U.S. SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

FORM 10-Q

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022March 31, 2023

 [  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-53505

BRAVO MULTINATIONAL INCORPORATED

(Exact name of registrant as specified in its charter)

Wyoming

85-4068651

Wyoming

85-4068651
(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)


2020 General Booth Blvd., Unit 230
Virginia Beach, VA
(principal executive offices)


23454
(Zip Code)

Registrant's

Registrant’s telephone number, including area code: (757)306-6090

Securities registered under Section 12(b) of the Exchange Act:

None

Securities registered under Section 12(g) of the Exchange Act:

Common stock, par value $0.0001 per share

(Title of class)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X ] ☒ No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] ☒ No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large“large accelerated filer," "accelerated” “accelerated filer,"  "smaller” “smaller reporting company"company” and "emerging“emerging growth company"company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]

Accelerated filer 
Non-accelerated filer [ X ]

Smaller reporting company 
Emerging growth company [  ]

Accelerated filer [  ]

Smaller reporting company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes[  ]  No[X]Yes ☐ No

Securities registered pursuant to Section 12(g) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock


Par Value $0.0001

BRVO

NONE

 

State the number of shares outstanding of each of the issuer'sissuer’s classes of common equity, as of the latest practicable date: At November 2, 2022,May 04, 2023, the registrant had outstanding 47,641,010 shares of common stock, par value $0.0001 per share.

-i-

TABLE OF CONTENTS

PART I

Item 1.

Condensed Unaudited Financial Statements

2

Item 2.

Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations

11

10

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

16

12

Item 4.

Controls and Procedures

16

12

PART II

Item 1.

Legal Proceedings

17

13

Item 1A.

Risk Factors

17

13

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

17

13

Item 3.

Defaults Upon Senior Securities

17

13

Item 4.

Mining Safety Disclosures

18

13

Item 5.

Other Information

18

13

Item 6.

Exhibits

18

14

Signatures

18

14

-1-

 

-1-

 PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BRAVO MULTINATIONAL INCORPORATED


FINANCIAL REPORTS

AT

SEPTEMBER 30, 2022

MARCH 31, 2023

 

INDEX TO FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets at September 30, 2022-March 31, 2023- Unaudited and December 31, 2021 

2023-Audited 

3

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022March 31, 2023 and 20212023 - Unaudited

4

Condensed Consolidated Statements of Cash Flows for the NineThree Months Ended September 30,March 31, 2023 and 2022 and 2021 - Unaudited

5

Condensed Consolidated Statements of Stockholders'Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022March 31, 2023 and 2021–2022– Unaudited6

Notes to the Condensed Consolidated Unaudited Financial Statements

7-12

7-9

 

-2-

Bravo Multinational Incorporated

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

    
 

September 30,

 

December 31,

 

2022

 

2021

ASSETS

   

Current Assets

   

Cash and Cash Equivalents

 $  103

 $  93

Accounts Receivable (Net of Allowance of $42,312 and $42,312, respectively)

 -

 -

Note Receivable (Net of Allowance of $2,725 and $2,725, respectively)

 -

 -

Notes Receivable - Related Party (Net of Allowance of $418,000 and $418,000, respectively)

 -

 -

Prepaid Expenses

 -

 

 40

 

Total Current Assets

 103

 

 133

 

Total Assets

 $  103

 

 $  133

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities

Accounts Payable and Accrued Expenses

 $  350

 $  766

Customer Deposits

 35,800

 35,800

Due to Related Parties

 186,120

 140,656

Accrued Board of Directors Fees

 1,418,666

 

 1,062,417

 

Total Liabilities

 1,640,936

 

 1,239,639

 

Commitments and Contingencies (Note 9)

 

Stockholders' Deficit

Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized,  

 47,641,010 Issued and Outstanding, Respectively

 4,763

 4,763

Additional Paid-In-Capital

 89,168,493

 89,168,393

Accumulated Deficit

 (90,814,089)

 

 (90,412,662)

 

Total Stockholders' Deficit

 (1,640,833)

 

 (1,239,506)

 

Total Liabilities and Stockholders' Deficit

 $  103

 

 $  133

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-3-

Bravo Multinational Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

        
 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

2022

 

2021

 

2022

 

2021

Expenses

       

General and Administrative

 $ 2,207

 $ 2,366

 $  7,087

 $  7,177

Professional Fees

 6,175

 6,000

 38,090

 36,837

Board of Directors Fees

 118,750

 

 118,750

 

 356,250

 

 356,250

 

Total Expenses

 127,132

 

 127,116

 

 401,427

 

 400,264

 

Loss from Operations

 127,132

 127,116

 401,427

 400,264

 

Other Expense

Interest Expense

 -

 

 87

 

 -

 

 262

 

Total Other Expense

 -

 87

 -

 262

 

Loss Before Income Taxes

 127,132

 127,203

 401,427

 400,526

 

Income Taxes

 -

 

 -

 

 -

 

 -

 

Net Loss for the Period

 $  127,132

 

 $  127,203

 

 $  401,427

 

 $  400,526

 

Weighted Average Number of Common Shares - Basic and Diluted

47,641,010

 47,641,010

47,641,010

 47,641,010

 

 Net Loss for the Period Per Common Shares -Basic and Diluted

 $  (0.00)

 

 $  (0.00)

 

 $  (0.01)

 

 $  (0.01)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-4-

Bravo Multinational Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

     
  March 31, December 31,
  2023 2022
ASSETS        
Current Assets        
Cash and Cash Equivalents $43  $73 
Accounts Receivable (Net of Allowance of $42,312 and $42,312, respectively)  -   - 
Note Receivable (Net of Allowance of $2,725 and $2,725, respectively)  -   - 
Notes Receivable - Related Party (Net of Allowance of $418,000 and $418,000, respectively)  -   - 
         
Total Current Assets  43   73 
         
Total Assets $43  $73 
         
LIABILITIES AND STOCKHOLDERS’ DEFICIT        
         
Liabilities        
Accounts Payable and Accrued Expenses $2,211  $750 
Customer Deposits  35,800   35,800 
Due to Related Parties  216,791   193,570 
Accrued Board of Directors Fees  1,656,167   1,537,417 
         
Total Liabilities  1,910,969   1,767,537 
         
Commitments and Contingencies (Note 9)        
         
Stockholders’ Deficit        
Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized, 47,641,010 Issued and Outstanding, Respectively  4,763   4,763 
Additional Paid-In-Capital  89,168,493   89,168,493 
Accumulated Deficit  (91,084,182)  (90,940,720)
         
Total Stockholders’ Deficit  (1,910,926)  (1,767,464)
         
Total Liabilities and Stockholders’ Deficit $43  $73 

 

    

For the Nine Months Ended September 30,

2022

 

2021

 

Cash Flows from Operating Activities

 

Net Loss for the Period

 $ (401,427)

 $ (400,526)

 

Changes in Assets and Liabilities:

Prepaid Expenses

 40

 (70)

Accounts Payable and Accrued Expenses

 (417)

 (696)

Accrued Board of Directors Fees

 356,249

 

 356,250

 

Net Cash Flows Used In Operating Activities

 (45,555)

 

 (45,042)

 

Cash Flows from Investing Activities

 -

 

 -

 

Cash Flows from Financing Activities

Capital Contributions

 100

 $ -

Due to Related Parties

 45,464

 

 38,892

 

Net Cash Flows Provided by Financing Activities

 45,564

 

 38,892

 

Net Change in Cash and Cash Equivalents

 9

 (6,150)

 

Cash and Cash Equivalents - Beginning of Period

 93

 

 6,273

 

Cash and Cash Equivalents - End of Period

 $ 102

 

 $ 123

 

Cash Paid During the Period for:

Interest

 $ -

 $ -

Income Taxes

 $  -

 

 $ -

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-5-

Bravo Multinational Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 - UNAUDITED

          
 

Common Stock

 

Additional

   

Total

 

$ 0.0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

For the Three Months Ended September 30, 2021

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

          

Balance -  July 1, 2021

 47,641,010

 $  4,763

 $  89,168,393

 $  (90,265,859)

 $  (1,092,703)

 

Net Loss for the Period

 -

 

 -

 

 -

 

 (127,203)

 

 (127,203)

 

Balance - September 30, 2021

 47,641,010

 

 $  4,763

 

 $  89,168,393

 

 $  (90,393,062)

 

 $  (1,219,906)

          
 

Common Stock

 

Additional

   

Total

 

$ 0.0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

For the Three Months Ended September 30, 2022

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

          

Balance -  July 1, 2022

 47,641,010

 $  4,763

 $  89,168,393

 $  (90,686,957)

 $  (1,513,801)

 

Capital Contribution

 -

 -

 100

 -

 100

 

Net Loss for the Period

 -

 

 -

 

 -

 

 (127,132)

 

 (127,132)

 

Balance - September 30, 2022

 47,641,010

 

 $  4,763

 

 $  89,168,493

 

 $  (90,814,089)

 

 $  (1,640,833)

 
 

Common Stock

 

Additional

   

Total

 

$ 0.0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

For the Nine Months Ended September 30, 2021

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

          

Balance - January 1, 2021

 47,641,010

 $  4,763

 $  89,168,393

 $  (89,992,536)

 $  (819,380)

 

Net Loss for the Period

 -

 

 -

 

 -

 

 (400,526)

 

 (400,526)

 

Balance - September 30, 2021

 47,641,010

 

 $  4,763

 

 $  89,168,393

 

 $  (90,393,062)

 

 $  (1,219,906)

 
 

Common Stock

 

Additional

   

Total

 

$ 0.0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

For the Nine Months Ended September 30, 2022

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

          

Balance - January 1, 2022

 47,641,010

 $  4,763

 $  89,168,393

 $  (90,412,662)

 $  (1,239,506)

 

Capital Contribution

 -

 -

 100

 -

 100

 

Net Loss for the Period

 -

 

 -

 

 -

 

 (401,427)

 

 (401,427)

 

Balance - September 30, 2022

 47,641,010

 

 $  4,763

 

 $  89,168,493

 

 $  (90,814,089)

 

 $  (1,640,833)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-3-

Bravo Multinational Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
     
For the Three Months Ended March 31, 2023 2022
     
Expenses        
General and Administrative $1,376  $2,826 
Professional Fees  23,336   25,665 
Board of Directors Fees  118,750   118,750 
         
Total Expenses  143,462   147,241 
         
Loss from Operations Before Income Taxes  143,462   147,241 
         
Income Taxes  -   - 
         
Net Loss for the Period $143,462  $147,241 
         
Weighted Average Number of Common Shares - Basic and Diluted  47,641,010   47,641,010 
         
 Net Loss for the Period Per Common Shares - Basic and Diluted $(0.00) $(0.00)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-4-

Bravo Multinational Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
     
For the Three Months Ended March 31, 2023 2022
Cash Flows from Operating Activities        
         
Net Loss for the Period $(143,462) $(147,241)
         
Changes in Assets and Liabilities:        
Prepaid Expenses  -   30 
Accounts Payable and Accrued Expenses  1,461   (666)
Accrued Board of Directors Fees  118,750   118,750 
         
Net Cash Flows Used In Operating Activities  (23,251)  (29,127)
         
Cash Flows from Investing Activities  -   - 
         
Cash Flows from Financing Activities        
Due to Related Parties, Net  23,221   29,097 
         
Net Cash Flows Provided by Financing Activities  23,221   29,097 
         
Net Change in Cash and Cash Equivalents  (30)  (30)
         
Cash and Cash Equivalents - Beginning of Period  73   93 
         
Cash and Cash Equivalents - End of Period $43  $63 
         
Cash Paid During the Period for:        
Interest $-  $- 
Income Taxes $-  $- 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-5-

Bravo Multinational Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2023 - UNAUDITED
           
  Common Stock Additional   Total
For the Three Months Ended $ 0.0001 Par Paid-In Accumulated Stockholders’
March 31, 2022 Shares Amount Capital Deficit Deficit
           
Balance - January 1, 2022  47,641,010  $4,763  $89,168,393  $(90,412,662) $(1,239,506)
                     
Net Loss for the Period  -   -   -   (147,241)  (147,241)
                     
Balance - March 31, 2022  47,641,010  $4,763  $89,168,393  $(90,559,903) $(1,386,747)

  Common Stock Additional   Total
For the Three Months Ended $ 0.0001 Par Paid-In Accumulated Stockholders’
March 31, 2023 Shares Amount Capital Deficit Deficit
           
Balance - January 1, 2023  47,641,010  $4,763  $89,168,493  $(90,940,720) $(1,767,464)
                     
Net Loss for the Period  -   -   -   (143,462)  (143,462)
                     
Balance - March 31, 2023  47,641,010  $4,763  $89,168,493  $(91,084,182) $(1,910,926)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-6-

NOTE 1 – Organization & Description of Business

Bravo Multinational Corporation (the “Company,” “we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp. On August 7, 2007, the Company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co.On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated. On March 22, 2016, the board of directors of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance with all regulatory requirements mandated by FINRA. Further, as a result of the change of the company’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,” and the company’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company’s name on April 6, 2016. As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO” and the CUSIP identifier was changed to 10568F10910568F109. On August 3, 2020, the Board of Directors agreed in changing the Company’s incorporation from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) to achieve the change in state incorporation.

The Company filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

The Company owned patented and unpatented mining claims on War Eagle Mountain in the state of Idaho. The Company entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015, so that SFMI could restructure its finances. The Company determined that SFMI is unable to pay the lease and that any debt owingowed by SFMI to the Company is not recoverable. The Company currently owns 76.63 acres within seven patented claims with a 29.167% ownership interest on War Eagle Mountain in the state of Idaho. The Company allowed all of its BLM (Bureau of Land Management) unpatented and placer claims to expire. The carrying value on such claims both patented and unpatented was fully impaired due to lack of economic viabilitiesviability of such properties.

The Company is currently engaged in the business of buying and reselling gaming equipment. The Company also buys machines for its own use that are placed in casinos or gaming areas to obtain monthly revenue streams from the machines’ net win revenue.

NOTE 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated balance sheet at December 31, 2021,2022, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim financial statements as of September 30,March 31, 2023 and 2022, and 2021, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America ("GAAP"(“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 20212022 (the "2021“2021 Annual Report"Report”), filed with the Securities and Exchange Commission (the "SEC"“SEC”). It is management'smanagement’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statement presentation. Operating results for the three and nine months ended September 30, 2022,March 31, 2023, are not necessarily indicative of the results of operations expected for the year ending December 31, 2022.2023.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Bravo Multinational Incorporated, and its wholly owned subsidiary, Universal Entertainment SAS, Ltd., (the “Company”). All significant inter-company balances have been eliminated in consolidation. During the year ended December 31, 2017, management recognized that Universal is an inactive Florida corporation which no longer operates.

NOTE 2 – Summary of Significant Accounting Policies - continued

Method of Accounting

The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Cash and Cash Equivalents

Cash and cash equivalents may include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

-7-

NOTE 2 – Summary of Significant Accounting Policies – continued

Earnings (Loss) per Share

Earnings (loss) per share of common stock are computed in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and

diluted earnings (loss) per share.

Stock Based Compensation

The Company has issued and may issue stock in lieu of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party fair values of shares or the value of services, whichever is more readily determinable, is used to value the transaction.

-7-

 

NOTE 2 – Summary of Significant Accounting Policies – continued

Fair Value Measurements

The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable are of approximate fair value.

We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

-Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

- Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;;

-Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

-Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

- Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

- Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

NOTE 2 – Summary of Significant Accounting Policies – continued

Fair Value Measurements - continued

The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring basis. 

Revenue Recognition

The Company implemented ASC 606, Revenue from Contracts with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures.

The Company recognizes revenue and cost of goods sold from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation.

-8-

NOTE 3 – Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

NOTE 4 – Going Concern 

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities and an accumulated deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.

While the Company is attempting to continue operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. During the ninethree months ended September 30,2022March 31,2023 due to lack of revenues the officers of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.

NOTE 5 – Accounts Receivable

Accounts receivable consisted of the following at September 30, 2022March 31, 2023 and December 31, 2021:2022:

 Schedule of accounts receivable    
  March 31, December 31,
  2023 2022
Accounts Receivable $42,312  $42,312 
Less: Allowance for Doubtful Accounts  (42,312)  (42,312)
         
Net Accounts Receivable $-  $- 

 

 

September 30,

2022

December 31,

2021

Accounts Receivable

$ 42,312

$ 42,312

Less:  Allowance for Doubtful Accounts

(42,312)

(42,312)

 

Net Accounts Receivable

 $  -

$  -

Due to civil unrest and the devastation of Hurricane Nate in Nicaragua in October 2017, the Company wrote off the machine income that was in accounts receivable on December 31, 2017 in the amount of $42,312.  $42,312.

The Allowance for Doubtful Accounts in the amount of $42,312$42,312 was collected but it remains in Nicaragua because of the political instability, social unrest, and US Government'sGovernment’s trade and economic sanctions; no transfer of funds to the US can be done at this time. Since these issues have yet to be resolved both domestically and internationally with Nicaragua, the $42,312$42,312 amount has not been paid in the US and has been written-off. Since the revenue was earned and collected in Nicaragua, the revenue remains recognized as an account receivable.

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NOTE 6 – Notes Receivable – Related Parties

Notes receivable related parties consisted of the following at September 30, 2022March 31, 2023 and December 31, 2021:2022:

 Schedule of notes receivable related parties    
  March 31, December 31,
  2023 2022
Investcom – See Note 8 Related Party $342,000  $342,000 
Rentcom – See Note 8 Related Party  76,000   76,000 
Total Notes Receivable  418,000   418,000 
Less: Allowance for Doubtful Accounts  (418,000)  (418,000)
         
Net Notes Receivable – Related Parties $-  $- 

 

 

September 30,

December 31,

 

2022

2021

Investcom – See Note 8 Related Party

$ 342,000

$  342,000

Rentcom – See Note 8 Related Party

76,000

76,000

Total Notes Receivable

418,000

418,000

Less:  Allowance for Doubtful Accounts

(418,000)

(418,000)

 

Net Notes Receivable – Related Parties

$  -

$  -

Since no collections have been received on the above notes through the date of this report, the Company has allowed for these notes receivable in full at December 31, 2017.

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NOTE 7 – Related Party Transactions

During the year ended December 31, 2017, one hundred ten (110) gaming machines were sold to a company controlled by Mr. Paul Parliament, the Company’s former chief executive officer, for a total of $770,000.$770,000. The sales were financed by a notes receivable in the amount of $342,000.$342,000. Due to uncertainty of repayment, the notes receivable of $342,000$342,000 were allowed for as a bad debt at December 31, 2017 (See Note 6). The above mentioned sales were also paid for by reducing Mr. Parliaments’ note payable from the Company in the amount of $76,000.  $76,000.


During the year ended December 31, 2017, seventy-five (75) gaming machines were sold to a company controlled by Mr. Doug Brooks, a former director of the Company, for a total of $525,000.$525,000. The sale reduced the note payable to Mr. Brooks in the amount of $209,000.$209,000. The sale was also financed by a note receivable in the amount of $76,000.$76,000. Due to uncertainty of repayment, the note receivable of $76,000$76,000 was allowed for as a bad debt at December 31, 2017 (See Note 6).

Due to Related Parties consist of payments of Company expenses by the Company’s two (2) current directors, one (1) former director. Amounts due were $186,120$216,791 and $140,656$193,570 at September 30, 2022March 31, 2023 and December 31, 2021,2022, respectively.

NOTE 7 – Related Party Transactions - continued

The Company utilizes the services of Yes International Inc., which is controlled by Mr. Richard Kaiser who is a member of the Board of Directors. Yes International provides all services at no cost except for press release wire services. For each of the three and nine months ended September 30,March 31, 2023 and 2022 and 2021 the Company paid press release wire services in the amount of $-0-.$-0-. The Company also currently operates out of the Yes International, Inc.LLC., offices at no cost.

NOTE 8 – Capital Stock

Preferred Stock

On January 16, 2017, the Company amended its certificate of incorporation to authorize an increase in blank check preferred shares to 50,000,000 from 5,000,000.  5,000,000. 10,000,000 of these blank check preferred shares have been separately allocated to Series A Preferred leaving 40,000,000 blank check preferred authorized. Preferred stock - A can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares of common stock.stock. At September 30, 2022March 31, 2023 and December 31, 2021,2022, there were -0--0- shares issued and outstanding.

Common Stock

On January 16, 2017, the Articles of Incorporation were amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock.

Stock Compensation Plan

On March 15, 2018, the Company resolved to adopt the Employees, Officers, Directors and Consultants Stock Plan for the Year 2018. The purpose of this Plan is to enable the Company, to promote the interests of the company and its stockholders by attracting and retaining employees, officers, directors and consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the company’s stockholders, by paying their retainers or fees in the form of shares of the Company’s common stock. The Plan shall expire on March 15, 2028. As of September 30, 2022,March 31, 2023, no shares had been issued from this plan.

NOTE 9 – Commitments and Contingencies

Beginning in 2018, the Company leases space at Yes International Inc.LLC., a related party, at no cost. Rent expense for the each of the three and nine months ended September 30,March 31, 2023 and 2022 and 2021 was $-0-.$-0-.

NOTE 10 - Subsequent Events

Coronavirus Impact (COVID-19)

DueOn April 11, 2023, a director and officer of the Company sold his controlling interest, approximately 67%, in a private transaction. Furthermore, the board of directors agreed with the creditors to eliminate previously accrued board of directors’ fees in the amount of $1,656,167 and amounts due to the recent outbreaktwo current directors in the amount of $203,602.

On April 12, 2023, the board of directors accepted the resignation of Mr. Merle Ferguson as the Company’s Chairman of the coronavirus reported in many countries worldwide, localBoard, Chief Executive Officer, and federal governments have issued travel advisories, canceled large scale public events and closed schools. In addition, companies have begunPresident, to cancel conferences and travel plans and require employees to work from home. Global financial markets have also experienced extreme volatility and disruptions to capital and credit markets.

We are unable to predictbe effective on the impactcompletion of the coronavirus on our operations at this time. Adverse events such as health-related concerns about working in our offices, the inability to travel, potential impact on our business partners and customers, and other matters affecting the general work and business environment could harm our business and delay the implementationseating of our business strategy. The adverse events may also adversely impact our ability to raise capital or to continue as a going concern. We continue to monitor the recent outbreaknew board of the coronavirus on our operations.directors

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ITEM 2. MANAGEMENT'SMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following information should be read in conjunction with our unaudited financial statements and related notes thereto included in Part I, Item 1, above. We also urge you to review and consider our disclosures describing various risks that may affect our business, which are set forth under the heading "Risk“Risk Factors," below.

Forward Looking Statements

Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:

 ·our ● our future strategic plans

 ·our ● our future operating results;

 ·our ● our business prospects;

 ·our ● our contractual arrangements and relationships with third parties;

 ·the ● the dependence of our future success on the general economy;

 ·our ● our possible future financing

  ·the ● the adequacy of our cash resources and working capital;. and

  ·the ● the Covid-19 pandemic

From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the Securities and Exchange Commission. Words or phrases "will“will likely result"result”, "are“are expected to"to”, "will continue"“will continue”, "is anticipated"“is anticipated”, "estimate"“estimate”, "project“project or projected"projected”, or similar expressions are intended to identify "forward-looking statements"“forward-looking statements”. Such statements are qualified in their entirety by reference to and are accompanied by the above discussion of certain important factors that could cause actual results to differ materially from such forward-looking statements.

Covid-19

Management is currently aware of the global and domestic issues arising from the Covid-19 pandemic and the possible direct and indirect effects on the company'scompany’s operations which could have a material adverse effect on the company'scompany’s current financial position, future results of operations, or liquidity, because its current operations are limited. However, investors should also be aware of factors, which includes the possibility of Covid-19 effects on operational status, could have a negative impact on the company'scompany’s prospects and the consistency of progress in the areas of revenue generation, liquidity, and generation of capital resources, once it begins to implement its business plan. These may include: (i) variations in revenue, (ii) possible inability to attract investors for its equity securities or otherwise raise adequate funds from any source should the company seek to do so, (iii) increased governmental regulation or significant changes in that regulation, (iv) increased competition, (v) unfavorable outcomes to litigation involving the company or to which the company may become a party in the future, and (vi) a very competitive and rapidly changing operating environment.

The risks identified here are not all inclusive. New risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the impact of all such risk factors on the company'scompany’s business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

The financial information set forth in the following discussion should be read with the financial statements of Bravo Multinational, Inc. included elsewhere herein. 

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Company Overview

We were originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, our name was changed to Java Group, Inc., which tried and failed to start a chain of coffee bars. On September 1, 2004, our name was changed to Consolidated General Corp., and under that name the company attempted to buy tier 2 and 3 professional sports teams, including the Vancouver Ravens lacrosse team and the San Diego Soccers soccer team. On August 7, 2007, our name was changed to Goldcorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co.

On March 22, 2016, the board of directors of the Registrant, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interest of the Registrant that the name of the Registrant should be changed to Bravo Multinational Incorporated, to reflect its new business, what is the purchase and leasing of gaming equipment. The change of name was to be effective upon compliance with all regulatory requirements mandated by FINRA. Further, as a result of the change of the Registrant'sRegistrant’s name the trading symbol for the shares of the Registrant'sRegistrant’s common stock has been changed to "BRVO,"“BRVO,” and Registrant'sRegistrant’s CUSIP identifier has been changed to 10568F109.

The Registrant filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

On January 16, 2017, the Company amended its certificate of incorporation to effect a one-for-three hundred (1:300) reverse stock split. This reverse stock split became effective as of the close of business on January 16, 2017. The reverse stock split had no effect on the par value of its common stock and did not reduce the number of authorized shares of common stock but reduced the number of issued and outstanding shares of common stock by the ratio. Accordingly, the issued and outstanding shares, stock options disclosures, net loss per share, and other per share disclosures for all periods presented have been retrospectively adjusted to reflect the impact of this reverse stock split. On April 3, 2017, FINRA- recognized and allowed the Company's 1:300 reverse stock split.

On October 4, 2019 the Company amended its Articles of Incorporation to designate 10,000,000 shares of its preferred stock to Preferred Stock Series A. The Series A will have a par value of $0.0001 per share, will be entitles to receive one hundred (100) time the dividends per share of common stock, will have 100:1 stock voting rights, 100:1 liquidation rights and conversion ratio of 1:100 to common stock. In addition to our authorized 1,000,000,000 shares of common stock, par value $0.0001 per share, Bravo Multinational is authorized to issue 50,000,000 shares of "Blank Check" Preferred stock of which 10,000,000 have been issued leaving 40,000,000 authorized but unissued, par value $0.0001 per share. There are no "Blank Check" preferred shares outstanding and no trading market for the shares of our "Blank Check "preferred stock.

On August 3, 2020, both the Board of Directors of the Company and the consent of the majority of the shareholders agreed in changing the Company'sCompany’s incorporation from the State of Delaware to the State of Wyoming. On September 29, 2020, the Company filed and mailed an "Information Statement"“Information Statement” to all shareholders of the record date, September 25, 2020, notifying shareholders of this approval to change the Company'sCompany’s state of its incorporation domicile from the State of Delaware to the State of Wyoming through a Reincorporation Merger of Bravo Multinational, Inc. a Delaware Corporation (Bravo Delaware) into its wholly owned Wyoming subsidiary Bravo Multinational, Inc. (Bravo Wyoming).

On October 09, 2020, The Company moved it state of incorporation from the State of Delaware to the State of Wyoming. After the move to Wyoming, authorized capital of Bravo Multinational Incorporated consists of an unlimited number of shares of Common Stock, par value $0.0001 per share, an unlimited number of shares of Preferred Stock, $0.0001 par value per share and an unlimited number of shares of Series Preferred 'A'‘A’ stock at a par value of $0.0001, which has the same characteristics as described above. The reincorporation did not affect total stockholder equity or total capitalization of the Company.

Current Business

We are engaged in the business of leasing and selling gaming equipment. We, however, ceased operations in Nicaragua due to political and economic instabilities. We are planning to operate our business in the US and within other more stable democracies in Latin America.

During October 2017 severe weather, hurricanes, rain and flooding occurred in Nicaragua where the company had its gaming machines operation. Lower tourism and local traffic due to these uncontrollable weather issues had an effect on the Company's machine revenues during the fourth quarter of 2017. The Company had purchased 300 gaming machines that were placed in casinos where they were producing a monthly revenue stream based on net wins of the each machine. Consequently, revenue and account receivable due on these machines cannot be collectable due to the social and economic conditions which prevailed after the storms. Currently, the country has economic and trade sanctions in place by the U.S. Government.

On or about the first week of December 2017, Centro de Entretenimiento y Diversion Mombacho S.A. and GameTouch, LLC notified management of serious issues throughout the Country of Nicaragua. Civil unrest started due to lack of simple social services, like electricity, running water and destroyed infrastructure from Hurricane Nate.  The ever growing political and civil unrest affected the country's economy, which had a direct effect on the gaming industry in Nicaragua. The dangerous situation throughout Nicaragua eliminated BRVO from operating its gaming interests, effectively. On December 30, 2017, management canceled the business contracts with both Centro de Entretenimiento y Diversion Mombacho S.A. and GameTouch, LLC. Subsequently, The US Government placed trade and financial sanctions on the Government of Nicaragua, which greatly affected BRVO's business practices in the country. As of January 2018, the Company ceased operations in Nicaragua.

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Management continues to look at other opportunities outside of the casino gaming industries as those opportunities present themselves. Management is in the process of conducting due diligence and negotiations in connection with other opportunities outside of the casino gaming industry. If a viable opportunity becomes available, management will determine if such an opportunity is accretive to the Company which could create shareholder value.

Former Business

We currently own 76.63 acres within seven patented claims with a 29.167% ownership interest. We allowed all of our BLM (Bureau of Land Management) unpatented and placer claims to expire. We may look to expand on our mining claim holdings in the future. Currently, the carrying value on such patented claims were fully impaired due to lack of economic viability of such properties.

For a complete discussion of the mining activities on our mining claims conducted by other parties, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the SEC. However it should be noted that we were not at any time a mining operator.  As described above, the Company owns mining claims, but none of those claims are leased to a third party. Since the mining operations no longer have any relevance to our business, we will only include financial information relating to revenues, expenses, and results of operations and other relevant information our mining properties if a business operation occurs on such claims.

Transfer Agent

Our transfer agent is Transfer Online, Inc. whose address is 512 SE Salmon Street, Portland, Oregon 97214, and telephone number (503) 227-2950.

Company Contact Information

Our principal executive offices are located at 2020 General Booth Blvd., Unit 230, Virginia Beach, VA 23454, telephone (757) 306-6090. The information to be contained in our Internet website, www.bravomultinational.com, shall not constitute part of this report.

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Current Directors

The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:

Merle Ferguson

(1)

Director

Richard Kaiser

Director

(1) Please refer to Item 5 - Subsequent Event

 

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Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations

Overall Operating Results:

Three Months – September 30,March 31, 2023 and 2022 and 2021 Statements

Revenues for Company for the three months ended September 30, 2022March 31, 2023 and 20212023 were $-0- and $-0-. Gaming machine sales of $-0-. Management ceased operations in Nicaragua due to political and economic instabilities.

Cost of sales for the three months ended September 30, 2022March 31, 2023 was $-0- and for the three months ended September 30, 2021March 31, 2022 was $-0-. The Company had no sales during each of the three months ended September 30, 2022March 31, 2023 and 2021.2023.

Gross profit for the three months ended September 30, 2022March 31, 2023 was $-0- and for the three months ended September 30, 2021March 31, 2022 was $-0-.

Total Operating expenses for three months ended September 30, 2022March 31, 2023 was $127,132$143,462 compared to $127,116$147,241 for the three months ended September 30, 2021.March 31, 2022. The increasedecrease during the three months ending September 30, 2022March 31, 2023 was attributed to a increasedecreases in Professional Fees and General and Administrative cost compared to the three months ending September 30, 2021.March 31, 2022.

Nine Months – September 30, 2022 and 2021 Statements

Revenues for Company for the nine  months ended September 30, 2022 and 2021 were $-0- and $-0-. Gaming machine sales of $-0-. Management ceased operations in Nicaragua due to political and economic instabilities.

Cost of sales for the nine months ended September 30, 2022 was $-0- and for the nine months ended September 30, 2021 was $-0-. The Company had no sales during each of the nine months ended September 30, 2021 and 2022.

Gross profit for the nine months ended September 30, 2022 was $-0- and for the nine months ended September 30, 2021 was $-0-.

Total Operating expenses for nine months ended September 30, 2022 was $401,427 compared to $400,264 for the nine months ended September 30, 2021. The increase during the nine months ending September 30, 2022 was attributed to increases in Professional Fees.

Net Loss:

Net loss for the three months ended September 30,March 31, 2023 and 2022 were $143,462 and 2021 were $127,132 and $127,203,$147,241, respectively. The decrease during the three months ending September 30, 2022March 31, 2023 was attributed in reductions in Professional fees and General and Administrative costs compared to the three months ending September 30, 2021March 31, 2022 loss of $127,203.$147,241.

Net loss for the nine months ended September 30, 2022 and 2021 were $401,427 and $400,526, respectively. The increase during the nine months ending September 30 , 2022 was attributed to increases in Professional Fees.

Liquidity and Capital Resources:

As of September 30 , 2022,March 31, 2023 the Company'sCompany’s assets totaled $103,$43, which consisted of cash of $103.cash. Our total liabilities were $1,640,936.$1,910,969. As of September 30, 2022,March 31, 2023, the Company had an accumulated deficit of $90,814,089$91,084,182 and a working capital deficit of $1,640,833.$1,910,926.

As indicated herein, we need capital for the implementation of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the company is able to raise working capital, it is likely that the Company will either have to cease operations or substantially change its methods of operations or change its business plan. For the next 12 months the Company has an oral commitment from its CEO and CFO to advance funds as necessary in meeting our operating requirements.plan (Read Item 5 -Other Information).

Cash Provided by (Used in) Operating Activities

Net cash used in operating activities for the ninethree months ended September 30, 2022March 31, 2023 was $45,555$23,251, and for the ninethree months ended September 30, 2021March 31, 2022 was $45,042, respectively.$29,097. The increasedecrease in the amount of cash used during the ninethree months ended September 30, 2022March 31, 2023 was due to the increasesdecreases in operating expenses when compared to the ninethree months ended September 30, 2021.March 31, 2022.

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Cash Flows from Investing Activities

Net cash used in investing activities was $-0- and -0- for the ninethree months ended September 30, 2022March 31, 2023 and 2021.2022.

Cash Provided by (Used In) Financing Activities

Net cash provided by financing activities for the ninethree months ended September 30, 2022March 31, 2023 was $45,564$23,221 and for the ninethree months ended September 30, 2021March 31, 2022 was $38,892.$29,097. The increasedecreases in the amount was attributed to the increasesdecreases in cash infusions by the Company'sCompany’s directors and related parties that were used in operating expenses .expenses.

Critical Accounting Policies

Our consolidated financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management'smanagement’s application of accounting policies. Critical accounting policies include revenue recognition and impairment of long-lived assets.

New Accounting Pronouncements

Bravo Multinational, Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company, or any of its subsidiaries'subsidiaries’ operating results, financial position, or cash flow.

Accounting Principals

Our consolidated financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management'smanagement’s application of accounting policies. Critical accounting policies include revenue recognition and impairment of long-lived assets.

Revenue Recognition

In accordance with ASC Topic 606,Revenue from Contracts with Customers ("(“ASC 606"606”), revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: (1)Identify the contract with a client; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.

We adopted this ASU on January 1, 2018. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

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Going Concern

We have incurred net losses since our inception. We anticipate incurring additional losses before realizing growth in revenue and we will depend on additional financing in order to meet our continuing obligations and ultimately to attain profitability. Our ability to obtain additional financing, whether through the issuance of additional equity or through the assumption of debt, is uncertain. Accordingly, our independent auditors'auditors’ report on our financial statements for the year ended December 31, 20212022 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern, including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure. The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. 

Based on our evaluation, our Principal Executive Officer and Principal Financial Officer, after considering the existence of material weaknesses identified, determined that our internal control over financial reporting disclosure controls and procedures were not effective as of September 30, 2022.March 31, 2023.

Evaluation of Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management, including our Principal Executive Officer and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting as of September 30, 2022.March 31, 2023. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"(“COSO”) in Internal Control – Integrated Framework (2013).

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We identified the following deficiencies which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of September 30, 2022: March 31, 2023: 

-The Company has inadequate segregation of duties within its cash disbursement control design.

- The Company has inadequate segregation of duties within its cash disbursement control design.

-During the period ended March 31, 2023 the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.

- During the period ended September 30, 2022, the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.


It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of the control system, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

This report does not include an attestation report of the Company'sCompany’s registered public accounting firm regarding internal control over financial reporting. Management'sManagement’s report was not subject to attestation by the Company'sCompany’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management'smanagement’s report in this annual report.

We regularly review our system of internal control over financial reporting to ensure that we maintain an effective internal control environment. If deficiencies appear in our internal controls, management will make changes that address those deficiencies.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company'sCompany’s internal control over financial reporting that occurred during the reporetingreporting period ended September 30, 2022March 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company'sCompany’s internal control over financial reporting.

Coronavirus Impact (COVID-19)

Due to the recent outbreak of the coronavirus reported in many countries worldwide, local and federal governments have issued travel advisories, canceled large scale public events and closed schools. In addition, companies have begun to cancel conferences and travel plans and require employees to work from home. Global financial markets have also experienced extreme volatility and disruptions to capital and credit markets.

We are unable to predict the impact of the coronavirus on our operations at this time. Adverse events such as health-related concerns about working in our offices, the inability to travel, potential impact on our business partners and customers, and other matters affecting the general work and business environment could harm our business and delay the implementation of our business strategy. The adverse events may also adversely impact our ability to raise capital or to continue as a going concern. We continue to monitor the recent outbreak of the coronavirus on our operations. The global economic slowdown and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company'sCompany’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties which the Company faces.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

At this time, there are no materials pending legal proceedings to which the Company is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

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ITEM 4. MINING SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION.INFORMATION

None

Subsequent Events

On April 11, 2023, as a result of a private transaction, the control block of voting stock of Bravo was transferred from an officer and director to previously unaffiliated third parties. This transaction was described more specifically in the Company’s Current Report on Form 8-K filed on April 27, 2023. As part of this transaction fees and salaries previously accrued were forgiven and eliminated. It is anticipated that a change in the Company’s business model and a change in control of the board will occur shortly, when all regulatory requirements have been met. (See footnote 10 to the financial statements.)

As part of the transaction described above, the following individuals were appointed to the positions set forth beside their names below:

NamePosition
Grant CramerDirector/Chief Executiver Officer
Frank J. Hagne, Jr.Director/President
Kayal SlickDirector/Cheif Operations Officer
Josh VanceDirector

 

These appointments will become effective when all applicable regulatory filings have been made.

Biographes:

GRANT CRAMER - CEO & Directo r- Grant Cramer is a prominent figure in the entertainment industry with over three decades of experience. He has worked as an actor, writer, director, producer, and production executive. As the founder and president of Landafar Entertainment and Global Pictures Media, he has overseen the development and production of 14 feature films, including End Of Watch, Escape Plan, and 2 Guns. Mr. Cramer’s impressive filmography includes executive producing Lone Survivor, November Man, and Arctic Dogs. He also produced And So It Goes, which was directed by Rob Reiner and starred Michael Douglas and Diane Keaton. His 30-minute short film Say Goodnight, Michael won several awards, including the Grand Jury Award at the New York International Independent Film Festival. Mr. Cramer is currently working on several upcoming projects, including Neponset Circle and On Silver Wings.

FRANK HAGAN - President & Director - Frank Hagan is a seasoned producer with over 30 years of experience in the entertainment industry. His expertise ranges from national and local TV shows to award-winning talk shows and reality programs. With his reputation for producing solid and marketable program ideas, he has worked for various networks, streaming platforms, and even Broadway. In addition to producing, Mr. Hagan has worked in programming and general management, as well as consulting and owning his production company. He has produced shows for major networks and companies, including Discovery, History Channel, and Relativity Media. Most recently, he served as a consulting producer for Electric Entertainment’s ElectricNOW!, the Saturn Awards, and worked as a regular weekly panelist for Outlaw Internet Radio.

KAYLA SLICK - COO & Director - Kayla Slick is a versatile executive with over 15 years of experience in various industries including finance, healthcare, technology, retail, hospitality, and entertainment. She has specialized in operations management, business development, strategic and digital marketing, public relations, pipeline planning, and product development. Mrs. Slick has a proven track record of successfully managing rapid revenue growth environments, co-founding The PRIME Symposium, and significantly increasing revenues and survey participation for INSIDE Public Accounting. In 2016, she joined Interactive Digital Solutions, where she developed the Sales Development Program and was later promoted to Marketing Communications Director for IDS’ flagship product, MedSitter®. Mrs. Slick has consulted and managed multiple organizations through various projects, including post-acquisition integration strategies. She is a member of the American Marketing Association and earned her Bachelor of Science in Financial Counseling & Planning and Organizational Leadership & Supervision, and she is currently pursuing her Master of Science in Communications at Purdue University.

JOSH VANCE - Director - Josh Vance has been in commercial real estate since 1999 and has extensive experience in sales and leasing of various properties. His background in owning, maintaining, and investing in varying business ventures provides him with valuable insights into the industry, ensuring his clients get the best possible results. Mr. Vance’s commitment to education led him to receive a CCIM designation in 2008, and he is currently the CCIM UT Chapter President. With his unique marketing efforts, reliable negotiation skills, and enthusiasm, Mr. Vance consistently places among the top producers in the company, establishing loyal client relationships. He is dedicated to providing his clients with information and options, ensuring that they make informed decisions that meet their individual needs.

Mr. Richard Kaiser has agreed to remain with the Company as CFO and Director.

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ITEM 6. EXHIBITS

Exhibit No.

Identification of Exhibit

31.1+

Certification of Merle Ferguson Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

31.2+

Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

32.1+

Certification of Merle Ferguson Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

32.2+

Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101+

iXBRL Interactive Exhibits.

104+

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)+

 

+filed herewith

SIGNATURES

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRAVO MULTINATIONAL INCORPORATED

Dated: May 05, 2023

 Dated: November 3, 2022

By:  /s/ /s/ Merle Ferguson

Merle Ferguson

Merle Ferguson

Chief Executive Officer

 

By: /s/Richard Kaiser

Richard Kaiser

Chief Financial Officer



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