2023 Q2 Form 10-K Financial Statement
#000149315223012893 Filed on April 19, 2023
Income Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 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 | $181.1K | $309.5K | |
YoY Change | -4.72% | 68.0% | |
Operating Profit | -$181.1K | -$309.5K | |
YoY Change | -4.72% | 68.0% | |
Interest Expense | $8.200K | ||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | -$131.0K | -$144.3K | |
YoY Change | 52.24% | 152.1% | |
Pretax Income | -$312.1K | -$453.7K | |
YoY Change | 13.03% | 87.93% | |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$312.1K | -$453.7K | |
YoY Change | 13.03% | 87.93% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | $0.00 | $0.00 | |
COMMON SHARES | |||
Basic Shares Outstanding | 246.4M shares | 160.8M shares | 145.7M shares |
Diluted Shares Outstanding | 276.2M shares | 145.2M shares |
Balance Sheet
Concept | 2023 Q2 | 2022 Q4 | 2022 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $33.59K | $7.130K | $10.97K |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | $255.0K | ||
Prepaid Expenses | $51.75K | $30.38K | $27.88K |
Receivables | |||
Other Receivables | $5.392K | $5.527K | |
Total Short-Term Assets | $90.73K | $43.04K | $379.0K |
YoY Change | -73.78% | -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 | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $90.73K | $43.04K | $379.0K |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $90.73K | $43.04K | $379.0K |
YoY Change | -73.78% | -87.5% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $176.7K | $147.3K | $88.14K |
YoY Change | 97.76% | 44.73% | |
Accrued Expenses | $894.7K | $783.1K | $668.4K |
YoY Change | 50.56% | 90.77% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $10.58M | $10.34M | $6.764M |
YoY Change | 61.87% | 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 | $10.58M | $10.34M | $6.764M |
Total Long-Term Liabilities | $3.106M | ||
Total Liabilities | $10.58M | $10.34M | $9.870M |
YoY Change | 9.71% | 12.24% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$73.59M | -$72.83M | -$71.94M |
YoY Change | 2.95% | 2.59% | |
Common Stock | $62.95M | $62.16M | $62.06M |
YoY Change | 1.74% | 0.53% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$10.64M | -$10.30M | -$9.491M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $90.73K | $43.04K | $379.0K |
YoY Change | -73.78% | -87.5% |
Cashflow Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$312.1K | -$453.7K | |
YoY Change | 13.03% | 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 |
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-77631 | usd |
CY2021 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
|
-285865 | usd |
CY2022 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1759980 | usd |
CY2021 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-2439599 | usd |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.012 | |
CY2021 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.02 | |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
148725194 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
145614282 | shares |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-14436747 | usd |
CY2021 | RAKR |
Stock Issued During Period Value Private Placements
StockIssuedDuringPeriodValuePrivatePlacements
|
3851 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
1702660 | usd |
CY2021 | us-gaap |
Stock Granted During Period Value Sharebased Compensation Forfeited
StockGrantedDuringPeriodValueSharebasedCompensationForfeited
|
1477418 | usd |
CY2021 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
62248 | usd |
CY2021 | us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
7714164 | usd |
CY2021 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
285865 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2725464 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8870841 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8870841 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
193954 | usd |
CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
136492 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
77631 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1837611 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-10300375 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-10300375 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1837611 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2725464 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
136492 | usd |
CY2021 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
62248 | usd |
CY2022 | RAKR |
Derivative Expense Warrants
DerivativeExpenseWarrants
|
273679 | usd |
CY2021 | us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
-112000 | usd |
CY2021 | us-gaap |
Other Income
OtherIncome
|
-65000 | usd |
CY2022 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
335000 | usd |
CY2022 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
252373 | usd |
CY2022 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
256925 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
5523 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1819 | usd |
CY2021 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-206278 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
25381 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-57000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
778629 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1592258 | usd |
CY2021 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-36447 | usd |
CY2021 | us-gaap |
Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
|
475281 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-349267 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-190027 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
3852 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
286250 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
|
50000 | usd |
CY2022 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
11269 | usd |
CY2021 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
21903 | usd |
CY2022 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
23090 | usd |
CY2021 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
3300 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
274429 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
72455 | usd |
CY2022 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
77631 | usd |
CY2021 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-70669 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
2793 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-188241 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
4337 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
192578 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
7130 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
4337 | usd |
CY2022 | us-gaap |
Stock Issued1
StockIssued1
|
193954 | usd |
CY2021 | us-gaap |
Stock Issued1
StockIssued1
|
1702659 | usd |
CY2021 | RAKR |
Shares Issued From Stock Payable
SharesIssuedFromStockPayable
|
75000 | usd |
CY2021 | RAKR |
Conversion Of Ap To Convertible Notes Payable
ConversionOfApToConvertibleNotesPayable
|
928000 | usd |
CY2022 | RAKR |
Receipts Of Prepaid Inventory
ReceiptsOfPrepaidInventory
|
160000 | usd |
CY2022 | RAKR |
Share Cancellation
ShareCancellation
|
197 | usd |
CY2022 | RAKR |
Initial Derivative Discount
InitialDerivativeDiscount
|
565623 | usd |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80D_eus-gaap--NatureOfOperations_z4aOHIw7ID86" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_031"/><b>Note 1: <span id="xdx_82C_zgWsGP0Ooxja">Nature of Operations, Reverse Merger and Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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; text-indent: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">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 use 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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">As part of the asset restructuring completed March 31, 2021, Rainmaker retained a <span id="xdx_90F_eus-gaap--DiscontinuedOperationEquityMethodInvestmentRetainedAfterDisposalOwnershipInterestAfterDisposal_pid_dp_uPure_c20210328__20210331__dei--LegalEntityAxis__custom--RainmakerHollandBVMember_zu42x8vHueek" title="Ownership interest after disposal">12</span>% interest in Rainmaker Holland B.V. (“RHBV”) which consists of the innovation and manufacturing center located in Rotterdam, Netherlands. RAKR will purchase equipment on a favorable cost-plus formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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; text-indent: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">RWI was incorporated on <span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zekRG8ElSuSi" 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_906_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z56r56Ao55fc" 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_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zpCW3Wii4Fpd" title="Restricted shares exchanged">66,818,759</span> restricted shares of the Company’s common stock, or <span id="xdx_903_eus-gaap--SharesIssued_iI_pid_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_ziotDcwzVz96" title="Number of shares issued">7.4</span> 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_905_eus-gaap--Liabilities_iI_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zU7in66PcGd1" title="Net liabilities">235,495</span> were recognized on the Company’s balance sheet. As a result of the Merger, the Company traded on the OTC Pink, but, as of March 17, 2022, the Company now trades on the OTCQB continuing to trade under the symbol, RAKR.</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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">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 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 have focused on “WaaS”. Rainmaker management would have assumed operational leadership of the combined entity. The agreement was ultimately terminated on February 12, 2021 and was subsequently announced publicly.</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"> </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">As a result of the incomplete Sphere 3D transaction, on March 31, 2021, the Company, including RWI, entered into a business agreement with RHBV, DRM and Wind en Water Technologie Holding B.V. (“WWT”). These companies were considered related parties on that date by virtue of stock ownership exceeding <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WaterTechnologieHoldingBVMember_zL0bBpDBebv7" title="Stock ownership exceeding">10</span>%. The parties agreed to an exchange of contractual obligations, debt owed, and shares of common stock in full settlement of all obligations among the parties. The resultant Financial Statements, in accordance with ASC 205-20-45-1E, reflect the impact of these exchanges to the Company. The Company and RHBV decided to restructure in order to optimize business operations and broaden access to the capital markets. The Company and RHBV, as mutual shareholders in each other’s company, continue to pursue the mission and objective of providing low-cost water to communities and commercial entities in need of water solutions. The Company retains a <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WaterTechnologieHoldingBVMember_zjyGtdO7ucq8" title="Ownership interest after disposal">12</span>% ownership stake in RHBV. RAKR retains access to the technology based on a cost-plus formula.</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"> </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"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">The Company has incurred continuing losses from its operations and has an accumulated deficit of $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20221231_zdI9Ie7ZKrFd" title="Accumulated deficit">72,834,664</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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">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.</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"/></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"> </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"/></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"> </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"/></p> | |
CY2022Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-72834664 | usd |
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 |
Interest Expense
InterestExpense
|
8200 | usd |
CY2022Q3 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
389342 | usd |
CY2022 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
134447 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1837611 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2725464 | usd |
CY2022Q4 | us-gaap |
Assets
Assets
|
43038 | usd |
CY2021Q4 | us-gaap |
Assets
Assets
|
344341 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_847_eus-gaap--UseOfEstimates_z0itwK5sKXGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zvGQKCikQ6uf">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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">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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022 | 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 | |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zTJeX7Hge5Ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zeyXqliTlj08">Customer Concentration</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
|
0 | usd |
CY2022Q4 | us-gaap |
Percentage Of Interest Bearing Domestic Deposits To Deposits Other Time Deposit
PercentageOfInterestBearingDomesticDepositsToDepositsOtherTimeDeposit
|
0.50 | pure |
CY2022Q4 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
76622 | usd |
CY2021Q4 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
0 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
|
71542 | usd |
CY2022 | RAKR |
Interest Expense Of Amortization Debt Discount Premium
InterestExpenseOfAmortizationDebtDiscountPremium
|
102039 | usd |
CY2022Q4 | us-gaap |
Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
|
11693 | usd |
CY2022 | RAKR |
Derivative Liabilities Change To Notes Requiring Derivative Treatment Due To Equity Environment
DerivativeLiabilitiesChangeToNotesRequiringDerivativeTreatmentDueToEquityEnvironment
|
915706 | usd |
CY2022 | RAKR |
Derivative Liabilities Change Due To Issuances
DerivativeLiabilitiesChangeDueToIssuances
|
50484 | usd |
CY2022 | RAKR |
Derivative Liabilities Change Due To Conversions
DerivativeLiabilitiesChangeDueToConversions
|
-79767 | usd |
CY2022 | RAKR |
Derivative Liabilities Markettomarket
DerivativeLiabilitiesMarkettomarket
|
-383812 | usd |
CY2022Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
502611 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
60000 | usd |
CY2022Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
12670.68 | usd |
CY2022 | 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 | |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
160797716 | 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 |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
1834862 | shares |
CY2022Q3 | us-gaap |
Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
|
197183 | shares |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
1648352 | shares |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
1250000 | shares |
CY2022Q3 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
2750 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
2542373 | shares |
CY2022Q4 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
3000000 | shares |
CY2022Q4 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
4988208 | shares |
CY2022Q3 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.08 | pure |
CY2018Q2 | us-gaap |
Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
|
4423910 | usd |
CY2022Q4 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
4423910 | usd |
CY2021Q4 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
4423910 | usd |
CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
335000 | usd |
CY2021Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
175000 | usd |
CY2022Q4 | RAKR |
Inventories Impairment
InventoriesImpairment
|
-335000 | usd |
CY2021Q4 | us-gaap |
Inventory Net
InventoryNet
|
175000 | usd |
CY2021 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
12364 | 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
|
62248 | usd |
CY2022 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
136492 | usd |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
0.10 | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
66700000 | shares |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
1.16 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
1.56 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0288 | pure |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
|
5630661 | usd |
CY2022 | us-gaap |
Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
|
These NOL carryforwards begin to expire in 2037. No provision was made for federal income taxes as the Company has significant NOLs in the United States and Canada. All of the Company’s income tax years remained open for examination by taxing authorities. | |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1837611 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2725464 | usd |
CY2022 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
410171 | usd |
CY2021 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
62249 | usd |
CY2022 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
252373 | usd |
CY2021 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
467118 | usd |
CY2022 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
-1175067 | usd |
CY2021 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
-2196097 | usd |
CY2022 | 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 |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
246764 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
461180 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
246764 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
461180 | usd |
CY2021Q1 | us-gaap |
Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
|
0.10 | pure |