: justify; background: none;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px; text-align: justify; background: none;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of unaudited condensed consolidated 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.</div></div>
CY2023Q1 us-gaap Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
3209
CY2023Q3 us-gaap Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
13773
CY2023Q3 us-gaap Inventory Net
InventoryNet
910
CY2023Q1 us-gaap Inventory Net
InventoryNet
979
CY2023Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023 bfyw Valuation Allowance On Deferred Tax Assets
ValuationAllowanceOnDeferredTaxAssets
1
bfyw Valuation Allowance On Deferred Tax Assets
ValuationAllowanceOnDeferredTaxAssets
1
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2023Q2 bfyw Treasury Rate
TreasuryRate
0.0381
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
700000
bfyw Disclosure In Entirety Of Convertible Note
DisclosureInEntiretyOfConvertibleNote
<div style="font-style: normal; font-variant: normal; font-size: 10pt; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0px 0px 0px 7.95pt; text-align: justify; text-indent: -12.45pt; font-stretch: normal; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Note 4 - Convertible Note Payable</div></div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px 0px 0px 25.95pt; text-align: justify; text-indent: -0.25in; background: none;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; margin-top: 0px; margin-bottom: 0px; border-spacing: 0px;;text-indent: 0px;;width:100%;"> <tr style="vertical-align: top;"> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display:inline;"></div></td> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(A)</div></td> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On April 12, 2022, the Company entered into a Securities Purchase Agreement with Mast Hill Fund, L.P., in which Mast Hill purchased a promissory note, with a principal amount of $<div style="letter-spacing: 0px; top: 0px;;display:inline;">310,000</div> for a purchase price of $<div style="letter-spacing: 0px; top: 0px;;display:inline;">279,000</div> (the "Note"). The closing of the Purchase Agreements occurred on April 12, 2022. The Note bears an original issue discount of $<div style="letter-spacing: 0px; top: 0px;;display:inline;">31,000</div>, and interest of 12% per year and mature on April 12, 2023 (the "Maturity Date"). The Note is convertible into shares of the Company's common stock at conversion price of $<div style="letter-spacing: 0px; top: 0px;;display:inline;">0.037</div> per share, subject to adjustment as provided therein. The Company has the right to prepay the Note in full, including accrued but unpaid interest, without prepayment penalty provided an event of default, as defined therein, has not occurred. In the seven (7) trading days prior to any prepayment Mast Hill shall have the right to convert their Note into Common Stock of the Company in accordance with the terms of such Note. The Note contains events of defaults and certain negative covenants that are typical in the types of transactions contemplated by the Purchase Agreements.</div></td> </tr> </table> <div style="margin-top: 0px; margin-bottom: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px;"><br/></div> <div style="margin-top: 0px; margin-bottom: 0px;"></div> <div style="clear: both; max-height: 0px; text-indent: 0px;"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; border-spacing: 0px;;text-indent: 0px;"> <tr style="vertical-align: top;"> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display:inline;"></div></td> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(B)</div></td> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On June 7, 2022, the Company entered into a second Securities Purchase Agreement with Mast Hill Fund, L.P., a Delaware limited partnership (“Mast Hill”). The first Security Purchase Agreement with Mast Hill Fund, L.P. was entered On April 12, 2022. Pursuant to the June 7, 2022 Security Purchase Agreement, Mast Hill purchased a promissory note, with a principal amount of $310,000 for a purchase price of $279,000 (the “Note”). The closing of the Purchase Agreements occurred on June 7, 2022. The Note bears an original issue discount of $31,000, each bear interest of 12% per year and mature on June 7, 2023 (the “Maturity Date”). In current quarter the note was in default and default interest rate of 16% was applied from original date of maturity June 7, 2023 to August 31, 2023. The Note is convertible into shares of the Company’s common stock at conversion price of $0.037 per share, subject to adjustment as provided therein. The Company has the right to prepay the Note in full, including accrued but unpaid interest, without prepayment penalty provided an event of default, as defined therein, has not occurred. In the seven (7) trading days prior to any prepayment Mast Hill shall have the right to convert their Note into Common Stock of the Company in accordance with the terms of such Note. The Note contains events of defaults and certain negative covenants that are typical in the types of transactions contemplated by the Purchase Agreements. </div></td> </tr> </table> <div style="clear: both; max-height: 0px; text-indent: 0px;"></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px; text-align: justify; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; border-spacing: 0px;;text-indent: 0px;"> <tr style="vertical-align: top;"> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display:inline;"></div></td> <td style="width: 0.5in; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(C)</div></td> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the Purchase Agreements, the Company issued to Mast Hill 4,960,000 shares of the Company’s common stock (the “Commitment Shares”) as a condition to closing.</div></td> </tr> </table> <div style="clear: both; max-height: 0px; text-indent: 0px;"></div> <div style="font-style: normal; font-variant: normal; font-size: 10pt; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0px 0px 0px 7.95pt; text-align: justify; text-indent: 7.95pt; font-stretch: normal; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the Purchase Agreements, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Mast Hill, pursuant to which the Company is obligated to file a registration statement within 90 days of the date of the Registration Rights Agreement covering the sale of the Commitment Shares and the shares of the Company’s common stock that may be issued to Mast Hill pursuant to the conversion of the Note.</div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On July 11, 2022, Mast Hill Fund agreed to extend the timeframes in section 2(a) of the Registration Rights Agreement dated April 12,2022 to 180 calendar days to file the initial Registration Statement and 270 calendar days to have it declared effective. On October 11, 2022, Mast Hill Fund agreed to extend the timeframes in section 2(a) of the Registration Rights Agreement dated April 12,2022 until February 9, 2023, and to have the Registration Statement become effective on or before February 9, 2037.</div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Subsequently, <div style="display:inline;">i</div>n September 2023, the company entered into the amendment of promissory note of Mast Hill Fund L.P. dated April 12, 2022 and June 7, 2022. The outstanding principal balance of the note and the interest rate will both increase as a result of the amendment, and the maturity date has been extended to September 13, 2024.</div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; text-align: justify; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of August 31, 2023, and February 28, 2023 the balances were $620,000 and $594,804, with accrued interest of $104,348 and $60,243 respectively. </div></div>
CY2023Q3 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
620000
CY2023Q1 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
594804
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
104348
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
60243
CY2023Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2259
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1460
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2259
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1460
bfyw Schedule Of Additional Information Pertaining To Our Leases
ScheduleOfAdditionalInformationPertainingToOurLeases
<div style="font: 10pt / 12pt &quot;Times New Roman&quot;, Times, serif; margin: 0px 0px 0px 0in; text-align: justify; background: none;;text-indent: 0px;"><div style="font-weight: normal; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table set forth additional information pertaining to our leases:</div></div> <div style="font-style: normal; font-variant: normal; font-size: 10pt; line-height: 12pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0px 0px 0px 7.95pt; text-align: justify; text-indent: 1.05pt; font-stretch: normal; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; width: 100%; border-collapse: collapse; border-spacing: 0px;;text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight:bold;display:inline;">For the six months ending August 31,</div></td> <td style="padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight:bold;display:inline;"> </div></td> <td colspan="2" style="text-align: center; border-bottom: 1pt solid black; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight:bold;display:inline;">2023</div></td> <td style="padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="font-weight:bold;display:inline;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;">Cash paid for amounts included in the measurement of lease liabilities:</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif;"> </td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif;"> </td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif;"> </td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 87%; text-align: justify; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);">Operating cash flows from operating leases</td> <td style="width: 1%; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);"> </td> <td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);"> </td> <td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);">6,650</td> <td style="width: 1%; text-align: left; padding-bottom: 0.5pt; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgb(204, 238, 255);">Weighted average remaining lease term – operating leases</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background-color: rgb(204, 238, 255);"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> 2.6 years</div></td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);">Weighted average discount rate – operating leases</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);">3.81</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; background-color: rgba(255, 255, 255, 0);">%</td> </tr> </table>
us-gaap Proceeds From Operating Activities
ProceedsFromOperatingActivities
6650
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1547
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2323
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
388
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
776
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1159
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1547
us-gaap Depreciation
Depreciation
388
us-gaap Depreciation
Depreciation
388
CY2023Q3 bfyw Rental Payments
RentalPayments
6650
CY2023Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
225887
CY2023Q2 bfyw Treasury Rate
TreasuryRate
0.0381
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
79800
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
79800
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
46550
CY2023Q3 bfyw Lessee Operating Lease Liabilities Payment Due Year Four And Thereafter
LesseeOperatingLeaseLiabilitiesPaymentDueYearFourAndThereafter
0
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
206150
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10116
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
196034
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
73608
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
122426
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
291500
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
293000
CY2023Q3 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
248976
CY2023Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
379759
bfyw Stock Purchase Warrant Liability Description
StockPurchaseWarrantLiabilityDescription
On April 18, 2022, we entered into a Standby Equity Commitment Agreement with MacRab LLC, a Florida limited liability company providing us with an option to sell up to $5,000,000 worth of our Common Stock, par value $0.0001, to MacRab LLC, in increments, over the period ending 24 months after the date that the Company’s registration statement is deemed effective by the U.S. Securities and Exchange Commission, pursuant to the terms and conditions contained in the SECA. Additionally, we issued MacRab LLC a Common Stock purchase warrant for the purchase of 1,785,714 shares of our common stock as a commitment fee in connection with the execution of the Standby Equity Commitment Agreement. We also entered into a Registration Rights Agreement with the Investor requiring the Company to file a registration statement providing for the registration of the Common Stock issuable to MacRab LLC under the Standby Equity Commitment Agreement and their common stock purchase warrant, and the subsequent resale by MacRab LLC of such Common Stock.
CY2022Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
22320
bfyw Non Cancelable Warrants Percentage
NonCancelableWarrantsPercentage
0.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.20
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
700000
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
700000
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
700000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
419209183
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
419209183
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
404014987
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
404014987
bfyw Purchase Commitment Shares
PurchaseCommitmentShares
4960000
CY2022Q2 bfyw Proceeds From Restricted Common Stock
ProceedsFromRestrictedCommonStock
40248
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
20000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Accelerated Vesting Number
SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber
14000000
bfyw Stock Option Description
StockOptionDescription
6,000,000 shares vest over the next year.
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4853749
CY2023Q3 us-gaap Share Price
SharePrice
22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.72
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0101
CY2022Q1 us-gaap Share Price
SharePrice
11
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.63
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0126
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
546594
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
917062
bfyw Total Unamortized Stock Option Expense
TotalUnamortizedStockOptionExpense
68020
CY2023 bfyw Total Unamortized Stock Option Expense
TotalUnamortizedStockOptionExpense
614613
CY2022Q2 bfyw Fair Market Value
FairMarketValue
550000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
913
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
12995
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
13908
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
2365
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt
2454
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther
537
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
36
CY2022Q2 bfyw Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Notes Payable Gushy
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotesPayableGushy
35000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
40392
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-26484
CY2022Q2 us-gaap Business Acquisitions Purchase Price Allocation Subsequent Years Remaining Adjustments
BusinessAcquisitionsPurchasePriceAllocationSubsequentYearsRemainingAdjustments
-557000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
-583484
us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
557000
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
583484

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