2023 Q2 Form 10-Q Financial Statement

#000157587223000884 Filed on June 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $4.476K $0.00
YoY Change
Cost Of Revenue $0.00 $27.58K
YoY Change -100.0%
Gross Profit $4.476K $61.09K
YoY Change -92.67%
Gross Profit Margin 100.0%
Selling, General & Admin $165.1K $388.0K $121.1K
YoY Change -47.93% 220.25% 12.08%
% of Gross Profit 8667.34% 198.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $165.1K $387.9K $121.1K
YoY Change -47.93% 220.25% 12.08%
Operating Profit -$165.1K -$383.5K -$60.05K
YoY Change -40.35% 538.59%
Interest Expense $227.9K $269.5K -$94.31K
YoY Change 497.39% -385.76% -88.52%
% of Operating Profit
Other Income/Expense, Net -$1.101M $1.001M -$6.555K
YoY Change 10592.33% -15372.54%
Pretax Income -$1.266M $617.6K -$215.4K
YoY Change 341.03% -386.69% -81.98%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$1.266M $617.6K -$215.4K
YoY Change 341.03% -386.69% -81.98%
Net Earnings / Revenue 13798.97%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$26.34
COMMON SHARES
Basic Shares Outstanding 31.30B 31.30B 18.15M
Diluted Shares Outstanding 32.27B shares 28.16B 18.15M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.75K $87.62K $2.750K
YoY Change -72.7% 3086.18%
Cash & Equivalents $77.75K $87.62K $2.750K
Short-Term Investments
Other Short-Term Assets $860.00 $860.00
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $78.60K $88.47K $2.750K
YoY Change -72.4% 3117.24%
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 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $78.60K $88.47K $2.750K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $78.60K $88.47K $2.750K
YoY Change -72.4% 3117.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $952.9K $952.9K $326.4K
YoY Change 142.92% 191.93% 0.0%
Accrued Expenses $329.3K $332.0K $1.632M
YoY Change -72.18% -79.65% 13.91%
Deferred Revenue
YoY Change
Short-Term Debt $775.1K $607.2K $847.1K
YoY Change 170.83% -28.32% -48.45%
Long-Term Debt Due $563.0K $303.5K
YoY Change 118.91%
Total Short-Term Liabilities $6.017M $4.645M $3.014M
YoY Change 79.7% 54.1% -46.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $260.5K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $260.5K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.017M $4.645M $3.014M
Total Long-Term Liabilities $0.00 $260.5K $0.00
Total Liabilities $6.017M $4.906M $3.014M
YoY Change 64.61% 62.74% -46.63%
SHAREHOLDERS EQUITY
Retained Earnings -$9.892M -$8.626M
YoY Change 97.27%
Common Stock $324.4K $313.0K
YoY Change 107.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $773.5K $773.5K
YoY Change 0.0%
Treasury Stock Shares $2.917K
Shareholders Equity -$5.938M -$4.817M -$906.4K
YoY Change
Total Liabilities & Shareholders Equity $78.60K $88.47K $2.750K
YoY Change -72.4% 3117.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.266M $617.6K -$215.4K
YoY Change 341.03% -386.69% -81.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$8.890K -$79.49K -$2.960K
YoY Change -93.28% 2585.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -980.0 0.000
YoY Change -100.23%
NET CHANGE
Cash From Operating Activities -8.890K -79.49K -2.960K
Cash From Investing Activities 0.000
Cash From Financing Activities -980.0 0.000
Net Change In Cash -9.870K -79.49K $0.00
YoY Change -103.43%
FREE CASH FLOW
Cash From Operating Activities -$8.890K -$79.49K -$2.960K
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;text-indent: 0px;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates</div></div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;text-indent: 0px;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Concentrations of Credit Risk</div></div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.</div></div>
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
669581
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4476
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88667
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
1265684
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
199684
CY2021Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
110992
CY2022 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
2718645
CY2022 bomo Derivative Liability Transfer To Put Premium
DerivativeLiabilityTransferToPutPremium
-112537
CY2023Q1 bomo Going Concern
GoingConcern
<div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE 2 – GOING CONCERN</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; background: none;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the Company as a going-concern basis. The going concern basis assumes that assets are realized, and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements. The Company has incurred recurring losses from operations. The Company has an accumulated deficit of approximately $8.6 million.  The  company historically has had negative cash flow from operations. The Company’s ability to continue as a going concern depends upon its ability to obtain adequate funding to support its operations through continuing investments of debt and/or equity by qualified investors/creditors, internally generated working capital and monetization of intellectual property assets. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is currently pursuing a business strategy which includes raising the necessary funds to finance the Company’s development and marketing efforts.</div></div>
CY2023Q1 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
8600000
CY2022Q1 us-gaap Business Combination Separately Recognized Transactions Revenues And Gains Recognized
BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized
14692
CY2022Q1 us-gaap Business Combination Separately Recognized Transactions Net Gains And Losses
BusinessCombinationSeparatelyRecognizedTransactionsNetGainsAndLosses
21862
CY2023Q1 us-gaap Other Loans Payable
OtherLoansPayable
564000
CY2022Q4 us-gaap Other Loans Payable
OtherLoansPayable
564000
CY2022 bomo Derivative Gain Loss On Derivative Fair Value
DerivativeGainLossOnDerivativeFairValue
-544850
CY2022Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
2172250
CY2023Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
67429
CY2023Q1 bomo Derivative Gain Loss On Derivative Fair Value
DerivativeGainLossOnDerivativeFairValue
-1303044
CY2023Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
936636
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31297119462
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
27049736362
CY2023Q1 bomo Extinguishment Of Convertible Debt
ExtinguishmentOfConvertibleDebt
4247383100
CY2023Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
4247383100
CY2023Q1 bomo Debt Instrument Face Value
DebtInstrumentFaceValue
325000
CY2023Q1 us-gaap Debt Instrument Increase Decrease Other Net
DebtInstrumentIncreaseDecreaseOtherNet
26509
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
17075
CY2023Q1 bomo Total Debt Current
TotalDebtCurrent
368584
CY2022Q4 bomo Share Available To Purchase With Stock Warrants Outstanding Number
ShareAvailableToPurchaseWithStockWarrantsOutstandingNumber
5616000000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0001
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
6.09
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
200000
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0001
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0
CY2023Q1 bomo Weighted Average Price Forfeited
WeightedAveragePriceForfeited
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 bomo Weighted Average Fair Value Expired
WeightedAverageFairValueExpired
0
CY2023Q1 bomo Share Available To Purchase With Stock Warrants Outstanding Number
ShareAvailableToPurchaseWithStockWarrantsOutstandingNumber
5816000000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0001
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.86
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
5816000000
CY2023Q1 bomo Weighted Average Price Exercisable
WeightedAveragePriceExercisable
0.0001
CY2023Q1 bomo Weighted Average Fair Value Exercisable Outstanding
WeightedAverageFairValueExercisableOutstanding
5.86
CY2023Q1 bomo Number Outstanding In Shares
NumberOutstandingInShares
5816000000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P5Y10M9D
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.0001
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
40875
CY2021 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
50500
CY2019Q3 bomo Salary Per Month
SalaryPerMonth
10000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
562000
CY2023Q1 bomo Amount Of Indebtedness
AmountOfIndebtedness
1200000
CY2017Q1 bomo Obtained Default Judgment
ObtainedDefaultJudgment
27084

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