2021 Q4 Form 10-Q Financial Statement

#000164033421002652 Filed on October 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $19.10K $41.84K $27.43K
YoY Change 231.6% 185.36% 543.9%
Cost Of Revenue $29.59K $40.63K $5.030K
YoY Change 1543.89% 72.53%
Gross Profit -$10.49K $1.209K $22.40K
YoY Change -364.9% -113.6% 425.82%
Gross Profit Margin -54.92% 2.89% 81.66%
Selling, General & Admin $195.2K $83.78K $72.90K
YoY Change 206.34% 13.26% 23.41%
% of Gross Profit 6929.69% 325.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $195.2K $83.78K $72.89K
YoY Change 206.33% 13.26% 23.4%
Operating Profit -$205.7K -$82.57K -$50.49K
YoY Change 244.18% -0.35% -7.88%
Interest Expense $8.184M -$4.524M $705.1K
YoY Change -337.86% 5446.38% -1020.19%
% of Operating Profit
Other Income/Expense, Net -$3.000K -$4.524M $705.1K
YoY Change -113.72% 5446.25%
Pretax Income $7.975M -$4.606M $654.6K
YoY Change -329.27% 2701.32% -598.06%
Income Tax
% Of Pretax Income
Net Earnings $7.975M -$4.606M $654.6K
YoY Change -329.27% 2701.4% -598.07%
Net Earnings / Revenue 41754.66% -11009.89% 2386.27%
Basic Earnings Per Share
Diluted Earnings Per Share $2.364K $0.00 $231.30
COMMON SHARES
Basic Shares Outstanding 3.291B shares
Diluted Shares Outstanding 8.981B shares 8.565B shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.48K $66.13K $129.6K
YoY Change 732.85% 8270.89% 409.84%
Cash & Equivalents $34.48K $66.13K $129.6K
Short-Term Investments
Other Short-Term Assets $7.500K
YoY Change
Inventory
Prepaid Expenses $7.500K
Receivables
Other Receivables
Total Short-Term Assets $41.98K $66.13K $129.6K
YoY Change 913.54% 8270.76% 409.84%
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 -$1.00 $1.00 $0.00
YoY Change -50.0%
TOTAL ASSETS
Total Short-Term Assets $41.98K $66.13K $129.6K
Total Long-Term Assets -$1.00 $1.00 $0.00
Total Assets $41.98K $66.13K $129.6K
YoY Change 914.01% 8270.89% 409.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $465.2K $446.2K $426.2K
YoY Change 19.68% 1022.44% 1604.0%
Accrued Expenses $231.8K $202.6K $216.8K
YoY Change -19.34% -55.78% -47.57%
Deferred Revenue
YoY Change
Short-Term Debt $799.8K $701.8K $676.5K
YoY Change 50.44% -11.51% -13.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.841M $15.35M $11.86M
YoY Change 16.28% 365.93% 275.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.841M $15.35M $11.86M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.841M $15.35M $11.86M
YoY Change 16.28% 365.93% 275.8%
SHAREHOLDERS EQUITY
Retained Earnings -$11.72M -$19.70M
YoY Change 42.98%
Common Stock $3.535M $3.291M
YoY Change 51.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.799M -$15.29M -$11.73M
YoY Change
Total Liabilities & Shareholders Equity $41.98K $66.13K $129.6K
YoY Change 913.54% 8270.76% 409.84%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $7.975M -$4.606M $654.6K
YoY Change -329.27% 2701.4% -598.07%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$95.15K -$53.42K -$18.69K
YoY Change 171.86% 108.43% 82.52%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 63.50K -10.00K -15.00K
YoY Change 65.58% -1100.0% -700.0%
NET CHANGE
Cash From Operating Activities -95.15K -53.42K -18.69K
Cash From Investing Activities 0.000
Cash From Financing Activities 63.50K -10.00K -15.00K
Net Change In Cash -31.65K -63.42K -33.69K
YoY Change -1044.78% 157.49% 335.27%
FREE CASH FLOW
Cash From Operating Activities -$95.15K -$53.42K -$18.69K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS</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;">Lingerie Fighting Championships, Inc. (the “Company”) is a Nevada corporation incorporated on November 29, 2006 under the name Sparking Events, Inc. The Company’s corporate name was changed to Xodtec Group USA, Inc. in June 2009, Xodtec LED, Inc. in May 2010, Cala Energy Corp. in September 2013 and Lingerie Fighting Championships, Inc. on April 1, 2015.</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;">The Company focuses on developing, producing, promoting, and distributing entertainment through live entertainment events, digital home videos, broadcast television networks, video on demand, and digital media channels in the United States. It offers wrestling and mixed martial arts fights featuring women under the LFC brand name.</p>
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<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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates its estimates and judgments. The Company bases its estimates and judgments on historical experience and other factors that it believes to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical.</p>
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us-gaap Revenues
Revenues
76339 USD
us-gaap Revenues
Revenues
22021 USD
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
16509795132 shares
boty Related Party Balances And Transactionspolicytextblock
RelatedPartyBalancesAndTransactionspolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company follows FASB ASC 850, “<em>Related Party Disclosures</em>,” for the identification of related parties and disclosure of related party transaction. (See Note 9)</p>
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13992627 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
0 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4610130 USD
CY2021Q3 us-gaap Derivative Assets
DerivativeAssets
0 USD
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
51 shares
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
5000000000 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3290803570 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2339101663 shares
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
300000000 shares
boty Weighted Average Exercise Price
WeightedAverageExercisePrice
0.0002
CY2019Q4 boty Outstanding Warrants Balances Beginning
OutstandingWarrantsBalancesBeginning
969833333 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0002
CY2020 boty Granted
Granted
4656666666 shares
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0001
CY2020 boty Redeemed
Redeemed
-188333333 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.0003
boty Redeemed Per Share
RedeemedPerShare
0
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2020Q4 boty Outstanding Warrants Exercise Price
OutstandingWarrantsExercisePrice
0.0001
boty Granted
Granted
300000000 shares
CY2019Q4 boty Outstanding Warrants Exercise Price
OutstandingWarrantsExercisePrice
0.0002
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
boty Exercised
Exercised
-281500000 shares
CY2020 boty Redeemed Per Share
RedeemedPerShare
0.0003
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5456666666 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0001
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
267438920 shares
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
281500000 shares
us-gaap Option Indexed To Issuers Equity Strike Price1
OptionIndexedToIssuersEquityStrikePrice1
0.0001
us-gaap Option Indexed To Issuers Equity Strike Price1
OptionIndexedToIssuersEquityStrikePrice1
0.0002
boty Expected Term
ExpectedTerm
P4Y7D
boty Expected Term
ExpectedTerm
P3Y10M20D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11819000 USD
CY2021Q3 boty Closing Market Price
ClosingMarketPrice
0.0024
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
5456666666 USD
CY2020 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
5438166666 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13094951 shares
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1641589 shares
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-10821246 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
1455931 USD
boty Note6 Promissory Note
Note6PromissoryNote
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 6 – PROMISSORY NOTE</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 March 4, 2021, the Company entered into an agreement with Auctus Fund, LLC to issue a senior secured promissory note of $300,000 to the unrelated party, which bears interest at 12% of the principal amount. The promissory note matures on March 4, 2022. The note is to be repaid by six equal payments commencing on the sixth month anniversary of issuance and due monthly thereafter. In conjunction with the convertible note, the Company issued warrants to purchase 150,000,000 shares of common stock, exercisable for five years from issuance at $0.002 per share and returnable warrants to purchase 150,000,000 shares of common stock, exercisable for five years form issuance at $0.002 per share which will be automatically expired in the event that the Company repays the convertible promissory notes prior to its maturity date. (See Note 5)</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;">The note was discounted for original issued discount of $35,000 and a derivative on warrants of $265,000 for an aggregate discount of $300,000, which is being amortized over the life of the note using the effective interest method resulting in $172,253 of debt discount amortization for the nine months ended September 30, 2021.</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;">As of September30, 2021, the note is presented at $172,253, net of debt discount of $127,747.</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, interest expense of $20,712 was incurred on the promissory note. As of September 30, 2021, accrued interest payable on the promissory note was $20,712.</p>
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
35000 USD
boty Warrants Derivative Amount
WarrantsDerivativeAmount
265000 USD
boty Debt Instrument Aggregate Discount
DebtInstrumentAggregateDiscount
300000 USD
CY2021Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
172253 USD
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
127747 USD
CY2021Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
20712 USD
CY2021Q3 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
529548 USD
CY2020Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
531674 USD
CY2020 boty Common Shares Issued For Conversion Of Debt Accrued Interest
CommonSharesIssuedForConversionOfDebtAccruedInterest
12717 USD
CY2016Q4 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
100000 USD
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
29403 USD
us-gaap Interest Expense
InterestExpense
90450 USD
us-gaap Interest Expense
InterestExpense
131292 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4610130 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
-925382 USD
boty Reduction Of Derivative Liabilities From Exercise Of Warrants
ReductionOfDerivativeLiabilitiesFromExerciseOfWarrants
-593645 USD
boty Reduction Of Derivative Liabilities From Written Off Of Convertible Notes
ReductionOfDerivativeLiabilitiesFromWrittenOffOfConvertibleNotes
-184722 USD
boty Addition Of New Derivative Liabilities Upon Issuance Of Warrants As Debt Discount
AdditionOfNewDerivativeLiabilitiesUponIssuanceOfWarrantsAsDebtDiscount
265000 USD
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
346970 USD
boty Loss On Change In Fair Value Of The Derivative
LossOnChangeInFairValueOfTheDerivative
10474276 USD
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13992627 USD
boty Loss Due To Derivative Liabilities On Warrants
LossDueToDerivativeLiabilitiesOnWarrants
-346970 USD
boty Loss Due To Derivative Liabilities On Warrants
LossDueToDerivativeLiabilitiesOnWarrants
-21654 USD
boty Gain Loss On Change In Fair Value Of Derivative Liabilities On Convertible Notes And Warrants
GainLossOnChangeInFairValueOfDerivativeLiabilitiesOnConvertibleNotesAndWarrants
-10474276 USD
boty Gain Loss On Change In Fair Value Of Derivative Liabilities On Convertible Notes And Warrants
GainLossOnChangeInFairValueOfDerivativeLiabilitiesOnConvertibleNotesAndWarrants
1477585 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y1M9D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y10M9D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0012 pure
CY2021Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
446168 USD
CY2020Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
388668 USD

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