2024 Q4 Form 10-K Financial Statement

#000121390024086614 Filed on October 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2023 Q4 2023
Revenue $177.0K $243.4K
YoY Change 390.47% 30.93%
Cost Of Revenue $200.0K $200.0K
YoY Change 630.07% 163.65%
Gross Profit -$23.08K $43.40K
YoY Change -365.9% -60.57%
Gross Profit Margin -13.04% 17.83%
Selling, General & Admin $127.1K $990.0K
YoY Change -86.8% -43.68%
% of Gross Profit 2281.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $127.1K $990.0K
YoY Change -86.8% -43.68%
Operating Profit -$150.2K -$946.6K
YoY Change -84.26% -40.84%
Interest Expense -$1.953M -$2.802M
YoY Change -28.07% -402.28%
% of Operating Profit
Other Income/Expense, Net -$2.802M
YoY Change -4.44%
Pretax Income -$2.103M -$3.749M
YoY Change -42.68% -18.15%
Income Tax
% Of Pretax Income
Net Earnings -$2.103M -$3.749M
YoY Change -42.68% -18.5%
Net Earnings / Revenue -1188.65% -1540.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.11
COMMON SHARES
Basic Shares Outstanding 136.5M shares 40.76M shares 18.98M shares
Diluted Shares Outstanding 18.98M shares

Balance Sheet

Concept 2024 Q4 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.310K
YoY Change -96.22%
Cash & Equivalents $6.308K
Short-Term Investments
Other Short-Term Assets $1.840K
YoY Change 113.95%
Inventory
Prepaid Expenses
Receivables $18.17K
Other Receivables $0.00
Total Short-Term Assets $26.32K
YoY Change -85.66%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $26.32K
Total Long-Term Assets $0.00
Total Assets $26.32K
YoY Change -85.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.145M
YoY Change 40.74%
Accrued Expenses $213.7K
YoY Change -41.71%
Deferred Revenue
YoY Change
Short-Term Debt $470.1K
YoY Change -29.79%
Long-Term Debt Due $254.5K
YoY Change -16.15%
Total Short-Term Liabilities $4.472M
YoY Change -23.16%
LONG-TERM LIABILITIES
Long-Term Debt $193.2K
YoY Change -25.83%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $193.2K
YoY Change -25.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.472M
Total Long-Term Liabilities $193.2K
Total Liabilities $4.665M
YoY Change -23.28%
SHAREHOLDERS EQUITY
Retained Earnings -$12.99M
YoY Change 40.56%
Common Stock $535.00
YoY Change -99.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $773.5K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity -$4.639M
YoY Change
Total Liabilities & Shareholders Equity $26.32K
YoY Change -85.66%

Cashflow Statement

Concept 2024 Q4 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.103M -$3.749M
YoY Change -42.68% -18.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.396M -$4.531M
YoY Change 2152.78% 633.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.277M
YoY Change 2085.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.398M $4.370M
YoY Change 1556.52% 458.72%
NET CHANGE
Cash From Operating Activities -4.396M -$4.531M
Cash From Investing Activities 0.000
Cash From Financing Activities 4.398M $4.370M
Net Change In Cash 2.440K -$160.8K
YoY Change -96.61% -196.45%
FREE CASH FLOW
Cash From Operating Activities -$4.396M -$4.531M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">NOTE 1 – BACKGROUND</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reverse Merger and Corporate Restructure</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 4, 2022, Cruzani, Inc. (“Cruzani” or the “Predecessor”) entered into a merger agreement (the “Merger Agreement”) with Bowmo, Inc. (“Bowmo”) and Bowmo Merger Sub, Inc. to acquire Bowmo. (the “Acquisition”). The transactions contemplated by the Merger Agreement were consummated on May 4, 2022, and pursuant to the terms of the Merger Agreement, all outstanding shares of Bowmo were exchanged for shares of Cruzani’s common stock and Bowmo became Cruzani’s wholly owned subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The merger was effected pursuant to the Merger Agreement. The merger is being accounted for as a reverse merger whereby Bowmo is the acquirer for accounting purposes. Bowmo is considered the acquiring company for accounting purposes as upon completion of the Merger, Bowmo’s former stockholders held a majority of the voting interest of the combined company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the merger, the Company issued Series G Preferred Stock holding the voting rights to 78% of the total voting equity securities to Bowmo’s stockholders. Upon completion of the acquisition, Bowmo is treated as the surviving entity and accounting acquirer although Cruzani was the legal acquirer. Accordingly, the historical financial statements are those of Bowmo.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Accounting for Reverse Merger</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of Cruzani assets acquired and liabilities assumed was based upon management’s estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of purchase price of the acquisition: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt; font-weight: bold; font-style: italic">Tangible Assets Acquired:</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Allocation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 88%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">517</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(326,400</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,197,027</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accrued officer compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(453,333</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Convertible Notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,933</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Put premium on stock settled debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(230,743</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Loans payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(254,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net Tangible Assets Acquired</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,082,419</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-style: italic; text-align: left">Equity Acquired:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series A Preferred stock, 3,500,000 shares authorized, par value $0.01; 3,381,520 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33,815</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series B Preferred stock, 10,000 shares authorized, par value $0.01; 5,000 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(50</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series C Preferred stock, 10,000,000 shares authorized, par value $0.01; 5,000,000 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(50,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series D Preferred stock, 125,000 shares authorized, par value $0.0001; 125,000 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series E Preferred stock to be issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(166,331</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series F Preferred stock, 101 shares authorized, par value $0.0001; 101 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Common stock 20,000,000,000 shares authorized, $0.00001 par value; 8,955,014,498 shares issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,550</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Treasury stock, at cost – 2,917 shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">773,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Additional paid in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,648,676</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; font-style: italic">Consideration:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Series G Preferred Stock holding the voting rights to 78% of the total voting equity securities to Bowmo’s stockholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Organization and Business</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bowmo, Inc. (FKA Cruzani, Inc.) (the “Company”) is an AI-powered recruiting platform. The Company’s principal lines of business are direct placement of candidates with employers and Recruiting as a Service which allows the Company’s customers to outsource the management of their recruiting process to the Company. The Company offers recruiting software and services through an online AI-driven platform to connect potential candidates to employers for all businesses looking to address hiring needs. The Company was incorporated as a Delaware corporation in 2016.</p>
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Repayments Of Notes Payable
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2022 us-gaap Repayments Of Debt
RepaymentsOfDebt
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CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 bomo Tangible Assets Acquired In Merger
TangibleAssetsAcquiredInMerger
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CY2023 bomo Equity Acquired In Merger Net Of Cancellation Of Shares
EquityAcquiredInMergerNetOfCancellationOfShares
usd
CY2023 bomo Debt Discount Associated With Issuance Of Warrants And Derivative Liabilities
DebtDiscountAssociatedWithIssuanceOfWarrantsAndDerivativeLiabilities
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CY2023 us-gaap Stock Issued1
StockIssued1
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CY2023 bomo Accrual For Shares To Be Issued For Acquisition Of Interview Mastery
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2023 bomo Gain On New Methodology For Accounting For Debt Conversion Features
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CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
pure
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001381871
CY2023 dei No Trading Symbol Flag
NoTradingSymbolFlag
true

Files In Submission

Name View Source Status
0001213900-24-086614-index-headers.html Edgar Link pending
0001213900-24-086614-index.html Edgar Link pending
0001213900-24-086614.txt Edgar Link pending
0001213900-24-086614-xbrl.zip Edgar Link pending
bomo-20231231.xsd Edgar Link pending
ea0214383-10k_bowmo.htm Edgar Link pending
ea021438301ex31-1_bowmo.htm Edgar Link pending
ea021438301ex32-1_bowmo.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_001.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
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bomo-20231231_lab.xml Edgar Link unprocessable
bomo-20231231_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
ea0214383-10k_bowmo_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending
bomo-20231231_cal.xml Edgar Link unprocessable
bomo-20231231_pre.xml Edgar Link unprocessable