2022 Q4 Form 10-Q Financial Statement
#000109690622002757 Filed on November 14, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q4 |
---|---|---|---|
Revenue | $2.640K | $4.974K | $200.00 |
YoY Change | 1220.0% | 3216.0% | -97.71% |
Cost Of Revenue | $1.320K | $2.487K | $8.000K |
YoY Change | -83.5% | ||
Gross Profit | $1.320K | $2.487K | -$7.800K |
YoY Change | -116.92% | 1569.13% | |
Gross Profit Margin | 50.0% | 50.0% | -3900.0% |
Selling, General & Admin | $141.1K | $176.9K | $339.7K |
YoY Change | -58.47% | -28.75% | 71.97% |
% of Gross Profit | 10690.15% | 7114.19% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $0.00 | $300.00 |
YoY Change | -100.0% | -100.0% | 0.0% |
% of Gross Profit | 0.0% | 0.0% | |
Operating Expenses | $141.1K | $176.9K | $340.0K |
YoY Change | -58.5% | -28.84% | 151.71% |
Operating Profit | -$139.8K | -$174.4K | -$347.8K |
YoY Change | -59.81% | -29.8% | |
Interest Expense | $212.6K | $15.63K | -$9.530K |
YoY Change | -2331.06% | -221.69% | -57.87% |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | $149.4K | $0.00 |
YoY Change | 567.45% | ||
Pretax Income | $72.58K | -$25.07K | -$357.4K |
YoY Change | -120.31% | -88.84% | -38.11% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $72.58K | -$25.07K | -$357.4K |
YoY Change | -120.31% | -88.84% | -38.11% |
Net Earnings / Revenue | 2749.24% | -503.98% | -178685.0% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $0.00 | $0.00 | -$22.66K |
COMMON SHARES | |||
Basic Shares Outstanding | 17.05M shares | 16.98M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $62.06K | $116.1K | $3.780K |
YoY Change | 1541.8% | 158.08% | -3.32% |
Cash & Equivalents | $62.06K | $116.1K | $3.780K |
Short-Term Investments | |||
Other Short-Term Assets | $3.810K | $7.620K | $3.750K |
YoY Change | 1.6% | 1213.79% | |
Inventory | |||
Prepaid Expenses | $3.810K | $7.620K | $3.750K |
Receivables | $0.00 | $4.974K | $0.00 |
Other Receivables | $0.00 | ||
Total Short-Term Assets | $65.87K | $128.7K | $7.530K |
YoY Change | 774.81% | 182.44% | 92.58% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | $94.00 |
YoY Change | -100.0% | -100.0% | -92.6% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $0.00 | $250.00 | $344.00 |
YoY Change | -100.0% | -37.5% | -72.91% |
TOTAL ASSETS | |||
Total Short-Term Assets | $65.87K | $128.7K | $7.530K |
Total Long-Term Assets | $0.00 | $250.00 | $344.00 |
Total Assets | $65.87K | $129.0K | $7.874K |
YoY Change | 736.59% | 180.53% | 52.01% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $11.18K | $4.855K | $9.500K |
YoY Change | 17.69% | -69.56% | -13.4% |
Accrued Expenses | $156.1K | $144.1K | $100.8K |
YoY Change | 54.82% | -87.17% | -89.18% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $95.00K | $320.0K | $120.0K |
YoY Change | -20.85% | 204.76% | 166.73% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.650M | $1.842M | $1.579M |
YoY Change | 4.48% | 31.35% | 38.41% |
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 | $1.650M | $1.842M | $1.579M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $1.650M | $1.842M | $1.579M |
YoY Change | 4.48% | 31.35% | 38.41% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$5.745M | -$5.817M | -$5.302M |
YoY Change | 8.35% | ||
Common Stock | $1.708K | $1.703K | $1.570K |
YoY Change | 8.79% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.584M | -$1.713M | -$1.571M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $65.87K | $129.0K | $7.874K |
YoY Change | 736.59% | 180.53% | 52.01% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $72.58K | -$25.07K | -$357.4K |
YoY Change | -120.31% | -88.84% | -38.11% |
Depreciation, Depletion And Amortization | $0.00 | $0.00 | $300.00 |
YoY Change | -100.0% | -100.0% | 0.0% |
Cash From Operating Activities | -$10.15K | -$174.2K | -$56.20K |
YoY Change | -81.94% | 161.31% | 110.64% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$250.00 | |
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $225.0K | $165.0K | |
YoY Change | |||
Cash From Investing Activities | $225.0K | $165.0K | -$250.00 |
YoY Change | -90100.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -268.9K | 125.4K | 15.24K |
YoY Change | -1864.44% | 18.11% | -48.74% |
NET CHANGE | |||
Cash From Operating Activities | -10.15K | -174.2K | -56.20K |
Cash From Investing Activities | 225.0K | 165.0K | -250.0 |
Cash From Financing Activities | -268.9K | 125.4K | 15.24K |
Net Change In Cash | -54.05K | 116.1K | -41.21K |
YoY Change | 31.16% | 194.27% | -1451.15% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$10.15K | -$174.2K | -$56.20K |
Capital Expenditures | $0.00 | -$250.00 | |
Free Cash Flow | -$10.15K | -$55.95K | |
YoY Change | -81.86% | 109.71% |
Facts In Submission
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2022-09-30 | ||
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fil |
Basic And Diluted Net Loss Per Share
BasicAndDilutedNetLossPerShare
|
-0.03 | ||
fil |
Basic And Diluted Net Loss Per Share
BasicAndDilutedNetLossPerShare
|
-0.04 | ||
CY2022Q3 | fil |
Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
|
16803061 | shares |
CY2021Q3 | fil |
Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
|
15337287 | shares |
fil |
Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
|
16147094 | shares | |
fil |
Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
|
15032325 | shares | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1571243 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
35105 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
69412 | usd |
CY2022Q1 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-234217 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1675443 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
24310 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
120170 | usd |
CY2022Q2 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-256079 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1761542 | usd |
CY2022Q3 | fil |
Common Stock Issued For Restricted Stock Awards
CommonStockIssuedForRestrictedStockAwards
|
0 | usd |
CY2022Q3 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
73950 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-25068 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1712660 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1135712 | usd |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
6000 | usd |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
29868 | usd |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-137325 | usd |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1237169 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
25000 | usd |
CY2021Q2 | fil |
Common Stock Issued For Anti Dilution Protection
CommonStockIssuedForAntiDilutionProtection
|
0 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
120713 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-256167 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1347623 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
96500 | usd |
CY2021Q3 | fil |
Common Stock Issued For Restricted Stock Awards
CommonStockIssuedForRestrictedStockAwards
|
0 | usd |
CY2021Q3 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd |
CY2021Q3 | fil |
Common Stock Issued For Settlement Of Liabilities
CommonStockIssuedForSettlementOfLiabilities
|
15780 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
78487 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-224721 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1356077 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-515364 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-618213 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
94 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
883 | usd | |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
189582 | usd | |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
229068 | usd | |
fil |
Common Stock Issued For Settlement Of Liabilities
CommonStockIssuedForSettlementOfLiabilities
|
0 | usd | |
fil |
Common Stock Issued For Settlement Of Liabilities
CommonStockIssuedForSettlementOfLiabilities
|
15780 | usd | |
fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
124950 | usd | |
fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd | |
us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
165000 | usd | |
us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
0 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
4974 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
0 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
3870 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
583 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-4645 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
4981 | usd | |
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-52843 | usd | |
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
31361 | usd | |
us-gaap |
Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
|
138109 | usd | |
us-gaap |
Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
|
138106 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
43254 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
15089 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
0 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-3000 | usd | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
8063 | usd | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
6996 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-242644 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-154032 | usd | |
us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
165000 | usd | |
us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
165000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
59415 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
127500 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
232620 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
60000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
32650 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
0 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
31546 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
69407 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
23926 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
189978 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
195120 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
112334 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
41088 | usd | |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3780 | usd |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3906 | usd |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
116114 | usd |
CY2021Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
44994 | usd |
us-gaap |
Interest Paid
InterestPaid
|
1253 | usd | |
us-gaap |
Interest Paid
InterestPaid
|
1937 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font:11pt Times New Roman;margin:0;margin-right:-1.8pt"><b>NOTE 1 – ORGANIZATION AND OPERATIONS</b></p> <p style="font:11pt Times New Roman;margin:0;margin-right:-1.8pt"> </p> <p style="font:11pt Times New Roman;margin:0;text-indent:36pt"><b><i>Organization</i></b></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">The Company was incorporated in June 2013 as Somerset Transition Corporation under the Oklahoma General Corporation Act. The Company was formed to complete a reorganization under Section 1088(g) of the Oklahoma Act, whereby the Company became successor to Transnational Financial Network, Inc., which was originally incorporated in California in 1985. In September 2013, the Company was redomesticated in Maryland and changed its name to Somerset Property, Inc. In July 2017, the Company was redomesticated in Nevada and changed its name to Revival, Inc. In June 2019, the Company changed its name to Farmhouse, Inc. to reflect its new business endeavors. </p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">In August 2019, the Company acquired Farmhouse, Inc., a Washington corporation (“Farmhouse Washington”) as its wholly owned subsidiary (the “Acquisition”). Farmhouse Washington was formed in January 2014 and has developed a social network platform, “The WeedClub® Platform”. At the closing of the Acquisition, all of the issued and outstanding shares of common stock of Farmhouse Washington were exchanged for shares of common stock of the Company on a one-for-one basis. The financial statements of the Company are the continuation of Farmhouse Washington with the adjustment to reflect the capital structure of the Company. </p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">Prior to the Acquisition, in August 2017, Farmhouse Washington formed Farmhouse DTLA, Inc. (“DTLA”) in California as a wholly owned subsidiary. In April 2021, DTLA was awarded a 49% equity interest in a Los Angeles based multi-licensed cannabis retail dispensary, grow, manufacturer and distributor called Los Angeles Farmers, Inc. (“LAFI”). Although ownership percentages over 20% would typically be accounted for using the equity method, the Company is accounting for this investment as an investment in equity securities due to the Company not having significant influence over LAFI. The cost of this investment was expensed during the fiscal year ended December 31, 2017 and, due to uncertainties surrounding the value of LAFI and determining any award of back profits and interest, as well as the pending litigation, no value has been reflected in our unaudited interim condensed consolidated financial statements as of September 30, 2022. See Note 9.</p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0;text-indent:36pt"><b><i>Current Operations</i></b></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">The Company is a technology company with multiple cannabis related divisions and IP, including the WeedClub® Platform, <span style="background-color:#FFFFFF">the @420 Twitter handle and a Web3 division.</span> <span style="background-color:#FFFFFF">The </span>WeedClub® Platform<span style="background-color:#FFFFFF"> is a cannabis social network platform that enables industry professionals to connect, discover products and services and scale their businesses. </span>Within the WeedClub® Platform, members utilize an increasing set of technology-based tools for discovering professional connections and information. <span style="background-color:#FFFFFF">The Company’s @420 Twitter handle sits at the intersection of cannabis and Web3 communities and serves as a public platform to connect with cannabis enthusiasts.</span> <span style="background-color:#FFFFFF">The Company’s Web3 division, launched in December 2021, connects the cannabis and NFT industries through NFT licensing, artist partnerships, and generative projects.</span></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0;text-indent:36pt"><b><i>Going Concern and Management’s Plans</i></b></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">The accompanying unaudited interim condensed consolidated financial statements have been presented on the basis that the Company is a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2022, </p> <p style="font:11pt Times New Roman;margin:0">the Company had a net loss from operations of $639,595, consisting primarily of general and administrative and legal and professional expenses. In addition, as of September 30, 2022, the Company had stockholders’ deficit of $1,712,660. In view of these matters, recoverability of any asset amounts shown in the accompanying unaudited interim condensed consolidated financial statements is dependent upon the Company’s ability to expand operations and achieve profitability from its business. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">The Company has financed its activities principally from the sale of its common stock and loans from Company officers. The Company intends on financing its future working capital needs from these sources until such time that funds provided by operations are sufficient to fund working capital requirements. Management believes that loans from Company officers and funds raised from the sale of its common stock will allow sufficient capital for operations and to continue as a going concern.</p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">In February 2022, the board of directors (“Board”) authorized an offering of up to 294,118 shares of restricted common stock at $0.85 per share, providing proceeds of up to $250,000, to be offered and sold only to investors that qualify as “accredited investors” as that term is defined in Regulation D. For the nine months ended September 30, 2022, the Company sold 69,900 shares of common stock under this offering for proceeds of $59,415. The offering expired on August 1, 2022. See Note 7.</p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">In June 2022, the Company received an unsolicited offer for $165,000, net of commission, for its domain name “blunt.com” from an unaffiliated party. Management considered this offer to be a fair arms-length price for a premium domain name and in July 2022, the Company sold the domain name. This was recorded as other income for the three and nine months ended September 30, 2022. See Note 12.</p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">In June 2022, the Company executed a Litigation Funding Agreement with Legalist Fund III, LP (“Legalist”), whereby Legalist provided $225,000 of funding under a Litigation Funding Agreement. See Notes 5 and 9. </p> | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-639595 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1712660 | usd |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
330000 | shares | |
us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="font:11pt Times New Roman;margin:0;text-indent:36pt"><b><i>Financial Statement Reclassification</i></b></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0">Certain amounts from the prior year’s financial statements have been reclassified in these unaudited interim condensed consolidated financial statements to conform to the current year’s classifications.</p> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font:11pt Times New Roman;margin:0;text-indent:36pt"><b><i>Use of Estimates</i></b></p> <p style="font:11pt Times New Roman;margin:0"> </p> <p style="font:11pt Times New Roman;margin:0;color:#000000">Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the carrying value of property and equipment and intangible assets, grant date fair value of options, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. The Company evaluates its estimates, based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates.</p> | ||
CY2022Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
0 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
94 | usd |
CY2022Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
0 | usd |
CY2022Q3 | us-gaap |
Revenues
Revenues
|
4974 | usd |
CY2021Q3 | us-gaap |
Revenues
Revenues
|
149 | usd |
us-gaap |
Revenues
Revenues
|
7623 | usd | |
us-gaap |
Revenues
Revenues
|
12045 | usd | |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
8000 | usd | |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
0.264 | ||
CY2022Q3 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2022Q3 | us-gaap |
Fixtures And Equipment Gross
FixturesAndEquipmentGross
|
7312 | usd |
CY2021Q4 | us-gaap |
Fixtures And Equipment Gross
FixturesAndEquipmentGross
|
7312 | usd |
CY2022Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
7312 | usd |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
7218 | usd |
CY2021Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
295 | usd |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
94 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
883 | usd | |
CY2022Q3 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
275000 | usd |
CY2021Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
75030 | usd |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
32650 | usd | |
us-gaap |
Interest Paid
InterestPaid
|
1253 | usd | |
CY2022Q3 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
88784 | usd |
CY2021Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
158191 | usd |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
69407 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
23926 | usd | |
CY2022Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
295000000 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
295000000 | shares |
CY2022Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2022Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2021Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
59415 | usd | |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
189582 | usd | |
CY2022Q3 | fil |
Common Stock Issued For Restricted Stock Awards Shares
CommonStockIssuedForRestrictedStockAwardsShares
|
1070000 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17027950 | shares |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
6000 | usd |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
229068 | usd | |
us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
121500 | usd | |
CY2021Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
15618050 | shares |
CY2021Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
150000 | shares |
CY2021Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
1.020 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
|
-1070000 | shares | |
CY2022Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
890000 | shares |
CY2022Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0.260 | |
CY2022Q3 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
73950 | usd |
fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
124950 | usd | |
CY2021Q3 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd |
fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
25500 | usd | |
CY2022Q3 | fil |
Unrecognized Stock Based Compensation Expense On The Rsa Shares
UnrecognizedStockBasedCompensationExpenseOnTheRsaShares
|
231350 | usd |
CY2022Q3 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
88784 | usd |
CY2021Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
158191 | usd |
us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
165000 | usd |