Quarterly Report (10-q)

Date : 03/25/2019 @ 7:34PM
Source : Edgar (US Regulatory)
Stock : Bigfoot Project Investments Inc. (PC) (BGFT)
Quote : 0.0002  0.0 (0.00%) @ 3:48PM

Quarterly Report (10-q)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended January 31, 2019

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 001-36877

 

Bigfoot Project Investments Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   45-3942184
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

570 El Camino Real NR-150, Redwood City, CA   94063
(Address of principal executive offices)   (Zip Code)

 

(415) 518-8494

(Registrant’s telephone number, including area code)

 

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

 

Securities registered under Section 12(g) of the Act: Common Stock, $0.001 par value

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes [  ] No [X]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [  ] No [X]

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes [X] 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.

 

Large accelerated filer [  ] Accelerated filer [  ]   Smaller reporting company [X]
Non-accelerated filer [  ]     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 Act). Yes [  ] No [X]

 

The aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing sales price, or the average bid and asked price on such stock, as of October 31, 2018, the last business day of the registrant’s most recently completed second quarter, was $337,572. Shares of the registrant’s common stock held by each executive officer and director and by each entity or person that, to the registrant’s knowledge, owned 10% or more of registrant’s outstanding common stock as of October 31, 2018 have been excluded in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

 

The number of shares of Common Stock, $0.001 par value, outstanding on March 21, 2019 was 4,175,262,724 shares.

 

 

 

 
 

 

BIGFOOT PROJECT INVESTMENTS INC.

QUARTERLY PERIOD ENDED JANUARY 31, 2019

 

Index to Report on Form 10-Q

 

    Page No.
  PART I - FINANCIAL INFORMATION  
Item 1. Financial Statements F-1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
Item 3. Quantitative and Qualitative Disclosures About Market Risk 6
Item 4T. Controls and Procedures 6
     
  PART II - OTHER INFORMATION  
Item 1. Legal Proceedings 7
Item 1A. Risk Factors 7
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 7
Item 3. Defaults Upon Senior Securities 7
Item 4. Mine Safety Disclosures 7
Item 5. Other Information 7
Item 6. Exhibits 8
  Signature 9

 

2
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

BIGFOOT PROJECT INVESTMENTS, INC.

Consolidated Balance Sheets

As of January 31, 2019 and July 31, 2018

(Unaudited)

 

    January 31, 2019     July 31, 2018  
ASSETS                
Current Assets                
Cash   $ 18,526     $ 587  
Inventory     11,386       11,386  
Total current assets     29,912       11,973  
                 
Fixed Assets                
Equipment, net     1,623       2,066  
Total Fixed Assets     1,623       2,066  
                 
Other Assets                
Website Development     5,500       5,500  
Accumulated Amortization     (5,500 )     (5,500 )
Total Other Assets     -       -  
                 
Total Assets   $ 31,535     $ 14,039  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                 
Current liabilities                
Accounts Payable   $ 168,605     $ 98,152  
Advance from shareholders     69,150       57,524  
Accrued Interest     76,453       54,971  
Convertible Debt (net of unamortized discount)     70,065       121,194  
Derivative Liability     200,216       351,492  
Promissory note - related party     435,894       472,370  
Total current liabilities     1,020,383       1,155,703  
                 
Total Liabilities     1,020,383       1,155,703  
                 
Stockholders’ deficit                
Preferred stock, $0.001 par value, 500,000,000 shares authorized, 0 and 0 issued and outstanding as of January 31, 2019 and July 31, 2018, respectively     -       -  
Common stock, $0.001 par value; 6,500,000,000 shares authorized, 3,295,361,826 and 2,159,215,077 issued and outstanding as of January 31, 2019 and July 31, 2018, respectively     3,295,362       2,159,215  
Additional Paid In Capital     6,192,191       7,044,400  
Accumulated deficit     (10,476,401 )     (10,345,279 )
                 
Total stockholders’ deficit     (988,848 )     (1,141,664 )
                 
Total liabilities & stockholders’ deficit   $ 31,535     $ 14,039  

 

See accompanying notes to unaudited consolidated financial statements

 

F- 1
 

 

BIGFOOT PROJECT INVESTMENTS, INC.

Consolidated Statements of Operations (Unaudited)

 

    Three Months Ended     Three Months Ended     Six Months
Ended
    Six Months
Ended
 
    January 31, 2019     January 31, 2018     January 31, 2019     January 31, 2018  
                         
Revenue   $ 137       1,324     $ 400     $ 1,747  
                                 
Operating expenses:                                
Professional fees     76,261       40,792       148,838       50,767  
Expedition expenses     12,779       26,828       26,012       45,828  
General and administrative     12,874       (4,404 )     18,612       5,220,123  
                                 
Total operating expenses     101,914       63,216       193,462       5,316,718  
                                 
Net loss from operations     (101,777 )     (61,892 )     (193,062 )     (5,314,971 )
                                 
Other Expense                                
Gain on settlement     -       -       15,042       -  
Derivative Gain (Loss)     22,304       (132,799 )     191,853       (58,547 )
Interest Expense     (97,271 )     (106,646 )     (144,955 )     (175,966 )
Total Other Income (Expense)     (74,967 )     (239,445 )     61,940       (234,513 )
                                 
Net Loss   $ (176,744 )   $ (301,337 )   $ (131,122 )   $ (5,549,484 )
                                 
Basic and diluted loss per shares   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.02 )
                                 
Weighted average shares outstanding     2,439,399,988       329,104,996       2,348,323,752       293,544,775  

 

See accompanying notes to unaudited consolidated financial statements

 

F- 2
 

 

BIGFOOT PROJECT INVESTMENTS, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

    Six Months Ended     Six Months Ended  
    January 31, 2019     January 31, 2018  
Cash flow from operating activities:                
Net loss   $ (131,122 )   $ (5,549,484 )
Depreciation     443       -  
Stock based compensation     38,403       5,220,000  
(Gain) Loss on derivative liability     (191,853 )     58,547  
Amortization of debt discount     100,335       106,285  
Debt penalties     17,364       60,232  
Gain on debt settlement     (15,042 )     -  
Change in operating liabilities:                
Accounts Receivable     -       3,000  
Inventory     -       (2,954 )
Accounts Payable     70,453       8,490  
Accrued Interest     26,808       9,449  
Net cash used in operating activities     (84,211 )     (86,435 )
                 
Cash flow from investing activities                
Cash Paid for Purchases of Fixed Assets     -       (1,085 )
Net cash used in investing activities     -       (1,085 )
                 
Cash flow from financing activities                
Payment on Promissory Note     (36,476 )     -  
Proceeds from Convertible Debt     127,000       60,000  
Repayment of Advance from shareholders     (63,133 )     (174,476 )
Proceeds for Advances from shareholders     74,759       204,520  
Net cash provided by financing activities     102,150       90,044  
                 
Net increase in cash     17,939       2,524  
Cash at beginning of period     587       1,105  
Cash at end of period   $ 18,526     $ 3,629  
                 
Supplemental Cash Flow Information:                
Cash paid for income taxes   $ -     $ -  
Cash paid for interest expense   $ -     $ -  
Non-Cash Transactions:                
Common stock issued for debt conversion   $ 113,842     $ 81,195  
Recognition of derivative discount   $ 172,270       -  
Settlement of derivative liabilities   $ 131,693     $ 138,822  
Cancellation of common stock   $ -     $ 47,850  

 

See accompanying notes to unaudited consolidated financial statements

 

F- 3
 

 

BIGFOOT PROJECT INVESTMENTS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization, Nature of Business and Trade Name

 

A summary of significant accounting policies of Bigfoot Project Investments, Inc. (the “Company”), a company organized in the state of Nevada, is presented to assist in understanding the Company’s financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the companying financial statements. These financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity.

 

The Company was incorporated in the State of Nevada on November 30, 2011. The Company’s administrative office is located at 570 El Camino Real NR-150, Redwood City, CA and its fiscal year ends July 31. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was established as an entertainment investment company.

 

The Company’s mission is to create exciting and interesting proprietary investment projects, entertainment properties surrounding the mythology, research, and potential capture of the creature known as Bigfoot. The Company will perform research in determining the existences of an elusive creature commonly known as Bigfoot. For the past six years the research team, that has joined the company, has performed research on expeditions throughout the United States and Canada.

 

The Company’s competitive advantage is the in-house developed knowledge base and the advanced level of maturity of their projects developed and currently owned by our current officers and shareholders. The Company will capitalize on the current stock pile of these projects through contract agreements which will allow the Company to continue creation of media properties and the establishment of physical locations, partnerships, and strategic alliances with organizations to augment investment markets to create revenue as a stand-alone enterprise.

 

F- 4
 

 

Basis of Presentation

 

The accompanying unaudited interim financial statements have been prepared on the same basis as the annual audited financial statements and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of the results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto included in our 10-K for the year ended July 31, 2018 filed with the SEC on November 13, 2018.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly-owned or controlled operating subsidiaries. All intercompany accounts and transactions have been eliminated. 

 

Revenue Recognition

 

The Company accounts for revenues according to ASC Topic 606, “Revenue from Contracts with Customers” which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers.

 

During the six months ended January 31, 2019, the Company’s revenues were primarily made up of revenue generated from our online streaming distributor.

 

Fair value of financial instruments

 

The carrying value of cash, accounts receivable, accounts payable and accrued expenses, and debt approximate their fair values because of the short-term nature of these instruments. Management believes the Company is not exposed to significant interest or credit risks arising from these financial instruments.

 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.

 

  Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.
  Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily-available pricing sources for comparable instruments.
  Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

 

F- 5
 

 

The following table presents the derivative financial instruments, the Company’s only financial liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their level within the fair value hierarchy as of July 31, 2018:

 

    Amount     Level 1     Level 2     Level 3  
Embedded conversion derivative liability   $ 351,492     $ -     $ -     $ 351,492  
Total   $ 351,492     $ -     $ -     $ 351,492  

 

The following table presents the derivative financial instruments, the Company’s only financial liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their level within the fair value hierarchy as of January 31, 2019:

 

    Amount     Level 1     Level 2     Level 3  
Embedded conversion derivative liability   $ 200,216     $ -     $ -     $ 200,216  
Total   $ 200,216     $ -     $ -     $ 200,216  

 

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs:

 

Balance at July 31, 2017   $ 262,722  
Reclass to equity due to conversion     (138,822 )
Unrealized derivative loss included in other expense     58,547
Balance at January 31, 2018   $ 182,447  

 

Balance at July 31, 2018   $ 351,492  
Fair value of derivative liability at issuance to debt discount     172,270  
Fair value of derivative liability at issuance charged to derivative loss     101,164  
Reclass to equity due to conversion     (131,693 )
Write-off of derivative liability due to settlement     (57,248 )
Unrealized derivative gain included in other expense     (235,769 )
Balance at January 31, 2019   $ 200,216  

 

The Company evaluated its convertible notes to determine if the embedded component of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The Company determined that due to the variable number of common stock that the notes convert to, the embedded conversion option were required to be bifurcated and accounted for as a derivative liability. The fair value of the derivative liability is calculated at the time of issuance and the Company records a derivative liability for the calculated value. Changes in the fair value of the derivative liability are recorded in other income (expense) in the statements of operations. Upon conversion of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.

 

F- 6
 

 

The Company’s derivative instruments were valued using the Lattice model which was based on a probability weighted discounted cash flow model. For the six months ended January 31, 2018, assumptions used in the valuation include the following: a) underlying stock price ranging from $0.0026 to $0.0006; b) projected discount on the conversion price ranging from 35% to 50% with the notes effectively converting at discounts in the range of 26% to 28%; c) projected volatility of 274% to 342%; d) probabilities related to default and redemption of the notes during the term of the notes.

 

For the six months ended January 31, 2019, assumptions used in the valuation include the following: a) underlying stock price ranging from $0.0016 to $0.0003; b) projected discount on the conversion price ranging from 40% to 58% with the notes effectively converting at discounts in the range of 38.70% to 65.17%; c) projected volatility of 261.1% to 310.1%; d) probabilities related to default and redemption of the notes during the term of the notes.

 

The Company has considered the provisions of ASC 480, Distinguishing Liabilities from Equity , as the conversion feature embedded in each debenture could result in the note principal being converted to a variable number of the Company’s common shares.

 

Basic and Diluted Earnings per Share

 

Basic earnings per share are based on the weighted-average number of shares of common stock outstanding.

 

The FASB ASC Topic 260, “Earnings per Share”, requires the Company to include additional shares in the computation of earnings per share, assuming dilution.

 

We calculate basic earnings (loss) per share by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding stock options, stock warrants and other commitments to issue common stock, including shares issuable upon the conversion of convertible notes outstanding, except where the impact would be anti-dilutive.

 

Diluted earnings per share are based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method for options and warrants and “if converted” method for convertible notes. Under the treasury stock method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

 

The following is a reconciliation of basic and diluted earnings per share for the three and six months ended January 31, 2019 and 2018:

 

    Three Months
Ended
    Three Months
Ended
    Six Months
Ended
    Six Months
Ended
 
    January 31, 2019     January 31, 2018     January 31, 2019     January 31, 2018  
Numerator:                        
Net (loss) available to common shareholders   $ (176,744 )   $ (301,337 )   $ (131,122 )   $ (5,549,484 )
                                 
Denominator:                                
Weighted average shares – basic and diluted     2,439,399,988       329,104,996       2,348,323,752       293,544,755  
                                 
Net (loss) per share – basic and diluted   $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.02 )

 

Reclassification

 

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss. Reclassification adjustments are amounts reclassified to operating expense that were recognized in revenue in the previous periods.

 

F- 7
 

 

NOTE 2 - GOING CONCERN

 

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of American applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. These conditions raise substantial doubt about our ability to continue as a going concern.

 

Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

 

Historically, the Company has mostly relied upon internally generated funds such as shareholder loans and advances to finance its operation and growth. Management may raise additional capital by future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders.

 

NOTE 3 – ADVANCE FROM SHAREHOLDERS

 

In the six months ended January 31, 2018, additional advances from shareholders were received in the amount of $204,520. The Company made payments on these advances amounting to $174,476. These advances bear no interest and are due on demand. The total advances from shareholders as of July 31, 2017 were $60,322 and as of January 31, 2018 were $90,366.

 

In the six months ended January 31, 2019, additional advances from shareholders were received in the amount of $74,759. The Company made payments on these advances amounting to $63,133. These advances bear no interest and are due on demand. The total advances from shareholders as of July 31, 2018 were $57,524 and as of January 31, 2019 were $69,150.

 

NOTE 4 – NOTE PAYABLE – RELATED PARTY

 

In January 2013, Bigfoot Project Investments, Inc. executed a promissory note in the amount of $484,029 as part of the asset transfer agreement for the transfer of all assets held by Searching for Bigfoot, Inc. In August 2013, the Company increased the balance of the promissory note by $489 to add an asset that was not included in the original transfer the terms of the note are that the unpaid principle and the accrued interest are payable in full on January 31, 2018. During the six months ended January 31, 2019, the holders of the note agreed to allow the note to be renewed for another year.

 

The interest rate stated on the note is 4.0% (four percent). Monthly payments are not required in the note; however, the note does contain a prepayment clause that allows for payments to be made prior to the due date with no detrimental effects. The Company paid $36,476 on the note during the six months ended January 31, 2019. As of January 31, 2019, and July 31, 2018, the outstanding balance on the note was $435,894 and $472,370, respectively.

 

Interest expense for the six months ended January 31, 2019 and 2018 was $9,447 and $9,449.

 

F- 8
 

 

NOTE 5 - CAPITAL STOCK

 

The holders of the Company’s common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such times and in such amounts as the board from time to time may determine. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of shareholders. There is no cumulative voting of the election of directors then standing for election. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of the company, the assets legally available for distribution to stockholders are distributable ratably among the holders of the common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors.

 

The Company has 3,295,361,826 and 2,159,215,077 shares of common stock issued and outstanding as of January 31, 2019 and July 31, 2018, respectively.

 

During the six months ended January 31, 2019, Auctus Fund converted 110,289,820 shares of common stock for a principal amount due of $3,516 and settlement of unpaid interest of $83 and penalty of $10,000. Balance of the note as of January 31, 2019 was $0.

 

During the six months ended January 31, 2019, the Company reserved 96,006,563 shares of common stock for Veyo Partners per the consulting agreement dated November 30, 2017. Fair value of the shares reserved as of January 31, 2019 is $38,403.

 

During the six months ended January 31, 2019, EMA Financial converted 461,683,700 shares of common stock for a reduction in the principal amount due of $40,000 and settlement of unpaid interest of $2,063 and penalties of $2,000. The note went into default as of January 19, 2018. The balance on the note as of January 31, 2019 is $0.

 

During the six months ended January 31, 2019, Power Up Lending converted 468,166,666 shares of common stock for a principal amount due of $53,000 and settlement of unpaid interest of $3,180. The balance of all notes for Power Up as of January 31, 2019 is $30,000.

 

F- 9
 

 

NOTE 6 – DISTRIBUTION AGREEMENTS

 

The Company entered into a Distribution Agreement on September 2, 2011 with the Bosko Group LLC providing them a non-exclusive right to market the sales of the Company’s DVD’s. The Distribution Agreement requires the Company to pay the Bosko Group LLC ten percent (10%) of the selling price of the DVD’s sold. This agreement remained in effect for a period of 4 years and has been automatically renewed for an additional 4 years with no limit on the number of times the agreement may be automatically renewed, unless either party gives notice to the other of its desire to terminate the Agreement at least sixty (60) days before expiration of the original or renewal term.

 

In May 2017, the Company entered into two separate agreements (the “Re-Release”) with The Bosko Group LLC (the “Distributor”) to provide distribution and promotional services to the Company. The terms of the agreements provide for the following:

 

  a. Compensation to the Company for the Re-Release will be based on projected gross sales range and royalties for six existing DVD documentaries which will be offered into all distribution markets as a series with a new introduction narrated by Tom Biscardi.
     
  b. Compensation to the Company for the Distribution of new feature-length films is based on past performance of previous productions with up-front funding and projected royalties over all distribution channels. The Company completed production of the first of the new feature-length films in July 2017. The film was edited and released in August 2018 through various channels, and the Company is awaiting sales reports from the distribution company.

 

NOTE 7 – CONVERTIBLE NOTES

 

On January 19, 2017, the Company issued a convertible promissory note in the amount of $62,500 to EMA Financial, LLC, a Delaware limited liability company. This convertible note is due and payable January 19, 2018, has an interest rate of 10% and is convertible to common stock of the Company at a conversion price equal to the lower of: (i) the closing sale price of the common stock on the principal market on the trading immediately preceding the closing date of this note, and (ii) 50% of either the lowest sale price for the common stock on the principal market during the twenty-five (25) consecutive trading days immediately preceding the conversion date or the closing bid price. The note may be prepaid at 135% - 145% of outstanding principal balance. This note became convertible on May 23, 2017 and the variable conversion feature was accounted for as a derivative liability in accordance with ASC 815. This note went into default as of January 19, 2018. The balance on the note as of January 31, 2019 is $0.

 

On August 9, 2018, the Company and EMA Financial (“EMA”) negotiated a settlement agreement for the January 2017 Note. In the settlement agreement EMA agreed to accept the amount of $40,000 as the current outstanding balance of the January 2017 Note as of the Effective Date. As of the Effective Date, interest will accrue on the January 2017 Note at a rate of ten percent (10%) per annum, unless the Company breaches any provision or representation in this settlement agreement, or an additional Event of Default occurs. In the event of default, the conversion price discount shall revert to a 50% discount of either the lowest sale price for the Common Stock on the Principal Market as defined in the January 2017 Note during the twenty-five (25) consecutive Trading Days as defined in the January 2017 Note immediately preceding the Conversion Date or the closing bid price, whichever is lower. EMA imposed an additional $2,000 in penalties during the period ended January 31, 2019. A gain on the settlement agreement of $15,042 has been reported on the period ended January 31, 2019. Balance of principal on the note as of July 31, 2018 and January 31, 2019 was $55,042 and $0, respectively.

 

F- 10
 

 

On February 27, 2017, the Company issued a convertible promissory note in the amount of $62,500 to Auctus Fund LLC, a Delaware limited liability company. This convertible note is due and payable on November 28, 2017 with interest of 10% per annum. This note is convertible at the election of Auctus Fund, LLC after the 120 holding period has expired. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 24% per annum and the note becomes immediately due and payable. Should an event of default occur, the Company is liable to pay 150% of the then outstanding principal and interest. This note agreement contains covenants requiring Auctus Fund’s written consent for certain activities not in existence or not committed to by the Company on the issuance date of the note, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets, certain advances and loans in excess of $100,000, and certain guarantees with respect to preservation of existence of the Company and non-circumvention. This note became convertible on June 27, 2017 and the variable conversion feature was accounted for as a derivative liability in accordance with ASC 815.

 

Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Auctus Fund, LLC after the issuance date into an equivalent of the Company’s common stock at a conversion price equal to the lower of: (i) 50% multiplied by the lowest trading price of the common stock during the previous twenty-five (25) trading day period prior to the date of the note and (ii) 50% of the lowest trading price of the common stock during the twenty-five (25) trading day period prior to the conversion date. The Company may prepay the amounts outstanding to Auctus Fund at any time up to the 180 th day following the issue date of this note by making a payment to the note holder of an amount in cash equal to 135% to 145%, multiplied by the sum of: (w) the then outstanding principal amount of this note plus (x) accrued and unpaid interest on the unpaid principal amount of this note plus (y) default interest, depending on the time of prepayment. This note became convertible on July 27, 2017 and the variable conversion feature was accounted for as a derivative liability in accordance with ASC 815. During the six months ended January 31, 2019, Auctus Fund converted 110,289,820 shares of common stock for a principal amount due of $3,516 and settlement of unpaid interest of $83, and penalty of $10,000. The note went into default as of November 18, 2017. Auctus imposed additional penalties of $364 during the six months ended January 31, 2019. The balance of this note as of July 31, 2018 and January 31, 2019 was $13,152 and $0, respectively.

 

On July 5, 2018, the Company, entered into a Securities Purchase Agreement (the Securities Purchase Agreement”) with the Power Up Lending, pursuant to which the Company sold to the Investor a convertible promissory note in the principal amount of $53,000 (the “July 2018 Note”), for an aggregate purchase price of $53,000. The July 2018 Note matures on April 30, 2019, bears interest rate of 12% per year payable on maturity date in cash or shares of common stock at the Company’s option (subject to certain conditions), and is convertible into shares of the Company’s common stock on January 1, 2019, at the conversion price equal to 58% of the lowest trading price of the common stock during the 15 trading day period prior to the conversion date. The note became convertible on January 1, 2019 and the variable conversion feature with a fair value of $36,334 was accounted for as a derivative liability in accordance with ADC 815 with a corresponding charge to debt discount. During the six months ended January 31, 2019, Power Up Lending converted 468,166,666 shares of common stock for a principal amount due of $53,000 and settlement of unpaid interest of $3,180. The balance of the July 2018 note as of July 31, 2018 and January 31, 2019 is $53,000 and $0, respectively.

 

On August 3, 2018, the Company, entered into a Securities Purchase Agreement (the Securities Purchase Agreement”) with the Power Up Lending, pursuant to which the Company sold to the Investor a convertible promissory note in the principal amount of $30,000 (the “August 2018 Note”), for an aggregate purchase price of $30,000. The Company received $27,000 in cash for this note and recorded $3,000 as issuance cost. The August 2018 Note matures on May 15, 2019, bears interest rate of 12% per year payable on maturity date in cash or shares of common stock at the Company’s option (subject to certain conditions), and is convertible into shares of the Company’s common stock on January 30, 2019 at the conversion price equal to 58% of the lowest sale price for the common stock during the 15 consecutive trading days ending on the latest complete Trading Day prior to the conversion date. The balance of principal on the August 2018 Note as of January 31, 2019 is $30,000. The note became convertible on January 30, 2019 and the variable conversion feature with a fair value of $20,936 was accounted for as a derivative liability in accordance with ASC 815 with a corresponding charge to debt discount.

 

On August 1, 2018, the Company, entered into a Securities Purchase Agreement (the Securities Purchase Agreement”) with the Auctus Fund LLC, pursuant to which the Company sold to the Investor a convertible promissory note in the principal amount of $110,000 (the “Second August 2018 Note”), for an aggregate purchase price of $100,000. The Company received $100,000 cash and recorded $10,000 as issuance cost. The Second August 2018 Note matures on May 1, 2019, bears interest rate of 10% per year payable on maturity date in cash or shares of common stock at the Company’s option (subject to certain conditions), and is convertible into shares of the Company’s common stock at the conversion price equal to the lower of (i) the closing sale price of the common stock on the principal market on the trading day immediately preceding the closing date, and (ii) 55% of either the lowest sale price for the common stock during the 20 consecutive trading days including and immediately preceding the conversion date. This note became convertible on issuance date and the variable conversion feature with a fair value of $216,164 was accounted for as a derivative liability in accordance with ASC 815 with a corresponding charge of $115,000 to debt discount and $101,164 to day one loss on derivative. The Company recorded an increase in the principal of $15,000 since the conversion price is less than $0.01. The outstanding balance of principal on the second August 2018 note as of January 31, 2019 is $125,000.

 

During the six months ended January 31, 2019, the Company recorded amortization of debt discount in the amount of $100,335. Unamortized discount as of January 31, 2019 amounted to $84,935.

 

F- 11
 

 

NOTE 8 - SUBSEQUENT EVENTS

 

During the subsequent period following January 31, 2019, Auctus converted 642,780,800 shares of common stock for a principal amount of $35,727, conversion fee of $2,000 and accrued interest of $6,247. The balance on the note as of March 16, 2019 is $89,273.

 

During the subsequent period following January 31, 2019, Power Up Lending converted 237,120,098 shares of common stock for a principal amount of $30,000 and accrued interest of $1,800. The balance on the note as of March 16, 2019 is $0.

 

During the subsequent period following January 31, 2019, the Company signed a convertible promissory note with Crown Bridge Partners, LLC, for a principal sum of $165,000 to be requested in installments. The note includes a maximum of $15,000 in original issue discount to be assessed on a pro rata basis for each installment. The first installment of $30,000 was received on March 1st, 2019. The interest rate of the note is 8%. The holder of the note shall have the right to convert the notes at any time, the note bears interest rate of 8% per year payable on maturity date in cash or shares of common stock at the Company’s option (subject to certain conditions), and is convertible into shares of the Company’s common stock at the conversion price which equals 50% multiplied by the lowest one trading price for the common stock during the 25 day trading day period ending on the last complete trading day prior to the conversion date.

 

F- 12
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

This Quarterly Report on Form 10-Q contains forward-looking statements and involves risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows, and business prospects. These statements include, among other things, statements regarding:

 

  our ability to diversify our operations;
  inability to raise additional financing for working capital;
  the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require our management to make estimates about matters that are inherently uncertain;
  our ability to attract key personnel;
  our ability to operate profitably;
  our ability to generate sufficient funds to operate the Bigfoot Project Investments, Inc. operations, upon completion of our acquisition;
  deterioration in general or regional economic conditions;
  adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations;
  changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate;
  the inability of management to effectively implement our strategies and business plan;
  inability to achieve future sales levels or other operating results;
  the unavailability of funds for capital expenditures;
  other risks and uncertainties detailed in this report;

 

as well as other statements regarding our future operations, financial condition and prospects, and business strategies. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed under the heading “Risk Factors” in Part II, Item 1A and those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

References in the following discussion and throughout this quarterly report to “we”, “our”, “us”, “Bigfoot Project”, “the Company”, and similar terms refer to Bigfoot Project Investments, Inc. unless otherwise expressly stated or the context otherwise requires.

 

OVERVIEW AND OUTLOOK

 

Background

 

In January 2013, Bigfoot Project Investments Inc. acquired all the assets of Searching for Bigfoot Inc. Since the majority shareholder of Searching for Bigfoot, Inc. is also the majority shareholder in Bigfoot Project Investments Inc. the asset acquisition was treated as a related party transaction and was not considered an arm’s length transaction under Generally Accepted Accounting Principles.

 

The assets acquired were transferred over at the existing book value listed on the balance sheet of Searching for Bigfoot, Inc. at the time of transfer. The transfer agreement called for the issuance of 4,400,000 shares of common stock which were valued at $.10 per share and the issuance of a promissory note in the amount of $484,029. The Company recorded a deemed distribution related to this transaction in the amount of $924,029. In August 2013, the Company increased the promissory note by $489 to add an asset that was not included in the original transfer.

 

3
 

 

As part of the asset transfer agreement Bigfoot Project Investments, Inc. received the following assets:

 

Footprint cast of Bigfoot – 73 original casts
Photographs of Dead Creature from Strickler, Arkansas 1994 Dear Creature Incident
109-inch Skeleton
Various Media Artifacts – Video TV News Media – 52 news stories
Contract to sell Dinosaur fossil – most recent estimate by Paleontologist $1.2 million dollars
Rubber suit from 2008 hoax
Various DNA samples – Hair, and nails
License to use 6 dinosaur displays
Exclusive rights to the Bigfoot Website
Exclusive rights to the Bigfoot Live Radio Show
Exclusive rights to the Bigfoot Live Radio Show Website
360 hours of raw footage from expeditions for movie development
Various DVD Movies and Documentary film projects
Exclusive rights to all current contracts negotiated under Searching For Bigfoot, Inc.

 

The above list is a complete list of the fixed assets for Bigfoot Project Investments, Inc.

 

We are a company who has, over the past year, developed nine DVD Movies; eight of which have been completed for distribution and one which is currently in the final stages of completion for distribution. We have established a contract with a Media Marketing Distribution Company (The Bosko Group), who has contracted six of the nine DVD movies to their distribution agents. We are a company with only minimal revenues to date: we have minimal assets and have incurred losses since inception.

 

Bigfoot Project Investments Inc. plans to establish itself as the most reliable and dependable source for materials including documentaries, physical evidence, and eye witness accounts for the purpose of documenting the evidence of the existence of Bigfoot. Our major source of revenue will be the sale of documentaries and specials that follow our progress. We have found that there is a market for these films and have started selling them on a semi-regular basis. In addition to the film sales we plan on having expeditions to locations where there have been multiple eye witness accounts as well as periodic exhibitions of the physical evidence that has been accumulated. We plan on focusing our efforts on expeditions to locations that have had multiple eye witness reports to maximize the chances of locating the creature and producing films that will be marketable to the public.

 

RESULTS OF OPERATIONS

 

During the three months ended January 31, 2019, we generated revenue of $137. During the three months ended January 31, 2018, we generated revenue of $1,324. The decrease in revenue was a result of decrease in product sales.

 

During the six months ended January 31, 2019, we generated revenue of $400. During the six months ended January 31, 2018, we generated revenue of $1,747. Decrease in revenue was primarily due a decrease in product sales.

 

Operating expenses during the three months ended January 31, 2019 were $101,914. Operating expenses during the three months ended January 31, 2018 were $63,216. Increase in expenses was due to expense related to fulfilling the production agreement with our distributor The Bosko Group for the production of feature length films.

 

Operating expenses during the six months ended January 31, 2019 were $193,462. Operating expenses during the six months ended January 31, 2018 were $5,316,718. Operating expenses for the six months ended January 31, 2019 consisted of professional fees of $148,838, general and administrative fees of $18,612 and expedition expenses of $26,012. Operating expenses for the six months ended January 31, 2018 consisted of professional fees of $50,767, expedition expense of $45,828 and general and administrative fees of $5,220,123. Expenses decreased during 2019 mainly due to stock-based compensation for general and administrative expenses during the six months ended January 31, 2018.

 

There is significant uncertainty projecting future profitability due to our history of losses and lack of revenues. In our current state we have no recurring or guaranteed source of revenues and cannot predict when, if ever, we will become profitable. There is significant uncertainty projecting future profitability due to our minimal operating history and lack of guaranteed ongoing revenue streams.

 

4
 

 

Liquidity and Capital Resources

 

As of January 31, 2019, we had $18,526 in cash and did not have any other cash equivalents. The following table provides detailed information about our net cash flow for all financial statement periods presented in this Quarterly Report. To date, we have financed our operations through the issuance of stock and borrowings.

 

The following table sets forth a summary of our cash flows for the six months ended January 31, 2019 and 2018:

 

    Period Ended
January 31, 2019
   

Period Ended

January 31, 2018

 
Net cash used in operating activities   $ (84,211 )   $ (86,435 )
Net cash used in investing activities     -       (1,085 )
Net cash provided by financing activities     102,150       90,044  
Net increase in Cash     17,939       2,524  
Cash, beginning     587       1,105  
Cash, ending   $ 18,526     $ 3,629  

 

Since inception, we have financed our cash flow requirements through issuance of common stock and debt financing. As we expand our activities, we may, and most likely will, continue to experience net negative cash flows from operations, pending receipt of listings or some form of advertising revenues. We anticipate obtaining additional financing to fund operations through additional common stock offerings, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital.

 

We anticipate that we will incur operating losses in the next twelve months. Our lack of operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. Such risks for us include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks, we must, among other things, obtain a customer base, implement and successfully execute our business and marketing strategy, continually develop and upgrade our website, provide national and regional industry participants with an effective, efficient and accessible website on which to promote their products and services through the Internet, respond to competitive developments, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

 

Operating activities

 

Net cash used in operating activities was $84,211 for the period ended January 31, 2019, as compared to $86,435 used in operating activities for the period ended January 31, 2018.

 

Investing activities

 

Net cash used in investing activities was $0 for the period ended January 31, 2019, as compared to $1,085 used in investing activities for the same period in 2018.

 

5
 

 

Financing activities

 

Net cash provided by financing activities for the period ended January 31, 2019 was $102,150 as compared to $90,044 for the same period of 2018.

 

We believe that cash flow from operations will not meet our present and near-term cash needs and thus we will require additional cash resources, including the sale of equity or debt securities, to meet our planned capital expenditures and working capital requirements for the next 12 months. We will require additional cash resources due to changed business conditions, implementation of our strategy to expand our sales and marketing initiatives, increase brand awareness, or acquisitions we may decide to pursue. If our own financial resources and then current cash-flows from operations are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in increased debt service obligations and could require us to agree to operating and financial covenants that could restrict our operations or modify our plans to grow the business. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, will limit our ability to expand our business operations and could harm our overall business prospects.

 

Off-Balance Sheet Arrangements

 

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

 

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

This item is not applicable as we are currently considered a smaller reporting company.

 

Item 4T. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our Principal Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the period covered by this Report. Based on that evaluation, it was concluded that our disclosure controls and procedures are not designed at a reasonable assurance level and are not effective to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on Effectiveness of Controls and Procedures

 

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

6
 

 

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not a party to any material legal proceedings.

 

Item 1A. Risk Factors

 

The risk factors listed in our S-1 filed with the Securities Exchange Commission, are hereby incorporated by reference.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Stock Issuances

 

During the six months ended January 31, 2019, Auctus Fund converted 110,289,820 shares of common stock for a principal amount due of $3,516 and settlement of unpaid interest of $83 and penalty of $10,000. Balance of the note as of January 31, 2019 was $0.

 

During the six months ended January 31, 2019, the Company reserved 96,006,563 shares of common stock for Veyo Partners per the consulting agreement dated November 30, 2017. Fair value of the shares reserved as of January 31, 2019 is $38,403.

 

During the six months ended January 31, 2019, EMA Financial converted 461,683,700 shares of common stock for a reduction in the principal amount due of $40,000 and settlement of unpaid interest of $2,063 and penalties of $2,000. The note went into default as of January 19, 2018. The balance on the note as of January 31, 2019 is $0.

 

During the six months ended January 31, 2019, Power Up Lending converted 468,166,666 shares of common stock for a principal amount due of $53,000 and settlement of unpaid interest of $3,180. The balance of all notes for Power Up as of January 31, 2019 is $30,000.

 

Issuer Purchases of Equity Securities

 

We did not repurchase any of our equity securities from the time of our inception through the period ended January 31, 2019.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information.

 

None.

 

7
 

 

Item 6. Exhibits.

 

Exhibit No.   Description
     
31.1   Certification of Principal Executive Officer & Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Certifications of Principal Executive Officer & Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Extension Schema
     
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF*   XBRL Taxonomy Extension Definition Linkbase
     
101.LAB*   XBRL Taxonomy Extension Label Linkbase
     
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase

 

*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

8
 

 

SIGNATURE

 

Pursuant to the requirements 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.

 

  BIGFOOT PROJECT INVESTMENTS INC.
     
Date: March 25, 2019 By: /s/ Tom Biscardi
    Tom Biscardi
    Chief Executive Officer
    (Principal Executive Officer and duly authorized signatory)

 

9
 

 

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