Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity Registrant Name | THEGLOBE COM INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 14-1782422 | |
Entity Address, Address Line One | 14643 DALLAS PARKWAY, SUITE 650 | |
Entity Address, City or Town | DALLAS | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75254 | |
City Area Code | 214 | |
Local Phone Number | 369-5695 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 441,480,473 | |
Entity Central Index Key | 0001066684 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | tglo | |
Entity File Number | 0-25053 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 35,795 | $ 7,624 |
Total current assets | 35,795 | 7,624 |
Current Liabilities: | ||
Accounts payable | 22,564 | 2,000 |
Accrued expenses and other current liabilities | 17,827 | 24,000 |
Accrued interest due to related party | 114,100 | 88,901 |
Notes payable due to related party | 675,000 | 600,000 |
Total current liabilities | 829,491 | 714,901 |
Stockholders' Deficit: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 441,480,473 shares issued at June 30, 2021 and December 31, 2020 | 441,480 | 441,480 |
Preferred stock, $0.001 par value; 3,000,000 shares authorized; 0 shares issued at June 30, 2021 and December 31, 2020 | ||
Additional paid in capital | 296,594,042 | 296,594,042 |
Accumulated deficit | (297,829,218) | (297,742,799) |
Total stockholders' deficit | (793,696) | (707,277) |
Total liabilities and stockholders' deficit | $ 35,795 | $ 7,624 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
CONDENSED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 441,480,473 | 441,480,473 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONDENSED STATEMENTS OF OPERATIONS | ||||
Net Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
General and administrative | 29,769 | 30,968 | 61,219 | 67,291 |
Operating Loss | (29,769) | (30,968) | (61,219) | (67,291) |
Other Expense: | ||||
Related party interest expense | 12,962 | 11,051 | 25,200 | 22,103 |
Loss from Operations | ||||
Loss from Operations Before Income Tax | (42,731) | (42,019) | (86,419) | (89,394) |
Income Tax Provision | 0 | 0 | 0 | 0 |
Loss from Operations | (42,731) | (42,019) | (86,419) | (89,394) |
Net Loss | $ (42,731) | $ (42,019) | $ (86,419) | $ (89,394) |
Loss Per Share-Basic and Diluted: | ||||
Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 441,480,473 | 441,480,473 | 441,480,473 | 441,480,473 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 441,480 | $ 296,594,042 | $ (297,578,963) | $ (543,441) |
Balance (in shares) at Dec. 31, 2019 | 441,480,473 | |||
Net Loss | $ 0 | 0 | (89,394) | (89,394) |
Balance at Jun. 30, 2020 | $ 441,480 | 296,594,042 | (297,668,357) | (632,835) |
Balance (in shares) at Jun. 30, 2020 | 441,480,473 | |||
Balance at Mar. 31, 2020 | $ 441,480 | 296,594,042 | (297,626,338) | (590,816) |
Balance (in shares) at Mar. 31, 2020 | 441,480,473 | |||
Net Loss | (42,019) | (42,019) | ||
Balance at Jun. 30, 2020 | $ 441,480 | 296,594,042 | (297,668,357) | (632,835) |
Balance (in shares) at Jun. 30, 2020 | 441,480,473 | |||
Balance at Dec. 31, 2020 | $ 441,480 | 296,594,042 | (297,742,799) | (707,277) |
Balance (in shares) at Dec. 31, 2020 | 441,480,473 | |||
Net Loss | $ 0 | 0 | (86,419) | (86,419) |
Balance at Jun. 30, 2021 | $ 441,480 | 296,594,042 | (297,829,218) | (793,696) |
Balance (in shares) at Jun. 30, 2021 | 441,480,473 | |||
Balance at Mar. 31, 2021 | $ 441,480 | 296,594,042 | (297,786,487) | (750,965) |
Balance (in shares) at Mar. 31, 2021 | 441,480,473 | |||
Net Loss | (42,731) | (42,731) | ||
Balance at Jun. 30, 2021 | $ 441,480 | $ 296,594,042 | $ (297,829,218) | $ (793,696) |
Balance (in shares) at Jun. 30, 2021 | 441,480,473 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (86,419) | $ (89,394) |
Changes in operating assets and liabilities | ||
Increase/(Decrease) Accounts payable | 20,564 | (7,078) |
Decrease Accrued expenses and other current liabilities | (6,173) | (2,631) |
Increase Accrued interest due to related party | 25,199 | 22,103 |
Net cash flows used in operating activities | (46,829) | (77,000) |
Cash Flows from Financing Activities | ||
Borrowings on notes payable | 75,000 | |
Net cash flows provided by financing activities | 75,000 | 0 |
Net Increase/(Decrease) in Cash | 28,171 | (77,000) |
Cash at beginning of period | 7,624 | 86,961 |
Cash at end of period | $ 35,795 | $ 9,961 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THEGLOBE.COM theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets. On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our Common Stock, par value $0.001 per share (“Common Stock”), representing approximately 70.9% of our Common Stock (the “Purchase Agreement”). As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs. As of June 30, 2021, as reflected in our accompanying condensed balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act. UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION The unaudited interim condensed financial statements of the Company at June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 included herein have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements. In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2021 and the results of its operations and stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The interim results for such periods are not necessarily indicative of results expected for the full year or for any future period. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses. NET INCOME PER SHARE The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended June 30, 2021. RECENT ACCOUNTING PRONOUNCEMENTS Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations. |
LIQUIDITY AND GOING CONCERN CON
LIQUIDITY AND GOING CONCERN CONSIDERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
LIQUIDITY AND GOING CONCERN CONSIDERATIONS. | |
LIQUIDITY AND GOING CONCERN CONSIDERATIONS | (2) LIQUIDITY AND GOING CONCERN CONSIDERATIONS The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. However, for the reasons described below, Company management does not believe that cash on hand and cash flows generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months. These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company (see Note 3). At June 30, 2021, the Company had a net working capital deficit of approximately $794,000. Such working capital deficit included accrued expenses of approximately $18,000 accounts payable of approximately $23,000 and approximately $789,000 in principal and accrued interest owed under the Promissory Note with Delfin. The recent coronavirus (COVID-19) pandemic and its impact on debt and equity markets could also have a material adverse effect on our financial condition and ability to operate as a going concern. MANAGEMENT’S PLANS Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2021 | |
DEBT | |
DEBT | (3) DEBT In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500 and then again in June 2021 to increase the principal amount to up to $675,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | (4) RELATED PARTY TRANSACTIONS Under terms of the debt with its majority stockholder ( See Note 3), the Company has recorded accrued interest of approximately $114,100 as of June 30, 2021 and approximately $89,000 as of December 31, 2020. The Company has also recorded interest expense of approximately |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | (5) SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the time of the filing of this report on Form 10-Q. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF THE COMPANY | DESCRIPTION OF THEGLOBE.COM theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets. On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our Common Stock, par value $0.001 per share (“Common Stock”), representing approximately 70.9% of our Common Stock (the “Purchase Agreement”). As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs. As of June 30, 2021, as reflected in our accompanying condensed balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act. |
UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION | UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION The unaudited interim condensed financial statements of the Company at June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 included herein have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements. In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2021 and the results of its operations and stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The interim results for such periods are not necessarily indicative of results expected for the full year or for any future period. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses. |
NET INCOME PER SHARE | NET INCOME PER SHARE The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended June 30, 2021. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - $ / shares | Dec. 20, 2017 | Jun. 30, 2021 | Dec. 31, 2020 |
Significant Accounting Policies | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Potentially dilutive securities | 0 | ||
Delfin Midstream LLC | |||
Significant Accounting Policies | |||
Purchase of Shares of Common Stock | 312,825,952 | ||
Common stock, par value (in dollars per share) | $ 0.001 | ||
Percentage of Common Stock | 70.90% |
LIQUIDITY AND GOING CONCERN C_2
LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
LIQUIDITY AND GOING CONCERN CONSIDERATIONS. | ||
Working Capital Deficit, Net | $ 794,000 | |
Accrued Expenses And Other Current Liability | 17,827 | $ 24,000 |
Accounts Payable, Current | 22,564 | $ 2,000 |
Revolving Credit Facility, Principal and Accrued Interest | $ 789,000 |
DEBT (Details)
DEBT (Details) - USD ($) | Jun. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | May 31, 2018 | Mar. 31, 2018 |
Short-term Debt | |||||||||
Notes Payable, Related Parties, Current | $ 675,000 | $ 600,000 | |||||||
Delfin Midstream LLC | |||||||||
Short-term Debt | |||||||||
Notes Payable, Related Parties, Current | $ 675,000 | $ 637,500 | $ 600,000 | $ 554,100 | $ 465,000 | $ 350,000 | $ 150,000 | ||
Promissory Notes [Member] | Delfin Midstream LLC | |||||||||
Short-term Debt | |||||||||
Interest rate | 8.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |||||
Interest Payable, Current | $ 114,100 | $ 114,100 | $ 88,901 | ||
interest expense | 13,000 | $ 11,000 | |||
Related party interest expense | $ 12,962 | $ 11,051 | $ 25,200 | $ 22,103 |