Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55519 | |
Entity Registrant Name | Force Protection Video Equipment Corp. | |
Entity Central Index Key | 0001518720 | |
Entity Tax Identification Number | 45-1443512 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 2629 Townsgate Road #215 | |
Entity Address, City or Town | Westlake Village | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91361 | |
City Area Code | (714) | |
Local Phone Number | 312-6844 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 226,828,797,262 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 2,249,000 | $ 1,000 |
Accounts receivable, net | 1,020,000 | 1,199,000 |
Prepaid expenses and other current assets | 20,000 | 7,000 |
Due from parent company - SRAX | 429,000 | |
Total current assets | 3,718,000 | 1,207,000 |
Property and equipment, net | 31,000 | 1,000 |
Intangible assets, net | 639,000 | 917,000 |
Goodwill | 5,445,000 | 5,445,000 |
Total Assets | 9,833,000 | 7,570,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 837,000 | 853,000 |
Other current liabilities | 184,000 | 452,000 |
Total liabilities | 1,021,000 | 1,305,000 |
Stockholders’ equity | ||
Common stock, $0.00000001 par value, authorized 1,000,000,000,000 shares, 226,828,797,262 shares and 149,562,566,584 shares issued and outstanding, respectively | 2,000 | 1,000 |
Additional paid-in capital | 52,860,000 | 42,830,000 |
Accumulated deficit | (45,937,000) | (36,571,000) |
Total stockholders’ equity | 8,812,000 | 6,265,000 |
Total Liabilities and Stockholders’ Equity | 9,833,000 | 7,570,000 |
Series A, Redeemable Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock, value | 5,000 | 5,000 |
Series B, Redeemable Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock, value | 1,050,000 | |
Series C, Redeemable Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock, value | $ 832,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common Stock, Par or Stated Value Per Share | $ 0.00 | $ 0.00 |
Common Stock, Shares Authorized | 1,000,000,000,000 | 1,000,000,000,000 |
Common stock, shares issued | 226,828,797,262 | 149,562,566,584 |
Common stock, shares outstanding | 226,828,797,262 | 149,562,566,584 |
Series A, Redeemable Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Series B, Redeemable Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 60,000 | 60,000 |
Preferred stock, shares issued | 10,500 | 0 |
Preferred stock, shares outstanding | 10,500 | 0 |
Series C, Redeemable Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 8,318 | 8,318 |
Preferred stock, shares issued | 8,318 | 0 |
Preferred stock, shares outstanding | 8,318 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 849,000 | $ 377,000 | $ 1,704,000 | $ 570,000 |
Cost of revenues | 235,000 | 164,000 | 508,000 | 262,000 |
Gross profit | 614,000 | 213,000 | 1,196,000 | 308,000 |
Operating expenses | ||||
Employee related costs | 936,000 | 1,208,000 | 1,702,000 | 3,076,000 |
Marketing and selling expenses | 323,000 | 197,000 | 489,000 | 464,000 |
Platform costs | 81,000 | 113,000 | 167,000 | 252,000 |
Depreciation and amortization | 139,000 | 237,000 | 281,000 | 506,000 |
General and administrative expenses | 1,120,000 | 768,000 | 2,063,000 | 1,371,000 |
Total operating expenses | 2,599,000 | 2,523,000 | 4,702,000 | 5,669,000 |
Loss from operations | (1,985,000) | (2,310,000) | (3,506,000) | (5,361,000) |
Other income (expense): | ||||
Financing costs | (968,000) | (1,283,000) | ||
Interest expense | (317,000) | (332,000) | ||
Change in fair value of derivative liabilities | (935,000) | 255,000 | ||
Exchange gain or loss | 373,000 | 302,000 | ||
Total other income (expense) | (1,847,000) | (1,058,000) | ||
Loss before provision for income taxes | (1,985,000) | (4,157,000) | (3,506,000) | (6,419,000) |
Provision for income taxes | ||||
Net loss | (1,985,000) | (4,157,000) | (3,506,000) | (6,419,000) |
Deemed dividend on series B convertible preferred stock | (85,000) | (5,860,000) | ||
Loss attributable to common stockholders | $ (2,070,000) | $ (4,157,000) | $ (9,366,000) | $ (6,419,000) |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding – basic and diluted | 195,928,374,074 | 149,562,566,584 | 175,511,840,249 | 149,562,566,584 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Prefered Stock Series A [Member] | Prefered Stock Series B [Member] | Prefered Stock Series C [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,000 | $ 1,000 | $ 26,837,000 | $ (21,065,000) | $ 5,778,000 | ||
Beginning balance, shares at Dec. 31, 2019 | 5,000,000 | 149,562,566,584 | |||||
Net transfer from Parent | 2,179,000 | 2,179,000 | |||||
Net loss | (2,262,000) | (2,262,000) | |||||
Ending balance, value at Mar. 31, 2020 | $ 5,000 | $ 1,000 | 29,016,000 | (23,327,000) | 5,695,000 | ||
Ending balance, shares at Mar. 31, 2020 | 5,000,000 | 149,562,566,584 | |||||
Beginning balance, value at Dec. 31, 2019 | $ 5,000 | $ 1,000 | 26,837,000 | (21,065,000) | 5,778,000 | ||
Beginning balance, shares at Dec. 31, 2019 | 5,000,000 | 149,562,566,584 | |||||
Net loss | (6,419,000) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 5,000 | $ 1,000 | 32,871,000 | (27,484,000) | 5,393,000 | ||
Ending balance, shares at Jun. 30, 2020 | 5,000,000 | 149,562,566,584 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 5,000 | $ 1,000 | 29,016,000 | (23,327,000) | 5,695,000 | ||
Beginning balance, shares at Mar. 31, 2020 | 5,000,000 | 149,562,566,584 | |||||
Net transfer from Parent | 3,855,000 | 3,855,000 | |||||
Net loss | (4,157,000) | (4,157,000) | |||||
Ending balance, value at Jun. 30, 2020 | $ 5,000 | $ 1,000 | 32,871,000 | (27,484,000) | 5,393,000 | ||
Ending balance, shares at Jun. 30, 2020 | 5,000,000 | 149,562,566,584 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 5,000 | $ 1,000 | 42,830,000 | (36,571,000) | 6,265,000 | ||
Beginning balance, shares at Dec. 31, 2020 | 5,000,000 | 149,562,566,584 | |||||
Issuance of Series B preferred stock for cash | $ 4,725,000 | 4,725,000 | |||||
Issuance of Series B preferred stock for cash, shares | 47,248 | ||||||
Series B preferred stock transferred to equity | $ 1,050,000 | 1,050,000 | |||||
Series B preferred stock transferred to equity, shares | 10,500 | ||||||
Shares issued for the acquisition | $ 832,000 | (927,000) | (95,000) | ||||
Shares issued for the acquisition, shares | 8,318 | 8,682,364,578 | |||||
Beneficial conversion feature of series B convertible preferred stock | 5,775,000 | 5,775,000 | |||||
Deemed dividend on series B convertible preferred stock | (5,775,000) | (5,775,000) | |||||
Warrants issued to Parent | 885,000 | 885,000 | |||||
Assets Retained by Parent | (597,000) | (597,000) | |||||
Net loss | (1,521,000) | (1,521,000) | |||||
Ending balance, value at Mar. 31, 2021 | $ 5,000 | $ 5,775,000 | $ 832,000 | $ 1,000 | 47,966,000 | (43,867,000) | 10,712,000 |
Ending balance, shares at Mar. 31, 2021 | 5,000,000 | 57,748 | 8,318 | 158,244,931,162 | |||
Beginning balance, value at Dec. 31, 2020 | $ 5,000 | $ 1,000 | 42,830,000 | (36,571,000) | 6,265,000 | ||
Beginning balance, shares at Dec. 31, 2020 | 5,000,000 | 149,562,566,584 | |||||
Net loss | (3,506,000) | ||||||
Ending balance, value at Jun. 30, 2021 | $ 5,000 | $ 1,050,000 | $ 832,000 | $ 2,000 | 52,860,000 | (45,937,000) | 8,812,000 |
Ending balance, shares at Jun. 30, 2021 | 5,000,000 | 10,500 | 8,318 | 226,828,797,262 | |||
Beginning balance, value at Mar. 31, 2021 | $ 5,000 | $ 5,775,000 | $ 832,000 | $ 1,000 | 47,966,000 | (43,867,000) | 10,712,000 |
Beginning balance, shares at Mar. 31, 2021 | 5,000,000 | 57,748 | 8,318 | 158,244,931,162 | |||
Issuance of Series B preferred stock for cash | $ 85,000 | 85,000 | |||||
Issuance of Series B preferred stock for cash, shares | 850 | ||||||
Conversion of Series B preferred stock | $ (4,810,000) | $ 1,000 | 4,809,000 | ||||
Conversion of Series B preferred stock, shares | (48,098) | 68,583,866,100 | |||||
Beneficial conversion feature of series B convertible preferred stock | 85,000 | (85,000) | |||||
Net loss | (1,985,000) | (1,985,000) | |||||
Ending balance, value at Jun. 30, 2021 | $ 5,000 | $ 1,050,000 | $ 832,000 | $ 2,000 | $ 52,860,000 | $ (45,937,000) | $ 8,812,000 |
Ending balance, shares at Jun. 30, 2021 | 5,000,000 | 10,500 | 8,318 | 226,828,797,262 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (3,506,000) | $ (6,419,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Allocations of corporate overhead | 3,985,000 | |
Provision for bad debts | 73,000 | 61,000 |
Amortization of intangibles | 278,000 | 475,000 |
Depreciation expense | 3,000 | 31,000 |
Realized gain on marketable securities | (333,000) | |
Changes in operating assets and liabilities | ||
Accounts receivable | (15,000) | 464,000 |
Prepaid expenses | (13,000) | 176,000 |
Accounts payable and accrued expenses | (16,000) | (276,000) |
Other current liabilities | (268,000) | (25,000) |
Net Cash Used in Operating Activities | (3,464,000) | (1,861,000) |
Cash Flows from Investing Activities | ||
Net cash received from acquisition | 955,000 | |
Purchase of property and equipment | (33,000) | |
Proceeds from the sale of marketable securities | 397,000 | |
Purchase of software | (547,000) | |
Net Cash Provided by (Used in) Investing Activities | 922,000 | (150,000) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of series B preferred stock | 4,810,000 | |
Intercompany Due To (From) SRAX, Inc. | (20,000) | 2,013,000 |
Net Cash Provided by Financing Activities | 4,790,000 | 2,013,000 |
Net increase in Cash | 2,248,000 | 2,000 |
Cash, Beginning of Period | 1,000 | 1,000 |
Cash, End of Period | 2,249,000 | 3,000 |
Supplemental schedule of cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Supplemental schedule of noncash investing and financing activities | ||
Deemed dividend on series B convertible preferred stock | 5,860,000 | |
Conversion of Series B preferred stock | 4,810,000 | |
Fair value of warrants issued to SRAX, Inc. debenture holders | 885,000 | |
Assets Retained by Parent | 597,000 | |
Shares issued for the acquisition | $ 832,000 |
The Company and Basis Of Presen
The Company and Basis Of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
The Company and Basis Of Presentation | NOTE 1 – The Company and Basis Of Presentation The Company Force Protection Video Equipment Corp., (“Company”) was incorporated on March 11, 2011, under the laws of the State of Florida. On February 4, 2021, the Company entered into a Share Exchange Agreement with SRAX, Inc. (“SRAX”). Pursuant to the Share Exchange Agreement, the Company acquired all of the outstanding capital stock of BIG Token, Inc. (“BIGtoken”) which was a wholly owned subsidiary and an operating segment of SRAX. See Note 2 – Acquisition for further information. BIGtoken is a data technology company offering tools and services to identify and reach consumers for the purpose of marketing and advertising communication. BIGtoken is located in Westlake Village, California. BIGtoken’s technologies assist its clients in: (i) identifying their core consumers and such consumers’ characteristics across various channels in order to discover new and measurable opportunities to maximize profits associated with advertising campaigns and (ii) gaining insight into the activities of their customers. BIGtoken derives its revenues from the sale of proprietary consumer data and sales of digital advertising campaigns. Reporting Entity Presentation The balance sheet as of December 31, 2020 and the condensed consolidated statement of operations for the three and six months ended June 30, 2020 have been derived and carved out from the consolidated financial statements and accounting records of SRAX as if BIGtoken had operated on a standalone basis within the periods presented. In connection with the Share Exchange, certain assets and liabilities presented have been transferred to FPVD at carry-over (historical cost) basis. Balances contributed by SRAX on or before the completion of the Share Exchange were based on the master separation agreement between the Company and SRAX and related documents governing the contribution. SRAX’s initial net assets contributed were approximately $ 6,000,000 600,000 Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements and notes thereto are unaudited. The interim Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2020 Condensed Consolidated Balance Sheet data was derived from the Company’s audited condensed consolidated financial statements but does not include all disclosures required by GAAP. These interim unaudited condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim three and six-month periods ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or for any future period. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the SEC on April 15, 2021. Reclassification Certain balances included in the six-month ended June 30, 2020 have been reclassified to conform to the presentations for the six-months ended June 30, 2021. Liquidity and Going Concern The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues from the sales of its goods and services to achieved profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. These factors create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Unaudited Condensed Consolidated Financial Statements are issued. The Unaudited Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the Unaudited Condensed Consolidated Financial Statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. In making this assessment the Company performed a comprehensive analysis of its current circumstances including: its financial position as of June 30, 2021, its cash flow and cash usage forecasts for the period covering one-year from the issuance date of these Unaudited Condensed Consolidated Financial Statements and its current capital structure. The Company anticipate raising additional capital through the private and public sales of its equity or debt securities, or a combination thereof. Although management believes that such capital sources will be available, there can be no assurance that financing will be available to the Company when needed in order to allow us to continue our operations, or if available, on terms acceptable to the Company. In the event the Company is not able to raise additional capital, its operations may be materially impacted, and the Company will need to curtail operations. Covid-19 The ultimate impact of the COVID-19 pandemic on the operations of the Company continues to be unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments or the Company may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on the Company’s business, financial condition and results of operations. The management of the Company continue to monitor the business environment for any significant changes that could impact their respective operations. The Company have taken proactive steps to manage costs and discretionary spending, such as remote working and reducing facility related expenses. Net Loss per Share We use Accounting Standards Codification (“ASC”) 260, “ Earnings Per Share Reclassification of Prior Year Presentation Certain prior year accounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Recent Accounting Pronouncements Changes to accounting principles are established by the Financial Accounting Standards Board’s (“FASB”) in the form of Accounting Standards Update (“ASU”) to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, cash flows, or presentation thereof. ASUs not listed below were assessed and determined to not be applicable to our financial position, results of operations, cash flows, or presentation thereof. In May 2021, the FASB issued ASU 2021-04, “Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options.” The FASB is issuing this Update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. We are currently evaluating the impact of this guidance. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | NOTE 2 – Acquisition On February 4, 2021 (“Acquisition Date”), the Company completed a series of transaction as provided for in the share exchange agreement (“Exchange Agreement”) with SRAX (“Reverse Merger”). Pursuant to the Exchange Agreement, SRAX exchanged 100% 149,562,566,584 5,000,000 149,562,566,584 5,000,000 On the Acquisition date, the assets, liabilities, and net book value of FPVD were as follows: Schedule of Acquisition of Assets, Liabilities and Net Book Value Assets Cash $ 955,000 Liabilities Series B preferred stock $ 1,050,000 Net book value Series C preferred stock 832,000 Paid in capital (927,000 ) Net book value $ (95,000 ) The Company was authorized to issue up to 5,000,000 shares of series A preferred stock (“Series A Preferred”), $ 0.0001 par value, which was redeemable at the option of the holder, with no fixed redemption date. As of the Acquisition Date there were 5,000,000 shares issued and outstanding, all of which were owned by SRAX as the result of the merger. The Company was authorized to issue up to 8,318 shares of series C preferred stock (“Series C Preferred”) with a stated value of $ 100 . The Series C Preferred are convertible into 1,546,576 shares of common stock for each share of Series C Preferred or an aggregate of 12,864,419,313 shares of common stock. As of the Acquisition Date and June 30, 2021 there were 8,318 shares issued and outstanding. The Company was authorized to issue up to 1,000,000,000,000 shares of common stock with a $ 0.00000001 par value. As of the Acquisition Date and June 30, 2021, there were 149,562,566,584 shares and 226,828,797,262 shares issued and outstanding, respectively. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 3 – Other Current Liabilities BIGtoken Point liability In 2019, BIGtoken launched the BIGtoken consumer data management platform, where registered users are rewarded varying number of points for undertaking actions and sharing data within the platform. During the year ended December 31, 2019, BIGtoken instituted a policy that allows BIGtoken users to redeem outstanding BIGtoken points for cash if their account and point balances meet certain criteria. As of June 30, 2021 and December 31, 2020, BIGtoken has estimated the future liability for point redemptions to be $ 184,000 and $ 452,000 , respectively. BIGtoken considered the total number of points outstanding, the conversion rate in which points are redeemable for cash, and each user’s redemption eligibility. BIGtoken utilizes an account scoring system that evaluates a number of factors in determining an account’s redemption eligibility. These factors include an evaluation of the following: the infrastructure utilized by the user when engaging with BIGtoken’s systems, the user’s geographical associations, consistency, and verifiability of the user’s data. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | NOTE 4 – Stockholders’ Equity Series B Preferred Stock On March 12, 2021, the Company offered and sold an aggregate of 47,248 4,725,000 100 10,500 1,050,000 850 85,000 100 5.8 On May 11, 2021, 48,098 shares of the Company series B preferred stock were converted into 68,583,866,100 10,500 0.0000007013 10,500 14,972,194,495 Common Stock Warrants As part of SRAX’s convertible debenture offering in June 2020, SRAX negotiated the ability to release the BIGtoken business as collateral for the repayment of the debentures. As consideration for the release, SRAX agreed to require the Company to issue warrants in the new entity. The warrants represent 13% of the new entity’s issued and outstanding shares on a fully diluted basis on the Acquisition Date. As disclosed in Note 2– Acquisition, SRAX entered into an agreement to merge BIGtoken with the Company on February 4, 2021, which required the issuance of 25,568,064,462 warrants. Based on a valuation from an independent third-party, the fair-market value of the warrants required to be issued was determined to be $ 885,000 based on implied 3 -year volatility of 92.30% , a risk-free equivalent yield of 18% and stock price of $ 0.00006552 . Other Equity-related Transactions Amendment of Articles of Incorporation Effective April 15, 2021, the Company further amended its articles of incorporation to reduce the par value of the Company’s common stock from $ 0.0001 0.00000001 FPVD CEO Termination On May 15, 2021, the employment of the Company’s CEO was terminated. As a result of the termination, (i) all previously issued stock-based equity awards to the previous CEO have been cancelled and (ii) no further compensation is due and payable to the CEO. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 – Subsequent Events The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. There are no subsequent events. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisition of Assets, Liabilities and Net Book Value | On the Acquisition date, the assets, liabilities, and net book value of FPVD were as follows: Schedule of Acquisition of Assets, Liabilities and Net Book Value Assets Cash $ 955,000 Liabilities Series B preferred stock $ 1,050,000 Net book value Series C preferred stock 832,000 Paid in capital (927,000 ) Net book value $ (95,000 ) |
The Company and Basis Of Pres_2
The Company and Basis Of Presentation (Details Narrative) - USD ($) | Jun. 30, 2021 | Feb. 02, 2021 | Dec. 31, 2020 |
Entity Listings [Line Items] | |||
Assets | $ 9,833,000 | $ 7,570,000 | |
Accounts receivable | $ 1,020,000 | $ 1,199,000 | |
SRAX Inc [Member] | |||
Entity Listings [Line Items] | |||
Assets | $ 6,000,000 | ||
Accounts receivable | $ 600,000 |
Schedule of Acquisition of Asse
Schedule of Acquisition of Assets, Liabilities and Net Book Value (Details) | Feb. 04, 2021USD ($) |
Business Combination and Asset Acquisition [Abstract] | |
Cash | $ 955,000 |
Series B preferred stock | 1,050,000 |
Series C preferred stock | 832,000 |
Paid in capital | (927,000) |
Net book value | $ (95,000) |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - $ / shares | Feb. 04, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Common Stock, Shares Authorized | 1,000,000,000,000 | 1,000,000,000,000 | 1,000,000,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.00 | $ 0.00 | $ 0.00 | |
Common stock, shares outstanding | 149,562,566,584 | 226,828,797,262 | 226,828,797,262 | 149,562,566,584 |
Common stock, shares issued | 149,562,566,584 | 226,828,797,262 | 226,828,797,262 | 149,562,566,584 |
Series A Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock, Shares Outstanding | 5,000,000 | |||
Series A Preferred Stock [Member] | Holder [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Series C Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock, Shares Authorized | 8,318 | 8,318 | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 | ||
Preferred Stock, Shares Outstanding | 8,318 | 8,318 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,546,576 | |||
Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 68,583,866,100 | |||
Common Stock [Member] | Series C Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 12,864,419,313 | |||
Share Exchange Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of issued and outstanding stock | 100.00% | |||
Share Exchange Agreement [Member] | Series A Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of common stock received | 5,000,000 | |||
Share Exchange Agreement [Member] | Series A Preferred Stock [Member] | Previously Reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of common stock received | 5,000,000 | |||
Share Exchange Agreement [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of common stock received | 149,562,566,584 | |||
Share Exchange Agreement [Member] | Common Stock [Member] | Previously Reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of common stock received | 149,562,566,584 |
Other Current Liabilities (Deta
Other Current Liabilities (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Entity Listings [Line Items] | ||
Other Liabilities, Current | $ 184,000 | $ 452,000 |
BIG Token, Inc. [Member] | ||
Entity Listings [Line Items] | ||
Other Liabilities, Current | $ 184,000 | $ 452,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | May 11, 2021 | Apr. 12, 2021 | Mar. 12, 2021 | Feb. 04, 2021 | Oct. 31, 2020 | Jun. 30, 2021 | Apr. 15, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||||
Common stock, par value | $ 0.00 | $ 0.00 | ||||||
Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value | $ 0.0001 | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value | $ 0.00 | |||||||
Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants and Rights Outstanding, Term | 3 years | |||||||
Warrant [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.9230 | |||||||
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.18 | |||||||
Warrant [Member] | Measurement Input, Share Price [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.00006552 | |||||||
Share Exchange Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Percentage of issued and outstanding stock | 100.00% | |||||||
Share Exchange Agreement [Member] | Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Percentage of issued and outstanding stock | 13.00% | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 25,568,064,462 | |||||||
Fair Value Adjustment of Warrants | $ 885,000 | |||||||
Series B Preferred Stock One [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of stock, shares | 47,248 | |||||||
Proceed from offering | $ 5,800,000 | |||||||
Number of shares issued during period, shares | 10,500 | |||||||
Number of shares issued during period, shares | 14,972,194,495 | |||||||
Series B Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued during period, shares | 850 | |||||||
Stock Issued During Period, Value, New Issues | $ 85,000 | |||||||
Shares Issued, Price Per Share | $ 100 | |||||||
Number of shares issued during period, shares | 68,583,866,100 | |||||||
Stock Issued During Period, Shares, Acquisitions | 10,500 | |||||||
Conversion price | $ 0.000001 | |||||||
Series B Preferred Stock [Member] | Securities Purchase Agreements [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceed from offering | $ 4,725,000 | $ 1,050,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | |||||||
Number of shares issued during period, shares | 10,500 |