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UNITED STATES

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: June 30, 2021

 

OR

 

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

 

Commission file number: 000-55915

 

12 ReTech Corporation

(Exact name of registrant as specified in its charter)

 

Nevada   38-3954047

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

515 E, Grant St.

Suite 515

Phoenix, Arizona

  85004
(Address of principal executive offices)   (Zip Code)

 

530-539-4329

Registrant’s telephone number

 

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, a smaller reporting company, or an emerging growth company. See definition 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 ☐
     
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 Act). Yes ☐    No

 

Title of each class   Trading Symbol(s)   Name of each exchange on
which registered
Common Shares   RETC   OTC: PINK

 

The number of shares of common stock ($0.00001 par value) outstanding as of August 14, 2021 was 9,952,947,426.

 

 

 

 

 

 

12 RETECH CORPORATION

FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2021

 

Index to Report

 

    Page
PART I FINANCIAL STATEMENTS (unaudited) 4
     
Item 1. Condensed Consolidated Balance Sheets 4
  Condensed Consolidated Statements of Operations and Comprehensive Loss 5
  Condensed Consolidated Statements of Stockholders Deficit 6
  Condensed Consolidated Statements of Cash Flow 7
  Notes to Unaudited Financial Statements 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Item 4. Controls and Procedures 33
     
PART II OTHER INFORMATION 35
     
Item 1. Legal Proceedings 35
Item 1A. Risks Factors 36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Item 3. Defaults Upon Senior Securities 37
Item 5. Other Information 37
Item 6. Exhibits 37

 

2
 

 

FORWARD-LOOKING STATEMENTS

 

This document contains “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

 

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not intend, and undertake no obligation, to update any forward-looking statement. You should, however, consult further disclosures we make in future filings of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The factors impacting these risks and uncertainties include, but are not limited to:

 

  - our current lack of working capital;
     
  - inability to raise additional financing;
     
  - 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;
     
  - 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;
     
  - inability to efficiently manage our operations;
     
  - inability to achieve future sales levels or other operating results; and
     
  - the unavailability of funds for capital expenditures.
     
  -    Our lack of cash due to the shutdown of operations due to the pandemic.
     
    -    Our late disclosure filings caused by a lack of funding due to the impact of the pandemic on our operations.

 

For a detailed description of these and other factors that could cause actual results to differ materially from those expressed in any forward-looking statement, please see “Item 1A. Risk Factors” in this document.

 

Throughout this Quarterly Report references to “we”, “our”, “us”, “12 ReTech”, “RETC”, “the Company”, and similar terms refer to 12 ReTech Corporation.

 

3
 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

12 ReTech Corporation

Consolidated Balance Sheets

(unaudited)

 

    2021     2020  
    June 30,     Dec 31,  
    2021     2020  
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 149,157     $ 11,784  
Accounts receivable     18,484       3,108  
Inventory     181,916       177,172  
Prepaid expenses     11,005       12,920  
Total Current Assets     360,562       204,984  
                 
Fixed assets, net     56,019       88,228  
ROU Asset     13,606       52,671  
Other Asset     30,000       -  
Security deposit     246,310       241,250  
TOTAL ASSETS   $ 706,497     $ 587,133  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT                
Current Liabilities:                
Accounts payable and accrued liabilities   $ 3,529,615     $ 3,187,592  
Due to stockholders     384,649       383,753  
Related Party Notes payable, net of discounts     31,000       31,000  
Notes payables, net of discounts     -       35,000  
Convertible notes payable, net of discounts     1,135,893       1,268,647  
Derivative liabilities     6,062,003       23,798,240  
General default reserve     1,732,106       2,278,648  
Lease liability     13,606       52,671  
Bank loans     249,937       249,937  
Merchant cash advances, net of discounts     408,368       409,892  
Total Current Liabilities     13,547,176       31,695,379  
                 
Lease Liability     -          
SBA and PPP Loans     852,383       620,182  
Total Long - Term Liabilities     852,383       620,182  
                 
Total Liabilities   $ 14,399,559     $ 32,315,561  
                 
Commitments and Contingencies     -       -  
Series B Preferred Stock, 1,000,000 shares designated; $0.00001 par value, $1.00 stated value; 106,000 shares and 170,400 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. Liquidation preference $106,000     106,000       170,400  
Series D-1 Preferred Stock, 500,000 shares designated; $0.00001 par value $2.00 stated value; 0 shares issued and outstanding at June 30, 2021 and December 31, 2020. Liquidation preference $0 as of June 30, 2021     -       -  
Series D-2 Preferred Stock, 2,500,000 shares designated; $0.00001 par value, $2.00 stated value; 754,410 shares and 912,368 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. Liquidation preference $1,896,622     1,896,622       2,607,162  
Series D-3 Preferred Stock, 500,000 shares designated; $0.00001 par value $5.00 stated value; 54,840 shares issued and outstanding at June 30, 2021 and December 31, 2020. Liquidation preference $274,234     274,234       274,234  
                 
Stockholders’ Deficit:                
Preferred stock: 50,000,000 authorized; $0.00001 par value:                
Series A Preferred Stock, 10,000,000 shares designated; $0.00001 par value; 9,212,316 and 9,198,816 shares issued and outstanding at June 30, 2021 and December 31, 2020     93       93  
Series C Preferred Stock, 2 shares designated; $0.00001 par value; 1 shares issued and outstanding at June 30, 2021 and December 31, 2020     1       1  
Series D-5 Preferred Stock, 1,000,000 shares designated; $0.00001 par value, $4.00 stated value; 128,494 shares and 128,494 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively     513,976       513,976  
Series D-6 Preferred Stock, 1,000,000 shares designated; $0.00001 par value $5.00 stated value; 104,680 shares issued and outstanding at June 30, 2021 and December 31, 2020.     523,400       523,400  
Common stock: 8,000,000,000 authorized, $0.00001 par value; 7,883,169,938 and 1,980,903,450 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively     78,832       11,768  
Additional paid-in capital     29,728,821       9,282,228  
Minority interest     (674,347 )     (634,297 )
Accumulated other comprehensive income     (1,533 )     (1,493 )
Accumulated deficit     (46,139,161 )     (44,475,900 )
Total Stockholders’ Deficit     (15,969,918 )     (34,780,224 )
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT   $ 706,497     $ 587,133  

 

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

 

4
 

 

12 ReTech Corporation

Consolidated Statements of Operations

(unaudited)

 

    2021     2020     2021     2020  
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2021     2020     2021     2020  
                         
Revenues   $ 183,299     $ 114,974     $ 320,727     $ 522,762  
Cost of revenue     120,644       75,769       215,709       271,161  
Gross Profit     62,655       39,205       105,018       251,601  
                                 
Operating Expenses                                
General and administrative     407,729     $ 351,717       747,348       1,058,573  
Professional fees     158,136       142,794       302,171       334,502  
Depreciation     15,431       76,156       32,209       195,422  
Total Operating Expenses     581,296       570,667       1,081,728       1,588,497  
                                 
Loss from operations     (518,641 )     (531,462 )     (976,710 )     (1,336,896 )
                                 
Other Expense                                
Other income     75,750     $ (14,324 )     66,473       199,166  
Reserve Expense     211,164       (103,386 )     157,428       (224,553 )
Interest expense     (1,681,479 )     (100,788 )     (1,780,801 )     (236,587 )
Gain/loss on derivative liability     (10,244,460 )     1,505,242       830,299       (9,011,680 )
Net Other Expense     (11,639,025 )     1,286,744       (726,601 )     (9,273,654 )
                                 
Net Loss   $ (12,157,666 )   $ 755,282     $ (1,703,311 )   $ (10,610,550 )
                                 
Other comprehensive income- foreign currency translation adjustment     (55 )     21       (40 )     959  
                                 
Comprehensive Loss   $ (12,157,721 )   $ 755,303     $ (1,703,351 )   $ (10,609,591 )
                                 
Minority Interest   $ 2,865     $ (102,438 )   $ (40,050 )   $ (154,819 )
                                 
Net Loss to 12 ReTech Corporation   $ (12,160,586 )   $ 857,741     $ (1,663,301 )   $ (10,454,772 )
                                 
Net Loss Per Common Share: Basic and Diluted   $ (0.00 )   $ 0.00     $ (0.00 )   $ (0.02 )
                                 
Weighted Average Number of Common Shares Outstanding: Basic and Diluted     4,452,857,408       517,660,296       4,256,056,606       272,248,774  

 

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

 

5
 

 

12 ReTech Corporation

Statement of Stockholders Deficit

Three months and six months ended June 30, 2021 and 2020

(unaudited)

 

    Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Paid-in Capital     Minority Interest     Comprehensive Income     Accumulated Deficit     Stockholders’ Deficit  
    Series A Preferred Stock     Series C Preferred Stock     Series D-5 Preferred Stock     Series D-6 Preferred Stock     Common Stock    

Additional

       

Other

       

Total

 
    Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Number of Shares     Amount     Paid-in Capital     Minority Interest     Comprehensive Income     Accumulated Deficit     Stockholders’ Deficit  
                                                                                           
Balance - December 31, 2019     9,183,816     $ 92     1     $ 1       128,494     $ 513,976       104,680     $ 523,400       36,935,303     $ 369     $ 8,341,811     $ (412,753 )   $ (2,455 )   $ (22,756,345 )   $ (13,791,905 )
                                                                                                                         
Common stock issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -       133,414,631       1,332       64,768       -       -       -       66,101  
Common stock issued for Preferred Shares conversion     -       -       -       -       -       -       -       -       25,642,105       255       10,643       -       -       -       10,898  
Series D-2 shares exchanged for common stock     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Preferred shares issued for Cash     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Preferred shares issued for compensation     -       -       -       -       -       -       -       -       -       -       (1,930 )     -       -       -       (1,930 )
Relief of derivative through conversion and issuance of preferred stock derivatives     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Dividends     -       -       -       -       -       -       -       -       -       -       306,836       -       -       -       306,836  
Net loss     -       -       -       -       -       -       -       -       -       -       146,290       (52,381 )     938       (11,313,452 )     (11,218,605 )
                                                                                                                         
Balance March 31, 2020     9,183,816     $ 92       1     $ 1       128,494     $ 513,976       104,680     $ 523,400       195,992,039     $ 1,957     $ 8,868,417     $ (465,134 )   $ (1,517 )   $ (34,069,797 )   $ (24,628,604 )
                                                                                                                         
Common stock issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -               -       -       -       -       -       -  
Common stock issued for Preferred Shares conversion     -       -       -       -       -       -       -       -       380,165,765       3,803       32,037       -       -       -       35,839  
Series D-2 shares exchanged for common stock     -       -       -       -       -       -       -       -       179,500,000       1,795       16,979       -       -       -       18,773  
Preferred shares issued for Cash     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Preferred shares issued for compensation     -       -       -       -       -       -       -       -       -       -       6,836       -       -       -       6,836  
Relief of derivative through conversion and issuance of preferred stock derivatives     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Dividends     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Net loss     -       -       -       -       -       -       -       -       -       -       131,009       (102,438 )     21       857,719       886,310  
                                                                                                                         
Balance June 30, 2020     9,183,816     $ 92       1     $ 1       128,494     $ 513,976       104,680     $ 523,400       755,657,804     $ 7,555     $ 9,055,279     $ (567,572 )   $ (1,496 )   $ (33,212,078 )   $ (23,680,846 )
Balance December 31, 2020     9,197,566     $ 92       1     $ 1       128,494     $ 513,976       104,680     $ 523,400       1,177,103,618     $ 11,770     $ 9,282,228     $ (634,296 )   $ (1,493 )   $ (44,475,900 )   $ (34,780,225 )
                                                                                                                         
Common stock issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -       803,799,832       8,038       66,816       -       -       -       74,854  
Common stock issued for Preferred Shares conversion     -       -       -       -       -       -       -       -                       -       -       -       -       -  
Series D-2 shares exchanged for common stock     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Preferred shares issued for Cash     1,250       1       -       -       -       -       -       -       -       -       5,000       -       -       -       5,001  
Preferred shares issued for compensation     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Relief of derivative through conversion and issuance of preferred stock derivatives     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Dividends     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Net loss     -       -       -       -       -       -       -       -       -       -       945,116       (42,915 )     15       10,497,270       11,399,484  
                                                                                                                         
Balance March 31, 2021     9,198,816     $ 93       1     $ 1       128,494     $ 513,976       104,680     $ 523,400       1,980,903,450     $ 19,808     $ 10,299,159     $ (677,211 )   $ (1,478 )   $ (33,978,630 )   $ (23,300,886 )
                                                                                                                         
Common stock issued for conversion of notes payable and accrued interest     -       -       -       -       -       -       -       -       4,149,401,103       41,495       553,896       -       -       -       595,392  
Common stock issued for Preferred Shares conversion     -       -       -       -       -       -       -       -       1,752,865,385       17,529       984,800       -       -       -       1,002,330  
Series D-2 shares exchanged for common stock     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Preferred shares issued for Cash     26,250       0       -       -       -       -       -       -       -       -       54,999       -       -       -       55,000  
Preferred shares issued for compensation     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Relief of derivative through conversion and issuance of preferred stock derivatives     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Dividends     -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Net loss     -       -       -       -       -       -       -       -       -       -       17,835,966       2,864       (55 )     (12,160,531 )     5,678,246  
                                                                                                                         
Balance June 30, 2021     9,225,066     $ 93       1     $ 1       128,494     $ 513,976       104,680     $ 523,400       7,883,169,938     $ 78,832     $ 29,728,821     $ (674,347 )   $ (1,533 )   $ (46,139,161 ) $ (15,969,918 )

 

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

 

6
 

 

12 ReTech Corporation

Condensed Consolidated Statement of Cash Flows

(unaudited)

 

    2021     2020  
    Six Months Ended  
    June 30,  
    2021     2020  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net Loss   $ (1,703,351 )   $ (10,610,550 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     32,209       195,422  
Increase in notes payable and Series D-2 for defaults     (546,542 )     224,553  
Excess fair market value of common shares over liabilities settled             101,952  
Accrual of dividends on preferred stock     -       13,673  
Change in fair value of derivative liability     (830,299 )        
Gain/loss on derivative liability and additional interest expense recorded on issuance     1,677,858       9,011,680  
Loss on exchange and issuance of preferred stock     -       -  
Amortization of debt discount     37,568       -  
Stock compensation     -       -  
Right of use lease     -       4,370  
Accounts receivable     (15,376 )     120,894  
Prepaid Expenses     1,915       (3,500 )
Inventory     (4,744 )     85,632  
Other current assets     -       76,757  
Accounts payable and accrued liabilities     921,623       564,955  
Net Cash Provided By (Used in) Operating Activities     (429,139 )     (214,162 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
                 
Purchase of property and equipment     -       399  
Cash received from acquisition     -       -  
Cash paid on acquisition     -       0  
Software development costs     (30,000 )     0  
Security deposit     (5,060 )     (133,319 )
Net Cash Used in Investing Activities     (35,060 )     (132,920 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds (repayments) from stockholders     896       (464 )
Proceeds from convertible notes payable and notes payable     345,000       60,000  
Proceeds from Preferred Series Stock     59,999       -  
Repayments of related party notes payable     (35,000 )     (15,000 )
Proceeds from PPP and SBA loans     232,201       294,882  
Payments on merchant financing     (1,524 )     (60,217 )
Proceeds from bank loans     -       16,687  
Net Cash Provided by Financing Activities     601,572       295,887  
                 
Effect of Exchange Rate Changes on Cash and Cash Equivalents     -       959  
                 
Net decrease in cash and cash equivalents     137,373       (51,195 )
Cash and cash equivalents, beginning of period     11,784       118,860  
Cash and cash equivalents, end of period   $ 149,157       67,665  
                 
Supplemental cash flow information                
Cash paid for interest   $ -     $  -  
Cash paid for taxes   $ -     $  -  
                 
Non-cash transactions:                
Discounts on convertible notes payable   $ 182,085     $ 9,739  
Conversions of convertible notes payable, accrued interest and derivatives   $ 19,685,561     $ 100,614  
Conversion preferred stock into common stock   $ 1,002,239     $ 30,997  
Issuance of Series A for liabilities and related party payables   $ -     $ -  

 

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

 

7
 

 

12 RETECH CORPORATION

Notes to the Condensed Consolidated Financial Statements

June 30, 2021

(Unaudited)

 

NOTE 1 - NATURE OF BUSINESS

 

12 ReTech Corporation is a holding company with subsidiaries that develop, sell, and install software that we believe enhance the shopping experience for shoppers and retailers. As a holding company, we also acquire synergistic operating companies that manufacture and sell fashion and other products to other retailers as well as selling these products online. In October 2019, we acquired retail stores in airport terminals and casinos, solidifying us as a true Omni-Channel retailer. Owning our own brick and mortar stores will allow us to deploy our cutting-edge software and Apps in the United States, to demonstrate its effectiveness at attracting shoppers and inducing them to purchase. In our own stores, we plan to test, in real time, new software products which should delight consumers and generate incremental revenues and profits for our stores. If we can show incremental revenues and profits for ourselves, we believe that other retailers may follow our example and deploy our software solutions themselves.

 

With the intended future launch of our social shopping app, which is in development in 2021 (see subsequent events), we intend to associate with other retailers on a new shopping platform that will benefit both consumers and retailers in new and exciting ways.

 

During the 4th quarter 2019 and continuing in the first quarter 2020 amid the effects of the pandemic created by COVID-19, the Company chose to consolidate its operations around three operating entities: 12 Tech, Inc., formed in Arizona on December 26, 2019 (“12 Tech”), 12 Retail Corporation, formed on September 17, 2017 (“12 Retail”), and 12 Fashion Group, Inc, formed on June 26, 2020.

 

12 Retail operates its own retail outlet(s) as well as those of Bluwire Group, LLC (“Bluwire”), that operates retail stores in airports (mainly in international terminals) and casinos. Because of their locations mainly in international terminals of airports, all Bluwire Company owned stores and all but one royalty store remains closed due to Covid-19. 12 Retail will also serve to demonstrate the effectiveness of the software technology created by 12 Tech in improving revenues and profits for retailers as well as providing access to other retailers through our soon-to-be-launched social shopping app, and through our wholesale fashion business relationships.

 

12 Fashion Group, Inc., an Arizona Corporation, was formed on June 26, 2020, and operates our fashion wholesale and direct to consumer brands, including Rune NYC, Social Sunday, and Red Wire Design, as well as consolidating remaining operations from our other smaller fashion acquisitions.

 

Today, 12 Tech aims to provide technology solutions both online and inside retail brick and mortar that helps retailers acquire customers, reduce overhead expenses, streamline operations, and gain incremental revenues and profits. Existing 12 Tech solutions are deployed mainly in Asia. We are planning to deploy our solutions in the United States retail markets, which serve the world’s largest consumer economy. While we continue to operate in Asia, we have consolidated our international units, which were focused on our technology deployment (“12 Japan” and “12 Europe”), and consolidated our software development company 12 Hong Kong, Ltd (“12 HK”), under 12 Tech to further streamline our own operations.

 

As the retail environment continues to evolve, we as both retailers and technologists, will evolve with it. We believe our developed software, both current and in development, will delight consumers, provide contactless experiential shopping, and assist retailers with the recapture of their revenues as they combat the dual threats of Amazon and Walmart. Our software, once fully deployed and implemented, may provide retailers with another effective online and mobile sales channel besides their current options of Google, Amazon, and/or Facebook/Instagram.

 

As an innovative retail technology company that has been built through acquisitions and ideas, we will continue to search for additional synergistic acquisitions that bring incremental revenues and profitability and/or provide innovative software solutions.

 

8
 

 

Principal subsidiaries

 

The details of the principal subsidiaries of the Company are set out as follows:

 

Name of Company   Place of Incorporation   Date of Incorporation     Acquisition Date   Attributable Equity
Interest %
    Business
12 Retail Corporation (“12 Retail”)   Arizona, USA     Sept. 18, 2017     Formed by 12 ReTech Corporation     100 %   Includes the operations of Bluwire Group, LLC (acquired October 1, 2019), and its subsidiaries and as its own operations.
                             
12 Fashion Group Inc   Arizona, USA     June 26, 2020     Formed by 12 ReTech Corporation     100 %   Includes the operations of Red Wire Group, LLC (acquired February 19, 2019, now defunct), Rune NYC, LLC (acquired March 14, 2019), Social Decay, LLC dba Social Sunday (acquired November 01, 2019), and other brands
                             
12 Tech Inc   Arizona, USA     Dec 26,2019     Formed by 12 ReTech Corporation     100 %   Includes the operations and Intellectual Properties of 12 Japan Limited (acquired July 31, 2017), 12 Hong Kong Limited (acquired July 31, 2017), and 12 Europe AG (acquired October 26, 2017, now defunct), and its own operations

 

9
 

 

Reverse Stock Split and increase in authorized shares

 

On October 18, 2019, the Company completed a 100-for-1 reverse common stock split reducing the outstanding common shares to 25,410,391. Upon the stock split, the Company’s authorized common shares of 8,000,000,000 did not change. The reverse split has been retroactively applied to share amounts in these consolidated financial statements. As a subsequent event, as of May 18, 2021 the authorized common stock was increased to 20,000,000,000 shares of common stock.

 

NOTE 2 - GOING CONCERN

 

The Company accounts for going concern matters under the guidance of ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a” Going Concern” (“ASU 2014-15”). The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt.

 

These interim financial statements have been prepared on a going concern basis which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of June 30, 2021, the Company had a total accumulated deficit totaling $15,969,918 since inception, has not yet generated significant revenue from its operations, and will require additional funds to maintain our operations. As of June 30, 2021, the Company had a working capital deficit of $13,186,614. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through continued financial support from its shareholders, the issuance of debt securities and private placements of common stock. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Notes to the unaudited interim condensed consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended December 31, 2020 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 18, 2021.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of the Company and its subsidiaries 12HK, 12JP, 12EU. 12 Retail, Rune NYC, LLC, Red Wire Group, LLC (“RWG”), Bluwire Group, LLC, Social Decay LLC dba Social Sunday (“Social Sunday”) and Emotion Fashion Group which included the brands Emotion Apparel, Lexi Luu Designs, Punkz Gear, Skipjack Dive and Dance Wear, Inc. and Cleo VII, Inc. All inter-company accounts and transactions have been eliminated on consolidation. We currently have no investments accounted for using the equity or cost methods of accounting.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, stock-based compensation, derivate instruments, accounting for preferred stock, and the valuation of acquired assets and liabilities. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $149,157 and $11,784 in cash and cash equivalents at June 30, 2021 and December 31, 2020, respectively.

 

10
 

 

Revenue Recognition

 

Under Financial Accounting Standards Board (“FASB”) Topic 606, “Revenue from Contacts with Customers” (“ASC 606”), the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation.

 

The Company’s revenue consists primarily of product sales from our retail stores operating in airport terminals and casinos. Revenue for retail customers is recognized upon completion of the transaction in the point-of-sale system and satisfaction of the sale by providing the corresponding inventory at the retail location. Revenue is recognized upon transfer of control of promised products to customers, generally as risk of loss pass, in an amount that reflects the consideration the Company expects to receive in exchange for those products. Shipping and handling costs are expensed as incurred and are included in cost of revenue. Sales taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from revenue.

 

The Company earns ancillary revenue including royalty payments and software licensing fees.

 

Business Combinations

 

The Company accounts for all business combinations in accordance with FASB ASC 805, “Business Combinations” (“ASC 805”), using the acquisition method of accounting. Under this method, assets and liabilities, including any non-controlling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, may be made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period would be recorded as income. Results of operations of the acquired entity are included in the Company’s results from operations from the date of the acquisition onward and include amortization expense arising from acquired assets. The Company expenses all costs as incurred related to an acquisition in the consolidated statements of operations.

 

Accounts Receivable

 

The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. As of June 30, 2021 and December 31, 2020, the Company did not have an allowance for doubtful accounts.

 

Inventory

 

Inventories, consisting of a computer application, a mirror with a computer screen and touch monitor, are primarily accounted for using the first-in-first-out (“FIFO”) method and are valued at the lower of cost or net realizable value. Inventories on hand are evaluated on an on-going basis to determine if any items are obsolete or in excess of future market needs. Items determined to be obsolete are reserved for. As of June 30, 2021 and December 31, 2020, all inventory on hand is pursuant to our Bluwire (see Note 4).

 

11
 

 

Impairment of Long-Lived Assets

 

The Company reviews its long-lived assets (property and equipment) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value.

 

Goodwill is tested annually at December 31 for impairment and upon the occurrence of certain events or substantive changes in circumstances.

 

As of December 31, 2020, the Company performed its annual impairment test on all reporting units and determined that each unit had indicating factors of impairment due to failure to meet respective sales projections. As a result, the Company fully impaired the goodwill from each 2019 acquisition.

 

Convertible Debt and Convertible Preferred Stock

 

When the Company issues convertible debt or convertible preferred stock, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity, and second whether the conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument or certain convertible preferred stock would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of an “embedded derivative” in ASC 815, Derivatives and Hedging. Generally, characteristics that require derivative treatment include, among others, when the conversion feature is not indexed to the Company’s equity, as defined in ASC 815-40, or when it must be settled either in cash or by issuing stock that is readily convertible to cash. When a conversion feature meets the definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements of operations.

 

If a conversion feature does not meet the conditions to be separated and accounted for as an embedded derivative liability, the Company then determines whether the conversion feature is “beneficial”. A conversion feature would be considered beneficial if the conversion feature is “in the money” when the host instrument is issued or, under certain circumstances, later. If convertible debt contains a beneficial conversion feature (“BCF”), the amount of the proceeds allocated to the BCF reduces the balance of the convertible debt, creating a discount which is amortized over the debt’s term to interest expense in the consolidated statements of operations.

 

When a convertible preferred stock contains a BCF, after allocating the proceeds to the BCF, the resulting discount is either amortized over the period beginning when the convertible preferred stock is issued up to the earliest date the conversion feature may be exercised, or if the convertible preferred stock is immediately exercisable, the discount is fully amortized at the date of issuance. The amortization is recorded similar to a dividend.

 

Financial Instruments and Fair Value Measurements

 

The Company’s financial instruments consist primarily of cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities, convertible notes payable and due to stockholders. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect our own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels, defined as follows:

 

  Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date.

 

12
 

 

  Level 2 Inputs other than quoted prices included within Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.
       
  Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

 

The Company carries certain derivative financial instruments using inputs classified as Level 3 in the fair value hierarchy on the Company’s consolidated balance sheets. Refer to Note 11 for detail on the derivative liability.

 

Further, the Company determined that the certain notes should be measured and carried at fair value in the consolidated financial statements according to ASC 480, as they are settleable in a variable number of shares based on a fixed monetary amount known at inception.

 

Net Loss per Share

 

The Company follows ASC 260, “Earnings per Share” (“EPS”), which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share are computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. On October 18, 2019, the Company successfully completed its reverse stock split and reduced its common stock outstanding by a ratio of one hundred for one. Per ASC 505-10, if a reverse split occurs after the date of the latest reported balance sheet but before the release of the financial statements, then such changes in the capital structure must be given retroactive effect in the balance sheet. As such, the reverse split has been retroactively applied to these financial statements.

 

Diluted earnings per share reflects the potential dilution that could occur if securities were exercised or converted into common stock or other contracts to issue common stock resulting in the issuance of common stock that would then share in the Company’s earnings subject to anti-dilution limitations. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have an anti-dilutive impact. For the three months ended June 30, 2021, potentially dilutive common shares consist of common stock issuable upon the conversion of convertible notes payable, Series A Preferred Stock, Series B Preferred Stock, Series D-2 Preferred Stock, Series D-3 Preferred Stock, Series D-5 Preferred Stock and Series D-6 Preferred Stock (using the if converted method). For the six months ended June 30, 2021, potentially dilutive common shares consist of common stock issuable upon the conversion of convertible notes payable, Series A Preferred Stock, Series B Preferred Stock, Series D-2 Preferred Stock and Series D-3 Preferred Stock (using the if converted method).

 

All potentially dilutive securities were excluded from the computation of diluted weighted average number of shares of common stock outstanding as they would have had an anti-dilutive impact. At June 30, 2021, if all dilutive securities were converted the Company would be in excess of their authorized shares of common stock.

 

Under the provisions of ASC 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. Potential common shares consist of the convertible promissory notes payable as of June 31, 2021 and December 31, 2020.

 

13
 

 

Contingencies

 

The Company follows ASC 450-20, “Loss Contingencies” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. The company accrued $150,000 associated with legal contingencies as of June 30, 2021 and December 31, 2020 as part of accrued liabilities.

 

Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

 

NOTE 4 – ACQUISITIONS

 

Acquisitions

 

Red Wire Group, LLC

 

On February 19, 2019, the Company completed the acquisition of Red Wire Group, LLC. (“RWG”) a Utah limited liability company, pursuant to a share exchange agreement whereby the Company exchanged shares of the Company’s Series D-5 and Series D-6 Preferred Stock for 100% of the outstanding equity of RWG. Pursuant to the terms of the exchange agreement, the Company acquired (i) 75% of the membership interests of RWG in exchange for 54,000 shares of the Company’s Series D-6 Preferred Stock (stated value of $5.00 per share), and (ii) the remaining 25% of the membership interests of RWG in exchange for 37,500 shares of the Company’s Series D-5 Preferred Stock (stated value of $4.00 per share). The total purchase consideration for the RWG acquisition was $450,000, including the fair value of D-5 and D-6 Preferred Stock of $420,000 and $30,000 in cash. RWG’s results of operations have been included in the Company’s operating results for the period from February 1, 2019.

 

The RWG acquisition was accounted for as a business combination in accordance with ASC 805. The Company has determined preliminary fair values of the assets acquired and liabilities assumed. These values are subject to change as we perform additional reviews of our assumptions utilized. For more information, please see filed 2019 10K.

 

March 16, 2020, as part of the Company’s streamlining operations and partially because of COVID-19, the Company filed a Chapter 11 Reorganization of Red Wire Group, LLC. The Company’s 12 Fashion Group continues to service Red Wire Group customers under the trade name Red Wire Design. The bankruptcy was discharged on or about September 2020 and all debts were extinguished. 12 Fashion Group continues to service those customers acquired as well as obtaining new accounts by marketing under the d/b/a Red Wire Designs.

 

14
 

 

Rune NYC, LLC

 

Effective March 14, 2019, the Company completed the acquisition of Rune NYC, LLC (“Rune”), a New York limited liability company, pursuant to a share exchange agreement whereby the Company exchanged shares of the Company’s Series D-5 Preferred Stock for 92.5% of the total outstanding equity of Rune and the members of Rune (the “Members”). The Company issued an aggregate of 82,588 shares of Series D-5 Preferred Stock with a stated value of $4.00 per share, and cash consideration of $49,937, for total purchase consideration of $380,289. Rune’s results of operations have been included in the Company’s operating results for the period from March 1, 2019. For more information, please see 2019 10K.

 

Bluwire Group, LLC

 

On October 1, 2019, the Company completed the acquisition of Bluwire Group, LLC (“Bluwire”), a Florida limited liability company, pursuant to a share exchange agreement whereby the Company exchanged shares of the Company’s Series A Preferred Stock for 60.5% of the outstanding equity of Bluwire. Pursuant to the terms of the exchange agreement, at closing the Company acquired 60.5% of the membership interests of Bluwire in exchange for 500,000 shares of the Company’s Series A Preferred Stock. The total purchase consideration for the Bluwire acquisition was $200,000, the fair value of the Series A Preferred Stock issued. Bluwire’s results of operations have been included in the Company’s operating results for the period from October 1, 2019. For more information, please see company’s 2019 10K.

 

Social Decay, LLC dba Social Sunday

 

On November 20, 2019, the Company completed the acquisition of Social Decay, LLC dba Social Sunday (“Social Sunday”), a New Jersey limited liability company, pursuant to a share exchange agreement whereby the Company exchanged shares of the Company’s Series D-6 Preferred Stock for 100% of the total outstanding equity of Social Sunday and the member of Social Sunday (the “Member”). The Company issued an aggregate of 30,000 shares of Series D-6 Preferred Stock with a stated value of $5.00 per share, and an additional 12,000 shares were issued and held in escrow, for total purchase consideration of $210,000. Social Sunday’s results of operations have been included in the Company’s operating results for the period from November 1, 2019. See company 2019 filed 10K.

 

All acquisitions were accounted for as a business combination in accordance with ASC 805. The Company has determined preliminary fair values of the assets acquired, liabilities assumed and fair value of the minority interest. These values are subject to change as we perform additional reviews of our assumptions utilized.

 

15
 

 

NOTE 5 – PREPAID EXPENSE AND OTHER ASSETS

 

Prepaid expense and other current assets at June 30, 2021 and December 31, 2020 consists of the following:

 SCHEDULE OF PREPAID EXPENSE AND OTHER ASSETS

    June 30, 2021     December 31, 2020  
Prepaid expense   $ 11,005     $ 12,920  
Other assets     30,000       -  
Total prepaid expense and other assets   $ 41,005     $ 12,920  

 

NOTE 6 – FIXED ASSETS, NET

 

Fixed assets at June 30, 2021 and December 31, 2020 consisted of the following:

 

    June 20,     December 31,  
    2021     2020  
             
Office equipment   $ 280,966     $ 280,966  
Furniture and equipment     58,118       58,118  
Computer     13,704       13,704  
Technical equipment     27,492       27,492  
Truck     -       -  
Intellectual Property     78,505       78,505  
Machinery             -  
      458,785       458,785  
Less: accumulated depreciation     (402,766 )     (370,557 )
Equipment   $ 56,019     $ 88,228    

 

Depreciation expense for the three months and six months ended June 30, 2021 and 2020 was $15,431 and $32,209 (depreciation and amortization expense) and $76,156 and $195,422, respectively.

 

16
 

 

NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 

Accounts payable and accrued liabilities at June 30, 2021 and December 31, 2020 consisted of the following:

 

    June 30,     December 31,  
    2021     2020  
             
Accounts payable   $ 1,385,393     $ 1,356,812  
Accrued expenses     1,501,134       1,241,850  
Accrued Salaries     139,300       139,300  
Accrued board of director fees     210,000       150,000  
Accrued interest     293,789       299,631  
Accounts payable and accrued liabilities   $ 3,529,615     $ 3,187,592  

 

NOTE 8 - DUE TO STOCKHOLDERS

 

Due to stockholders at June 30, 2021 and December 31, 2020 consists of the following:

 

    June 30,     December 31,  
    2021     2020  
Daniel Monteverde     -       -  
Angelo Ponzetta     12,013       11,217  
Christopher Burden     172,536       172,536  
Maurice Ojeda     200,000       200,000  
                 
    $ 384,649     $ 383,753  

 

During the three months ended June 30, 2021 and 2020, in connection with the Bluwire acquisition, the Company assumed liabilities to Bluwire’s members, Christopher Burden and Maurice Ojeda, totaling $372,536. The amounts do not incur interest and are due on demand.

 

As of June 30, 2021 and December 31, 2020, accounts payable and accrued liabilities included salaries of $139,300 and $139,300, respectively, and accrued board of director fees of $210,000 and $150,000, respectively.

 

NOTE 9 – NOTES RELATED PARTY PAYABLE

 

As of June 30, 2021 and December 31, 2020, there were two demand notes outstanding totaling $31,000.

 

17
 

 

NOTE 10 – NOTES PAYABLE

 

As of June 30, 2021 and December 31, 2020, there was one notes payable outstanding totaling $0 and $35,000 respectively.

 

NOTE 11 – CONVERTIBLE NOTES PAYABLE

 

Convertible notes payable at June 30, 2021 and December 31, 2020 consists of the following:

 

    June 30,     December 31,  
    2021     2020  
Dated September 15, 2017   $ 187,590     $ 318,492  
Dated April 25, 2018     40,123       40,123  
Dated September 21, 2018     56,714       56,714  
Dated October 18, 2018     60,000       60,000  
Dated November 28, 2018     33       33  
Dated November 28, 2018     10,383       21,700  
Dated November 29, 2018     25,000       25,000  
Dated December 13, 2018     105,000       105,000  
Dated January 15, 2019     115,000       115,000  
Dated February 7, 2019     -       111,276  
Dated February 19, 2019     -       64,500  
Dated February 19, 2019     55,125       55,125  
Dated March 13, 2019     55,125       55,125  
Dated May 14, 2019     26,500       26,500  
Dated May 17, 2019     27,825       27,825  
Dated August 1, 2019     56,194       56,194  
Dated August 7, 2019     55,125       55,125  
Dated October 3, 2019     5,350       5,350  
Dated October 25, 2019     6,825       6,825  
Dated March 19, 2020     33,600       -  
Dated March 25, 2020     33,600       -  
Dated April 21, 2021     28,875       -  
Dated April 30, 2021     33,000       -  
Dated May 4, 2021     28,875       -  
Dated May 12, 2021     55,125       -  
Dated May 17, 2021     44,000       -  
Dated May 28, 2021     55,125       -  
Dated June 9, 2021     55,125       -  
Dated June 24, 2021     27,000       -  
Dated June 25, 2021     55,125       -  
                 
Total convertible notes payable     1,337,863       1,273,107  
                 
Less: Unamortized debt discount     (201,970 )     (4,460 )
                 
Total convertible notes     1,135,893       1,268,647  
                 
Less: current portion of convertible notes     1,135,893       1,268,647  
Long-term convertible notes   $ (0 )   $ (0 )

 

On April 21, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $28,875. The consideration to the Company is $25,000 with $3,875 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

On May 4, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $28,875. The consideration to the Company is $25,000 with $3,875 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

On May 12, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $55,125. The consideration to the Company is $50,000 with $5,125 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

On May 28, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $55,125. The consideration to the Company is $50,000 with $5,125 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

On June 9, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $55,125. The consideration to the Company is $50,000 with $5,125 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

On June 25, 2021 the Company entered into a promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $55,125. The consideration to the Company is $50,000 with $5,125 legal fees and OID. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

During the second quarter 2021, beginning on April 30, 2021 and ending June 24, 2021 the Company received a series additional loans from SBI Investments under the original convertible note agreement dated November 14, 2017 totaling $104,500 in exchange for $95,000 in cash. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

During the three months ended June 30, 2021 and 2020, the Company recognized interest expense of $1,681,479 and $100,788, respectively, which represented the amortization of original issue discounts and debt discounts. As of December 31, 2019, all original issue and debt discounts pertaining to outstanding convertible notes were fully amortized. As of June 30, 2021, the unamortized debt discount of $201,970 are related to the new convertible notes issued during the first quarter and second quarter of 2021.

 

During the three months and six months ended June 30, 2021, the Company converted principal and unpaid accrued interest and penalties totaling $598,095 and $672,948 into an aggregate of 4,419,451,103 and 5,223,250,935 shares of common stock.

 

The Company has thirty-seven (37) outstanding convertible notes as of June 30, 2021 with a total outstanding principal of $1,133,863. The 2019 notes mature from January 2020 to May 2020. The 2020 notes mature in September 2020. The 2021 notes mature in May 2022. These notes carry an interest rate ranging between 8% and 12% per annum. The notes carry an original issue discounts ranging between 10% to 25% of the face value of each note.

 

As a subsequent event, during the third quarter of 2021, SBI Investments converted $ 40,000 of interest and penalties of the outstanding convertible note into 751,506,833 shares of common stock.

 

As a subsequent event, during the third quarter of 2021, Adar Alef converted $60,350 of principal and $22,820 of interest of the outstanding convertible note into 1,386,173,500 shares of common stock.

 

As a subsequent event, on July 9, 2021, the Company received $50,000 from Adar Alef, LLC (“Adar”) from a $55,125 convertible promissory note agreement including fees and legal expenses of $3,600. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

As a subsequent event, on July 12, 2021, the Company received $50,000 from Adar Alef, LLC (“Adar”) from a $55,125 convertible promissory note agreement including fees and legal expenses of $3,600. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.

 

As a subsequent event, on August 2, 2020, the Company received $60,000 from Adar Alef, LLC (“Adar”) from a $66,150 convertible promissory note agreement including fees and legal expenses of $6,150. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date .

 

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The notes may be converted into shares of the Company’s common stock at any time on or after the occurrence of an event of default. The conversion prices of the notes include the conversion price shall be the 60% multiplied by the lowest trading price during the 30 trading days period ending, in holder’s sole discretion on each conversion, on either (i) the last complete trading day prior to the conversion date or (ii) the conversion date.

 

For some notes, the Company agreed to pay a one-time interest charge of 9% of the principal amount for each note. The notes may be converted at specified times per the respective agreements. The conversion price shall be 75% multiplied by the lowest trading price during the 10 prior trading days period ending on either (i) the last complete trading day prior to conversion date or (ii) the conversion date.

 

All terms of the notes, including but not limited to interest rate, prepayment terms, conversion discount or look-back period will be adjusted downward if the Company offers more favorable terms to another party, while this note is in effect.

 

The notes may be redeemed by the Company at rates ranging from 105% to 130% depending on the redemption date provided that no redemption is allowed after the 180th day.

 

The following table is a rollforward of activity, by each noteholder, for the six months ended June 30, 2021:

 

    Loan Holder   Principal Amount     Date   Maturity   OID & Financing Costs     Balance at
12 31 17
    Additions     Payments     Conversion     Balance at
12 31 18
    Additions     Payments     Conversion     Balance at
12 31 19
    Additions     Payments     Conversion     Balance at
12 31 20
    Additions     Payments     Conversion     Balance at
6 30 21
 
                                                                                                                               
1   SBI Investment   $ 200,000     9/27/2017   3/15/2018             200,000       75,000       (25,000 )     (93,150 )     156,850       -       -       (6,697 )     150,153       -       -     $ (19,160.78 )     130,992       -       -     $ (130,902 )     90  
1   SBI Investment   $ 187,500     11/14/2017   5/14/2018             187,500       -       -       -       187,500       -       -       -       187,500       -       -               187,500       -       -       -       187,500  
2   LG Capital Funding, LLC   $ 185,292     12/8/2017   6/8/2018     17,646       92,646       92,646       -       (133,032 )     52,260       -       -       (52,260 )     0       -       -               0       -       -       -       0  
3   Cerberus Finance Group Ltd   $ 185,292     12/12/2017   6/8/2018     17,646       92,646       92,646       (25,000 )     (53,183 )     107,109       -       (99,684 )     (7,425 )     -       -       -               -       -       -       -       -  
4   Eagle Equities LLC   $ 50,000     3/15/2018   3/15/2019     2,500       -       50,000       -       (50,000 )     -       -       -       -       -       -       -               -       -       -       -       -  
5   Adar Capital LLC   $ 50,000     3/15/2018   3/15/2019     2,500       -       50,000       -       (50,000 )     -       -       -       -       -       -       -               -       -       -       -       -  
6   Bellridge Capital LP   $ 60,000     5/17/2018   5/17/2019     10,000       -       60,000       -       (44,000 )     16,000       -       -       (16,000 )     -       -       -               -       -       -       -       -  
7   Auctus   $ 100,000     4/27/2018   4/25/2019     10,000       -       100,000       -       (59,877 )     40,123       -       -       -       40,123       -       -               40,123       -       -       -       40,123  
8   Bellridge Capital LP   $ 60,000     9/17/2018   3/15/2019     10,000       -       60,000       -       -       60,000       -       -       (3,286 )     56,714       -       -               56,714       -       -       -       56,714  
9   Eagles Equity   $ 50,000     9/21/2018   3/15/2019     2,500       -       50,000       -       (50,000 )     -       -       -       -       -       -       -               -       -       -       -       -  
10   Adar Bay   $ 50,000     10/4/2018   10/4/2018     2,500       -       50,000       -       (50,000 )     -       -       -       -       -       -       -               -       -       -       -       -  
11   Bellridge Capital LP   $ 60,000     10/18/2018   10/18/2019     10,000       -       60,000       -       -       60,000       -       -       -       60,000       -       -               60,000       -       -       -       60,000  
12   Adar Alef Omnibus   $ 64,500     11/28/2018   11/29/2019     4,125       -       64,500       -       -       64,500       -       -       (39,057 )     25,443       -       -     $ (25,410.13 )     33       -       -       -       33  
13   Adar Alef Debt Purchase   $ 25,000     11/28/2018   11/29/2019             -       25,000       -       (25,000 )     -       -       -       -       -       -       -               -       -       -       -       -  
14   LG Capital Omnibus   $ 64,500     11/28/2018   11/29/2019     4,125       -       64,500       -       -       64,500       -       -       (6,630 )     57,870       -       -     $ (36,170.00 )     21,700       -       -     $ (11,317 )     10,383  
15   LG Capital Debt Purchase   $ 25,000     11/29/2018   11/29/2018             -       25,000       -       -       25,000       -       -       -       25,000       -       -               25,000       -       -       -       25,000  
16   LG Capital Omnibus   $ 105,000     12/13/2018   12/14/2019     5,000       -       105,000       -       -       105,000       -       -       -       105,000       -       -               105,000       -       -       -       105,000  
17   LG Capital Omnibus   $ 115,000     1/15/2019   1/15/2020     5,750       -       -       -       -       -        115,000       -       -       115,000       -       -               115,000       -       -       -       115,000  
18   Adar Alef Omnibus   $ 132,720     2/7/2019   2/7/2020     6,000       -       -       -       -       -        132,720       -       -       132,720       -       -     $ (21,444.27 )     111,276       -       -     $ (111,276 )     (0 )
19   Adar Alef Debt Note   $ 108,055     2/7/2019   2/7/2019     8,371       -       -       -       -       -        108,055       -       (108,056 )     -       -       -               -       -       -       -       -  
20   Adar Alef Omnibus   $ 64,500     2/19/2019   2/19/2020     4,125       -       -       -       -       -        64,500       -       -       64,500       -       -               64,500       -       -     $ (64,500 )     -  
21   LG Capital Omnibus   $ 55,125     2/19/2019   2/19/2020     2,500       -       -       -       -       -        55,125       -       -       55,125       -       -               55,125       -       -       -       55,125  
22   LG Capital Omnibus   $ 55,125     3/13/2019   3/13/2020     2,500       -       -       -       -       -        55,125       -       -       55,125       -       -               55,125       -       -       -       55,125  
23   Adar Alef Omnibus #2 Back End   $ 26,500     5/14/2019   2/20/2020     1,500       -       -       -       -       -        26,500       -       -       26,500       -       -               26,500       -       -       -       26,500  
24   LG Capital Omnibus #5   $ 27,825     5/17/2019   5/15/2020     2,825       -       -       -       -       -        27,825       -       -       27,825       -       -               27,825       -       -       -       27,825  
25   Adar Alef Omnibus #2 BE 3rd Tranche   $ 53,500     8/1/2019   2/7/2020     50,000       -       -       -       -       -        56,194       -       -       56,194       -       -               56,194       -       -       -       56,194  
26   LG Capital Omnibus #7   $ 55,125     8/6/2019   2/7/2020     50,000       -       -       -       -       -        55,125       -       -       55,125       -       -               55,125       -       -       -       55,125  
27   Adar Alef Omnibus #2 BE 4th Tranche   $ 5,350     10/3/2019   2/7/2020     5,000       -       -       -       -       -        5,350       -       -       5,350       -       -               5,350       -       -       -       5,350  
28   LG Capital Omnibus #8   $ 6,825     10/25/2019   10/26/2020     5,000       -       -       -       -       -        6,825       -       -       6,825       -       -               6,825       -       -       -       6,825  
29   Adar Alef Omnibus # 5th Tranche   $ 33,600     3/19/2020   9/19/2020     3,600       -       -       -       -       -        -       -       -       -     $ 33,600                       33,600       -       -       -       33,600  
30   LG Capital Funding, LLC   $ 33,600     3/25/2020   9/20/2020     3,600       -       -       -       -       -        -       -       -       -     $ 33,600                       33,600       -       -       -       33,600  
31   Adar Alef Omnibus 6th Tranche   $ 28,875     4/21/21   4/21/22     3,875       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       28,875  
32   SBI Investment   $ 33,000     4/30/21   5/1/22     3,000       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       33,000  
33   Adar Alef Omnibus 7th Tranche   $ 28,875     5/4/21   5/4/22     3,875       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       28,875  
34   Adar Alef Omnibus 8th Tranche   $ 55,125     5/12/21   5/13/22     5,125       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       55,125  
35   SBI Investment   $ 44,000     5/17/21   5/17/22     4,000       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       44,000  
36   Adar Alef Omnibus 9th Tranche   $ 55,125     5/28/21   5/28/22     5,125       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       55,125  
37   Adar Alef Omnibus 10th Tranche   $ 55,125     6/9/21   6/10/22     5,125       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       55,125  
38   SBI Investment   $ 27,500     6/24/21   6/25/22     2,500       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       27,500  
39   Adar Alef Omnibus 11th Tranche   $ 55,125     6/25/21   6/26/22     5,125       -       -       -       -       -        -       -       -       -       -       -               -       -       -       -       55,125  
                                                                                                                                                                     
Convertible note total                     251,771       572,792       1,024,292       (50,000 )     (608,242 )     938,842       708,344       (99,684 )     (239,411 )<