2023 Q2 Form 10-K Financial Statement
#000109690623000882 Filed on April 20, 2023
Income Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $4.134K | $2.640K | $10.26K |
YoY Change | 56.06% | 1220.0% | -16.17% |
Cost Of Revenue | $2.066K | $1.320K | $3.806K |
YoY Change | -83.5% | -52.43% | |
Gross Profit | $2.068K | $1.320K | $6.455K |
YoY Change | -21.93% | -116.92% | 52.24% |
Gross Profit Margin | 50.02% | 50.0% | 62.91% |
Selling, General & Admin | $142.7K | $141.1K | $785.7K |
YoY Change | -42.78% | -58.47% | -19.29% |
% of Gross Profit | 6899.9% | 10690.15% | 12172.58% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $0.00 | $94.00 |
YoY Change | -100.0% | -92.03% | |
% of Gross Profit | 0.0% | 0.0% | 1.46% |
Operating Expenses | $142.7K | $141.1K | $786.1K |
YoY Change | -42.78% | -58.5% | -19.35% |
Operating Profit | -$140.6K | -$139.8K | -$779.6K |
YoY Change | -43.01% | -59.81% | -19.66% |
Interest Expense | $12.45K | $212.6K | $53.15K |
YoY Change | 33.38% | -2331.06% | -227.27% |
% of Operating Profit | |||
Other Income/Expense, Net | -$12.45K | $0.00 | $336.9K |
YoY Change | 33.38% | 1405.14% | |
Pretax Income | -$153.1K | $72.58K | -$442.8K |
YoY Change | -40.22% | -120.31% | -54.61% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$153.1K | $72.58K | -$442.8K |
YoY Change | -40.22% | -120.31% | -54.61% |
Net Earnings / Revenue | -3702.88% | 2749.24% | -4315.19% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.01 | $0.00 | -$0.03 |
COMMON SHARES | |||
Basic Shares Outstanding | 17.08M shares | 17.05M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $7.810K | $62.06K | $62.06K |
YoY Change | 1541.8% | 1541.8% | |
Cash & Equivalents | $7.814K | $62.06K | $62.06K |
Short-Term Investments | |||
Other Short-Term Assets | $3.990K | $3.810K | $3.810K |
YoY Change | 4.72% | 1.6% | 1.6% |
Inventory | |||
Prepaid Expenses | $3.990K | $3.810K | |
Receivables | $5.203K | $0.00 | |
Other Receivables | $0.00 | ||
Total Short-Term Assets | $17.01K | $65.87K | $65.87K |
YoY Change | 346.38% | 774.81% | 774.77% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
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 | -100.0% | -100.0% | -100.0% |
TOTAL ASSETS | |||
Total Short-Term Assets | $17.01K | $65.87K | $65.87K |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $17.01K | $65.87K | $65.87K |
YoY Change | 318.89% | 736.59% | 736.98% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $25.51K | $11.18K | $11.18K |
YoY Change | 28.89% | 17.69% | 17.68% |
Accrued Expenses | $180.1K | $156.1K | $1.499M |
YoY Change | 31.38% | 54.82% | 16.05% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $95.00K | $95.00K | $95.00K |
YoY Change | -25.58% | -20.85% | -20.85% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.784M | $1.650M | $1.650M |
YoY Change | 1.03% | 4.48% | 4.48% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $25.00K | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $25.00K | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.784M | $1.650M | $1.650M |
Total Long-Term Liabilities | $25.00K | $0.00 | $0.00 |
Total Liabilities | $1.809M | $1.650M | $1.650M |
YoY Change | 2.45% | 4.48% | 4.48% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$6.069M | -$5.745M | |
YoY Change | 4.78% | 8.35% | |
Common Stock | $1.708K | $1.708K | |
YoY Change | 7.02% | 8.79% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.792M | -$1.584M | -$1.584M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $17.01K | $65.87K | $65.87K |
YoY Change | 318.89% | 736.59% | 736.98% |
Cashflow Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$153.1K | $72.58K | -$442.8K |
YoY Change | -40.22% | -120.31% | -54.61% |
Depreciation, Depletion And Amortization | $0.00 | $0.00 | $94.00 |
YoY Change | -100.0% | -92.03% | |
Cash From Operating Activities | -$21.82K | -$10.15K | -$252.8K |
YoY Change | -4.05% | -81.94% | 20.25% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $225.0K | $390.0K |
YoY Change | |||
Cash From Investing Activities | $0.00 | $225.0K | $390.0K |
YoY Change | -90100.0% | -156100.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $59.42K | ||
YoY Change | -53.4% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 20.96K | -268.9K | -$78.92K |
YoY Change | -4.34% | -1864.44% | -137.52% |
NET CHANGE | |||
Cash From Operating Activities | -21.82K | -10.15K | -$252.8K |
Cash From Investing Activities | 0.000 | 225.0K | $390.0K |
Cash From Financing Activities | 20.96K | -268.9K | -$78.92K |
Net Change In Cash | -860.0 | -54.05K | $58.28K |
YoY Change | 3.61% | 31.16% | -48669.17% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$21.82K | -$10.15K | -$252.8K |
Capital Expenditures | $0.00 | $0.00 | |
Free Cash Flow | -$10.15K | -$252.8K | |
YoY Change | -81.86% | 20.39% |
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StockholdersEquity
|
-1583916 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-442782 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-975579 | usd |
CY2022 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
94 | usd |
CY2021 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1178 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
189582 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
345768 | usd |
CY2022 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
181112 | usd |
CY2021 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
51000 | usd |
CY2022 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | usd |
CY2021 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
14220 | usd |
CY2022 | us-gaap |
Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
|
250 | usd |
CY2021 | us-gaap |
Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
|
0 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
|
225000 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
|
0 | usd |
CY2022 | us-gaap |
Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
|
165000 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
60 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
3750 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1681 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1471 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-42930 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
123940 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
|
184145 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
|
184142 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
55254 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
71785 | usd |
CY2022 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
0 | usd |
CY2021 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-3000 | usd |
CY2022 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
10861 | usd |
CY2021 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
9975 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-252793 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-210232 | usd |
CY2022 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
0 | usd |
CY2021 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
250 | usd |
CY2022 | us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
165000 | usd |
CY2021 | us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
0 | usd |
CY2022 | fil |
Settlement From Equity Security Investment
SettlementFromEquitySecurityInvestment
|
225000 | usd |
CY2021 | fil |
Settlement From Equity Security Investment
SettlementFromEquitySecurityInvestment
|
0 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
390000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-250 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
59415 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
127500 | usd |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
7620 | usd |
CY2021 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
75030 | usd |
CY2022 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
32650 | usd |
CY2021 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | usd |
CY2022 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
0 | usd |
CY2021 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
24620 | usd |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
113309 | usd |
CY2021 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
16794 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-78924 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
210356 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
58283 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-126 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3780 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3906 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
62063 | usd |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3780 | usd |
CY2022 | us-gaap |
Interest Paid
InterestPaid
|
1253 | usd |
CY2021 | us-gaap |
Interest Paid
InterestPaid
|
1937 | usd |
CY2022 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2021 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2022 | fil |
Common Stock Issued For Extinguishment Of Debt
CommonStockIssuedForExtinguishmentOfDebt
|
0 | usd |
CY2021 | fil |
Common Stock Issued For Extinguishment Of Debt
CommonStockIssuedForExtinguishmentOfDebt
|
15780 | usd |
CY2022 | fil |
Common Stock Issued For Anti Dilution Protection1
CommonStockIssuedForAntiDilutionProtection1
|
0 | usd |
CY2021 | fil |
Common Stock Issued For Anti Dilution Protection1
CommonStockIssuedForAntiDilutionProtection1
|
4 | usd |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-right:-1.8pt;text-align:justify"><b>NOTE 1 – ORGANIZATION AND OPERATIONS</b></p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-indent:36pt;text-align:justify"><b><i>Organization</i></b></p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">The Company was incorporated in June 2013 as Somerset Transition Corporation under the Oklahoma General Corporation Act. 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:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">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:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">Prior to the Acquisition, in August 2017, Farmhouse Washington formed Farmhouse DTLA, Inc. (“DTLA”) in California as a wholly owned subsidiary. On April 8, 2022, 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 consolidated financial statements as of December 31, 2022. See Note 9.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-indent:36pt;text-align:justify"><b><i>Current Operations</i></b></p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">The Company is a technology company with multiple cannabis related divisions and IP, including the WeedClub® Platform, the @420 Twitter handle and a Web3 division. The WeedClub® Platform is a cannabis social network platform that enables industry professionals to connect, discover products and services and scale their businesses. Within the WeedClub® Platform, members utilize an increasing set of technology-based tools for discovering professional connections and information. The Company’s @420 Twitter handle serves as a public platform to engage with cannabis enthusiasts. The Company’s Web3 division, launched in December 2021, facilitates licensing opportunities between established cannabis brands and influential digital collectible holders to launch digital collectible branded products and accessories.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;text-indent:36pt;text-align:justify"><b><i>Going Concern and Management Plans</i></b></p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">The accompanying 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 year ended December 31, 2022, the Company had a net loss from operations of $779,632, consisting primarily of general and administrative and legal and professional expenses. In addition, as of December 31, 2022, the Company had stockholders’ deficit of $1,583,916. In view of these matters, the recoverability of any asset amounts shown in the accompanying 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 consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">The Company has financed its activities principally from the sale of its common stock and loans from Company officers. The Company intends to finance 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 the current cash on hand, loans from Company officers and funds raised from the sale of its common stock allow the Company sufficient capital for operations and to continue as a going concern.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">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. During the year ended December 31, 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:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">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 during the year ended December 31, 2022. See Note 12.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;background-color:#FFFFFF;text-align:justify">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> | |
CY2022 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-779632 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1583916 | usd |
CY2022 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="font:10pt Times New Roman;margin:0;text-indent:36pt"><b><i>Financial Statement Reclassification</i></b></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Certain amounts from the prior year’s financial statements have been reclassified in these consolidated financial statements to conform to the current year’s classifications.</p> | |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font:10pt Times New Roman;margin:0;text-indent:36pt"><b><i>Concentrations of Credit Risk</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash as of December 31, 2022. The Company places its cash with high credit quality financial institutions. </p> | |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font:10pt Times New Roman;margin:0;text-indent:36pt"><b><i>Use of Estimates</i></b></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The preparation of these consolidated financial statements in conformity with U.S. GAAP 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 these consolidated financial statements and the reported amounts of revenue and expenses for the reporting period. Actual results could differ from those estimates.</p> | |
CY2021 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
250 | usd |
CY2022 | us-gaap |
Revenues
Revenues
|
10261 | usd |
CY2021 | us-gaap |
Revenues
Revenues
|
12243 | usd |
CY2022 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
3806 | usd |
CY2021 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
8000 | usd |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
7218 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
0 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
94 | usd |
CY2022 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
94 | usd |
CY2021 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
1178 | usd |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
0.351 | |
CY2022Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
7312 | usd |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2022Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
45000 | usd |
CY2022Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
50000 | usd |
CY2021Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
75030 | usd |
CY2022 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
32650 | usd |
CY2022 | us-gaap |
Interest Paid
InterestPaid
|
1253 | usd |
CY2022Q4 | fil |
Due To Related Parties
DueToRelatedParties
|
44882 | usd |
CY2021Q4 | fil |
Due To Related Parties
DueToRelatedParties
|
158191 | usd |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
113309 | usd |
CY2022Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
295000000 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
295000000 | shares |
CY2022Q4 | 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 |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2021Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
59415 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
189582 | usd |
CY2022 | fil |
Common Stock Issued For Restricted Stock Awards Shares
CommonStockIssuedForRestrictedStockAwardsShares
|
1118000 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17075950 | shares |
CY2021 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
127500 | usd |
CY2021 | fil |
Common Stock Issued For Restricted Stock Awards Shares
CommonStockIssuedForRestrictedStockAwardsShares
|
200000 | shares |
CY2021 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
345768 | usd |
CY2021Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
15694550 | shares |
CY2020Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
|
0 | shares |
CY2020Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0 | |
CY2021 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
|
-200000 | shares |
CY2021 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.020 | |
CY2021 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
50000 | shares |
CY2021 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
1.020 | |
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 | |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
|
-1118000 | shares |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0.194 | |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
516000 | shares |
CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
752000 | shares |
CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0.251 | |
CY2022 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
181112 | usd |
CY2021 | fil |
Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
|
51000 | usd |
CY2022Q4 | fil |
Unrecognized Stock Based Compensation Expense
UnrecognizedStockBasedCompensationExpense
|
188424 | usd |
CY2022Q4 | fil |
Unrecognized Stock Based Compensation Expense
UnrecognizedStockBasedCompensationExpense
|
188424 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
737300 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
904200 | usd |
CY2022 | fil |
Deferred Tax Assets Accrued Payroll
DeferredTaxAssetsAccruedPayroll
|
184300 | usd |
CY2021 | fil |
Deferred Tax Assets Accrued Payroll
DeferredTaxAssetsAccruedPayroll
|
184000 | usd |
CY2022 | fil |
Deferred Tax Assets Depreciation
DeferredTaxAssetsDepreciation
|
52000 | usd |
CY2021 | fil |
Deferred Tax Assets Depreciation
DeferredTaxAssetsDepreciation
|
98700 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
973600 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1186900 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-93000 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-204900 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Depreciation
IncomeTaxReconciliationNondeductibleExpenseDepreciation
|
-5600 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Depreciation
IncomeTaxReconciliationNondeductibleExpenseDepreciation
|
-6300 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
|
200 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
|
0 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
77800 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
83300 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
|
35700 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
|
35700 | usd |
CY2022 | fil |
Excess Book Gain On Disposal Over Tax
ExcessBookGainOnDisposalOverTax
|
-22100 | usd |
CY2021 | fil |
Excess Book Gain On Disposal Over Tax
ExcessBookGainOnDisposalOverTax
|
0 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
7000 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
92200 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
3511000 | usd |
CY2022Q4 | fil |
Due To Related Parties
DueToRelatedParties
|
44882 | usd |
CY2021Q4 | fil |
Due To Related Parties
DueToRelatedParties
|
158191 | usd |
CY2022 | us-gaap |
Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
|
165000 | usd |
CY2022 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
225000 | usd |