$RAKR
Rainmaker Worldwide Inc.

2022 Q4 Form 10-Q Financial Statement

#000149315222031784 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $309.5K $184.2K
YoY Change 68.0%
Operating Profit -$309.5K -$184.2K
YoY Change 68.0%
Interest Expense $8.200K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$144.3K -$57.23K
YoY Change 152.1%
Pretax Income -$453.7K -$241.4K
YoY Change 87.93%
Income Tax
% Of Pretax Income
Net Earnings -$453.7K -$241.4K
YoY Change 87.93%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 160.8M shares 145.7M shares 146.9M shares
Diluted Shares Outstanding 145.2M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $7.130K $10.97K $25.32K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $255.0K
Prepaid Expenses $30.38K $27.88K
Receivables
Other Receivables $5.527K
Total Short-Term Assets $43.04K $379.0K
YoY Change -87.5%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $43.04K $379.0K
Total Long-Term Assets $0.00 $0.00
Total Assets $43.04K $379.0K
YoY Change -87.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.3K $88.14K
YoY Change 44.73%
Accrued Expenses $783.1K $668.4K
YoY Change 90.77%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.34M $6.764M
YoY Change 69.31%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.106M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.34M $6.764M
Total Long-Term Liabilities $3.106M
Total Liabilities $10.34M $9.870M
YoY Change 12.24%
SHAREHOLDERS EQUITY
Retained Earnings -$72.83M -$71.94M
YoY Change 2.59%
Common Stock $62.16M $62.06M
YoY Change 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.30M -$9.491M -$8.325M
YoY Change
Total Liabilities & Shareholders Equity $43.04K $379.0K
YoY Change -87.5%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$453.7K -$241.4K
YoY Change 87.93%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
8192 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
62810 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5134 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1823 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13423 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
22884 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-61997 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
483168 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1415605 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
7383 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-36447 usd
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
475281 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-320674 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-153503 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
3852 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
246250 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
50396 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
11268 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
23090 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
3300 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
234428 usd
us-gaap Stock Issued1
StockIssued1
124811 usd
us-gaap Stock Issued1
StockIssued1
1702659 usd
RAKR Shares Issued From Stock Payable
SharesIssuedFromStockPayable
75000 usd
RAKR Conversion Of Ap To Convertible Notes Payable
ConversionOfApToConvertibleNotesPayable
928000 usd
RAKR Receipts Of Prepaid Inventory
ReceiptsOfPrepaidInventory
80000 usd
RAKR Share Cancellation
ShareCancellation
197 usd
RAKR Initial Derivative Discount
InitialDerivativeDiscount
117597 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_z9st0ICkUw6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"/>Note 1: <span id="xdx_829_zDNsdAKWpjma">Nature of Operations, Reverse Merger and Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nature of Operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rainmaker Worldwide Inc. (“Rainmaker” or the “Company” or “RAKR”) is a Nevada company which operates Rainmaker Worldwide Inc. (Ontario) (“RWI”) with its head office in Peterborough, Ontario, Canada. The Company distributes two main types of energy-efficient, fresh water-producing technologies: (1) Air-to-Water (“AW”), which harvests fresh water from humidity in the atmosphere, and (2) Water-to-Water (“WW”), which transforms seawater or polluted water into drinking water. The technology can be wind, solar, or use conventional power sources (grid or generator), is deployable anywhere, and leaves no carbon trace if renewable resources are deployed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the asset restructuring that took place March 30, 2021, Rainmaker retains a <span id="xdx_90C_eus-gaap--DiscontinuedOperationEquityMethodInvestmentRetainedAfterDisposalOwnershipInterestAfterDisposal_pid_dp_uPure_c20210329__20210330__dei--LegalEntityAxis__custom--RainmakerHollandBVMember_zxXo7iThlP82" title="Ownership interest after disposal">12</span>% interest in RHBV which consists of the innovation and manufacturing center located in Rotterdam, Netherlands. RAKR will purchase equipment on a favorable cost-plus formula going forward by virtue of a long-term distribution agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is focusing on projects primarily in North and Central America and the Caribbean. Our business development activities are expected to yield more definitive agreements during 2022. This requires the Company to deliver its operational, maintenance, marketing and sales expertise in combination with local partners in most cases. These projects will often require working with complementary technology for post treatment of water, mineralization, bottling plant and energy companies. Business activities include the full integration of such technologies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reverse Merger</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RWI was incorporated on <span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20220930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zlfNzzRDmFH9" title="Date of incorporation">July 21, 2014</span> under the Ontario Business Corporations Act. On July 3, 2017, RWI shareholders completed a share exchange with the Company (the “Merger”) pursuant to a share exchange agreement dated June 28, 2017 (the “Share Exchange Agreement”) among the Company, RWI and RWI’s 45 shareholders. Upon completion of the Merger, and in accordance with the terms and provisions of the Share Exchange Agreement, the Company acquired an aggregate of <span id="xdx_901_ecustom--AcquisitionOfShares_c20220101__20220930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zZA3kNu6K5qd" title="Shares acquired">9,029,562</span> common shares in the capital of RWI from the RWI Shareholders (being all of the issued and outstanding shares in the capital of RWI) in exchange for an aggregate of <span id="xdx_903_ecustom--SharesExchanged_pid_c20220101__20220930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z7xFj43mPsjb" title="Shares exchanged">66,818,759</span> restricted shares of the Company’s common stock, or 7.4 shares for each share of RWI. Therefore, RWI became a wholly owned subsidiary of the Company effective July 3, 2017. The Company’s former name, Gold and Silver Mining of Nevada, Inc. (“CJT”) was changed on April 24, 2017 in expectation of and conditional upon completion of the Merger. The Merger was accounted for as a reverse acquisition with RWI considered the accounting acquirer since the former RWI shareholders remained in control of the combined entity after the transaction. As part of the merger, net liabilities of $<span id="xdx_901_eus-gaap--OtherLiabilities_iI_c20220930__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zZ0wYStcs3X5" title="Other liabilities">235,495</span> were recognized on the Company’s balance sheet. As a result of the Merger the Company originally traded on the OTC Pink Sheet under the trading symbol RAKR but since then become an SEC filing company and has up-listed to the OTCQB in 2022. This provides greater transparency for RAKR stockholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger with Sphere 3D</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 15, 2020 Sphere 3D Corp. (NASDAQ: ANY) announced that it entered into a definitive merger agreement pursuant to which it would have acquired all of the outstanding securities of Rainmaker Worldwide Inc. Upon closing, Sphere 3D’s name would have changed to Rainmaker Worldwide Inc., and its business model would focus on Water-as-a-Service (“WaaS”). Rainmaker management would have assumed operational leadership of the combined entity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of that agreement, Rainmaker, would have merged with S3D Nevada Inc., a Nevada company wholly owned by Sphere 3D, and the merged entity would have been a wholly owned subsidiary of Sphere 3D.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--ExchangeOfSecuritiesOnTransactionDescription_c20220101__20220930__dei--LegalEntityAxis__custom--Sphere3DMember_z5WyvJLDI6u5" title="Exchange of securities on transaction, description">Rainmaker shareholders would have received 0.33 of a share of Sphere 3D for each whole share of Rainmaker exchanged and one-third of a warrant or option for each whole warrant or option then held by such Rainmaker shareholder. Upon completion of the transaction Sphere 3D expected to remain listed on the NASDAQ market and would have changed its name to Rainmaker Worldwide Inc. and apply to change its trading symbol from ANY to RAIN. After completion of the transaction, it was expected that current holders of Rainmaker Worldwide Inc. would own approximately 80% of Sphere 3D, on a fully diluted basis, as a result of their exchange of securities in the transaction</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The transaction was subject to completion of an equity financing, or series of financings, for a minimum of US$<span id="xdx_900_ecustom--TrasactionCompletionOfAnEquityFinancing_iI_pn6n6_c20220930__dei--LegalEntityAxis__custom--Sphere3DMember_zNU7lPdHAIPj" title="Transaction completion of an equity financing">15</span> million at a share price to be mutually agreed prior to closing and such other customary regulatory and shareholder approvals, including the approval of NASDAQ. Closing was originally expected to occur prior to December 31, 2020 but was subject to extension to February 28, 2021 under certain circumstances if mutually agreed by the parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0"><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 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 14, 2020 Sphere 3D announced that the Merger Agreement had been amended to change the ratio of Sphere 3D stock to be received by Rainmaker shareholders (the “Amendment”). This change was intended to better reflect the current market values of the respective companies. At closing, holders of Rainmaker common shares and holders of Rainmaker preferred shares would have each received 1/15th of a share of Sphere 3D per common or preferred share that they hold.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Amendment, Sphere 3D also agreed to advance US$<span id="xdx_909_eus-gaap--ProceedsFromRelatedPartyDebt_pn4n6_c20220101__20220930__dei--LegalEntityAxis__custom--Sphere3DMember_zYzlecjVgy63" title="Proceeds from related party">1.85</span> million to Rainmaker by way of a secured convertible note (the “Note”) for Rainmaker to sustain multiple growth initiatives. The funds were used to fulfil recent contracts and expand its equipment production capacity. (See Note 3).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger Agreement was adjusted to become an asset purchase agreement January 3, 2021 and was ultimately terminated on February 12, 2021 and announced publicly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Joint Development Agreement</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 28, 2022, the Company signed a Joint Development Agreement (“JDA”) with Miranda Water Treatment Systems (“MWTS”) whose primary operations reside in Ankara, Turkey. This JDA allows for reciprocal distribution rights for all of RAKR and MWTS’ combined technologies and fosters a long-term technological integration strategy between the two companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to the quarter end, on October 5, 2022, the Company entered into a Memorandum of Understanding (the “MOU”) with Miranda Environmental and Water Treatment Technologies, Energy, Natural Resources, Engineering, Consulting, Construction and Commerce Inc. (“Miranda”) to formalize the mutual intention to integrate the two firms at both strategic and operating levels. This is a non-binding agreement allowing for standard due diligence to take place before the creation of, and, agreement to definitive agreements. There can be no assurance that the parties will reach a definitive agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred continuing losses from its operations and has an accumulated deficit of $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20220930_zxpuwqRljiK3" title="Accumulated deficit">71,936,634</span>. There are no assurances the Company will be able to raise capital on acceptable terms or that cash flows generated from its operations will be sufficient to meet its current operating costs and required debt service. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its business, which could harm its financial condition and operating results. These conditions raise substantial doubt about the Company’s ability to continue ongoing operations. These consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to continue its operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financings to enable it to meet its operating needs including current and future sales orders. In addition, revenues are being forecasted at the operational level.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71936634 usd
us-gaap Profit Loss
ProfitLoss
-2162913 usd
CY2022Q3 us-gaap Other Assets
OtherAssets
378990 usd
CY2021Q3 us-gaap Other Assets
OtherAssets
692028 usd
us-gaap Profit Loss
ProfitLoss
-939581 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zvPN6OazLOs9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zu1fjkSs6Xe9">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with Generally Accepted Accounting Principles of the United States 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 expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
The Company has options, debentures and other potentially dilutive instruments extending to the latest date of July 1, 2027
CY2017Q3 us-gaap Debt Instrument Convertible Stock Price Trigger
DebtInstrumentConvertibleStockPriceTrigger
0.001
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8200 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
57344 usd
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zhldZlXOUYEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zwumUwjlhEek">Customer Concentration</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the infancy of the Company’s market penetration, current sales are concentrated on a limited number of customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
0 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
56544 usd
RAKR Interest Expense Of Amortization Debt Discount Premium
InterestExpenseOfAmortizationDebtDiscountPremium
61053 usd
CY2022Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
8192 usd
RAKR Derivative Liabilities Change Due To Issuances
DerivativeLiabilitiesChangeDueToIssuances
117597 usd
RAKR Derivative Liabilities Change Due To Conversions
DerivativeLiabilitiesChangeDueToConversions
-52061 usd
RAKR Derivative Liabilities Markettomarket
DerivativeLiabilitiesMarkettomarket
-8192 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
57344 usd
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P10Y
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
144354957 shares
CY2022Q2 RAKR Shares Authorized
SharesAuthorized
501000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 RAKR Vote In Favour Of Increase In Authorized Shares And Establishment Of Preferred Shares
VoteInFavourOfIncreaseInAuthorizedSharesAndEstablishmentOfPreferredShares
78263619 vote
CY2022Q2 RAKR Vote Against Favour Of Increase In Authorized Shares And Establishment Of Preferred Shares
VoteAgainstFavourOfIncreaseInAuthorizedSharesAndEstablishmentOfPreferredShares
1051137 vote
CY2022Q2 RAKR Vote Abstentions Favour Of Increase In Authorized Shares And Establishment Of Preferred Shares
VoteAbstentionsFavourOfIncreaseInAuthorizedSharesAndEstablishmentOfPreferredShares
305787 vote
CY2022Q2 RAKR Vote Broker Non Votes Favour Of Increase In Authorized Shares And Establishment Of Preferred Shares
VoteBrokerNonVotesFavourOfIncreaseInAuthorizedSharesAndEstablishmentOfPreferredShares
0 vote
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
152809508 shares
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
128385 shares
CY2021Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
3852 usd
CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1376147 shares
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1834862 shares
CY2022Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
197183 shares
CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1648352 shares
CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1250000 shares
CY2022Q3 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
2750 usd
CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
2542373 shares
CY2022Q3 RAKR Prepaid Expenses Related Parties
PrepaidExpensesRelatedParties
80000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2018Q2 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
4423910 usd
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
4423910 usd
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
4423910 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
255000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
175000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
255000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
175000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
62810 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
12428 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1500000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
640000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
500000 shares
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.10
CY2021 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
62249 usd
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
113771 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
66700000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.15 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
3.63 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0288 pure
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
5546650 usd
RAKR Tax Offset Period
TaxOffsetPeriod
P20Y
us-gaap Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
These NOL carry-forwards begin to expire in 2037
us-gaap Net Income Loss
NetIncomeLoss
-939581 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-2725464 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
101756 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
62249 usd
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
467118 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-775015 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2196097 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
162753 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
461180 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
162753 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
461180 usd

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