$WDDD
Worlds Inc

2022 Q4 Form 10-Q Financial Statement

#000126493122000176 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $924.8K $47.30K $208.4K
YoY Change 649.79% -77.3% -42.82%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $924.8K $47.30K $208.4K
YoY Change 649.79% -77.3% -42.82%
Operating Profit -$924.8K -$100.4K -$208.4K
YoY Change 649.79% -51.8% -42.82%
Interest Expense $843.0K $19.13K $126.1K
YoY Change -5520.9% -84.83% -243.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$331.1K $20.58K -$82.24K
YoY Change 138.38% -125.02% -81.81%
Income Tax
% Of Pretax Income
Net Earnings -$331.1K $20.58K -$82.24K
YoY Change 138.38% -125.02% -81.81%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 $360.30 -$1.440K
COMMON SHARES
Basic Shares Outstanding 57.11M shares 57.11M shares 57.11M shares
Diluted Shares Outstanding 57.11M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.780K $58.00K $342.2K
YoY Change -82.49% -83.05% -56.7%
Cash & Equivalents $7.778K $58.00K $342.2K
Short-Term Investments
Other Short-Term Assets $8.222K
YoY Change
Inventory
Prepaid Expenses $0.00
Receivables
Other Receivables
Total Short-Term Assets $7.778K $66.22K $342.2K
YoY Change -85.23% -80.65% -56.7%
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 $242.1K $227.9K
YoY Change -100.0% 6.23% 6.64%
TOTAL ASSETS
Total Short-Term Assets $7.778K $66.22K $342.2K
Total Long-Term Assets $0.00 $242.1K $227.9K
Total Assets $7.778K $308.3K $570.1K
YoY Change -97.26% -45.92% -43.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $797.9K $807.1K $1.134M
YoY Change -18.18% -28.82% 18.68%
Accrued Expenses $1.661M $1.564M $1.554M
YoY Change 7.4% 0.67% -2.64%
Deferred Revenue
YoY Change
Short-Term Debt $773.3K $773.3K $773.3K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.232M $3.145M $3.461M
YoY Change -1.91% -9.14% 4.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.232M $3.145M $3.461M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.232M $3.145M $3.461M
YoY Change -1.91% -9.14% 4.1%
SHAREHOLDERS EQUITY
Retained Earnings $46.82M -$46.49M
YoY Change -202.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.224M -$2.837M -$2.891M
YoY Change
Total Liabilities & Shareholders Equity $7.778K $308.3K $570.1K
YoY Change -97.26% -45.92% -43.22%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$331.1K $20.58K -$82.24K
YoY Change 138.38% -125.02% -81.81%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$111.5K -$112.0K -$443.0K
YoY Change -62.1% -74.73% 80.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $793.4K
YoY Change -20.05%
Cash From Investing Activities $793.4K
YoY Change -20.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 133.0K 138.1K
YoY Change -3.69% -3956.98%
NET CHANGE
Cash From Operating Activities -111.5K -112.0K -443.0K
Cash From Investing Activities 793.4K
Cash From Financing Activities 133.0K 138.1K
Net Change In Cash 681.9K 21.03K -304.9K
YoY Change -2.33% -106.9% 22.76%
FREE CASH FLOW
Cash From Operating Activities -$111.5K -$112.0K -$443.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_84E_eus-gaap--RevenueRecognitionAllowances_zOHtKhL5mmxb" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 1, 2018, the Company adopted ASC 606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first half of 2022, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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WDDD Stock Split Terms
StockSplitTerms
All common stock numbers and exercise prices in this Note are reflected on a post reverse split (5 to 1) basis, which reverse split was effectuated on February 9, 2018.
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
50%
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
15900000 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
300000 shares
WDDD Option Expense
OptionExpense
31807 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0137 pure
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
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.42 pure
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.05
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
22400000 shares
CY2022Q3 WDDD Warrant Or Right Outstanding
WarrantOrRightOutstanding
4380000 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11720000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4380000 shares
CY2001Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
205000 usd
CY2021Q4 us-gaap Litigation Reserve
LitigationReserve
205000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
0.05
WDDD Directors Options Expected Life
DirectorsOptionsExpectedLife
P5Y
WDDD Options Vest Period1
OptionsVestPeriod1
P6M
CY2022Q1 WDDD Options Repriced
OptionsRepriced
900000 shares
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
297673 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
70810 usd
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p id="xdx_849_eus-gaap--DerivativesEmbeddedDerivatives_zC8zply3p0Fh" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Embedded Conversion Features </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion feature.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_849_eus-gaap--DerivativesReportingOfDerivativeActivity_z5vNXznNSGkl" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivative Financial Instruments</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.   </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 4pt"> </span></p>
WDDD Loss On Shares Issued
LossOnSharesIssued
8685 usd
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
109874 usd
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
821995 usd
CY2018Q3 WDDD Terms Of Employment Agreement1
TermsOfEmploymentAgreement1
P5Y
CY2018Q3 WDDD Terms Of Employment Agreement Renewal Option
TermsOfEmploymentAgreementRenewalOption
1
CY2018Q3 WDDD Officer Base Salary
OfficerBaseSalary
200000 usd
CY2018Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
0.10 pure
CY2018Q3 WDDD Car Allowance
CarAllowance
500 usd
CY2018Q3 WDDD Annual Bonus1
AnnualBonus1
0.025 pure
CY2018Q3 WDDD Additional Bonus
AdditionalBonus
75000 usd
CY2018Q3 WDDD Pretax Income Range Lower1
PretaxIncomeRangeLower1
1.50 pure
CY2018Q3 WDDD Pretax Income Range Higher1
PretaxIncomeRangeHigher1
2 pure
CY2018Q3 WDDD Additional Bonus Exceed1
AdditionalBonusExceed1
0.05 pure
CY2018Q3 us-gaap Life Settlement Contracts Investment Method Five Year Disclosure Premiums To Be Paid
LifeSettlementContractsInvestmentMethodFiveYearDisclosurePremiumsToBePaid
10000 usd
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
5000000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.25
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2000000 shares
CY2019Q3 WDDD Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber1
1500000 shares
CY2020Q3 WDDD Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber1
1500000 shares
CY2018Q3 us-gaap Life Settlement Contracts Fair Value Method Face Value
LifeSettlementContractsFairValueMethodFaceValue
2000000 usd
CY2018Q3 WDDD Payment Amount Based
PaymentAmountBased
2.99 pure
CY2018Q3 WDDD Restrictive Convenants Amount
RestrictiveConvenantsAmount
12 interger
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
297673 shares
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
70810 usd
WDDD Loss On Shares Issued
LossOnSharesIssued
8685 usd
us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
16401 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
AccountsPayableAndAccruedLiabilitiesFairValueDisclosure
51438 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
AccountsPayableAndAccruedLiabilitiesFairValueDisclosure
29688 usd
CY2022Q3 us-gaap Interest Receivable Noncurrent
InterestReceivableNoncurrent
42078 usd
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
29742980 shares
us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
0.008139
CY2022Q3 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.01 pure
us-gaap Revenue Recognition Services Licensing Fees
RevenueRecognitionServicesLicensingFees
<p id="xdx_80F_eus-gaap--RevenueRecognitionServicesLicensingFees_zis8ASdCk24b" style="font: 11pt/15.95pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b>NOTE 7 - <span id="xdx_826_z6LhrgdtKTBd">PATENTS</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Worlds Inc. currently has <span id="xdx_903_ecustom--NumberOfPatents_dc_uInterger_c20220101__20220930_z15EEhfOcrqc" title="Number of patents">nine </span>patents, <span id="xdx_903_ecustom--PatentNumberOne_uInterger_c20220101__20220930_zoj0I9iA3Z5a" title="Patent number one">6,219,045</span> - <span id="xdx_90A_ecustom--PatentNumberTwo_uInterger_c20220101__20220930_zIK5Nbm8ZYBh" title="Patent number two">7,181,690 </span>- <span id="xdx_906_ecustom--PatentNumberThree_uInterger_c20220101__20220930_z2NBaKZLbJag" title="Patent number three">7,493,558</span> – <span id="xdx_904_ecustom--PatentNumberFour_uInterger_c20220101__20220930_zr5iNij0Aqb3" title="Patent number four">7,945,856</span>, - <span id="xdx_903_ecustom--PatentNumberFive_uInterger_c20220101__20220930_zr8WJGXOSSsi" title="Patent number five">8,082,501</span>, – <span id="xdx_902_ecustom--PatentNumberSix_uInterger_c20220101__20220930_z65qaUKhPYf5" title="Patent number six"><span style="-sec-ix-hidden: xdx2ixbrl0680">8,145,998, </span></span><span id="xdx_906_ecustom--PatentNumberSeven_uInterger_c20220101__20220930_zcaTjtkKs7Dl" title="Patent number seven">8,161,383</span>, – <span id="xdx_90B_ecustom--PatentNumberEight_uInterger_c20220101__20220930_zJeLHl0lsFqb" title="Patent number eight">8,407,592</span> and <span id="xdx_900_ecustom--PatentNumberNine_uInterger_c20220101__20220930_zaIqVP1U98lg" title="Patent number nine">8,640,028</span>.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
WDDD Number Of Patents
NumberOfPatents
9 interger
WDDD Patent Number One
PatentNumberOne
6219045 interger
WDDD Patent Number Two
PatentNumberTwo
7181690 interger
WDDD Patent Number Three
PatentNumberThree
7493558 interger
WDDD Patent Number Four
PatentNumberFour
7945856 interger
WDDD Patent Number Five
PatentNumberFive
8082501 interger
WDDD Patent Number Seven
PatentNumberSeven
8161383 interger
WDDD Patent Number Eight
PatentNumberEight
8407592 interger
WDDD Patent Number Nine
PatentNumberNine
8640028 interger
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
AccountsPayableAndAccruedLiabilitiesFairValueDisclosure
51438 usd
CY2001Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
205000 usd
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1305009 usd
CY2022Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2972 usd
CY2022Q3 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
200000 usd
CY2022Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.07 pure
WDDD Maturity Terms
MaturityTerms
2
CY2022Q3 WDDD Warrants
Warrants
1000000 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.05
us-gaap Interest Income Related Party
InterestIncomeRelatedParty
10617 usd
us-gaap Interest Income Related Party
InterestIncomeRelatedParty
10617 usd
CY2011Q1 WDDD Retained Shares
RetainedShares
5936115 shares
WDDD Retained Shares Own Value
RetainedSharesOwnValue
0 usd
us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
742693 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1100000 shares
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.68
us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
1006588 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1245000 shares
CY2020Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
100000 shares
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.79
CY2022Q3 WDDD Retained Shares Own1
RetainedSharesOwn1
650000 shares

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