$NIHK
Video River Networks, Inc.

2022 Q3 Form 10-Q Financial Statement

#000149315222033152 Filed on November 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $1.036M $1.998M
YoY Change -48.14% 10396.27%
Cost Of Revenue $442.1K $1.059M
YoY Change -58.25%
Gross Profit $594.4K $939.6K
YoY Change -36.74% 4835.08%
Gross Profit Margin 57.35% 47.02%
Selling, General & Admin $100.8K $100.9K
YoY Change -0.08% 382.45%
% of Gross Profit 16.96% 10.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.73K -$800.00
YoY Change -2191.25% -155.94%
% of Gross Profit 2.81% -0.09%
Operating Expenses $100.8K $100.9K
YoY Change -0.08% 351.36%
Operating Profit $493.6K $838.8K
YoY Change -41.15% -25440.18%
Interest Expense -$759.0K
YoY Change
% of Operating Profit -90.49%
Other Income/Expense, Net
YoY Change
Pretax Income $493.6K $79.73K
YoY Change 519.08% -286.81%
Income Tax
% Of Pretax Income
Net Earnings $493.6K $79.73K
YoY Change 519.08% -286.81%
Net Earnings / Revenue 47.62% 3.99%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $2.707K $448.10
COMMON SHARES
Basic Shares Outstanding 182.4M shares 177.9M shares
Diluted Shares Outstanding 182.4M shares

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.4K $240.8K
YoY Change 22.26% -75.31%
Cash & Equivalents $90.53K $218.7K
Short-Term Investments $203.9K $22.11K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $294.4K $240.8K
YoY Change 22.26% -75.89%
LONG-TERM ASSETS
Property, Plant & Equipment $146.7K $46.47K
YoY Change 215.61% 250.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.217M
YoY Change
Other Assets $2.989M
YoY Change
Total Long-Term Assets $10.53M $3.036M
YoY Change 246.73% 22810.11%
TOTAL ASSETS
Total Short-Term Assets $294.4K $240.8K
Total Long-Term Assets $10.53M $3.036M
Total Assets $10.82M $3.276M
YoY Change 230.23% 223.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $800.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K
YoY Change 81.16%
Total Short-Term Liabilities $800.00 $11.60K
YoY Change -93.1% 44.46%
LONG-TERM LIABILITIES
Long-Term Debt $6.525M $2.286M
YoY Change 185.48% 111.56%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.525M $2.286M
YoY Change 185.48% 111.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $800.00 $11.60K
Total Long-Term Liabilities $6.525M $2.286M
Total Liabilities $6.526M $2.297M
YoY Change 184.07% 117.96%
SHAREHOLDERS EQUITY
Retained Earnings -$15.09M
YoY Change
Common Stock $182.4K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.294M $979.2K
YoY Change
Total Liabilities & Shareholders Equity $10.82M $3.276M
YoY Change 230.23% 223.79%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $493.6K $79.73K
YoY Change 519.08% -286.81%
Depreciation, Depletion And Amortization $16.73K -$800.00
YoY Change -2191.25% -155.94%
Cash From Operating Activities $683.0K $1.053M
YoY Change -35.15% -5790.01%
INVESTING ACTIVITIES
Capital Expenditures -$30.73K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$4.226M -$2.702M
YoY Change 56.4% -659.77%
Cash From Investing Activities -$4.257M -$2.702M
YoY Change 57.53% -659.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.688M 1.806M
YoY Change 104.29% -485.37%
NET CHANGE
Cash From Operating Activities 683.0K 1.053M
Cash From Investing Activities -4.257M -2.702M
Cash From Financing Activities 3.688M 1.806M
Net Change In Cash 114.4K 156.4K
YoY Change -26.84% -3754.91%
FREE CASH FLOW
Cash From Operating Activities $683.0K $1.053M
Capital Expenditures -$30.73K $0.00
Free Cash Flow $713.7K $1.053M
YoY Change -32.23%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
218708 usd
us-gaap Interest Paid Net
InterestPaidNet
38 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80C_eus-gaap--NatureOfOperations_zQtivTHDwMni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_822_zZhwRxLFVSsh">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nature of Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">The Company and Nature of Business</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Video River Networks, Inc. (the “Company”) is a technology firm that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) assets, businesses and operations in North America. The Company’s current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies. The Company currently maintains </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">minor equity interest in: (1) Tesla, Inc. (TSLA), a California based maker of high-performance fully electric vehicles; (2) <span style="background-color: white">Electrameccanica Vehicles Corp. (SOLO), a British Columbia, Canada headquartered company that designs and builds the all-electric SOLO and the Tofino all-electric sport coupe; (3) Lordstown Motors Corp. (RIDE), a Lordstown, Ohio based company that designs and manufactures electric vehicles; (4) Fisker Inc. (FSR), a Los Angeles, California headquartered company that designs and builds all-electric, zero-emissions vehicles; (5) Nikola Corporation (NKLA), a Phoenix, Arizona company that designs and manufactures electric components, drivetrains and vehicles.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our current <span style="background-color: white">technology-focused </span>business model was a result of our board resolution on September 15, 2020 to spin-in our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of <span style="background-color: white">Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices. In addition to above list, the Company intends to spread its wings into the Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) businesses/markets, targeting acquisition, ownership and operation of acquired EV-AI-ML-R businesses or portfolio of EV-AI-ML-R businesses. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Video River Networks, Inc., prior to September 15, 2020, used to be a specialty real estate holding company, focuses on the acquisition, ownership, and management of specialized industrial properties. Prior to its real estate business model, <span style="background-color: white">the Company’s Power Controls Division has used wireless technology to control both residential utility meters and remote, mission-critical devices since 2002.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The current management of the Company resulted from a purchase of voting control of the Company by Community Economic Development Capital LLC, (“CED Capital”) a California limited liability company. After the change of control transaction, CED Capital spun out the control-stock to its sole unitholder before being sold to the Company for $<span id="xdx_90A_eus-gaap--StockholdersEquityNoteSpinoffTransaction_c20220101__20220930_zhoZPgncymKg" title="Control-stock sold to company">1</span>. Thereafter CED Capital became an operating subsidiary of the Company. We used the acquisition of method of accounting for acquisition of subsidiaries by the Group method to account for this transaction. The cost of the acquisition was measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As previously disclosed on our Form 8-K filed with the Securities and Exchange Commission, on December 8, 2019, <span id="xdx_905_eus-gaap--ConvertiblePreferredStockTermsOfConversion_c20191028__20191029_zMj1lTQ4e573" title="Preferred share covertible terms">on October 29, 2019, the company sold one (1) Special 2019 series A preferred share (one preferred share is convertible <span id="xdx_905_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_iI_pid_c20191019__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zADtcDeAelza" title="Shares issued upon conversion">150,000,000</span> share of common stocks) of the company for Fifty Thousand and 00/100 ($50,000/00) Dollars, to Community Economic Development Capital LLC, a California limited liability company</span>. <span id="xdx_90C_eus-gaap--PreferredStockVotingRights_c20191028__20191029_zYzek6cHtwlc" title="Preferred stock, voting rights">The Special preferred share controls 60% of the company’s total voting rights</span>. The issuance of the preferred share to Community Economic Development Capital LLC gave to Community Economic Development Capital LLC, the controlling vote to control and dominate the affairs of the company theretofor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Following the completion of above mentioned transactions, the company pivoted the business model of NIHK to become a specialty real estate holding company for specialized assets including, affordable housing, opportunity zones properties, hemp and cannabis farms, dispensaries facilities, CBD related commercial facilities, industri</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">al and commercial real estate, and other real estate related services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 15, 2020, Video River Networks, Inc. (the “Company”) entered into a stock purchase agreement with Kid Castle Educational Corporation (“Kid Castle”), an entity related to, and controlled by our President and CEO with respect to the purchase through private placement, of <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20200906__20200915__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KidCastleEducationalCorporationMember_zK2qdaHt2kZ9" title="Sale of stock">900,000</span> shares of its preferred stock at a purchase price of $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20200906__20200915__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KidCastleEducationalCorporationMember_zmMNtQ7VhYO" title="Cash">3</span> in cash and a transfer of <span id="xdx_904_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20200906__20200915__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KidCastleEducationalCorporationMember_z0nFqGJCTk22" title="Transfer of interest percentage">100</span>% interest in, and control of Community Economic Development Capital, LLC (a California Limited Liability Company). The shares were issued to the investors without registration under the Securities Act of 1933 based upon exemptions from registration provided under Section 4(2) of the Act and Regulation D promulgated thereunder. The issuances did not involve any public offering; no general solicitation or general advertising was used in connection with the offering. As at the time of this transaction, all four businesses involved in the transaction were controlled by Mr. Frank I Igwealor. Because both the buyer and seller in the above acquisitions were under the control of the same person, the transaction was classified as “common control transaction and therefore fall under “Transactions Between Entities Under Common Control” subsections of ASC 805-50. Following the acquisition, the Company now has <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20200915__us-gaap--BusinessAcquisitionAxis__custom--KidCastleEducationalCorporationMember_ziQmYguiAuta" title="Voting control percentage">55</span>% (which has now grown to 97.58%) of the voting control of and <span id="xdx_900_ecustom--BusinessAcquisitionPercentageOfOperatingAndFinancialControlAcquired_iI_pid_dp_uPure_c20200915__us-gaap--BusinessAcquisitionAxis__custom--KidCastleEducationalCorporationMember_zNMvpD5gl0g7" title="Operating and financial control percentage">100</span>% of operating and financial control of Kid Castle.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 21, 2021, the Company sold Cannabinoid Biosciences, Inc. (“CBDX”), a California corporation, to Premier Information Management, Inc. for $<span id="xdx_90C_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20210406__20210421__dei--LegalEntityAxis__custom--CannabinoidBiosciencesIncMember_zXBTuHKAXvH4" title="Sale of Stock, Consideration Received on Transaction">1</span> in cash. As further consideration pursuant to the stated sales, CBDX returned Kid Castle Educational Inc., the parent Company of GMPW, the <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210406__20210421__dei--LegalEntityAxis__custom--KidCastleEducationalCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zXwzAzIMVlm4" title="Sale of stock">100,000</span> shares of KDCE preferred stock and <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210406__20210421__dei--LegalEntityAxis__custom--KidCastleEducationalCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zWpQkC4Cn8m7" title="Sale of stock">900,000,000</span> shares of KDCE common stock that CBDX bought in October of 2019. Pursuant to the April 21, 2021 transaction, CBDX ceased from being a subsidiary of GMPW, effective April 1, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2021, <span id="xdx_900_eus-gaap--BusinessCombinationControlObtainedDescription_c20211206__20211230_zSEibJab0cY3" title="Exchange for control obtained description">in exchange for its 87% control block in GiveMePower Corporation, the Company received 100% stake in Alpharidge Capital LLC from GiveMePower, in a cashless transaction</span>, resulting in each public company going its separate way and an independent company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements of the Company therefore include Video River Networks, Inc. and its subsidiary, Alpharidge Capital, LLC (“Alpharidge”), and subsidiaries, in which it has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”), after elimination of intercompany transactions and accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the completion of the transaction with Kid Castle, the Company having been partly freed of the internally-managed real estate holding business that focused on the acquisition, ownership and management of specialized industrial properties, affordable housing and opportunity zone real estate properties and businesses, has decided to return back to its original technology-focused businesses of <span style="background-color: white">Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices. In addition to above list, the Company is spreading its wings into the Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) businesses/markets, targeting acquisition, ownership and operation of acquired EV-AI-ML-R businesses or portfolio of EV-AI-ML-R businesses. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements of the Company therefore include Video River Networks, Inc., whose main operating subsidiary Alpharidge Capital, LLC (“Alpharidge”), and subsidiaries, in which the Company has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”), after elimination of intercompany transactions and accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Principles of Consolidation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include the accounts of the Company and its subsidiaries, in which the Company has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”). Inter-company balances and transactions have been eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 810 requires that the investor with the controlling financial interest should consolidate the investee/affiliate. ASC 810-10 requires that an equity interest investor consolidates a VIE when it retains an investment in the entity, is considered a variable interest investor in the entity, and is the primary beneficiary of the entity. An investor in a VIE is a “variable interest beneficiary” when, per an arrangement’s governing documents, the investor will absorb a portion of the VIE’s expected losses or will receive a portion of the entity’s “residual returns.” The variable interest beneficiary retaining a controlling financial interest in the VIE is designated as its “primary beneficiary” and must consolidate the VIE. A variable interest beneficiary retains a “controlling financial interest” in a VIE when that beneficiary retains the power to direct the activities of the VIE that have the greatest influence over the VIE’s economic performance and retains an obligation to absorb the VIE’s significant losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the ASC 810 test above, <span style="background-color: white">Video River Networks</span> Inc. is the primary beneficiary of Video River Networks, Inc. (the “VIE”) because <span style="background-color: white">Video River Networks</span> retained a controlling financial interest in the VIE and has the power to direct the activities of the VIE, having the greatest influence over the VIE’s economic performance and retains an obligation to absorb the VIE’s significant losses and the right to determine and receive benefits from the VIE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Stockholders Equity Note Spinoff Transaction
StockholdersEquityNoteSpinoffTransaction
1 usd
CY2019Q4 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
on October 29, 2019, the company sold one (1) Special 2019 series A preferred share (one preferred share is convertible 150,000,000 share of common stocks) of the company for Fifty Thousand and 00/100 ($50,000/00) Dollars, to Community Economic Development Capital LLC, a California limited liability company
CY2019Q4 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
The Special preferred share controls 60% of the company’s total voting rights
CY2021Q4 us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
in exchange for its 87% control block in GiveMePower Corporation, the Company received 100% stake in Alpharidge Capital LLC from GiveMePower, in a cashless transaction
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10906500 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-15094840 usd
us-gaap Variable Interest Entity Terms Of Arrangements
VariableInterestEntityTermsOfArrangements
We consolidate variable interest entities if we have operational and financial control, and are deemed to be the >50.1% beneficiary of the profit and loss of the entity
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
946676 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182370497 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
177922436 shares
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_z6bTE0VYZjI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zWGhqELBIbdd">Use of Estimates and Assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The preparation of financial statements in conformity with generally accepted accounting principles (“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 the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Advertising Expense
AdvertisingExpense
1493 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
90525 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
601042 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.0113
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.0053
NIHK Equity Method Investment Description
EquityMethodInvestmentDescription
The Company did not hold more than 4.9% of equity of the shares of any public companies as investments as of September 30, 2022
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
75474 usd
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
any person that holds 10% or more of our membership interests including such person’s immediate families
us-gaap Payments For Rent
PaymentsForRent
1967.50 usd
NIHK Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
2033
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zFOQFddpa6D1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zUbpGTaZ69lf">Concentrations of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company maintains cash balances at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to limits of approximately $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20220930_zmbGL9lzsrn5" title="Cash, FDIC insured amount">250,000</span>. The Company has not experienced any losses with regard to its bank accounts and believes it is not exposed to any risk of loss on its cash bank accounts. It is possible that at times, the company’s cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. In such situation, the Company’s management would assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures would be addressed and mitigated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10906500 usd
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1 shares
CY2022Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2021Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1 shares
us-gaap Advertising Expense
AdvertisingExpense
1083 usd
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.005 pure
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