U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A10-Q

Amendment No. 1

x   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the quarterly period ended MARCH 31, 20212022

  o¨   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

Commission file number:  000-55809

CANNASSIST INTERNATIONAL CORP.ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

 (Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: 888(612)-991-2196414-7121

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 o¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). 

Yes x No o¨

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 accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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(1) of the Exchange Act. o¨

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o¨    No x  

Securities registered pursuant to Section 12(b) of the Act: None

As of May 14, 2021,23, 2022, the Company had 18,916,00121,416,001 shares of its common stock, par value $.0001$.0001 per share, issued and outstanding.

Explanatory Note:The March 31, 2021 financial statements are being restated to correct the accounting for cost of sales and accounts payable. The Company recognized a large sale in the first quarter but did not recognize the corresponding cost of sales. The corresponding cost of sales should have been recognized in the first quarter.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CANNASSIST INTERNATIONAL CORP.ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

INDEX TO FINANCIAL STATEMENTS

ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

(Formerly CannAssist International Corp.)

Balance SheetsBALANCE SHEETS

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

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

ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

(Formerly CannAssist International Corp.)

STATEMENTS OF CHANGES OF STOCKHOLDERS’ DEFICIT

For the Three Months Ended March 31, 2022 and 2021
(UNAUDITED)

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

ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

(Formerly CannAssist International Corp.)

Statements of Cash FlowsSTATEMENTS OF CASH FLOWS

(UNAUDITED)

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

CANNASSIST INTERNATIONAL CORP.ELECTRONIC SERVITOR PUBLICATION NETWORK INC.

(Formerly CannAssist International Corp.)

NOTES TO UNAUDITED FINANCIAL STATEMENTS

MarchMARCH 31, 20212022

NOTE 1 - DESCRIPTION OF BUSINESS AND HISTORY

Description of business

Electronic Servitor Publication Network Inc. (formerly CannAssist International Corp. (the “Company” or “CannAssist”) (“the Company”) was incorporated on May 17, 2017, under the laws of the stateState of Delaware under the name Iris Grove Acquisition Corporation to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. On May 23, 2018The Company has developed a technology platform that is specifically designed for esports professionals and gamers. The platform’s functionality will allow its publishing users with omni-channel and technology agnostic streaming functionality so that users can better engage with their audiences on a global level. The platform will also provide in depth engagement analytics. We believe that many esports professionals find it very difficult to showcase their talents while managing the Company changed its name to CannAssist International Corporation.distribution aspects of their careers. The platform will provide these individuals with an easy-to-use solution. The platform will also have content that provides news and information about esports.

On June 18, 2018,July 1, 2021, Mark Palumbo, a former officer and director of the Company, cancelledand Forty 7 Select Holdings LLC, an entity controlled by Greg Shockey (who was an existing shareholder of the Company), entered into an agreement pursuant to which Mark Palumbo transferred all of his 20,000,0001,000 shares of itsSeries A Preferred Stock (representing 100% of the Company’s issued and outstanding stockSeries A Preferred Stock), of the Company to Forty 7 Select Holdings LLC in a private transaction. The Series A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and issuedall shareholder matters and thereby constituted a change of control of the Company. Further, Mark Palumbo contributed 3,000,0007,500,000 shares of common stock pursuantheld by him to Section 4(a)(2)the treasury of the Securities Act of 1933Company for cancellation at par representing 100% of the total outstanding common stock at the time. With the issuance of the stock and the redemption of the 20,000,000 shares of stock, the Company effected a change in its control and the new majority shareholder was elected as the new management of the Company.no cost (the “Contribution”).

On July 12, 2018,23, 2021, the “Company,Company entered into a shareTechnology License Agreement with Phitech Management, LLC, an entity controlled by Peter Hager (“Licensor”), whereby, at Closing, the Company shall be granted a license (the “License”) to use, market, promote and distribute certain technology related to Electronic Sports Gaming, related patent applications, related trade-secrets and associated knowhow, including methods, techniques, specifications, procedures, information, systems, knowledge and business processes required to practice and carry on business in the field of data collection, security and management (the “Technology”). The initial term of the License is 10-years (the “Initial Term”) and shall automatically be renewed for successive 1-year terms (each, a “Renewal Term”) unless the Company elects to terminate the License by giving 30 days’ written notice prior to commencement of a Renewal Term. In exchange acquisitionfor the License of the Technology, the Company shall issue to the Licensor 10,000,000 restricted shares of its common stock (which is an amount equal to $2,500,000 divided by $0.25, which was the closing market price of the Company’s common stock on the trading day prior to the effective date of the License Agreement).

On July 23, 2021, the Company and Mark Palumbo entered into an agreement with(the “Spin-Off Agreement”) whereby, at the Closing, the Company shall transfer 100% of the issued and outstanding membership units of Xceptor LLC, an entity that was a private company organized under the laws of Wyoming (“Xceptor”). The Acquisition was effected by the Company through the exchange of all the outstanding membership interests of Xceptor for 3,000,000 shares of common stock of the Company, valued at $0.0001 per share. At the time of the Acquisition, there was one shareholder of the Company who was also a shareholder and manager of Xceptor. Xceptor has become a wholly ownedwholly-owned subsidiary of the Company, to Mark Palumbo (along with the assets and liabilities associated with the prior business) for nominal consideration as a condition of the Change-in-Control (the “Spin-Off”). Furthermore, at the Closing, that certain Technology License Agreement entered into by and between the Company and Mark Palumbo dated April 29, 2019 (the “Palumbo License Agreement”) shall be terminated and the Company has taken over its operations and business plan. Priorshall assign all rights to the Acquisition,underlying Intellectual Property (as defined in the Palumbo License Agreement) to Mark Palumbo.

On September 28, 2021, the Certificate of Incorporation of the Company had no ongoing business or operations. Sincewas amended to effect a change in the Company’s name from “CannAssist International Corp.” to “The Electronic Servitor Publication Network, Inc.” (the “Name Change”).

On October 9, 2021, the Closing of the Technology License Agreement occurred whereby the Company and Xceptor were entities under common control priorreceived the License to the Acquisition,Technology and the transaction is accountedLicensor was issued 10,000,000 restricted shares of the Company’s common stock, at a cost basis of $0.25 per share.

On October 9, 2021, the Closing of the Spin-Off Agreement occurred whereby 100% of the issued and outstanding membership units of Xceptor LLC was transferred to Mark Palumbo (along with the assets and liabilities associated with the prior business) in exchange for nominal consideration and the Palumbo License Agreement was terminated.

Effective October 9, 2021, as a restructuring transaction. The Company has recast prior period financial statements to reflect the conveyance of Xceptor’s common shares as if the restructuring transaction had occurred asresult of the earliest datetransactions described above, the business of the financial statements.

CannAssist producesCompany changed to focus on Electronic Sports Gaming technology and sells products formulated using its cannabidiol ("CBD") product, “Cibidinol,” which is formulated based on a process developed by its founder Mark Palumbo. CBD is a non-psychoactive compound found in hemp. CannAssist’s initial researchthe development of related infrastructure, specifically the development and development work, aimed at enhancing the bioavailability of desired molecular structures, resulted in the creationcommercialization of a technology platform specifically designed for the Electronic Sports and Electronic Gaming markets. The platform will provide an omni-channel publishing tool, with talent identity protection and monetization tools provided in line of CBDwith interaction and media creation services. Further publication and monetization products most notably its CBD product, Cibidinol. Cibidinoland services will be available in a line of consumabledeveloped and topical products that the Company believes will make enhanced CBD products more available and accessibleacquired to consumers.support these efforts.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of only normal recurring items,adjustments, which in the opinion of management believes are necessary for a fair statement ofto fairly present the financial position, results of operations and cash flows of the Company as of and for the periods shownthree month period ending March 31, 2022 and are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.2022. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.2021.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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.

Accounts ReceivableConcentrations of Credit Risk

Revenues thatWe maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have been recognized but not yet received are recorded as accounts receivable. Losses on receivables willexperienced any losses in our accounts. At times, such deposits may be recognized when it is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized to reducein excess of the Federal Deposit Insurance Corporation insurable amount of receivables to its net realizable value when needed. The allowance for uncollectible amounts is evaluated quarterly.

CANNASSIST INTERNATIONAL CORP.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2021

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(“FDIC”).

Revenue RecognitionCash equivalents

Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step modelconsiders all highly liquid investments with a maturity of three months or less when purchased to contracts when it is probable that the entity will collect the consideration it is entitled to in exchangebe cash equivalents. There were no cash equivalents for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliverperiods ended March 31, 2022 and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon delivery.

The Company recognizes revenue when product is shipped. The Company will often receive payment and/or pay for the cost of goods prior to shipping. When this occurs, the result is both a prepaid for the supplies to be used in their product and a customer deposit.

December 31, 2021.

Cost of Sales

Cost of sales is determined on the basis of the cost of production or the purchase of goods, adjusted for the variation of inventory Cost of sale is recognized as the direct cost of products or services sold during the period.

Recently issued accounting pronouncements

The Company has implemented all new applicable accounting pronouncements that are in effect.  These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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 3 - GOING CONCERN

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated revenues of $217,973 during the three months ended March 31, 2021 and had a net loss of $72,758 for three months ended March 31, 2021, while using $166,550 of cash in operating activities. The Company has an accumulated deficit of $3,406,1606,039,326 as of March 31, 2021. 2022. The Company requiresanticipates that it would need approximately $1,500,000 over the next 12 months to continue as a going concern, satisfy its capital forcommitments and continue its contemplated operationaloperations in accordance with its current business plan. In addition to revenues generated from sales, the Chief Executive Officer and marketing activities. The obtainment of additional financing, through an initial capital raise, the successful development ofseveral shareholders may fund the Company’s contemplated plan of operations, and its transition toif needed, during the attainment of continued profitable operations are necessary fornext 12 months or until the Company can generate an ongoing source of capital sufficient to independently continue operations. There is no guarantee that the Company will be able to obtain the necessary financing or profitableits operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

CANNASSIST INTERNATIONAL CORP.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2021

NOTE 4 – LOANS PAYABLE

On October 11, 2017, the Company received a $1,000 loan from a third party. The loan is unsecured, due on demand and non-interest bearing.

On June 29, 2020, the Company received a $10,000 loan from a third party. The loan is unsecured, due on demand and non-interest bearing.

NOTE 5 – CONVERTIBLE NOTES PAYABLE

During July and August 2020, the Company issued convertible notes payable to third parties for a total of $14,500. The notes are all unsecured, non-interest bearing and due and payable in six months. If the loans are not repaid by the due date they can be converted into shares of common stock at $0.25 per share. In addition, the Company issued warrants to purchase 20,669 shares of common stock. The warrants have an exercise price of $0.50 and expire in five years. All of the notes were fully converted into 58,000 shares of common stock on February 26, 2021.

On November 19, 2020, the Company issued a convertible note payable to a third party for $30,000. The note is unsecured, bears interest at 10% and matures on May 13, 2021. If the loan is not repaid by the due date it can be converted into shares of common stock at $0.15 per share. The Company calculates a beneficial conversion feature on the loan of $20,000, recorded as a debt discount and credited to additional paid in capital. As of March 31, 2021, $10,000 of the discount has been amortized to interest expense.

NOTE 64 – RELATED PARTY TRANSACTIONS

Marla Palumbo has advanced the Company a limited amount of funds to cover some general operating expenses and travel costs. These advances are unsecured, due on demand and non-interest bearing. As of March 31, 2021 and December 31, 2020, the balance due to Ms. Palumbo for cash advances is $34,902 and $23,443, respectively. Ms. Palumbo is the President of the Company and wife of the CEO, Mark Palumbo.

During the three months ended March 31, 2021 and 2020,2022, Forty 7 Select Holdings LLC (“Forty 7”) advanced the Company paid sales commissions of $0 and $4,37319,643, respectively, to EME Ltd.

NOTEpay for general operating expenses. Forty 7 – COMMON STOCK

On February 8, 2021, the Company entered intois controlled by Greg Shockey, an agreement with an independent consultant pursuant to which the consultant was issued 75,000 restricted sharesexisting shareholder of the common stockCompany. As of March 31, 2022, the Company for services, at a cost basis ofbalance due to Forty 7 is $0.09 per share, for total non-cash expense of $6,75042,268.

On February 24, 2021, in connection with its qualified offering under Regulation A, the Company sold 2667 units to one investor at a price per unit of $0.75 per unit for aggregate proceeds of $2,000.25. Each unit is comprised of (i) 3 shares of the common stock of the Company and (ii) 1 warrant entitling the holder rights to purchase 1 share of the common stock.

During three months ended March 31, 2021, note holders converted $14,500 for 58,000 shares of common stock.

CANNASSIST INTERNATIONAL CORP.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2021

NOTE 85 – PREFERRED STOCK

The Company has designated 1,000 shares of Series A Preferred Stock. The shares of Series A Preferred Stock have a par value of $0.0001 per share. The Series A Preferred Shares do not have a dividend rate or liquidation preference and are not convertible into shares of common stock. Series A Preferred Stock, voting together as a class, have the right to vote 60% of the Company’s voting shares on any and all shareholder matters (the “Majority Voting Rights”). Additionally, the Company shall not adopt any amendments to the Company’s Bylaws, Articles of Incorporation, as amended, make any changes to the Certificate of Designations establishing the Series A Preferred Stock, or effect any reclassification of the Series A Preferred Stock, without the affirmative vote of at least a majority of the outstanding shares of Series A Preferred Stock. However, the Company may, by any means authorized by law and without any vote of the holders of shares of Series A Preferred Stock, make technical, corrective, administrative or similar changes to such Certificate of Designations that do not, individually or in the aggregate, adversely affect the rights or preferences of the holders of shares of Series A Preferred Stock. Other than the Majority Voting Rights, the Series A Preferred Stock does not have any other dividend, liquidation, conversion, or redemption rights, whatsoever.

NOTE 96 – WARRANTS

On February 24, 2021,In the first quarter of 2022, the Company sold 2667 unitsentered into an Employment Agreement with Anthony Sanneh, an officer of the Company. This Employment Agreement has a term of 2 years and automatically renews for additional 6-month terms unless earlier terminated earlier. This agreement is terminable by each of the parties upon written notice. Under this Employment Agreement, the Company pays a base salary of $1.00 per year and issued options to one investor at a price per unit of $0.75 per unit for aggregate proceeds of $2,000.25. Each unit is comprised of (i) 3purchase 500,000 restricted shares of the Company’s common stock at a strike price of the Company and (ii) 1 warrant entitling the holder rights to purchase 1 share of the common stock of the Company at an exercise price equal to $0.50 for$0.39 per share. The options vest over a period of 5 1.5 years contingent upon service and have an expiry date of 10 years from the date of issuance. The warrants were evaluatedgrant. In the event that the agreement is renewed, an additional 125,000 options to purchase restricted shares of the Company’s common stock shall be issued for purposes of classification between liability and equity. The warrants do not contain features that would requireeach 6-month renewal term at a liability classification and are therefore considered equity. The warrants werestrike price equal to the fair valued at $465. The Black Scholes pricing model was used to estimate the fairmarket value of the Company’s common stock on the trading day prior to the grant of the options.

In the first quarter of 2022, the Company entered into an Employment Agreement with Thomas Spruce, an officer and director of the Company. This Employment Agreement has a term of 2 years and automatically renews for additional 6-month terms unless earlier terminated earlier. This agreement is terminable by each of the parties upon written notice. Under this Employment Agreement, the Company pays a base salary of $1.00 per year and issued options to purchase 500,000 restricted shares of the Company’s common stock at a strike price of $0.39 per share. The options vest over a period of 1.5 years contingent upon service and have an expiry date of 10 years from the date of grant. In the event that the agreement is renewed, an additional 125,000 options to purchase restricted shares of the Company’s common stock shall be issued for each 6-month renewal term at a strike price equal to the fair market value of the Company’s common stock on the trading day prior to the grant of the options.

Warrants issued with the following inputs:

Schedule of estimated the fair value of these warrants using Black-Scholes

MARCH 31, 2021

NOTE 9 – WARRANTS (CONTINUED)

A summary of the status of the Company’s outstanding stock warrants and changes during the year is presented below:

Activity for the three months ended March 31, 20212022 is as follows:

Schedule of outstanding stock warrants and changesWeighted Average Number of Shares

NOTE 7 - DISCONTINUED OPERATIONS

In accordance with the provisions of ASC 205-20, we have not included the results of operations from discontinued operations in the results of continuing operations in the statements of operations. The results of operations from discontinued operations for the three months ended March 31, 2022 and 2021, have been reflected as discontinued operations in the statements of operations for the years ended March 31, 2022 and 2021, and consist of the following.

Schedule of weighted average remainingdiscontinued operations

NOTE 118 – SUBSEQUENT EVENTS

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have anyhas the following material subsequent events to disclose in these financial statementsstatements.

On April 18, 2022, Mr. Sanneh terminated his service with the Company and, as a result, only 250,000 of the 500,000 options had fully vested. The remaining options have been forfeited by Mr. Sanneh.

Effective April 12, 2022, the Company entered into an Advisory Agreement with Greg Shockey, an affiliate of the Company and service provider. Under this Advisory Agreement, the Company issued options to purchase 240,000 restricted shares of the Company’s common stock at a strike price of $0.39 per share. The options vest over a period of 1 year contingent upon service and have an expiry date of 10 years from the date of grant. The options were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act.

Effective April 12, 2022, the Company entered into an Advisory Agreement with Danijella Dragas, a third-party service provider. Under this Advisory Agreement, the Company issued options to purchase 240,000 restricted shares of the Company’s common stock at a strike price of $0.39 per share. The options vest over a period of 1 year contingent upon service and have an expiry date of 10 years from the date of grant. The options were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act.

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

The following information should be read in conjunction with our financial statements and related notes thereto included in Part I, Item 1, above.

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 future strategic plans

·our future operating results;

·our business prospects;

·our contractual arrangements and relationships with third parties;

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

·our possible future financings; and

·the adequacy of our cash resources and working capital.

These forward-looking statements can generally be identified as such because the context of the statement will include words such as we “believe,” “anticipate,” “expect,” “estimate” or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those anticipated. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Form 10-Q, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Executive Overview

Electronic Servitor Publication Network Inc. (formerly CannAssist International Corp. (formerly Iris Grove Acquisition Corporation) (the “Company”) was incorporated on May 17, 2017 under the laws of the State of Delaware.Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The business purposeCompany has developed a technology platform that is specifically designed for esports professionals and gamers. The platform’s functionality will allow its publishing users with omni-channel and technology agnostic streaming functionality so that users can better engage with their audiences on a global level. The platform will also provide in depth engagement analytics. We believe that many esports professionals find it very difficult to showcase their talents while managing the distribution aspects of the Company is to produce, selltheir careers. The platform will provide these individuals with an easy-to-use solution. The platform will also have content that provides news and market its CBD based products. information about esports.

The Company's corporate offices are located at 855 South Mission Avenue, Suite #K400, Fallbrook CA 92028.400 1ST Ave N., Ste. 100, Minneapolis, MN 55401. The Company's email address is info@xceptorllc.com, and its website is xceptorcbd.com.www.electronicservitor.com. The Company’s telephone number is 760-990-3091.(612) 414-7121.

CannAssist produces and sells its cannabidiol ("CBD") product, “Cibidinol,” which is formulated basedThe Company’s common stock trades on a process developed by its founderthe OTCQB Venture Market under the stock ticker symbol XESP.

On July 1, 2021, Mark Palumbo, (US Provisional Patent Number 62/581,605). CBD is a non-psychoactive compound foundformer officer and director of the Company, and Forty 7 Select Holdings LLC, an entity controlled by Greg Shockey (who was an existing shareholder of the Company), entered into an agreement pursuant to which Mark Palumbo transferred all of his 1,000 shares of Series A Preferred Stock (representing 100% of the Company’s issued and outstanding Series A Preferred Stock), of the Company to Forty 7 Select Holdings LLC in hemp. CannAssist’s initial researcha private transaction. The Series A Preferred Stock provides the holder thereof the right to vote 60% of the Company’s voting shares on any and development work, aimedall shareholder matters and thereby constituted a change of control of the Company. Further, Mark Palumbo contributed 7,500,000 shares of common stock held by him to the treasury of the Company for cancellation at enhancingno cost (the “Contribution”).

On July 23, 2021, the bioavailability of desired molecular structures, resultedCompany entered into a Technology License Agreement with Phitech Management, LLC, an entity controlled by Peter Hager (“Licensor”), whereby, at Closing, the Company shall be granted a license (the “License”) to use, market, promote and distribute certain technology related to Electronic Sports Gaming, related patent applications, related trade-secrets and associated knowhow, including methods, techniques, specifications, procedures, information, systems, knowledge and business processes required to practice and carry on business in the creationfield of data collection, security and management (the “Technology”). The initial term of the License is 10-years (the “Initial Term”) and shall automatically be renewed for successive 1-year terms (each, a “Renewal Term”) unless the Company elects to terminate the License by giving 30 days’ written notice prior to commencement of a Renewal Term. In exchange for the License of the Technology, the Company shall issue to the Licensor 10,000,000 restricted shares of its common stock (which is an amount equal to $2,500,000 divided by $0.25, which was the closing market price of the Company’s common stock on the trading day prior to the effective date of the License Agreement).

On July 23, 2021, the Company and Mark Palumbo entered into an agreement (the “Spin-Off Agreement”) whereby, at the Closing, the Company shall transfer 100% of the issued and outstanding membership units of Xceptor LLC, an entity that was a wholly-owned subsidiary of the Company, to Mark Palumbo (along with the assets and liabilities associated with the prior business) for nominal consideration as a condition of the Change-in-Control (the “Spin-Off”). Furthermore, at the Closing, that certain Technology License Agreement entered into by and between the Company and Mark Palumbo dated April 29, 2019 (the “Palumbo License Agreement”) shall be terminated and the Company shall assign all rights to the underlying Intellectual Property (as defined in the Palumbo License Agreement) to Mark Palumbo.

On September 28, 2021, the Certificate of Incorporation of the Company was amended to effect a change in the Company’s name from “CannAssist International Corp.” to “The Electronic Servitor Publication Network, Inc.” (the “Name Change”).

On October 9, 2021, the Closing of the Technology License Agreement occurred whereby the Company received the License to the Technology and the Licensor shall be 10,000,000 restricted shares of the Company’s common stock, at a cost basis of $0.25 per share.

On October 9, 2021, the Closing of the Spin-Off Agreement occurred whereby 100% of the issued and outstanding membership units of Xceptor LLC was transferred to Mark Palumbo (along with the assets and liabilities associated with the prior business) in exchange for nominal consideration and the Palumbo License Agreement was terminated.

Effective October 9, 2021, as a result of the transactions described above, the business of the Company changed to focus on Electronic Sports Gaming technology and the development of related infrastructure, specifically the development and commercialization of a technology platform specifically designed for the Electronic Sports and Electronic Gaming markets. The platform will provide an omni-channel publishing tool, with talent identity protection and monetization tools provided in line of CBDwith interaction and media creation services. Further publication and monetization products most notably its CBD product, Cibidinol. Cibidinoland services will be availabledeveloped and acquired to support these efforts.

The Company anticipates that it would need approximately $1,500,000 over the next 12 months to continue as a going concern, satisfy its capital commitments and continue its operations in a line of consumableaccordance with its current business plan. In addition to revenues generated from sales, the Chief Executive Officer and topical products thatseveral shareholders may fund the Company’s operations, if needed, during the next 12 months or until the Company believes will make enhanced CBD products more available and accessiblecan generate an ongoing source of capital sufficient to consumers.independently continue its operations.

For the period ended December 31, 2020,2021, the Company’s independent auditors issued a report raising substantial doubt about the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon financial support from its principal stockholders, its ability to obtain necessary equity financing, or its ability to sell its services to generate consistent profitability.

Results of Operation for the Three Months Ended March 31, 2021 and 2020

Revenues

For the three months ended March 31, 2021,2022, the Company had revenues of $217,973, and costs of revenue of $157,793.$0. In comparison, for the three months ended March 31, 2020, the Company had revenues of $210,087, and costs2021, all of revenue and cost of $99,005. The increaserevenue have been included in revenue is not materialthe loss from discontinued operations (refer to Note 7).

Operating expenses were $124,094 for the purposesthree months ended March 31, 2022. Operating expenses include $1,659 of comparison.general and administrative expense, $25,000 of professional fees, and $97,435 of non-cash stock-based compensation expense for the issuance of warrants. In comparison, for the three months ended March 31, 2021, all operating expense have been included in the loss from discontinued operations (refer to Note 7).

For the three months ended March 31, 2021,2022, the Company hadposted a gross marginnet loss of $60,180. In comparison,$124,094, compared to a loss of $72,758 from discontinued operations for three months ended March 31, 2021.

During the three months ended March 31, 2020,2022, the Company had a gross marginused $15,042 of $111,082.cash in operating activities and generated $19,643 in cash from financing activities. The increaseCompany did not use or generate any cash in gross margin is a result of the decrease in cost of revenue.investing activities.

General and administrative expenses

General and administrative expenses were $82,412 for the three months ended March 31, 2021 compared to $82,377 for the three months ended March 31, 2020. The increase in general and administrative expenses is not material for the purposes of comparison.

Commissions

Commission expense was $0 for the three months ended March 31, 2021 compared to $4,373 for the three months ended March 31, 2020. Commission expense was paid to EME, LLC, a related party.

Professional fees

Professional fees were $42,370 for the three months ended March 31, 2021 compared to $32,610 for the three months ended March 31, 2020. Professional fees consist of audit, accounting and legal fees. The increase in professional fees are the result of increased fees related to becoming a public company.

Preferred Stock

Preferred Stock expense was $0 for the three months ended March 31, 2021 compared to $2,765,250 for the three months ended March 31, 2020. The preferred stock was issued to Mark Palumbo, a related party, and was a one-time expense.

Net Loss

For the three months ended March 31, 2021, we realized a net loss of $72,758 as compared to a net loss of $2,775,369 for three months ended March 31, 2020. The decrease in net loss in the current period is primarily due to fact that the expense incurred in connection with the issuance of preferred stock in 2020 was a one-time expense.

Liquidity and Capital Resources

The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated revenues of $217,973$0 during the three months ended March 31, 20212022 and had a net loss of $72,758$124,094 for the three months ended March 31, 2021.2022. The Company has an accumulated deficit of $3,406,160$6,039,326 as of March 31, 2021.2022. The Company requires capital for its contemplated operational and marketing activities. The obtainment of additional financing, through an additional capital raise, the successful development of the Company’s contemplated plan of operations, and its transition to the attainment of continued profitable operations are necessary for the Company to continue operations.

The Company used $166,550$15,042 of cash from operations for the three months ended March 31, 2021.2022. Net cash provided by financing activities for the three months ended March 31, 20212022 was $13,459.$19,643.

As of March 31, 2021,2022, the Company had $22,406$4,601 in cash.

Critical Accounting Estimates and Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes.  Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

We are subject to various loss contingencies arising in the ordinary course of business.  We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies.  An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired, or a liability has been incurred and the amount of the loss can be reasonably estimated.  We regularly evaluate current information available to us to determine whether such accruals should be adjusted.

Off-Balance Sheet Arrangements 

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, they concluded that our disclosure controls and procedures were not effective for the quarterly period ended March 31, 2021.2022.

The following aspects of the Company were noted as potential material weaknesses:

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.

Changes in Internal Controls

Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that no change occurred in the Company's internal controls over financial reporting during the quarter ended March 31, 2021,2022, that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are not presently anyOn November 4, 2021, a lawsuit captioned CAMRON ELIZABETH v. MARK PALUMBO et al., Case No. CVPS2106116 was filed in the Superior Court of California, County of Riverside against the Company and certain of the Company’s former executive officers (collectively, the “Defendants”). The Plaintiff and the Company (as CannAssist International Corp.) entered into a Consulting Agreement dated November 20, 2020 (the “Consulting Agreement”), pursuant to which Plaintiff was engaged to provide certain sales and marketing services to the Company. As a condition of this Consulting Agreement, Plaintiff was paid a monthly fee and was granted restricted shares of the common stock of the Company that were subject to certain vesting conditions tied to Plaintiff’s service under the Consulting Agreement. The Consulting Agreement also contained provisions that enabled the Company to terminate the Consulting Agreement without cause after 10 days’ written notice. In September 2021, the Company exercised its right to terminate the Consulting Agreement because management of the Company at the time of termination was dissatisfied with the quality of Plaintiff’s services under the Consulting Agreement. Specifically, management of the Company at the time of termination received complaints from third-parties that Plaintiff behaved inappropriately in meetings where Plaintiff made presentations to potential clients and vendors on behalf of the Company. In contrast, Plaintiff alleges, among other things, that the Defendants improperly misclassified Plaintiff as an independent contractor, that certain of the Company’s former executive officers committed sexual harassment and defamation and that Defendants unlawfully terminated Plaintiff. The Company believes that the lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit.

Other than as described above, we know of no other material, existing or pending legal proceedings to whichagainst the Company, nor is it involved as a plaintiff in any material proceeding or pending litigation. Other than as described above, we know of no other proceedings in which our directors, officers or any affiliates, or any registered or beneficial shareholder, is an adverse party or ashas a material interest adverse to which any of our property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.interest.

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

In the first quarter of 2021,2022, the Company entered into an Employment Agreement with Anthony Sanneh, an officer of the Company. Under this Employment Agreement, the Company issued a total of 58,000options to purchase 500,000 restricted shares of its restrictedthe Company’s common stock at a conversionstrike price of $0.25$0.39 per share, toshare. The options vest over a period of 1.5 years contingent upon service and have an expiry date of 10 investorsyears from the date of grant. The options were issued in connectionreliance on the exemption from registration under Section 4(a)(2) of the Securities Act. As of the date of this periodic report, Mr. Sanneh had terminated his service with the conversionCompany and, as a result, only 250,000 of convertible promissory notesthe 500,000 options had fully vested.

In the first quarter of 2022, the Company entered into an Employment Agreement with Thomas Spruce, an aggregate principal amountofficer and director of $14,500 bearingthe Company. Under this Employment Agreement, the Company issued options to purchase 500,000 restricted shares of the Company’s common stock at a strike price of $0.39 per share. The options vest over a period of 1.5 years contingent upon service and have an interest rateexpiry date of 0% per annum.10 years from the date of grant. The sharesoptions were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act.

On February 24, 2021, in connection with its qualified offering under Regulation A,In the second quarter of 2022, the Company sold 2667 units to 1 investor at a price per unit of $0.75 per unit for aggregate proceeds of $2,000.25. Each unit is comprised of (i) 3 shares of the common stockentered into an Advisory Agreement with Greg Shockey, an affiliate of the Company and (ii) 1 warrant entitlingservice provider. Under this Advisory Agreement, the holder rightsCompany issued options to purchase 1 share240,000 restricted shares of the Company’s common stock at a strike price of the Company at an exercise price equal to $0.50 for$0.39 per share. The options vest over a period of 51 year contingent upon service and have an expiry date of 10 years from the date of issuance.grant. The Company has not yet used the proceeds of this sale, but intends to use the proceeds for administrative purposes in connection with the operation of its business.

On February 8, 2021, the Company entered into an agreement with an independent consultant pursuant to which the consultant was issued 75,000 restricted shares of the common stock of the Company for services, at a cost basis of $0.09 per share, subject to certain conditions regarding vesting. The shares of common stock granted to this consultantoptions were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act.

In the second quarter of 2022, the Company entered into an Advisory Agreement with Danijella Dragas, a third-party service provider. Under this Advisory Agreement, the Company issued options to purchase 240,000 restricted shares of the Company’s common stock at a strike price of $0.39 per share. The options vest over a period of 1 year contingent upon service and have an expiry date of 10 years from the date of grant. The options were issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINING SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS

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.

CANNASSIST INTERNATIONAL CORPORATION

19