(Exact name of registrant as specified in its charter) |
Wyoming | 26-4144571 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
99 Wall Street, Suite 891, New York City, New York 10005 |
(Address of principal executive offices) |
(212)398-0002 |
(Registrant’s telephone number, including area code) |
Large accelerated filer | Accelerated filer | ||
Non-accelerated filer | Smaller reporting company | ||
¨ | Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock | BOMO | OTC Markets - Other |
1) | The interim financial information referred to above has been prepared and presented in conformity with generally accepted accounting principles applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures necessary and required to be included by the laws and regulations to which the Company is subject. |
2) | We have designed our internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of interim financial information for external purposes in accordance with generally accepted accounting principles. |
3) | We have disclosed to you all deficiencies in the design or operation of internal control over financial reporting identified as part of our evaluation, including separately disclosing to you all such deficiencies that we believe to be significant deficiencies or material weaknesses in internal control over financial reporting. |
4) | Management's certification regarding internal control over financial reporting as of March 31, 2023 discloses any changes in the Company's internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. |
5) | We have made available to you all— |
a) | Financial records and related data. |
b) | Minutes of the meetings of stockholders, directors, and committees of directors, or summaries of actions of recent meetings for which minutes have not yet been prepared. All significant board and committee actions are included in the summaries. |
6) | There have been no communications from the SEC or other regulatory agencies regarding noncompliance with, or deficiencies, in financial reporting practices. |
7) | There are no material transactions that have not been properly recorded in the accounting records underlying the interim financial information. |
8) | We are not aware of any uncorrected financial statement misstatements. |
9) | We acknowledge our responsibility for the design and implementation of programs and controls to prevent and detect fraud. |
10) | We have no knowledge of any fraud or suspected fraud affecting the Company involving: |
a) | Management; |
b) | Employees who have significant roles in internal control over financial reporting; or |
c) | Others where the fraud could have a material effect on the interim financial information. |
11) | We have no knowledge of any allegations of fraud or suspected fraud affecting the Company received in communications from employees, former employees, analysts, regulators, short sellers, or others. |
12) | The Company has no plans or intentions that may materially affect the carrying value or classification of assets and liabilities. |
13) | The following have been properly recorded or disclosed in the interim financial information: |
a) | Related-party transactions, including sales, purchases, loans, transfers, leasing arrangements, and guarantees, and amounts receivable from or payable to related parties. |
b) | Guarantees, whether written or oral, under which the Company is contingently liable. |
c) | Significant estimates and material concentrations known to management that are required to be disclosed in accordance with the AICPA Statement of Position 94-6, Disclosure of Certain Significant Risks and Uncertainties. |
14) | There are no: |
a) | Violations or possible violations of laws or regulations whose effects should be considered for disclosure in the interim financial information or as a basis for recording a loss contingency. |
b) | Unasserted claims or assessments that are probable of assertion and must be disclosed in accordance with FASB ASC 450. |
c) | Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB ASC 450. |
15) | The Company has appropriately reconciled its general ledger accounts to their related supporting information. All reconciling items considered to be material were identified and included on the reconciliations and were appropriately adjusted in the interim financial information. All intracompany (and intercompany) accounts have been eliminated or appropriately measured and considered for disclosure in the interim financial information. |
16) | The Company has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets, nor has any asset been pledged as collateral. j |
17) | The company has complied with all aspects of contractual agreements that would have a material effect on the interim financial information in the event of noncompliance. |
18) | The company is not aware of any violation of the Foreign Corrupt Practices act. |
19) | Our plans with respect to alleviating the adverse financial conditions that caused you to express substantial doubt about the Company's ability to continue as a going concern are as follows: |
a) | Debt and/or equity placements and continued loans and advances from shareholders and those associated with the company. |
i |
1 |
September 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 95,088 | $ | 385 | ||||
Accounts receivable | - | 37,638 | ||||||
Total Assets | $ | 95,088 | $ | 38,023 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 417,253 | $ | 65,853 | ||||
Accrued expenses | 286 | 286 | ||||||
Accrued interest | 753,985 | 18,602 | ||||||
Accrued officer compensation | 1,007,292 | 556,394 | ||||||
Convertible Notes | 362,325 | 84,681 | ||||||
Put premium on stock settled debt | 156,116 | - | ||||||
Derivative liability | - | 110,992 | ||||||
Deferred revenue | - | 3,108 | ||||||
Loans payable, current portion | 257,185 | - | ||||||
Total Current Liabilities | 2,954,442 | 839,916 | ||||||
Loans payable, net of current portion | 306,815 | 40,401 | ||||||
Total Liabilities | 3,261,257 | 880,317 | ||||||
Commitments and Contingencies (Note 13) | ||||||||
STOCKHOLDERS’ DEFICIT: | ||||||||
Series A Preferred stock, 3,500,000 shares authorized, par value $0.01; 3,381,520 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 33,815 | - | ||||||
Series B Preferred stock, 10,000 shares authorized, par value $0.01; 5,000 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 50 | - | ||||||
Series C Preferred stock, 10,000,000 shares authorized, par value $0.01; 5,000,000 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 50,000 | - | ||||||
Series D Preferred stock, 125,000 shares authorized, par value $0.0001; 125,000 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 12 | - | ||||||
Series E Preferred stock to be issued | 166,331 | - | ||||||
Series F Preferred stock, 101 shares authorized, par value $0.0001; 101 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | - | - | ||||||
Series G Preferred stock, 1,000,000 shares authorized, par value $0.0001; 1,000,000 and 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 1,000 | - | ||||||
Series AA Preferred stock, 10,000,000 shares authorized, par value $0.0001; 0 and 652,259 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | - | 652 | ||||||
Series Super Preferred stock, 10,000,000 shares authorized, par value $0.0001; 0 and 500 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | - | 1 | ||||||
Common stock 20,000,000,000 shares authorized, $0.0001 par value; 15,628,974,812 and 18,150,000 shares issued and outstanding, respectively at September 30, 2022 and December 31, 2021 | 218,358 | 18,150 | ||||||
Common stock to be issued, 2,550,000 and 0 shares as of September 30, 2022 and December 31, 2021, respectively | 26 | - | ||||||
Treasury stock, at cost – 2,917 shares and 0 shares as of September 30, 2022 and December 31, 2021, respectively | (773,500 | ) | - | |||||
Additional paid in capital | 2,711,866 | 3,802,391 | ||||||
Accumulated deficit | (5,574,127 | ) | (4,663,488 | ) | ||||
Total Stockholders’ Deficit | (3,166,169 | ) | (842,294 | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | 95,088 | $ | 38,023 |
March 31, 2023 | December 31, 2022 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 87,616 | $ | 167,103 | ||||
Accounts receivable | - | 15,542 | ||||||
Prepaid expenses and other current assets | 858 | 858 | ||||||
Total Current Assets | 88,474 | 183,503 | ||||||
Total Assets | $ | 88,474 | $ | 183,503 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 952,859 | $ | 813,378 | ||||
Accrued expenses | 200,000 | 200,286 | ||||||
Accrued interest | 331,986 | 366,622 | ||||||
Accrued officer compensation | 1,113,211 | 1,074,361 | ||||||
Loans payable, current portion | 113,006 | 113,006 | ||||||
Loans payable, related party | 190,500 | 190,500 | ||||||
Convertible Notes, net of debt discount | 607,222 | 669,581 | ||||||
Put premium on stock settled debt | 199,684 | 219,687 | ||||||
Derivative liability | 936,636 | 2,172,250 | ||||||
Deferred revenue | - | - | ||||||
Total Current Liabilities | 4,645,104 | 5,819,671 | ||||||
Loans payable, net of current portion | 260,494 | 260,494 | ||||||
Total Liabilities | 4,905,598 | 6,080,165 | ||||||
Commitments and Contingencies | ||||||||
STOCKHOLDERS’ DEFICIT: | ||||||||
Series A Preferred stock, 3,500,000 shares authorized, par value $0.01; 3,381,520 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 33,815 | 33,815 | ||||||
Series B Preferred stock, 10,000 shares authorized, par value $0.01; 5,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 50 | 50 | ||||||
Series C Preferred stock, 10,000,000 shares authorized, par value $0.01; 5,000,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 50,000 | 50,000 | ||||||
Series D Preferred stock, 125,000 shares authorized, par value $0.0001; 125,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 12 | 12 | ||||||
Series E Preferred stock to be issued | 166,331 | 166,331 | ||||||
Series F Preferred stock, 101 shares authorized, par value $0.0001; 101 shares issued and outstanding as of March 31 ,2023 and December 31, 2022 | - | - | ||||||
Series G Preferred stock, 1,000,000 shares authorized, par value $0.0001; 1,000,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 1,000 | 1,000 | ||||||
Series AA Preferred stock, 10,000,000 shares authorized, par value $0.0001; No shares issued and outstanding as of March 31, 2023 and December 31, 2022 | - | - | ||||||
Series Super Preferred stock, 10,000,000 shares authorized, par value $0.0001; No shares issued and outstanding as of March 31, 2023 and December 31, 2022 | - | - | ||||||
Common stock 40,000,000,000 shares authorized, $0.00001 par value; 31,297,119,462 and 27,049,736,362 shares issued and outstanding, respectively at March 31, 2023 and December 31, 2022, respectively | 312,971 | 270,497 | ||||||
Common stock to be issued, 2,550,000 shares as of March 31, 2023 and December 31, 2022 | 26 | 26 | ||||||
Treasury stock, at cost – 2,917 shares as of March 31, 2023 and December 31, 2022 | (773,500 | ) | (773,500 | ) | ||||
Additional paid in capital | 4,018,454 | 3,599,032 | ||||||
Accumulated deficit | (8,626,283 | ) | (9,243,925 | ) | ||||
Total Stockholders’ Deficit | (4,817,124 | ) | (5,896,662 | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | 88,474 | $ | 183,503 |
2 |
For the three months ended | ||||||||
March 31, 2023 | March 31, 2022 | |||||||
Revenue | $ | 4,476 | $ | 88,667 | ||||
Cost of revenue | - | 27,579 | ||||||
Gross profit | 4,476 | 61,088 | ||||||
Operating expenses: | ||||||||
Compensation expense | 121,314 | 102,268 | ||||||
Consulting fees | 30,000 | - | ||||||
Professional fees | 160,054 | 10,000 | ||||||
General and administrative | 76,581 | 6,327 | ||||||
Total operating expenses | 387,949 | 118,595 | ||||||
Loss from operations | (383,473 | ) | (57,507 | ) | ||||
Other income (expenses): | ||||||||
Interest expense | (269,500 | ) | (5,010 | ) | ||||
Forgiveness of notes payable – PPP loan | - | - | ||||||
Grant income | - | - | ||||||
Gain on new methodology for accounting for debt conversion features | - | - | ||||||
Initial recognition of derivative liability | (32,429 | ) | - | |||||
Change in fair value of derivative liability | 1,303,044 | (1,545 | ) | |||||
Total other income (expenses) | 1,001,115 | (6,555 | ) | |||||
Loss before income taxes | 617,642 | (64,062 | ) | |||||
Provision for income taxes | - | - | ||||||
Net Loss | 617,642 | (64,062 | ) | |||||
Net loss per common share – basic and diluted | $ | - | $ | - | ||||
Weighted average common shares – basic and diluted | 28,158,862,202 | 18,150,000 |
3 |
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||
Revenue | $ | - | $ | 67,400 | $ | 149,848 | $ | 76,400 | ||||||||
Cost of revenue | - | 178 | 48,470 | 178 | ||||||||||||
Gross profit (loss) | - | 67,222 | 101,378 | 76,222 | ||||||||||||
Operating expenses: | ||||||||||||||||
Compensation expense | 98,375 | 102,268 | 301,660 | 306,803 | ||||||||||||
Consulting fees | 75,000 | - | 121,667 | - | ||||||||||||
Professional fees | 117,119 | - | 247,837 | - | ||||||||||||
General and administrative | 68,820 | 12,879 | 123,735 | 13,927 | ||||||||||||
- | - | |||||||||||||||
Total operating expenses | 359,314 | 115,147 | 794,899 | 320,730 | ||||||||||||
Loss from operations | (359,314 | ) | (47,925 | ) | (693,521 | ) | (244,508 | ) | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | (200,269 | ) | (2,135 | ) | (243,429 | ) | (61,082 | ) | ||||||||
Gain on new methodology for accounting for debt conversion features | - | - | 27,856 | - | ||||||||||||
Change in fair value of derivative liability | - | (17,538 | ) | (1,545 | ) | (17,470 | ) | |||||||||
Total other income (expenses) | (200,269 | ) | (19,673 | ) | (217,118 | ) | (78,552 | ) | ||||||||
Loss before income taxes | (559,583 | ) | (67,598 | ) | (910,639 | ) | (323,060 | ) | ||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net Loss | (559,583 | ) | (67,598 | ) | (910,639 | ) | (323,060 | ) | ||||||||
Net loss per common share – basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.02 | ) | ||||
Weighted average common shares – basic and diluted | 18,514,334,448 | 18,150,000 | 8,488,815,838 | 18,150,000 |
Series AA | Super | Series A | Series B | Series C | Series D | Series F | Series G | Series E Preferred | Additional | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Stock to be issued | Common Stock | Common Stock | Paid-In | Treasury | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | to be Issued | Capital | Stock | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31.2022 | - | - | - | - | 3,381,520 | 33,815 | 5,000 | 50 | 5,000,000 | 50,000 | 125,000 | 12 | 101 | - | 1,000,000 | 1,000 | - | 166,331 | 27,049,736,362 | 270,497 | 26 | 3,599,032 | (773,500 | ) | (9,243,925 | ) | (5,896,662 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 28,314 | - | - | 28,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relative Fair value of warrants issued with convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14,995 | - | - | 14,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued For extinguishment of convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4,247,383,100 | 42,474 | - | 376,113 | - | - | 418,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 617,642 | 617,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31.2023 | - | - | - | - | 3,381,520 | 33,815 | 5,000 | 50 | 5,000,000 | 50,000 | 125,000 | 12 | 101 | - | 1,000,000 | 1,000 | - | 166,331 | 31,297,119,462 | 312,971 | 26 | 4,018,454 | (773,500) | (8,626,283 | ) | (4,817,124 | ) |
Series AA Preferred Stock | Super Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Series E Preferred Stock to be issued | Common Stock | Common Stock to be | Additional Paid-In | Treasury | Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Issued | Capital | Stock | Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31,2021 | 652.259 | - | 500 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 270,497 | - | 3,599,032 | - | (9,243,925 | ) | (5,374,395 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (64,062 | ) | (64,062 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31,2022 | 652,259 | - | 500 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 270,497 | - | 3,599.032 | - | (9,307,987 | ) | (5,438.457 | ) |
4 |
March 31, | March 31, | |||||||
2023 | 2022 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income (loss) | 617,642 | $ | (64,062 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Interest expense incurred on put premium on stock settled debt | 30,000 | - | ||||||
Amortization of debt discount | 245,146 | - | ||||||
Stock-based compensation and shares issued for services | 96,314 | - | ||||||
Expenses incurred on extinguishment of convertible debt and accrued interest | 17,075 | - | ||||||
Initial derivative expense | 32,429 | - | ||||||
Change in fair value of derivative liability | (1,303,044 | ) | 1,545 | |||||
Changes in operating assets and liabilities (net of amounts acquired): | ||||||||
Accounts receivable | 15,542 | (2,112 | ) | |||||
Accounts payable | 138,972 | - | ||||||
Accrued expenses | (286 | ) | 5,011 | |||||
Accrued interest | (8,127 | ) | - | |||||
Accrued compensation | 38,850 | 48,268 | ||||||
Deferred revenue | - | (3,108 | ) | |||||
Net Cash (Used In) Operating Activities | (79,487 | ) | (14,458 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Proceeds from loans payable | - | 269,100 | ||||||
Net Cash Provided by Financing Activities | - | 269,100 | ||||||
Net Change in Cash and Cash Equivalents | (79,487 | ) | 254,642 | |||||
Cash And Cash Equivalents - Beginning of Periof | 167,103 | 385 | ||||||
Cash And Cash Equivalents - End of Period | 87,616 | $ | 255,027 |
Series AA | Su per | Series A | Series B | Series C | Series D | Series F | Series G | Series E Preferred | Additional | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Stock to be issued | Common Stock | Common Stock | Paid-In | Treasury | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | to be Issued | Capital | Stock | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | 652,259 | 652 | 500 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | - | 3,802,391 | - | (4,663,488 | ) | (842,294 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (64,062 | ) | (64,062 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 652,259 | 652 | 500 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | - | 3,802,391 | - | (4,727,550 | ) | (906,356 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recapitalization at reverse merger - May 4, 2022 | (652,259 | ) | (652 | ) | (500 | ) | (1 | ) | 3,381,520 | 33,815 | 5,000 | 50 | 5,000,000 | 50,000 | 125,000 | 12 | 101 | 0 | 1,000,000 | 1,000 | - | 166,331 | 8,936,864,497 | 71,400 | 26 | (2,630,899 | ) | (773,500 | ) | - | (3,082,418 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued with convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 306,220 | - | - | 306,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for extinguishment of convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,673,960,315 | 66,740 | - | 532,379 | - | - | 599,119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ( 286,994 | ) | (286,994 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | - | - | - | - | 3,381,520 | 33,815 | 5,000 | 50 | 5,000,000 | 50,000 | 125,000 | 12 | 101 | 0 | 1,000,000 | 1,000 | - | 166,331 | 15,628,974,812 | 156,290 | 26 | 2,010,091 | (773,500 | ) | (5,014,544 | ) | (3,370,429 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for extinguishment of convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,206,841,792 | 62,068 | - | 676,812 | - | - | 738,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued with convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 24,963 | - | - | 24,963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ( 559,583 | ) | (559,583 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | - | - | - | - | 3,381,520 | 33,815 | 5,000 | 50 | 5,000,000 | 50,000 | 125,000 | 12 | 101 | 0 | 1,000,000 | 1,000 | - | 166,331 | 21,835,816,604 | 218,358 | 26 | 2,711,866 | (773,500 | ) | (5,574,127 | ) | (3,166,169 | ) |
Seri es AA | Su per | Series A | Ser ies B | Ser ies C | Serie s D | Series F | Seri es G | Series E Preferred | Additional | Additional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Stock to be issued | Common Stock | Paid-In | Paid-In | Treasury | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Capital | Stock | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | 652,259 | 652 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | 3,802,342 | 3,802,342 | - | (4,397,571 | ) | (576,427 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (137,155 | ) | (137,155 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 652,259 | 652 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | 3,802,342 | 3,802,342 | - | (4,534,726 | ) | (713,582 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (118,307 | ) | (118,307 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 652,259 | 652 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | 3,802,342 | 3,802,342 | - | (4,653,033 | ) | (831,889 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (67,598 | ) | (67,598 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 652,259 | 652 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,150,000 | 18,150 | 3,802,342 | 3,802,342 | - | (4,720,631 | ) | (899,487 | ) |
For the Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net l oss | $ | (910,639 | ) | $ | (323,060 | ) | ||
Adjustments to reconcile net l oss to net cash (used in) provided by operating activities: | ||||||||
Convertible debt issued for services | 123,757 | - | ||||||
Gain on new methodology for accounting for debt conversion features | (27,856 | ) | - | |||||
Expenses incurred on extinguishment of convertible debt and accrued interest | 90,246 | - | ||||||
Change in fair value of derivative liability | 1,545 | 17,470 | ||||||
Debt discount amortization | 109,236 | 42,456 | ||||||
Interest expense incurred on put premium on stock settled debt | 60,717 | - | ||||||
Changes in Operating Assets and Liabilities: | ||||||||
Accounts receivable | 37,638 | (28,500 | ) | |||||
Accrued interest | 73,485 | 18,626 | ||||||
Accrued officer compensation | 22,565 | 273,887 | ||||||
Deferred revenue | (3,108 | ) | - | |||||
Net Cash (Used in) provided by Operating Activities | (422,414 | ) | 879 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Cash acquired in Merger | 517 | - | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from loans payable | 269,100 | - | ||||||
Proceeds from convertible notes | 247,500 | - | ||||||
Net Cash Provided by Financing Activities | 516,600 | - | ||||||
Net Increase in Cash | 94,703 | 879 | ||||||
Cash at Beginning of Period | 385 | 111 | ||||||
Cash at End of Period | $ | 95,088 | $ | 990 | ||||
Cash paid during the period for: | ||||||||
Interest | $ | $ | - | |||||
Income taxes | $ | - | $ | - | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Common stock issued for extinguishment of debt and accrued interest | $ | 1,027,729 | $ | - | ||||
Tangible assets acquired in Merger | $ | 3,082,419 | $ | - | ||||
Equity acquired in Merger, net of cancellation of shares | $ | 3,063,589 | $ | - | ||||
Debt discount associated with issuance of warrants | $ | 333,893 | $ | - | ||||
Put premium on stock settled debt extinguishment | $ | 220,025 | $ | - | ||||
Issuance of Series G Preferred Stock | $ | 1,000 | $ | - |
5 |
Tangible Assets Acquired: | Allocation | |||
Cash and cash equivalents | 517 | |||
Accounts payable | (326,400 | ) | ||
Accrued interest | (1,197,027 | ) | ||
Accrued officer compensation | (453,333 | ) | ||
Convertible Notes | (620,933 | ) | ||
Put premium on stock settled debt | (230,743 | ) | ||
Loans payable | (254,500 | ) | ||
Net Tangible Assets Acquired | $ | (3,082,419 | ) | |
Equity Acquired: | ||||
Series A Preferred stock, 3,500,000 shares authorized, par value $0.01; 3,381,520 shares issued and outstanding | (33,815 | ) | ||
Series B Preferred stock, 10,000 shares authorized, par value $0.01; 5,000 shares issued and outstanding | (50 | ) | ||
Series C Preferred stock, 10,000,000 shares authorized, par value $0.01; 5,000,000 shares issued and outstanding | (50,000 | ) | ||
Series D Preferred stock, 125,000 shares authorized, par value $0.0001; 125,000 shares issued and outstanding | (12 | ) | ||
Series E Preferred stock to be issued | (166,331 | ) | ||
Common stock 20,000,000,000 shares authorized, $0.00001 par value; 8,955,014,498 shares issued and outstanding | (89,550 | ) | ||
Treasury stock, at cost – 2,917 shares | 773,500 | |||
Additional paid in capital | (2,648,676 | ) | ||
Consideration: | ||||
Series G Preferred Stock holding the voting rights to 78% of the total voting equity securities to Bowmo’s stockholders |
September 30, 2022 | December 31, 2021 | |||||||
Recruiting as a service | - | 3,108 | ||||||
Total deferred revenue | $ | - | $ | 3.108 |
Three months ended | ||||||||
September 30, 2022 | September 30, 2021 | |||||||
Direct placement | $ | - | $ | 46,100 | ||||
Recruiting as a Service | - | 21,300 | ||||||
Total revenues | $ | - | $ | 67,400 |
Nine months ended | ||||||||
September 30, 2022 | September 30, 2021 | |||||||
Direct placement | $ | 100,750 | $ | 46,100 | ||||
Recruiting as a Service | 49,098 | 30,300 | ||||||
Total revenues | $ | 149,848 | $ | 76,400 |
Level 1: | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
Level 2: | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
Level 3: | Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
6 |
Fair Value at September 30, | Fair Value Measurement Using | |||||||||||||||
2022 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative liability | $ | - | $ | - | $ | - | $ | - | ||||||||
Warrants | $ | 328,694 | $ | - | $ | - | $ | 328,694 |
Fair Value at December 31, | Fair Value Measurement Using | |||||||||||||||
2021 | Level 1 | Level 2 | Level 3 | |||||||||||||
Derivative liability | $ | 110,992 | $ | - | $ | - | $ | 110,992 | ||||||||
Warrants | $ | - | $ | - | $ | - | $ | - |
Balance at December 31, 2020 | $ | 93,172 | ||
Addition of new derivative liabilities | - | |||
Change in fair value of derivative liability | 17,470 | |||
Balance at September 30, 2021 | $ | 110,642 | ||
Balance at December 31, 2021 | $ | 110,992 | ||
Change in fair value of derivative liability | 1,545 | |||
Transfer to put premium | (112,537 | ) | ||
Balance at September 30, 2022 | $ | - |
7 |
For the three months ended | ||||||||
March 31, 2023 | March 31, 2022 | |||||||
Direct placement | $ | - | $ | 39,750 | ||||
Recruiting as a Service | 4,476 | 48,917 | ||||||
Total revenues | $ | 4,476 | $ | 88,667 |
8 |
Description | Fair Value | |||
Cash | $ | 1,633 | ||
Prepaid expenses | 997 | |||
Loss on acquisition – related party | 197,370 | |||
$ | 200,000 |
Rate | March 31, 2023 | December 31, 2022 | ||||||||||
Loan 1 | 1 | % | $ | 27,000 | $ | 27,000 | ||||||
Loan 2 | 1 | % | 3,000 | 3,000 | ||||||||
Loan 3 | 8 | % | 64,000 | 64,000 | ||||||||
Loan 4 | 8 | % | 160,500 | 160,500 | ||||||||
Loan 5 | 3.75 | % | 309,500 | 309,500 | ||||||||
Total | $ | 564,000 | $ | 564,000 |
September 30, 2022 | December 31, 2021 | |||||||
Total | $ | 517 | $ | - |
Balance at December 31, 2021 | $ | 18,602 | ||
Add: Accrued interest acquired in Merger | 1,197,027 | |||
Add: Accrued interest on outstanding indebtedness | 73,485 | |||
Less: Accrued interest extinguished on conversions of debt | (535,129 | ) | ||
Accrued interest, September 30, 2022 | $ | 753,985 |
Creditor | Date Issued | Interest Rate | Maturity Date | March 31, 2023 | December 31, 2022 | |||||||||||||||
Travel Data Solutions, Inc. (1) | 18-Nov-17 | 10 | % | 30-Nov-19 | $ | 100,000 | $ | 100,000 | ||||||||||||
Travel Data Solutions, Inc. (2) | 18-Jan-19 | 10 | % | 31-Jan-20 | 25,000 | 25,000 | ||||||||||||||
Third Party (7) | 07-Jul-20 | 10 | % | 07-Jul-21 | 84,681 | 84,681 | ||||||||||||||
Trillium Partners, LP (8) | 15-Jun-22 | 12 | % | 15-Jun-23 | - | 165,000 | ||||||||||||||
Trillium Partners, LP (8) | 05-Aug-22 | 12 | % | 28-Jun-23 | - | 110,000 | ||||||||||||||
Frondeur Partners LLC (9) | 01-Aug-22 | 10 | % | 28-Feb-23 | - | 50,000 | ||||||||||||||
Frondeur Partners LLC (9) | 01-Oct-22 | 10 | % | 31-Jul-23 | 50,000 | 50,000 | ||||||||||||||
Trillium Partners, LP (10) | 19-Oct-22 | 8 | % | 09-Oct-23 | 275,000 | 275,000 | ||||||||||||||
King Wharf Opportunities Fund (11) | 19-Oct-22 | 8 | % | 09-Oct-23 | 275,000 | 275,000 | ||||||||||||||
Trillium Partners, LP (8) | 21-Oct-22 | 12 | % | 21-Oct-23 | 11,000 | 11,000 | ||||||||||||||
Trillium Partners, LP (8) | 06-Dec-22 | 10 | % | 30-Nov-23 | 17,000 | 17,000 | ||||||||||||||
Frondeur Partners LLC (9) | 01-Nov-22 | 10 | % | 31-Aug-23 | 25,000 | 25,000 | ||||||||||||||
Frondeur Partners LLC | 01-Dec-22 | 10 | % | 30-Sep-23 | 10,000 | 10,000 | ||||||||||||||
Frondeur Partners LLC | 01-Jan-22 | 10 | % | 31-Oct-23 | 10,000 | - | ||||||||||||||
Frondeur Partners LLC | 01-Feb-23 | 12 | % | 30-Nov-23 | 10,000 | - | ||||||||||||||
Frondeur Partners LLC | 01-Mar-23 | 12 | % | 31-Dec-23 | 10,000 | - | ||||||||||||||
Trillium Partners, LP | 31-Mar-23 | 10 | % | 31-Dec-23 | 38,000 | - | ||||||||||||||
Total | $ | 940,681 | $ | 1,197,681 | ||||||||||||||||
Less: debt discount | (333,460 | ) | (528,100 | ) | ||||||||||||||||
Convertible notes payable, total | 607,221 | 669,581 |
10 |
Creditor | Date Issued | Interest Rate | Maturity Date | September 30, 2022 | December 31, 2021 | |||||||||||||||
Travel Data Solutions, Inc. | 18-Nov-17 | 10 | % | 30-Nov-19 | $ | 100,000 | $ | - | ||||||||||||
Travel Data Solutions, Inc. | 18-Jan-19 | 10 | % | 31-Jan-20 | 25,000 | - | ||||||||||||||
Third Party | 07-Jul-20 | 10 | % | 07-Jul-21 | 84,681 | 84,681 | ||||||||||||||
Trillium Partners, LP | 1-Apr-22 | 10 | % | 31-Mar-23 | 11,000 | - | ||||||||||||||
Trillium Partners, LP | 14-Apr-22 | 10 | % | 14-Apr-23 | 11,000 | - | ||||||||||||||
Frondeur Partners LLC | 01-May-22 | 10 | % | 28-Feb-23 | 25,000 | - | ||||||||||||||
Frondeur Partners LLC | 01-Jun-22 | 10 | % | 31-Mar-23 | 25,000 | - | ||||||||||||||
Trillium Partners, LP | 1-Jun-22 | 10 | % | 1-Jun-23 | 7,800 | - | ||||||||||||||
Trillium Partners, LP | 15-June-22 | 12 | % | 15-Jun-23 | 165,000 | - | ||||||||||||||
Trillium Partners, LP | 05-Aug-22 | 12 | % | 28-Jun-23 | 110,000 | |||||||||||||||
Frondeur Partners LLC | 01-Aug-22 | 10 | % | 28-Feb-23 | 50,000 | - | ||||||||||||||
Total | $ | 614,481 | $ | 84,681 | ||||||||||||||||
Less: debt discount | (252,156 | ) | - | |||||||||||||||||
Convertible notes payable, total | 362,325 | 84,681 |
Rate | September 30, 2022 | December 31, 2021 | ||||||||||
Loan 1 | 1 | % | $ | 27,000 | $ | - | ||||||
Loan 2 | 1 | % | 3,000 | - | ||||||||
Loan 3 | 8 | % | 64,000 | - | ||||||||
Loan 4 | 8 | % | 160,500 | - | ||||||||
Loan 5 | 3.75 | % | 309,500 | 40,400 | ||||||||
Total | $ | 564,000 | $ | 40,400 |
For the year ending | Amount | |||
December 31, 2022 (remainder of year) | $ | 254,500 | ||
December 31, 2023 | 5,994 | |||
December 31, 2024 | 6,807 | |||
December 31, 2025 | 7,066 | |||
December 31, 2026 | 7,336 | |||
Thereafter | 282,297 | |||
Total payments | 564,000 |
Balance at December 31, 2021 | $ | - | ||
Add: put premium acquired in Merger | 230,743 | |||
Add: Gain on new methodology for accounting for debt conversion features | 84,683 | |||
Add: put premium on new debt issuances | 50,006 | |||
Less: put premium on convertible debt extinguished | (220,028 | ) | ||
Balance at September 30, 2022 | $ | 156,116 |
Creditor | Date Issued | Maturity Date | September 30, 2022 | Discount Percentage | Put premium on stock settled debt | |||||||||||||||
Travel Data Solutions, Inc. | 18-Nov-17 | 30-Nov-19 | $ | 100,000 | - | $ | - | |||||||||||||
Travel Data Solutions, Inc. | 18-Jan-19 | 31-Jan-20 | $ | 25,000 | - | - | ||||||||||||||
Third party | 7-Jul-20 | 7-Jul-21 | 84,681 | 50 | % | 84,681 | ||||||||||||||
Trillium Partners, LP | 1-Apr-22 | 31-Mar-23 | 11,000 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 14-Apr-22 | 14-Apr-23 | 11,000 | 0 | % | - | ||||||||||||||
Frondeur Partners LLC | 01-May-22 | 28-Feb-23 | 25,000 | 30 | % | 10,717 | ||||||||||||||
Frondeur Partners LLC | 01-Jun-22 | 31-Mar-23 | 25,000 | 30 | % | 10,718 | ||||||||||||||
Trillium Partners, LP | 14-Apr-22 | 14-Apr-23 | 7,800 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 15-Jun-22 | 15-Jun-23 | 165,000 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 05-Aug-22 | 28-Jun-23 | 110,000 | 0 | % | - | ||||||||||||||
Frondeur Partners LLC | 01-Sept-22 | 31-June-23 | 50,000 | 30 | % | 50,000 | ||||||||||||||
Put premium on stock settled debt | $ | 614,481 | $ | 156,116 |
Date Issued | Maturity Date | March 31, 2023 | Discount Percentage | Put premium on stock settled debt | ||||||||||||||||
Travel Data Solutions, Inc. | 18-Nov-17 | 30-Nov-19 | $ | 100,000 | - | $ | - | |||||||||||||
Travel Data Solutions, Inc. | 18-Jan-19 | 31-Jan-20 | $ | 25,000 | - | - | ||||||||||||||
Third party | 7-Jul-20 | 7-Jul-21 | 84,684 | 50 | % | 84,684 | ||||||||||||||
Trillium Partners, LP | 15-Jun-22 | 15-Jun-23 | 165,000 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 05-Aug-22 | 28-Jun-23 | 110,000 | 0 | % | - | ||||||||||||||
Frondeur Partners LLC | 01-Sept-22 | 31-June-23 | 50,000 | 30 | % | - | ||||||||||||||
Frondeur Partners LLC | 01-Oct-22 | 31-Jul-23 | 50,000 | 30 | % | 50,000 | ||||||||||||||
Trillium Partners, LP* | 19-Oct-22 | 09-Oct-23 | 275,000 | 0 | % | - | ||||||||||||||
King Wharf Opportunities Fund* | 19-Oct-22 | 09-Oct-23 | 275,000 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 21-Oct-22 | 21-Oct-23 | 11,000 | 0 | % | - | ||||||||||||||
Trillium Partners, LP | 06-Dec-22 | 30-Nov-23 | 17,000 | 0 | % | - | ||||||||||||||
Frondeur Partners LLC | 01-Nov-22 | 31-Aug-23 | 25,000 | 50 | % | 25,000 | ||||||||||||||
Frondeur Partners LLC | 01-Dec-22 | 30-Sep-23 | 10,000 | 50 | % | 10,000 | ||||||||||||||
Frondeur Partners LLC | 01-Jan-23 | 31-Oct-23 | 10,000 | 10,000 | ||||||||||||||||
Frondeur Partners LLC | 01-Feb-23 | 30-Nov-23 | 10,000 | 10,000 | ||||||||||||||||
Frondeur Partners LLC | 01-Mar-23 | 31-Dec-23 | 10,000 | 10,000 | ||||||||||||||||
Trillium Partners, LP | 31-Mar-23 | 31-Dec-23 | 38,000 | - | ||||||||||||||||
Put premium on stock settled debt | $ | 1,265,684 | $ | 199,684 |
12 |
September 30, 2022 | December 31, 2021 | |||||||
Stock price | - | $ | 0.10 | |||||
Exercise price | - | $ | 0.05 | |||||
Contractual term (in years) | - | 0.66 | ||||||
Volatility (annual) | - | 83 | % | |||||
Risk-free rate | - | 0.39 | % |
Total | ||||
Balance as of December 31, 2021 | $ | 110,992 | ||
Change Due to Issuances | 2,718,645 | |||
Transfer to put premium | (112,537 | ) | ||
Change in fair value | (544,850 | ) | ||
Balance as of December 31, 2022 | $ | 2,172,250 | ||
Change Due to Issuances | 67,429 | |||
Change in fair value | (1,303,044 | ) | ||
Balance as of March 31, 2023 | $ | 936,636 |
March 31, 2023 | December 31, 2022 | |||||||
Stock price | $0.0002 - $0.0005 | $0.0002 - $0.0005 | ||||||
Exercise price | $0.00005 - $0.0001 | $0.00005 - $0.0001 | ||||||
Contractual term (in years) | 1.00 – 0.80 | 1.00 – 0.80 | ||||||
Volatility (annual) | 441% - 443 | % | 441% - 443 | % | ||||
Risk-free rate | 4.41% - 4.60 | % | 4.41% - 4.60 | % |
Creditor | Date | Shares Issued | Principal Retired | Accrued Interest | Fees | Total | ||||||||||||||||||
Livingston Asset Management LLC | 7-Mar-22 | 154,190,143 | $ | 25,000 | $ | 4,085 | $ | 3,295 | $ | 32,380 | ||||||||||||||
Livingston Asset Management LLC | 7-Mar-22 | 152,370,190 | 25,000 | 3,703 | 3,295 | 31,998 | ||||||||||||||||||
Trillium Partners, LP | 7-Mar-22 | 220,029,400 | 17,000 | 4,085 | 3,295 | 24,380 | ||||||||||||||||||
Livingston Asset Management LLC | 17-Mar-22 | 462,218,243 | 25,000 | 3,295 | 3,295 | 31,590 | ||||||||||||||||||
Livingston Asset Management LLC | 6-May-22 | 315,275,000 | 9,500 | 2,969 | 3,295 | 15,764 | ||||||||||||||||||
Livingston Asset Management LLC | 6-May-22 | 392,525,000 | 12,500 | 3,831 | 3,295 | 19,626 | ||||||||||||||||||
Livingston Asset Management LLC | 19-May-22 | 50,910,200 | 1,100 | 396 | 1,050 | 2,546 | ||||||||||||||||||
Livingston Asset Management LLC | 19-May-22 | 185,850,000 | 4,500 | 1,498 | 3,295 | 9,293 | ||||||||||||||||||
Livingston Asset Management LLC | 6-Jun-22 | 376,768,000 | 18,750 | 4,329 | 3,295 | 26,374 | ||||||||||||||||||
Livingston Asset Management LLC | 6-Jun-22 | 316,566,800 | 10,000 | 3,773 | 2,055 | 15,828 | ||||||||||||||||||
Livingston Asset Management LLC | 10-Jun-22 | 163,772,200 | - | 6,134 | 2,055 | 8,189 | ||||||||||||||||||
Livingston Asset Management LLC | 14-Jun-22 | 140,214,000 | 6,250 | 270 | 3,295 | 9,815 | ||||||||||||||||||
Oscalata partners LLC | 15-Jun-22 | 300,727,400 | 11,000 | 741 | 3,295 | 15,036 | ||||||||||||||||||
Livingston Asset Management LLC | 17-Jun-22 | 467,932,429 | 25,000 | 4,460 | 3,295 | 32,755 | ||||||||||||||||||
Livingston Asset Management LLC | 17-Jun-22 | 463,470,571 | 25,000 | 4,148 | 3,295 | 32,443 | ||||||||||||||||||
Livingston Asset Management LLC | 22-Jun-22 | 458,010,714 | 25,000 | 3,766 | 3,295 | 32,061 | ||||||||||||||||||
Livingston Asset Management LLC | 23-Jun-22 | 453,588,000 | 25,000 | 3,456 | 3,295 | 31,751 | ||||||||||||||||||
Livingston Asset Management LLC | 23-Jun-22 | 443,529,286 | 25,000 | 2,752 | 3,295 | 31,047 | ||||||||||||||||||
Livingston Asset Management LLC | 27-Jun-22 | 434,833,714 | 25,000 | 2,023 | 3,415 | 30,438 | ||||||||||||||||||
Livingston Asset Management LLC | 27-Jun-22 | 413,336,143 | 25,000 | 519 | 3,415 | 28,934 | ||||||||||||||||||
Livingston Asset Management LLC | 28-Jun-22 | 434,891,429 | 25,000 | 2,027 | 3,415 | 30,442 | ||||||||||||||||||
Livingston Asset Management LLC | 29-Jun-22 | 432,347,429 | 25,000 | 1,849 | 3,415 | 30,264 | ||||||||||||||||||
Frondeur Partners, LLC | 30-Jun-22 | 429,412,000 | 25,000 | 1,644 | 3,415 | 30,059 | ||||||||||||||||||
Frondeur Partners, LLC | 6-July-22 | 423,639,000 | 25,000 | 1,452 | 3,415 | 29,867 | ||||||||||||||||||
Frondeur Partners, LLC | 6-July-22 | 426,672,143 | 25,000 | 1,644 | 3,415 | 30,059 | ||||||||||||||||||
Trillium Partners, LP | 13-July-22 | 143,324,850 | 22,000 | 3,250 | 3,415 | 28,665 | ||||||||||||||||||
Trillium Partners, LP | 13-July-22 | 92,680,867 | 22,000 | 2,389 | 3,415 | 27,804 | ||||||||||||||||||
Frondeur Partners, LLC | 18-July-22 | 421,975,571 | 25,000 | 1,123 | 3,415 | 29,538 | ||||||||||||||||||
Frondeur Partners, LLC | 18-July-22 | 419,235,857 | 25,000 | 932 | 3,415 | 29,347 | ||||||||||||||||||
Frondeur Partners, LLC | 18-July-22 | 416,202,571 | 25,000 | 932 | 3,415 | 29,347 | ||||||||||||||||||
Oasis Capital, LLC | 20-July-22 | 600,000,000 | - | 27,000 | - | 27,000 | ||||||||||||||||||
Trillium Partners, LP | 07-Sept-22 | 766,606,000 | - | 41,133 | 1,030 | 42,163 | ||||||||||||||||||
Trillium Partners, LP | 14-Sept-22 | 947,060,606 | - | 152,850 | 3,415 | 156,265 | ||||||||||||||||||
Trillium Partners, LP | 27-Sept-22 | 1,549,444,424 | - | 252,243 | 3,415 | 255,658 | ||||||||||||||||||
Total | 13,869,610,180 | $ | 584,600 | $ | 550,701 | $ | 103,425 | $ | 1,238,726 |
Creditor | Date | Shares Issued | Principal Retired | Accrued Interest | Fees | Total | ||||||||||||||||||||||
Frondeur Partners, LLC | 17-Feb-23 | 1,123,094,600 | 50,000 | 2,740 | 3,415 | 56,155 | ||||||||||||||||||||||
Trillium Partners, LP | 7-Mar-23 | 1,895,387,800 | 165,000 | 14,294 | 10,245 | 189,539 | ||||||||||||||||||||||
Trillium Partners, LP | 17-Mar-23 | 1,228,900,700 | 110,000 | 9,475 | 3,415 | 122,890 | ||||||||||||||||||||||
4,247,383,100 | 325,000 | 26,509 | 17,075 | 368,584 |
Shares available to purchase with warrants | Weighted Average Price | Weighted Average Remaining life | Shares available to purchase with warrants | Weighted Average Price | Weighted Average Remaining life | |||||||||||||||||||
Outstanding, December 31, 2021 | - | $ .- | $ | - | ||||||||||||||||||||
Outstanding, December 31, 2022 | 5,616,000,000 | $ | 0.0001 | $ | 6.09 | |||||||||||||||||||
Issued | 2,903,500,000 | $ | 0.0001 | $ | 6.63 | 200,000 | $ | 0.0001 | 5.00 | |||||||||||||||
Exercised | - | $ | - | $ | - | - | $ | - | $ | - | ||||||||||||||
Forfeited | - | $ | - | $ | - | - | $ | - | $ | - | ||||||||||||||
Expired | - | $ | - | $ | - | - | $ | - | $ | - | ||||||||||||||
Outstanding, September 30, 2022 | 2,903,500,000 | $ | 0.0001 | $ | 6.63 | |||||||||||||||||||
Outstanding, March 31, 2023 | 5,816,000,000 | $ | 0.0001 | $ | 5.86 | |||||||||||||||||||
Exercisable, September 30, 2022 | 2,853,500,000 | $ | 0.0001 | $ | 6.66 | |||||||||||||||||||
Exercisable, March 31, 2023 | 5,816,000,000 | $ | 0.0001 | $ | 5.86 |
Range of Exercise Prices | Number Outstanding September 30, 2022 | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||||||||
$ | 0.0001-0.0025 | 2,903,500,000 | 6.63 years | $ | 0.0001 |
Range of Exercise Prices | Number Outstanding March 31, 2023 | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||
$ 0.00025-0.0025 | 5,816,000,000 | 5.86 years | $ | 0.0001 |
15 |
Description | Fair Value | |||
Cash | $ | 1,633 | ||
Prepaid expenses | 997 | |||
Loss on acquisition – related party | 197,370 | |||
$ | 200,000 |
17 |
For the three months ended | ||||||||
March 31, 2023 | March 31, 2022 | |||||||
Revenue | $ | 4,476 | $ | 88,667 | ||||
Cost of revenue | - | 27,579 | ||||||
Gross profit | 4,476 | 61,088 | ||||||
Operating expenses: | ||||||||
Compensation expense | 121,314 | 102,268 | ||||||
Consulting fees | 30,000 | - | ||||||
Professional fees | 160,054 | 10,000 | ||||||
General and administrative | 76,581 | 6,327 | ||||||
Total operating expenses | 387,949 | 118,595 | ||||||
Loss from operations | (383,473 | ) | (57,507 | ) | ||||
Other income (expenses): | ||||||||
Interest expense | (269,500 | ) | (5,010 | ) | ||||
Forgiveness of notes payable – PPP loan | - | |||||||
Grant income | - | |||||||
Gain on new methodology for accounting for debt conversion features | - | |||||||
Initial recognition of derivative liability | (32,429 | ) | - | |||||
Change in fair value of derivative liability | 1,303,044 | (1,545 | ) | |||||
Total other income (expenses) | 1,001,115 | (6,555 | ) | |||||
Income (loss) before income taxes | 617,642 | (64,062 | ) | |||||
Provision for income taxes | - | - | ||||||
Net Loss | 617,642 | (64,062 | ) | |||||
19 |
20 |
1. | We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act which is applicable to us for the period ended |
2. | We do not have sufficient resources in our accounting function, which restricts the Company’s ability to gather, analyze and properly review information related to financial reporting in a timely manner. As a result, as of the date of filing, we have not completed our ASC 606 implementation process and, thus, cannot disclose the quantitative impact of adoption on our financial statements. In addition, due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness. |
3. | We have inadequate controls to ensure that information necessary to properly record transactions is adequately communicated on a timely basis from non-financial personnel to those responsible for financial reporting. Management evaluated the impact of the lack of timely communication between non–financial personnel and financial personnel on our assessment of our reporting controls and procedures and has concluded that the control deficiency represented a material weakness. |
4. | Certain control procedures were unable to be verified due to performance not being sufficiently documented. As an example, some procedures requiring review of certain reports could not be verified due to there being no written documentation of such review. Management evaluated the impact of its failure to maintain proper documentation of the review process on its assessment of its reporting controls and procedures and has concluded deficiencies represented a material weakness. |
Exhibit | Description | |
101.INS | Inline XBRL Instance Document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | filed herewith |
BOWMO, INC. | |||
Date: | By: | Michael Lakshin | |
Name: | Michael Lakshin | ||
Title: | President and Chairman of the Board | ||
(Principal Executive Officer) | |||
(Principal |