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Table of Contents
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30,
2023
☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 001-41117
MOBIQUITY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
new york |
|
11-3427886 |
(State of jurisdiction of Incorporation) |
|
(I.R.S. Employer Identification No.) |
|
|
|
35 Torrington Lane, SHOREHAM, NY |
|
11786 |
(Address of principal executive offices |
|
(Zip Code) |
(516) 246-9422
(Registrant's telephone number)
Not
Applicable
(Former name, address and fiscal year, if changed
since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, $.0001 par value |
MOBQ |
The Nasdaq Stock Market LLC |
Common Stock Purchase Warrants |
MOBQW |
The Nasdaq Stock Market LLC |
Securities registered pursuant to Section 12(g)
of the Act: None
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 ☒ No ☐
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
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. (Check one)
|
Large accelerated filer ☐ |
Accelerated filer ☐ |
|
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☐ |
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s
common stock, as of November 13, 2023, was 2,738,333.
On August 7, 2023, the Company
effected a 1-for-15 reverse stock split of its common stock, with all fractional common shares rounded up to the nearest whole
number. All share and per share amounts in this form 10-Q have been retroactively restated to give effect to the reverse stock
split.
MOBIQUITY TECHNOLOGIES, INC.
FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Mobiquity Technology, Inc.
Consolidated Balance
Sheets
| |
| | | |
| | |
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
| |
Assets | |
| | |
| |
Current Assets | |
| | | |
| | |
Cash | |
$ | 140,939 | | |
$ | 220,854 | |
Accounts receivable, net | |
| 129,146 | | |
| 340,935 | |
Prepaid and other current assets | |
| 11,700 | | |
| 59,200 | |
Total Current Assets | |
| 281,785 | | |
| 620,989 | |
| |
| | | |
| | |
Property and equipment, net | |
| 8,938 | | |
| 15,437 | |
| |
| | | |
| | |
Goodwill | |
| 1,352,865 | | |
| 1,352,865 | |
Intangible assets, net | |
| 195,733 | | |
| 646,284 | |
Capitalized software development costs, net | |
| 1,442,232 | | |
| – | |
Total Assets | |
$ | 3,281,553 | | |
$ | 2,635,575 | |
| |
| | | |
| | |
Liabilities and Stockholders' Equity (deficit) | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,540,423 | | |
$ | 2,067,244 | |
Accrued interest - related party | |
| – | | |
| 235,563 | |
Contract liabilities | |
| 189,643 | | |
| 193,598 | |
Total Current Liabilities | |
| 1,730,066 | | |
| 2,496,405 | |
| |
| | | |
| | |
Long Term Liabilities | |
| | | |
| | |
Debt, less current portion | |
| – | | |
| 150,000 | |
Total Liabilities | |
| 1,730,066 | | |
| 2,646,405 | |
| |
| | | |
| | |
Stockholders' Equity | |
| | | |
| | |
| |
| | | |
| | |
AA preferred stock; $0.0001 par value, 1,500,000 shares authorized, no shares issued and outstanding | |
| – | | |
| – | |
| |
| | | |
| | |
AAA preferred stock; $0.0001 par value, 1,250,000 shares authorized, 31,413 shares issued and outstanding | |
| 3 | | |
| 3 | |
| |
| | | |
| | |
Preferred stock Series C; $0.0001
par value, 1,500
shares authorized, no
shares issued and outstanding | |
| – | | |
| – | |
| |
| | | |
| | |
Preferred stock Series E; $80
par value, 70,000
shares authorized, 61,688
shares issued and outstanding | |
| 6 | | |
| 6 | |
| |
| | | |
| | |
Common stock; $0.0001 par value, 100,000,000 shares authorized, 2,574,098 and 620,776 shares issued and outstanding | |
| 257 | | |
| 62 | |
| |
| | | |
| | |
Treasury stock, at cost, $0.0001 par value 2,500 shares outstanding at September 30, 2023 and December 31, 2022 | |
| (1,350,000 | ) | |
| (1,350,000 | ) |
Additional paid in capital | |
| 218,628,457 | | |
| 211,846,321 | |
Accumulated deficit | |
| (215,727,236 | ) | |
| (210,507,222 | ) |
Total Stockholders' Equity (Deficit) | |
| 1,551,487 | | |
| (10,830 | ) |
Total Liabilities and Stockholders' Equity (Deficit) | |
$ | 3,281,553 | | |
$ | 2,635,575 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Mobiquity Technology, Inc.
Consolidated Statements of Operations (Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 177,271 | | |
$ | 904,223 | | |
$ | 441,010 | | |
$ | 3,367,346 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 114,174 | | |
| 936,824 | | |
| 281,071 | | |
| 1,916,720 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit (loss) | |
| 63,097 | | |
| (32,601 | ) | |
| 159,939 | | |
| 1,450,626 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 1,262,988 | | |
| 2,087,624 | | |
| 3,900,693 | | |
| 6,066,446 | |
Depreciation and amortization | |
| 195,148 | | |
| 152,364 | | |
| 521,170 | | |
| 457,596 | |
Total operating expenses | |
| 1,458,136 | | |
| 2,239,988 | | |
| 4,421,863 | | |
| 6,524,042 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,395,039 | ) | |
| (2,272,589 | ) | |
| (4,261,924 | ) | |
| (5,073,416 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| – | | |
| (4,664 | ) | |
| (743,396 | ) | |
| (148,631 | ) |
Loss on debt extinguishment, net | |
| – | | |
| – | | |
| (396,322 | ) | |
| (855,296 | ) |
Inducement expense | |
| | | |
| – | | |
| – | | |
| (101,000 | ) |
Interest income | |
| 768 | | |
| 746 | | |
| 2,323 | | |
| 1,320 | |
Loss on disposal of fixed assets | |
| – | | |
| (3,673 | ) | |
| (695 | ) | |
| (3,673 | ) |
Gain on settlement of liability | |
| – | | |
| – | | |
| – | | |
| 389,495 | |
Total other income and expenses - net | |
| 768 | | |
| (7,591 | ) | |
| (1,138,090 | ) | |
| (717,785 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit | |
| – | | |
| – | | |
| 180,000 | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,394,271 | ) | |
$ | (2,280,180 | ) | |
$ | (5,220,014 | ) | |
$ | (5,791,201 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per share - basic | |
| (0.38 | ) | |
| (3.90 | ) | |
| (2.53 | ) | |
| (11.17 | ) |
Loss per share - diluted | |
| (0.38 | ) | |
| (3.90 | ) | |
| (2.53 | ) | |
| (11.17 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding - basic | |
| 3,703,314 | | |
| 585,407 | | |
| 2,067,264 | | |
| 518,283 | |
Weighted average number of shares outstanding - diluted | |
| 3,703,314 | | |
| 585,407 | | |
| 2,067,264 | | |
| 518,283 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Mobiquity Technology, Inc.
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited)
For the Three and Nine Months Ended September 30, 2023 and September 30, 2022
| |
| |
| | |
| |
| | |
| |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Series F Preferred Stock | |
Series AAA Preferred Stock | |
Series E Preferred Stock | |
Common Stock | |
Additional
Paid-in | |
Treasury Shares | |
Accumulated | |
Total
Stockholders'
Equity | |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Shares | |
Amount | |
Shares | |
Amount | |
Capital | |
Shares | |
Amount | |
Deficit | |
(Deficit) | |
Balance, at December 31, 2022 | |
– | |
$ | – | |
31,413 | |
$ | 3 | |
61,688 | |
$ | 6 | |
620,776 | |
$ | 62 | |
$ | 211,846,321 | |
| 2,500 | |
$ | (1,350,000 | ) |
$ | (210,507,222 | ) |
$ | (10,830 | ) |
Incentive common stock shares and warrants issued with debt | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
34,849 | |
| 3 | |
| 708,460 | |
| – | |
| – | |
| – | |
| 708,463 | |
Common stock and pre-funded warrants issued under public offering, net of issuance costs | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
251,843 | |
| 25 | |
| 3,207,475 | |
| | |
| | |
| | |
| 3,207,500 | |
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
229,329 | |
| 23 | |
| (23 | ) |
| – | |
| – | |
| – | |
| – | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 12,304 | |
| – | |
| – | |
| – | |
| 12,304 | |
Net Loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| – | |
| – | |
| – | |
| (1,716,804 | ) |
| (1,716,804 | ) |
Balance, at March 31, 2023 | |
– | |
| – | |
31,413 | |
| 3 | |
61,688 | |
| 6 | |
1,136,797 | |
| 113 | |
| 215,774,537 | |
| 2,500 | |
| (1,350,000 | ) |
| (212,224,026 | ) |
| 2,200,633 | |
Common stock and pre-funded warrants issued under public offering, net of issuance costs | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
375,001 | |
| 38 | |
| 2,527,961 | |
| – | |
| – | |
| – | |
| 2,527,999 | |
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
459,696 | |
| 46 | |
| (46 | ) |
| – | |
| – | |
| – | |
| – | |
Common stock issued for services rendered | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
31,891 | |
| 3 | |
| 80,408 | |
| – | |
| – | |
| – | |
| 80,411 | |
Common stock issued for conversion of interest | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
92,378 | |
| 9 | |
| 235,554 | |
| – | |
| – | |
| – | |
| 235,563 | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 9,757 | |
| – | |
| – | |
| – | |
| 9,757 | |
Series F preferred stock issued for cash | |
1 | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 100 | |
| – | |
| – | |
| – | |
| 100 | |
Net Loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| | |
| – | |
| – | |
| (2,108,939 | ) |
| (2,108,939 | ) |
Balance, at June 30, 2023 | |
1 | |
| – | |
31,413 | |
| 3 | |
61,688 | |
| 6 | |
2,095,763 | |
| 209 | |
| 218,628,271 | |
| 2,500 | |
| (1,350,000 | ) |
| (214,332,965 | ) |
| 2,945,524 | |
Common stock issued under exercise of pre-funded warrants | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
478,335 | |
| 48 | |
| (48 | ) |
| – | |
| – | |
| – | |
| – | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 234 | |
| – | |
| – | |
| – | |
| 234 | |
Redemption of Series F preferred stock | |
(1 | ) |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| – | |
| – | |
| – | |
| – | |
| – | |
Net Loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| – | |
| – | |
| – | |
| (1,394,271 | ) |
| (1,394,271 | ) |
Balance, at September 30, 2023 | |
– | |
$ | – | |
31,413 | |
$ | 3 | |
61,688 | |
$ | 6 | |
2,574,098 | |
$ | 257 | |
$ | 218,628,457 | |
| 2,500 | |
$ | (1,350,000 | ) |
$ | (215,727,236 | ) |
$ | 1,551,487 | |
| |
Series F Preferred Stock | |
Series AAA Preferred Stock | |
Series E Preferred Stock | |
Common Stock | |
Additional
Paid-in |
| |
Treasury Shares | |
Accumulated | |
Total
Stockholders'
Equity | |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Shares | |
Amount | |
Shares | |
Amount | |
Capital |
| |
Shares | |
Amount | |
Deficit | |
(Deficit) | |
December 31, 2021 (restated) | |
– | |
$ | – | |
31,413 | |
$ | 3 | |
61,688 | |
$ | 6 | |
430,717 | |
$ | 43 | |
$ | 206,713,514 |
| |
2,500 | |
$ | (1,350,000 | ) |
$ | (202,444,894 | ) |
$ | 2,918,672 | |
Stock issued for services | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
3,334 | |
| – | |
| 84,500 |
| |
– | |
| – | |
| – | |
| 84,500 | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 34,416 |
| |
– | |
| – | |
| – | |
| 34,416 | |
Conversion of convertible debt to common stock and warrants | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
96,223 | |
| 10 | |
| 2,680,155 |
| |
– | |
| – | |
| – | |
| 2,680,165 | |
Net Loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| – |
| |
– | |
| – | |
| (2,440,044 | ) |
| (2,440,044 | ) |
Balance, at March 31, 2022 (restated) | |
– | |
| – | |
31,413 | |
| 3 | |
61,688 | |
| 6 | |
530,274 | |
| 53 | |
| 209,512,585 |
| |
2,500 | |
| (1,350,000 | ) |
| (204,884,938 | ) |
| 3,277,709 | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 1,479 |
| |
– | |
| – | |
| – | |
| 1,479 | |
Convertible notes converted to common stock and warrants related party | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
27,200 | |
| 3 | |
| 988,628 |
| |
– | |
| – | |
| – | |
| 988,631 | |
Warrants issued for services | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 7,359 |
| |
– | |
| – | |
| – | |
| 7,359 | |
Net Loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| – |
| |
– | |
| – | |
| (1,070,977 | ) |
| (1,070,977 | ) |
Balance, at June 30, 2022 | |
– | |
| – | |
31,413 | |
| 3 | |
61,688 | |
| 6 | |
557,474 | |
| 56 | |
| 210,510,051 |
| |
2,500 | |
| (1,350,000 | ) |
| (205,955,915 | ) |
| 3,204,201 | |
Common stock issued for cash | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
58,830 | |
| 6 | |
| 1,137,494 |
| |
– | |
| – | |
| – | |
| 1,137,500 | |
Stock based compensation | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 25,954 |
| |
– | |
| – | |
| – | |
| 25,954 | |
Warrants issued for services | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| 3,203 |
| |
– | |
| – | |
| – | |
| 3,203 | |
Note and warrant conversion | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
1,808 | |
| – | |
| 108,425 |
| |
– | |
| – | |
| – | |
| 108,425 | |
Net loss | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
– | |
| – | |
| |
| |
– | |
| – | |
| (2,280,180 | ) |
| (2,280,180 | ) |
Balance, at September 30, 2022 | |
– | |
$ | – | |
31,413 | |
$ | 3 | |
61,688 | |
$ | 6 | |
618,112 | |
$ | 62 | |
$ | 211,785,127 |
| |
2,500 | |
$ | (1,350,000 | ) |
$ | (208,236,095 | ) |
$ | 2,199,103 | |
Mobiquity Technology, Inc.
Consolidated Statements of Cash Flows (Unaudited)
| |
| | | |
| | |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (5,220,014 | ) | |
$ | (5,791,201 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Allowance for uncollectible receivables | |
| 46,458 | | |
| – | |
Depreciation | |
| 5,806 | | |
| 7,045 | |
Loss on disposal of fixed asset | |
| 695 | | |
| 3,673 | |
Amortization of intangibles | |
| 450,551 | | |
| 450,551 | |
Amortization of capitalized software development costs | |
| 64,813 | | |
| – | |
Amortization of debt discount | |
| 738,142 | | |
| – | |
Stock issued for services | |
| – | | |
| 84,500 | |
Loss on debt extinguishment - related party | |
| – | | |
| 855,296 | |
Loss on debt extinguishment | |
| 396,322 | | |
| – | |
Gain on settlement of liability | |
| – | | |
| (389,495 | ) |
Stock issued with short-term convertible notes | |
| – | | |
| 12,724 | |
Stock-based compensation | |
| 22,295 | | |
| 59,687 | |
Inducement expense | |
| – | | |
| 101,000 | |
Income tax benefit | |
| 180,000 | | |
| – | |
Changes in operating assets and liabilities | |
| | | |
| | |
(Increase) decrease in accounts receivable | |
| 165,331 | | |
| (592,362 | ) |
(Increase) decrease prepaid expenses and other assets | |
| 47,500 | | |
| (10,125 | ) |
Decrease in accounts payable and accrued expenses | |
| (626,415 | ) | |
| (294,284 | ) |
Decrease in contract liabilities | |
| (3,953 | ) | |
| – | |
Net cash used in operating activities | |
| (3,732,469 | ) | |
| (5,502,991 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of property and equipment | |
| – | | |
| (8,004 | ) |
Increase in software development costs | |
| (1,507,045 | ) | |
| – | |
Net cash used in investing activities | |
| (1,507,045 | ) | |
| (8,004 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Proceeds from the issuance of long-term debt, net of discounts and debt issuance costs | |
| 1,011,500 | | |
| – | |
Common stock issued for cash, net | |
| – | | |
| 1,137,500 | |
Repayment on long-term debt | |
| (1,587,500 | ) | |
| (156,504 | ) |
Issuance of common stock and pre-funded warrants, net of issuance costs | |
| 5,735,499 | | |
| – | |
Proceeds form the issuance of Series F preferred stock | |
| 100 | | |
| – | |
Net cash provided by financing activities | |
| 5,159,599 | | |
| 980,996 | |
| |
| | | |
| | |
Net change in cash | |
| (79,915 | ) | |
| (4,529,999 | ) |
Cash - beginning of period | |
| 220,854 | | |
| 5,385,245 | |
Cash - end of period | |
$ | 140,939 | | |
$ | 855,246 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow Information | |
| | | |
| | |
Cash paid for interest | |
$ | 18,848 | | |
$ | 145,052 | |
Cash paid for taxes | |
$ | 294 | | |
$ | 2,420 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Issuance of incentive shares with debt recorded as debt discount | |
$ | 122,426 | | |
$ | – | |
Warrants issued with debt recorded as debt discount | |
$ | 586,038 | | |
$ | – | |
Common stock issued under cashless warrant exercises | |
$ | 117 | | |
$ | – | |
Common stock issued for accrued interest | |
$ | 235,563 | | |
$ | – | |
Common stock issued for settlement of accounts payable | |
$ | 80,410 | | |
$ | – | |
Conversion of debt to common stock and warrants | |
$ | – | | |
$ | 2,812,500 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
MOBIQUITY TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2023
(UNAUDITED)
NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS
Mobiquity Technologies, Inc. (“Mobiquity,”
“we,” “our” or “the Company”), and its operating subsidiaries, is a next generation location data
intelligence company. The Company provides precise unique, at-scale location data and insights on consumer’s real-world behavior
and trends for use in marketing and research. We provide one of the most accurate and scaled solutions for mobile data collection and
analysis, utilizing multiple geo-location technologies. The Company is seeking to implement several new revenue streams from its data
collection and analysis, including, but not limited to, Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate
Planning, Financial Forecasting and Custom Research. We also are a developer of advertising and marketing technology focused on the creation,
automation, and maintenance of an advertising technology operating system (or ATOS). The ATOS platform blends artificial intelligence
(or AI) and machine learning (ML) based optimization technology for automatic ad serving that manages and runs digital advertising campaigns.
Mobiquity Technologies, Inc. was incorporated
in the State of New York and has the following subsidiaries:
Mobiquity Networks, Inc.
Mobiquity Networks, Inc. is a wholly owned subsidiary
of Mobiquity Technologies, Inc., commencing operations in January 2011 and incorporated in the State of New York. Mobiquity Networks started
and developed as a mobile advertising technology company focused on driving foot-traffic throughout its indoor network and has evolved
and grown into a next generation data intelligence company. Mobiquity Networks, Inc. operates our data intelligence platform business.
Advangelists, LLC
Advangelists LLC is a wholly owned subsidiary
of Mobiquity Technologies, Inc., acquired through a merger transaction in December 2018, incorporated in the State of Delaware, and operates
our ATOS platform business.
Liquidity, Going Concern and Management’s
Plans
These condensed consolidated financial statements
have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments
in the normal course of business.
As reflected in the accompanying consolidated
financial statements, for the nine months ended September 30, 2023, the Company is reporting the following:
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Net loss of $5,220,014;
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Net cash used in operations of $3,732,469. |
Additionally, at September 30, 2023, the Company
is reporting the following:
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Accumulated deficit of
$215,727,236 |
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Stockholders’ equity of $1,551,487, and |
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Working capital deficit of $1,448,281. |
We manage liquidity risk by reviewing, on an ongoing
basis, our sources of liquidity and capital requirements. The Company has cash on hand of $140,939 on September 30, 2023.
The Company has incurred significant losses since
its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services
to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be
sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including:
our financial position, our cash flows and cash usage forecasts for the nine months ended September 30, 2023, and our current capital
structure including equity-based instruments and our obligations and debts.
Without sufficient revenues from operations, if
the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities
or cease operations. The Company may explore obtaining additional capital financing and the Company is closely monitoring its cash balances,
cash needs, and expense levels.
These factors create substantial doubt about the
Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these consolidated financial
statements are issued. These 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 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.
Management’s strategic plans include
the following:
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Execution of business plan focused on technology growth and improvement, |
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Seek out equity and/or debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. |
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Continuing to explore and execute prospective partnering or distribution opportunities, |
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Identifying unique market opportunities that represent potential positive short-term cash flow. |
Coronavirus (“COVID-19”) Pandemic
During the year ended December 31, 2022, the Company’s
financial results and operations were adversely impacted by the COVID-19 pandemic. The Company is a data location company with a specialty
to drive traffic to retail stores. In the prior two (2) years, the Company suffered from the effects of the pandemic due to lack of traffic
to retail stores related to mandated stay-at-home restrictions and the Company drastically curtailed its operations. The extent to which
the Company’s future financial results could be impacted by the COVID-19 pandemic depends on future developments that are highly
uncertain and cannot be predicted at this time. The pandemic also had an effect on the Company’s ability to attain new customers
or retain existing customers, and to collect on its outstanding accounts receivable, resulting in an increase of its allowance for doubtful
accounts in the fourth quarter of fiscal 2022. The Company recorded an increase in its allowance for doubtful accounts of approximately
$46,000 for the nine months ended September 30, 2023. No adjustment to the allowance for doubtful accounts was recognized for the nine
months ended September 30, 2022. The Company is not aware of any specific event or circumstance that would require an update to its estimates
or judgments or a revision of the carrying value of its assets or liabilities.
These estimates may change, as new events occur,
and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
During the three months and nine months ended
September 30, 2023, the Company’s financial results and operations were not otherwise materially adversely impacted by the COVID-19
pandemic.
Reverse Stock Split
On August 7, 2023, the Company
effected a 1-for-15
reverse stock split of its common stock, with all fractional common shares rounded up to the nearest whole number. All share
and per share amounts in this form 10-Q have been retroactively restated to give effect to the reverse stock split.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP)
for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities
and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally
accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying
unaudited consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring accruals) to
present the financial position of the Company as of September 30, 2023, and the results of operations and cash flows for the periods presented.
The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results
for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the
financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on March 31, 2023.
Management acknowledges its responsibility for
the preparation of the accompanying unaudited consolidated financial statements which reflect all adjustments, consisting of normal recurring
adjustments, considered necessary in its opinion for a fair statement of its consolidated financial position and the consolidated results
of its operations for the periods presented.
Principles of Consolidation
These consolidated financial statements have been
prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions
and balances have been eliminated.
Business Segments and Concentrations
The Company uses the “management approach”
to identify its reportable segments. The management approach requires companies to report segment financial information consistent with
information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s
reportable segments. The Company manages its business as a single reporting segment.
Customers in the United States accounted for 100%
of our revenues. We do not have any property or equipment outside of the United States.
Use of Estimates
Preparing financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including
stock-based compensation and deferred tax asset valuation allowance, and the disclosure of contingent assets and liabilities at the date
of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and
those estimates may be material.
Risks and Uncertainties
The Company operates in an industry that is subject
to intense competition and changes in consumer demand. The Company’s operations are subject to significant risk and uncertainties
including financial and operational risks and the potential of overall business failure.
The Company has experienced, and in the future
expects to continue to experience, variability in sales and net earnings. The factors expected to contribute to this variability include,
among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company
competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s
service offerings. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.
Fair Value of Financial Instruments
The Company accounts for financial instruments
at fair value, which is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price)
in an orderly transaction between market participants at the measurement date. The valuation techniques are based on observable and unobservable
inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions.
There are three levels of inputs that may be used to measure fair value:
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Level 1—Valuation based on unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access; |
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Level 2—Valuation based on observable quoted prices for similar assets and liabilities in active markets; and |
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Level 3—Valuation based on unobservable inputs that are supported by little or no market activity, which require management’s best estimate of what market participants would use as fair value. |
Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management.
The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair value. These financial instruments include accounts receivable, accounts payable and accrued
expenses, and contract liabilities. On September 30, 2023, and December 31, 2022, the carrying amounts of these financial instruments
approximated their fair values due to the short-term nature of these instruments. The fair value of the Company’s debt approximates
its carrying value based on current financing rates available to the Company and its short-term nature.
The Company does not have any other financial
or non-financial assets or liabilities that would be characterized as Level 1, Level 2, or Level 3 instruments.
Cash and Cash Equivalents and Concentrations
of Risk
For purposes of presentation in the consolidated
statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase
date and money market accounts to be cash equivalents.
On September 30, 2023, and December 31, 2022,
the Company did not have any cash equivalents.
The Company is exposed to credit risk on its cash
in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit
Insurance Company (FDIC), which is $250,000. As of September 30, 2023, and December 31, 2022, the Company had not experienced any losses
on cash balances in excess of the FDIC insured limits. Any loss incurred or a lack of access to funds could have a significant impact
on the Company’s consolidated financial condition, results of operations, and cash flows. At September 30, 2023 and December 31,
2022, the Company did not exceed FDIC insured limits.
For the nine months ended September 30, 2023 and
2022, sales of our products to three and two customers, respectively, generated approximately 76% and 48% of our revenues, respectively.
Our contracts with our customers generally do not obligate them to a specified term and they can generally terminate their relationship
with us at any time with a minimal amount of notice. The loss of one of these customers could have a material adverse effect on our consolidated
results of operations and financial condition.
Accounts Receivable
Accounts receivable represent customer obligations
under normal trade terms and are stated at the amount management expects to collect from outstanding customer balances. Credit is extended
to customers based on an evaluation of their financial condition and other factors. Interest is not accrued on overdue accounts receivable.
The Company does not require collateral. Three of our customers combined accounted for approximately 43% and 42% of outstanding accounts
receivable at September 30, 2023 and December 31, 2022, respectively.
The Company had net accounts receivable of $129,146
and $340,935 on September 30, 2023, and December 31, 2022, respectively.
Management periodically assesses the Company’s
accounts receivable and, if necessary, establishes an allowance for doubtful accounts. The Company provides its allowance for doubtful
accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions.
Accounts determined to be uncollectible are charged to operations when that determination is made.
The allowance for doubtful accounts was approximately
$1,138,000 and $1,091,000 September 30, 2023, and December 31, 2022, respectively. This allowance relates to receivables generated in
previous years for which collection is uncertain, based in part, as a result of many customers being adversely impacted by COVID-19.
Bad debt expense (recovery) is recorded as a component
of general and administrative expenses in the accompanying consolidated statements of operations. For the nine months ended September
30, 2023, we recognized $46,458 in bad debt expense. No expense was recognized for the nine months ended September 30, 2022.
Impairment of Long-lived Assets
Management evaluates the recoverability of the
Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment
exists, in accordance with the provisions of Accounting Standards Codification (ASC) 360-10-35-15 Impairment or Disposal of Long-Lived
Assets. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets
and other long-lived assets may not be recoverable include but are not limited to significant changes in performance relative to expected
operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the
Company’s business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated
from the use and ultimate disposition of these assets and compares this to the carrying amounts of the assets.
If impairment is indicated based on a comparison
of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which
the carrying amount of the assets exceeds the fair value of the assets. No impairments were recognized by the Company for the nine months
ended September 30, 2023 and 2022.
Property and Equipment
Property and equipment are stated at cost less
accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets.
Expenditures for repairs and maintenance which
do not materially extend the useful lives of property and equipment are charged to operations. When property or equipment is sold or otherwise
disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected
in current results of operations.
Goodwill
The Company’s goodwill represents the excess
of the consideration transferred for the acquisition of Advangelists, LLC in December 2018 over the fair value of the underlying identifiable
net assets acquired. Goodwill is not amortized but instead, tested for impairment at least annually. In the event that management determines
that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s
carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter
in which the determination is made.
The Company performs its annual impairment tests
of goodwill as of December 31st of each year, or more frequently, if certain indicators are present. Goodwill is required to be tested
for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which
is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information
available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results.
Net assets and goodwill of acquired businesses are allocated to the reporting unit associated with the acquired business based on the
anticipated organizational structure of the combined entities. If two or more components are deemed economically similar, those components
are aggregated into one reporting unit when performing the annual goodwill impairment review. The Company has one reporting unit as of
September 30, 2023, and December 31, 2022. No impairment of goodwill was recognized by the Company for the nine months ended September
30, 2023 or 2022.
Intangible Assets
The Company’s intangible assets consist
of customer relationships obtained through its acquisition of Advangelists LLC and software development costs. The Company amortizes its
identifiable definite-lived intangible assets over an estimated period of 5 years. See Note 3 for further details.
In accordance with ASC 985-20, Costs of Software
to Be Sold, Leased, or Marketed, the Company records the cost of planning, designing, and establishing the technological feasibility
of computer software intended for resale as research and development costs and charges those costs to operations when incurred and are
included in general and administrative expenses on the condensed consolidated statements of operations. After technological feasibility
has been established, the costs of producing a marketable product and product masters are capitalized and amortized on a straight-line
basis over the estimated useful life of the software, which is five years, beginning at the date of general release to customers. The
Company began capitalizing costs associated with the development of its Ad Tech Operating System for Publishers platform (ATOS4P) in January
2023 when technological feasibility was deemed to have been established. Total software development costs capitalized for the ATOS4P platform
for the nine months ended September 30, 2023, were $864,179. The ATOS4P platform was released to customers in May 2023 at which time capitalization
of costs were discontinued and amortization on capitalized costs commenced. Amortization of $64,813 has been recognized on the ATOS4P
software development costs as of September 30, 2023.
During the quarter ended September 30, 2023, the
Company began capitalizing costs associated with an enhancement to the ATOS4P platform referred to as AdHere as technological feasibility
on the enhancement had been established. Total software development costs associated with the AdHere enhancement were $642,866 for the
quarter ended September 30, 2023. Release of AdHere to the general public is expected to occur during the quarter ended December 31, 2023,
at which time capitalization of additional costs will discontinue, and amortization of capitalized costs will commence.
Derivative Financial Instruments
The Company analyzes all financial instruments
with features of both liabilities and equity under FASB ASC Topic No. 480, (ASC 480), Distinguishing Liabilities from Equity and
FASB ASC Topic No. 815, (ASC 815) Derivatives and Hedging.
In August 2020, FASB issued ASU 2020-06, Accounting
for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), as part of its overall simplification initiative
to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided
to users of financial statements. Among other changes, the new guidance removes from U.S. GAAP separation models for convertible debt
that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated
and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will
no longer separately present such embedded conversion features in equity and will instead account for the convertible debt wholly as debt.
The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on
earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance
was adopted by the Company as of January 1, 2022.
Terms of financial instruments are reviewed to
determine whether or not they contain embedded derivative instruments that are required to be accounted for separately from the host contract
under ASC 815 and ASU 2020-06 and recorded on the balance sheet at fair value. Derivative liabilities are remeasured to reflect fair value
at each period end, with any increase or decrease in the fair value being recorded in the results of operations. The Company generally
incorporates a binomial model to determine fair value. Upon conversion of a debt instrument where an embedded conversion option has been
bifurcated and accounted for separately as a derivative liability, the Company records the resulting shares issued at fair value, derecognizes
all related debt principal, derivative liability, and debt discount, and recognizes a net gain or loss on debt extinguishment. Equity
instruments that are initially classified as equity that become subject to reclassification under ASC 815 are reclassified to liabilities
at the fair value of the instrument on the reclassification date. The Company does not use derivative instruments to hedge exposures to
cash flow, market, or foreign currency risk. As of September 30, 2023, and December 31, 2022, the Company had no derivatives classified
as liabilities.
Debt Issuance Costs and Debt Discounts
Debt discounts, debt issuance costs paid to
lenders or third parties, and other original issue discounts on debt, are recorded as debt discount or debt issuance costs and
amortized to interest expense in the consolidated statements of operations, over the term of the underlying debt instrument, using
the effective interest method, with the unamortized portion reported net with related principal outstanding on the consolidated
balance sheet. For the nine months ended September 30, 2023, the Company recorded $738,142 in interest expense associated
with the amortization of debt discounts and debt issuance costs incurred on debt issued during the period. There are no
unamortized debt discounts remaining at September 30, 2023 as a result of full debt settlement during the quarter ended June 30,
2023. See Note 4 regarding the accounting for debt discounts and debt issuance costs during the nine months ended September 30,
2023. There was no amortization of debt discounts for the nine months ended September 30, 2022 or unamortized debt discounts
outstanding at December 31, 2022.
Revenue Recognition
The Company’s revenues are generated from
internet advertising, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606).
In accordance with ASC 606, revenue is recognized when promised services are transferred to a customer. The amount of revenue recognized
reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. To achieve this core
principle, the Company applies the following five steps:
Identify the contract with a customer.
A contract with a customer exists when (i) the
Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred
and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines
that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent
and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention
to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer,
published credit and financial information pertaining to the customer.
Identify the performance obligations in the
contract.
Performance obligations promised in a contract
are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer
can benefit from the service either on its own or together with other resources that are readily available from third parties or from
the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other
promises in the contract. To the extent a contract includes multiple promised services (performance obligations), the Company must apply
judgment to determine whether promised services are capable of being distinct and distinct in the context of the contract. If these criteria
are not met the promised services are accounted for as a combined performance obligation. Currently, the Company does not have any contracts
that contain multiple performance obligations.
Determine the transaction price.
The transaction price is determined based on the
consideration to which the Company will be entitled in exchange for transferring services to the customer. To the extent the transaction
price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction
price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration.
Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future
reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts as of September 30, 2023, and
December 31, 2022, contained a significant financing component.
Allocate the transaction price to performance
obligations in the contract.
If the contract contains a single performance
obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct services
that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, the Company must
determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. Contracts that contain
multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone
selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation
or to a distinct service that forms part of a single performance obligation.
Recognize revenue when or as the Company satisfies
a performance obligation.
The Company satisfies performance obligations
at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service
to a customer. Under both managed services arrangements or self-service arrangements, the Company’s promised services under the
contracts include identification, bidding and purchasing of advertisement opportunities. The Company also generally has discretion in
establishing the pricing of the ads. Since the Company is controlling the promise to deliver the contracted services, the Company is considered
the principal in all arrangements for revenue recognition purposes.
Payment terms and conditions vary by contract,
although terms generally include a requirement of payment within 30 to 90 days.
Contract Liabilities
Contract liabilities represent deposits made by
customers before the satisfaction of performance obligations and recognition of revenue. Upon completion of the performance obligation(s)
that the Company has with the customer based on the terms of the contract, the liability for the customer deposit is relieved and revenue
is recognized. As of September 30, 2023, and December 31, 2022, there were $189,643 and $193,598, respectively in contract liabilities
outstanding that we expect to recognize as revenue within the following fiscal year.
Revenues
All revenues recognized were derived from internet
advertising for the nine months ended September 30, 2023, and the year ended December 31, 2022.
Advertising
Advertising costs are expensed as incurred. Advertising
costs are included as a component of general and administrative expenses in the consolidated statements of operations, and are considered
de minimis.
Stock-Based Compensation
The Company accounts for our stock-based compensation,
including stock options and common stock warrants, under ASC 718 Compensation – Stock Compensation, using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the
requisite service period for employee awards, which is usually the vesting period, and when the goods are obtained or services are received,
for nonemployee awards. This guidance establishes standards for the accounting for transactions in which an entity exchanges its equity
instruments for goods or services. It also applies to transactions in which an entity incurs liabilities in exchange for goods or services
that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
In connection with certain financing, consulting
and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone
instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards.
The fair value of stock-based compensation is
generally determined using the Black-Scholes valuation model as of the date of the grant or the date at which the performance of the services
is completed (measurement date).
When determining fair value of stock-based compensation,
the Company considers the following assumptions in the Black-Scholes model:
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Exercise price, |
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Expected dividends, |
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Expected volatility, |
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Risk-free interest rate; and |
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Expected life of option |
Income Taxes
The Company accounts for income tax using the
asset and liability method prescribed by ASC 740, Income Taxes (ASC 740). Under this method, deferred tax assets and liabilities
are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax
rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to
offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that all or some portion of the deferred
tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as gain or loss in the period that
includes the enactment date.
The Company follows the accounting guidance for
uncertainty in income taxes using the provisions of ASC 740. Using that guidance, tax positions initially need to be recognized in the
consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities.
As of September 30, 2023, and December 31, 2022, the Company did not identify any uncertain tax positions that qualify for either recognition
or disclosure in the consolidated financial statements.
The Company recognizes interest and
penalties, if any, related to recognized uncertain income tax positions, in other expense. No interest and penalties related to
uncertain income tax positions were recorded for the nine months ended September 30, 2023, and 2022. Open tax years subject to
examination by the Internal Revenue Service generally remain open for three years from the filing date. Tax years subject to
examination by the state jurisdictions generally remain open for up to four years from the filing date. During the nine months ended
September 30, 2023, the Company recognized $180,000 in income tax benefit as a result of the noncash settlement of an income tax
obligation assumed through its acquisition of Advangelists, LLC.
Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests.
Reclassifications
Certain reclassifications were made to the 2022
consolidated financial statements to conform to 2023 presentation, including presenting contract liabilities on its own financial statement
line on the balance sheet.
Recent Issued Accounting Pronouncements
We consider the applicability and impact of all
new accounting pronouncements on our consolidated financial position, results of operations, stockholders’ deficit, cash flows,
or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards
Board (FASB) through the date these condensed consolidated financial statements were available to be issued and found no recent accounting
pronouncements issued, but not yet effective, that when adopted, will have a material impact on the condensed consolidated financial statements
of the Company.
Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions: On September 30, 2022, the FASB issued ASU 2022-03 (ASU 2022-03), which clarifies the
guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the
sale of an equity security. The ASU also requires specific disclosures related to such an equity security, including (1) the fair value
of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and
(3) any circumstances that could cause a lapse in the restrictions. ASU 2022-03 clarifies that a “contractual restriction prohibiting
the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the
equity security unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity
security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC
820-10-35-36B as amended by the ASU). The ASU also prohibits an entity from recognizing a contractual sale restriction as a separate unit
of account. For public business entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods
within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2022-03 on its consolidated
financial statements and related disclosures.
Recently Adopted Accounting Pronouncements
Financial Instrument – Credit Losses:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology
under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable
and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit
loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides
transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05
are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No.
2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date
will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15,
2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption of the
guidance did not have a significant impact on its consolidated financial statements and disclosures.
Accounting for Contract Assets and Contract
Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic
805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). Under ASU 2021-08, an acquirer
in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities.
The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. The
Company adopted ASU 2021-08 on January 1, 2023, and the adoption of the guidance did not have a significant impact on its consolidated
financial statements and disclosures.
NOTE 3 – INTANGIBLE ASSETS
Definite-Lived Intangible Asset
The Company’s definite-lived intangible
assets consist of capitalized software development costs and a customer relationship asset also acquired through the Advangelists, LLC
acquisition. The intangible assets are being amortized over their estimated useful lives of five years. The Company periodically evaluates
the reasonableness of the useful lives of these assets. These assets are also reviewed for impairment or obsolescence when events or circumstances
indicate that the carrying amount may not be recoverable. If the carrying amount of an asset exceeds its estimated future cash flows,
an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Schedule of intangible assets | |
| |
| | |
| |
| |
Useful Lives | |
September 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Customer relationship | |
5 years | |
$ | 3,003,676 | | |
$ | 3,003,676 | |
Less accumulated amortization | |
| |
| (2,807,943 | ) | |
| (2,357,392 | ) |
Net carrying amount | |
| |
$ | 195,733 | | |
$ | 646,284 | |
| |
| |
| | | |
| | |
Software development costs | |
5 years | |
| 1,507,045 | | |
| – | |
Less accumulated amortization | |
| |
| (64,813 | ) | |
| – | |
Net carrying amount | |
| |
$ | 1,442,232 | | |
$ | – | |
During the nine months ended September 30, 2023,
and 2022, the Company recognized $450,551 and $300,367 in amortization expense related to other intangible assets, respectively, and $64,813
and $0 in amortization related to capitalized software development costs, respectively, which is included in general and administrative
expenses on the accompanying consolidated statements of operations.
Future amortization of software development costs
and other intangible assets, for years ending December 31, is as follows:
Schedule of future amortization of other intangible assets and development costs | |
| | |
| |
| |
Software
Development
Costs | | |
Other
Intangible
Assets | |
2023 | |
$ | 75,352 | | |
$ | 119,245 | |
2024 | |
| 301,409 | | |
| 76,488 | |
2025 | |
| 301,409 | | |
| – | |
2026 | |
| 301,409 | | |
| – | |
2027 | |
| 301,409 | | |
| – | |
Thereafter | |
| 161,244 | | |
| – | |
Total | |
$ | 1,442,232 | | |
$ | 195,733 | |
NOTE 4 – DEBT
Small Business Administration Loan
In June 2020, the Company received an Economic
Injury Disaster Loan of $150,000 from the Small Business Administration (SBA) which carries a thirty-year term, and interest at 3.7% per
annum, with a maturity date in July of 2050. The loan is to be repaid in monthly installments, including principal and interest, of $731,
beginning twelve months from the date of the loan. Total accrued and unpaid interest on the debt was $13,594 at December 31, 2022 and
is included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. The total principal outstanding has
been presented as long-term liabilities as payments required to be made in 2023 will be applied to accrued interest. On January 5, 2023,
the Company paid $163,885 to the Small Business Administration to pay off all outstanding principal and accrued interest on the Company’s
SBA loan.
Investor Note Payable
On December 30, 2022, the Company and Walleye
Opportunities Master Fund Ltd, a Cayman Islands company (the Investor), entered into a Securities Purchase Agreement (the Agreement) for
the Investor to purchase from the Company (i) a senior secured 20% original issue discount (OID) nine-month promissory note in an aggregate
gross principal amount of $1,437,500, less the 20% OID of $287,500, for a net subscription amount of $1,150,000 (the Investor Note), and
(ii) a five year warrant to purchase 174,242 shares of the Company’s common stock at an exercise price of $6.60 per share, exercisable
commencing July 1, 2023 and expiring December 30, 2027 (the Investor Warrant). Proceeds from the Agreement were received by the Company
in January 2023. If at any time commencing July 1, 2023, the Company issues, sells, or announces for sale, any shares of its common stock
(Subsequent Equity Sale) for a per share price less than the exercise price of the Investor Warrant in effect immediately prior to such
Subsequent Equity Sale, the exercise price of the Investor Warrant shall be reduced to an amount equal to the issuance price of the Subsequent
Equity Sale.
In conjunction with the Agreement, the Company
issued 34,849 shares of common stock, or approximately 5.3% of the Company’s outstanding shares at the time, to the Investor as
an incentive on the transaction (Incentive Shares). Excluding the above referenced Investor Warrant, the shares of Common Stock exercisable
pursuant to such Investor Warrant are not being considered beneficially owned by the Investor until the Investor Warrant is exercisable
within 60 days. Total issuance fees of $138,500 associated with the closing of the Agreement were paid by the Company to Spartan Capital
Securities LLC and the Investor’s counsel, resulting in net proceeds of $1,011,500. Approximately $163,000 of the loan proceeds
were utilized to repay the outstanding principal and accrued interest under the SBA loan (see above).
The Investor Note will only become convertible
into common stock upon the occurrence of an Event of Default under and as defined in the Investor Note on terms set forth in the Investor
Note. This Investor Note matures and was payable on or before September 30, 2023, and it provided that the Investor may demand prepayment
after March 31, 2023 and before the maturity date, provided that the purchasers of securities in a future public offering by the Company,
as defined in the Agreement, who hold the purchased Company securities at the time the prepayment demand, unanimously consent to the prepayment.
The Company granted a security interest in all of its assets to the Investor as collateral for its obligations under the Investor Note
pursuant to a Security Agreement. In addition, the Company’s subsidiaries guaranteed the obligations of the Company under the Investor
Note pursuant to a Subsidiary Guarantee and granted a first lien security interest in all of their assets to the Investor as additional
collateral pursuant to the Security Agreement. All securities sold in the above-described transaction contain certain piggy-back registration
rights after the completion of our February 2023 Offering (see Note 5). On June 30, 2023, the secured debt was paid in full through the
proceeds of our June 2023 Offering. See Note 5.
The aforementioned Investor Warrant was deemed
to be an equity-classified derivative instrument with a fair value of $1,526,363 at the date of closing on the Agreement, incorporating
the use of the Black-Scholes valuation model, and the Incentive Shares were deemed to have a fair value of $318,863 based on the closing
market price of the Company’s common stock on the day preceding the closing of the Agreement. Per accounting guidance under ASC
815, the Company recorded the fair values of the Investor Warrant and Incentive Shares based on the relative fair value allocation method,
which allocates fair values as a percentage of total fair value of the debt, Investor Warrant, and Incentive Shares, in proportion to
the net proceeds received (after deducting fees paid to lender) under the Investor Note of $1,150,000. As a result of applying the relative
fair value allocation method, the Investor Warrant was assigned a relative fair value of $586,040 and the Incentive Shares were assigned
a relative fair value of $122,426, at the date of closing on the Agreement. The fair values of the Investor Warrant, the Incentive Shares,
the OID of $287,500, and the $138,500 in debt issuance costs paid, were recorded as debt discounts and debt issuance costs totaling $1,134,466.
Amortization associated with the total debt discounts is being recognized using the effective interest method over the term of the Investor
Note, which matured on September 30, 2023. For the six months ended June 30, 2023, $738,141 in amortization on the debt discounts was
recognized as interest expense on the accompanying consolidated statement of operations. The remaining unamortized debt discounts at June
30, 2023 of $396,323 were written off as loss on debt extinguishment for the quarter ended June 30, 2023, upon full settlement of the
Investor Note in conjunction with proceeds received from the June 2023 Public Offering. See Note 5.
NOTE 5 – STOCKHOLDERS’ EQUITY
On August 7, 2023, the Company effected a 1-for-15
reverse stock split of its common stock, with all fractional common shares rounded up to the nearest whole number.
The Company’s authorized capital stock consists
of 105,000,000 shares, comprised of 100,000,000 shares of common stock (post-split), par value $0.0001, and 5,000,000 shares of
preferred stock, $0.0001 par value.
Of the 5,000,000 shares of preferred stock authorized,
the Board of Directors has designated the following:
|
· |
1,500,000 shares as Series AA Preferred Stock, none outstanding |
|
· |
1,250,000 shares as Series AAA Preferred Stock, 31,413 shares outstanding |
|
· |
1,500 shares as Series C Preferred Stock, none outstanding |
|
· |
70,000 shares as Series E Preferred Stock, 61,688 shares outstanding |
Rights Under Preferred Stock
The Company’s classes of preferred stock
include the following provisions:
Optional Conversion Rights
|
· |
Series AA preferred stock – one share convertible into 50 shares of common stock |
|
· |
Series AAA preferred stock – one share convertible into 100 shares of common stock |
|
· |
Series C preferred stock – one share convertible into 100,000 shares of commons stock |
|
· |
Series E preferred stock – one share at a rate of Stated Value, as defined, divided by $0.08, convertible commencing January 31, 2020 |
Redemption Rights
Series E preferred stock is redeemable at any
time upon 30 days’ written notice by the Company and the holders, at a rate of 100% of the Stated Value, as defined.
Warrant Coverage
Series C preferred stock carries 100% warrant
coverage upon preferred stock conversion, warrants exercisable through September 30, 2023, at an exercise price of $720 per share, post-split.
Series F Preferred Stock
At June 30, 2023, there was one share of outstanding
Series F Preferred Stock outstanding. Each Share of Series F Preferred Stock will not have rights as a security holder except for certain
voting rights in connection with the Company’s Special Meeting of Stockholders held on July 21, 2023. In this regard, the Series
F Preferred Stock will not have voting rights other than 70 million votes per share on the reverse stock split proposal, which proposal
is contained in a proxy statement which has been submitted to shareholders. The Series F Preferred Stock share voted together with the
outstanding shares of common stock of the Corporation as a single class exclusively with respect to the reverse stock split and was not
entitled to vote on any other matter. The vote of the one share of outstanding Series F Preferred Stock (or fraction thereof) was required
to be cast in the same proportions as shares of common stock (excluding any shares of common stock that were not voted) were voted on
the reverse stock split. The Series F Preferred Stock was redeemed (a) at any time if and when ordered by the Board of Directors
in its sole discretion, or (b) automatically upon the effectiveness of the amendment to the Company’s Certificate of Incorporation
implementing the reverse stock split. Dean Julia, the Chief Executive Officer, President and Treasurer, and a Director of the Company,
had purchased the one share of Series F Preferred Stock, which took effect upon the filing of an amendment to the Company’s Restated
Certificate of Incorporation, creating the Series F Preferred Stock. In conjunction with the effectiveness of the amendment to the Company’s
Certificate of Incorporation, and the effective date of a 1-for-15 reverse common stock split on July 21, 2023, the single share of Series
F Preferred Stock was redeemed in full at a price of $0.01 (its Stated Value).
No further voting, dividend or liquidation preference
rights exist as of September 30, 2023, on any class of preferred stock.
February 2023 Public Offering
On February 13, 2023, the Company entered into
an underwriting agreement (the Underwriting Agreement) with Spartan Capital Securities, LLC (the Underwriter) relating to a public offering
of 251,842 shares of common stock and pre-funded warrants to purchase 285,792 shares of common stock (the Shares), for net proceeds of
$3,207,500 (the February 2023 Offering). In conjunction with the February 2023 Offering, which closed on February 16, 2023, the investors
also received other Warrants to purchase 806,452 shares of common stock (Series 2023 Warrants) on a cash basis or up to 403,226 shares
on a cashless basis. The offered Shares were priced at $6.975 per combination of one share of common stock or one pre-funded warrant,
accompanied by one Series 2023 Warrant.
Each pre-funded warrant is exercisable at any
time, until fully exercised, to purchase one share of common stock at an exercise price of $0.0015 per share. Each Series 2023 Warrant
is exercisable for five years to purchase 0.1 shares of common stock at a cash exercise price of $6.975 per warrant share. The Series
2023 Warrants contain an alternative cashless exercise provision permitting the holder to acquire 0.05 shares of common stock for every
0.1 warrant shares any time after the earlier of (i) 30 days following the initial exercise date of February 14, 2023, and (ii) the date
on which the aggregate trading volume of the Company’s common stock, beginning on the initial exercise date of the Series 2023 Warrants,
exceeds 2,419,355 shares. Additionally, the exercise price of both the pre-funded warrants and the Series 2023 Warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like.
Pursuant to the terms of the Underwriter agreement,
and as partial consideration to the Underwriter, the Company issued a warrant for the purchase of 26,882 shares of common stock, exercisable
from February 14, 2023, through February 14, 2028, at an initial exercise price of $7.6725 per share. This warrant was cancelled by the
underwriter on or about June 30, 2023 in connection with the completion of the June 2023 public offering described below. The Company
also granted the Underwriter a 45-day option to purchase up to an additional 80,645 shares and/or pre-funded warrants in lieu of shares
and accompanying Series 2023 Warrants to purchase 120,968 shares at the public offering price less the underwriting discounts and commissions,
to cover over-allotments, if any. No additional shares or pre-funded warrants were purchased by the Underwriter. The Company paid a cash
fee to the Underwriter equal to 8% of the gross proceeds raised in the February 2023 Offering, plus a reimbursement of Underwriter fees
totaling $242,500.
Between the closing of the February 2023 Offering
and June 30, 2023, investors holding pre-funded warrants converted all their pre-funded warrants into 285,792 shares of common stock and
elected the alternative cashless exercise provision for the Series 2023 Warrants, resulting in the issuance of 403,226 shares of common
stock. As of June 30, 2023, all the aforementioned pre-funded warrants and 2023 Warrants were exercised.
June 2023 Public Offering
On June 30, 2023, Mobiquity Technologies, Inc.
closed on a public offering selling an aggregate of 375,000 shares of common stock (and 1,625,000 common stock equivalents in the form
of pre-funded warrants to purchase 1,625,000 common shares) to investors pursuant to Securities Purchase Agreements at a public offering
price of $1.50 per share (or $1.4985 per pre-funded warrant) (the June 2023 Offering), for total gross proceeds of $3,000,000. Placement
agent fees and other offering costs totaled $472,001 and were recorded net of gross proceeds in the accompanying consolidated statement
of stockholders’ equity during the quarter ended June 30, 2023. Each pre-funded warrant is exercisable at any time to purchase one
share of common stock at an exercise price of $0.0015 per share. Additionally, the exercise price of pre-funded warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like. Spartan Capital Securities, LLC acted as the
Company’s exclusive placement agent of the June 2023 Offering pursuant to a Placement Agent Agreement. The net proceeds to the Company
from the sale of the shares and pre-funded warrants, after deducting the Placement Agent commissions and offering expenses payable by
the Company, was approximately $2,528,000. The Company used $1,437,500 of the proceeds received from the June 2023 Offering to fully satisfy
its Senior Secured 20% OID Promissory Note to Walleye Opportunities Master Fund Ltd. See Note 4. The Company plans to use the remaining
funds for working capital. In July 2023, the Company also issued 478,334 shares of common stock upon exercise of 478,334 pre-funded warrants,
bringing the number of outstanding common shares to 2,588,333.
Other 2023 Stock Transactions
In April 2023, the Board of Directors or the Compensation
Committee of the Company’s Board of Directors approved the following transactions:
|
· |
Grant of 6,667 shares of restricted common stock to Gene Salkind, Chairman of the Board, for services previously rendered, based on a per share value of $2.505. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 3,333 shares of restricted common stock each to the Company’s CEO and another member of the Board of Directors for services as directors of the Company. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 2,000 shares of common stock to Mr. Salkind as payment for accrued and unpaid interest of approximately $5,000 based on a per share value of $2.505. |
|
· |
Grant of 4,790 shares of restricted common stock to the Company’s legal counsel as payment for accrued and unpaid services valued at $12,000 and $2.505 per share. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Issuance of 104,142 shares of restricted common stock at a per share value of $2.55 as payment and full settlement of outstanding accounts payable with a total carrying amount of $265,563. |
Shares prices used in the above transaction were
based on the market price of the Company’s common stock on the consummation dates of the transactions.
Shares Issued for Services
During the nine months ended September 30, 2022,
the Company issued 3,333 shares of common stock, at $25.35 per share for $84,500 in exchange for services rendered. During the nine months
of September 30, 2023, the Company issued 31,891 shares of common stock at $2.52 per share for $80,410 in exchange for services rendered.
Shares Issued Upon Conversion of Debt
During the nine months ended September 30, 2022,
Dr. Gene Salkind, his wife, and a trust converted an aggregate of $2,052,500 of secured debt in exchange for 91,222 shares of common stock
as well as warrants to purchase 45,611 shares of common stock at an exercise price of $60.00 per share through September 2029. The Company
recorded a loss on debt extinguishment of $491,915 related to the conversion for the nine months ended September 30, 2022.
The Company also converted $150,000 of debt into
5,000 shares of common stock, having a fair value of $135,750, resulting in a gain on debt extinguishment of $14,250.
NOTE 6 – STOCK OPTION PLANS AND WARRANTS
Stock Options
During Fiscal 2005, the Company established, and
the stockholders approved, an Employee Benefit and Consulting Services Compensation Plan (the “2005 Plan”) for the granting
of up to 334 non-statutory and incentive stock options and stock awards to directors, officers, consultants and key employees of the Company.
On June 9, 2005, the Board of Directors amended the Plan to increase the number of stock options and awards to be granted under the Plan
to 667 shares. During Fiscal 2009, the Company established a plan of long-term stock-based compensation incentives for selected Eligible
Participants of the Company covering 667 shares. This plan was adopted by the Board of Directors and approved by stockholders in October
2009 (the “2009 Plan”). In September 2013, the Company’s stockholders approved an increase in the number of shares covered
by the 2009 Plan to 1,667 shares. In the first quarter of 2016, the Board approved, and stockholders ratified a 2016 Employee Benefit
and Consulting Services Compensation Plan covering 1,667 shares (the “2016 Plan”) and approved moving all options which exceeded
the 2009 Plan limits to the 2016 Plan. In December 2018, the Board of Directors adopted and in February 2019 the stockholders ratified
the 2018 Employee Benefit and Consulting Services Compensation Plan covering 5,000 shares (the “2018 Plan”). On April 2, 2019,
the Board approved the “2019 Plan” identical to the 2018 Plan, except that the 2019 Plan covers 10,000 shares. The 2019 Plan
required stockholder approval by April 2, 2020, to be able to grant incentive stock options under the 2019 Plan. On October 13, 2021,
the Board approved the “2021 Plan” identical to the 2018 Plan, except that the 2019 Plan covers 73,334 post-split shares.
The 2021 Plan required stockholder approval by October 13, 2022, to be able to grant incentive stock options under the 2021 Plan. The
2005 Plan, 2009 Plan, 2016 Plan, 2018 Plan, 2019 Plan and 2021 Plan are collectively referred to as the “Plans.”
In March of 2022, Anne S. Provost was elected
to the board of directors and was granted 1,667 options from the Company’s 2021 Plan with immediate vesting, at an exercise price
of $68.55, and expiration of December 2031.
In April of 2022 and April 2023, Dean Julia was
granted 834 options from the Company’s 2021 Plan with immediate vesting, at an exercise price of $23.25 and $3.30 and expiration
of April 2031 and April 2032, respectively.
In March and April 2023, Nate Knight and Byron
Booker were each granted 1,667 options from the Company’s 2021 Plan with immediate vesting, at an exercise price of $3.30, and expiration
of March 2028 and April 2028, respectively.
All stock options under the Plans are granted
at or above the fair market value of the common stock at the grant date. Employee and non-employee stock options vest over varying periods
and generally expire either 5 or 10 years from the grant date. The fair value of options at the date of grant was estimated using the
Black-Scholes option pricing model. For option grants, the Company will take into consideration payments subject to the provisions
of ASC 718 Stock Compensation. The weighted average assumptions made in calculating the fair values of options granted during the
quarters ended September 30, 2023, and 2022 are as follows:
Schedule of assumptions used | |
| | |
| |
| |
Nine Months Ended September 30 | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 166.87% | | |
| 79.95% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.54% | | |
| 2.14% | |
Expected term (in years) | |
| 6.67 | | |
| 10.00 | |
Schedule of options outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 78,226 | | |
$ | 243.30 | | |
| 7.44 | | |
$ | – | |
Granted | |
| 4,167 | | |
$ | 3.30 | | |
| 5.30 | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled & expired | |
| (3,243 | ) | |
| – | | |
| – | | |
| – | |
Outstanding, September 30, 2023 | |
| 79,150 | | |
$ | 227.83 | | |
| 6.92 | | |
$ | – | |
Options exercisable, September 30, 2023 | |
| 79,136 | | |
$ | 227.84 | | |
| 6.92 | | |
$ | – | |
The weighted-average grant-date fair value of
options granted during the nine months ended September 30, 2023, was $3.30.
The aggregate intrinsic value of options outstanding
and options exercisable on September 30, 2023, is calculated as the difference between the exercise price of the underlying options and
the market price of the Company's common stock for the shares that had exercise prices lower than the $0.67 closing price of the Company's
common stock on September 30, 2023. Stock-based compensation expense was $234 and $22,295 for the three and nine months ended September
30, 2023, respectively, and $7,854 and $59,687 for the three and nine months ended September 30, 2022, respectively, and is included in
general and administrative expenses on the accompanying consolidated statements of operations.
As of September 30, 2023, the unamortized compensation
cost related to unvested stock option awards is $1,410, with $234 expected to be recognized during the remainder of fiscal 2023, $940
in fiscal 2024 and $236 in fiscal 2025.
Warrants
During the nine months ended September 30, 2023,
the Company issued a total of 2,649,551 common stock warrants. Total warrant shares issued included 174,242 shares issued in January 2023
in connection with the 20% OID Promissory note (see Note 4) which are exercisable commencing July 1, 2023, through December 30, 2027.
In February 2023, 850,308 warrant shares were issued in connection with the February 2023 Public Offering, including 285,792 of pre-funded
warrants (see Note 5) with a five-year contractual term, expiring February 14, 2028. On June 30, 2023, an additional 1,625,000 pre-funded
warrants were issued with a five-year term in connection with the June 2023 Public Offering. During July 2023, 478,333 pre-funded warrants
issued under the June 2023 Public Offering were exercised.
The weighted average assumptions made in calculating
the fair value of warrants granted during the nine months ended September 30, 2023, and 2022 are as follows:
Schedule of warrant assumptions | |
| | | |
| | |
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 172.63% | | |
| 75.87% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.85% | | |
| 2.03% | |
Expected term (in years) | |
| 5.00 | | |
| 6.25 | |
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 312,254 | | |
$ | 195.15 | | |
| 4.73 | | |
$ | – | |
Granted | |
| 2,649,551 | | |
$ | 1.16 | | |
| 2.38 | | |
$ | – | |
Exercised* | |
| (1,301,760 | ) | |
$ | – | | |
| – | | |
$ | – | |
Expired | |
| (32,357 | ) | |
$ | – | | |
| – | | |
$ | – | |
Outstanding, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
Warrants exercisable, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
NOTE 7: EARNINGS (LOSS) PER SHARE
Pursuant to ASC 260, Earnings Per Share, basic
earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
for the periods presented.
Diluted earnings (loss) per share is computed
by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive
securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and
warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive
in the future. In the event of a net loss, diluted loss per share is the same as basic loss per share since the effect of the potential
common stock equivalents upon conversion would be anti-dilutive.
The following potentially dilutive equity securities
outstanding as of September 30, 2023, and December 31, 2022, are as follows:
Schedule of anti dilutive securities | |
| | |
| |
| |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
Convertible notes payable and accrued interest | |
| – | | |
| 3,926 | |
Stock options | |
| 79,150 | | |
| 78,226 | |
Warrants | |
| 1,627,688 | | |
| 312,254 | |
Total common stock equivalents | |
| 1,706,838 | | |
| 394,406 | |
NOTE 8 – LITIGATION
Michael Trepeta, a former Co-CEO and director
of the Company, filed a lawsuit against the Company and its subsidiary, Mobiquity Networks in April 2023 in the New York State Supreme
Court, Nassau County. The claims stem from a Separation Agreement and Release that Mr. Trepeta and the Company entered into six years
ago in April 2017 which terminated Mr. Trepeta’ s employment agreement and discontinued his employment and directorship with the
Company, among other things, by mutual agreement. Mr. Trepeta also gave the Company a release in the Separation Agreement and Release.
Mr. Trepeta has claimed that the Company fraudulently induced him to enter into the Separation Agreement and Release; that the Company
breached Mr. Trepeta’ s employment agreement; and that the Company breached its covenant of good faith and fair dealing and its
fiduciary duty. Mr. Trepeta is claiming not less than $2.5 Million in damages. Based on the Company’s initial internal review of
the situation, the Company believes the claims lack merit and it intends to vigorously defend same. Due to uncertainties inherent in litigation,
the Company cannot predict the outcome of this matter at this time.
NOTE 9 –NASDAQ LISTING REQUIREMENTS
Our common stock and 2021 Warrants are listed
on the NasdaqCM. In order to maintain that listing, we must satisfy minimum financial and other continued listing requirements and standards,
including those regarding director independence and independent committee requirements, minimum stockholders’ equity, minimum share
price, and certain corporate governance requirements. There can be no assurances that we will be able to comply with the applicable listing
standards.
On January 13, 2023, we received a letter from
The Nasdaq Stock Market stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price
of the Company’s common stock was below $1.00 per share for 30 consecutive business days. Pursuant to Nasdaq’s Listing Rules,
the Company had a 180-day grace period, until July 12, 2023, during which the Company failed to regain compliance with the bid price of
its common stock closing at $1.00 per share or more for a minimum of ten consecutive business days. As the Company was not in compliance
on that date, the Company received a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing,
Nasdaq extended the date of compliance with NasdaqCM Listing Rule 5550(a)(2) to November 14, 2023.
In response to the market price of the Company’s
stock, on July 21, 2023, the Company effected a 1-for-15 reverse stock split of its common stock, effectively increasing its per share
bid price at the time to above $1.00. Subsequent to the revers stock split, the per share bid price has fallen below the $1.00 minimum
threshold. If we do not regain compliance with the bid price requirement, we may be eligible for an additional 180-calendar day compliance
period so long as we satisfy the criteria for initial listing on the NasdaqCM and the continued listing requirement for market value of
publicly held shares. In the event we are not eligible for the third grace period, the Nasdaq staff will provide written notice that our
Common Stock is subject to delisting; however, we may request a hearing before the Nasdaq Hearings Panel, which request, if timely made,
would stay any further suspension or delisting action by the Nasdaq pending the conclusion of the hearing process and expiration of any
extension that may be granted by the Hearings Panel.
On January 4, 2023, we received a deficiency notification
from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing Rule 5620(a)
to hold an annual meeting of shareholders within no later than one year after the end of the Company’s fiscal year end. Under NasdaqCM
Rules the Company had 45 calendar days to submit a plan to regain compliance and can grant up to 180 calendar days from the fiscal year
end, or until June 29, 2023, to regain compliance. In May 2023, this deficiency was cured.
On December 14, 2022, we received a deficiency
letter from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing
Rule 5550(b)(1) for the NasdaqCM, which requires that a listed company’s stockholders’ equity be at least $2.5 million. In
accordance with NasdaqCM rules, the Company had 45 calendar days from the date of the notification to submit a plan to regain compliance
with NasdaqCM Listing Rule 5550(b)(1). The Company submitted a compliance plan to resolve the deficiency and regain compliance and the
Company was granted up to May 30, 2023, to evidence compliance. As the Company was not in compliance on that date, the Company received
a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing, Nasdaq extended the date of compliance
with NasdaqCM Listing Rule 5550(b)(1) to November 14, 2023.
The Company intends to regain compliance with
each of the applicable continued listing requirements of The NasdaqCM prior to the end of the compliance periods set forth in the Hearings
Panel decision or on appeal at one or more hearings. However, until Nasdaq has reached a final determination that the Company has regained
compliance with all of the applicable continued listing requirements, there can be no assurances regarding the continued listing of the
Company’s common stock and 2021 Warrants on Nasdaq. If our common stock and 2021 Warrants cease to be listed for trading on the
NasdaqCM, we would expect that our Common Stock and 2021 Warrants would be traded on one of the three tiered marketplaces of the OTC Markets
Group. If Nasdaq were to delist our common stock and 2021 Warrants, it would be more difficult for our stockholders to dispose of our
common stock or 2021 Warrants and more difficult to obtain accurate price quotations on our common stock or 2021 Warrants. The delisting
of the Company’s common stock and 2021 Warrants from Nasdaq would have a material adverse effect on the Company’s access to
capital markets, and any limitation on market liquidity or reduction in the price of its common stock as a result of that delisting would
adversely affect the Company’s ability to raise capital on terms acceptable to the Company, if at all.
NOTE 10 – SUBSEQUENT EVENTS
Subsequent to September 30, 2023, the following material events occurred:
Salkind Consulting Agreement
The Company’s compensation committee has approved a one year
consulting agreement to issue up to 150,000 restricted shares of common stock to Gene Salkind, Chairman of the Board.
October 2023 Loan
As of October 10, 2023, an entity related to Gene
Salkind provided a $300,000 unsecured loan to the Company repayable in full on November 30, 2023, with interest at the annual rate of
15% (the October 2023 Loan). Mr. Salkind, as holder, has the right to convert the October 2023 Loan into either; (i) restricted Common
Stock at a conversion price of $0.70 per share or, (ii) into shares under the terms of any private equity offering completed by the Company
prior to the maturity date.
In conjunction with the issuance of the Series
G Preferred Stock described below, Mr. Salkind elected to convert the $300,000 October 2023 Loan principal in full, along with $3,945
in accrued interest, into 60,789 shares of Series G Preferred Stock based on the $5.00 per share price associated with the November 2023
Series G Preferred Stock offering.
Merchant Agreement
In November 2023, the Company entered into an agreement for the purchase
and sale of future receivables (Merchant Agreement) with a financial institution for the sale of future receivables in exchange for $200,000
in funding (the Purchase Price). The Purchase Price is to be repaid through daily payments representing 10% of future customer payments
on receivables until a total of $272,000 is paid. In connection with the Merchant Agreement, and as additional consideration, the Company
has agreed to issue shares of its Common Stock to the financial institution in an amount equal to 5% of the Purchase Price. The number
of shares issued is equal to 5% of the Purchase Price divided by the average closing per share price of the Common Stock for the previous
twenty (20) days from the signed date of the Merchant Agreement.
Series G Preferred Stock Authorization and
Offering
On November 6, 2023, a Unanimous Written Consent
of the Board of Directors was executed, effectively designating 500,000 shares of the Company’s authorized and unissued shares of
preferred stock, $0.0001 per share, as Series G Preferred Stock, having such preferences, rights, limitations, and designations as set
forth in an amendment to the Company’s Amended and Restated Certificate of Incorporation (the Charter Amendment), as authorized
to be filed with the New York Department of State.
Effective November 7, 2023, the Company closed
on three Subscription Agreements for the sale of a combined 300,789 shares of its newly designated Series G Preferred Stock to parties
associated with Gene Salkind (Preferred Shareholders), for total proceeds of $1,200,000 plus conversion of principal and accrued interest
from the October 2023 Loan of $303,495, resulting in an increase in shareholders’ equity of $1,503,495. Each share of the Series
G Preferred Stock is convertible by the Preferred Shareholders at any time after issuance into ten (10) shares of the Company’s
Common Stock, or $0.50 per Common Share (Conversion Ratio). The Series G Preferred Stock will automatically convert at the same Conversion
Ratio upon the Company’s Common Stock reporting of a closing sales price over $5.00 per share for ten (10) consecutive trading days.
The Company will pay annualized dividends equal
to twenty percent (20%) of the subscription price of the Series G Preferred Stock, payable monthly commencing January 2, 2024, in either
cash or shares of Common Stock, at the option of the Preferred Shareholders. Should the cash option be elected, the Company may determine
that such dividend shall be paid through the issuance of a one-year fifteen percent (15%) promissory note, secured by all assets of the
Company.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References in this Management’s Discussion
and Analysis of Financial Condition and Results of Operations to “us,” “we,” “our,” and similar terms
refer to the Company.
The information contained in this Form 10-Q and
documents incorporated herein by reference are intended to update the information contained in the Company's Form 10-K for its fiscal
year ended December 31, 2022 which includes our audited financial statements for the year ended December 31, 2022 and such information
presumes that readers have access to, and will have read, the "Management's Discussion and Analysis of Financial Condition and Results
of Operations," "Risk Factors" and other information contained in such Form 10-K and other Company filings with the Securities
and Exchange Commission ("SEC").
This statement contains forward-looking statements
within the meaning of the Securities Act. Discussions containing such forward-looking statements may be found throughout this statement.
Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors,
including the matters set forth in this statement. The accompanying consolidated financial statements as of September 30, 2023 and the
periods then ended include the accounts of Mobiquity Technologies, Inc. (the “Company”) and its wholly owned subsidiaries.
This Quarterly Report includes forward-looking
statements, as that term is defined in the federal securities laws, based upon current expectations that involve risks and uncertainties,
such as plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated
in these forward-looking statements as a result of a number of factors. Words such as “anticipate,” “estimate,”
“plan,” “continuing,” “ongoing,” “expect,” “believe,” “intend,”
“may,” “will,” “should,” “could,” and similar expressions are used to identify forward-looking
statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties,
risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections
upon which the statements are based. Our actual results could differ materially from those anticipated in the forward-looking statements
as a result of certain risk factors discussed in our Annual Report on Form 10-K (filed with the Securities and Exchange Commission (the
“SEC”) on March 31, 2023.
Any one or more of these uncertainties, risks
and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove
to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking
statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future
events or otherwise.
Our Company
We are a next-generation advertising
technology, data compliance and intelligence company which operates through our three proprietary software platforms in the programmatic
advertising industry.
The Programmatic Advertising Industry
Programmatic advertising refers
to the automated buying and selling of digital ad space. In contrast to manual advertising, which relies on human interaction and negotiation
between publishers and marketers, programmatic ad buying harnesses technology to purchase digital display space. This use of software
and algorithms helps streamline ad buying processes, which is why programmatic has become one of the most indispensable digital marketing
tools worldwide. According to Statista, in 2021, global programmatic ad spends reached an estimated 418.4 billion U.S. dollars,
with spending set to surpass 493 billion by 2022. The United States remains the leading programmatic advertising market worldwide.
Our Mission
Our mission is to help enterprises
in the programmatic industry become more efficient and effective regarding the monetization of advertising, audience segments and data
compliance. We do this by offering three proprietary solutions: Our ATOS platform for brands and agencies, our data intelligence platform
for audience segments and targeting, and our publisher platform for privacy compliance and publisher monetization.
Our Opportunity
Due to the recent changes
to Privacy Laws, such as GDPR and CCPA, along with Apple and Google’s removal of Identifiers, we believe Publishers are
facing two significant issues: increasing costs due to privacy compliance laws and decreasing revenue, due to the lack of audience targeting.
We believe there is a major paradigm shift occurring in the market, where user data and the targeting intelligence to use it must
shift from middlemen directly to the content publishers. Publishers must own their first party data and manage their audiences’
segments in-house. We believe that irrespective of whether a publisher chooses to work with us or not, they need to find a solution that
allows advertisers to buy directly from them.
Our Solutions
Programmatic Advertising Platform
Our advertising technology
operating system (or ATOS) platform is a single-vendor end-to-end solution that blends artificial intelligence (or AI) and machine learning
(or ML)-based optimization technology that automatically serves advertising and manages digital advertising campaigns. Our ATOS platform
engages with approximately 10 billion advertisement opportunities per day.
As an automated programmatic
ecosystem, ATOS increases speed and performance, by providing dynamic technology that scales in real-time. It is this proprietary cloud-based
architecture that keeps costs down and allows us to pass along savings to our customers. Also, by offering more of the features inherent
in a digital advertising campaign and removing the need for third-party integration of those features, we believe that our ATOS platform
can be substantially more time efficient and cost efficient than other Demand-Side Platforms (or DSPs). Our ATOS platform also decreases
the effective cost basis for users by integrating all the necessary capabilities at no additional cost as compared to the costs to outsource
these capabilities to one or more providers in a fragmented ecosystem. DSP and bidding technologies, AdCop™ Fraud Protection, rich
media and ad serving, attribution, reporting dashboard and DMP are all included in our ATOS platform.
Data Intelligence Platform
Our data intelligence platform
provides precise data and insights on consumer’s real-world behavior and trends for use in marketing and research. Our management
believes, based on our experience in the industry, that we provide one of the most accurate and scaled solution for data collection and
analysis, utilizing multiple internally developed proprietary technologies.
We provide our data intelligence
platform to our customers on a managed services basis, and also offer a self-service alternative through our MobiExchange product, which
is a software-as-a-service (or SaaS) fee model. MobiExchange is a data-focused technology solution that enables users to rapidly build
actionable data and insights for its own use. MobiExchange’s easy-to-use, self-service tools allow anyone to reduce the complex
technical and financial barriers typically associated with turning offline data, and other business data, into actionable digital products
and services. MobiExchange provides out-of-the box private labeling, flexible branding, content management, user management,
user communications, subscriptions, payment, invoices, reporting, gateways to third party platforms, and help desk, among other things.
Publisher Platform for Monetization and Compliance
Our content publisher platform
is a single-vendor ad tech operating system that allows publishers to better monetize their opt-in user data and advertising inventory.
The platform includes tools for: consent management, audience building, a direct advertising interface and inventory enhancement. Our
publisher platform provides content publishers the functionality to use its user identifier data to create inventories of profiled data
segments and to target audiences with advertising using that data, in a data privacy compliant manner.
Our Revenue Sources
We target publishers, brands,
advertising agencies and other advertising technology companies as our audience for our three platform products. Our sales and marketing
strategy is focused on providing a de-fragmented operating system that facilitates a considerably more efficient and effective way for
advertisers and publishers to transact with each other. Our goal is to become the programmatic display advertising industry standard for
small and medium sized advertisers. We generate revenue from our platforms through two verticals:
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The first is licensing one or more of our platforms as a white-label product for use by advertising agencies, demand-side platforms (or DSP’s), brands and publishers. Under the white-label scenario, the user licenses a platform from us and is responsible for running its own business operations and is billed a percentage of amounts spent on advertising run through the platform. |
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The third revenue stream is a managed services model, in which, the user is billed a higher percentage of revenue run through a platform, but all services are managed by us. |
Critical Accounting Policies
Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with generally
accepted accounting principles in the United States (U.S. GAAP). The preparation of financial statements requires management to make estimates
and disclosures on the date of the financial statements. On an on-going basis, we evaluate our estimates including, but not limited to,
those related to revenue recognition. We use authoritative pronouncements, historical experience, and other assumptions as the basis for
making judgments. We believe that the following critical accounting policies affect our more significant judgments and estimates in the
preparation of our financial statements.
Use of Estimates
Preparing financial statements in conformity with
U.S. GAAP requires management 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 revenues and expenses during the reported periods. Actual
results could differ from those estimates, and those estimates may be material.
Risks and Uncertainties
The Company operates in an industry that is subject
to intense competition and changes in consumer demand. The Company’s operations are subject to significant risks and uncertainties
including financial and operational risks including the potential risk of business failure.
The Company has experienced, and in the future
expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include,
among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company
competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s
distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent
basis.
Fair Value of Financial Instruments
The Company accounts for financial instruments
at fair value, which as is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit
price) in an orderly transaction between market participants at the measurement date. The valuation techniques are based on observable
and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect
certain market assumptions. There are three levels of inputs that may be used to measure fair value:
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Level 1—Valuation based on unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access; |
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Level 2—Valuation based on observable quoted prices for similar assets and liabilities in active markets; and |
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Level 3—Valuation based on unobservable inputs that are supported by little or no market activity, which require management’s best estimate of what market participants would use as fair value. |
Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management.
The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair value. These financial instruments include accounts receivable, accounts payable and accrued
expenses, and contract liabilities. On September 30, 2023, and December 31, 2022, the carrying amounts of these financial instruments
approximated their fair values due to the short-term nature of these instruments, or they are receivable or payable on demand. The fair
value of the Company’s debt approximates its carrying value based on current financing rates available to the Company and its short-term
nature.
The Company does not have any other financial
or non-financial assets or liabilities that would be characterized as Level 1, Level 2, or Level 3 instruments.
Accounts Receivable
Accounts receivable represent customer obligations
under normal trade terms and are stated at the amount management expects to collect from outstanding customer balances. Credit is extended
to customers based on an evaluation of their financial condition and other factors. Interest is not accrued on overdue accounts receivable.
The Company does not require collateral.
Management periodically assesses the Company’s
accounts receivable and, if necessary, establishes an allowance for doubtful accounts. The Company provides an allowance for doubtful
accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions.
Accounts determined to be uncollectible are charged to operations when that determination is made.
Bad debt expense (recovery) is recorded as a component
of general and administrative expenses in the accompanying condensed consolidated statements of operations.
Impairment of Long-lived Assets
Management evaluates the recoverability of the
Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment
exists, in accordance with the provisions of ASC 360-10-35-15 Impairment or Disposal of Long-Lived Assets. Events and circumstances
considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may
not be recoverable include but are not limited to significant changes in performance relative to expected operating results; significant
changes in the use of the assets; significant negative industry or economic trends; and changes in the Company’s business strategy.
In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition
of these assets and compares this to the carrying amounts of the assets.
If impairment is indicated based on a comparison
of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which
the carrying amount of the assets exceeds the fair value of the assets.
Revenue Recognition
The Company recognizes revenue in accordance with
Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) to align revenue recognition
more closely with the delivery of the Company’s services and will provide financial statement readers with enhanced disclosures.
In accordance with ASC 606, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized
reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. To achieve this core
principle, the Company applies the following five steps:
Identify the contract with a customer.
A contract with a customer exists when (i) the
Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred
and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines
that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent
and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention
to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer,
published credit and financial information pertaining to the customer.
Identify the performance obligations in the
contract.
Performance obligations promised in a contract
are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer
can benefit from the service either on its own or together with other resources that are readily available from third parties or from
the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other
promises in the contract. To the extent a contract includes multiple promised services, the Company must apply judgment to determine whether
promised services are capable of being distinct and distinct in the context of the contract. If these criteria are not met the promised
services are accounted for as a combined performance obligation.
Determine the transaction price.
The transaction price is determined based on the
consideration to which the Company will be entitled in exchange for transferring services to the customer. To the extent the transaction
price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction
price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration.
Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future
reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts as of September 30, 2023, and
December 31, 2022, contained a significant financing component.
Allocate the transaction price to performance
obligations in the contract.
If the contract contains a single performance
obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct services
that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, the Company must
determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. Contracts that contain
multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone
selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation
or to a distinct service that forms part of a single performance obligation.
Recognize revenue when or as the Company satisfies
a performance obligation.
The Company satisfies performance obligations
either overtime or at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring
a promised service to a customer.
Each of the Company’s customer contracts
is deemed to have a single performance obligation. Payment terms and conditions vary by contract, although terms generally include a requirement
of payment within 30 to 90 days.
Stock-Based Compensation
The Company accounts for our stock-based compensation
under ASC 718 Compensation – Stock Compensation using the fair value-based method. Under this method, compensation
cost is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which is
generally the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges equity
instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services
that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
The Company uses the Black-Scholes model for measuring
the fair value of options and other equity instruments granted to both employees and non-employees.
When determining fair value of stock-based compensation,
the Company considers the following assumptions incorporated into the Black-Scholes model:
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Expected dividends, |
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Expected volatility, |
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Risk-free interest rate; and |
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Recent Issued Accounting Pronouncements
We consider the applicability and impact of all
new accounting pronouncements on our consolidated financial position, results of operations, stockholders’ deficit, cash flows,
or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards
Board (FASB) through the date these condensed consolidated financial statements were available to be issued and found no recent accounting
pronouncements issued, but not yet effective, that when adopted, will have a material impact on the condensed consolidated financial statements
of the Company.
Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions: On September 30, 2022, the FASB issued ASU 2022-03 (ASU 2022-03), which clarifies the
guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the
sale of an equity security. The ASU also requires specific disclosures related to such an equity security, including (1) the fair value
of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and
(3) any circumstances that could cause a lapse in the restrictions. ASU 2022-03 clarifies that a “contractual restriction prohibiting
the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the
equity security unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity
security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC
820-10-35-36B as amended by the ASU). The ASU also prohibits an entity from recognizing a contractual sale restriction as a separate unit
of account. For public business entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods
within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2022-03 on its consolidated
financial statements and related disclosures.
Recently Adopted Accounting Pronouncements
Financial Instrument – Credit
Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology
under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable
and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit
loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides
transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05
are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may adopt ASU No. 2019-05
in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be
the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption of the guidance
did not have a significant impact on its condensed consolidated financial statements and disclosures.
Accounting for Contract Assets and Contract
Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic
805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). Under ASU 2021-08, an acquirer
in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities.
The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. The
Company adopted ASU 2021-08 on January 1, 2023, and the adoption of the guidance did not have a significant impact on its condensed consolidated
financial statements and disclosures.
Plan of Operation
Mobiquity intends to hire several new sales and
sales support individuals to help generate additional revenue using the Advangelists platform, our new Publisher Platform, and the Mobiquity
Networks MobiExchange. Mobiquity’s sales team will focus on Advertising Agencies, Brands, and publishers to help increase both supply
and demand across the Advangelists platform while providing unique data segments utilizing MobiExchange. Together the Advangelists platform
and MobiExchange platform create multiple revenue streams for Mobiquity. The first is licensing the Advangelists platform as a white-label
product for use by Advertising Agencies, DSP’s, Publishers, and Brands. Under the White-Label scenario, the user licenses the technology
and is responsible for running its own business operations and is billed a percentage of volume run through the platform. The second revenue
stream is a managed services model in which the user is billed a higher percentage of revenue run through the platform, but all services
are managed by the Mobiquity/Advangelists team. The third revenue model is a seat model, where the user is billed a percentage of revenue
run through the platform and business operations are shared between the user and the Mobiquity/Advangelists team. Additional revenue can
be generated by offering data segments and digital audiences through MobiExchange for use in omnichannel marketing programs that include
but not limited to programmatic advertising email marketing and SMS. The goal of the sales team is to inform potential users of the benefits
in efficiency and effectiveness of utilizing the end-to-end, fully integrated ATOS created by Advangelists and Mobiquity Networks. New
sales and support individuals are also needed to generate revenue for our new Publisher Platform. The target audiences for this platform
will be website publishers, application publishers, Connected TV (CTV) publishers and Supply-Side Platform (SSP) operators.
Results of Operations
Three Months Ended September 30, 2023, Compared
to Three Months Ended September 30, 2022
The following table sets forth certain selected
statement of operations data for the periods indicated in dollars. In addition, we note that the period-to-period comparison may not be
indicative of future performance.
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Three Months Ended | |
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September 30, 2023 | | |
September 30, 2022 | |
Revenues | |
$ | 177,271 | | |
$ | 904,223 | |
Cost of revenues | |
| 114,174 | | |
| 936,824 | |
Gross profit | |
| 63,097 | | |
| (32,601 | ) |
Operating expenses | |
| 1,458,136 | | |
| 2,239,988 | |
Loss from operations | |
$ | (1,395,039 | ) | |
$ | (2,272,589 | ) |
We generated revenues of $177,271 in the third
quarter of 2023 compared to $904,223 in the same period for 2022, a decrease in revenues of $726,952. The decrease from the prior period
can be directly attributed to the lack of political revenue during the first nine months of 2023 and the downturn in sectors we focused
on such as cryptocurrency and automotive. We anticipate an increase in political revenue during the fourth quarter of 2023, to correspond
to the upcoming primary 2024 elections. Additionally, the Company has developed several new features which we believe will help grow revenue
beginning in the fourth quarter of 2023 and beyond. We anticipate releasing one or more new products and services in the fourth quarter
of 2023 that will address many of the changes that have affected the AdTech industry over the last year.
Cost of revenues was $114,174 or 64% of revenues
in the third quarter of 2023 as compared to $936,824 or 104% of revenues in the same fiscal period of 2022. Costs of revenues include
audience building, targeting features and web services for storage of our data and web engineers who are building and maintaining our
platforms. Our ability to capture and store data for sales does not translate to increased cost of sales.
Gross profit was $63,097 or 36% of revenues for
the third quarter of 2023 as compared to a loss of $32,601 in the same period of 2022 or (4%) of revenues.
Total operating expenses were $1,458,136 for the
third quarter of fiscal 2023 compared to $2,239,988 in the comparable period of the prior year, a decrease of $781,852. The decrease in
operating costs was primarily related to a decrease in salaries expense of approximately $440,000, computer expense of approximately $131,000,
inducement fees of $101,000 and professional fees of approximately $64,000.
The loss from operations for the third quarter
of 2023 was $1,395,039 as compared to $2,272,589 for the comparable period of the prior year. While our loss from operations increased
by approximately $878,000 of the continuing operations over the comparable third quarter of 2022, the continuing operating loss is attributable
to the focused effort in creating the products and services required to move forward with our business.
Nine Months Ended September 30, 2023, Compared
to Nine Months Ended September 30, 2022
The following table sets forth certain selected
statement of operations data for the periods indicated in dollars. In addition, we note that the period-to-period comparison may not be
indicative of future performance.
| |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Revenues | |
$ | 441,010 | | |
$ | 3,367,346 | |
Cost of revenues | |
| 281,071 | | |
| 1,916,720 | |
Gross profit | |
| 159,939 | | |
| 1,450,626 | |
Operating expenses | |
| 4,421,863 | | |
| 6,524,042 | |
Loss from operations | |
$ | (4,261,924 | ) | |
$ | (5,073,416 | ) |
We generated revenues of $441,010 in the first
nine months of 2023 compared to $3,367,346 for the same period of 2022, a decrease of $2,926,336. The decrease can be directly attributed
to the lack of political revenue during the first nine months of 2023 and the downturn in sectors we focused on such as cryptocurrency
and automotive. The Company has developed several new features which we believe will help grow revenue in 2024 and beyond.
Cost of revenues was $281,071 or 64% of revenues
in the first nine months of 2023 as compared to $1,916,720 or 57% of revenues in the same fiscal period of 2022. Costs of revenues include
audience building, targeting features and web services for storage of our data and web engineers who are building and maintaining our
platforms. Our ability to capture and store data for sales does not translate to increased cost of revenues.
Gross profit was $159,939 or 36% of revenues for
the first nine months of 2023 as compared to $1,450,626 in the same period of 2022 or 43% of revenues.
Operating expenses were $4,421,863 for the first
nine months of fiscal 2023 compared to $6,524,042 in the comparable period of the prior year, a decrease of $2,102,179. The decrease in
operating costs was primarily related to a decrease in computer expenses of approximately $632,000, professional fees of approximately
$233,000, salaries of approximately $902,000, and commissions of approximately $207,000.
The loss from operations for the first nine months
of 2023 was $4,261,924 as compared to $5,073,416 for the comparable period of the prior year. Our loss from operations decreased by approximately
$811,000, primarily due to capitalization of software development costs, coupled with decreases in other operating expenses as noted above.
The continuing operating loss is attributable to the focused effort in creating the products and services required to move forward with
our business.
NASDAQ Listing Requirements
Our common stock and 2021 Warrants are listed
on the NasdaqCM. In order to maintain that listing, we must satisfy minimum financial and other continued listing requirements and standards,
including those regarding director independence and independent committee requirements, minimum stockholders’ equity, minimum share
price, and certain corporate governance requirements. There can be no assurances that we will be able to comply with the applicable listing
standards.
On January 13, 2023, we received a letter from
The Nasdaq Stock Market stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price
of the Company’s common stock was below $1.00 per share for 30 consecutive business days. Pursuant to Nasdaq’s Listing Rules,
the Company had a 180-day grace period, until July 12, 2023, during which the Company failed to regain compliance with the bid price of
its common stock closing at $1.00 per share or more for a minimum of ten consecutive business days. As the Company was not in compliance
on that date, the Company received a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing,
Nasdaq extended the date of compliance with NasdaqCM Listing Rule 5550(a)(2) to November 14, 2023.
In response to the market price of the
Company’s stock, on August 7, 2023, the Company effected a 1-for-15 reverse stock split of its common stock, effectively
increasing its per share bid price at the time to above $1.00. Subsequent to the revers stock split, the per share bid price has
fallen below the $1.00 minimum threshold. If we do not regain compliance with the bid price requirement, we may be eligible for an
additional 180-calendar day compliance period so long as we satisfy the criteria for initial listing on the NasdaqCM and the
continued listing requirement for market value of publicly held shares. In the event we are not eligible for the third grace period,
the Nasdaq staff will provide written notice that our Common Stock is subject to delisting; however, we may request a hearing before
the Nasdaq Hearings Panel, which request, if timely made, would stay any further suspension or delisting action by the Nasdaq
pending the conclusion of the hearing process and expiration of any extension that may be granted by the Hearings Panel.
On January 4, 2023, we received a deficiency notification
from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing Rule 5620(a)
to hold an annual meeting of shareholders within no later than one year after the end of the Company’s fiscal year end. Under NasdaqCM
Rules the Company had 45 calendar days to submit a plan to regain compliance and can grant up to 180 calendar days from the fiscal year
end, or until June 29, 2023, to regain compliance. In May 2023, this deficiency was cured.
On December 14, 2022, we received a deficiency
letter from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing
Rule 5550(b)(1) for the NasdaqCM, which requires that a listed company’s stockholders’ equity be at least $2.5 million. In
accordance with NasdaqCM rules, the Company had 45 calendar days from the date of the notification to submit a plan to regain compliance
with NasdaqCM Listing Rule 5550(b)(1). The Company submitted a compliance plan to resolve the deficiency and regain compliance and the
Company was granted up to May 30, 2023, to evidence compliance. As the Company was not in compliance on that date, the Company received
a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing, Nasdaq extended the date of compliance
with NasdaqCM Listing Rule 5550(b)(1) to November 14, 2023.
The Company intends to regain compliance with
each of the applicable continued listing requirements of The NasdaqCM prior to the end of the compliance periods set forth in the Hearings
Panel decision or on appeal at one or more hearings. However, until Nasdaq has reached a final determination that the Company has regained
compliance with all of the applicable continued listing requirements, there can be no assurances regarding the continued listing of the
Company’s common stock and 2021 Warrants on Nasdaq. If our common stock and 2021 Warrants cease to be listed for trading on the
NasdaqCM, we would expect that our Common Stock and 2021 Warrants would be traded on one of the three tiered marketplaces of the OTC Markets
Group. If Nasdaq were to delist our common stock and 2021 Warrants, it would be more difficult for our stockholders to dispose of our
common stock or 2021 Warrants and more difficult to obtain accurate price quotations on our common stock or 2021 Warrants. The delisting
of the Company’s common stock and 2021 Warrants from Nasdaq would have a material adverse effect on the Company’s access to
capital markets, and any limitation on market liquidity or reduction in the price of its common stock as a result of that delisting would
adversely affect the Company’s ability to raise capital on terms acceptable to the Company, if at all.
Pro Forma Effects of the October 2023 Loan Conversion and
Series G Preferred Stock Issuance
As of the date of this filing, the Company has
total stockholders’ equity in excess of $2,500,000 as required for continued listing on NASDAQ. The following unaudited pro forma
stockholders’ equity table presents the consolidated stockholders’ equity section of the Company’s balance sheet as
if the conversion of the October 2023 Loan, and the November 2023 offering of the Series G Preferred Stock, as discussed in NOTE 10 to
the consolidated financial statements, had occurred on January 1, 2023:
Mobiquity Technology, Inc.
Unaudited Pro Forma Consolidated Stockholders'
Equity
As of September 30, 2023
| |
September 30, 2023 | | |
Transaction | | |
September 30, 2023 | |
| |
(Historical) | | |
Adjustments | | |
(Pro Forma) | |
Stockholders’ Equity | |
| | | |
| | | |
| | |
AA preferred stock | |
$ | – | | |
$ | – | | |
$ | – | |
AAA preferred stock | |
| 3 | | |
| – | | |
| 3 | |
Preferred stock Series C | |
| – | | |
| – | | |
| – | |
Preferred stock Series E | |
| 6 | | |
| – | | |
| 6 | |
Preferred stock Series G | |
| – | | |
| 30 | | (1) |
| 30 | |
Common stock | |
| 257 | | |
| – | | |
| 257 | |
Treasury stock | |
| (1,350,000 | ) | |
| – | | |
| (1,350,000 | ) |
Additional paid-in capital | |
| 218,628,457 | | |
| 1,503,465 | | (2) |
| 220,131,922 | |
Accumulated deficit | |
| (215,727,236 | ) | |
| – | | |
| (215,727,236 | ) |
Total Stockholders' Equity | |
$ | 1,551,487 | | |
$ | 1,503,495 | | |
$ | 3,054,982 | |
______________________
|
(1) |
Reflects issuance of 300,789 shares of Series G Preferred Stock, per share par value of $0.0001. |
|
(2) |
Reflects cash proceeds of $1,200,000 for issuance of 240,000 shares of Series G Preferred Stock, plus $303,495 in additional paid-in capital resulting from conversion of the October 2023 Loan and accrued interest, less par value associated with shares issued of $30. |
Liquidity and Capital Resources
We have a history of operating losses, and our
management has concluded that factors raise substantial doubt about our ability to continue as a going concern and our auditor has included
an explanatory paragraph relating to our ability to continue as a going concern in its audit report for the fiscal year ended December
31, 2022.
The Company
had cash of $140,939 at September 30, 2023. Cash used in operating activities for the nine months ended September 30, 2023, was $3,732,469.
This resulted primarily from a net loss of $5,220,014 offset by stock-based compensation of $22,295, amortization of $515,364, increase
in accounts receivable of $165,331, a decrease in accounts payable and accrued expenses of $626,413, loss on debt extinguishment of $396,322,
amortization of debt discount $738,142, and an income tax benefit of $180,000. Cash used in investing activities was related to the development
of new software of $1,507,045. Cash flows provided by financing activities of $5,159,599 was related to repayment of debt of $1,587,500
offset by net proceeds received from the sale of common stock and pre-funded warrants of $5,735,499 and proceeds from the issuance of
debt of $1,011,500.
The Company
had cash of $855,246 at September 30, 2022. Cash used in operating activities for the nine months ended September 30, 2022, was $5,502,991.
This resulted primarily from a net loss of $5,791,201 offset by stock-based compensation of $59,687, amortization of $450,551, common
stock issued for services of $84,500, an increase in accounts receivable of $592,362, a decrease in accounts payable and accrued expenses
of $294,284, non-cash gain on settlement of liability $389,495, and inducement expense of $101,000. Cash used in investing activities
was related to the purchase of property and equipment of $8,004. Cash flows provided by financing activities of $980,996 was related to
repayment of debt of $156,504 offset by net proceeds received from the sale of common stock of $1,137,500.
Our company commenced operations in 1998 and was
initially funded by our three founders, each of whom has made demand loans to our company that have been repaid. Since 1999, we have relied
on equity financing and borrowings from outside investors to supplement our cash flow from operations and expect this to continue in 2023
and beyond until cash flow from our proximity marketing operations becomes substantial.
Other Debt Transactions
On December 30, 2022, the Company and Walleye
Opportunities Master Fund Ltd, a Cayman Islands company (the Investor), entered into a Securities Purchase Agreement (the Agreement) for
the Investor to purchase from the Company (i) a senior secured 20% original issue discount (OID) nine-month promissory note in an aggregate
gross principal amount of $1,437,500, less the 20% OID of $287,500, for a net subscription amount of $1,150,000 (the Investor Note), and
(ii) a five year warrant to purchase 174,242 shares of the Company’s common stock at an exercise price of $6.60 per share, exercisable
commencing July 1, 2023 and expiring December 30, 2027 (the Investor Warrant). Proceeds from the Agreement were received by the Company
in January 2023.
In conjunction with the Agreement, the Company
issued 34,849 shares of common stock, or approximately 5.3% of the Company’s outstanding shares, to the Investor as an incentive
on the transaction (Incentive Shares). Excluding the above referenced Investor Warrant, the shares of Common Stock exercisable pursuant
to such Investor Warrant are not being considered beneficially owned by the Investor until the Investor Warrant is exercisable within
60 days. Total issuance fees of $138,500 associated with the closing of the Agreement were paid by the Company to Spartan Capital Securities
LLC and the Investor’s counsel, resulting in net proceeds of $1,011,500. Approximately $163,000 of the loan proceeds were utilized
to repay the outstanding principal and accrued interest under the SBA loan.
The Investor Note will only become convertible
into common stock upon the occurrence of an Event of Default under and as defined in the Investor Note on terms set forth in the Investor
Note. This Investor Note matures and is payable on or before September 30, 2023, and it provides that the Investor may demand prepayment
after March 31, 2023 and before the maturity date, provided that the purchasers of securities in a future public offering by the Company,
as defined in the Agreement, who hold the purchased Company securities at the time the prepayment demand, unanimously consent to the prepayment.
The Company granted a security interest in all of its assets to the Investor as collateral for its obligations under the Investor Note
pursuant to a Security Agreement. In addition, the Company’s subsidiaries guaranteed the obligations of the Company under the Investor
Note pursuant to a Subsidiary Guarantee and granted a first lien security interest in all of their assets to the Investor as additional
collateral pursuant to the Security Agreement. All securities sold in the above-described transaction contain certain piggy-back registration
rights after the completion of our February 2023 Offering (see Note 5). On June 30, 2023, the secured debt was paid in full through the
proceeds of our June 2023 Offering.
The aforementioned Investor Warrant was deemed
to be an equity-classified derivative instrument with a fair value of $1,526,363 at the date of closing on the Agreement, incorporating
the use of the Black-Scholes valuation model, and the Incentive Shares were deemed to have a fair value of $318,863 based on the closing
market price of the Company’s common stock on the day preceding the closing of the Agreement. Per accounting guidance under ASC
815, the Company recorded the fair values of the Investor Warrant and Incentive Shares based on the relative fair value allocation method,
which allocates fair values as a percentage of total fair value of the debt, Investor Warrant, and Incentive Shares, in proportion to
the net proceeds received under the Investor Note of $1,150,000. As a result of applying the relative fair value allocation method, the
Investor Warrant was assigned a relative fair value of $586,040 and the Incentive Shares were assigned a relative fair value of $122,426,
at the date of closing on the Agreement. The fair values of the Investor Warrant, the Incentive Shares, the OID, and the $138,500 in debt
issuance costs paid, were recorded as debt discounts totaling $1,134,466, and are presented net against the debt principal outstanding
on the accompanying condensed consolidated balance sheet at June 30, 2023. Amortization associated with the total debt discounts is being
recognized using the effective interest method over the term of the Investor Note, which matures on September 30, 2023. For the quarter
ended June 30, 2023, $377,149 in amortization on the debt discounts was recognized as interest expense on the accompanying condensed consolidated
statement of operations, and the remaining unamortized debt discounts of $396,323 were written off as loss on debt extinguishment upon
full settlement of the Investor Note in conjunction with proceeds received from the June 2023 Offering.
February 2023 Public Offering
On February 13, 2023, the Company entered into
an underwriting agreement (the Underwriting Agreement) with Spartan Capital Securities, LLC (the Underwriter) relating to a public offering
of 251,842 shares of common stock and pre-funded warrants to purchase 285,792 shares of common stock (the Shares), for net proceeds of
$3,207,500 (the February 2023 Offering). In conjunction with the February 2023 Offering, which closed on February 16, 2023, the investors
also received other Warrants to purchase 806,452 shares of common stock (Series 2023 Warrants) on a cash basis or up to 403,226 shares
on a cashless basis. The offered Shares were priced at $6.975 per combination of one share of common stock or one pre-funded warrant,
accompanied by one Series 2023 Warrant.
Each pre-funded warrant is exercisable at any
time, until fully exercised, to purchase one share of common stock at an exercise price of $0.0015 per share. Each Series 2023 Warrant
is exercisable for five years to purchase 0.1 shares of common stock at a cash exercise price of $6.975 per warrant share. The Series
2023 Warrants contain an alternative cashless exercise provision permitting the holder to acquire 0.05 shares of common stock for every
0.1 warrant shares any time after the earlier of (i) 30 days following the initial exercise date of February 14, 2023, and (ii) the date
on which the aggregate trading volume of the Company’s common stock, beginning on the initial exercise date of the Series 2023 Warrants,
exceeds 2,419,355 shares. Additionally, the exercise price of both the pre-funded warrants and the Series 2023 Warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like.
Pursuant to the terms of the Underwriter agreement,
and as partial consideration to the Underwriter, the Company issued a warrant for the purchase of 26,882 shares of common stock, exercisable
from February 14, 2023, through February 14, 2028, at an initial exercise price of $7.6725 per share. This warrant was cancelled by the
underwriter on or about June 30, 2023, in connection with the completion of the June 2023 public offering described below. The Company
also granted the Underwriter a 45-day option to purchase up to an additional 80,645 shares and/or pre-funded warrants in lieu of shares
and accompanying Series 2023 Warrants to purchase 120,968 shares at the public offering price less the underwriting discounts and commissions,
to cover over-allotments, if any. No additional shares or pre-funded warrants were purchased by the Underwriter. The Company paid a cash
fee to the Underwriter equal to 8% of the gross proceeds raised in the February 2023 Offering, plus a reimbursement of Underwriter fees
totaling $242,500.
Between the closing of the February 2023 Offering
and June 30, 2023, investors holding pre-funded warrants converted all their pre-funded warrants into 285,792 shares of common stock and
elected the alternative cashless exercise provision for the Series 2023 Warrants, resulting in the issuance of 403,226 shares of common
stock. As of June 30, 2023, all the aforementioned pre-funded warrants and 2023 Warrants were exercised.
June 2023 Public Offering
On June 30, 2023, Mobiquity Technologies, Inc.
closed on a public offering selling an aggregate of 375,000 shares of common stock (and 1,625,000 common stock equivalents in the form
of pre-funded warrants to purchase 1,625,000 common shares) to investors pursuant to Securities Purchase Agreements at a public offering
price of $1.50 per share (or $1.4985 per pre-funded warrant) (the June 2023 Offering), for total gross proceeds of $3,000,000. Placement
agent fees and other offering costs totaled $472,001 and were recorded net of gross proceeds in the accompanying consolidated statement
of stockholders’ equity during the quarter ended June 30, 2023. Each pre-funded warrant is exercisable at any time to purchase one
share of common stock at an exercise price of $0.0015 per share. Additionally, the exercise price of pre-funded warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like. Spartan Capital Securities, LLC acted as the
Company’s exclusive placement agent of the June 2023 Offering pursuant to a Placement Agent Agreement. The net proceeds to the Company
from the sale of the shares and pre-funded warrants, after deducting the Placement Agent commissions and offering expenses payable by
the Company, was approximately $2,528,000. The Company used $1,437,500 of the proceeds received from the June 2023 Offering to fully satisfy
its Senior Secured 20% OID Promissory Note to Walleye Opportunities Master Fund Ltd. See Note 4. The Company plans to use the remaining
funds for working capital. In July 2023, the Company also issued 478,334 shares of common stock upon exercise of 478,334 pre-funded warrants,
bringing the number of outstanding common shares to 2,588,333.
Other 2023 Stock Transactions
In April 2023, the Board of Directors or the Compensation
Committee of the Company’s Board of Directors approved the following transactions:
|
· |
Grant of 6,667 shares of restricted common stock to Gene Salkind, Chairman of the Board, for services previously rendered, based on a per share value of $2.505. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 3,333 shares of restricted common stock each to the Company’s CEO and another member of the Board of Directors for services as directors of the Company. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 2,000 shares of common stock to Mr. Salkind as payment for accrued and unpaid interest of approximately $5,000 based on a per share value of $2.505. |
|
· |
Grant of 4,790 shares of restricted common stock to the Company’s legal counsel as payment for accrued and unpaid services valued at $12,000 and $2.505 per share. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Issuance of 104,142 shares of restricted common stock at a per share value of $2.55 as payment and full settlement of outstanding accounts payable with a total carrying amount of $265,563. |
Shares prices used in the above transaction were
based on the market price of the Company’s common stock on the consummation dates of the transactions.
Off-Balance Sheet Arrangements
As of September 30, 2023, we did not have any
off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Not applicable
ITEM 4. CONTROLS AND PROCEDURES
As required by Rules 13a-15 and 15d-15 under the
Exchange Act, our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the disclosure controls and procedures
as of September 30,2023 and quarterly since that date. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer
have concluded that our disclosure controls and procedures were not effective as of September 30, 2023, due primarily to the Company’s
lack of segregation of duties in the finance and accounting department similar to other companies our size.
We maintain disclosure controls and procedures,
which are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission's rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO,
as appropriate, to allow timely decisions regarding required disclosure.
There were changes in the Company's internal control
over financial reporting during the most recently completed fiscal year, which includes the integration of the new staff, that have materially
affected or are reasonably likely to materially affect the Company's internal control over financial reporting.
We performed additional analysis as deemed necessary
to ensure that our financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, the
management believes that the financial statements included in this Form 10-Q present fairly in all material respects our financial position,
results of operations and cash flows for the period presented.
Continuing Internal Controls Remediation Efforts
During fiscal 2022 the Company identified control
gaps and deficiencies. The Company has worked to remediate the gaps, deficiencies, and material weaknesses in its internal controls. The
Board of Directors and The Audit Committee, as a priority, initiated these remediation activities to ensure the Company has proper internal
controls over financial reporting and corporate governance. These steps will continue in fiscal 2023. To demonstrate these controls are
effective, the Company has instituted independent monitoring and testing of these aforementioned controls. These procedures continued
to be applied during fiscal 2023. Management has decided to defer the allocation of the additional talent necessary for the full implementation
of the planned remediations until fiscal 2024. The Company has instituted detective controls as well as independent monitoring and testing
of these aforementioned controls, which gives management comfort that reporting represents the financial results of the Company in all
material respects.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Michael Trepeta, a former Co-CEO and director
of the Company, filed a lawsuit against the Company and its subsidiary, Mobiquity Networks in April 2023 in the New York State Supreme
Court, Nassau County. The claims stem from a Separation Agreement and Release that Mr. Trepeta and the Company entered into six years
ago in April 2017 which terminated Mr. Trepeta’s employment agreement and discontinued his employment and directorship with the
Company, among other things, by mutual agreement. Mr. Trepeta also gave the Company a release in the Separation Agreement and Release.
Mr. Trepeta has claimed that the Company fraudulently induced him to enter into the Separation Agreement and Release; that the Company
breached Mr. Trepeta’s employment agreement; and that the Company breached its covenant of good faith and fair dealing and its fiduciary
duty. Mr. Trepeta is claiming not less than $2.5 Million in damages. Based on the Company’s initial internal review of the situation,
the Company believes the claims lack merit and it intends to vigorously defend same. Due to uncertainties inherent in litigation, the
Company cannot predict the outcome of this matter at this time.
ITEM 1A. RISK FACTORS
Incorporated by reference are the risk factors
contained in our Form 10-K for the fiscal year ended December 31, 2022.
ITEM 2. CHANGES IN SECURITIES.
(a) From January 1, 2022,
through September 30, 2023, we had no sales or issuances of unregistered capital stock, except as referenced above and in the table below:
Date of Sale | |
Title of Security | |
Number Sold | |
Consideration Received and Description of Underwriting or Other Discounts to Market Price or Convertible Security, Afforded to Purchasers | |
Exemption from Registration Claimed | |
If Option, Warrant or Convertible Security, terms of exercise or conversion |
Jan. – September 2022 | |
Common Stock | |
6,667 shares | |
Services rendered | |
Rule 506, Section 4(2) | |
Not applicable |
| |
| |
| |
| |
| |
|
Jan. – March 2022 | |
Common Stock | |
96,222 shares 45,611 warrants | |
Note conversion of $2,502,500 of Secured debt and $150,000 of unsecured debt | |
Section 3(a)(9) | |
Secured debt converted at $1.50 per share and unsecured debt converted at $2.00 per share (1) |
| |
| |
| |
| |
| |
|
April – June 2022 | |
Common Stock | |
27,200 shares and
13,600 warrants | |
Note conversion of $510,000 | |
Section 3(a)(9) | |
Secured debt converted at $1.25 per share (2) |
| |
| |
| |
| |
| |
|
July – September 2022 | |
Common Stock | |
58,830 shares | |
$1,137,500 raised, no commissions paid | |
Rule 506, Section 4(2) | |
Not applicable |
_________________
(1) |
The secured investor converted $2,502,500
of principal into 91,222 common shares and warrants to purchase 136,833 shares of common stock at an exercise price of $60.00 per share
through September 2029. |
(2) |
The secured investor converted $510,000 of
principal into 27,200 common shares and warrants to purchase 13,600 shares of common stock at an exercise price of $60.00 per share through
September 2029. |
On December 30, 2022, the Company and Walleye
Opportunities Master Fund Ltd, a Cayman Islands company (the Investor), entered into a Securities Purchase Agreement (the Agreement) for
the Investor to purchase from the Company (i) a senior secured 20% original issue discount (OID) nine-month promissory note in an aggregate
gross principal amount of $1,437,500, less the 20% OID of $287,500, for a net subscription amount of $1,150,000 (the Investor Note), and
(ii) a five year warrant to purchase 174,242 shares of the Company’s common stock at an exercise price of $6.60 per share, exercisable
commencing July 1, 2023 and expiring December 30, 2027 (the Investor Warrant). Proceeds from the Agreement were received by the Company
in January 2023. If at any time commencing July 1, 2023, the Company issues, sells, or announces for sale, any shares of its common stock
(Subsequent Equity Sale) for a per share price less than the exercise price of the Investor Warrant in effect immediately prior to such
Subsequent Equity Sale, the exercise price of the Investor Warrant shall be reduced to an amount equal to the issuance price of the Subsequent
Equity Sale.
In conjunction with the Agreement, the Company
issued 34,849 shares of common stock, or approximately 5.3% of the Company’s outstanding shares, to the Investor as an incentive
on the transaction (Incentive Shares). Excluding the above referenced Investor Warrant, the shares of Common Stock exercisable pursuant
to such Investor Warrant are not being considered beneficially owned by the Investor until the Investor Warrant is exercisable within
60 days. Total issuance fees of $138,500 associated with the closing of the Agreement were paid by the Company to Spartan Capital Securities
LLC and the Investor’s counsel, resulting in net proceeds of $1,011,500. Approximately $163,000 of the loan proceeds were utilized
to repay the outstanding principal and accrued interest under the SBA loan (see above).
The Investor Note will only become convertible
into common stock upon the occurrence of an Event of Default under and as defined in the Investor Note on terms set forth in the Investor
Note. This Investor Note matures and is payable on or before September 30, 2023, and it provides that the Investor may demand prepayment
after March 31, 2023 and before the maturity date, provided that the purchasers of securities in a future public offering by the Company,
as defined in the Agreement, who hold the purchased Company securities at the time the prepayment demand, unanimously consent to the prepayment.
The Company granted a security interest in all of its assets to the Investor as collateral for its obligations under the Investor Note
pursuant to a Security Agreement. In addition, the Company’s subsidiaries guaranteed the obligations of the Company under the Investor
Note pursuant to a Subsidiary Guarantee and granted a first lien security interest in all of their assets to the Investor as additional
collateral pursuant to the Security Agreement. All securities sold in the above-described transaction contain certain piggy-back registration
rights after the completion of our February 2023 Offering (see Note 5). On June 30, 2023, the secured debt was paid in full through the
proceeds of our June 2023 Offering.
(b) From January 1, 2023, through September 30,2023,
we had no sales or issuances of unregistered capital stock, except as referenced above and in the table below:
Date of Sale | |
Title of Security | |
Number Sold | |
Consideration Received and Description of Underwriting or Other Discounts to Market Price or Convertible Security, Afforded to Purchasers | |
Exemption from Registration Claimed | |
If Option, Warrant or Convertible Security, terms of exercise or conversion |
| |
| |
| |
| |
| |
|
Jan. – Sept 2023 | |
Common Stock | |
1,167,360 shares | |
Warrant conversion | |
Section 3(a)(9) | |
Each warrant exercise price $6.975 |
| |
| |
| |
| |
| |
|
Jan. – Sept 2023 | |
Common stock | |
31,891 shares | |
Services rendered | |
Rule 506, Section 4(2) | |
Not applicable |
| |
| |
| |
| |
| |
|
Jan – Sept 2023 | |
Common Stock | |
626,844 shares 2,448,427 warrants | |
Shares sold for cash | |
Rule 506;Section 4(2) | |
Not applicable |
| |
| |
| |
| |
| |
|
Jan – Sept 2023 | |
Common Stock | |
34,849 shares | |
Original issue discount | |
Rule 506;Section 4(2) | |
Not applicable |
| |
| |
| |
| |
| |
|
Jan – Sept 2023 | |
Common Stock | |
92,378 shares | |
Interest conversion | |
Rule 506;Section | |
Not applicable |
_________________
(1) |
The secured investor
converted $2,502,500 of principal into 91,222 common shares and warrants to purchase 45,611 shares of common stock at an exercise
price of $60.00 per share through September 2029. |
(2) |
The secured investor converted $510,000 of principal into 27,200 common shares and warrants to purchase 13,600 shares of common stock at an exercise price of $60.00 per share through September 2029. |
In the nine months ended September 30, 2023, and
2022, there were no repurchases by the Company of its Common Stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS
Exhibit | |
|
Number | |
Exhibit Title |
1 | |
Placement
Agent Agreement***** |
2.1 | |
Agreement
and Plan of Merger dated November 20, 2018 between Mobiquity Technologies, Inc., Glen Eagles Acquisition LP, Avng Acquisition Sub,
LLC, Advangelists, LLC, and Deepankar Katyal as Member Representative “Advangelists Merger Agreement”) (Incorporated
by reference to Form 8-K dated December 11, 2018.) |
2.2 | |
First
Amendment to the Advangelists Merger Agreement dated December 6, 2018 (Incorporated by reference to Form 8-K dated December 11, 2018.) |
2.3 | |
Membership
Interest Purchase Agreement dated as of April 30, 2019 between Mobiquity Technologies, Inc. and Glen Eagles Acquisition LP (Incorporated
by reference to Form 8-K dated April 30, 2019.) |
2.4 | |
Membership
Interest Purchase Agreement, effective as of May 8, 2019 between Mobiquity Technologies, Inc. and Gopher Protocol, Inc. (Incorporated
by reference to Form 8-K dated May 10, 2019.) |
2.5 | |
Assignment
and Assumption Agreement effective as of May 8, 2019 between Mobiquity Technologies, Inc. and Gopher Protocol, Inc. (Incorporated
by reference to Form 8-K dated May 10, 2019.) |
2.6 | |
Stock
Purchase Agreement, effective as of September 13, 2019, by and between Mobiquity Technologies, Inc. and GBT Technologies, Inc. (Incorporated
by reference to Form 8-K dated September 13, 2019.) |
2.7 | |
Subscription
Agreement, dated as of September 13, 2019, by and between Mobiquity Technologies, Inc. and Dr. Gene Salkind (Incorporated by reference
to Form 8-K/A dated September 13, 2019.) |
2.8 | |
Subscription
Agreement, dated as of September 13, 2019, by and between Mobiquity Technologies, Inc. and Marital Trust GST Subject U/W/O Leopold
Salkind (Incorporated by reference to Form 8-K/A dated September 13, 2019.) |
2.9 | |
Securities
Purchase Agreement dated September 20, 2021 by and between Mobiquity Technologies, Inc. and Talos Victory Fund, LLC (Incorporated
by reference to Form 8-K dated September 20, 2021.) |
2.10 | |
Securities
Purchase Agreement dated September 20, 2021 by and between Mobiquity Technologies, Inc. and Blue Lake Partners LLC (Incorporated
by reference to Form 8-K dated September 20, 2021.) |
2.11 | |
Securities
Purchase Agreement dated December 30, 2022 with Walleye (Incorporated by reference to Form 8-K filed with the SEC on January 4, 2023) |
3.1 | |
Certificate of Incorporation filed March 26, 1998 (Incorporated by reference to Registrant's Registration Statement on Form 10-SB as filed with the Commission on February 10, 2005) |
3.2 | |
Amendment to Certificate of Incorporation filed June 10, 1999 (Incorporated by reference to Registrant's Registration Statement on Form 10-SB as filed with the Commission on February 10, 2005) |
3.3 | |
Amendment to Certificate of Incorporation approved by stockholders in 2005(Incorporated by reference to Registrant's Registration Statement on Form 10-SB as filed with the Commission on February 10, 2005) |
3.4 | |
Amendment to Certificate of Incorporation dated September 11, 2008 (Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2012.) |
3.5 | |
Amendment to Certificate of Incorporation dated October 7, 2009 (Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2012.) |
3.6 | |
Amendment to Certificate of Incorporation dated May 18, 2012 (Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2012.) |
3.7 | |
Amendment to Certificate of Incorporation dated September 10, 2013 (Incorporated by reference to Registrant’s Form 8-K filed on September 11, 2013.) |
3.8 | |
Amendment to Certificate of Incorporation filed December 22, 2015 (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2015.) |
3.9 | |
Amendment to Certificate of Incorporation dated March 23, 2016 (Incorporated by reference to Form 8-K dated March 24, 2016.) |
3.10 | |
Amendment to Certificate of Incorporation dated February 28, 2017 (Incorporated by reference to Form 8-K dated March 1, 2017.) |
3.11 | |
Amendment to Certificate of Incorporation dated September 2018 (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2018.) |
3.12 | |
Amendment to Certificate of Incorporation dated February 2019 (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2018.) |
3.13 | |
Amendment to Certificate of Incorporation dated December 17, 2018 (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2018.) |
3.14 | |
Amendment to Certificate of Incorporation dated December 4, 2018 (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2018.) |
3.15 | |
Restated Certificate of Incorporation dated July 16, 2019 (Incorporated by reference to Form 8-K dated July 15, 2019.) |
3.16 | |
Amendment to Certificate of Incorporation-Series dated September 23, 2019*** |
3.17 | |
Amendment to Certificate of Incorporation dated August 24, 2020*** |
3.18 | |
Amendment to Restated Certificate of Incorporation dated June 15, 2023***** |
3.19 | |
Amended By-Laws (Incorporated by reference to Registrant's Registration Statement on Form 10-SB as filed with the Commission on February 10, 2005) |
3.20 | |
2014 Amendment to By-Laws (Incorporated by reference to Form 8-K filed with the SEC on December 24, 2014.) |
3.21 | |
November 2021 Amendment to By-Laws**** |
3.22 | |
Amendment No. 3 to Bylaws (Incorporated by reference to Form 8-K filed with the SEC on May 16, 2023.) |
4.1 | |
Amended and Restated $7,512,500 Promissory Note dated as of May 10, 2019 from Mobiquity Technologies, Inc. to Deepanker Katyal, as representative of the former members of Advangelists, LLC (Incorporated by reference to Form 8-K dated May 10, 2019.) |
4.2 | |
Third Amended and Restated Promissory Note, dated as of September 13, 2019, by and between Mobiquity Technologies, Inc. and Deepankar Katyal, as representative of the former owners of Advangelists, LLC (Incorporated by reference to Form 8-K dated September 13, 2019.) |
4.3 | |
Form of Common Stock Purchase Warrant (Incorporated by reference to Form 8-K dated September 13, 2019.) |
4.4 | |
Convertible Promissory Note in favor of Dr. Gene Salkind, dated as of September 13, 2019 (Incorporated by reference to Form 8-K/A dated September 13, 2019.) |
4.5 | |
Amended and Restated Convertible Promissory Note in favor of Dr. Gene Salkind, dated as of December 31, 2019 *** |
4.6 | |
Third Amended and Restated Convertible Promissory Note in favor of Dr. Gene Salkind, dated as of April 1, 2019*** |
4.7 | |
Convertible Promissory Note in favor of Marital Trust GST Subject U/W/O Leopold Salkind, dated as of September 13, 2019 (Incorporated by reference to Form 8-K/A dated September 13, 2019.) |
4.8 | |
Amended and Restated Convertible Promissory Note in favor of Marital Trust GST Subject U/W/O Leopold Salkind, dated as of December 31, 2019*** |
4.9 | |
Third Amended and Restated Convertible Promissory Note in favor of Marital Trust GST Subject U/W/O Leopold Salkind, dated as of April 1, 2019*** |
4.10 | |
Form of Lender Warrant (Incorporated by reference to Form 8-K/A dated September 13, 2019.) |
4.11 | |
Promissory Note in favor of Talos Victory Fund, LLC dated September 20, 2021 (Incorporated by reference to Form 8-K dated September 20, 2021.) |
4.12 | |
Promissory Note in favor of Blue Lake Partners LLC dated September 20, 2021 (Incorporated by reference to Form 8-K dated September 20, 2021.) |
4.13 | |
Common Stock Purchase Warrant dated September 20, 2021 issued to Talos Victory Fund, LLC (Incorporated by reference to Form 8-K dated September 20, 2021.) |
4.14 | |
Common Stock Purchase Warrant dated September 20, 2021 issued to Blue Lake Partners LLC (Incorporated by reference to Form 8-K dated September 20, 2021.) |
4.15 | |
Form of 2021 Representative’s warrant*** |
4.16 | |
Form of 2021Warrant Agent Agreement by and between the Company and Continental Stock Transfer & Trust Company*** |
4.17 | |
Form of 2021 Warrant (Annex C to the Form of Warrant Agent Agreement attached as Exhibit 4.16)*** |
4.18 | |
Form of Representative’s Warrant**** |
4.19 | |
Form of Series 2023 Warrant**** |
4.20 | |
Form of Pre-funded Warrant (February 2023)**** |
4.21 | |
Form of Investor Convertible Debt Subscription Agreement (5% Original Issue Discount)*** |
4.22 | |
Form of Investor Convertible Debt Subscription Agreement (10% Original Issue Discount)*** |
4.23 | |
Form of Investor Convertible Debt Subscription Agreement (10% Annual Interest)*** |
4.24 | |
Promissory Note dated December 30, 2022 issued to Walleye (Incorporated by reference to Form 8-K filed with the SEC on January 4, 2023) |
4.25 | |
Amendment dated February 7, 2023 to Promissory Note dated December 30, 2022 issued to Walleye**** |
4.26 | |
Warrant dated December 30, 2022 issued to Walleye (Incorporated by reference to Form 8-K filed with the SEC on January 4, 2023) |
4.27 | |
Form of Pre-funded Warrant for the Offering***** |
4.28 | |
Form of Placement Agent Warrant***** |
4.29 | |
Amendment dated February 13, 2023 to Promissory Note dated December 30, 2022 issued to Walleye***** |
4.30 | |
Sales Purchase Agreement***** |
10.1 | |
Employment Agreement dated April 2, 2019 – Dean L. Julia (Incorporated by reference to Form 10-K/A filed with the SEC on April 26, 2019.) |
10.2 | |
Employment Agreement dated April 2, 2019 – Sean Trepeta (Incorporated by reference to Form 10-K/A filed with the SEC on April 26, 2019.) |
10.3 | |
Employment Agreement dated April 2, 2019 – Paul Bauersfeld (Incorporated by reference to Form 10-K/A filed with the SEC on April 26, 2019.) |
10.4 | |
Employment Agreement dated January 4, 2022 – Deepanker Katyal (Incorporated by reference to Form 10-K filed with the SEC on March 30, 2022) |
10.5 | |
Security Agreement and Subsidiary Guarantee with Walleye (Incorporated by reference to Form 8-K filed with the SEC on January 4, 2023) |
10.6 | |
Form of Escrow Agreement for the Offering***** |
21.1 | |
Subsidiaries of the Issuer (Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2018.) |
31.1 | |
Rule 13a-14(a) Certification in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (*) |
31.2 | |
Rule 13a-14(a) Certification in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (*) |
32.1 | |
Certification pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*) |
32.2 | |
Certification pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*) |
99.1 | |
2005 Employee Benefit and Consulting Services Compensation Plan (Incorporated by reference to Registrant’s Registration Statement on Form 10-SB/A filed with the Commission March 21, 2005.) |
99.2 | |
Amendment to 2005 Plan (Incorporated by reference to the Registrant's Form 10-QSB/A filed with the Commission on August 15, 2005.) |
99.3 | |
2009 Employee Benefit and Consulting Services Compensation Plan (Incorporated by reference to Form 10-K filed for the fiscal year ended December 31, 2009.) |
99.4 | |
2018 Employee Benefit and Consulting Services Compensation Plan. (Incorporated by reference to Definitive Proxy Statement filed with the SEC on January 11, 2019.) |
99.5 | |
2021 Employee Benefit and Consulting Compensation Plan*** |
99.6 | |
2023 Equity Participation Plan (Incorporated by reference to Definitive Proxy Statement filed with the SEC on April 18, 2023.) |
| |
|
101.INS | |
Inline XBRL Instance Document * |
101.SCH | |
Inline Document, XBRL Taxonomy Extension * |
101.CAL | |
Inline Calculation Linkbase, XBRL Taxonomy Extension Definition * |
101.DEF | |
Inline Linkbase, XBRL Taxonomy Extension Labels * |
101.LAB | |
Inline Linkbase, XBRL Taxonomy Extension * |
101.PRE | |
Inline Presentation Linkbase * |
_______________
* |
Filed herewith. |
** |
To be filed by amendment |
*** |
Previously filed under Form S-1 Registration Statement, File No. 333-260364 |
**** |
Previously filed under Form S-1 Registration Statement
File No. 333-269293 |
***** |
Previously filed under Form S-1 Registration Statement File No. 333-272572 |
SIGNATURES
Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
MOBIQUITY TECHNOLOGIES, INC. |
|
|
|
Date: November 14, 2023 |
By: |
/s/ Dean L. Julia |
|
|
Dean L. Julia, |
|
|
Principal Executive Officer |
|
|
|
|
|
|
Date: November 14, 2023 |
By: |
/s/ Sean McDonnell |
|
|
Sean McDonnell, |
|
|
Principal Financial Officer |
EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Dean L. Julia, certify that:
1. I have reviewed this Quarterly Report on Form
10-Q of Mobiquity Technologies, Inc.
2. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report.
4. The registrant’s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
a) Designed such disclosure
controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared.
b) Designed such internal
control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles.
c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and
5. The registrant's other certifying officer and
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant's internal control over financial
reporting.
Date: November 14, 2023 |
/s/ DEAN L. JULIA |
|
DEAN L. JULIA, |
|
PRINCIPAL EXECUTIVE OFFICER |
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Sean McDonnell, certify that:
1. I have reviewed this Quarterly Report on Form
10-Q of Mobiquity Technologies, Inc.
2. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
a) Designed such disclosure
controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared.
b) Designed such internal
control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles.
c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and
5. The registrant's other certifying officer and
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant's internal control over financial
reporting.
Date: November 14, 2023 |
/s/ SEAN MCDONNELL |
|
SEAN MCDONNELL, PRINCIPAL FINANCIAL OFFICER |
EXHIBIT 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Mobiquity
Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Dean L. Julia, Principal Executive Officer of the Company, certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act, that:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and result of operations of the Company.
|
/s/ DEAN L. JULIA |
|
DEAN L. JULIA |
|
PRINCIPAL EXECUTIVE OFFICER |
Date November 14, 2023 |
|
EXHIBIT 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Mobiquity
Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Sean McDonnell, Principal Financial Officer of the Company, certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act, that:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and result of operations of the Company.
|
/s/ SEAN MCDONNELL |
|
SEAN MCDONNELL |
|
PRINCIPAL FINANCIAL OFFICER |
Date: November 14 , 2023 |
|
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 13, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41117
|
|
Entity Registrant Name |
MOBIQUITY TECHNOLOGIES, INC.
|
|
Entity Central Index Key |
0001084267
|
|
Entity Tax Identification Number |
11-3427886
|
|
Entity Incorporation, State or Country Code |
NY
|
|
Entity Address, Address Line One |
35 Torrington Lane
|
|
Entity Address, City or Town |
SHOREHAM
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
11786
|
|
City Area Code |
(516)
|
|
Local Phone Number |
246-9422
|
|
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 |
|
2,738,333
|
Common Stock, $.0001 par value |
|
|
Title of 12(b) Security |
Common Stock, $.0001 par value
|
|
Trading Symbol |
MOBQ
|
|
Security Exchange Name |
NASDAQ
|
|
Common Stock Purchase Warrants |
|
|
Title of 12(b) Security |
Common Stock Purchase Warrants
|
|
Trading Symbol |
MOBQW
|
|
Security Exchange Name |
NASDAQ
|
|
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 140,939
|
$ 220,854
|
Accounts receivable, net |
129,146
|
340,935
|
Prepaid and other current assets |
11,700
|
59,200
|
Total Current Assets |
281,785
|
620,989
|
Property and equipment, net |
8,938
|
15,437
|
Goodwill |
1,352,865
|
1,352,865
|
Intangible assets, net |
195,733
|
646,284
|
Capitalized software development costs, net |
1,442,232
|
0
|
Total Assets |
3,281,553
|
2,635,575
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
1,540,423
|
2,067,244
|
Accrued interest - related party |
0
|
235,563
|
Contract liabilities |
189,643
|
193,598
|
Total Current Liabilities |
1,730,066
|
2,496,405
|
Long Term Liabilities |
|
|
Debt, less current portion |
0
|
150,000
|
Total Liabilities |
1,730,066
|
2,646,405
|
Stockholders' Equity |
|
|
Common stock; $0.0001 par value, 100,000,000 shares authorized, 2,574,098 and 620,776 shares issued and outstanding |
257
|
62
|
Treasury stock, at cost, $0.0001 par value 2,500 shares outstanding at September 30, 2023 and December 31, 2022 |
(1,350,000)
|
(1,350,000)
|
Additional paid in capital |
218,628,457
|
211,846,321
|
Accumulated deficit |
(215,727,236)
|
(210,507,222)
|
Total Stockholders' Equity (Deficit) |
1,551,487
|
(10,830)
|
Total Liabilities and Stockholders' Equity (Deficit) |
3,281,553
|
2,635,575
|
Series A A Preferred Stock [Member] |
|
|
Stockholders' Equity |
|
|
Preferred Stock, Value, Issued |
0
|
0
|
A A A Preferred Stock [Member] |
|
|
Stockholders' Equity |
|
|
Preferred Stock, Value, Issued |
3
|
3
|
Series C Preferred Stock [Member] |
|
|
Stockholders' Equity |
|
|
Preferred Stock, Value, Issued |
0
|
0
|
Series E Preferred Stock [Member] |
|
|
Stockholders' Equity |
|
|
Preferred Stock, Value, Issued |
$ 6
|
$ 6
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock shares authorized |
100,000,000
|
100,000,000
|
Common stock shares issued |
2,574,098
|
620,776
|
Common stock outstanding |
2,574,098
|
620,776
|
Treasury stock par value |
$ 0.0001
|
$ 0.0001
|
Treasury stock shares outstanding |
2,500
|
2,500
|
Series A A Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock shares authorized |
1,500,000
|
1,500,000
|
Preferred stock shares issued |
0
|
|
Preferred stock shares outstanding |
0
|
0
|
Series A A A Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock shares authorized |
1,250,000
|
1,250,000
|
Preferred stock shares issued |
31,413
|
31,413
|
Preferred stock shares outstanding |
31,413
|
31,413
|
Series C Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock shares authorized |
1,500
|
1,500
|
Preferred stock shares issued |
0
|
0
|
Preferred stock shares outstanding |
0
|
0
|
Series E Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 80
|
$ 80
|
Preferred stock shares authorized |
70,000
|
70,000
|
Preferred stock shares issued |
61,688
|
61,688
|
Preferred stock shares outstanding |
61,688
|
61,688
|
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 177,271
|
$ 904,223
|
$ 441,010
|
$ 3,367,346
|
Cost of revenues |
114,174
|
936,824
|
281,071
|
1,916,720
|
Gross profit (loss) |
63,097
|
(32,601)
|
159,939
|
1,450,626
|
Operating expenses |
|
|
|
|
General and administrative expenses |
1,262,988
|
2,087,624
|
3,900,693
|
6,066,446
|
Depreciation and amortization |
195,148
|
152,364
|
521,170
|
457,596
|
Total operating expenses |
1,458,136
|
2,239,988
|
4,421,863
|
6,524,042
|
Loss from operations |
(1,395,039)
|
(2,272,589)
|
(4,261,924)
|
(5,073,416)
|
Other income (expense) |
|
|
|
|
Interest expense |
0
|
(4,664)
|
(743,396)
|
(148,631)
|
Loss on debt extinguishment, net |
0
|
0
|
(396,322)
|
(855,296)
|
Inducement expense |
|
0
|
0
|
(101,000)
|
Interest income |
768
|
746
|
2,323
|
1,320
|
Loss on disposal of fixed assets |
0
|
(3,673)
|
(695)
|
(3,673)
|
Gain on settlement of liability |
0
|
0
|
0
|
389,495
|
Total other income and expenses - net |
768
|
(7,591)
|
(1,138,090)
|
(717,785)
|
Net loss before income taxes |
(1,394,271)
|
(2,280,180)
|
(5,400,014)
|
(5,791,201)
|
Income tax benefit |
0
|
0
|
180,000
|
0
|
Net loss |
$ (1,394,271)
|
$ (2,280,180)
|
$ (5,220,014)
|
$ (5,791,201)
|
Loss per share - basic |
$ (0.38)
|
$ (3.90)
|
$ (2.53)
|
$ (11.17)
|
Loss per share - diluted |
$ (0.38)
|
$ (3.90)
|
$ (2.53)
|
$ (11.17)
|
Weighted average number of shares outstanding - basic |
3,703,314
|
585,407
|
2,067,264
|
518,283
|
Weighted average number of shares outstanding - diluted |
3,703,314
|
585,407
|
2,067,264
|
518,283
|
X |
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v3.23.3
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Series F Preferred Stocks [Member] |
Series A A A Preferred Stocks [Member] |
Series E Preferred Stocks [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 3
|
$ 6
|
$ 43
|
$ 206,713,514
|
$ (1,350,000)
|
$ (202,444,894)
|
$ 2,918,672
|
Beginning balance, shares at Dec. 31, 2021 |
0
|
31,413
|
61,688
|
430,717
|
|
2,500
|
|
|
Stock issued for services |
|
|
|
|
84,500
|
|
|
84,500
|
Stock issued for services, shares |
|
|
|
3,334
|
|
|
|
|
Stock based compensation |
|
|
|
|
34,416
|
|
|
34,416
|
Conversion of convertible debt to common stock and warrants |
|
|
|
$ 10
|
2,680,155
|
|
|
2,680,165
|
Conversion of convertible debt to common stock and warrants, shares |
|
|
|
96,223
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,440,044)
|
(2,440,044)
|
Ending balance, value at Mar. 31, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 53
|
209,512,585
|
$ (1,350,000)
|
(204,884,938)
|
3,277,709
|
Ending balance, shares at Mar. 31, 2022 |
0
|
31,413
|
61,688
|
530,274
|
|
2,500
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 3
|
$ 6
|
$ 43
|
206,713,514
|
$ (1,350,000)
|
(202,444,894)
|
2,918,672
|
Beginning balance, shares at Dec. 31, 2021 |
0
|
31,413
|
61,688
|
430,717
|
|
2,500
|
|
|
Net loss |
|
|
|
|
|
|
|
(5,791,201)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 62
|
211,785,127
|
$ (1,350,000)
|
(208,236,095)
|
2,199,103
|
Ending balance, shares at Sep. 30, 2022 |
0
|
31,413
|
61,688
|
618,112
|
|
2,500
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 53
|
209,512,585
|
$ (1,350,000)
|
(204,884,938)
|
3,277,709
|
Beginning balance, shares at Mar. 31, 2022 |
0
|
31,413
|
61,688
|
530,274
|
|
2,500
|
|
|
Stock based compensation |
|
|
|
|
1,479
|
|
|
1,479
|
Convertible notes converted to common stock and warrants related party |
|
|
|
$ 3
|
988,628
|
|
|
988,631
|
Convertible notes converted to common stock and warrants related party, shares |
|
|
|
27,200
|
|
|
|
|
Warrants issued for services |
|
|
|
|
7,359
|
|
|
7,359
|
Net loss |
|
|
|
|
|
|
(1,070,977)
|
(1,070,977)
|
Ending balance, value at Jun. 30, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 56
|
210,510,051
|
$ (1,350,000)
|
(205,955,915)
|
3,204,201
|
Ending balance, shares at Jun. 30, 2022 |
0
|
31,413
|
61,688
|
557,474
|
|
2,500
|
|
|
Common stock issued for cash |
|
|
|
$ 6
|
1,137,494
|
|
|
1,137,500
|
Common stock issued for cash, shares |
|
|
|
58,830
|
|
|
|
|
Stock based compensation |
|
|
|
|
25,954
|
|
|
25,954
|
Warrants issued for services |
|
|
|
|
3,203
|
|
|
3,203
|
Note and warrant conversion |
|
|
|
|
108,425
|
|
|
108,425
|
Note and warrant conversion, shares |
|
|
|
1,808
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,280,180)
|
(2,280,180)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 62
|
211,785,127
|
$ (1,350,000)
|
(208,236,095)
|
2,199,103
|
Ending balance, shares at Sep. 30, 2022 |
0
|
31,413
|
61,688
|
618,112
|
|
2,500
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 62
|
211,846,321
|
$ (1,350,000)
|
(210,507,222)
|
(10,830)
|
Beginning balance, shares at Dec. 31, 2022 |
0
|
31,413
|
61,688
|
620,776
|
|
2,500
|
|
|
Incentive common stock shares and warrants issued with debt |
|
|
|
$ 3
|
708,460
|
|
|
708,463
|
Incentive common stock shares and warrants issued with debt, shares |
|
|
|
34,849
|
|
|
|
|
Common stock and pre-funded warrants issued under public offering, net of issuance costs |
|
|
|
$ 25
|
3,207,475
|
|
|
3,207,500
|
Common stock and pre-funded warrants issued under public offering, net of issuance costs, shares |
|
|
|
251,843
|
|
|
|
|
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants |
|
|
|
$ 23
|
(23)
|
|
|
|
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants, shares |
|
|
|
229,329
|
|
|
|
|
Stock based compensation |
|
|
|
|
12,304
|
|
|
12,304
|
Net loss |
|
|
|
|
|
|
(1,716,804)
|
(1,716,804)
|
Ending balance, value at Mar. 31, 2023 |
$ 0
|
$ 3
|
$ 6
|
$ 113
|
215,774,537
|
$ (1,350,000)
|
(212,224,026)
|
2,200,633
|
Ending balance, shares at Mar. 31, 2023 |
0
|
31,413
|
61,688
|
1,136,797
|
|
2,500
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 3
|
$ 6
|
$ 62
|
211,846,321
|
$ (1,350,000)
|
(210,507,222)
|
(10,830)
|
Beginning balance, shares at Dec. 31, 2022 |
0
|
31,413
|
61,688
|
620,776
|
|
2,500
|
|
|
Net loss |
|
|
|
|
|
|
|
(5,220,014)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 3
|
$ 6
|
$ 257
|
218,628,457
|
$ (1,350,000)
|
(215,727,236)
|
1,551,487
|
Ending balance, shares at Sep. 30, 2023 |
0
|
31,413
|
61,688
|
2,574,098
|
|
2,500
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 0
|
$ 3
|
$ 6
|
$ 113
|
215,774,537
|
$ (1,350,000)
|
(212,224,026)
|
2,200,633
|
Beginning balance, shares at Mar. 31, 2023 |
0
|
31,413
|
61,688
|
1,136,797
|
|
2,500
|
|
|
Common stock and pre-funded warrants issued under public offering, net of issuance costs |
|
|
|
$ 38
|
2,527,961
|
|
|
2,527,999
|
Common stock and pre-funded warrants issued under public offering, net of issuance costs, shares |
|
|
|
375,001
|
|
|
|
|
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants |
|
|
|
$ 46
|
(46)
|
|
|
|
Common stock issued under cashless warrant exercises and exercise of pre-funded warrants, shares |
|
|
|
459,696
|
|
|
|
|
Common stock issued for services rendered |
|
|
|
$ 3
|
80,408
|
|
|
80,411
|
Common stock issued for services rendered, shares |
|
|
|
31,891
|
|
|
|
|
Common stock issued for conversion of interest |
|
|
|
$ 9
|
235,554
|
|
|
235,563
|
Common stock issued for conversion of interest, shares |
|
|
|
92,378
|
|
|
|
|
Stock based compensation |
|
|
|
|
9,757
|
|
|
9,757
|
Series F preferred stock issued for cash |
|
|
|
|
100
|
|
|
100
|
Series F preferred stock issued for cash, shares |
1
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,108,939)
|
(2,108,939)
|
Ending balance, value at Jun. 30, 2023 |
$ 0
|
$ 3
|
$ 6
|
$ 209
|
218,628,271
|
$ (1,350,000)
|
(214,332,965)
|
2,945,524
|
Ending balance, shares at Jun. 30, 2023 |
1
|
31,413
|
61,688
|
2,095,763
|
|
2,500
|
|
|
Common stock issued under exercise of pre-funded warrants |
|
|
|
$ 48
|
(48)
|
|
|
|
Common stock issued under exercise of pre-funded warrants, shares |
|
|
|
478,335
|
|
|
|
|
Stock based compensation |
|
|
|
|
234
|
|
|
234
|
Redemption of Series F preferred stock |
|
|
|
|
|
|
|
|
Redemption of Series F preferred stock, shares |
(1)
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(1,394,271)
|
(1,394,271)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 3
|
$ 6
|
$ 257
|
$ 218,628,457
|
$ (1,350,000)
|
$ (215,727,236)
|
$ 1,551,487
|
Ending balance, shares at Sep. 30, 2023 |
0
|
31,413
|
61,688
|
2,574,098
|
|
2,500
|
|
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (5,220,014)
|
$ (5,791,201)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Allowance for uncollectible receivables |
46,458
|
0
|
Depreciation |
5,806
|
7,045
|
Loss on disposal of fixed asset |
695
|
3,673
|
Amortization of intangibles |
450,551
|
450,551
|
Amortization of capitalized software development costs |
64,813
|
0
|
Amortization of debt discount |
738,142
|
0
|
Stock issued for services |
0
|
84,500
|
Loss on debt extinguishment - related party |
0
|
855,296
|
Loss on debt extinguishment |
396,322
|
0
|
Gain on settlement of liability |
0
|
(389,495)
|
Stock issued with short-term convertible notes |
0
|
12,724
|
Stock-based compensation |
22,295
|
59,687
|
Inducement expense |
(0)
|
101,000
|
Income tax benefit |
180,000
|
0
|
Changes in operating assets and liabilities |
|
|
(Increase) decrease in accounts receivable |
165,331
|
(592,362)
|
(Increase) decrease prepaid expenses and other assets |
47,500
|
(10,125)
|
Decrease in accounts payable and accrued expenses |
(626,415)
|
(294,284)
|
Decrease in contract liabilities |
(3,953)
|
0
|
Net cash used in operating activities |
(3,732,469)
|
(5,502,991)
|
Cash flows from investing activities |
|
|
Purchase of property and equipment |
0
|
(8,004)
|
Increase in software development costs |
(1,507,045)
|
0
|
Net cash used in investing activities |
(1,507,045)
|
(8,004)
|
Cash flows from financing activities |
|
|
Proceeds from the issuance of long-term debt, net of discounts and debt issuance costs |
1,011,500
|
0
|
Common stock issued for cash, net |
0
|
1,137,500
|
Repayment on long-term debt |
(1,587,500)
|
(156,504)
|
Issuance of common stock and pre-funded warrants, net of issuance costs |
5,735,499
|
0
|
Proceeds form the issuance of Series F preferred stock |
100
|
0
|
Net cash provided by financing activities |
5,159,599
|
980,996
|
Net change in cash |
(79,915)
|
(4,529,999)
|
Cash - beginning of period |
220,854
|
5,385,245
|
Cash - end of period |
140,939
|
855,246
|
Supplemental disclosure of cash flow Information |
|
|
Cash paid for interest |
18,848
|
145,052
|
Cash paid for taxes |
294
|
2,420
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Issuance of incentive shares with debt recorded as debt discount |
122,426
|
0
|
Warrants issued with debt recorded as debt discount |
586,038
|
0
|
Common stock issued under cashless warrant exercises |
117
|
0
|
Common stock issued for accrued interest |
235,563
|
0
|
Common stock issued for settlement of accounts payable |
80,410
|
0
|
Conversion of debt to common stock and warrants |
$ 0
|
$ 2,812,500
|
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v3.23.3
ORGANIZATION AND NATURE OF OPERATIONS
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND NATURE OF OPERATIONS |
NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS
Mobiquity Technologies, Inc. (“Mobiquity,”
“we,” “our” or “the Company”), and its operating subsidiaries, is a next generation location data
intelligence company. The Company provides precise unique, at-scale location data and insights on consumer’s real-world behavior
and trends for use in marketing and research. We provide one of the most accurate and scaled solutions for mobile data collection and
analysis, utilizing multiple geo-location technologies. The Company is seeking to implement several new revenue streams from its data
collection and analysis, including, but not limited to, Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate
Planning, Financial Forecasting and Custom Research. We also are a developer of advertising and marketing technology focused on the creation,
automation, and maintenance of an advertising technology operating system (or ATOS). The ATOS platform blends artificial intelligence
(or AI) and machine learning (ML) based optimization technology for automatic ad serving that manages and runs digital advertising campaigns.
Mobiquity Technologies, Inc. was incorporated
in the State of New York and has the following subsidiaries:
Mobiquity Networks, Inc.
Mobiquity Networks, Inc. is a wholly owned subsidiary
of Mobiquity Technologies, Inc., commencing operations in January 2011 and incorporated in the State of New York. Mobiquity Networks started
and developed as a mobile advertising technology company focused on driving foot-traffic throughout its indoor network and has evolved
and grown into a next generation data intelligence company. Mobiquity Networks, Inc. operates our data intelligence platform business.
Advangelists, LLC
Advangelists LLC is a wholly owned subsidiary
of Mobiquity Technologies, Inc., acquired through a merger transaction in December 2018, incorporated in the State of Delaware, and operates
our ATOS platform business.
Liquidity, Going Concern and Management’s
Plans
These condensed consolidated financial statements
have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments
in the normal course of business.
As reflected in the accompanying consolidated
financial statements, for the nine months ended September 30, 2023, the Company is reporting the following:
· |
Net loss of $5,220,014;
and |
· |
Net cash used in operations of $3,732,469. |
Additionally, at September 30, 2023, the Company
is reporting the following:
· |
Accumulated deficit of
$215,727,236 |
· |
Stockholders’ equity of $1,551,487, and |
· |
Working capital deficit of $1,448,281. |
We manage liquidity risk by reviewing, on an ongoing
basis, our sources of liquidity and capital requirements. The Company has cash on hand of $140,939 on September 30, 2023.
The Company has incurred significant losses since
its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services
to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be
sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including:
our financial position, our cash flows and cash usage forecasts for the nine months ended September 30, 2023, and our current capital
structure including equity-based instruments and our obligations and debts.
Without sufficient revenues from operations, if
the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities
or cease operations. The Company may explore obtaining additional capital financing and the Company is closely monitoring its cash balances,
cash needs, and expense levels.
These factors create substantial doubt about the
Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these consolidated financial
statements are issued. These 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 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.
Management’s strategic plans include
the following:
· |
Execution of business plan focused on technology growth and improvement, |
· |
Seek out equity and/or debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. |
· |
Continuing to explore and execute prospective partnering or distribution opportunities, |
· |
Identifying unique market opportunities that represent potential positive short-term cash flow. |
Coronavirus (“COVID-19”) Pandemic
During the year ended December 31, 2022, the Company’s
financial results and operations were adversely impacted by the COVID-19 pandemic. The Company is a data location company with a specialty
to drive traffic to retail stores. In the prior two (2) years, the Company suffered from the effects of the pandemic due to lack of traffic
to retail stores related to mandated stay-at-home restrictions and the Company drastically curtailed its operations. The extent to which
the Company’s future financial results could be impacted by the COVID-19 pandemic depends on future developments that are highly
uncertain and cannot be predicted at this time. The pandemic also had an effect on the Company’s ability to attain new customers
or retain existing customers, and to collect on its outstanding accounts receivable, resulting in an increase of its allowance for doubtful
accounts in the fourth quarter of fiscal 2022. The Company recorded an increase in its allowance for doubtful accounts of approximately
$46,000 for the nine months ended September 30, 2023. No adjustment to the allowance for doubtful accounts was recognized for the nine
months ended September 30, 2022. The Company is not aware of any specific event or circumstance that would require an update to its estimates
or judgments or a revision of the carrying value of its assets or liabilities.
These estimates may change, as new events occur,
and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
During the three months and nine months ended
September 30, 2023, the Company’s financial results and operations were not otherwise materially adversely impacted by the COVID-19
pandemic.
Reverse Stock Split
On August 7, 2023, the Company
effected a 1-for-15
reverse stock split of its common stock, with all fractional common shares rounded up to the nearest whole number. All share
and per share amounts in this form 10-Q have been retroactively restated to give effect to the reverse stock split.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Accounting Policies [Abstract] |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP)
for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities
and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally
accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying
unaudited consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring accruals) to
present the financial position of the Company as of September 30, 2023, and the results of operations and cash flows for the periods presented.
The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results
for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the
financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on March 31, 2023.
Management acknowledges its responsibility for
the preparation of the accompanying unaudited consolidated financial statements which reflect all adjustments, consisting of normal recurring
adjustments, considered necessary in its opinion for a fair statement of its consolidated financial position and the consolidated results
of its operations for the periods presented.
Principles of Consolidation
These consolidated financial statements have been
prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions
and balances have been eliminated.
Business Segments and Concentrations
The Company uses the “management approach”
to identify its reportable segments. The management approach requires companies to report segment financial information consistent with
information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s
reportable segments. The Company manages its business as a single reporting segment.
Customers in the United States accounted for 100%
of our revenues. We do not have any property or equipment outside of the United States.
Use of Estimates
Preparing financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including
stock-based compensation and deferred tax asset valuation allowance, and the disclosure of contingent assets and liabilities at the date
of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and
those estimates may be material.
Risks and Uncertainties
The Company operates in an industry that is subject
to intense competition and changes in consumer demand. The Company’s operations are subject to significant risk and uncertainties
including financial and operational risks and the potential of overall business failure.
The Company has experienced, and in the future
expects to continue to experience, variability in sales and net earnings. The factors expected to contribute to this variability include,
among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company
competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s
service offerings. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.
Fair Value of Financial Instruments
The Company accounts for financial instruments
at fair value, which is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price)
in an orderly transaction between market participants at the measurement date. The valuation techniques are based on observable and unobservable
inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions.
There are three levels of inputs that may be used to measure fair value:
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Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management.
The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair value. These financial instruments include accounts receivable, accounts payable and accrued
expenses, and contract liabilities. On September 30, 2023, and December 31, 2022, the carrying amounts of these financial instruments
approximated their fair values due to the short-term nature of these instruments. The fair value of the Company’s debt approximates
its carrying value based on current financing rates available to the Company and its short-term nature.
The Company does not have any other financial
or non-financial assets or liabilities that would be characterized as Level 1, Level 2, or Level 3 instruments.
Cash and Cash Equivalents and Concentrations
of Risk
For purposes of presentation in the consolidated
statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase
date and money market accounts to be cash equivalents.
On September 30, 2023, and December 31, 2022,
the Company did not have any cash equivalents.
The Company is exposed to credit risk on its cash
in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit
Insurance Company (FDIC), which is $250,000. As of September 30, 2023, and December 31, 2022, the Company had not experienced any losses
on cash balances in excess of the FDIC insured limits. Any loss incurred or a lack of access to funds could have a significant impact
on the Company’s consolidated financial condition, results of operations, and cash flows. At September 30, 2023 and December 31,
2022, the Company did not exceed FDIC insured limits.
For the nine months ended September 30, 2023 and
2022, sales of our products to three and two customers, respectively, generated approximately 76% and 48% of our revenues, respectively.
Our contracts with our customers generally do not obligate them to a specified term and they can generally terminate their relationship
with us at any time with a minimal amount of notice. The loss of one of these customers could have a material adverse effect on our consolidated
results of operations and financial condition.
Accounts Receivable
Accounts receivable represent customer obligations
under normal trade terms and are stated at the amount management expects to collect from outstanding customer balances. Credit is extended
to customers based on an evaluation of their financial condition and other factors. Interest is not accrued on overdue accounts receivable.
The Company does not require collateral. Three of our customers combined accounted for approximately 43% and 42% of outstanding accounts
receivable at September 30, 2023 and December 31, 2022, respectively.
The Company had net accounts receivable of $129,146
and $340,935 on September 30, 2023, and December 31, 2022, respectively.
Management periodically assesses the Company’s
accounts receivable and, if necessary, establishes an allowance for doubtful accounts. The Company provides its allowance for doubtful
accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions.
Accounts determined to be uncollectible are charged to operations when that determination is made.
The allowance for doubtful accounts was approximately
$1,138,000 and $1,091,000 September 30, 2023, and December 31, 2022, respectively. This allowance relates to receivables generated in
previous years for which collection is uncertain, based in part, as a result of many customers being adversely impacted by COVID-19.
Bad debt expense (recovery) is recorded as a component
of general and administrative expenses in the accompanying consolidated statements of operations. For the nine months ended September
30, 2023, we recognized $46,458 in bad debt expense. No expense was recognized for the nine months ended September 30, 2022.
Impairment of Long-lived Assets
Management evaluates the recoverability of the
Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment
exists, in accordance with the provisions of Accounting Standards Codification (ASC) 360-10-35-15 Impairment or Disposal of Long-Lived
Assets. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets
and other long-lived assets may not be recoverable include but are not limited to significant changes in performance relative to expected
operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the
Company’s business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated
from the use and ultimate disposition of these assets and compares this to the carrying amounts of the assets.
If impairment is indicated based on a comparison
of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which
the carrying amount of the assets exceeds the fair value of the assets. No impairments were recognized by the Company for the nine months
ended September 30, 2023 and 2022.
Property and Equipment
Property and equipment are stated at cost less
accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets.
Expenditures for repairs and maintenance which
do not materially extend the useful lives of property and equipment are charged to operations. When property or equipment is sold or otherwise
disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected
in current results of operations.
Goodwill
The Company’s goodwill represents the excess
of the consideration transferred for the acquisition of Advangelists, LLC in December 2018 over the fair value of the underlying identifiable
net assets acquired. Goodwill is not amortized but instead, tested for impairment at least annually. In the event that management determines
that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s
carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter
in which the determination is made.
The Company performs its annual impairment tests
of goodwill as of December 31st of each year, or more frequently, if certain indicators are present. Goodwill is required to be tested
for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which
is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information
available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results.
Net assets and goodwill of acquired businesses are allocated to the reporting unit associated with the acquired business based on the
anticipated organizational structure of the combined entities. If two or more components are deemed economically similar, those components
are aggregated into one reporting unit when performing the annual goodwill impairment review. The Company has one reporting unit as of
September 30, 2023, and December 31, 2022. No impairment of goodwill was recognized by the Company for the nine months ended September
30, 2023 or 2022.
Intangible Assets
The Company’s intangible assets consist
of customer relationships obtained through its acquisition of Advangelists LLC and software development costs. The Company amortizes its
identifiable definite-lived intangible assets over an estimated period of 5 years. See Note 3 for further details.
In accordance with ASC 985-20, Costs of Software
to Be Sold, Leased, or Marketed, the Company records the cost of planning, designing, and establishing the technological feasibility
of computer software intended for resale as research and development costs and charges those costs to operations when incurred and are
included in general and administrative expenses on the condensed consolidated statements of operations. After technological feasibility
has been established, the costs of producing a marketable product and product masters are capitalized and amortized on a straight-line
basis over the estimated useful life of the software, which is five years, beginning at the date of general release to customers. The
Company began capitalizing costs associated with the development of its Ad Tech Operating System for Publishers platform (ATOS4P) in January
2023 when technological feasibility was deemed to have been established. Total software development costs capitalized for the ATOS4P platform
for the nine months ended September 30, 2023, were $864,179. The ATOS4P platform was released to customers in May 2023 at which time capitalization
of costs were discontinued and amortization on capitalized costs commenced. Amortization of $64,813 has been recognized on the ATOS4P
software development costs as of September 30, 2023.
During the quarter ended September 30, 2023, the
Company began capitalizing costs associated with an enhancement to the ATOS4P platform referred to as AdHere as technological feasibility
on the enhancement had been established. Total software development costs associated with the AdHere enhancement were $642,866 for the
quarter ended September 30, 2023. Release of AdHere to the general public is expected to occur during the quarter ended December 31, 2023,
at which time capitalization of additional costs will discontinue, and amortization of capitalized costs will commence.
Derivative Financial Instruments
The Company analyzes all financial instruments
with features of both liabilities and equity under FASB ASC Topic No. 480, (ASC 480), Distinguishing Liabilities from Equity and
FASB ASC Topic No. 815, (ASC 815) Derivatives and Hedging.
In August 2020, FASB issued ASU 2020-06, Accounting
for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), as part of its overall simplification initiative
to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided
to users of financial statements. Among other changes, the new guidance removes from U.S. GAAP separation models for convertible debt
that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated
and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will
no longer separately present such embedded conversion features in equity and will instead account for the convertible debt wholly as debt.
The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on
earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance
was adopted by the Company as of January 1, 2022.
Terms of financial instruments are reviewed to
determine whether or not they contain embedded derivative instruments that are required to be accounted for separately from the host contract
under ASC 815 and ASU 2020-06 and recorded on the balance sheet at fair value. Derivative liabilities are remeasured to reflect fair value
at each period end, with any increase or decrease in the fair value being recorded in the results of operations. The Company generally
incorporates a binomial model to determine fair value. Upon conversion of a debt instrument where an embedded conversion option has been
bifurcated and accounted for separately as a derivative liability, the Company records the resulting shares issued at fair value, derecognizes
all related debt principal, derivative liability, and debt discount, and recognizes a net gain or loss on debt extinguishment. Equity
instruments that are initially classified as equity that become subject to reclassification under ASC 815 are reclassified to liabilities
at the fair value of the instrument on the reclassification date. The Company does not use derivative instruments to hedge exposures to
cash flow, market, or foreign currency risk. As of September 30, 2023, and December 31, 2022, the Company had no derivatives classified
as liabilities.
Debt Issuance Costs and Debt Discounts
Debt discounts, debt issuance costs paid to
lenders or third parties, and other original issue discounts on debt, are recorded as debt discount or debt issuance costs and
amortized to interest expense in the consolidated statements of operations, over the term of the underlying debt instrument, using
the effective interest method, with the unamortized portion reported net with related principal outstanding on the consolidated
balance sheet. For the nine months ended September 30, 2023, the Company recorded $738,142 in interest expense associated
with the amortization of debt discounts and debt issuance costs incurred on debt issued during the period. There are no
unamortized debt discounts remaining at September 30, 2023 as a result of full debt settlement during the quarter ended June 30,
2023. See Note 4 regarding the accounting for debt discounts and debt issuance costs during the nine months ended September 30,
2023. There was no amortization of debt discounts for the nine months ended September 30, 2022 or unamortized debt discounts
outstanding at December 31, 2022.
Revenue Recognition
The Company’s revenues are generated from
internet advertising, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606).
In accordance with ASC 606, revenue is recognized when promised services are transferred to a customer. The amount of revenue recognized
reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. To achieve this core
principle, the Company applies the following five steps:
Identify the contract with a customer.
A contract with a customer exists when (i) the
Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred
and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines
that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent
and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention
to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer,
published credit and financial information pertaining to the customer.
Identify the performance obligations in the
contract.
Performance obligations promised in a contract
are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer
can benefit from the service either on its own or together with other resources that are readily available from third parties or from
the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other
promises in the contract. To the extent a contract includes multiple promised services (performance obligations), the Company must apply
judgment to determine whether promised services are capable of being distinct and distinct in the context of the contract. If these criteria
are not met the promised services are accounted for as a combined performance obligation. Currently, the Company does not have any contracts
that contain multiple performance obligations.
Determine the transaction price.
The transaction price is determined based on the
consideration to which the Company will be entitled in exchange for transferring services to the customer. To the extent the transaction
price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction
price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration.
Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future
reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts as of September 30, 2023, and
December 31, 2022, contained a significant financing component.
Allocate the transaction price to performance
obligations in the contract.
If the contract contains a single performance
obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct services
that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, the Company must
determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. Contracts that contain
multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone
selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation
or to a distinct service that forms part of a single performance obligation.
Recognize revenue when or as the Company satisfies
a performance obligation.
The Company satisfies performance obligations
at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service
to a customer. Under both managed services arrangements or self-service arrangements, the Company’s promised services under the
contracts include identification, bidding and purchasing of advertisement opportunities. The Company also generally has discretion in
establishing the pricing of the ads. Since the Company is controlling the promise to deliver the contracted services, the Company is considered
the principal in all arrangements for revenue recognition purposes.
Payment terms and conditions vary by contract,
although terms generally include a requirement of payment within 30 to 90 days.
Contract Liabilities
Contract liabilities represent deposits made by
customers before the satisfaction of performance obligations and recognition of revenue. Upon completion of the performance obligation(s)
that the Company has with the customer based on the terms of the contract, the liability for the customer deposit is relieved and revenue
is recognized. As of September 30, 2023, and December 31, 2022, there were $189,643 and $193,598, respectively in contract liabilities
outstanding that we expect to recognize as revenue within the following fiscal year.
Revenues
All revenues recognized were derived from internet
advertising for the nine months ended September 30, 2023, and the year ended December 31, 2022.
Advertising
Advertising costs are expensed as incurred. Advertising
costs are included as a component of general and administrative expenses in the consolidated statements of operations, and are considered
de minimis.
Stock-Based Compensation
The Company accounts for our stock-based compensation,
including stock options and common stock warrants, under ASC 718 Compensation – Stock Compensation, using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the
requisite service period for employee awards, which is usually the vesting period, and when the goods are obtained or services are received,
for nonemployee awards. This guidance establishes standards for the accounting for transactions in which an entity exchanges its equity
instruments for goods or services. It also applies to transactions in which an entity incurs liabilities in exchange for goods or services
that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
In connection with certain financing, consulting
and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone
instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards.
The fair value of stock-based compensation is
generally determined using the Black-Scholes valuation model as of the date of the grant or the date at which the performance of the services
is completed (measurement date).
When determining fair value of stock-based compensation,
the Company considers the following assumptions in the Black-Scholes model:
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Income Taxes
The Company accounts for income tax using the
asset and liability method prescribed by ASC 740, Income Taxes (ASC 740). Under this method, deferred tax assets and liabilities
are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax
rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to
offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that all or some portion of the deferred
tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as gain or loss in the period that
includes the enactment date.
The Company follows the accounting guidance for
uncertainty in income taxes using the provisions of ASC 740. Using that guidance, tax positions initially need to be recognized in the
consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities.
As of September 30, 2023, and December 31, 2022, the Company did not identify any uncertain tax positions that qualify for either recognition
or disclosure in the consolidated financial statements.
The Company recognizes interest and
penalties, if any, related to recognized uncertain income tax positions, in other expense. No interest and penalties related to
uncertain income tax positions were recorded for the nine months ended September 30, 2023, and 2022. Open tax years subject to
examination by the Internal Revenue Service generally remain open for three years from the filing date. Tax years subject to
examination by the state jurisdictions generally remain open for up to four years from the filing date. During the nine months ended
September 30, 2023, the Company recognized $180,000 in income tax benefit as a result of the noncash settlement of an income tax
obligation assumed through its acquisition of Advangelists, LLC.
Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests.
Reclassifications
Certain reclassifications were made to the 2022
consolidated financial statements to conform to 2023 presentation, including presenting contract liabilities on its own financial statement
line on the balance sheet.
Recent Issued Accounting Pronouncements
We consider the applicability and impact of all
new accounting pronouncements on our consolidated financial position, results of operations, stockholders’ deficit, cash flows,
or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards
Board (FASB) through the date these condensed consolidated financial statements were available to be issued and found no recent accounting
pronouncements issued, but not yet effective, that when adopted, will have a material impact on the condensed consolidated financial statements
of the Company.
Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions: On September 30, 2022, the FASB issued ASU 2022-03 (ASU 2022-03), which clarifies the
guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the
sale of an equity security. The ASU also requires specific disclosures related to such an equity security, including (1) the fair value
of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and
(3) any circumstances that could cause a lapse in the restrictions. ASU 2022-03 clarifies that a “contractual restriction prohibiting
the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the
equity security unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity
security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC
820-10-35-36B as amended by the ASU). The ASU also prohibits an entity from recognizing a contractual sale restriction as a separate unit
of account. For public business entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods
within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2022-03 on its consolidated
financial statements and related disclosures.
Recently Adopted Accounting Pronouncements
Financial Instrument – Credit Losses:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology
under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable
and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit
loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides
transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05
are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No.
2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date
will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15,
2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption of the
guidance did not have a significant impact on its consolidated financial statements and disclosures.
Accounting for Contract Assets and Contract
Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic
805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). Under ASU 2021-08, an acquirer
in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities.
The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. The
Company adopted ASU 2021-08 on January 1, 2023, and the adoption of the guidance did not have a significant impact on its consolidated
financial statements and disclosures.
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v3.23.3
INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE 3 – INTANGIBLE ASSETS
Definite-Lived Intangible Asset
The Company’s definite-lived intangible
assets consist of capitalized software development costs and a customer relationship asset also acquired through the Advangelists, LLC
acquisition. The intangible assets are being amortized over their estimated useful lives of five years. The Company periodically evaluates
the reasonableness of the useful lives of these assets. These assets are also reviewed for impairment or obsolescence when events or circumstances
indicate that the carrying amount may not be recoverable. If the carrying amount of an asset exceeds its estimated future cash flows,
an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Schedule of intangible assets | |
| |
| | |
| |
| |
Useful Lives | |
September 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Customer relationship | |
5 years | |
$ | 3,003,676 | | |
$ | 3,003,676 | |
Less accumulated amortization | |
| |
| (2,807,943 | ) | |
| (2,357,392 | ) |
Net carrying amount | |
| |
$ | 195,733 | | |
$ | 646,284 | |
| |
| |
| | | |
| | |
Software development costs | |
5 years | |
| 1,507,045 | | |
| – | |
Less accumulated amortization | |
| |
| (64,813 | ) | |
| – | |
Net carrying amount | |
| |
$ | 1,442,232 | | |
$ | – | |
During the nine months ended September 30, 2023,
and 2022, the Company recognized $450,551 and $300,367 in amortization expense related to other intangible assets, respectively, and $64,813
and $0 in amortization related to capitalized software development costs, respectively, which is included in general and administrative
expenses on the accompanying consolidated statements of operations.
Future amortization of software development costs
and other intangible assets, for years ending December 31, is as follows:
Schedule of future amortization of other intangible assets and development costs | |
| | |
| |
| |
Software
Development
Costs | | |
Other
Intangible
Assets | |
2023 | |
$ | 75,352 | | |
$ | 119,245 | |
2024 | |
| 301,409 | | |
| 76,488 | |
2025 | |
| 301,409 | | |
| – | |
2026 | |
| 301,409 | | |
| – | |
2027 | |
| 301,409 | | |
| – | |
Thereafter | |
| 161,244 | | |
| – | |
Total | |
$ | 1,442,232 | | |
$ | 195,733 | |
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v3.23.3
DEBT
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE 4 – DEBT
Small Business Administration Loan
In June 2020, the Company received an Economic
Injury Disaster Loan of $150,000 from the Small Business Administration (SBA) which carries a thirty-year term, and interest at 3.7% per
annum, with a maturity date in July of 2050. The loan is to be repaid in monthly installments, including principal and interest, of $731,
beginning twelve months from the date of the loan. Total accrued and unpaid interest on the debt was $13,594 at December 31, 2022 and
is included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. The total principal outstanding has
been presented as long-term liabilities as payments required to be made in 2023 will be applied to accrued interest. On January 5, 2023,
the Company paid $163,885 to the Small Business Administration to pay off all outstanding principal and accrued interest on the Company’s
SBA loan.
Investor Note Payable
On December 30, 2022, the Company and Walleye
Opportunities Master Fund Ltd, a Cayman Islands company (the Investor), entered into a Securities Purchase Agreement (the Agreement) for
the Investor to purchase from the Company (i) a senior secured 20% original issue discount (OID) nine-month promissory note in an aggregate
gross principal amount of $1,437,500, less the 20% OID of $287,500, for a net subscription amount of $1,150,000 (the Investor Note), and
(ii) a five year warrant to purchase 174,242 shares of the Company’s common stock at an exercise price of $6.60 per share, exercisable
commencing July 1, 2023 and expiring December 30, 2027 (the Investor Warrant). Proceeds from the Agreement were received by the Company
in January 2023. If at any time commencing July 1, 2023, the Company issues, sells, or announces for sale, any shares of its common stock
(Subsequent Equity Sale) for a per share price less than the exercise price of the Investor Warrant in effect immediately prior to such
Subsequent Equity Sale, the exercise price of the Investor Warrant shall be reduced to an amount equal to the issuance price of the Subsequent
Equity Sale.
In conjunction with the Agreement, the Company
issued 34,849 shares of common stock, or approximately 5.3% of the Company’s outstanding shares at the time, to the Investor as
an incentive on the transaction (Incentive Shares). Excluding the above referenced Investor Warrant, the shares of Common Stock exercisable
pursuant to such Investor Warrant are not being considered beneficially owned by the Investor until the Investor Warrant is exercisable
within 60 days. Total issuance fees of $138,500 associated with the closing of the Agreement were paid by the Company to Spartan Capital
Securities LLC and the Investor’s counsel, resulting in net proceeds of $1,011,500. Approximately $163,000 of the loan proceeds
were utilized to repay the outstanding principal and accrued interest under the SBA loan (see above).
The Investor Note will only become convertible
into common stock upon the occurrence of an Event of Default under and as defined in the Investor Note on terms set forth in the Investor
Note. This Investor Note matures and was payable on or before September 30, 2023, and it provided that the Investor may demand prepayment
after March 31, 2023 and before the maturity date, provided that the purchasers of securities in a future public offering by the Company,
as defined in the Agreement, who hold the purchased Company securities at the time the prepayment demand, unanimously consent to the prepayment.
The Company granted a security interest in all of its assets to the Investor as collateral for its obligations under the Investor Note
pursuant to a Security Agreement. In addition, the Company’s subsidiaries guaranteed the obligations of the Company under the Investor
Note pursuant to a Subsidiary Guarantee and granted a first lien security interest in all of their assets to the Investor as additional
collateral pursuant to the Security Agreement. All securities sold in the above-described transaction contain certain piggy-back registration
rights after the completion of our February 2023 Offering (see Note 5). On June 30, 2023, the secured debt was paid in full through the
proceeds of our June 2023 Offering. See Note 5.
The aforementioned Investor Warrant was deemed
to be an equity-classified derivative instrument with a fair value of $1,526,363 at the date of closing on the Agreement, incorporating
the use of the Black-Scholes valuation model, and the Incentive Shares were deemed to have a fair value of $318,863 based on the closing
market price of the Company’s common stock on the day preceding the closing of the Agreement. Per accounting guidance under ASC
815, the Company recorded the fair values of the Investor Warrant and Incentive Shares based on the relative fair value allocation method,
which allocates fair values as a percentage of total fair value of the debt, Investor Warrant, and Incentive Shares, in proportion to
the net proceeds received (after deducting fees paid to lender) under the Investor Note of $1,150,000. As a result of applying the relative
fair value allocation method, the Investor Warrant was assigned a relative fair value of $586,040 and the Incentive Shares were assigned
a relative fair value of $122,426, at the date of closing on the Agreement. The fair values of the Investor Warrant, the Incentive Shares,
the OID of $287,500, and the $138,500 in debt issuance costs paid, were recorded as debt discounts and debt issuance costs totaling $1,134,466.
Amortization associated with the total debt discounts is being recognized using the effective interest method over the term of the Investor
Note, which matured on September 30, 2023. For the six months ended June 30, 2023, $738,141 in amortization on the debt discounts was
recognized as interest expense on the accompanying consolidated statement of operations. The remaining unamortized debt discounts at June
30, 2023 of $396,323 were written off as loss on debt extinguishment for the quarter ended June 30, 2023, upon full settlement of the
Investor Note in conjunction with proceeds received from the June 2023 Public Offering. See Note 5.
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v3.23.3
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 5 – STOCKHOLDERS’ EQUITY
On August 7, 2023, the Company effected a 1-for-15
reverse stock split of its common stock, with all fractional common shares rounded up to the nearest whole number.
The Company’s authorized capital stock consists
of 105,000,000 shares, comprised of 100,000,000 shares of common stock (post-split), par value $0.0001, and 5,000,000 shares of
preferred stock, $0.0001 par value.
Of the 5,000,000 shares of preferred stock authorized,
the Board of Directors has designated the following:
|
· |
1,500,000 shares as Series AA Preferred Stock, none outstanding |
|
· |
1,250,000 shares as Series AAA Preferred Stock, 31,413 shares outstanding |
|
· |
1,500 shares as Series C Preferred Stock, none outstanding |
|
· |
70,000 shares as Series E Preferred Stock, 61,688 shares outstanding |
Rights Under Preferred Stock
The Company’s classes of preferred stock
include the following provisions:
Optional Conversion Rights
|
· |
Series AA preferred stock – one share convertible into 50 shares of common stock |
|
· |
Series AAA preferred stock – one share convertible into 100 shares of common stock |
|
· |
Series C preferred stock – one share convertible into 100,000 shares of commons stock |
|
· |
Series E preferred stock – one share at a rate of Stated Value, as defined, divided by $0.08, convertible commencing January 31, 2020 |
Redemption Rights
Series E preferred stock is redeemable at any
time upon 30 days’ written notice by the Company and the holders, at a rate of 100% of the Stated Value, as defined.
Warrant Coverage
Series C preferred stock carries 100% warrant
coverage upon preferred stock conversion, warrants exercisable through September 30, 2023, at an exercise price of $720 per share, post-split.
Series F Preferred Stock
At June 30, 2023, there was one share of outstanding
Series F Preferred Stock outstanding. Each Share of Series F Preferred Stock will not have rights as a security holder except for certain
voting rights in connection with the Company’s Special Meeting of Stockholders held on July 21, 2023. In this regard, the Series
F Preferred Stock will not have voting rights other than 70 million votes per share on the reverse stock split proposal, which proposal
is contained in a proxy statement which has been submitted to shareholders. The Series F Preferred Stock share voted together with the
outstanding shares of common stock of the Corporation as a single class exclusively with respect to the reverse stock split and was not
entitled to vote on any other matter. The vote of the one share of outstanding Series F Preferred Stock (or fraction thereof) was required
to be cast in the same proportions as shares of common stock (excluding any shares of common stock that were not voted) were voted on
the reverse stock split. The Series F Preferred Stock was redeemed (a) at any time if and when ordered by the Board of Directors
in its sole discretion, or (b) automatically upon the effectiveness of the amendment to the Company’s Certificate of Incorporation
implementing the reverse stock split. Dean Julia, the Chief Executive Officer, President and Treasurer, and a Director of the Company,
had purchased the one share of Series F Preferred Stock, which took effect upon the filing of an amendment to the Company’s Restated
Certificate of Incorporation, creating the Series F Preferred Stock. In conjunction with the effectiveness of the amendment to the Company’s
Certificate of Incorporation, and the effective date of a 1-for-15 reverse common stock split on July 21, 2023, the single share of Series
F Preferred Stock was redeemed in full at a price of $0.01 (its Stated Value).
No further voting, dividend or liquidation preference
rights exist as of September 30, 2023, on any class of preferred stock.
February 2023 Public Offering
On February 13, 2023, the Company entered into
an underwriting agreement (the Underwriting Agreement) with Spartan Capital Securities, LLC (the Underwriter) relating to a public offering
of 251,842 shares of common stock and pre-funded warrants to purchase 285,792 shares of common stock (the Shares), for net proceeds of
$3,207,500 (the February 2023 Offering). In conjunction with the February 2023 Offering, which closed on February 16, 2023, the investors
also received other Warrants to purchase 806,452 shares of common stock (Series 2023 Warrants) on a cash basis or up to 403,226 shares
on a cashless basis. The offered Shares were priced at $6.975 per combination of one share of common stock or one pre-funded warrant,
accompanied by one Series 2023 Warrant.
Each pre-funded warrant is exercisable at any
time, until fully exercised, to purchase one share of common stock at an exercise price of $0.0015 per share. Each Series 2023 Warrant
is exercisable for five years to purchase 0.1 shares of common stock at a cash exercise price of $6.975 per warrant share. The Series
2023 Warrants contain an alternative cashless exercise provision permitting the holder to acquire 0.05 shares of common stock for every
0.1 warrant shares any time after the earlier of (i) 30 days following the initial exercise date of February 14, 2023, and (ii) the date
on which the aggregate trading volume of the Company’s common stock, beginning on the initial exercise date of the Series 2023 Warrants,
exceeds 2,419,355 shares. Additionally, the exercise price of both the pre-funded warrants and the Series 2023 Warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like.
Pursuant to the terms of the Underwriter agreement,
and as partial consideration to the Underwriter, the Company issued a warrant for the purchase of 26,882 shares of common stock, exercisable
from February 14, 2023, through February 14, 2028, at an initial exercise price of $7.6725 per share. This warrant was cancelled by the
underwriter on or about June 30, 2023 in connection with the completion of the June 2023 public offering described below. The Company
also granted the Underwriter a 45-day option to purchase up to an additional 80,645 shares and/or pre-funded warrants in lieu of shares
and accompanying Series 2023 Warrants to purchase 120,968 shares at the public offering price less the underwriting discounts and commissions,
to cover over-allotments, if any. No additional shares or pre-funded warrants were purchased by the Underwriter. The Company paid a cash
fee to the Underwriter equal to 8% of the gross proceeds raised in the February 2023 Offering, plus a reimbursement of Underwriter fees
totaling $242,500.
Between the closing of the February 2023 Offering
and June 30, 2023, investors holding pre-funded warrants converted all their pre-funded warrants into 285,792 shares of common stock and
elected the alternative cashless exercise provision for the Series 2023 Warrants, resulting in the issuance of 403,226 shares of common
stock. As of June 30, 2023, all the aforementioned pre-funded warrants and 2023 Warrants were exercised.
June 2023 Public Offering
On June 30, 2023, Mobiquity Technologies, Inc.
closed on a public offering selling an aggregate of 375,000 shares of common stock (and 1,625,000 common stock equivalents in the form
of pre-funded warrants to purchase 1,625,000 common shares) to investors pursuant to Securities Purchase Agreements at a public offering
price of $1.50 per share (or $1.4985 per pre-funded warrant) (the June 2023 Offering), for total gross proceeds of $3,000,000. Placement
agent fees and other offering costs totaled $472,001 and were recorded net of gross proceeds in the accompanying consolidated statement
of stockholders’ equity during the quarter ended June 30, 2023. Each pre-funded warrant is exercisable at any time to purchase one
share of common stock at an exercise price of $0.0015 per share. Additionally, the exercise price of pre-funded warrants are subject to
customary adjustments for stock splits, stock dividends, reclassifications and the like. Spartan Capital Securities, LLC acted as the
Company’s exclusive placement agent of the June 2023 Offering pursuant to a Placement Agent Agreement. The net proceeds to the Company
from the sale of the shares and pre-funded warrants, after deducting the Placement Agent commissions and offering expenses payable by
the Company, was approximately $2,528,000. The Company used $1,437,500 of the proceeds received from the June 2023 Offering to fully satisfy
its Senior Secured 20% OID Promissory Note to Walleye Opportunities Master Fund Ltd. See Note 4. The Company plans to use the remaining
funds for working capital. In July 2023, the Company also issued 478,334 shares of common stock upon exercise of 478,334 pre-funded warrants,
bringing the number of outstanding common shares to 2,588,333.
Other 2023 Stock Transactions
In April 2023, the Board of Directors or the Compensation
Committee of the Company’s Board of Directors approved the following transactions:
|
· |
Grant of 6,667 shares of restricted common stock to Gene Salkind, Chairman of the Board, for services previously rendered, based on a per share value of $2.505. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 3,333 shares of restricted common stock each to the Company’s CEO and another member of the Board of Directors for services as directors of the Company. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Grant of 2,000 shares of common stock to Mr. Salkind as payment for accrued and unpaid interest of approximately $5,000 based on a per share value of $2.505. |
|
· |
Grant of 4,790 shares of restricted common stock to the Company’s legal counsel as payment for accrued and unpaid services valued at $12,000 and $2.505 per share. Such shares are restricted from transfer until February 13, 2024. |
|
· |
Issuance of 104,142 shares of restricted common stock at a per share value of $2.55 as payment and full settlement of outstanding accounts payable with a total carrying amount of $265,563. |
Shares prices used in the above transaction were
based on the market price of the Company’s common stock on the consummation dates of the transactions.
Shares Issued for Services
During the nine months ended September 30, 2022,
the Company issued 3,333 shares of common stock, at $25.35 per share for $84,500 in exchange for services rendered. During the nine months
of September 30, 2023, the Company issued 31,891 shares of common stock at $2.52 per share for $80,410 in exchange for services rendered.
Shares Issued Upon Conversion of Debt
During the nine months ended September 30, 2022,
Dr. Gene Salkind, his wife, and a trust converted an aggregate of $2,052,500 of secured debt in exchange for 91,222 shares of common stock
as well as warrants to purchase 45,611 shares of common stock at an exercise price of $60.00 per share through September 2029. The Company
recorded a loss on debt extinguishment of $491,915 related to the conversion for the nine months ended September 30, 2022.
The Company also converted $150,000 of debt into
5,000 shares of common stock, having a fair value of $135,750, resulting in a gain on debt extinguishment of $14,250.
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v3.23.3
STOCK OPTION PLANS AND WARRANTS
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTION PLANS AND WARRANTS |
NOTE 6 – STOCK OPTION PLANS AND WARRANTS
Stock Options
During Fiscal 2005, the Company established, and
the stockholders approved, an Employee Benefit and Consulting Services Compensation Plan (the “2005 Plan”) for the granting
of up to 334 non-statutory and incentive stock options and stock awards to directors, officers, consultants and key employees of the Company.
On June 9, 2005, the Board of Directors amended the Plan to increase the number of stock options and awards to be granted under the Plan
to 667 shares. During Fiscal 2009, the Company established a plan of long-term stock-based compensation incentives for selected Eligible
Participants of the Company covering 667 shares. This plan was adopted by the Board of Directors and approved by stockholders in October
2009 (the “2009 Plan”). In September 2013, the Company’s stockholders approved an increase in the number of shares covered
by the 2009 Plan to 1,667 shares. In the first quarter of 2016, the Board approved, and stockholders ratified a 2016 Employee Benefit
and Consulting Services Compensation Plan covering 1,667 shares (the “2016 Plan”) and approved moving all options which exceeded
the 2009 Plan limits to the 2016 Plan. In December 2018, the Board of Directors adopted and in February 2019 the stockholders ratified
the 2018 Employee Benefit and Consulting Services Compensation Plan covering 5,000 shares (the “2018 Plan”). On April 2, 2019,
the Board approved the “2019 Plan” identical to the 2018 Plan, except that the 2019 Plan covers 10,000 shares. The 2019 Plan
required stockholder approval by April 2, 2020, to be able to grant incentive stock options under the 2019 Plan. On October 13, 2021,
the Board approved the “2021 Plan” identical to the 2018 Plan, except that the 2019 Plan covers 73,334 post-split shares.
The 2021 Plan required stockholder approval by October 13, 2022, to be able to grant incentive stock options under the 2021 Plan. The
2005 Plan, 2009 Plan, 2016 Plan, 2018 Plan, 2019 Plan and 2021 Plan are collectively referred to as the “Plans.”
In March of 2022, Anne S. Provost was elected
to the board of directors and was granted 1,667 options from the Company’s 2021 Plan with immediate vesting, at an exercise price
of $68.55, and expiration of December 2031.
In April of 2022 and April 2023, Dean Julia was
granted 834 options from the Company’s 2021 Plan with immediate vesting, at an exercise price of $23.25 and $3.30 and expiration
of April 2031 and April 2032, respectively.
In March and April 2023, Nate Knight and Byron
Booker were each granted 1,667 options from the Company’s 2021 Plan with immediate vesting, at an exercise price of $3.30, and expiration
of March 2028 and April 2028, respectively.
All stock options under the Plans are granted
at or above the fair market value of the common stock at the grant date. Employee and non-employee stock options vest over varying periods
and generally expire either 5 or 10 years from the grant date. The fair value of options at the date of grant was estimated using the
Black-Scholes option pricing model. For option grants, the Company will take into consideration payments subject to the provisions
of ASC 718 Stock Compensation. The weighted average assumptions made in calculating the fair values of options granted during the
quarters ended September 30, 2023, and 2022 are as follows:
Schedule of assumptions used | |
| | |
| |
| |
Nine Months Ended September 30 | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 166.87% | | |
| 79.95% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.54% | | |
| 2.14% | |
Expected term (in years) | |
| 6.67 | | |
| 10.00 | |
Schedule of options outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 78,226 | | |
$ | 243.30 | | |
| 7.44 | | |
$ | – | |
Granted | |
| 4,167 | | |
$ | 3.30 | | |
| 5.30 | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled & expired | |
| (3,243 | ) | |
| – | | |
| – | | |
| – | |
Outstanding, September 30, 2023 | |
| 79,150 | | |
$ | 227.83 | | |
| 6.92 | | |
$ | – | |
Options exercisable, September 30, 2023 | |
| 79,136 | | |
$ | 227.84 | | |
| 6.92 | | |
$ | – | |
The weighted-average grant-date fair value of
options granted during the nine months ended September 30, 2023, was $3.30.
The aggregate intrinsic value of options outstanding
and options exercisable on September 30, 2023, is calculated as the difference between the exercise price of the underlying options and
the market price of the Company's common stock for the shares that had exercise prices lower than the $0.67 closing price of the Company's
common stock on September 30, 2023. Stock-based compensation expense was $234 and $22,295 for the three and nine months ended September
30, 2023, respectively, and $7,854 and $59,687 for the three and nine months ended September 30, 2022, respectively, and is included in
general and administrative expenses on the accompanying consolidated statements of operations.
As of September 30, 2023, the unamortized compensation
cost related to unvested stock option awards is $1,410, with $234 expected to be recognized during the remainder of fiscal 2023, $940
in fiscal 2024 and $236 in fiscal 2025.
Warrants
During the nine months ended September 30, 2023,
the Company issued a total of 2,649,551 common stock warrants. Total warrant shares issued included 174,242 shares issued in January 2023
in connection with the 20% OID Promissory note (see Note 4) which are exercisable commencing July 1, 2023, through December 30, 2027.
In February 2023, 850,308 warrant shares were issued in connection with the February 2023 Public Offering, including 285,792 of pre-funded
warrants (see Note 5) with a five-year contractual term, expiring February 14, 2028. On June 30, 2023, an additional 1,625,000 pre-funded
warrants were issued with a five-year term in connection with the June 2023 Public Offering. During July 2023, 478,333 pre-funded warrants
issued under the June 2023 Public Offering were exercised.
The weighted average assumptions made in calculating
the fair value of warrants granted during the nine months ended September 30, 2023, and 2022 are as follows:
Schedule of warrant assumptions | |
| | | |
| | |
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 172.63% | | |
| 75.87% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.85% | | |
| 2.03% | |
Expected term (in years) | |
| 5.00 | | |
| 6.25 | |
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 312,254 | | |
$ | 195.15 | | |
| 4.73 | | |
$ | – | |
Granted | |
| 2,649,551 | | |
$ | 1.16 | | |
| 2.38 | | |
$ | – | |
Exercised* | |
| (1,301,760 | ) | |
$ | – | | |
| – | | |
$ | – | |
Expired | |
| (32,357 | ) | |
$ | – | | |
| – | | |
$ | – | |
Outstanding, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
Warrants exercisable, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
* |
Includes 285,792 of pre-funded warrants with a purchase price of $6.98, paid upon grant of warrants in February 2023 and 478,333 of pre-funded warrants with a purchase price of $1.50, paid upon grant of warrant in June 2023. Also includes warrants exercised under a cashless exercise provision resulting in the issuance of 537,634 common shares. |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
EARNINGS (LOSS) PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS (LOSS) PER SHARE |
NOTE 7: EARNINGS (LOSS) PER SHARE
Pursuant to ASC 260, Earnings Per Share, basic
earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
for the periods presented.
Diluted earnings (loss) per share is computed
by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive
securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and
warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive
in the future. In the event of a net loss, diluted loss per share is the same as basic loss per share since the effect of the potential
common stock equivalents upon conversion would be anti-dilutive.
The following potentially dilutive equity securities
outstanding as of September 30, 2023, and December 31, 2022, are as follows:
Schedule of anti dilutive securities | |
| | |
| |
| |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
Convertible notes payable and accrued interest | |
| – | | |
| 3,926 | |
Stock options | |
| 79,150 | | |
| 78,226 | |
Warrants | |
| 1,627,688 | | |
| 312,254 | |
Total common stock equivalents | |
| 1,706,838 | | |
| 394,406 | |
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v3.23.3
LITIGATION
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
LITIGATION |
NOTE 8 – LITIGATION
Michael Trepeta, a former Co-CEO and director
of the Company, filed a lawsuit against the Company and its subsidiary, Mobiquity Networks in April 2023 in the New York State Supreme
Court, Nassau County. The claims stem from a Separation Agreement and Release that Mr. Trepeta and the Company entered into six years
ago in April 2017 which terminated Mr. Trepeta’ s employment agreement and discontinued his employment and directorship with the
Company, among other things, by mutual agreement. Mr. Trepeta also gave the Company a release in the Separation Agreement and Release.
Mr. Trepeta has claimed that the Company fraudulently induced him to enter into the Separation Agreement and Release; that the Company
breached Mr. Trepeta’ s employment agreement; and that the Company breached its covenant of good faith and fair dealing and its
fiduciary duty. Mr. Trepeta is claiming not less than $2.5 Million in damages. Based on the Company’s initial internal review of
the situation, the Company believes the claims lack merit and it intends to vigorously defend same. Due to uncertainties inherent in litigation,
the Company cannot predict the outcome of this matter at this time.
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v3.23.3
NASDAQ LISTING REQUIREMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Nasdaq Listing Requirements |
|
NASDAQ LISTING REQUIREMENTS |
NOTE 9 –NASDAQ LISTING REQUIREMENTS
Our common stock and 2021 Warrants are listed
on the NasdaqCM. In order to maintain that listing, we must satisfy minimum financial and other continued listing requirements and standards,
including those regarding director independence and independent committee requirements, minimum stockholders’ equity, minimum share
price, and certain corporate governance requirements. There can be no assurances that we will be able to comply with the applicable listing
standards.
On January 13, 2023, we received a letter from
The Nasdaq Stock Market stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price
of the Company’s common stock was below $1.00 per share for 30 consecutive business days. Pursuant to Nasdaq’s Listing Rules,
the Company had a 180-day grace period, until July 12, 2023, during which the Company failed to regain compliance with the bid price of
its common stock closing at $1.00 per share or more for a minimum of ten consecutive business days. As the Company was not in compliance
on that date, the Company received a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing,
Nasdaq extended the date of compliance with NasdaqCM Listing Rule 5550(a)(2) to November 14, 2023.
In response to the market price of the Company’s
stock, on July 21, 2023, the Company effected a 1-for-15 reverse stock split of its common stock, effectively increasing its per share
bid price at the time to above $1.00. Subsequent to the revers stock split, the per share bid price has fallen below the $1.00 minimum
threshold. If we do not regain compliance with the bid price requirement, we may be eligible for an additional 180-calendar day compliance
period so long as we satisfy the criteria for initial listing on the NasdaqCM and the continued listing requirement for market value of
publicly held shares. In the event we are not eligible for the third grace period, the Nasdaq staff will provide written notice that our
Common Stock is subject to delisting; however, we may request a hearing before the Nasdaq Hearings Panel, which request, if timely made,
would stay any further suspension or delisting action by the Nasdaq pending the conclusion of the hearing process and expiration of any
extension that may be granted by the Hearings Panel.
On January 4, 2023, we received a deficiency notification
from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing Rule 5620(a)
to hold an annual meeting of shareholders within no later than one year after the end of the Company’s fiscal year end. Under NasdaqCM
Rules the Company had 45 calendar days to submit a plan to regain compliance and can grant up to 180 calendar days from the fiscal year
end, or until June 29, 2023, to regain compliance. In May 2023, this deficiency was cured.
On December 14, 2022, we received a deficiency
letter from the Listing Qualifications Department of The NasdaqCM notifying the Company of its noncompliance with the NasdaqCM Listing
Rule 5550(b)(1) for the NasdaqCM, which requires that a listed company’s stockholders’ equity be at least $2.5 million. In
accordance with NasdaqCM rules, the Company had 45 calendar days from the date of the notification to submit a plan to regain compliance
with NasdaqCM Listing Rule 5550(b)(1). The Company submitted a compliance plan to resolve the deficiency and regain compliance and the
Company was granted up to May 30, 2023, to evidence compliance. As the Company was not in compliance on that date, the Company received
a notice of delisting and appealed this notice with a hearing date on July 27, 2023. After the hearing, Nasdaq extended the date of compliance
with NasdaqCM Listing Rule 5550(b)(1) to November 14, 2023.
The Company intends to regain compliance with
each of the applicable continued listing requirements of The NasdaqCM prior to the end of the compliance periods set forth in the Hearings
Panel decision or on appeal at one or more hearings. However, until Nasdaq has reached a final determination that the Company has regained
compliance with all of the applicable continued listing requirements, there can be no assurances regarding the continued listing of the
Company’s common stock and 2021 Warrants on Nasdaq. If our common stock and 2021 Warrants cease to be listed for trading on the
NasdaqCM, we would expect that our Common Stock and 2021 Warrants would be traded on one of the three tiered marketplaces of the OTC Markets
Group. If Nasdaq were to delist our common stock and 2021 Warrants, it would be more difficult for our stockholders to dispose of our
common stock or 2021 Warrants and more difficult to obtain accurate price quotations on our common stock or 2021 Warrants. The delisting
of the Company’s common stock and 2021 Warrants from Nasdaq would have a material adverse effect on the Company’s access to
capital markets, and any limitation on market liquidity or reduction in the price of its common stock as a result of that delisting would
adversely affect the Company’s ability to raise capital on terms acceptable to the Company, if at all.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 10 – SUBSEQUENT EVENTS
Subsequent to September 30, 2023, the following material events occurred:
Salkind Consulting Agreement
The Company’s compensation committee has approved a one year
consulting agreement to issue up to 150,000 restricted shares of common stock to Gene Salkind, Chairman of the Board.
October 2023 Loan
As of October 10, 2023, an entity related to Gene
Salkind provided a $300,000 unsecured loan to the Company repayable in full on November 30, 2023, with interest at the annual rate of
15% (the October 2023 Loan). Mr. Salkind, as holder, has the right to convert the October 2023 Loan into either; (i) restricted Common
Stock at a conversion price of $0.70 per share or, (ii) into shares under the terms of any private equity offering completed by the Company
prior to the maturity date.
In conjunction with the issuance of the Series
G Preferred Stock described below, Mr. Salkind elected to convert the $300,000 October 2023 Loan principal in full, along with $3,945
in accrued interest, into 60,789 shares of Series G Preferred Stock based on the $5.00 per share price associated with the November 2023
Series G Preferred Stock offering.
Merchant Agreement
In November 2023, the Company entered into an agreement for the purchase
and sale of future receivables (Merchant Agreement) with a financial institution for the sale of future receivables in exchange for $200,000
in funding (the Purchase Price). The Purchase Price is to be repaid through daily payments representing 10% of future customer payments
on receivables until a total of $272,000 is paid. In connection with the Merchant Agreement, and as additional consideration, the Company
has agreed to issue shares of its Common Stock to the financial institution in an amount equal to 5% of the Purchase Price. The number
of shares issued is equal to 5% of the Purchase Price divided by the average closing per share price of the Common Stock for the previous
twenty (20) days from the signed date of the Merchant Agreement.
Series G Preferred Stock Authorization and
Offering
On November 6, 2023, a Unanimous Written Consent
of the Board of Directors was executed, effectively designating 500,000 shares of the Company’s authorized and unissued shares of
preferred stock, $0.0001 per share, as Series G Preferred Stock, having such preferences, rights, limitations, and designations as set
forth in an amendment to the Company’s Amended and Restated Certificate of Incorporation (the Charter Amendment), as authorized
to be filed with the New York Department of State.
Effective November 7, 2023, the Company closed
on three Subscription Agreements for the sale of a combined 300,789 shares of its newly designated Series G Preferred Stock to parties
associated with Gene Salkind (Preferred Shareholders), for total proceeds of $1,200,000 plus conversion of principal and accrued interest
from the October 2023 Loan of $303,495, resulting in an increase in shareholders’ equity of $1,503,495. Each share of the Series
G Preferred Stock is convertible by the Preferred Shareholders at any time after issuance into ten (10) shares of the Company’s
Common Stock, or $0.50 per Common Share (Conversion Ratio). The Series G Preferred Stock will automatically convert at the same Conversion
Ratio upon the Company’s Common Stock reporting of a closing sales price over $5.00 per share for ten (10) consecutive trading days.
The Company will pay annualized dividends equal
to twenty percent (20%) of the subscription price of the Series G Preferred Stock, payable monthly commencing January 2, 2024, in either
cash or shares of Common Stock, at the option of the Preferred Shareholders. Should the cash option be elected, the Company may determine
that such dividend shall be paid through the issuance of a one-year fifteen percent (15%) promissory note, secured by all assets of the
Company.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP)
for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities
and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally
accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying
unaudited consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring accruals) to
present the financial position of the Company as of September 30, 2023, and the results of operations and cash flows for the periods presented.
The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results
for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the
financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on March 31, 2023.
Management acknowledges its responsibility for
the preparation of the accompanying unaudited consolidated financial statements which reflect all adjustments, consisting of normal recurring
adjustments, considered necessary in its opinion for a fair statement of its consolidated financial position and the consolidated results
of its operations for the periods presented.
|
Principles of Consolidation |
Principles of Consolidation
These consolidated financial statements have been
prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions
and balances have been eliminated.
|
Business Segments and Concentrations |
Business Segments and Concentrations
The Company uses the “management approach”
to identify its reportable segments. The management approach requires companies to report segment financial information consistent with
information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s
reportable segments. The Company manages its business as a single reporting segment.
Customers in the United States accounted for 100%
of our revenues. We do not have any property or equipment outside of the United States.
|
Use of Estimates |
Use of Estimates
Preparing financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including
stock-based compensation and deferred tax asset valuation allowance, and the disclosure of contingent assets and liabilities at the date
of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and
those estimates may be material.
|
Risks and Uncertainties |
Risks and Uncertainties
The Company operates in an industry that is subject
to intense competition and changes in consumer demand. The Company’s operations are subject to significant risk and uncertainties
including financial and operational risks and the potential of overall business failure.
The Company has experienced, and in the future
expects to continue to experience, variability in sales and net earnings. The factors expected to contribute to this variability include,
among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company
competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s
service offerings. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The Company accounts for financial instruments
at fair value, which is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price)
in an orderly transaction between market participants at the measurement date. The valuation techniques are based on observable and unobservable
inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions.
There are three levels of inputs that may be used to measure fair value:
|
· |
Level 1—Valuation based on unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access; |
|
|
|
|
· |
Level 2—Valuation based on observable quoted prices for similar assets and liabilities in active markets; and |
|
|
|
|
· |
Level 3—Valuation based on unobservable inputs that are supported by little or no market activity, which require management’s best estimate of what market participants would use as fair value. |
Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management.
The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair value. These financial instruments include accounts receivable, accounts payable and accrued
expenses, and contract liabilities. On September 30, 2023, and December 31, 2022, the carrying amounts of these financial instruments
approximated their fair values due to the short-term nature of these instruments. The fair value of the Company’s debt approximates
its carrying value based on current financing rates available to the Company and its short-term nature.
The Company does not have any other financial
or non-financial assets or liabilities that would be characterized as Level 1, Level 2, or Level 3 instruments.
|
Cash and Cash Equivalents and Concentrations of Risk |
Cash and Cash Equivalents and Concentrations
of Risk
For purposes of presentation in the consolidated
statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase
date and money market accounts to be cash equivalents.
On September 30, 2023, and December 31, 2022,
the Company did not have any cash equivalents.
The Company is exposed to credit risk on its cash
in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit
Insurance Company (FDIC), which is $250,000. As of September 30, 2023, and December 31, 2022, the Company had not experienced any losses
on cash balances in excess of the FDIC insured limits. Any loss incurred or a lack of access to funds could have a significant impact
on the Company’s consolidated financial condition, results of operations, and cash flows. At September 30, 2023 and December 31,
2022, the Company did not exceed FDIC insured limits.
For the nine months ended September 30, 2023 and
2022, sales of our products to three and two customers, respectively, generated approximately 76% and 48% of our revenues, respectively.
Our contracts with our customers generally do not obligate them to a specified term and they can generally terminate their relationship
with us at any time with a minimal amount of notice. The loss of one of these customers could have a material adverse effect on our consolidated
results of operations and financial condition.
|
Accounts Receivable |
Accounts Receivable
Accounts receivable represent customer obligations
under normal trade terms and are stated at the amount management expects to collect from outstanding customer balances. Credit is extended
to customers based on an evaluation of their financial condition and other factors. Interest is not accrued on overdue accounts receivable.
The Company does not require collateral. Three of our customers combined accounted for approximately 43% and 42% of outstanding accounts
receivable at September 30, 2023 and December 31, 2022, respectively.
The Company had net accounts receivable of $129,146
and $340,935 on September 30, 2023, and December 31, 2022, respectively.
Management periodically assesses the Company’s
accounts receivable and, if necessary, establishes an allowance for doubtful accounts. The Company provides its allowance for doubtful
accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions.
Accounts determined to be uncollectible are charged to operations when that determination is made.
The allowance for doubtful accounts was approximately
$1,138,000 and $1,091,000 September 30, 2023, and December 31, 2022, respectively. This allowance relates to receivables generated in
previous years for which collection is uncertain, based in part, as a result of many customers being adversely impacted by COVID-19.
Bad debt expense (recovery) is recorded as a component
of general and administrative expenses in the accompanying consolidated statements of operations. For the nine months ended September
30, 2023, we recognized $46,458 in bad debt expense. No expense was recognized for the nine months ended September 30, 2022.
|
Impairment of Long-lived Assets |
Impairment of Long-lived Assets
Management evaluates the recoverability of the
Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment
exists, in accordance with the provisions of Accounting Standards Codification (ASC) 360-10-35-15 Impairment or Disposal of Long-Lived
Assets. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets
and other long-lived assets may not be recoverable include but are not limited to significant changes in performance relative to expected
operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the
Company’s business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated
from the use and ultimate disposition of these assets and compares this to the carrying amounts of the assets.
If impairment is indicated based on a comparison
of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which
the carrying amount of the assets exceeds the fair value of the assets. No impairments were recognized by the Company for the nine months
ended September 30, 2023 and 2022.
|
Property and Equipment |
Property and Equipment
Property and equipment are stated at cost less
accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets.
Expenditures for repairs and maintenance which
do not materially extend the useful lives of property and equipment are charged to operations. When property or equipment is sold or otherwise
disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected
in current results of operations.
|
Goodwill |
Goodwill
The Company’s goodwill represents the excess
of the consideration transferred for the acquisition of Advangelists, LLC in December 2018 over the fair value of the underlying identifiable
net assets acquired. Goodwill is not amortized but instead, tested for impairment at least annually. In the event that management determines
that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s
carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter
in which the determination is made.
The Company performs its annual impairment tests
of goodwill as of December 31st of each year, or more frequently, if certain indicators are present. Goodwill is required to be tested
for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which
is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information
available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results.
Net assets and goodwill of acquired businesses are allocated to the reporting unit associated with the acquired business based on the
anticipated organizational structure of the combined entities. If two or more components are deemed economically similar, those components
are aggregated into one reporting unit when performing the annual goodwill impairment review. The Company has one reporting unit as of
September 30, 2023, and December 31, 2022. No impairment of goodwill was recognized by the Company for the nine months ended September
30, 2023 or 2022.
|
Intangible Assets |
Intangible Assets
The Company’s intangible assets consist
of customer relationships obtained through its acquisition of Advangelists LLC and software development costs. The Company amortizes its
identifiable definite-lived intangible assets over an estimated period of 5 years. See Note 3 for further details.
In accordance with ASC 985-20, Costs of Software
to Be Sold, Leased, or Marketed, the Company records the cost of planning, designing, and establishing the technological feasibility
of computer software intended for resale as research and development costs and charges those costs to operations when incurred and are
included in general and administrative expenses on the condensed consolidated statements of operations. After technological feasibility
has been established, the costs of producing a marketable product and product masters are capitalized and amortized on a straight-line
basis over the estimated useful life of the software, which is five years, beginning at the date of general release to customers. The
Company began capitalizing costs associated with the development of its Ad Tech Operating System for Publishers platform (ATOS4P) in January
2023 when technological feasibility was deemed to have been established. Total software development costs capitalized for the ATOS4P platform
for the nine months ended September 30, 2023, were $864,179. The ATOS4P platform was released to customers in May 2023 at which time capitalization
of costs were discontinued and amortization on capitalized costs commenced. Amortization of $64,813 has been recognized on the ATOS4P
software development costs as of September 30, 2023.
During the quarter ended September 30, 2023, the
Company began capitalizing costs associated with an enhancement to the ATOS4P platform referred to as AdHere as technological feasibility
on the enhancement had been established. Total software development costs associated with the AdHere enhancement were $642,866 for the
quarter ended September 30, 2023. Release of AdHere to the general public is expected to occur during the quarter ended December 31, 2023,
at which time capitalization of additional costs will discontinue, and amortization of capitalized costs will commence.
|
Derivative Financial Instruments |
Derivative Financial Instruments
The Company analyzes all financial instruments
with features of both liabilities and equity under FASB ASC Topic No. 480, (ASC 480), Distinguishing Liabilities from Equity and
FASB ASC Topic No. 815, (ASC 815) Derivatives and Hedging.
In August 2020, FASB issued ASU 2020-06, Accounting
for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), as part of its overall simplification initiative
to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided
to users of financial statements. Among other changes, the new guidance removes from U.S. GAAP separation models for convertible debt
that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated
and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will
no longer separately present such embedded conversion features in equity and will instead account for the convertible debt wholly as debt.
The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on
earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance
was adopted by the Company as of January 1, 2022.
Terms of financial instruments are reviewed to
determine whether or not they contain embedded derivative instruments that are required to be accounted for separately from the host contract
under ASC 815 and ASU 2020-06 and recorded on the balance sheet at fair value. Derivative liabilities are remeasured to reflect fair value
at each period end, with any increase or decrease in the fair value being recorded in the results of operations. The Company generally
incorporates a binomial model to determine fair value. Upon conversion of a debt instrument where an embedded conversion option has been
bifurcated and accounted for separately as a derivative liability, the Company records the resulting shares issued at fair value, derecognizes
all related debt principal, derivative liability, and debt discount, and recognizes a net gain or loss on debt extinguishment. Equity
instruments that are initially classified as equity that become subject to reclassification under ASC 815 are reclassified to liabilities
at the fair value of the instrument on the reclassification date. The Company does not use derivative instruments to hedge exposures to
cash flow, market, or foreign currency risk. As of September 30, 2023, and December 31, 2022, the Company had no derivatives classified
as liabilities.
|
Debt Issuance Costs and Debt Discounts |
Debt Issuance Costs and Debt Discounts
Debt discounts, debt issuance costs paid to
lenders or third parties, and other original issue discounts on debt, are recorded as debt discount or debt issuance costs and
amortized to interest expense in the consolidated statements of operations, over the term of the underlying debt instrument, using
the effective interest method, with the unamortized portion reported net with related principal outstanding on the consolidated
balance sheet. For the nine months ended September 30, 2023, the Company recorded $738,142 in interest expense associated
with the amortization of debt discounts and debt issuance costs incurred on debt issued during the period. There are no
unamortized debt discounts remaining at September 30, 2023 as a result of full debt settlement during the quarter ended June 30,
2023. See Note 4 regarding the accounting for debt discounts and debt issuance costs during the nine months ended September 30,
2023. There was no amortization of debt discounts for the nine months ended September 30, 2022 or unamortized debt discounts
outstanding at December 31, 2022.
|
Revenue Recognition |
Revenue Recognition
The Company’s revenues are generated from
internet advertising, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606).
In accordance with ASC 606, revenue is recognized when promised services are transferred to a customer. The amount of revenue recognized
reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. To achieve this core
principle, the Company applies the following five steps:
Identify the contract with a customer.
A contract with a customer exists when (i) the
Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred
and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines
that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent
and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention
to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer,
published credit and financial information pertaining to the customer.
Identify the performance obligations in the
contract.
Performance obligations promised in a contract
are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer
can benefit from the service either on its own or together with other resources that are readily available from third parties or from
the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other
promises in the contract. To the extent a contract includes multiple promised services (performance obligations), the Company must apply
judgment to determine whether promised services are capable of being distinct and distinct in the context of the contract. If these criteria
are not met the promised services are accounted for as a combined performance obligation. Currently, the Company does not have any contracts
that contain multiple performance obligations.
Determine the transaction price.
The transaction price is determined based on the
consideration to which the Company will be entitled in exchange for transferring services to the customer. To the extent the transaction
price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction
price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration.
Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future
reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts as of September 30, 2023, and
December 31, 2022, contained a significant financing component.
Allocate the transaction price to performance
obligations in the contract.
If the contract contains a single performance
obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct services
that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, the Company must
determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. Contracts that contain
multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone
selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation
or to a distinct service that forms part of a single performance obligation.
Recognize revenue when or as the Company satisfies
a performance obligation.
The Company satisfies performance obligations
at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised service
to a customer. Under both managed services arrangements or self-service arrangements, the Company’s promised services under the
contracts include identification, bidding and purchasing of advertisement opportunities. The Company also generally has discretion in
establishing the pricing of the ads. Since the Company is controlling the promise to deliver the contracted services, the Company is considered
the principal in all arrangements for revenue recognition purposes.
Payment terms and conditions vary by contract,
although terms generally include a requirement of payment within 30 to 90 days.
Contract Liabilities
Contract liabilities represent deposits made by
customers before the satisfaction of performance obligations and recognition of revenue. Upon completion of the performance obligation(s)
that the Company has with the customer based on the terms of the contract, the liability for the customer deposit is relieved and revenue
is recognized. As of September 30, 2023, and December 31, 2022, there were $189,643 and $193,598, respectively in contract liabilities
outstanding that we expect to recognize as revenue within the following fiscal year.
Revenues
All revenues recognized were derived from internet
advertising for the nine months ended September 30, 2023, and the year ended December 31, 2022.
|
Advertising |
Advertising
Advertising costs are expensed as incurred. Advertising
costs are included as a component of general and administrative expenses in the consolidated statements of operations, and are considered
de minimis.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for our stock-based compensation,
including stock options and common stock warrants, under ASC 718 Compensation – Stock Compensation, using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the
requisite service period for employee awards, which is usually the vesting period, and when the goods are obtained or services are received,
for nonemployee awards. This guidance establishes standards for the accounting for transactions in which an entity exchanges its equity
instruments for goods or services. It also applies to transactions in which an entity incurs liabilities in exchange for goods or services
that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
In connection with certain financing, consulting
and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone
instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards.
The fair value of stock-based compensation is
generally determined using the Black-Scholes valuation model as of the date of the grant or the date at which the performance of the services
is completed (measurement date).
When determining fair value of stock-based compensation,
the Company considers the following assumptions in the Black-Scholes model:
· |
Exercise price, |
· |
Expected dividends, |
· |
Expected volatility, |
· |
Risk-free interest rate; and |
· |
Expected life of option |
|
Income Taxes |
Income Taxes
The Company accounts for income tax using the
asset and liability method prescribed by ASC 740, Income Taxes (ASC 740). Under this method, deferred tax assets and liabilities
are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax
rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to
offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that all or some portion of the deferred
tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as gain or loss in the period that
includes the enactment date.
The Company follows the accounting guidance for
uncertainty in income taxes using the provisions of ASC 740. Using that guidance, tax positions initially need to be recognized in the
consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities.
As of September 30, 2023, and December 31, 2022, the Company did not identify any uncertain tax positions that qualify for either recognition
or disclosure in the consolidated financial statements.
The Company recognizes interest and
penalties, if any, related to recognized uncertain income tax positions, in other expense. No interest and penalties related to
uncertain income tax positions were recorded for the nine months ended September 30, 2023, and 2022. Open tax years subject to
examination by the Internal Revenue Service generally remain open for three years from the filing date. Tax years subject to
examination by the state jurisdictions generally remain open for up to four years from the filing date. During the nine months ended
September 30, 2023, the Company recognized $180,000 in income tax benefit as a result of the noncash settlement of an income tax
obligation assumed through its acquisition of Advangelists, LLC.
|
Related Parties |
Related Parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests.
|
Reclassifications |
Reclassifications
Certain reclassifications were made to the 2022
consolidated financial statements to conform to 2023 presentation, including presenting contract liabilities on its own financial statement
line on the balance sheet.
|
Recent Issued Accounting Pronouncements |
Recent Issued Accounting Pronouncements
We consider the applicability and impact of all
new accounting pronouncements on our consolidated financial position, results of operations, stockholders’ deficit, cash flows,
or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the Financial Accounting Standards
Board (FASB) through the date these condensed consolidated financial statements were available to be issued and found no recent accounting
pronouncements issued, but not yet effective, that when adopted, will have a material impact on the condensed consolidated financial statements
of the Company.
Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions: On September 30, 2022, the FASB issued ASU 2022-03 (ASU 2022-03), which clarifies the
guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the
sale of an equity security. The ASU also requires specific disclosures related to such an equity security, including (1) the fair value
of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and
(3) any circumstances that could cause a lapse in the restrictions. ASU 2022-03 clarifies that a “contractual restriction prohibiting
the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the
equity security unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity
security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC
820-10-35-36B as amended by the ASU). The ASU also prohibits an entity from recognizing a contractual sale restriction as a separate unit
of account. For public business entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods
within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2022-03 on its consolidated
financial statements and related disclosures.
|
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements
Financial Instrument – Credit Losses:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology
under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable
and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit
loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides
transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05
are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No.
2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date
will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15,
2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption of the
guidance did not have a significant impact on its consolidated financial statements and disclosures.
Accounting for Contract Assets and Contract
Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic
805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). Under ASU 2021-08, an acquirer
in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities.
The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. The
Company adopted ASU 2021-08 on January 1, 2023, and the adoption of the guidance did not have a significant impact on its consolidated
financial statements and disclosures.
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v3.23.3
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of intangible assets |
Schedule of intangible assets | |
| |
| | |
| |
| |
Useful Lives | |
September 30, 2023 | | |
December 31, 2022 | |
| |
| |
| | |
| |
Customer relationship | |
5 years | |
$ | 3,003,676 | | |
$ | 3,003,676 | |
Less accumulated amortization | |
| |
| (2,807,943 | ) | |
| (2,357,392 | ) |
Net carrying amount | |
| |
$ | 195,733 | | |
$ | 646,284 | |
| |
| |
| | | |
| | |
Software development costs | |
5 years | |
| 1,507,045 | | |
| – | |
Less accumulated amortization | |
| |
| (64,813 | ) | |
| – | |
Net carrying amount | |
| |
$ | 1,442,232 | | |
$ | – | |
|
Schedule of future amortization of other intangible assets and development costs |
Schedule of future amortization of other intangible assets and development costs | |
| | |
| |
| |
Software
Development
Costs | | |
Other
Intangible
Assets | |
2023 | |
$ | 75,352 | | |
$ | 119,245 | |
2024 | |
| 301,409 | | |
| 76,488 | |
2025 | |
| 301,409 | | |
| – | |
2026 | |
| 301,409 | | |
| – | |
2027 | |
| 301,409 | | |
| – | |
Thereafter | |
| 161,244 | | |
| – | |
Total | |
$ | 1,442,232 | | |
$ | 195,733 | |
|
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v3.23.3
STOCK OPTION PLANS AND WARRANTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of assumptions used |
Schedule of assumptions used | |
| | |
| |
| |
Nine Months Ended September 30 | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 166.87% | | |
| 79.95% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.54% | | |
| 2.14% | |
Expected term (in years) | |
| 6.67 | | |
| 10.00 | |
|
Schedule of options outstanding |
Schedule of options outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 78,226 | | |
$ | 243.30 | | |
| 7.44 | | |
$ | – | |
Granted | |
| 4,167 | | |
$ | 3.30 | | |
| 5.30 | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled & expired | |
| (3,243 | ) | |
| – | | |
| – | | |
| – | |
Outstanding, September 30, 2023 | |
| 79,150 | | |
$ | 227.83 | | |
| 6.92 | | |
$ | – | |
Options exercisable, September 30, 2023 | |
| 79,136 | | |
$ | 227.84 | | |
| 6.92 | | |
$ | – | |
|
Schedule of warrant assumptions |
Schedule of warrant assumptions | |
| | | |
| | |
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Expected volatility | |
| 172.63% | | |
| 75.87% | |
Expected dividend yield | |
| – | | |
| – | |
Risk-free interest rate | |
| 3.85% | | |
| 2.03% | |
Expected term (in years) | |
| 5.00 | | |
| 6.25 | |
|
Schedule of warrants outstanding |
Schedule of warrants outstanding | |
| | |
| | |
| | |
| |
| |
Share | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 312,254 | | |
$ | 195.15 | | |
| 4.73 | | |
$ | – | |
Granted | |
| 2,649,551 | | |
$ | 1.16 | | |
| 2.38 | | |
$ | – | |
Exercised* | |
| (1,301,760 | ) | |
$ | – | | |
| – | | |
$ | – | |
Expired | |
| (32,357 | ) | |
$ | – | | |
| – | | |
$ | – | |
Outstanding, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
Warrants exercisable, September 30, 2023 | |
| 1,627,688 | | |
$ | 25.00 | | |
| 4.62 | | |
$ | – | |
* |
Includes 285,792 of pre-funded warrants with a purchase price of $6.98, paid upon grant of warrants in February 2023 and 478,333 of pre-funded warrants with a purchase price of $1.50, paid upon grant of warrant in June 2023. Also includes warrants exercised under a cashless exercise provision resulting in the issuance of 537,634 common shares. |
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v3.23.3
EARNINGS (LOSS) PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of anti dilutive securities |
Schedule of anti dilutive securities | |
| | |
| |
| |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
Convertible notes payable and accrued interest | |
| – | | |
| 3,926 | |
Stock options | |
| 79,150 | | |
| 78,226 | |
Warrants | |
| 1,627,688 | | |
| 312,254 | |
Total common stock equivalents | |
| 1,706,838 | | |
| 394,406 | |
|
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v3.23.3
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
Aug. 07, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Parent |
|
$ 1,394,271
|
$ 2,108,939
|
$ 1,716,804
|
$ 2,280,180
|
$ 1,070,977
|
$ 2,440,044
|
$ 5,220,014
|
$ 5,791,201
|
|
|
Net cash used in operations |
|
|
|
|
|
|
|
3,732,469
|
5,502,991
|
|
|
Accumulated deficit |
|
215,727,236
|
|
|
|
|
|
215,727,236
|
|
$ 210,507,222
|
|
Stockholders equity |
|
1,551,487
|
$ 2,945,524
|
$ 2,200,633
|
$ 2,199,103
|
$ 3,204,201
|
$ 3,277,709
|
1,551,487
|
2,199,103
|
$ (10,830)
|
$ 2,918,672
|
Working capital deficit |
|
1,448,281
|
|
|
|
|
|
1,448,281
|
|
|
|
Cash on hand |
|
$ 140,939
|
|
|
|
|
|
140,939
|
|
|
|
Increase in allowance for doubtful accounts |
|
|
|
|
|
|
|
$ 46,000
|
$ 0
|
|
|
Reverse stock split |
1-for-15
reverse stock split
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
FDIC uninsured amount |
$ 0
|
|
$ 0
|
|
$ 0
|
Net accounts receivable |
129,146
|
|
129,146
|
|
340,935
|
Allowance for doubtful accounts |
1,138,000
|
|
1,138,000
|
|
1,091,000
|
Bad debt expense |
|
|
46,458
|
$ 0
|
|
Impairment of goodwill |
|
|
0
|
|
0
|
Amortization on software development costs |
|
|
64,813
|
0
|
|
Software and development costs |
642,866
|
|
|
|
|
Derivative liabilities |
0
|
|
0
|
|
0
|
Amortization of debt discounts |
|
|
738,142
|
0
|
|
Unamortized debt discounts |
0
|
|
0
|
|
|
Contract liabilities |
189,643
|
|
189,643
|
|
193,598
|
Income tax benefit |
$ 0
|
$ 0
|
$ 180,000
|
$ 0
|
|
Customer Relationships [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Useful life |
5 years
|
|
5 years
|
|
|
Capitalized software development costs |
$ 3,003,676
|
|
$ 3,003,676
|
|
3,003,676
|
Software and Software Development Costs [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Useful life |
5 years
|
|
5 years
|
|
|
Capitalized software development costs |
$ 1,507,045
|
|
$ 1,507,045
|
|
$ 0
|
Software and Software Development Costs [Member] | A T O S 4 P Platform [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Capitalized software development costs |
$ 864,179
|
|
$ 864,179
|
|
|
Three Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
|
|
76.00%
|
|
|
Two Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
|
|
|
48.00%
|
|
Three Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
|
|
43.00%
|
|
42.00%
|
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v3.23.3
INTANGIBLE ASSETS (Details - Intangible assets) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful life |
5 years
|
|
Intangible asset, gross |
$ 3,003,676
|
$ 3,003,676
|
Less accumulated amortization |
(2,807,943)
|
(2,357,392)
|
Net carrying value |
$ 195,733
|
646,284
|
Software and Software Development Costs [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful life |
5 years
|
|
Intangible asset, gross |
$ 1,507,045
|
0
|
Less accumulated amortization |
(64,813)
|
0
|
Net carrying value |
$ 1,442,232
|
$ 0
|
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v3.23.3
INTANGIBLE ASSETS (Details - Accumulated amortization)
|
Sep. 30, 2023
USD ($)
|
Other Intangible Assets [Member] |
|
Indefinite-Lived Intangible Assets [Line Items] |
|
2023 |
$ 119,245
|
2024 |
76,488
|
2025 |
0
|
2026 |
0
|
2027 |
0
|
Thereafter |
0
|
Total |
195,733
|
Software Development [Member] |
|
Indefinite-Lived Intangible Assets [Line Items] |
|
2023 |
75,352
|
2024 |
301,409
|
2025 |
301,409
|
2026 |
301,409
|
2027 |
301,409
|
Thereafter |
161,244
|
Total |
$ 1,442,232
|
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v3.23.3
DEBT (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
|
Jan. 05, 2023 |
Dec. 30, 2022 |
Jun. 30, 2020 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
$ 396,322
|
$ 0
|
|
Walleye Opportunities Master Fund [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Proceeds from loans |
|
|
|
|
$ 163,000
|
|
|
Principal amount |
|
$ 1,437,500
|
|
|
|
|
|
Original issue discount |
|
287,500
|
|
|
|
|
|
Subscription amount |
|
$ 1,150,000
|
|
|
|
|
|
Warrants issued, shares |
|
174,242
|
|
|
|
|
|
Number of shares issued other |
|
34,849
|
|
|
|
|
|
Issuance fees |
|
$ 138,500
|
|
|
|
|
|
Proceeds from notes payable |
|
1,011,500
|
|
|
|
|
|
Fair value of warrants |
|
586,040
|
|
|
|
|
|
Debt discount and debt issuance costs |
|
1,134,466
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
$ 738,141
|
|
|
|
Loss on extinguishment of debt |
|
|
|
$ 396,323
|
|
|
|
Walleye Opportunities Master Fund [Member] | Incentive Shares [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Fair value of warrants |
|
$ 122,426
|
|
|
|
|
|
Economic Injury Disaster Loan [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Proceeds from loans |
|
|
$ 150,000
|
|
|
|
|
Principal interest |
|
|
$ 731
|
|
|
|
|
Interest debt |
|
|
|
|
|
|
$ 13,594
|
Repayment of loan |
$ 163,885
|
|
|
|
|
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Aug. 07, 2023 |
Jun. 30, 2023 |
Feb. 13, 2023 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Jan. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-15
reverse stock split
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
100,000,000
|
|
100,000,000
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Preferred units description |
|
|
|
|
|
|
|
No
|
|
|
|
Placement agent fees and other offering costs |
|
|
|
|
|
|
|
$ 0
|
$ 1,137,500
|
|
|
Accrued and unpaid interest |
|
|
|
|
|
|
|
$ 0
|
|
$ 235,563
|
|
Stock issued for services, value |
|
|
|
|
|
|
$ 84,500
|
|
|
|
|
Number of share converted, value |
|
|
|
|
|
|
|
|
$ 2,052,500
|
|
|
Number of share converted |
|
|
|
|
|
|
|
5,000
|
|
|
|
Warrants purchase |
|
|
|
|
|
|
|
|
45,611
|
|
|
Gain on debt extinguishment |
|
|
|
|
|
|
|
$ 14,250
|
$ 491,915
|
|
|
Number of share converted, value |
|
|
|
|
|
|
|
$ 150,000
|
|
|
|
Shares Issued Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of share converted |
|
|
|
|
|
|
|
|
91,222
|
|
|
Other 2023 Stock Transactions [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 2.55
|
|
|
|
|
|
|
Number of restricted shares issued |
|
|
|
|
104,142
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
$ 265,563
|
|
|
|
|
|
|
Other 2023 Stock Transactions [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
|
4,790
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 2.505
|
|
|
|
|
|
|
Accrued and unpaid interest |
|
|
|
|
$ 12,000
|
|
|
|
|
|
|
Other 2023 Stock Transactions [Member] | Restricted Stock [Member] | Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
|
6,667
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 2.505
|
|
|
|
|
|
|
Other 2023 Stock Transactions [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
|
3,333
|
|
|
|
|
|
|
Stock Issued For Service [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 2.52
|
|
|
|
Stock issued for services, shares |
|
|
|
|
|
|
|
31,891
|
3,333
|
|
|
Stock issued for services, value |
|
|
|
|
|
|
|
$ 80,410
|
$ 84,500
|
|
|
Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
285,792
|
|
|
|
Warrant exercise price |
|
|
$ 0.0015
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
|
1,625,000
|
|
|
|
|
|
|
|
|
|
Series 2023 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
$ 6.975
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
|
|
2,419,355
|
|
|
|
|
|
|
|
|
Underwriting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Underwriter fees |
|
|
|
|
|
|
|
$ 242,500
|
|
|
|
February 2023 Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from offering |
|
|
$ 3,207,500
|
|
|
|
|
|
|
|
|
February 2023 Public Offering [Member] | Series 2023 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
806,452
|
|
|
|
|
285,792
|
|
|
|
Warrants to purchase common stock, cashless basis |
|
|
403,226
|
|
|
|
|
|
|
|
|
Share price |
|
|
$ 6.975
|
|
|
|
|
|
|
|
|
Warrant purchased |
|
|
|
|
|
|
|
120,968
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
403,226
|
|
|
|
June 2023 Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
$ 1.50
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 0.0015
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
375,000
|
|
|
|
|
|
|
|
|
|
Common stock equivalents shares |
|
1,625,000
|
|
|
|
|
|
|
|
|
|
Warrants purchase |
|
1,625,000
|
|
|
|
|
|
|
|
|
|
Placement agent fees and other offering costs |
|
$ 472,001
|
|
|
|
|
|
|
|
|
|
Net proceeds from sale of warrants |
|
2,528,000
|
|
|
|
|
|
|
|
|
|
Proceeds received from offering |
|
$ 1,437,500
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
20.00%
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
478,334
|
|
|
|
|
|
|
|
Number of shares outstanding |
|
|
|
2,588,333
|
|
|
|
|
|
|
|
June 2023 Public Offering [Member] | Securities Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from offering |
|
$ 3,000,000
|
|
|
|
|
|
|
|
|
|
June 2023 Public Offering [Member] | Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 1.4985
|
|
|
|
Number of shares issued for conversion |
|
|
|
478,334
|
|
|
|
|
|
|
|
Mr Salkind [Member] | Other 2023 Stock Transactions [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
|
2,000
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 2.505
|
|
|
|
|
|
|
Accrued and unpaid interest |
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
Series A A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred shares authorized |
|
|
|
|
|
|
|
1,500,000
|
|
1,500,000
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
0
|
|
0
|
|
Convertible preferred shares |
|
|
|
|
|
|
|
50
|
|
|
|
Series A A A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred shares authorized |
|
|
|
|
|
|
|
1,250,000
|
|
1,250,000
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
31,413
|
|
31,413
|
|
Convertible preferred shares |
|
|
|
|
|
|
|
100
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred shares authorized |
|
|
|
|
|
|
|
1,500
|
|
1,500
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
0
|
|
0
|
|
Convertible preferred shares |
|
|
|
|
|
|
|
100,000
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
$ 720
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred shares authorized |
|
|
|
|
|
|
|
70,000
|
|
70,000
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
$ 80
|
|
$ 80
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
61,688
|
|
61,688
|
|
Convertible preferred per share |
|
|
|
|
|
|
|
|
|
|
$ 0.08
|
Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-15 reverse common stock split
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.01
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-15 reverse stock split
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
100,000,000
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
Preferred shares authorized |
|
|
|
|
|
|
|
5,000,000
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
Number of shares issued |
|
|
|
|
|
34,849
|
|
|
|
|
|
Stock issued for services, shares |
|
|
|
|
|
|
3,334
|
|
|
|
|
Stock issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Underwriting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
$ 7.6725
|
|
|
|
|
|
|
|
|
Warrant purchase |
|
|
26,882
|
|
|
|
|
|
|
|
|
Common Stock [Member] | February 2023 Public Offering [Member] | Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
285,792
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Spartan Capital Securities L L C [Member] | February 2023 Public Offering [Member] | Underwriting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
251,842
|
|
|
|
|
|
|
|
|
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v3.23.3
STOCK OPTION PLANS AND WARRANTS (Details - Warrants outstanding) - Warrant [Member]
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrants outstanding - beginning | shares |
312,254
|
|
Weighted average exercise price - beginning |
$ 195.15
|
|
Weighted average contractual term |
4 years 8 months 23 days
|
|
Aggregate intrinsic value - beginning | $ |
$ 0
|
|
Warrants granted | shares |
2,649,551
|
|
Weighted average exercise price - shares granted |
$ 1.16
|
|
Weighted average contractual term - granted |
2 years 4 months 17 days
|
|
Aggregate intrinsic value - granted |
$ 0
|
|
Warrants exercised | shares |
(1,301,760)
|
[1] |
Weighted average exercise price - shares exercised |
$ 0
|
[1] |
Aggregate intrinsic value - exercised | $ |
$ 0
|
[1] |
Warrants expired | shares |
(32,357)
|
|
Weighted average exercise price - shares expired |
$ 0
|
|
Aggregate intrinsic value - expired | $ |
$ 0
|
|
Warrants outstanding - ending | shares |
1,627,688
|
|
Weighted average exercise price - ending |
$ 25.00
|
|
Weighted average contractual term |
4 years 7 months 13 days
|
|
Aggregate intrinsic value - ending | $ |
$ 0
|
|
Warrants exercisable | shares |
1,627,688
|
|
Weighted average exercise price - exercisable |
$ 25.00
|
|
Weighted average contractual term - exercisable |
4 years 7 months 13 days
|
|
Aggregate intrinsic value - exercisable | $ |
$ 0
|
|
|
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v3.23.3
STOCK OPTION PLANS AND WARRANTS (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Jun. 30, 2023 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Weighted-average grant-date fair value |
|
|
|
|
|
|
|
|
$ 3.30
|
|
Unamortized compensation cost |
|
|
|
|
|
|
$ 1,410
|
|
$ 1,410
|
|
Unamortized compensation cost fiscal 2023 |
|
|
|
|
|
|
234
|
|
234
|
|
Unamortized compensation cost fiscal 2024 |
|
|
|
|
|
|
940
|
|
940
|
|
Unamortized compensation cost fiscal 2025 |
|
|
|
|
|
|
$ 236
|
|
$ 236
|
|
Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
1,625,000
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
285,792
|
|
Expiration date |
|
|
|
|
|
|
|
|
Feb. 14, 2028
|
|
Warrants issued |
|
478,333
|
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
|
|
|
|
|
|
|
|
850,308
|
|
Options And Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
$ 0.67
|
|
$ 0.67
|
|
Stock-based compensation expense |
|
|
|
|
|
|
$ 234
|
$ 7,854
|
$ 22,295
|
$ 59,687
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
|
|
|
|
|
|
|
|
2,649,551
|
|
Warrant [Member] | O I D Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants issued, shares |
|
|
|
|
|
|
|
|
174,242
|
|
Anne S Provost [Member] | Plan 2021 [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
|
|
|
1,667
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 68.55
|
|
|
|
|
Dean Julia [Member] | Plan 2021 [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
834
|
|
834
|
|
|
|
|
|
Exercise price |
|
|
$ 3.30
|
|
$ 23.25
|
|
|
|
|
|
Nate Knight [Member] | Plan 2021 [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
|
1,667
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 3.30
|
|
|
|
|
|
|
Byron Booker [Member] | Plan 2021 [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
1,667
|
|
|
|
|
|
|
|
Exercise price |
|
|
$ 3.30
|
|
|
|
|
|
|
|
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v3.23.3
EARNINGS (LOSS) PER SHARE (Details - Potentially dilutive equity securities) - shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
1,706,838
|
394,406
|
Convertible Notes Payable And Accrued Interest [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
0
|
3,926
|
Stock Options [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
79,150
|
78,226
|
Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
1,627,688
|
312,254
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.3
X |
- DefinitionDescription of the reverse stock split arrangement. Also provide the retroactive effect given by the reverse split that occurs after the balance sheet date but before the release of financial statements.
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