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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: September 30, 2024
or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to
_____________
Commission File Number: 000-49709
CARDIFF LEXINGTON CORPORATION |
(Exact name of registrant as specified in its charter) |
Nevada |
|
84-1044583 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
3753 Howard Hughes Parkway, Suite 200, Las Vegas, NV |
|
89169 |
(Address of principal executive offices) |
|
(Zip Code) |
844-628-2100 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b)
of the Act: None
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 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 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 ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
As of November 5, 2024, there were 15,036,725 shares of common stock
of the registrant issued and outstanding.
CARDIFF LEXINGTON CORPORATION
Quarterly Report on Form 10-Q
Period Ended September 30, 2024
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
ITEM 1. |
FINANCIAL STATEMENTS. |
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER
31, 2023
| |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 (Restated) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 1,949,600 | | |
$ | 866,943 | |
Accounts receivable-net | |
| 14,798,220 | | |
| 13,305,254 | |
Prepaid and other current assets | |
| 5,000 | | |
| 5,000 | |
Total current assets | |
| 16,752,820 | | |
| 14,177,197 | |
| |
| | | |
| | |
Property and equipment, net | |
| 24,563 | | |
| 34,661 | |
Land | |
| 540,000 | | |
| 540,000 | |
Goodwill | |
| 5,666,608 | | |
| 5,666,608 | |
Right of use - assets, net | |
| 465,389 | | |
| 289,062 | |
Due from related party | |
| 4,979 | | |
| 4,979 | |
Other assets | |
| 60,403 | | |
| 33,304 | |
Total assets | |
$ | 23,514,762 | | |
$ | 20,745,811 | |
| |
| | | |
| | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expense | |
$ | 1,386,412 | | |
$ | 2,047,131 | |
Accrued expenses - related parties | |
| 4,353,056 | | |
| 4,733,057 | |
Accrued interest | |
| 361,172 | | |
| 620,963 | |
Right of use – lease liabilities | |
| 227,606 | | |
| 157,669 | |
Due to director and officer | |
| – | | |
| 120,997 | |
Notes payable – current portion | |
| 500,826 | | |
| 15,977 | |
Line of credit | |
| 7,468,971 | | |
| 2,120,100 | |
Convertible notes payable, net of debt discounts of $0 and $24,820, respectively | |
| 105,000 | | |
| 3,807,030 | |
Net liabilities of discontinued operations | |
| 237,643 | | |
| 237,643 | |
Total current liabilities | |
| 14,640,686 | | |
| 13,860,567 | |
| |
| | | |
| | |
Notes payable | |
| 140,272 | | |
| 144,666 | |
Operating lease liability – long term | |
| 236,853 | | |
| 119,056 | |
Total liabilities | |
| 15,017,811 | | |
| 14,124,289 | |
| |
| | | |
| | |
Mezzanine equity | |
| | | |
| | |
Redeemable Series N Senior Convertible Preferred Stock - 3,000,000 shares authorized, $0.001 par value, stated value $4.00, 868,056 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 3,230,023 | | |
| 3,891,439 | |
Redeemable Series R Senior Convertible Preferred Stock - 5,000 shares authorized, $0.001 par value, stated value of $1,200, 0 and 165, shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| – | | |
| 307,980 | |
Redeemable Series X Senior Convertible Preferred Stock - 5,000,000 shares authorized, $0.001 par value, stated value of $4.00 par value; 375,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 1,537,808 | | |
| 1,690,685 | |
Total Mezzanine Equity | |
| 4,767,831 | | |
| 5,890,104 | |
| |
| | | |
| | |
Stockholders' equity | |
| | | |
| | |
Series B Preferred Stock - 3,000,000 shares authorized, $0.001 par value, stated value of $4.00, 753,929 and 2,139,478 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 3,015,716 | | |
| 8,557,912 | |
Series C Preferred Stock - 500 shares authorized, $0.001 par value, stated value of $4.00, 43 and 123 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 172 | | |
| 492 | |
Series E Preferred Stock - 1,000,000 shares authorized, $0.001 par value, stated value $4.00, 75,375 and 155,750 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 301,500 | | |
| 623,000 | |
Series F-1 Preferred Stock - 50,000 shares authorized, $0.001 par value, stated value $4.00, 9,500 and 35,752 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 38,000 | | |
| 143,008 | |
Series I Preferred Stock - 15,000,000 shares authorized, $0.001 par value, stated value $4.00, 11,540,500 and 14,885,000 issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 46,162,000 | | |
| 59,540,000 | |
Series J Preferred Stock - 2,000,000 shares authorized, $0.001 par value, stated value $4.00, 0 and 1,713,584 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| – | | |
| 6,854,336 | |
Series L Preferred Stock - 400,000 shares authorized, $0.001 par value, stated value $4.00, 319,493 shares issued and outstanding at September 30, 2024 and December 31, 2023 | |
| 1,277,972 | | |
| 1,277,972 | |
Series Y Senior Convertible Preferred Stock - 1,000,000 shares authorized, $0.001 par value, stated value of $4.00, 955,114 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 3,820,456 | | |
| – | |
Common Stock; 300,000,000 shares authorized, $0.001 par value; 14,555,601 and 25,121 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | |
| 14,556 | | |
| 25 | |
Additional paid-in capital | |
| 20,891,337 | | |
| (7,581,212 | ) |
Accumulated deficit | |
| (71,792,589 | ) | |
| (68,684,115 | ) |
Total stockholders’ equity | |
| 3,729,120 | | |
| 731,418 | |
Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 23,514,762 | | |
$ | 20,745,811 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2024 AND 2023
(UNAUDITED)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | | |
2024 | | |
2023 (Restated) | |
REVENUE | |
$ | 1,355,641 | | |
$ | 3,405,859 | | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
COST OF SALES | |
| 1,000,601 | | |
| 551,423 | | |
| 2,741,765 | | |
| 2,589,407 | |
GROSS PROFIT | |
| 355,040 | | |
| 2,854,436 | | |
| 2,407,651 | | |
| 6,887,357 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
Depreciation expense | |
| 3,365 | | |
| 3,365 | | |
| 10,096 | | |
| 11,365 | |
Share based compensation | |
| – | | |
| – | | |
| 300,225 | | |
| – | |
Selling, general and administrative | |
| 936,835 | | |
| 577,677 | | |
| 2,622,981 | | |
| 2,095,611 | |
Total operating expenses | |
| 940,200 | | |
| 581,042 | | |
| 2,933,302 | | |
| 2,106,976 | |
| |
| | | |
| | | |
| | | |
| | |
(LOSS) INCOME FROM CONTINUING OPERATIONS | |
| (585,160 | ) | |
| 2,273,394 | | |
| (525,651 | ) | |
| 4,780,381 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER (EXPENSE) INCOME | |
| | | |
| | | |
| | | |
| | |
Other (expense) income | |
| (6,767 | ) | |
| (1 | ) | |
| (4,720 | ) | |
| 204 | |
Gain on debt refinance and forgiveness | |
| – | | |
| – | | |
| 78,834 | | |
| 390 | |
Penalties and fees | |
| – | | |
| (16,000 | ) | |
| (1,330 | ) | |
| (48,000 | ) |
Interest expense | |
| (1,386,041 | ) | |
| (226,119 | ) | |
| (1,803,657 | ) | |
| (1,763,698 | ) |
Amortization of debt discounts | |
| – | | |
| (46,048 | ) | |
| (24,821 | ) | |
| (94,664 | ) |
Total other (expense) income | |
| (1,392,808 | ) | |
| (288,168 | ) | |
| (1,755,694 | ) | |
| (1,905,768 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM DISCONTINUED OPERATIONS | |
| – | | |
| (3,705 | ) | |
| (111,312 | ) | |
| (93,005 | ) |
NET (LOSS) INCOME FOR THE PERIOD | |
$ | (1,977,968 | ) | |
$ | 1,981,521 | | |
$ | (2,392,657 | ) | |
$ | 2,781,608 | |
| |
| | | |
| | | |
| | | |
| | |
PREFERRED STOCK DIVIDENDS | |
| (238,009 | ) | |
| (150,965 | ) | |
| (715,817 | ) | |
| (605,384 | ) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | |
$ | (2,215,977 | ) | |
$ | 1,830,556 | | |
$ | (3,108,474 | ) | |
$ | 2,176,224 | |
| |
| | | |
| | | |
| | | |
| | |
BASIC (LOSS) INCOME PER SHARE | |
| | | |
| | | |
| | | |
| | |
CONTINUING OPERATIONS | |
$ | (0.16 | ) | |
$ | 136.12 | | |
$ | (0.30 | ) | |
$ | 167.13 | |
DISCONTINUED OPERATIONS | |
$ | 0.00 | | |
$ | (0.28 | ) | |
$ | (0.01 | ) | |
$ | (7.15 | ) |
| |
| | | |
| | | |
| | | |
| | |
DILUTED (LOSS) INCOME PER SHARE | |
| | | |
| | | |
| | | |
| | |
CONTINUING OPERATIONS | |
$ | (0.16 | ) | |
$ | 2.30 | | |
$ | (0.30 | ) | |
$ | 2.40 | |
DISCONTINUED OPERATIONS | |
$ | 0.00 | | |
$ | (0.28 | ) | |
$ | (0.01 | ) | |
$ | (7.15 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC | |
| 14,075,296 | | |
| 13,448 | | |
| 10,242,799 | | |
| 13,005 | |
WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED | |
| 14,075,296 | | |
| 794,783 | | |
| 10,242,799 | | |
| 906,441 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY (DEFICIT)
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
AND 2023
(UNAUDITED)
Three Months Ended September 30, 2024:
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock Series A,
I and Y | | |
Preferred
Stock Series B,
E, F-1, J and L | | |
Preferred
Stock Series
C | | |
Common
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, June 30, 2024
(Restated) | |
| 12,579,410 | | |
$ | 50,317,632 | | – |
| 1,400,797 | | |
$ | 5,603,188 | | |
| 60 | | |
$ | 240 | | |
| 13,626,376 | | |
$ | 13,626 | | |
$ | 19,522,200 | | |
$ | (69,576,612 | ) | |
$ | 5,880,274 | |
Conversion of series B preferred
stock | |
| – | | |
| – | | |
| (226,250 | ) | |
| (905,000 | ) | |
| – | | |
| – | | |
| 452,500 | | |
| 453 | | |
| 904,547 | | |
| – | | |
| – | |
Conversion of series C preferred
stock | |
| – | | |
| – | | |
| – | | |
| – | | |
| (17 | ) | |
| (68 | ) | |
| 170,000 | | |
| 170 | | |
| (102 | ) | |
| – | | |
| – | |
Conversion of series F-1 preferred
stock | |
| – | | |
| – | | |
| (16,250 | ) | |
| (65,000 | ) | |
| – | | |
| – | | |
| 32,500 | | |
| 33 | | |
| 64,967 | | |
| – | | |
| – | |
Conversion of series I preferred
stock | |
| (100,000 | ) | |
| (400,000 | ) | |
| – | | |
| – | | |
| – | | |
| – | | |
| 200,000 | | |
| 200 | | |
| 399,800 | | |
| – | | |
| – | |
Issuance of series Y preferred stock | |
| 16,206 | | |
| 64,824 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1 | ) | |
| – | | |
| 64,823 | |
Common stock issued in legal settlement | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 74,225 | | |
| 74 | | |
| (74 | ) | |
| – | | |
| – | |
Preferred stock Dividends | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (238,009 | ) | |
| (238,009 | ) |
Net income | |
| – | | |
| – | | – |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1,977,968 | ) | |
| (1,977,968 | ) |
Balance,
September 30, 2024 | |
| 12,495,616 | | |
$ | 49,982,456 | | – |
| 1,158,297 | | |
$ | 4,633,188 | | |
| 43 | | |
$ | 172 | | |
| 14,555,601 | | |
$ | 14,556 | | |
$ | 20,891,337 | | |
$ | (71,792,589 | ) | |
$ | 3,729,120 | |
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY (DEFICIT)
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
AND 2023
(UNAUDITED)
(continued)
Nine Months Ended September 30, 2024:
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock Series A,
I and Y | | |
Preferred
Stock Series B,
E, F-1, J and L | | |
Preferred
Stock Series
C | | |
Common
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, December 31, 2023 (Restated) | |
| 14,885,002 | | |
$ | 59,540,000 | | |
| 4,364,057 | | |
$ | 17,456,228 | | |
| 123 | | |
$ | 492 | | |
| 25,121 | | |
$ | 25 | | |
$ | (7,581,212 | ) | |
$ | (68,684,115 | ) | |
$ | 731,418 | |
Conversion of convertible notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,222 | | |
| 1 | | |
| 1,679 | | |
| – | | |
| 1,680 | |
Conversion of series B preferred stock | |
| – | | |
| – | | |
| (1,385,549 | ) | |
| (5,542,196 | ) | |
| – | | |
| – | | |
| 2,771,098 | | |
| 2,771 | | |
| 5,539,425 | | |
| – | | |
| – | |
Conversion of series C preferred stock | |
| – | | |
| – | | |
| – | | |
| – | | |
| (78 | ) | |
| (312 | ) | |
| 780,000 | | |
| 780 | | |
| (468 | ) | |
| – | | |
| – | |
Conversion of series E preferred stock | |
| – | | |
| – | | |
| (80,375 | ) | |
| (321,500 | ) | |
| – | | |
| – | | |
| 160,750 | | |
| 161 | | |
| 321,339 | | |
| – | | |
| – | |
Conversion of series F-1 preferred stock | |
| – | | |
| – | | |
| (26,252 | ) | |
| (105,008 | ) | |
| – | | |
| – | | |
| 52,504 | | |
| 53 | | |
| 104,955 | | |
| – | | |
| – | |
Conversion of series I preferred stock | |
| (3,477,000 | ) | |
| (13,908,000 | ) | |
| – | | |
| – | | |
| – | | |
| – | | |
| 6,954,000 | | |
| 6,954 | | |
| 13,901,246 | | |
| – | | |
| – | |
Conversion of series J preferred stock | |
| – | | |
| – | | |
| (1,713,584 | ) | |
| (6,854,336 | ) | |
| – | | |
| – | | |
| 3,427,168 | | |
| 3,427 | | |
| 6,850,909 | | |
| – | | |
| – | |
Issuance of series I preferred stock to officers | |
| | |
| 530,000 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 63,600 | | |
| – | | |
| 593,600 | |
Issuance of series Y preferred stock | |
| 955,114 | | |
| 3,820,456 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,820,456 | |
Cancellation of series C preferred stock | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2 | ) | |
| (8 | ) | |
| – | | |
| – | | |
| 8 | | |
| – | | |
| – | |
Common stock issued for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 7,500 | | |
| 8 | | |
| 11,617 | | |
| – | | |
| 11,625 | |
Common stock issued to board members | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| | |
| 30 | | |
| 194,970 | | |
| – | | |
| 195,000 | |
Common stock issued in legal settlement | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 74,225 | | |
| 74 | | |
| (74 | ) | |
| – | | |
| – | |
Preferred stock Dividends | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 234,909 | | |
| 235 | | |
| 1,372,269 | | |
| (715,817 | ) | |
| 656,687 | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,392,657 | ) | |
| (2,392,657 | ) |
Balance, September 30, 2024 | |
| 12,495,616 | | |
$ | 49,982,456 | | |
| 1,158,297 | | |
$ | 4,633,188 | | |
| 43 | | |
$ | 172 | | |
| 14,555,601 | | |
$ | 14,556 | | |
$ | 20,891,337 | | |
$ | (71,792,589 | ) | |
$ | 3,729,120 | |
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY (DEFICIT)
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
AND 2023
(UNAUDITED)
(continued)
Three Months Ended September 30, 2023:
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Preferred
Stock Series A
and I | | |
Preferred
Stock Series B,
E, F-1, J and L | | |
Preferred
Stock Series
C | | |
Common
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ (Deficit) | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, June 30, 2023 (Restated) |
|
| 14,885,001 | | |
$ | 59,540,000 | | |
| 4,354,057 | | |
$ | 17,416,228 | | |
| 123 | | |
$ | 492 | | |
| 13,636 | | |
$ | 14 | | |
$ | (9,802,172 | ) | |
$ | (68,338,447 | ) | |
$ | (1,183,885 | ) |
Issuance of preferred stock series
E | |
| – | | |
| – | | |
| 5,000 | | |
| 20,000 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (20,000 | ) | |
| – | | |
| – | |
Conversion of convertible notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,079 | | |
| 2 | | |
| 29,016 | | |
| – | | |
| 29,018 | |
Preferred stock Dividends | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (150,965 | ) | |
| (150,965 | ) |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,981,521 | | |
| 1,981,521 | |
Balance,
September 30, 2023 (Restated) | |
| 14,885,001 | | |
$ | 59,540,000 | | |
| 4,359,057 | | |
$ | 17,436,228 | | |
| 123 | | |
$ | 492 | | |
| 15,715 | | |
$ | 16 | | |
$ | (9,793,156 | ) | |
$ | (65,507,891 | ) | |
$ | 675,689 | |
Nine Months Ended September 30, 2023:
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Preferred
Stock Series A
and I | | |
Preferred
Stock Series B,
E, F-1, J and L | | |
Preferred
Stock Series
C | | |
Common
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ (Deficit) | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, December 31,
2022 (Restated) | |
| 14,885,001 | | |
$ | 59,540,000 | | |
| 4,350,907 | | |
$ | 17,403,628 | | |
| 123 | | |
$ | 492 | | |
| 12,053 | | |
$ | 12 | | |
$ | (10,004,808 | ) | |
$ | (68,684,115 | ) | |
$ | (1,744,791 | ) |
Issuance of preferred stock series
B | |
| – | | |
| – | | |
| 3,150 | | |
| 12,600 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 12,400 | | |
| – | | |
| 25,000 | |
Issuance of preferred stock series
E | |
| – | | |
| – | | |
| 5,000 | | |
| 20,000 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (20,000 | ) | |
| – | | |
| – | |
Conversion of convertible notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,662 | | |
| 4 | | |
| 219,252 | | |
| – | | |
| 219,256 | |
Preferred stock Dividends | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (605,384 | ) | |
| (605,384 | ) |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,781,608 | | |
| 2,781,608 | |
Balance,
September 30, 2023 (Restated) | |
| 14,885,001 | | |
$ | 59,540,000 | | |
| 4,359,057 | | |
$ | 17,436,228 | | |
| 123 | | |
$ | 492 | | |
| 15,715 | | |
$ | 16 | | |
$ | (9,793,156 | ) | |
$ | (65,507,891 | ) | |
$ | 675,689 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
AND 2023
(UNAUDITED)
| |
| | | |
| | |
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net (loss) income | |
$ | (2,392,657 | ) | |
$ | 2,781,608 | |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 10,096 | | |
| 11,365 | |
Amortization of debt discount | |
| 24,821 | | |
| 94,664 | |
Bad debt | |
| – | | |
| 270,000 | |
Change in estimate for settlement realization rate | |
| 1,650,474 | | |
| – | |
Conversion and note issuance cost | |
| 1,000 | | |
| 11,250 | |
Share issuance for compensations to directors and officers | |
| 788,600 | | |
| – | |
Share issuance for service rendered | |
| 11,625 | | |
| 25,000 | |
Fair value settled upon conversion | |
| – | | |
| 141,406 | |
Gain on settlement or forgiveness of debt | |
| (78,834 | ) | |
| (390 | ) |
(Increase) decrease in: | |
| | | |
| | |
Accounts receivable | |
| (3,143,440 | ) | |
| (5,510,098 | ) |
Right of use - assets | |
| (176,327 | ) | |
| 17,763 | |
Prepaids and other current assets | |
| (27,098 | ) | |
| – | |
Increase (decrease) in: | |
| | | |
| | |
Accounts payable and accrued expense | |
| (691,072 | ) | |
| 733,125 | |
Accrued officers compensation | |
| (380,001 | ) | |
| 514,000 | |
Accrued interest | |
| 218,174 | | |
| 380,020 | |
Right of use - liabilities | |
| 187,734 | | |
| (27,255 | ) |
Net cash used in operating activities | |
| (3,996,905 | ) | |
| (557,542 | ) |
| |
| | | |
| | |
Net cash provided by (used in) Discontinued Operations – Operating | |
| 111,312 | | |
| (38,255 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | |
Payments to director | |
| (120,997 | ) | |
| – | |
Repayment of SBA loans | |
| (4,545 | ) | |
| (803 | ) |
Proceeds from convertible notes payable | |
| – | | |
| 421,376 | |
Payment of convertible notes | |
| (105,079 | ) | |
| – | |
Net proceeds from line of credit | |
| 5,348,871 | | |
| 5,848 | |
Payment of note payable | |
| (50,000 | ) | |
| – | |
Proceeds from note payable – related party | |
| – | | |
| 250 | |
Payment of dividends on preferred stock | |
| (100,000 | ) | |
| – | |
Net cash provided by financing activities | |
| 4,968,250 | | |
| 426,671 | |
| |
| | | |
| | |
Net cash provided by Discontinued Operations – Financing | |
| – | | |
| 131,260 | |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN CASH | |
| 1,082,657 | | |
| (37,866 | ) |
CASH, BEGINNING OF PERIOD | |
| 866,943 | | |
| 219,085 | |
CASH, END OF PERIOD | |
$ | 1,949,600 | | |
$ | 181,219 | |
| |
| | | |
| | |
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the year for Interest | |
$ | 126,732 | | |
$ | 6,389 | |
| |
| | | |
| | |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | |
Common stock issued upon conversion of notes payable | |
$ | 1,680 | | |
$ | 99,533 | |
Common stock issued upon conversion of preferred stock | |
$ | 14,158 | | |
$ | – | |
Series Y preferred stock issued in exchange of convertible notes payable | |
$ | 3,755,632 | | |
$ | – | |
Promissory note payable issued in settlement agreement | |
$ | 535,000 | | |
$ | – | |
Right of use assets acquired | |
$ | 363,411 | | |
$ | – | |
The accompanying notes are an integral part of
these condensed consolidated financial statements
CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
AND 2023
(UNAUDITED)
1. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Organization and Nature of Operations
Cardiff Lexington Corporation (“Cardiff”)
was originally incorporated on September 3, 1986 in Colorado as Cardiff International Inc. On November 10, 2005, Cardiff merged with Legacy
Card Company, LLC and changed its name to Cardiff Lexington Corporation. On August 27, 2014, Cardiff redomiciled and became a corporation
under the laws of Florida. On April 13, 2021, Cardiff redomiciled and became a corporation under the laws of Nevada.
Cardiff is an acquisition holding company focused
on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership
to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for stockholders.
All of Cardiff’s operations are predominantly conducted through, and its income derived from, its Nova Ortho and Spine, LLC (“Nova”)
subsidiary. Its subsidiaries include:
|
· |
Nova, which was acquired on May 31, 2021; |
|
|
|
|
· |
Edge View Properties, Inc. (“Edge View”), which was acquired on July 16, 2014; and |
|
|
|
|
· |
Platinum Tax Defenders (“Platinum Tax”), which was acquired on July 31, 2018 and sold on November 10, 2023. As a result, Platinum Tax is presented as a discontinued operation. |
Principles of Consolidation
The consolidated financial statements include
the accounts of Cardiff and its wholly owned subsidiaries, Nova, Edge View, and Platinum Tax and (collectively, the “Company”).
Subsidiaries shown as discontinued operations include Platinum Tax. All significant intercompany accounts and transactions are eliminated
in consolidation.
Reverse Stock Split
On January 9, 2024, the Company effected a 1-for-75,000 reverse split of its outstanding common stock. All outstanding shares of common stock and warrant to purchase common stock were adjusted
to reflect the 1-for-75,000 reverse split, with respective exercise prices of the warrants proportionately increased. The conversion prices
of the outstanding convertible notes and certain series of preferred stock were adjusted to reflect a proportional decrease in the number
of shares of common stock to be issued upon conversion.
All share and per share data throughout these
consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. The total number of authorized
shares of common stock did not change. As a result of the reverse stock split, an amount equal to the decreased value of the common stock
was reclassified from “common stock” to “additional paid-in capital.”
Use of Estimates
The preparation of financial statements in conformity
with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Management uses its historical records and knowledge of its business in making estimates.
Accordingly, actual results could differ from those estimates.
Accounts Receivable
In the normal course of business, the Company
is in the lien based medical industry providing orthopedic healthcare servicing an uninsured market insulated by a letter of protection
which insulates the Company and insures payment in full from insurance settlements. Accounts receivable consists of amounts due from attorneys
and insurance providers for services provided to patients under the letter of protection. Accounts receivable are recorded at the expected
settlement realization amount, which is less contractual adjustments and an allowance for credit losses. The Company recognizes an allowance
for credit losses for its accounts receivable to present the net amount expected to be collected as of the balance sheet date. This allowance
is determined based on the history of net settlements received, where the net settlement amount is not collected. No collection can happen
if no settlement is reached with the defendant’s insurance company and the plaintiff (the patient) loses the case at trial, or the
case is abandoned, then the Company will not be able to collect on its letter of protection and its receivable will not be collected.
The Company monitors outstanding cases as they develop through ongoing discussions with attorneys, doctors and third-party medical billing
company and additionally monitors settlement realization rates over time. Additionally, the Company considers economic factors and events
or trends expected to affect future collections experience. The no collection history of the Company’s customers is considered in
future assessments of collectability as these patterns are established over a longer period. The Company uses the term collection and
collection rate in its disclosures to describe the historical less than 1% occurrence of not collecting under a contract, which aligns
with the Company’s credit loss accounting under ASC 326.
The Company does not have a significant exposure
to credit losses as it has historically had a less than 1.0% loss rate where the Company received no settlement amount for its outstanding
accounts receivable. Although possible, claims resulting in zero collection upon settlement are rare based on the Company’s historical
experience and has historically been 0.5% to 1.0% of its outstanding accounts receivable, thereby resulting in a collection rate of 99%.
The Company uses the loss rate method to record its allowance for credit losses. The Company applies the loss rate method by reviewing
its zero collection history on a quarterly basis and updating its estimates of credit losses to adjust for changes in loss data. The Company
typically collects on its accounts receivable between eighteen and twenty-four months after recording. The Company does not record an
allowance for credit losses based on an aging of its accounts receivable as the aging of the Company’s receivables do not influence
the credit loss rate due to the nature of its business and the letter of protection. The Company does not adjust its receivables for the
effects of a significant financing component at contract inception as the timing of variable consideration is determined by the settlement,
which is outside of the Company’s control. As of September 30, 2024 and December 31, 2023, the Company’s allowance for
credit losses was $122,190. The Company recognized $0 and $270,000 of credit loss expense during the nine months ended September 30, 2024
and 2023, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statement of operations.
The balance of accounts receivable, net as of January 1, 2023 was $6,603,920.
Property and Equipment
Property and equipment are carried at cost. Expenditures
for renewals and betterments that extend the useful lives of property, equipment or leasehold improvements are capitalized. Expenditures
for maintenance and repairs are charged to expense as incurred. Depreciation is calculated using the straight-line method for financial
reporting purposes based on the following estimated useful lives:
Schedule of estimated useful lives |
|
Classification |
Useful Life |
Equipment, furniture, and fixtures |
5 - 7 years |
Medical equipment |
10 years |
Leasehold improvements |
10 years or lease term, if shorter |
Goodwill
Goodwill is not amortized but is evaluated for
impairment annually or when indicators of a potential impairment are present. The Company reviews goodwill for impairment on a reporting
unit basis annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Goodwill
is tested first for impairment based on qualitative factors on an annual basis or in between if an event occurs or circumstances change
that indicate the fair value may be below its carrying amount, otherwise known as a ‘triggering event’. An assessment is made
of these qualitative factors as such to determine whether it is more likely than not the fair value is less than the carry amount, including
goodwill. The annual evaluation for impairment of Goodwill, if needed, is based on valuation models that incorporate assumptions and internal
projections of expected future cash flows and operating plans. The Company believes such assumptions are also comparable to those that
would be used by other marketplace participants. During the nine months ended September 30, 2024 and 2023, the Company did not recognize
any goodwill impairment. The Company based this decision on impairment testing of the underlying assets, expected cash flows, decreased
asset value and other factors.
Valuation of Long-lived Assets
In accordance with the provisions of Accounting
Standards Codification (“ASC”) Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets
such as plant and equipment and construction in progress held and used by the Company are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is
evaluated by a comparison of the carrying amount of assets to estimated cash flows expected to be generated by the assets. If such assets
are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed
the fair value of the assets.
Revenue Recognition
The Company’s primary source of revenue
is its healthcare subsidiary, which records revenues from providing licensed and/or certified orthopedic procedures. Revenue is recognized
at a point in time in accordance with ASC 606 and at an estimated net settlement realization rate based on gross billed charges. The Company’s
healthcare subsidiary does not have contract liabilities or deferred revenue as there are no amounts prepaid for services. The Company
applies the following five-step ASC 606 model to determine revenue recognition:
|
· |
Identification of a contract with a customer |
|
|
|
|
· |
Identification of the performance obligations in the contact |
|
|
|
|
· |
Determination of the transaction price |
|
|
|
|
· |
Allocation of the transaction price to the separate performance obligations |
|
|
|
|
· |
Recognition of revenue when performance obligations are satisfied. |
At contract inception, once the contract is determined
to be within the scope of ASC 606, the Company assesses services promised within each contract and determines those that are a performance
obligation and assesses whether each promised service is distinct.
The Company’s contracts contain a single
performance obligation (providing orthopedic services), as the promise to transfer the individual services is not separately identifiable
from other promises in the contracts and, therefore, not distinct, as a result, the entire transaction price is allocated to this single
performance obligation.
Accordingly, the Company recognizes net revenue when the patient receives
orthopedic care services. The Company’s patient service contracts generally have performance obligations which are satisfied at
a point in time. The performance obligation is for onsite or off-site care provided. Patient service contracts are generally fixed-price,
and the transaction price is in the contract. Revenue is recognized when obligations under the terms of the contract with the Company’s
patients are satisfied; generally, at the time of patient care.
In determining net revenue to record under ASC
606, the Company must estimate the transaction price, including estimates of variable consideration in the contract at inception. In order
to estimate variable consideration, the Company uses established billings rates (also described as “gross charges”) for the
procedures being performed, however, the billing rates are not the same as actual amounts recovered for the Company’s healthcare
subsidiary. They generally do not reflect what the Company is ultimately paid by the customer, insurance carriers and other payors,
and therefore are not reported in the consolidated financial statements at that rate. The Company is typically paid amounts based on established
charges per procedure with guidance from the annually updated Current Procedural Terminology (“CPT”) guidelines that designates
relative value units and a suggested range of charges for each procedure which is then assigned a CPT code. This gross charge is discounted
to reflect the percentage paid to the Company using a modifier recognized by each insurance carrier for services, less deductible, co-pay,
and contractual adjustments which are deducted from the calculated fee. These adjustments are considered variable consideration under
ASC 606 and are deducted from the calculated fee to arrive at the net transaction price. The Company also estimates changes in the contract
price as a result of price concessions, changes to deductibles, co-pays and other contractual adjustments to determine the eventual settlement
amount the Company expects to receive. The Company uses the term settlement realization in its disclosures to describe the amount of cash
the Company expects to receive based on its estimate of the transaction price under the expected value method of ASC 606.
Where appropriate, the Company utilizes the expected
value method to determine the appropriate amount for estimates of variable consideration, which has been based on a historical 12-month
lookback of its actual settlement realization rates. The estimates of reserves established for variable consideration reflect current
contractual requirements, the Company’s historical experience, specific known market events and trends, industry data and forecasted
patient data and settlement patterns. Settlement realization patterns are assessed based on actual settlements and based on expected settlement
realization trends obtained from discussions with attorneys, doctors and our third-party medical billing company. Settlement amounts are
negotiated, and prolonged settlement negotiations are not indicative of a greater likelihood of reduced settlement realization or zero
settlement.
The Company may accept a lower settlement realization
rate in order to receive faster payment. The Company obtains information about expected settlement realization trends from discussions
with doctors and attorneys and its third-party medical billing company vendor, which handles settlement claims and negotiations. Settlement
amounts are presented to the Company’s third-party medical billing company vendor.
Settlement rates of 49% or higher based on gross
billed amounts are typically accepted without further negotiation. Proposed settlement rates below 49% are negotiated when possible and
longer negotiations typically result in higher settlement rates. If the Company accepts a lower settlement realization rate in order to
receive payments more quickly, the Company considers that a price concession and estimates these concessions at contract inception. The
various forms of variable consideration described above included in the transaction price may be constrained and are included in net revenue
only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in
a future period. The Company has not constrained any of its estimates of variable consideration for any of the periods presented.
Service Fees – Net (PIP)
The Company generates services fees from performing
various procedures on the date the services are performed. These services primarily include slip and falls as well as smaller nominal
Non-PIP services. As described above, these revenues are based on established insurance billing rates, less allowances for contractual
adjustments and uncollectible amounts. These contractual adjustments vary by insurance company and self-pay patients. The Company computes
these contractual and other adjustments based on its historical settlement realization experience. Completing the paperwork for each case
and preparing it for billing takes approximately ten business days after a procedure is performed. The majority of claims are then filed
electronically except for those remaining insurance carriers requiring paper filing. An initial response is usually received within four
weeks from electronic filing and up to six weeks from paper filing. Responses may be a payment, a denial, or a request for additional
information. The Company’s healthcare revenues are generated from professional medical billings including facility and anesthesia
services. With respect to facility and anesthesia services, the Company is the primary obligor as the facility and anesthesia services
are considered part of one integrated performance obligation.
The Company satisfies performance obligations
as services are performed and then billed to the patient. Payment in most cases is made by an attorney for such services to our patients
which are due upon final settlement of patients claims. During the claims process, legal counsel warranties such claim through the letter
of protection, which is sent to the Company, as a medical provider, on behalf of the client patient. This letter states that the attorney
is responsible for paying the client’s medical bills when the case is fully developed and settles. The medical professional agrees
to provide treatment to the injured person and refrain from attempting to collect payment as it is developing and until the case is resolved.
Once the personal injury case is finalized with the insurance company, the attorney pays the outstanding medical bills from the settlement.
Settlement Rates
Prior to its fiscal year 2024, the Company
has historically had a 49% settlement realization rate from its total gross billed charges. Accordingly, the Company has historically
recognized net healthcare service revenue as 49% of gross billed amounts. During the nine months ended September 30, 2024, the Company
underwent efforts to accelerate cash settlements by accepting lower settlement realization rates in order to settle outstanding accounts
receivable more quickly, which is expected to continue for the foreseeable future. This new initiative caused the Company to reassess
the average settlement rate used to recognize healthcare service revenue as a prospective change in estimate given new information available.
Accordingly, during the third quarter of 2024, the Company completed a thorough review of its third-party billing data, including reviewing
historical reports and new reporting methods as a part of its updated analysis. Based upon this review it was determined that a 24-month
lookback period should be used in the analysis of its historical settlement realization rates. Accordingly, its estimate of its settlement
realization rate was reduced from 49% to 44%, resulting in a $1,650,474 million reduction in its accounts receivable and revenue during
the third quarter of 2024 related to the change in estimate. Additionally, as a result of this reduced settlement realization experience,
the Company recorded reductions to net revenue of $0 and $1,199,155 for the three and nine months ended September 30, 2024, respectively.
The Company will continue to evaluate its estimate
of its settlement realization rates in the future, which will include a monthly review of the Company’s trailing 24-month historical
settlement realization rate, along with estimates of current and pending settlements through ongoing discussions with attorneys, doctors
and the Company’s third-party medical billing company in order to determine its variable consideration under ASC 606 and the net
transaction price. The Company will update its settlement realization rate estimate used in determining its accounts receivable and revenue
each quarter based on this review.
Contract Fees (Non-PIP)
The Company has contract fees for amounts earned
from its Non-Personal Injury Protection (“PIP”) related procedures, typically car accidents, and are settled on a contingency
basis. Prior to April 2023, these cases were sold to a factor who bears the risk of economic benefit or loss. Generally, the sale of these
cases to a third-party factor resulted in an approximate 54% reduction from the accounts receivables amounts. After selling patient cases
to the factor, any additional funds settled by us were remitted to the factor. The Company evaluated the factored adjustments considering
the actual factored amounts per patient on a quarterly interval, and the reductions from accounts receivable that were factored were recorded
in finance charges as other expenses on the consolidated statement of operations. As a result of the Company’s eighteen to twenty-four
month settlement realization timeframe, the Company has an accrued liability resulting from the settlement of receivables sold to the
third-party factors which fluctuates as settlements are made and remitted to those third-party factors. These accounts receivables sold
to these third-party factors are not included in the Company’s financial statements accounts receivable balance once sold and therefore
are not part of the assessment of the net realizable value of accounts receivable. For the nine months ended September 30, 2023, the Company
factored a total of $544,196 of its accounts receivable in exchange for cash of $253,750. The Company ceased factoring of accounts receivable
in the first quarter of 2023.
Advertising Costs
Advertising costs are expensed as incurred. Advertising
costs are included as a component of cost of sales in the consolidated statements of operations and changes in stockholders’ equity.
The Company recognized advertising and marketing expense of $84,914 and $71,636 for the three months ended September 30, 2024 and 2023,
respectively. The Company recognized advertising and marketing expense of $263,864 and $243,315 for the nine months ended September 30,
2024 and 2023, respectively.
Fair Value Measurements
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 recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair value. The fair value hierarchy distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs), and (2) an entity’s own assumptions about
market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair
value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy
are described below:
|
Level 1 |
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. |
|
|
|
|
Level 2 |
Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date. |
|
|
|
|
Level 3 |
Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
Distinguishing Liabilities from Equity
The Company accounts for its series N senior convertible
preferred stock, series R convertible preferred stock, and series X senior convertible preferred stock subject to possible redemption
in accordance with ASC 480, “Distinguishing Liabilities from Equity”. Conditionally redeemable preferred shares are classified
as temporary equity within the Company’s consolidated balance sheet.
Stock-Based Compensation
The Company accounts for its stock-based compensation
in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of
the fair value recognition provisions of section 718-10-30 of the Financial Accounting Standards Board (“FASB”) ASC. Pursuant
to paragraph 718-10-30-6 of the FASB ASC, all transactions in which goods or services are the consideration received for the issuance
of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument
issued, whichever is more reliably measurable.
The measurement date used to determine the fair
value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable
that performance will occur.
Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based payments
is recorded in the consolidated statements of operations.
Income Taxes
Income taxes are determined in accordance with
ASC Topic 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change
in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how
companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to
be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
As of September 30, 2024 and 2023, the Company
did not have any interest and penalties associated with tax positions and did not have any significant unrecognized uncertain tax positions.
Income (Loss) per Share
FASB ASC Subtopic 260, “Earnings Per Share,”
provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per common share is computed
by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted earnings per common share is computed by dividing income available to common stockholders by the weighted-average number of shares
of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options,
warrants, and debts convertible into common stock. The dilutive effect of stock options and warrants are reflected in diluted earnings
per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of
the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. The diluted effect of debt
convertibles is reflected utilizing the if converted method.
Going Concern
The accompanying consolidated financial statements
have been prepared using the going concern basis of accounting, which contemplates continuity of operations, realization of assets and
liabilities and commitments in the normal course of business. The Company had sustained recurring operating losses since its inception
and has an accumulated deficit of $71,792,589 as of September 30, 2024. These factors raise a substantial doubt about the Company’s
ability to continue as a going concern. The accompanying consolidated financial statements do not reflect any adjustments relating to
the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result if
the Company is unable to continue as a going concern.
The ability of the Company to continue as a going
concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management
is in continuous discussions with prospective investors and believes the raising of capital will allow the Company to fund its cash flow
shortfalls and pursue new acquisitions. There can be no assurance that the Company will be able to obtain sufficient capital from debt
or equity transactions or from operations in the necessary time frame or on terms acceptable to it. Should the Company be unable to raise
sufficient funds, it may be required to curtail its operating plans. In addition, if overall Company expenses increase, the Company may
need to implement cost reductions. No assurance can be given that the Company will be able to operate profitably on a consistent basis,
or at all, in the future. Should the Company not be able to raise sufficient funds, it may cause cessation of operations.
Recently Issued Accounting Standards
The FASB issued Accounting Standards Update (“ASU”)
2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures” (“Topic 280”) in November 2023. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024, with early adoption permitted. Topic 280 improves “reportable segment disclosure requirements, primarily through enhanced
disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances
in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities
with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors
to better understand an entity’s overall performance” and assess “potential future cash flows.” Management is
evaluating the impact of ASU 2023-07 on the consolidated financial statements and does not expect there to be any changes or impact to
the financial statements.
Recently Adopted Accounting Standards
The FASB issued ASU 2020-06, “Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
81540).” The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within that period. The FASB also specified
that an entity must adopt the guidance as of the beginning of its annual fiscal year and is not permitted to adopt the guidance in an
interim period, other than the first interim period of their fiscal year. ASU 2020-06 reduces the number of accounting models for convertible
debt and convertible preferred stock instruments and makes certain disclosure amendments to improve the information provided to users.
There were no material impacts on the consolidated financial statements at adoption.
2. |
RESTATEMENT OF FINANCIAL STATEMENTS
|
During the preparation of the financial statements
for the year ended December 31, 2023, the Company identified and corrected its classification and accounting treatment for its series
R convertible preferred stock and the related dividend accrual. Pursuant to ASC 250, Accounting changes and error corrections issued
by FASB and Staff Accounting Bulletin 99 Materiality, issued by Securities and Exchange Commission, the Company determined the
impact of the error was immaterial. The impact of the error correction is reflected in the consolidated balance sheet as of September
30, 2023 as a $274,982 increase to the mezzanine equity and offsetting decrease to the series R convertible preferred stock and subject
to possible redemption mezzanine equity line item. In addition, the impact of the unpaid dividend accrual was reflected as of September
30, 2023 as a $24,681 increase to mezzanine equity and offsetting decrease to the accumulated deficits.
During the preparation of the financial statements
for three months ended March 31, 2024, the Company identified and corrected its classification for all its outstanding common stock amount
per par value of $0.001 with additional paid-in-capital related with a 1-for-75,000 reverse split executed on January 9, 2024. The impact
of this adjustment decreased $1,804,774 to common stock and offsetting increase to additional paid-in-capital as of December 31, 2023.
On November 10, 2023, the Company sold Platinum
Tax, which was a full-service tax resolution firm located in Los Angeles, California. The Company presented in prior periods operating
loss as loss from discontinued operations of $3,705 and $93,005 on the consolidated statement of operations for the three and nine months
ended September 30, 2023, respectively.
The impact of the error corrections also reflected
a $136.12 increase of basic earnings per share, and a $2.30 increase of diluted earnings per share on the consolidated statement of operations
for the three months ended September 30, 2023. For the nine months ended September 30, 2023, the impact of the error correction reflected
a $167.33 increase of basic earnings per share, and an increase of $2.40 of diluted earnings per share.
The following tables summarize the impact of
the corrections on the Company’s condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statement
of operations for the three and nine months ended September 30, 2023, and the condensed consolidated statement of cash flows for the
nine months ended September 30, 2023:
Schedule of restated financial information | |
| | |
| | |
| |
Balance sheet | |
| | |
| | |
| |
| |
Impact of correction of error | |
September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Total assets | |
$ | 18,518,727 | | |
$ | (844 | ) | |
$ | 18,517,883 | |
| |
| | | |
| | | |
| | |
Total liabilities | |
| 12,102,942 | | |
| (244,129 | ) | |
| 11,858,813 | |
| |
| | | |
| | | |
| | |
Mezzanine equity | |
| 5,440,434 | | |
| 299,663 | | |
| 5,740,097 | |
| |
| | | |
| | | |
| | |
Total stockholders' equity | |
$ | 975,352 | | |
$ | (299,663 | ) | |
$ | 675,689 | |
Statement of operations
|
|
Impact of correction of error |
|
Three months ended September 30, 2023 (Unaudited) |
|
As previously reported |
|
|
Adjustments |
|
|
As restated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
3,438,124 |
|
|
$ |
(32,265 |
) |
|
$ |
3,405,859 |
|
Cost of sales |
|
|
557,028 |
|
|
|
(5,605 |
) |
|
|
551,423 |
|
Gross profit |
|
|
2,881,096 |
|
|
|
(26,660 |
) |
|
|
2,854,436 |
|
Operating expense |
|
|
611,110 |
|
|
|
(30,067 |
) |
|
|
581,043 |
|
Income from operations |
|
|
2,269,986 |
|
|
|
3,407 |
|
|
|
2,273,393 |
|
Other income (expense), net |
|
|
(288,465 |
) |
|
|
298 |
|
|
|
(288,167 |
) |
Net income before discontinued operations |
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
– |
|
|
|
(3,705 |
) |
|
|
(3,705 |
) |
Net income for the period |
|
$ |
1,981,521 |
|
|
$ |
– |
|
|
$ |
1,981,521 |
|
Preferred stock dividends |
|
$ |
(150,965 |
) |
|
$ |
0.00 |
|
|
$ |
(150,965 |
) |
Net income attributable to common shareholders |
|
$ |
1,830,556 |
|
|
$ |
0.00 |
|
|
$ |
1,830,556 |
|
Basic earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
136.12 |
|
|
$ |
136.12 |
|
Diluted earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
2.30 |
|
|
$ |
2.30 |
|
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Revenue | |
$ | 9,781,731 | | |
$ | (304,967 | ) | |
$ | 9,476,764 | |
Cost of sales | |
| 2,643,137 | | |
| (53,730 | ) | |
| 2,589,407 | |
Gross profit | |
| 7,138,594 | | |
| (251,237 | ) | |
| 6,887,357 | |
Operating expense | |
| 2,448,876 | | |
| (341,900 | ) | |
| 2,106,976 | |
Income from operations | |
| 4,689,718 | | |
| 90,663 | | |
| 4,780,381 | |
Other income (expense), net | |
| (1,908,110 | ) | |
| 2,342 | | |
| (1,905,768 | ) |
Net income before discontinued operations | |
| | |
| | |
| |
Loss from discontinued operations | |
| – | | |
| (93,005 | ) | |
| (93,005 | ) |
Net income for the period | |
$ | 2,781,608 | | |
$ | – | | |
$ | 2,781,608 | |
Preferred stock dividends | |
$ | (605,384 | ) | |
$ | 0.00 | | |
$ | (605,384 | ) |
Net income attributable to common shareholders | |
$ | 2,176,224 | | |
$ | 0.00 | | |
$ | 2,176,224 | |
Basic earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 167.33 | | |
$ | 167.33 | |
Diluted earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 2.40 | | |
$ | 2.40 | |
Statement of Cash Flows
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Net cash used in operating activities of continuing operations | |
$ | (603,392 | ) | |
$ | 45,850 | | |
$ | (557,542 | ) |
Net cash provided by financing activities of continuing operations | |
$ | 557,933 | | |
$ | (131,262 | ) | |
$ | 426,671 | |
3. |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Schedule of accounts payable and accrued expenses | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts payable | |
$ | 663,381 | | |
$ | 720,774 | |
Accrued credit cards | |
| 8,248 | | |
| 26,645 | |
Accrued liability for settlement of previously factored receivables | |
| 599,956 | | |
| 1,247,772 | |
Accrued income and property taxes | |
| 5,346 | | |
| 5,346 | |
Accrued professional fees | |
| 50,721 | | |
| 29,122 | |
Accrued board fees | |
| 15,000 | | |
| – | |
Accrued dividend | |
| 30,354 | | |
| – | |
Accrued public company fees | |
| 5,000 | | |
| – | |
Accrued travel expense | |
| 1,571 | | |
| – | |
Accrued payroll | |
| 6,835 | | |
| 17,472 | |
Total | |
$ | 1,386,412 | | |
$ | 2,047,131 | |
The Company is delinquent paying certain property
taxes. As of September 30, 2024 and December 31, 2023, the balance for these property taxes was $1,659.
4. |
PLANT AND EQUIPMENT, NET |
Property and equipment as of September 30, 2024
and December 31, 2023 is as follows:
Schedule of property and equipment |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Medical equipment |
|
$ |
96,532 |
|
|
$ |
96,532 |
|
Computer Equipment |
|
|
9,189 |
|
|
|
9,189 |
|
Furniture, fixtures and equipment |
|
|
15,079 |
|
|
|
15,079 |
|
Leasehold Improvement |
|
|
15,950 |
|
|
|
15,950 |
|
Total |
|
|
136,750 |
|
|
|
136,750 |
|
Less: accumulated depreciation |
|
|
(112,187 |
) |
|
|
(102,089 |
) |
Property and equipment, net |
|
$ |
24,563 |
|
|
$ |
34,661 |
|
For the three months ended September 30, 2024
and 2023, depreciation expense was $3,365 and $3,365, respectively. For the nine months ended September 30, 2024 and 2023, depreciation
expense was $10,096 and $11,365, respectively.
As of September 30, 2024 and December 31, 2023,
the Company had 27 acres of land of approximately $540,000. The land is currently vacant and is expected to be developed into a residential
community.
6. |
RELATED PARTY TRANSACTIONS |
In connection with the acquisition of Edge View
on July 16, 2014, the Company assumed amounts due from previous owners who are current managers of Edge View. These amounts are due on
demand and do not bear interest. The balance of these amounts is $4,979 due from the previous owners as of September 30, 2024 and December
31, 2023.
The Company obtained short-term advances from
the Chairman of the Board that are non-interest bearing and due on demand. As of September 30, 2024 and December 31, 2023, the Company
owed the Chairman $0 and $120,997, respectively. During the nine months ended September 30, 2024, the Company paid $120,997 to the Chairman.
See also Note 8. Convertible Notes Payable
and the disclosure regarding Note payable 41.
See also Note 13. Commitments and Contingencies
for compensation paid to employees of the Company.
7. |
NOTES AND LOANS PAYABLE |
Notes payable at September 30, 2024 and December
31, 2023 are summarized as follows:
Schedule of notes payable | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Notes and loans payable | |
$ | 8,215,069 | | |
$ | 2,280,743 | |
Less current portion | |
| (8,074,797 | ) | |
| (2,136,077 | ) |
Long-term portion | |
$ | 140,272 | | |
$ | 144,666 | |
Long-term debt matures as follows:
Schedule of maturities of long-term debt | |
| |
| |
Amount | |
2024 (remainder of year) | |
$ | 8,071,169 | |
2025 | |
| 4,837 | |
2026 | |
| 4,837 | |
2027 | |
| 4,837 | |
2028 | |
| 4,837 | |
Thereafter | |
| 124,552 | |
Total | |
$ | 8,215,069 | |
Promissory Note – Settlement Agreement
On June 11, 2024, the Company entered into a settlement
agreement and release of claims with the holder of 165 shares of series R convertible preferred stock and certain convertible promissory
notes (see Notes 29-2, 37-1, 37-2, and 37-3 referenced in Note 8. Convertible Notes Payable). Pursuant to the settlement agreement
and release of claims, the holder agreed to cancel its shares of series R convertible preferred stock and convertible promissory notes
in exchange for a new fixed amount settlement promissory note in the principal amount of $535,000.
The note does not bear interest and requires
fixed payments as follows: (i)
if the Company raises at least $5 million but less than $6 million in its planned underwritten public offering (the
“Offering”), then it must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and
$35,000 to follow on the 90th, 180th, and 240th days following the closing of the Offering,
respectively; (ii) if the Company raises at least $6 million but less than $7 million in the Offering, then it must pay $390,000 on
the closing date of the Offering and $145,000 on the 90th day following the closing of the Offering; and (iii) if
the Company raises at least $7 million in the Offering, then it must repay the entire principal amount on the closing date of the
Offering. If the Offering is not completed by August 15, 2024, then the Company is required to pay $25,000 on such date and to
continue making payments of $25,000 on each monthly anniversary thereof until the entire principal amount is repaid in full.
Notwithstanding the foregoing, if the Company abandons the Offering and conducts a new public offering thereafter, then the Company
is required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the
90th day following the closing of such offering and $35,000 each month thereafter until the entire principal amount
is repaid in full. If any portion of the principal amount remains unpaid on the second (2nd) anniversary of the
date of the note, it shall become immediately due and payable on such date. The Company may prepay the entire principal amount at
any time without penalty. The note is unsecured and contains customary events of default for a loan of this type. Upon an event of
default, interest would automatically begin to accrue at a simple interest rate of ten percent per annum. This transaction was
accounted for as a debt extinguishment and a gain on settlement of $78,834
was recorded to the unaudited, consolidated statement of operations for the quarter ended June 30, 2024, in accordance with FASB
Topic 470 Borrower’s Accounting for Debt Modifications. During the three months ended September 30, 2024, the Company
paid $50,000
against the outstanding principal balance. At September 30, 2024, the remaining principal balance was $485,000.
Loans and Notes Payable – Unrelated Party
On March 12, 2009, the Company issued a debenture
in the principal amount of $20,000. The debenture bore interest at 12% per year and matured on September 12, 2009. The balance of the
debenture was $10,989 at September 30, 2024 and December 31, 2023. The accrued interest of the debenture was $8,537 and $7,547 at September
30, 2024 and December 31, 2023, respectively. The Company assigned all of its receivables from consumer activations of the rewards program
as collateral on this debenture.
Small Business Administration (“SBA”)
Loans
On June 2, 2020, the Company obtained an SBA loan
in the principal amount of $150,000 with an interest rate of 3.75% and a maturity date of June 2, 2050. The principal balance and accrued
interest at September 30, 2024 was $145,109 and $0, respectively, and principal and accrued interest at December 31, 2023 was $149,655
and $956, respectively.
Line of Credit
On September 29, 2023, the Company and Nova entered
into a two-year revolving purchase and security agreement with DML HC Series, LLC (“DML”) to sell, with recourse, Nova’s
accounts receivables for a revolving financing up to a maximum advance amount of $4.5 million. A review is performed on a quarterly basis
to assess the adequacy of the maximum amount. If mutually agreed upon by the Company and DML, the maximum amount may be increased. On
April 24, 2024, the Company and Nova entered into amendment No. 1 with DML which increased the maximum advance amount to $8,000,000 and
defined the discount fee equal to 2.25% per purchase and claims balance forward on new purchases with a minimum fee to now be $10,000.
On June 11, 2024, the Company and Nova entered into amendment No. 2 with DML which further increased the maximum advance amount to $11,000,000.
As of September 30, 2024, and December 31, 2023, the Company had $7,468,971 and $2,120,100, respectively, outstanding balance against
the revolving receivable line of credit. As of September 30, 2024, there was $252,628 of interest accrued related to the line of credit.
The revolving purchase and security agreement includes discounts recorded as interest expense on each funding and matures on September
29, 2025.
8. |
CONVERTIBLE NOTES PAYABLE |
As of September 30, 2024 and December 31, 2023,
the Company had convertible debt outstanding net of amortized debt discount of $105,000 and $3,807,030, respectively. During the nine
months ended September 30, 2024, the Company paid the total principal outstanding of $100,080 and the total outstanding interest of $22,279
to the holder of Notes 9 and 10-1. The Company also paid the total principal outstanding of $5,000 and the total outstanding interest
of $501 to the holder of Note 41. Additionally, the Company paid $100,000 of accrued interest to convertible noteholder related to note
40-1. On June 11, 2024, the Company entered into a settlement agreement and release of claims with the holder of Notes 29-2, 37-1, 37-2
and 37-3 (see below and also Note 7. Notes and Loans Payable for further details). Pursuant to the settlement agreement and release
of claims, the holder agreed to cancel these notes in exchange for a new fixed amount settlement promissory note in the principal amount
of $535,000. Additionally, during the nine months ended September 30, 2024, the Company exchanged Notes 40-1, 40-2, 40-3, 40-4, 40-5,
40-6, 40-7, 40-8, 40-9 and 40-10 for the issuance of 938,908 shares of series Y senior convertible preferred stock to the noteholder.
See also Note 9. Capital Stock.
During the nine months ended September 30, 2023,
the Company received net proceeds of $421,375 from convertible notes. There were debt discounts associated with the convertible debt of
$0 and $24,820 at September 30, 2024 and December 31, 2023, respectively. For the three months ended September 30, 2024 and 2023, the
Company recorded amortization of debt discounts of $0 and $46,048, respectively. For the nine months ended September 30, 2024 and 2023,
the Company recorded amortization of debt discounts of $24,821and $94,664, respectively.
During the nine months ended September 30, 2024,
the Company converted $680 in accrued interest and $1,000 in conversion cost into 1,222 shares of common stock. The Company recognized
$1,679 of additional paid-in capital to adjust fair value for the debt settlement during the nine months ended September 30, 2024. During
the nine months ended September 30, 2023, the Company converted $87,460 of convertible debt, $12,073 in accrued interest and $3,000 in
conversion cost into 3,662 shares of the Company’s common stock. The Company recognized $141,406 of interest expense and additional
paid-in capital to adjust fair value for the debt settlement during the nine months ended September 30, 2023.
Convertible notes as of September 30, 2024 and
December 31, 2023 are summarized as follows:
Schedule of convertible notes |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Convertible notes payable |
|
$ |
105,000 |
|
|
$ |
3,831,850 |
|
Discounts on convertible notes payable |
|
|
– |
|
|
|
(24,820 |
) |
Total convertible debt less debt discount |
|
|
105,000 |
|
|
|
3,807,030 |
|
Current portion |
|
|
105,000 |
|
|
|
3,807,030 |
|
Long-term portion |
|
$ |
– |
|
|
$ |
– |
|
The following is a schedule of convertible notes
payable as of and for the nine months ended September 30, 2024.
Schedule of convertible notes payable | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Note # | |
Issuance | |
Maturity | |
Principal Balance 12/31/23 | | |
Settlements and/or Principal Conversions | | |
New Loans or (Cash Paydown) | | |
Shares Issued Upon Conversion or Exchange | | |
Principal Balance 09/30/24 | | |
Accrued Interest on Convertible Debt at 12/31/23 | | |
Interest On Convertible Debt For the Period Ended 09/30/24 | | |
Accrued Interest on Convertible Debt at 09/30/24 | | |
Unamortized Debt Discount At 09/30/24 | |
9 | |
09/12/2016 | |
09/12/2017 | |
$ | 50,080 | | |
$ | – | | |
$ | (50,080 | ) | |
| 1,222 | | |
$ | – | | |
$ | 5,581 | | |
$ | (5,581 | ) | |
$ | – | | |
$ | – | |
10 | |
01/24/2017 | |
01/24/2018 | |
| 55,000 | | |
| – | | |
| – | | |
| – | | |
| 55,000 | | |
| 80,875 | | |
| 8,258 | | |
| 89,134 | | |
| – | |
10-1 | |
02/10/2023 | |
02/10/2024 | |
| 50,000 | | |
| – | | |
| (50,000 | ) | |
| – | | |
| – | | |
| 6,658 | | |
| (6,658 | ) | |
| – | | |
| – | |
10-2 | |
03/30/2023 | |
03/30/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 2,836 | | |
| 3,442 | | |
| 6,277 | | |
| – | |
10-3 | |
08/11/2023 | |
08/11/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 1,469 | | |
| 3,130 | | |
| 4,599 | | |
| – | |
29-2 | |
11/08/2019 | |
11/08/2020 | |
| 36,604 | | |
| (36,604 | ) | |
| – | | |
| – | | |
| – | | |
| 10,109 | | |
| (10,109 | ) | |
| – | | |
| – | |
31 | |
08/28/2019 | |
08/28/2020 | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 8,385 | | |
| (8,385 | ) | |
| – | | |
| – | |
37-1 | |
09/03/2020 | |
06/30/2021 | |
| 113,667 | | |
| (113,667 | ) | |
| – | | |
| – | | |
| – | | |
| 64,929 | | |
| (64,929 | ) | |
| – | | |
| – | |
37-2 | |
11/02/2020 | |
08/31/2021 | |
| 113,167 | | |
| (113,167 | ) | |
| – | | |
| – | | |
| – | | |
| 63,594 | | |
| (63,594 | ) | |
| – | | |
| – | |
37-3 | |
12/29/2020 | |
09/30/2021 | |
| 113,166 | | |
| (113,166 | ) | |
| – | | |
| – | | |
| – | | |
| 62,558 | | |
| (62,558 | ) | |
| – | | |
| – | |
40-1 | |
09/22/2022 | |
09/22/2024 | |
| 2,600,000 | | |
| (2,600,000 | ) | |
| – | | |
| 938,908 | (1) | |
| – | | |
| 252,665 | | |
| (252,655 | ) | |
| – | | |
| – | |
40-2 | |
11/04/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,939 | | |
| (7,939 | ) | |
| – | | |
| – | |
40-3 | |
11/28/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,506 | | |
| (7,506 | ) | |
| – | | |
| – | |
40-4 | |
12/21/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,054 | | |
| (7,054 | ) | |
| – | | |
| – | |
40-5 | |
01/24/2023 | |
03/21/2024 | |
| 90,166 | | |
| (90,166 | ) | |
| – | | |
| – | | |
| – | | |
| 8,284 | | |
| (8,284 | ) | |
| – | | |
| – | |
40-6 | |
03/21/2023 | |
09/22/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 10,671 | | |
| (10,671 | ) | |
| – | | |
| – | |
40-7 | |
06/05/2023 | |
06/05/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 7,826 | | |
| (7,826 | ) | |
| – | | |
| – | |
40-8 | |
06/13/2023 | |
06/13/2024 | |
| 21,167 | | |
| (21,167 | ) | |
| – | | |
| – | | |
| – | | |
| 1,127 | | |
| (1,127 | ) | |
| – | | |
| – | |
40-9 | |
07/19/2023 | |
07/19/2024 | |
| 35,500 | | |
| (35,500 | ) | |
| – | | |
| – | | |
| – | | |
| 1,605 | | |
| (1,605 | ) | |
| – | | |
| – | |
40-10 | |
07/24/2023 | |
07/24/2024 | |
| 14,000 | | |
| (14,000 | ) | |
| – | | |
| – | | |
| – | | |
| 614 | | |
| (614 | ) | |
| – | | |
| – | |
41 | |
08/25/2023 | |
08/25/2024 | |
| 5,000 | | |
| – | | |
| (5,000 | ) | |
| – | | |
| – | | |
| 175 | | |
| (175 | ) | |
| – | | |
| | |
| |
| |
| |
$ | 3,831,850 | | |
$ | (3,621,770 | ) | |
$ | (105,080 | ) | |
| 940,130 | | |
$ | 105,000 | | |
$ | 612,460 | | |
$ | (512,450 | ) | |
$ | 100,010 | | |
$ | – | |
Note 9
On September 12, 2016, the Company issued a convertible
promissory note in the principal of $80,000 for services rendered, which matured on September 12, 2017. Note 9 was in default and accrued
at a default interest rate of 20% per annum. In May of 2024, the $58,846 total outstanding principal and interest was paid in full.
Note 10, 10-1, 10-2 and 10-3
On January 24, 2017, the Company issued a convertible
promissory note in the principal amount of $80,000 for services rendered, which matured on January 24, 2018. Note 10 is currently in default
and accrues interest at a default interest rate of 20% per annum. On February 10, 2023, the Company executed a second tranche under this
note in the principal amount of $50,000 (Note 10-1). On March 30, 2023, the Company executed a third tranche under this note in the principal
amount of $25,000 (Note 10-2). On August 11, 2023, the Company executed a fourth tranche under this note in the principal amount of $25,000
(Note 10-3). In May of 2024, the $63,513 total outstanding principal and interest on Note 10-1 was paid in full. Notes 10-2 and 10-3 are
currently in default and accrue interest at a default interest rate of 20% per annum.
Notes 29-2, 37-1, 37-2 and 37-3
On May 10, 2019, the Company issued a convertible
promissory note in the principal amount of $150,000. On November 8, 2019, this note (Note 29) was purchased by and assigned to an unrelated
party. The amount assigned was the existing principal amount of $150,000 and accrued interest of $5,918, which was issued as Note 29-1,
plus a new convertible promissory note in the principal amount of $62,367, which was issued as Note 29-2.
On September 3, 2020, the Company issued a convertible
promissory note in the principal amount of $200,000, with an original issue discount of $50,000, which could be drawn in several tranches.
On September 3, 2020, the Company executed the first tranche in the principal amount of $67,000, less an original issue discount of $17,000,
which matured on June 30, 2021 (Note 37-1). On November 2, 2020, the Company executed the second tranche in the principal amount of $66,500,
less an original issue discount of $16,500, which matured on August 31, 2021 (Note 37-2). On December 29, 2020, the Company executed the
third tranche in the principal amount of $66,500, less an original issue discount of $16,500, which matured on September 30, 2021 (Note
37-3).
On June 11, 2024, the Company entered into a settlement
agreement and release of claims with the holder of Notes 29-2, 37-1, 37-2 and 37-3 (see Note 7. Notes and Loans Payable for further
details). Pursuant to the settlement agreement and release of claims, the holder agreed to cancel these notes, along with the cancellation
of their holding in the series R preferred stock, in exchange for a new fixed amount settlement promissory note in the principal amount
of $535,000.
Notes 40-1, 40-2, 40-3, 40-4, 40-5, 40-6, 40-7, 40-8, 40-9 and 40-10
On September 22, 2022, the Company issued a convertible
promissory note in the principal amount of $2,600,000 in exchange for total of $4,791,099 of defaulted promissory notes balances (Note
40-1). On November 4, 2022, the Company executed a second tranche under this note in the principal amount of $68,667, less an original
issue discount and fee of $18,667 (Note 40-2). On November 28, 2022, the Company executed the third tranche under this note in the principal
amount of $68,667, less an original issue discount and fee of $18,667 (Note 40-3). On December 21, 2022, the Company executed a fourth
tranche under this note in the principal amount of $68,667, less an original issue discount and fee of $18,667 (Note 40-4). On January
24, 2023, the Company executed a fifth tranche under this note in the principal amount of $90,166, less an original issue discount and
fee of $25,166 (Note 40-5). On March 21, 2023, the Company executed a sixth tranche under this note in the principal amount of $136,666,
less an original issue discount and fee of $39,166 (Note 40-6). On June 5, 2023, the Company executed a seventh tranche under this note
in the principal amount of $136,667, less original issue discount and fee of $39,167 (Note 40-7). On June 13, 2023, the Company executed
an eighth tranche under this note in the principal amount of $21,167, less original issue discount and fee of $5,167 (Note 40-8). On July
19, 2023, the Company executed a ninth tranche under this note in the principal amount of $35,500, less an original issue discount and
fee of $8,875 (Note 40-9). On July 24, 2023, the Company executed a tenth tranche under this note in the principal amount of $14,000,
less an original issue discount and fee of $3,500 (Note 40-10). On December 1, 2023, the Company executed amendment on Notes series 40
consolidated senior secured convertible promissory note to extend the expired tranche note 40-1 through 40-5’ due date to September
20, 2024. All of the Note 40 tranches mature in one year from the note issuance date and accrue interest at a rate of 10% per annum.
On April 11, 2024, the Company issued 938,908
shares of series Y senior convertible preferred stock in exchange for the settlement of the principal and interest in full on Notes 40-1,
40-2, 40-3, 40-4, 40-5, 4-6, 40-7, 40-8, 40-9 and 40-10. See also Note 9. Capital Stock.
Note 41
On August 25, 2023, the Company issued a twelve-month
convertible promissory note in the principal amount of $5,000 to the Company’s CEO for the Company’s operating expenses.
The rate of interest is 10% per annum. In August of 2024, the remaining outstanding principal and interest of $5,501 was paid in full.
On May 8, 2024, the Company amended its Articles
of Incorporation to increase its authorized stock. The total amended authorized shares are 350,000,000 shares of capital stock, consisting
of 300,000,000 shares of common stock, $0.001 par value, and 50,000,000 shares of preferred stock, $0.001 par value per share.
Preferred Stock
The Company has designated multiple series of
preferred stock, including 2 shares of series A preferred stock, 3,000,000 shares of series B preferred stock, 500 shares of series C
preferred stock, 1,000,000 shares of series E preferred stock, 50,000 shares of series F-1 preferred stock, 15,000,000 shares of series
I preferred stock, 2,000,000 shares of series J preferred stock, 400,000 shares of series L preferred stock, 3,000,000 shares of series
N senior convertible preferred stock, 5,000 shares of series R convertible preferred stock, 5,000,000 shares of series X senior convertible
preferred stock and 1,000,000 shares of series Y senior convertible preferred stock.
The following is a description of the rights and
preferences of each series of preferred stock.
Redeemable Preferred Stock
The Company recognizes the series N senior convertible
preferred stock, series R convertible preferred stock and series X senior convertible preferred stock as mezzanine equity in accordance
with ASC 480, “Distinguishing Liabilities from Equity”.
Series N Senior Convertible Preferred Stock
Ranking. The series N senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each other class or series that is not expressly made senior to or on parity with the series N senior convertible preferred
stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the series N senior convertible preferred
stock; and (iii) junior to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company
and each class or series that is expressly made senior to the series N senior convertible preferred stock.
Dividend Rights. Holders of series N senior
convertible preferred stock are entitled to dividends at a rate per annum of 12.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series N senior convertible preferred stock), such rate
would increase by 8% per annum. Dividends accrued from day to day, whether or not declared, and are cumulative. Dividends are payable
quarterly in arrears on each dividend payment date in cash or common stock at the Company’s discretion. Dividends payable in common
stock are to be calculated based on a price equal to eighty percent (80%) of the volume weighted average price for the common stock on
the Company’s principal trading market (the “VWAP”) during the five (5) trading days immediately prior to the applicable
dividend payment date. At September 30, 2024 and December 31, 2023, cumulative dividends earned on the series N senior convertible preferred
stock were $1,211,585 and $766,437, respectively. At September 30, 2024 $1,106,562 of the cumulative accrued dividends were paid by the
Company via the issuance of 197,601 shares of the Company’s common stock. The remaining $105,023 cumulative accrued dividend will
be paid during the fourth quarter 2024 via the issuance of 26,256 shares of the Company’s series N senior convertible preferred
stock.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities or parity securities (in each case, as defined in the certificate of designation),
upon any liquidation of the Company or its subsidiaries, before any payment or distribution of the assets of the Company (whether capital
or surplus) are to be made to or set apart for the holders of junior securities (as defined in the certificate of designation), including
the common stock, each holder of outstanding series N senior convertible preferred stock is entitled to receive an amount of cash equal
to 115% of the stated value of $4.00 per share, plus an amount of cash equal to all accumulated accrued and unpaid dividends thereon (whether
or not declared) to, but not including the date of final distribution to such holders.
Voting Rights. Holders of series N senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series N senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series N senior convertible preferred stock, which majority
must include SILAC Insurance Company so long as it holds any shares of series N senior convertible preferred stock, voting as a separate
class, is necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate
of designation or prior to the Company’s (or Nova’s) creation or issuance of any parity securities or new indebtedness (as
defined in the certificate of designation); provided that the foregoing does not apply to any financing transaction the use of proceeds
of which would be used to redeem the series N senior convertible preferred stock and the warrants issued in connection therewith. In addition,
the affirmative vote of holders of 66% of the series N senior convertible preferred stock, voting as a separate class, is required prior
to the Company’s (or Nova’s) creation or issuance of any senior securities.
Conversion Rights. Each share of series
N senior convertible preferred stock, plus all accrued and unpaid dividends thereon, are convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price of $900 per share
(subject to standard adjustments in the event of any stock splits, stock combinations, stock reclassifications, dividends paid in common
stock, sales of substantially all assets, mergers, consolidations or similar transactions); provided that in no event shall the holder
of any series N senior convertible preferred stock be entitled to convert any number of shares that upon conversion the sum of (i) the
number of shares of common stock beneficially owned by the holder and its affiliates and (ii) the number of shares of common stock issuable
upon the conversion of the series N senior convertible preferred stock with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the then outstanding common stock. This
limitation can be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one (61) days’
prior notice to the Company.
Redemption Rights. The Company may redeem
the series N senior convertible preferred stock at any time by paying in cash therefore a sum equal to 115% of the stated value of $4.00
per share, plus the amount of accrued and unpaid dividends and any other amounts due pursuant to the terms of the certificate of designation.
In addition, any holder may require the Company to redeem some or all of its shares of series N senior convertible preferred stock on
the same terms after a period of twelve months from the date of issuance; provided, however, that such redemption right shall only be
exercisable if the Company raises at least $5,000,000 or the common stock is trading on the Nasdaq Stock Market or the New York Stock
Exchange.
Series R Convertible Preferred Stock
The series R convertible preferred stock was cancelled
as part of the June 2024 promissory note and settlement agreement. See also Note 7. Notes and Loans Payable and Note 8. Convertible
Notes Payable.
Ranking. The series R convertible preferred
stock ranked, with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock, series
B preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series I preferred stock, series J
preferred stock, series L preferred stock and to each other class or series that is not expressly made senior to or on parity with the
series R convertible preferred stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the
series R convertible preferred stock; and (iii) junior to the series N senior convertible preferred stock, series X senior convertible
preferred stock and to each other series of preferred stock and each class or series that is expressly made senior to the series R convertible
preferred stock, as well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
R convertible preferred stock were entitled to receive cumulative dividends in the amount of twelve percent (12%) per annum, payable quarterly.
In addition, holders of series R convertible preferred stock were entitled to receive dividends equal (on an as converted to common stock
basis) to and in the same form as dividends actually paid on shares of common stock when, as and if such dividends are paid on shares
of common stock. Any dividends that were not paid when due were to continue to accrue and entailed a late fee, which must be paid in cash,
at the rate of 18% per annum or the lesser rate permitted by applicable law which was to accrue and compound daily from the missed payment
date through and including the date of actual payment in full. At September 30, 2024 and December 31, 2023, cumulative dividends on Series
R Preferred Stock were $0 and $109,980, respectively.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series R convertible preferred stock were entitled
to receive out of the assets, whether capital or surplus, of the Company an amount equal to the stated value ($1,200), plus any accrued
and unpaid dividends thereon and any other fees or liquidated damages then due and owing, for each share of series R convertible preferred
stock before any distribution or payment shall be made to the holders of any junior securities.
Voting Rights. The holders of series R
convertible preferred stock voted together with the common stock on an as-converted basis. However, as long as any shares of series R
convertible preferred stock were outstanding, the Company shall not, without the affirmative vote of the holders of a majority of the
then outstanding shares of the series R convertible preferred stock, directly and/or indirectly (i) alter or change adversely the powers,
preferences or rights given to the series R convertible preferred stock or alter or amend the certificate of designation, (ii) authorize
or create any class of stock ranking as to redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu
with, the series R convertible preferred stock, or authorize or create any class of stock ranking as to dividends senior to, or otherwise
pari passu with, the series R convertible preferred stock, (iii) amend its articles of incorporation or other charter documents
in any manner that adversely affects any rights of the holders of the series R convertible preferred stock, (iv) increase the number of
authorized shares of series R convertible preferred stock, or (v) enter into any agreement with respect to any of the foregoing.
Conversion Rights. Each share of series
R convertible preferred stock was convertible, at the option of the holder thereof, at any time and from time to time, into such number
of fully paid and nonassessable shares of common stock determined by dividing the stated value ($1,200 per share) by a conversion price
equal to the lower of (i) $75.0 and (ii) the lowest daily VWAP during the twenty (20) trading days immediately prior to the applicable
conversion date. Notwithstanding the foregoing, the Company shall not effect any conversion of the series R convertible preferred stock,
and a holder shall not have the right to convert any portion of the series R convertible preferred stock, to the extent that, after giving
effect to the conversion, such holder (together with such holder’s affiliates, and any persons acting as a group together with such
holder or any of such holder’s affiliates) would beneficially own in excess of 4.99% of the then outstanding common stock. The conversion
price was subject to adjustment for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately
decreases or increases the common stock, as well as for mergers, business combinations and certain other fundamental transactions. In
addition, subject to certain exceptions, upon any issuance by the Company or any of its subsidiaries of common stock or common stock equivalents
for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), the holder could have elected,
in its sole discretion, to exchange (in lieu of conversion), if applicable, all or some of the shares of series R convertible preferred
stock then held for any securities or units issued in a Subsequent Financing on a $1.00 for $1.00 basis.
Participation Rights. Subject to certain
exceptions, upon a Subsequent Financing, a holder of at least 100 shares of series R convertible preferred stock were to have the right
to participate in up to an amount of the Subsequent Financing equal to 100% of the Subsequent Financing on the same terms, conditions
and price provided for in the Subsequent Financing.
Company Redemption Rights. The Company
had the right to redeem all (but not less than all), shares of the series R convertible preferred stock issued and outstanding at any
time upon three (3) business days’ notice, at a redemption price per share equal to the product of (i) the Premium Rate multiplied
by (ii) the sum of (x) the stated value ($1,200), (y) all accrued but unpaid dividends, and (z) all other amounts due to the holder. “Premium
Rate” means (a) 1.1 if all of the series R convertible preferred stock is redeemed within ninety (90) calendar days from the issuance
date thereof; (b) 1.2 if all of the series R convertible preferred stock is redeemed after ninety (90) calendar days and within one hundred
twenty (120) calendar days from the issuance date thereof; (c) 1.3 if all of the series R convertible preferred stock is redeemed after
one hundred twenty (120) calendar days and within one hundred eighty (180) calendar days from the issuance date thereof; and (iv) 1.0
if all of the series R convertible preferred stock is redeemed after one hundred eighty (180) calendar days.
Redemption Upon Triggering Events. Upon
the occurrence of a Triggering Event (as defined below), each holder of series R convertible preferred stock had (in addition to all other
rights it may have) the right, exercisable at the sole option of such holder, to require the Company to (A) redeem all of the series R
convertible preferred stock then held by such holder for a redemption price, in cash, equal to the Triggering Redemption Amount (as defined
below), or (B) at the option of each holder either (i) redeem all of the series R convertible preferred stock then held by such holder
though the issuance to such holder of such number of shares of common stock equal to the quotient of (x) the Triggering Redemption Amount,
divided by (y) the lowest of (1) the conversion price, and (2) 75% of the average of the 10 VWAPs immediately prior to the date of election,
or (ii) increase the dividend rate on all of the outstanding series R convertible preferred stock held by such holder retroactively to
the initial issuance date to 18% per annum thereafter. “Triggering Redemption Amount” means, for each share of series R convertible
preferred stock, the sum of (a) the greater of (i) 130% of the stated value and (ii) the product of (y) the VWAP on the trading day immediately
preceding the date of the Triggering Event, multiplied by (z) the stated value divided by the then applicable conversion price, (b) all
accrued but unpaid dividends thereon and (c) all liquidated damages, late fees and other costs, expenses or amounts due in respect of
the series R convertible preferred stock including, but not limited to legal fees and expenses of legal counsel to the holder in connection
with, related to and/or arising out of a Triggering Event. A “Triggering Event” means any of the following events (whatever
the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any
judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):
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the Company shall fail to deliver the shares of common stock issuable upon a conversion prior to the fifth (5th) trading day after such shares are required to be delivered, or the Company shall provide written notice to any holder, including by way of public announcement, at any time, of its intention not to comply with requests for conversion of any shares of series R convertible preferred stock in accordance with the terms of the certificate of designation; |
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the Company shall fail for any reason to pay in full the amount of cash due pursuant to a Buy-In (as defined in the certificate of designation) within five (5) trading days after notice therefor is delivered; |
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the Company shall fail to have available a sufficient number of authorized and unreserved shares of common stock to issue to such holder upon a conversion; |
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unless specifically addressed elsewhere in the certificate of designation as a Triggering Event, the Company shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commit any breach of the Transaction Documents (as defined in the certificate of designation), and such failure or breach shall not, if subject to the possibility of a cure by the Company, have been cured within five (5) calendar days after the date on which written notice of such failure or breach shall have been delivered; |
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the Company shall redeem junior securities or pari passu securities; |
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the Company shall be party to a Change of Control Transaction (as defined in the certificate of designation); |
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there shall have occurred a Bankruptcy Event (as defined in the certificate of designation); |
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any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their respective property or other assets for more than $50,000 (provided that amounts covered by the Company’s insurance policies are not counted toward this $50,000 threshold), and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of thirty (30) trading days; |
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the electronic transfer by the Company of shares of common stock through the Depository Trust Company or another established clearing corporation once established subsequent to the date of the certificate of designation is no longer available or is subject to a ‘freeze” and/or “chill;” or |
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any “Event of Default,” as defined in the Purchase Agreement (as defined in the certificate of designation). |
Series X Senior Convertible Preferred Stock
Ranking. The series X senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each other class or series that is not expressly made senior to or on parity with the series X senior convertible preferred
stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the series X senior convertible preferred
stock; and (iii) junior to the series N senior convertible preferred stock, all indebtedness and other liabilities with respect to assets
available to satisfy claims against the Company and each class or series that is expressly made senior to the series X senior convertible
preferred stock.
Dividend Rights. Holders of series X senior
convertible preferred stock are entitled to dividends at a rate per annum of 10.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series X senior convertible preferred stock), such rate
was to increase by 5% per annum. Dividends accrue from day to day, whether or not declared, and are cumulative. Dividends are payable
quarterly in arrears on each dividend payment date. At September 30, 2024 and December 31, 2023, cumulative dividends earned on the series
X senior convertible preferred stock were $221,018 and $190,685, respectively. At September 30, 2024, $183,210 of the cumulative accrued
dividends were paid by the Company via the issuance of 25,173 shares of the Company’s common stock. The remaining $37,808 cumulative
accrued dividend will be paid during the fourth quarter 2024 via the issuance of 9,453 shares of the Company’s series X senior convertible
preferred stock.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities, including the series N senior convertible preferred stock, or parity securities
(in each case, as defined in the certificate of designation), upon any liquidation of the Company or its subsidiaries, before any payment
or distribution of the assets of the Company (whether capital or surplus) are to be made to or set apart for the holders of junior securities
(as defined in the certificate of designation), including the common stock, each holder of outstanding series N senior convertible preferred
stock is entitled to receive an amount of cash equal to 100% of the stated value of $4.00 per share, plus an amount of cash equal to all
accumulated accrued and unpaid dividends thereon (whether or not declared) to, but not including the date of final distribution to such
holders.
Voting Rights. Holders of series X senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series X senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series X senior convertible preferred stock, which majority
must include Leonite Capital LLC so long as it holds any shares of series X senior convertible preferred stock, voting as a separate class,
is necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate of
designation or prior to the creation or issuance of any parity securities or new indebtedness (as defined in the certificate of designation);
provided that the foregoing does not apply to any financing transaction the use of proceeds of which were to be used to redeem the series
X senior convertible preferred stock and the warrants issued in connection therewith. In addition, the affirmative vote of holders of
66% of the series X senior convertible preferred stock, voting as a separate class, is required prior to the creation or issuance of any
senior securities.
Conversion Rights. Each share of series
X senior convertible preferred stock, plus all accrued and unpaid dividends thereon, are convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price equal to the lower
of (i) the lowest VWAP during the five (5) trading days immediately prior to the applicable conversion date and (ii) the price per share
paid in any subsequent financing (the “Fixed Price”). The Fixed Price is subject to standard adjustments in the event of any
stock splits, stock combinations, stock reclassifications, dividends paid in common stock, sales of substantially all assets, mergers,
consolidations or similar transactions, as well as a price based antidilution adjustment, pursuant to which, subject to certain exceptions,
if the Company issues common stock at a price lower than the Fixed Price, the Fixed Price shall decrease to such lower price. Notwithstanding
the foregoing, in no event shall the holder of any series X senior convertible preferred stock be entitled to convert any number of shares
that upon conversion the sum of (i) the number of shares of common stock beneficially owned by the holder and its affiliates and (ii)
the number of shares of common stock issuable upon the conversion of the series X senior convertible preferred stock with respect to which
the determination of this proviso is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99%
of the then outstanding common stock. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion,
upon not less than sixty-one (61) days’ prior notice to the Company.
Redemption Rights. Commencing on September
22, 2023, any holder may require the Company to redeem its shares by the payment in cash therefore of a sum equal to 100% of the stated
value of $4.00 per share, plus the amount of accrued and unpaid dividends and any other amounts due pursuant to the terms of the certificate
of designation; provided however, that in the event that the Company completes a public offering prior to the redemption date, then any
holder may only cause the Company to redeem any outstanding series X senior convertible preferred stock by paying such redemption price
in twelve (12) equal monthly installments with the first such payment due on the date that is six (6) months following the date that the
Company completes such public offering.
Non-redeemable Preferred Stock
Series A Preferred Stock
Ranking. The series A preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock and each other class or series that is not
expressly made senior to or on parity with the series A preferred stock; (ii) on parity with each class or series that is not expressly
subordinated or made senior to the series A preferred stock; and (iii) junior to the series B preferred stock, series C preferred stock,
series E preferred stock, series F-1 preferred stock, series I preferred stock, series J preferred stock, series L preferred stock, series
N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock and each other
series of preferred stock and each class or series that is expressly made senior to the series A preferred stock, as well as to all indebtedness
and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The series A preferred
stock is not entitled to participate in any distributions or payments to the holders of common stock or any other class of stock and shall
have no economic interest in the Company.
Liquidation Rights. In the event of any
liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, a merger or consolidation of the Company wherein
the Company is not the surviving entity, or a sale of all or substantially all of the assets of the Company, the holders of each share
of series A preferred stock shall be entitled to receive from any distribution of any of the assets or surplus funds of the Company, before
and in preference of any holder of shares of common stock, an amount equal to the stated value of $250. Once the holders receive the foregoing
from any such liquidation, dissolution or winding up, the holders shall not participate with the common stock or any other class of stock.
Voting Rights. Each share of series A preferred
stock shall have a number of votes at any time equal to (i) 25% of the number of votes then held or entitled to be made by all other equity
securities of the Company, including, without limitation, the common stock, plus (ii) one (1). The series A preferred stock shall vote
on any matter submitted to the holders of the common stock, or any other class of voting securities, for a vote, and shall vote together
with the common stock, or any class of voting securities, as applicable, on such matter for as long as the shares of series A preferred
stock are issued and outstanding. Notwithstanding the foregoing, the series A preferred stock shall not have the right to vote on any
matter as to which solely another series of preferred stock is entitled to vote pursuant to the Company’s amended and restated articles
of incorporation or a certificate of designation of such other series of preferred stock.
Transfer. Upon transfer of any share of
series A preferred stock, except for a transfer by the holder to an affiliate, whether such transfer is voluntary or involuntary, such
share of series A preferred stock shall automatically, and without any action being required by the Company or the holder, be converted
into one (1) share of common stock.
Other Rights. Holders of series A preferred
stock do not have any conversion (except as set forth above) or redemption rights.
Series B Preferred Stock
Ranking. The series B preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series B preferred stock; (ii) on parity with the series C
preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series B preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series B preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
B preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series B preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series B preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series B preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
B preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series B preferred stock shall be entitled to cast one (1) vote per
share of series B preferred stock held. Except as provided by law, the holders of series B preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series B preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series B preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series B preferred stock or alter or amend the certificate of designation for the series
B preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series B preferred stock.
Conversion Rights. Each share of series
B preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series B preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
B preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series B preferred stock, voting
together as a single class, each share of series B preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series B
preferred stock do not have any redemption rights.
Series C Preferred Stock
Ranking. The series C preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series C preferred stock; (ii) on parity with the series B
preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series C preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series C preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
C preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series C preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series C preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series C preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
C preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series C preferred stock shall be entitled to cast one (1) vote per
share of series C preferred stock held. Except as provided by law, the holders of series C preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series C preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series C preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series C preferred stock or alter or amend the certificate of designation for the series
C preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series C preferred stock.
Conversion Rights. Each share of series
C preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined by dividing the stated value ($4.00 per share) by a conversion price of $0.00004. In addition, on the date
on which the shares of common stock are listed on a national stock exchange, including without limitation the New York Stock Exchange,
NYSE American or the Nasdaq Stock Market (any tier) (a “Listing Event”), all outstanding shares of series C preferred stock
shall be automatically converted into such number of shares of common stock as is determined by dividing $50,000 by the highest traded
or closing price on such date, which such shares of common stock shall be issued pro rata among the holders of the outstanding series
C preferred stock. Finally, upon the earlier to occur of: (a) the closing of the sale of shares of common stock to the public at a price
of at least $3.00 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the common stock) in a public offering pursuant to an effective registration statement or offering statement
under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company or (b) the date and time, or the occurrence
of an event, specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series C preferred
stock, voting together as a single class, each share of series C preferred stock shall be automatically converted into such number of
shares of common stock as is determined by dividing the stated value ($4.00 per share) by a conversion price of $0.00004. Such conversion
price is subject to standard adjustments in the event of any stock dividends, stock reclassifications and similar events (but not for
reverse stock splits).
Redemption Rights. If there is a Listing
Event, the Company shall have the right (but not the obligation) to redeem shares of series C preferred stock at a price per share of
$50,000.
Series E Preferred Stock
Ranking. The series E preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series E preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series E preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series E preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
E preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series E preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series E preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series E preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
E preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series E preferred stock shall be entitled to cast one (1) vote per
share of series E preferred stock held. Except as provided by law, the holders of series E preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series E preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series E preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series E preferred stock or alter or amend the certificate of designation for the series
E preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series E preferred stock.
Conversion Rights. Each share of series
E preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series E preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
E preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series E preferred stock, voting
together as a single class, each share of series E preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Series F-1 Preferred Stock
Ranking. The series F-1 preferred stock
ranks, with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each
other class or series that is not expressly made senior to or on parity with the series F-1 preferred stock; (ii) on parity with the series
B preferred stock, series C preferred stock, series E preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series F-1 preferred stock; and (iii) junior to the series I
preferred stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred
stock and to each other series of preferred stock and each class or series that is expressly made senior to the series F-1 preferred stock,
as well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
F-1 preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series F-1 preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series F-1 preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series F-1 preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
F-1 preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. Except as provided by law,
the holders of series F-1 preferred stock shall have no voting rights. However, as long as any shares of series F-1 preferred stock are
outstanding, the Company shall not, without the affirmative vote of the holders of a majority of outstanding series F-1 preferred stock,
(a) alter or change adversely the powers, preferences or rights given to the series F-1 preferred stock or alter or amend the certificate
of designation for the series F-1 preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or
other charter documents in any manner that adversely affects any rights of the holders of series F-1 preferred stock.
Conversion Rights. Each share of series
F-1 preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares
of common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series F-1 preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
F-1 preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series F-1 preferred stock, voting
together as a single class, each share of series F-1 preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series F-1
preferred stock do not have any redemption rights.
Series I Preferred Stock
Ranking. The series I preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock, series B preferred
stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock
and to each other class or series that is not expressly made senior to or on parity with the series I preferred stock; (ii) on parity
with each class or series that is not expressly subordinated or made senior to the series I preferred stock; and (iii) junior to the series
N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock and to each other
series of preferred stock and each class or series that is expressly made senior to the series I preferred stock, as well as to all indebtedness
and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
I preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series I preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series I preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series I preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
I preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series I preferred stock shall be entitled to cast five (5) votes per
share of series I preferred stock held. Except as provided by law, the holders of series I preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series I preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series I preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series I preferred stock or alter or amend the certificate of designation for the series
I preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series I preferred stock.
Conversion Rights. Each share of series
I preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series I preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
I preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $10,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series I preferred stock, voting
together as a single class, each share of series I preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series I
preferred stock do not have any redemption rights.
Series J Preferred Stock
Ranking. The series J preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series J preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series J preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series J preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
J preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series J preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series J preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series J preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
J preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series J preferred stock shall be entitled to cast one (1) vote per
share of series J preferred stock held. Except as provided by law, the holders of series J preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series J preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series J preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series J preferred stock or alter or amend the certificate of designation for the series
J preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series J preferred stock.
Conversion Rights. Each share of series
J preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series J preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
J preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series J preferred stock, voting
together as a single class, each share of series J preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series J
preferred stock do not have any redemption rights.
Series L Preferred Stock
Ranking. The series L preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series L preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock and each other
class or series that is not expressly subordinated or made senior to the series L preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series L preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
L preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series L preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series L preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series L preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
L preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series L preferred stock shall be entitled to cast one (1) vote per
share of series L preferred stock held. Except as provided by law, the holders of series L preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series L preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series L preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series J preferred stock or alter or amend the certificate of designation for the series
L preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series L preferred stock.
Conversion Rights. Each share of series
L preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series L preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
L preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series L preferred stock, voting
together as a single class, each share of series L preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series L
preferred stock do not have any redemption rights.
Series Y Senior Preferred Stock
On May 15, 2024, in conjunction with the exchange
of certain senior secured convertible promissory notes, 938,908 shares of series Y preferred senior convertible preferred stock were issued
with an aggregate value of $3,755,632. See also Note 8. Convertible Notes Payable.
Ranking. The series Y senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each series of preferred stock, and to each other class or series that is not expressly made senior to or on parity with the
series Y senior convertible preferred stock; (ii) on parity with each class or series that is not expressly subordinated or made senior
to the series Y senior convertible preferred stock; and (iii) junior to each class or series that is expressly made senior to the series
Y senior convertible preferred stock.
Dividend Rights. Holders of series Y senior
convertible preferred stock are entitled to dividends at a rate per annum of 10.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series Y senior convertible preferred stock), such rate
shall increase by 5% per annum. Dividends shall accrue from day to day, whether or not declared, and shall be cumulative. Dividends shall
be payable quarterly in arrears on each dividend payment date and may be paid in cash or common stock at our discretion; provided that
the Company may only pay dividends in common stock if such common stock is free-trading, freely transferable, and does not contain a legend
(or be subject to stop transfer or similar instructions) restricting the resale or transferability thereof. Dividends payable in common
stock shall be calculated based on a price equal to eighty percent (80%) of the VWAP during the five (5) trading days immediately prior
to the applicable payment date. At September 30, 2024, cumulative dividends earned on the series Y senior convertible preferred stock
were $177,910. $147,555 of the cumulative accrued dividends was paid by the Company via the issuance of 12,135 shares of the Company’s
common stock and 16,206 shares of the Company’s series Y senior convertible preferred stock as of September 30, 2024. At September
30, 2024, the total dividends payable was $30,354.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities or parity securities (in each case, as defined in the certificate of designation),
upon any liquidation event (as defined in the certificate of designation), before any payment or distribution of the assets of the Company
(whether capital or surplus) shall be made to or set apart for the holders of junior securities (as defined in the certificate of designation),
including the common stock, each holder of outstanding series Y senior convertible preferred stock shall be entitled to receive an amount
of cash equal to the greater of (i) 100% of the stated value of $4.00 per share, plus an amount of cash equal to all accumulated accrued
and unpaid dividends thereon (whether or not declared) to, but not including the date of final distribution to such holders or (ii) such
amount per share as would have been payable had all shares of series Y senior convertible preferred stock been converted into common stock
immediately prior to such liquidation event.
Voting Rights. Holders of series Y senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series Y senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series Y senior convertible preferred stock, which majority
must include Leonite Capital LLC so long as it holds any shares of series Y senior convertible preferred stock, voting as a separate class,
shall be necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate
of designation, prior to the Company’s issuance of additional shares of series Y senior convertible preferred stock or prior to
the creation or issuance of any securities that are not subordinate to the series Y senior convertible preferred stock or new indebtedness
(as defined in the certificate of designation); provided that the foregoing shall not apply to any financing transaction the use of proceeds
of which will be used to redeem the series Y senior convertible preferred stock in full.
Conversion Rights. Commencing on the first
anniversary of the date on which the Company’s common stock begins trading on the Nasdaq Stock Market, each share of series Y senior
convertible preferred stock, plus all accrued and unpaid dividends thereon, shall be convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price equal to the lowest
VWAP during the five (5) trading days immediately prior to the applicable conversion date. Such conversion price is subject to adjustment
if the Company issues common stock at a price lower than such conversion price, subject to certain exceptions. Notwithstanding the foregoing,
in no event shall the holder of any series Y senior convertible preferred stock be entitled to convert any number of shares that upon
conversion the sum of (i) the number of shares of common stock beneficially owned by the holder and its affiliates and (ii) the number
of shares of common stock issuable upon the conversion of the series Y senior convertible preferred stock with respect to which the determination
of this proviso is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the then outstanding
common stock. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one
(61) days’ prior notice to the Company.
Preferred Stock Transactions
During the nine months ended September 30, 2024,
the Company executed the following transactions:
|
· |
On January 19, 2024, the Company issued 62,500 shares of series I preferred stock to each of Daniel R. Thompson, the Chairman of the Board, and Alex Cunningham, the Company’s Chief Executive Officer, for $250,000 bonus compensation for the fiscal year of 2023, at the fair value of $4.48 per share. |
|
|
|
|
· |
On January 31, 2024, the Company issued 5,000 shares of series I preferred stock to Matthew Shafer, the Company’s Chief Financial Officer, for $20,000, at the fair value of $4.48 per share. |
|
|
|
|
· |
On January 31, 2024, the Company issued 2,500 shares of series I preferred stock to Zia Choe, the Company’s Chief Accounting Officer, for $10,000, at the fair value of $4.48 per share. |
|
|
|
|
|
In connection with these aforementioned
shares issuances on January 19, 2024 and January 31, 2024, the Company engaged a valuation specialist to perform a business valuation
monte carlo simulation for the series I preferred stock resulting in those indicated fair values. |
|
|
|
|
· |
An aggregate of 1,385,549 shares of series B preferred stock were converted into an aggregate of 2,771,098 shares of common stock. |
|
|
|
|
· |
An aggregate of 78 shares of series C preferred stock were converted into an aggregate of 780,000 shares of common stock. |
|
|
|
|
· |
An aggregate of 80,375 shares of series E preferred stock were converted into an aggregate of 160,750 shares of common stock. |
|
· |
An aggregate of 26,252 shares of series F-1 preferred stock were converted into an aggregate of 52,504 shares of common stock. |
|
|
|
|
· |
An aggregate of 3,477,000 shares of series I preferred stock were converted into an aggregate of 6,954,000 shares of common stock. |
|
|
|
|
· |
An aggregate of 1,713,584 shares of series J preferred stock were converted into an aggregate of 3,427,168 shares of common stock. |
|
|
|
|
· |
2 shares of series C preferred stock were cancelled, which were issued erroneously. |
|
|
|
|
· |
165 shares of series R preferred stock were cancelled as part of the settlement agreement described in Note 7. Notes and Loans Payable |
|
|
|
|
· |
On May 15, 2024, in conjunction with the exchange of certain senior secured convertible promissory notes, 938,908 shares of series Y senior convertible preferred stock were issued with an aggregate value of $3,755,632. |
|
|
|
|
· |
On September 25, 2024, 16,206 shares of series Y senior convertible preferred stock were issued with an aggregate value of $64,824 as payment of accrued dividends. |
During the nine months ended September 30, 2023,
the Company executed the following transaction:
|
· |
On May 25, 2023, the Company issued 3,150 shares of series B preferred stock to Zia Choe, Interim Chief Financial Officer for $25,000. |
|
|
|
|
· |
On July 24, 2023, the Company issued 5,000 shares of series E preferred stock as compensation for the property manager of Edge View in exchange for a bonus of $5,000. |
Common Stock
In addition to the issuance of common stock from
the conversions of preferred stock noted above, during the nine months ended September 30, 2024, the Company executed the following transactions:
|
· |
The Company issued an aggregate of 234,909 shares of common stock in payment of various accrued dividends on the series N, series X and series Y preferred stock. |
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|
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|
· |
The Company issued 1,222 shares of common stock upon conversion of certain convertible notes. |
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|
· |
On March 5, 2024, the Company issued 7,500 shares of common stock to an investor relation service provider. The Company recognized the fair value for the issuance of the 7,500 shares at $1.55 per share on the closing market price of March 5, 2024 and recorded selling, general and administrative expense of $11,617 in the consolidated statement of operations. |
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|
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|
· |
On March 26, 2024, the Company issued an aggregate of 30,000 shares of common stock to three board members. The Company recognized the fair value for the issuance of 30,000 shares at $6.50 per share on the closing market price of March 26, 2024 and recorded share-based compensation expense of $195,000 in the consolidated statement of operations. |
|
· |
In February 2024, as part of the Red Rock settlement executed in July 2022, the Company issued an aggregate of 37,104 shares of common stock to six previous owners. The Company recognized the fair value for the issuance of 37,104 shares at $3 per share on the closing market price of February 4 through February 6, 2024, and recorded share loss from discontinued operations of $111,312 in the consolidated statement of operations. |
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|
|
|
· |
In September 2024, the Company issued an aggregate of 74,225 shares of common stock as part of a legal settlement. |
During the nine months ended September 30, 2023,
the Company executed the following transaction:
|
· |
During the nine months ended September 30, 2023, the Company issued 3,662 shares of common stock upon conversion of certain convertible notes. |
The table below sets forth warrant activity during
the nine months ended September 30, 2024 and 2023:
Schedule of warrant activity | |
| | |
| |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2024 | |
| 3,150 | | |
$ | 1,162.76 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 135.00 | |
Balance at September 30, 2024 | |
| 3,147 | | |
| 1,163.74 | |
Warrants Exercisable at September 30, 2024 | |
| 3,147 | | |
$ | 1,162.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2023 | |
| 3,153 | | |
$ | 1,162.17 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 547.50 | |
Balance at September 30, 2023 | |
| 3,150 | | |
| 1,162.76 | |
Warrants Exercisable at September 30, 2023 | |
| 3,150 | | |
$ | 1,162.76 | |
11. |
DISCONTINUED OPERATIONS |
On November 10, 2023, the Company sold Platinum
Tax, which was a full-service tax resolution firm located in Los Angeles, California. Through this subsidiary the Company provided fee-based
tax resolution services to individuals and companies that have federal and state tax liabilities by assisting clients to settle outstanding
tax debts. As part of the Asset Purchase Agreement between the Company and the purchaser, the assets that were purchased included substantially
all assets, rights, interests, and licenses except for banks accounts in place prior to the sale for the purchase consideration of 15%
of cash collected by the purchaser within one year following the sale date.
In February 2024, as part of the Red Rock settlement
executed in July 2022, the Company issued an aggregate of 37,104 shares of common stock to six previous owners. The Company recognized
the fair value for the issuance of 37,104 shares at $3 per share on the closing market price of February 4 through February 6, 2024, and
recorded share loss from discontinued operations of $111,312 in the consolidated statement of operations.
Schedule of discontinued operations | |
| | | |
| | |
Net liabilities of discontinued operations | |
September 30, 2024 | | |
December 31, 2023 | |
Cash | |
$ | 342 | | |
$ | 342 | |
Accounts receivable | |
| 300 | | |
| 300 | |
Accounts payable and accrued expenses | |
| 238,285 | | |
| 238,285 | |
Net liabilities of discontinued operations | |
$ | (237,643 | ) | |
$ | (237,643 | ) |
| |
| | |
| |
| |
Three Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 32,264 | |
Cost of sales | |
| – | | |
| (5,604 | ) |
Selling, general and administrative expenses | |
| – | | |
| (30,067 | ) |
Interest expense | |
| – | | |
| (298 | ) |
Settlement loss | |
| – | | |
| – | |
Loss from discontinued operations | |
$ | – | | |
$ | (3,705 | ) |
| |
| | |
| |
| |
Nine Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 304,967 | |
Cost of sales | |
| – | | |
| (53,730 | ) |
Selling, general and administrative expenses | |
| – | | |
| (341,900 | ) |
Interest expense | |
| – | | |
| (2,342 | ) |
Settlement loss | |
| (111,312 | ) | |
| – | |
Loss from discontinued operations | |
$ | (111,312 | ) | |
$ | (93,005 | ) |
The Company reviews goodwill for impairment on
a reporting unit basis annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.
During the nine months ended September 30, 2024 and 2023, the Company determined there to be no impairment.
13. |
COMMITMENTS AND CONTINGENCIES |
Leases
ASC 842, “Leases”, requires that a
lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial
position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying
asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by
class of underlying asset not to recognize lease assets and lease liabilities. The Company adopted ASC 842, January 1, 2020, using the
effective date method and elected certain practical expedients allowing the Company not to reassess:
|
· |
whether expired or existing contracts contain leases under the new definition of a lease; |
|
|
|
|
· |
lease classification for expired or existing leases; and |
|
|
|
|
· |
whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. |
The Company also made the accounting policy decision
not to recognize lease assets and liabilities for leases with a term of 12 months or less.
The Company leases twelve medical facilities and
one vehicle as operating leases as of September 30, 2024. The Company recorded operating lease expenses of $126,831 and $76,466 for the
three months ended September 30, 2024 and 2023, respectively, and the Company recorded operating lease expense of $327,008 and $210,696
for the nine months ended September 30, 2024 and 2023, respectively.
The Company has operating leases with future commitments
as follows:
Schedule of operating leases with future commitments | |
| |
| |
Amount | |
October 2024 – September 2025 | |
$ | 251,214 | |
October 2025 – September 2026 | |
| 171,507 | |
October 2026 – September 2027 | |
| 77,871 | |
Total Future Undiscounted Lease Payments | |
$ | 464,459 | |
Less imputed interest | |
| 36,132 | |
Total lease obligations | |
$ | 464,459 | |
The following table summarizes supplemental information
about the Company’s leases:
Schedule of supplemental information about the Company’s leases |
|
|
|
Weighted-average remaining lease term |
|
|
2.37 years |
Weighted-average discount rate |
|
|
6.38% |
Employees
The Company agreed to pay $360,000 per year and
$200,000 of targeted annual incentives to the Chief Executive Officer based on his employment agreement since July 1, 2020, of which 50%
was being paid in cash and 50% was being accrued through December 31, 2023. As of January 1, 2024, these are being paid in cash. The total
outstanding accrued compensation as of September 30, 2024 and December 31, 2023 was $2,115,500 and $2,365,500, respectively.
The Company agreed to pay $360,000 per year and
$200,000 of targeted annual incentives to the Chairman of the Board based on his employment agreement since July 1, 2020, of which 50%
was being paid in cash and 50% was being accrued through April 30, 2024. As of May 1, 2024, these are being paid in cash. The total outstanding
accrued compensation as of September 30, 2024 and December 31, 2023 was $2,220,500 and $2,350,500, respectively.
The Company agreed to pay $228,000 per year to
the Chief Financial Officer based on his employment agreement effective as of January 2, 2024. There was no outstanding accrued compensation
as of September 30, 2024.
The Company agreed to pay $210,000 per year to
the former Chief Accounting Officer based on her employment agreement effective as of January 2, 2024. There was no outstanding accrued
compensation as of September 30, 2024.
The Company agreed to pay $156,000 per year to
the previous Chief Financial Officer based on his amended employment agreement executed on May 15, 2021. The total outstanding accrued
compensation as of September 30, 2024 and December 31, 2023 was $17,057.
The Company entered into a management agreement
effective May 31, 2021 for compensation to the principals of Nova in the form of an annual base salaries of $372,000 to one of the three
doctors, $450,000 to the second, and $372,000 to the third doctor. Collectively, as a group, such principals will receive an annual cash
bonus and stock equity set forth below, which will be conditioned upon the Company achieving 100% of the annual objectives of financial
performance goals as set forth below.
Schedule of annual objectives of financial performance goals |
|
|
|
|
|
|
Year |
|
Minimum Annual Nova EBITDA |
|
Cash Annual Bonus |
|
Series J Preferred Stock |
2021 |
|
$2.0M |
|
$120,000 |
|
120,000 Shares |
2022 |
|
$2.4M |
|
$150,000 |
|
135,000 Shares |
2023 |
|
$3.7M |
|
$210,000 |
|
150,000 Shares |
2024 |
|
$5.5M |
|
$300,000 |
|
180,000 Shares |
2025 |
|
$8.0M |
|
$420,000 |
|
210,000 Shares |
From time to time, the Company may become involved
in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. Management is
not currently aware of any such legal proceedings or claims that it believes will have a material adverse effect on the Company’s
business, financial condition, or operating results.
At September 30, 2024, the Company had federal
and state net operating loss carry forwards of approximately $24 million that expire in various years through the year 2039. Due to current
period losses and carryforwards of past net operating losses, there is no provision for current federal or state income taxes for the
three and nine months ended September 30, 2024 and 2023.
Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for
federal and state income tax purposes. The Company has a deferred tax asset that consists of net operating loss carry forwards calculated
using federal and state effective tax rates. Because of the Company’s lack of past earnings history, the deferred tax asset has
been fully offset by a valuation allowance.
As of September 30, 2024, the Company had two
reportable operating segments as determined by management using the “management approach” as defined by the authoritative
guidance on Disclosures about Segments of an Enterprise and Related Information.
|
(1) |
Healthcare (Nova) |
|
(2) |
Real Estate (Edge View) |
These segments are a result of differences in
the nature of the products and services sold. Corporate administration costs, which include, but are not limited to, general accounting,
human resources, legal and credit and collections, are partially allocated to the two operating segments. Other revenue consists of nonrecurring
items.
The healthcare segment provides a full range of
diagnostic and surgical services for injuries and disorders of the skeletal system and associated bones, joints, tendons, muscles, ligaments,
and nerves.
The real estate segment consists of Edge View,
a real estate company that owns five (5) acres zoned medium density residential (MDR) with 12 lots already platted, six (6) acres zoned
high-density residential (HDR) that can be platted in various configurations to meet current housing needs, and twelve (12) acres
zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon for development, as well as a common
area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2) acre pond.
Management uses numerous tools and methods to
evaluate and measure of its subsidiaries’ success. To help succeed, management retains the prior owners of the subsidiaries and
allow them to do what they do best is run the business. Additionally, management monitors key metrics primarily revenues and net income
from operations.
Schedule of revenues and net income from operations | |
| | |
| |
Asset: | |
September 30, 2024 | | |
December 31, 2023 | |
Healthcare | |
$ | 20,155,319 | | |
$ | 18,955,991 | |
Real Estate | |
| 578,620 | | |
| 587,456 | |
Corporate, administration and other | |
| 2,780,823 | | |
| 1,202,364 | |
Consolidated assets | |
$ | 23,514,762 | | |
$ | 20,745,811 | |
| |
Three Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 1,000,601 | | |
$ | 551,423 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 1,000,601 | | |
$ | 551,423 | |
| |
| | | |
| | |
Income from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,610,188 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Income from operations from subsidiaries | |
$ | 134,197 | | |
$ | 2,609,910 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (719,357 | ) | |
$ | (336,516 | ) |
Total income from operations | |
$ | (585,160 | ) | |
$ | 2,273,394 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,521,820 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Corporate, administration and other non-operating expenses | |
| (2,112,165 | ) | |
| (536,316 | ) |
Consolidated (loss) income before taxes | |
$ | (1,977,968 | ) | |
$ | 1,985,226 | |
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
| |
| | | |
| | |
Income (loss) from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 5,994,978 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Income from operations from subsidiaries | |
$ | 1,730,263 | | |
$ | 5,992,860 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (2,255,914 | ) | |
$ | (1,212,479 | ) |
Total (loss) income from operations | |
$ | (525,651 | ) | |
$ | 4,780,381 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 4,717,363 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Corporate, administration and other non-operating expenses | |
| (4,011,608 | ) | |
| (1,840,632 | ) |
Consolidated (loss) income before taxes | |
$ | (2,281,345 | ) | |
$ | 2,874,613 | |
The Company has evaluated its operations subsequent
to September 30, 2024 to the date these consolidated financial statements were available to be issued and determined the following subsequent
events and transactions required disclosure in these consolidated financial statements.
|
· |
On October 14, 2024, the Company issued 9,453 shares of series X senior convertible preferred stock with an aggregate value of $37,808 as payment of accrued dividends. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 41,812 shares of series B preferred stock were converted into an aggregate of 83,624 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 8 shares of series C preferred stock were converted into an aggregate of 80,000 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 50,000 shares of series I preferred stock were converted into an aggregate of 100,000 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, the Company issued 26,256 shares of series N senior convertible preferred stock with an aggregate value of $105,023 as payment of accrued dividends. |
|
|
|
|
· |
On October 28, 2024, 1 share of series C preferred stock was converted into 10,000 shares of common stock. |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
The following management’s discussion
and analysis of financial condition and results of operations provides information that management believes is relevant to an assessment
and understanding of our plans and financial condition. The following financial information is derived from our financial statements
and should be read in conjunction with such financial statements and notes thereto set forth elsewhere herein.
Use of Terms
Except as otherwise indicated by the context and
for the purposes of this report only, references in this report to “we,” “us,” “our” and “our
company” are to Cardiff Lexington Corporation, a Nevada corporation, and its consolidated subsidiaries.
Special Note Regarding Forward-Looking Statements
This report contains “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management’s beliefs and assumptions and on information
currently available to us. All statements other than statements of historical facts are forward-looking statements. These statements relate
to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but
are not limited to, statements about:
|
· |
our ability to successfully identify and acquire additional businesses; |
|
· |
our ability to effectively integrate and operate the businesses that we acquire; |
|
· |
our expectations around the performance of our current businesses; |
|
· |
our ability to maintain our business model and improve our capital efficiency; |
|
· |
our ability to effectively manage the growth of our business; |
|
· |
our ability to maintain profitability; |
|
· |
the competitive environment in which our businesses operate; |
|
· |
trends in the industries in which our businesses operate; |
|
· |
the regulatory environment in which our businesses operate under; |
|
· |
changes in general economic or business conditions or economic or demographic trends in the United States, including changes in interest rates and inflation; |
|
· |
our ability to service and comply with the terms of indebtedness; |
|
· |
our ability to retain or replace qualified employees of our businesses; |
|
· |
labor disputes, strikes or other employee disputes or grievances; |
|
· |
casualties, condemnation or catastrophic failures with respect to any of our business’ facilities; |
|
· |
costs and effects of legal and administrative proceedings, settlements, investigations and claims; and |
|
· |
extraordinary or force majeure events affecting the business or operations of our businesses. |
In some cases, you can identify forward-looking
statements by terms such as “may,” “could,” “will,” “should,” “would,” “expect,”
“plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “project” or “continue” or the negative of these terms or other comparable terminology.
These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and
unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results.
Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Item
1A “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023. If one or more of these
risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly
from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.
In addition, statements that “we believe”
and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available
to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information
may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to
unduly rely upon these statements.
The forward-looking statements made in this report
relate only to events or information as of the date on which the statements are made in this report. Except as expressly required by the
federal securities laws, there is no undertaking to publicly update or revise any forward-looking statements, whether as a result of new
information, future events, changed circumstances or any other reason.
Overview
We are an acquisition holding company focused
on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership
to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for our stockholders.
Specifically, we have and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages
and capital structures and we intend to focus our portfolio of subsidiaries approximately as follows: 80% will be targeted to established
profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial
services (emerging businesses with a strong organic growth plan that is materially cash generative).
On May 31, 2021, we acquired Nova Ortho and Spine,
LLC, or Nova, which operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic
injury victims with primary care evaluations, interventional pain management, and specialty consultation services. We focus on plaintiff
related care are and a highly efficient provider of emergency medical condition, or EMC, assessments. We provide a full range of diagnostic
and surgical services for injuries and disorders of the skeletal system and associated bones, joints, tendons, muscles, ligaments, and
nerves. From sports injuries, to sprains, strains, and fractures, our doctors are dedicated to helping patients return to active lifestyles.
We also own a real estate company, Edge View Properties,
Inc., or Edge View, which we acquired on July 16, 2014. Edge View owns five (5) acres zoned medium density residential (MDR) with 12 lots
already platted, six (6) acres zoned high-density residential (HDR) that can be platted in various configurations to meet current
housing needs, and twelve (12) acres zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon
for development, as well as a common area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2)
acre pond. Management has invested years working to develop a new and exciting housing development in Salmon, Idaho and plans to
enter into a joint venture agreement with a developer for this planned concept development.
All of our operations are conducted through, and
our income derived from, our two subsidiaries.
Segments
As of September 30, 2024, we had two reportable
operating segments as determined by management using the “management approach” as defined by the authoritative guidance on
Disclosures about Segments of an Enterprise and Related Information.
|
(1) |
Healthcare (Nova) |
|
(2) |
Real Estate (Edge View) |
These segments are a result of differences in
the nature of the products and services sold. Corporate administration costs, which include, but are not limited to, general accounting,
human resources, legal and credit and collections, are partially allocated to the three operating segments. Other revenue consists of
nonrecurring items.
The healthcare segment provides a full range of
diagnostic and surgical services for injuries and disorders of the skeletal system and associated bones, joints, tendons, muscles, ligaments,
and nerves.
The real estate segment consists of Edge View,
a real estate company that owns five (5) acres zoned medium density residential (MDR) with 12 lots already platted, six (6) acres zoned
high-density residential (HDR) that can be platted in various configurations to meet current housing needs, and twelve (12) acres
zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon for development, as well as a common
area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2) acre pond.
Management uses numerous tools and methods to
evaluate and measure our subsidiaries’ success. To help succeed, management retains the prior owners of the subsidiaries and allows
them to do what they do best is run the business. Additionally, management monitors key metrics primarily revenues and net income from
operations.
Discontinued Operations
On November 10, 2023, we sold our financial services
(tax resolution) business, Platinum Tax Defenders, or Platinum Tax, that we acquired on July 31, 2018, which was a full-service tax resolution
firm located in Los Angeles, California. As part of the asset purchase agreement between us and the purchaser, the assets that were purchased
included substantially all assets, rights, interests, and licenses, except for bank accounts in place prior to the sale, for the purchase
consideration of 15% of cash collected by the purchaser within one year following the sale date.
Results of Operations
Comparison of Three Months Ended September
30, 2024 and 2023
The following table sets forth key components
of our results of operations during the three months ended September 30, 2024 and 2023, both in dollars and as a percentage of our revenue.
| |
Three Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
| |
Amount | | |
% of Revenue | | |
Amount | | |
% of Revenue | |
Total revenue | |
$ | 1,355,641 | | |
| 100.00% | | |
$ | 3,405,859 | | |
| 100.0% | |
Total cost of sales | |
| 1,000,601 | | |
| 73.81% | | |
| 551,423 | | |
| 16.19% | |
Gross profit | |
| 355,040 | | |
| 26.19% | | |
| 2,854,436 | | |
| 83.81% | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation expense | |
| 3,365 | | |
| 0.25% | | |
| 3,365 | | |
| 0.10% | |
Selling, general and administrative | |
| 936,835 | | |
| 69.11% | | |
| 577,677 | | |
| 16.96% | |
Total operating expenses | |
| 940,200 | | |
| 69.35% | | |
| 581,042 | | |
| 17.06% | |
(Loss) income from continuing operations | |
| (585,160 | ) | |
| (43.16)% | | |
| 2,273,394 | | |
| 66.75% | |
Other expense | |
| | | |
| | | |
| | | |
| | |
Other expense | |
| (6,767 | ) | |
| (0.50)% | | |
| (1 | ) | |
| – | |
Penalties and fees | |
| – | | |
| – | | |
| (16,000 | ) | |
| (0.47)% | |
Interest expense | |
| (1,386,041 | ) | |
| (102.24)% | | |
| (226,119 | ) | |
| (6.64)% | |
Amortization of debt discounts | |
| – | | |
| – | | |
| (46,048 | ) | |
| (1.35)% | |
Total other expense | |
| (1,392,808 | ) | |
| (102.74)% | | |
| (288,168 | ) | |
| (8.46)% | |
Net (loss) income before discontinued operations | |
| (1,977,968 | ) | |
| (145.91)% | | |
| 1,985,226 | | |
| 58.29% | |
Loss from discontinued operations | |
| – | | |
| – | | |
| (3,705 | ) | |
| (0.11)% | |
Net (loss) income | |
$ | (1,977,968 | ) | |
| (145.91)% | | |
$ | 1,981,521 | | |
| 58.18% | |
Revenue. For the three months ended
September 30, 2024, and 2023, all of our revenue was generated by our healthcare segment, which generates revenue through a full range
of diagnostic and surgical services. Our total revenue decreased by $2,050,218, or 60.20%, to $1,355,641 for the three months ended September
30, 2024 from $3,405,859 for the three months ended September 30, 2023. The decrease in revenue is primarily attributable to the following
factors:
| · | The 2024 third quarter revenue was negatively impacted by the hurricanes that occurred in Florida during
this timeframe. The harsh weather caused several of our facilities to shut down for periods of time due to storm damage as well as patients
not being able to attend their appointments. All of our facilities have reopened. |
| · | Prior to fiscal year 2024 we historically realized a 49% settlement rate from total gross billed charges.
Accordingly, we had historically recognized net healthcare service revenue as 49% of gross billed amounts. Throughout the first half of
2024 as well as the third quarter of 2024, we underwent efforts to accelerate cash settlement of our accounts receivable to generate cash
flow for operations. We did this by shortening our settlement negotiations timespan with attorneys and insurance companies and accepting
lower settlement amounts. We expect this trend to continue in the short term as we work to settle our accounts receivables more quickly
to generate cash flow for operations. |
| · | Additionally, during the third quarter of 2024, we completed a thorough review of our third-party billing
data, including reviewing historical reports and new reporting methods as a part of our updated analysis. Based upon this review it was
determined that a 24-month lookback period should be used in the analysis of our historical settlement realization rates. As a result
of the new efforts to accelerate cash settlement during the nine months ended September 30, 2024, we realized a 44% average settlement
rate of our gross billed charges during this time frame, which were historically recorded in accounts receivable and revenue at 49% of
gross billings. With the reduction in our estimate of our settlement realization rate from 49% to 44%, a $1,650,474 change in accounting
estimate was taken during the third quarter of 2024 in our accounts receivable and revenue. |
Cost of sales. Our cost of sales
consists of surgical center and laboratory fees, physician and professional fees, salaries and wages and medical supplies. Our total cost
of sales increased by $449,178, or 81.46%, to $1,000,601 for the three months ended September 30, 2024 from $551,423 for the three months
ended September 30, 2023. As a percentage of revenue, cost of sale increased from 16.19% for the three months ended September 30, 2023
to 73.81% for the three months ended September 30, 2024. This increase is mainly attributable to increases in laboratory fees.
Gross profit. As a result of the
foregoing, our total gross profit decreased by $2,499,396, or 87.56%, to $355,040 for the three months ended September 30, 2024 from $2,854,436
for the three months ended September 30, 2023. Our total gross margin (as a percent of revenue) decreased from 83.81% for the three months
ended September 30, 2023 to 26.19% for the three months ended September 30, 2024.
Depreciation expense. Our depreciation
expense was $3,365, or 0.25% of revenue, for the three months ended September 30, 2024, as compared to $3,365, or 0.10% of revenue, for
the three months ended September 30, 2023.
Selling, general and administrative expenses.
Our selling, general and administrative expenses consist primarily of accounting, auditing, legal and public reporting expenses, personnel
expenses, including employee salaries, bonuses plus related payroll taxes and stock compensation expense, advertising expenses, professional
advisor fees, rent expense, insurance and other expenses incurred in connection with general operations. Our selling, general and administrative
expenses increased by $359,158, or 62.17%, to $936,835 for the three months ended September 30, 2024 from $577,677 for the three months
ended September 30, 2023. As a percentage of revenue, our selling, general and administrative expenses were 69.11% and 16.96% for the
three months ended September 30, 2024 and 2023, respectively. Increases were primarily attributable to increases in salaries and wages
expense of $265,346, professional fees of $153,624, rent expense of $33,386, payroll taxes of $20,010, and board fee expense of $15,000,
offset by a decrease in management fees of $180,000.
Total other income (expense). We
had $1,392,808 in total other expense, net, for the three months ended September 30, 2024, as compared to total other expense, net, of
$288,168 for the three months ended September 30, 2023. Other expense, net, for the three months ended September 30, 2024 consisted of
interest expense of $1,386,041 and other expense of $6,767. Other expense, net, for the three months ended September 30, 2023 consisted
of interest expense of $226,119, amortization of debt discounts of $46,048, financing penalties and fees of $16,000 and other expense
of $1.
Discontinued operations. For the
three months ended September 30, 2024 and 2023, we recorded a loss from discontinued operations of $0 and $3,705, respectively.
Net income (loss). As a result of
the cumulative effect of the factors described above, our net loss was $1,977,968 for the three months ended September 30, 2024, as compared
to net income of $1,981,521 for the three months ended September 30, 2023, a decrease of $3,959,489.
Comparison of Nine Months Ended September
30, 2024 and 2023
The following table sets forth key components
of our results of operations during the nine months ended September 30, 2024 and 2023, both in dollars and as a percentage of our revenue.
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
| |
Amount | | |
% of Revenue | | |
Amount | | |
% of Revenue | |
Total revenue | |
$ | 5,149,416 | | |
| 100.00% | | |
$ | 9,476,764 | | |
| 100.0% | |
Total cost of sales | |
| 2,741,765 | | |
| 53.24% | | |
| 2,589,407 | | |
| 27.32% | |
Gross profit | |
| 2,407,765 | | |
| 46.76% | | |
| 6,887,357 | | |
| 72.68% | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation expense | |
| 10,096 | | |
| 0.20% | | |
| 11,365 | | |
| 0.12% | |
Share based compensation | |
| 300,225 | | |
| 5.83% | | |
| – | | |
| – | |
Selling, general and administrative | |
| 2,622,981 | | |
| 50.94% | | |
| 2,095,611 | | |
| 22.11% | |
Total operating expenses | |
| 2,933,302 | | |
| 56.96% | | |
| 2,106,976 | | |
| 22.23% | |
(Loss) income from continuing operations | |
| (525,651 | ) | |
| (10.21)% | | |
| 4,780,381 | | |
| 50.44% | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Other (expense) income | |
| (4,720 | ) | |
| (0.09)% | | |
| 204 | | |
| – | |
Gain on debt refinance and forgiveness | |
| 78,834 | | |
| 1.53% | | |
| 390 | | |
| – | |
Penalties and fees | |
| (1,330 | ) | |
| (0.03)% | | |
| (48,000 | ) | |
| (0.51)% | |
Interest expense | |
| (1,803,657 | ) | |
| (35.03)% | | |
| (1,763,698 | ) | |
| (18.61)% | |
Amortization of debt discounts | |
| (24,821 | ) | |
| (0.48)% | | |
| (94,664 | ) | |
| (1.00)% | |
Total other expense | |
| (1,755,694 | ) | |
| (34.10)% | | |
| (1,905,768 | ) | |
| (20.11)% | |
Net (loss) income before discontinued operations | |
| (2,281,345 | ) | |
| (44.30)% | | |
| 2,874,613 | | |
| 30.33% | |
Loss from discontinued operations | |
| (111,312 | ) | |
| (2.16)% | | |
| (93,005 | ) | |
| (0.98)% | |
Net (loss) income | |
$ | (2,392,657 | ) | |
| (46.46)% | | |
$ | 2,781,608 | | |
| 29.35% | |
Revenue. Our total revenue decreased
by $4,327,348, or 45.66%, to $5,149,416 for the nine months ended September 30, 2024 from $9,476,764 for the nine months ended September
30, 2023. The decrease in revenue is mainly attributable to the following factors:
| · | The 2024 third quarter revenue was negatively impacted by the hurricanes that occurred in Florida during
this timeframe. The harsh weather caused several of our facilities to shut down for periods of time due to storm damage as well as patients
not being able to attend their appointments. All of our facilities have reopened. |
| · | Our mix of services provided during the first nine months of the year with lower settlement realization
rates from surgical procedures performed and an increase in the lower revenue pain management treatments being performed for approximately
the same number of patient visits in the current nine-month period as compared to the same nine-month period in the prior year, also contributed
to the decrease in revenue. |
| | |
| · | Prior to fiscal year 2024, we historically realized a 49% settlement rate from total gross billed charges.
Accordingly, we had historically recognized net healthcare service revenue as 49% of gross billed amounts. During the nine months ended
September 30, 2024, we underwent efforts to accelerate cash settlement of our accounts receivable throughout 2024 to generate cash flow
for operations. We did this by shortening our settlement negotiations timespan with attorneys’ insurance companies and accepting
lower settlement amounts. We expect this trend to continue in the short term as we work to settle our accounts receivables more quickly
to generate cash flow for operations. |
| | |
| · | Additionally, during the third quarter of 2024, we completed a thorough review of our third-party billing
data, including reviewing historical reports and new reporting methods as a part of our updated analysis. Based upon this review it was
determined that a 24-month lookback period should be used in the analysis of our historical settlement realization rates. As a result
of the new efforts to accelerate cash settlement during the nine months ended September 30, 2024, we realized a 44% average settlement
rate of our gross billed charges during this time frame, which were historically recorded in accounts receivable and revenue at 49% of
gross billings. Accordingly, we recorded a reduction to net revenue of $1,199,155 for the nine months ended September 30, 2024. Additionally,
with the reduction in our estimate of our settlement realization rate from 49% to 44%, a $1,650,474 change in accounting estimate was
taken during the third quarter of 2024 in our accounts receivable and revenue. |
Cost of sales. Our total cost of
sales increased by $152,358, or 5.88%, to $2,741,765 for the nine months ended September 30, 2024 from $2,589,407 for the nine months
ended September 30, 2023. As a percentage of revenue, cost of sale increased from 27.32% for the nine months ended September 30, 2023
to 53.24% for the nine months ended September 30, 2024. This increase is mainly attributable to an increase in laboratory fees.
Gross profit. As a result of the
foregoing, our total gross profit decreased by $4,479,706, or 65.04%, to $2,407,651 for the nine months ended September 30, 2024 from
$6,887,357 for the nine months ended September 30, 2023. Our total gross margin (as a percent of revenue) decreased from 72.68% for the
nine months ended September 30, 2023 to 46.76% for the nine months ended September 30, 2024.
Depreciation expense. Our depreciation
expense was $10,096 or 0.20% of revenue, for the nine months ended September 30, 2024, as compared to $11,365, or 0.12% of revenue, for
the nine months ended September 30, 2023.
Share based compensation expense.
Our share-based compensation expense $300,225, or 5.83% of revenue, for the nine months ended September 30, 2024, as compared to $0 for
the nine months ended September 30, 2023. The increase is due to stock issuances for investor relation services, stock issued to board
members and stock issued as compensation for new employment bonuses to management.
Selling, general and administrative expenses.
Our selling, general and administrative expenses increased by $527,370, or 25.17%, to $2,622,981 for the nine months ended September 30,
2024 from $2,095,611 for the nine months ended September 30, 2023. As a percentage of revenue, our selling, general and administrative
expenses were 50.94% and 22.11% for the nine months ended September 30, 2024 and 2023, respectively. Increases were primarily attributable
to increases in salaries and wages expense of $769,696, stock compensation expense of $93,600, professional fees of $60,367, investor
relations and public company fees of $71,431, insurance expense of $71,635 and rent expense of $100,000, offset by decreases in management
fees of $225,000, bad debt expense of $270,000, and penalties of $44,670.
Total other expense. We had $1,755,694
in total other expense, net, for the nine months ended September 30, 2024, as compared to total other expense, net, of $1,905,768 for
the nine months ended September 30, 2023. Other expense, net, for the nine months ended September 30, 2024 consisted of interest expense
of $1,803,657, amortization of debt discounts of $24,821, penalties and fees of $1,330, and other expenses of $4,720, offset by other
income of $78,834 for the gain on debt refinance. Other expense, net, for the nine months ended September 30, 2023 consisted of interest
expense of $1,763,698, amortization of debt discounts of $94,664 and financing penalties and fees of $48,000, offset by a gain on debt
refinance and forgiveness of $390 and other income of $204.
Discontinued operations. For the
nine months ended September 30, 2024 and 2023, we recorded a loss from discontinued operations of $111,312 and $93,005, respectively.
Net income (loss). As a result of
the cumulative effect of the factors described above, our net loss for the nine months ended September 30, 2024 was $2,392,657, as compared
to net income of $2,781,608 for the nine months ended September 30, 2023, a decrease of $5,174,265.
Liquidity and Capital Resources
As of September 30, 2024, we had $1,949,000 in
cash. To date, we have financed our operations primarily through revenue generated from operations, sales of securities, advances from
stockholders and third-party and related party debt.
We believe, based on our operating plan, that
current working capital and current and expected additional financing should be sufficient to fund operations and satisfy our obligations
as they come due for at least one year from the financial statement issuance date. However, additional funds from new financing and/or
future equity raises are required for continued operations and to execute our business plan and our strategy of acquiring additional businesses.
The funds required to sustain operations ranges between $600,000 to $1 million and additional funds execute our business plan will depend
on the size, capital structure and purchase price consideration that the seller of a target business deems acceptable in a given transaction.
The amount of funds needed to execute our business plan also depends on what portion of the purchase price of a target business the seller
of that business is willing to take in the form of seller notes or our equity or equity in one of our subsidiaries. Given these factors,
we believe that the amount of outside additional capital necessary to execute our business plan on the low end (assuming target company
sellers accept a significant portion of the purchase price in the form of seller notes or our equity or equity in one of our subsidiaries)
ranges between $4 million to $8 million. If, and to the extent, that sellers are unwilling to accept a significant portion of the purchase
price in seller notes and equity, then the cash required to execute our business plan could be as much as $10 million.
We intend to raise capital for additional acquisitions
primarily through equity and debt financings. The sale of additional equity securities could result in dilution to our stockholders. The
incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financial
covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. There
is no guarantee that we will be able to acquire additional businesses under the terms outlined above.
The financial statements were prepared on a going
concern basis and do not include any adjustment with respect to these uncertainties.
Summary of Cash Flow
The following table provides detailed information
about our net cash flow for the nine months ended September 30, 2024 and 2023.
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Net cash used in operating activities from continuing operations | |
$ | (3,996,905 | ) | |
$ | (557,542 | ) |
Net cash provided by financing activities from continuing operations | |
| 4,968,250 | | |
| 426,671 | |
Net change in cash | |
| 1,082,657 | | |
| (37,866 | ) |
Cash and cash equivalents at beginning of period | |
| 866,943 | | |
| 219,085 | |
Cash and cash equivalents at end of period | |
$ | 1,949,600 | | |
$ | 181,219 | |
Our net cash used in operating activities from
continuing operations was $3,996,905 for the nine months ended September 30, 2024, as compared to $557,542 for the nine months ended September
30, 2023. The primary drivers of our net cash used in operating activities for the nine months ended September 30, 2024 are our net loss
of $2,392,657, decreases of $1,492,966 in accounts receivable, $691,072 in accounts payable and other accrued expenses and $380,001 in
accrued officer’s compensation, offset by share based compensation of $788,600. For the nine months ended September 30, 2023, our
net income of $2,781,608, an increase in accounts payable and accrued expenses of $733,125, an increase in accrued officer’s compensation
of $514,000, bad debt expense of $270,000 and an increase in accrued interest of $380,020, offset by a decrease in accounts receivable
of $5,510,098, were the primary drivers for the cash used in operations.
We monitor outstanding cases as they develop through
ongoing discussions with attorneys, doctors and our third-party medical billing company and additionally monitor our settlement realization
rates over time. We have two primary methods of accelerating our cash settlement of our revenue and related accounts receivable. The first
is through factoring our receivables, which was done in 2023, but ended prior to April 2023. The second method is through accepting lower
settlement amounts during the final negotiations of the settlement, which is coordinated through our third-party medical billing company.
When our third-party medical billing company is provided with a settlement amount of 49% of gross charges or greater they will accept.
When presented with a lower amount we will discuss the reasons for the reduced rate and negotiate a higher rate. Shortening our negotiation
timeframe will typically result in a lower settlement realization rate, but will accelerate the cash settlement of the outstanding accounts
receivable. We began employing this second method in 2024, which reduced our settlement realization rate as described below. We have employed
both methods from time to time to accelerate our cash settlement and may employ one or both in the future.
Prior to April 2023, we factored (sold) the vast
majority of our accounts receivable to third party(s) to generate working capital to fund ongoing business operations and growth. For
the nine months ended September 30, 2023, we factored a total of $544,196 of our accounts receivable in exchange for cash of $253,750.
We ceased factoring of accounts receivable in the first quarter of 2023. The most recent average realization time for accounts receivable
was approximately eighteen to twenty-four months from the initial date of service. Typically, a patient will have a series of dates of
service over an average of 12 to 16 months.
Prior to fiscal year 2024, we historically realized
a 49% settlement rate from total gross billed charges. Accordingly, we had historically recognized net healthcare service revenue as 49%
of gross billed amounts. During the nine months ended September 30, 2024, we underwent efforts to accelerate cash settlement of our accounts
receivable throughout 2024 to generate cash flow for operations. We did this by shortening our settlement negotiations with insurance
companies and accepting lower settlement amounts. We expect this trend to continue in the short term as we work to settle our accounts
receivables more quickly to generate cash flow for operations. Additionally, during the third quarter of 2024, we completed a thorough
review of our third-party billing data, including reviewing historical reports and new reporting methods as a part of our updated analysis.
Based upon this review it was determined that a 24-month lookback period should be used in the analysis of our historical settlement realization
rates. As a result of the new efforts to accelerate cash settlement during the nine months ended September 30, 2024, we realized a 44%
average settlement rate of our gross billed charges during this time frame, which were historically recorded in accounts receivable and
revenue at 49% of gross billings. Accordingly, we recorded reductions to net revenue of $1,199,155 for the nine months ended September
30, 2024. Additionally, with the reduction in our estimate of our settlement realization rate from 49% to 44%, a $1,650,474 change in
accounting estimate was taken during the third quarter of 2024 in our accounts receivable and revenue.
We had no investing activities for the
nine months ended September 30, 2024 and 2023.
Our net cash provided by financing activities
was $4,968,250 for the nine months ended September 30, 2024, as compared to $426,671 for the nine months ended September 30, 2023. Net
cash provided by financing activities for the nine months ended September 30, 2024 consisted of the proceeds of $5,348,871 from line of
credit, offset by the payment of $120,997 to a director, $105,080 paid on convertible notes payable, $100,000 in dividend payments, $50,000
paid on a note payable, and $4,545 in payments on the SBA loan described below. Net cash provided by financing activities for the nine
months ended September 30, 2023 consisted of proceeds from convertible notes payable of $421,376 and proceeds from line of credit of $35,632,
offset by repayments of line of credit of $28,784.
Convertible Notes
As of September 30, 2024, we had convertible debt
outstanding net of amortized debt discount of $105,000. During the nine months ended September 30, 2024, we made $105,080 in principal
payments and paid the total outstanding accrued interest on these notes in the amount of $22,780. We also paid $100,000 of accrued interest
to a convertible noteholder.
On June 11, 2024, we entered into a settlement
agreement and release of claims with the holder certain notes. Pursuant to the settlement agreement and release of claims, the holder
agreed to cancel such notes in exchange for the fixed amount settlement promissory note in the principal amount of $535,000 described
below. Additionally, during the nine months ended September 30, 2024, we exchanged certain notes for the issuance of 938,908 shares of
series Y senior convertible preferred stock to the noteholder.
On January 24, 2017, we issued a convertible
promissory note in the principal amount of $80,000 for services rendered, which matured on January 24, 2018. This note is currently in
default and accrues interest at a default interest rate of 20% per annum. On March 30, 2023, we executed an additional tranche under this
note in the principal amount of $25,000. This note is currently in default and accrues interest at a default interest rate of 20% per
annum. On August 11, 2023, we executed an additional tranche under this note in the principal amount of $25,000. This note accrues interest
at a rate of 15% per annum.
Promissory Note – Settlement Agreement
On June 11, 2024, we entered into a settlement
agreement and release of claims with the holder of 165 shares of series R convertible preferred stock and certain convertible promissory
notes. Pursuant to the settlement agreement and release of claims, the holder agreed to cancel its shares of series R convertible preferred
stock and convertible promissory notes in exchange for a new fixed amount settlement promissory note in the principal amount of $535,000.
This transaction was accounted for as a debt extinguishment and a gain on settlement of $78,834 was recorded to the unaudited consolidated
statement of operations for the nine months ended September 30, 2024, in accordance with FASB Topic 470 Borrower’s Accounting
for Debt Modifications.
The note does not bear interest and requires fixed
payments as follows: (i) if we raise at least $5 million but less than $6 million in our planned underwritten public offering, or the
Offering, then we must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and $35,000 to follow on
the 90th, 180th, and 240th days following the closing of the Offering, respectively; (ii) if we
raise at least $6 million but less than $7 million in the Offering, then we must pay $390,000 on the closing date of the Offering and
$145,000 on the 90th day following the closing of the Offering; and (iii) if we raise at least $7 million in the Offering,
then we must repay the entire principal amount on the closing date of the Offering. As the Offering was not completed by August 15, 2024,
we are required to pay $25,000 on such date and to continue making payments of $25,000 on each monthly anniversary thereof until the entire
principal amount is repaid in full. If the Offering is completed after August 15, 2024, then we are required to make payments as described
in the schedule above. Notwithstanding the foregoing, if we abandon the Offering and conduct a new public offering thereafter, then we
are required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the 90th day
following the closing of such offering and $35,000 each month thereafter until the entire principal amount is repaid in full. If any portion
of the principal amount remains unpaid on the second (2nd) anniversary of the date of the note, it shall become immediately
due and payable on such date. We may prepay the entire principal amount at any time without penalty. The note is unsecured and contains
customary events of default for a loan of this type. Upon an event of default, interest would automatically begin to accrue at a simple
interest rate of ten percent per annum. During the three and nine months ended September 30, 2024, we paid a total of $50,000 against
the outstanding principal due.
Small Business Administration Loans
On June 2, 2020, we obtained a loan from the Small
Business Administration of $150,000 at an interest rate of 3.75% with a maturity date of June 2, 2050. The principal balance and accrued
interest at September 30, 2024 was $145,109 and $0, respectively.
Debenture
On March 12, 2009, we issued a debenture in the
principal amount of $20,000. The debenture bore interest at 12% per year and matured on September 12, 2009. The balance of the debenture
was $10,989 at September 30, 2024 and the accrued interest was $8,537. We assigned all of our receivables from consumer activations of
the rewards program as collateral on this debenture.
Line of Credit
On September 29, 2023, our company and Nova entered
into a two-year revolving purchase and security agreement with DML HC Series, LLC, or DML, to sell, with recourse, Nova’s accounts
receivables for a revolving financing up to a maximum advance amount of $4.5 million. A review is performed on a quarterly basis to assess
the adequacy of the maximum amount. If mutually agreed upon by us and DML, the maximum amount may be increased. On April 24, 2024, we
entered into amendment No. 1 with DML which increased the maximum advance amount to $8,000,000 and defined the discount fee equal to 2.25%
per purchase and claims balance forward on new purchases with a minimum fee to now be $10,000. On June 11, 2024, we entered into amendment
No. 2 with DML which further increased the maximum advance amount to $11,000,000. As of September 30, 2024, we had an outstanding balance
of $7,468,971 against the revolving receivable line of credit and accrued interest of $252,628. The revolving purchase and security agreement
includes discounts recorded as interest expense on each funding and matures on September 29, 2025.
Related Party Loans
In connection with the acquisition of Edge View
on July 16, 2014, we assumed amounts due to previous owners who are current managers of Edge View. These amounts are due on demand and
do not bear interest. The balance of these amounts is $4,979 as of September 30, 2024.
Contractual Obligations
Our principal commitments consist mostly of obligations
under the loans described above.
Critical Accounting Policies
The preparation of our unaudited condensed consolidated
financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and liabilities. On a regular basis, we evaluate these estimates. These
estimates are based on management’s historical industry experience and on various other assumptions that are believed to be reasonable
under the circumstances. Actual results may differ from these estimates.
For a description of the accounting policies that,
in management’s opinion, involve the most significant application of judgment or involve complex estimation and which could, if
different judgment or estimates were made, materially affect our reported financial position, results of operations, or cash flows, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies”
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission, or the
SEC, on March 27, 2024.
Off Balance Sheet Arrangements
We have no 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.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
Not applicable.
ITEM 4. |
CONTROLS AND PROCEDURES. |
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures
(as defined in Rule 13a-15(e) under the Exchange Act). Disclosure controls and procedures refer to controls and other procedures designed
to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated
to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding
required disclosure.
As required by Rule 13a-15(e) of the Exchange
Act, our management has carried out an evaluation, with the participation and under the supervision of our chief executive officer and
chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as of September 30,
2024. Based upon, and as of the date of this evaluation, our chief executive officer and chief financial officer determined that, because
of the material weaknesses described in Item 9A “Controls and Procedures” of our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, which we are still in the process of remediating as of September 30, 2024, along with the error identified
in our Quarterly Reports on Form 10-Q for the six months ended June 30, 2024 and the three months ended March 31, 2024, our disclosure
controls and procedures were not effective. The errors identified in our Quarterly Reports on Form 10-Q were corrected in amended filings.
Investors are directed to Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for the description of
these weaknesses.
Remediation of Material Weaknesses in Internal Control Over Financial
Reporting
We have evaluated the material weakness described
above and our management and board of directors are committed to the design and successful implementation of internal control over financial
reporting as promptly as possible. We are evaluating our updated internal controls design and will determine whether the controls have
operated effectively during 2024 in order to fully remediate the aforementioned material weakness in our internal control over financial
reporting.
As disclosed in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2023, our management has identified the steps necessary to address the material weaknesses, and
in the third quarter of 2024, we continued to implement the following remedial procedures:
|
· |
We are making necessary changes by making strategic hiring decisions and providing training to our financial team, and other relevant personnel, on the GAAP accounting guidelines applicable to financial reporting requirements. |
|
|
|
|
· |
We are implementing proper documentation procedures for key functional areas, control objectives and our workflows. |
|
|
|
|
· |
We are enhancing our processes, routine and non-routine, to encompass segregation of duties as well as oversight of secondary independent reviews. |
|
|
|
|
· |
We plan to reinforce effective compensating controls can improve the design of the current process with limited human resources. |
|
|
|
|
· |
We hired external consultants to assist with our assessment and accounting for variable consideration as accounted for under ASC 606 and our credit loss expense as accounted for under ASC 326. |
We intend to complete the remediation of the material
weaknesses discussed above as soon as practicable, but we can give no assurance that we will be able to do so. Designing and implementing
an effective disclosure controls and procedures is a continuous effort that requires us to anticipate and react to changes in our business
and the economic and regulatory environments and to devote significant resources to maintain a financial reporting system that adequately
satisfies our reporting obligations. The remedial measures that we have taken and intend to take may not fully address the material weaknesses
that we have identified, and material weaknesses in our disclosure controls and procedures may be identified in the future. Should we
discover such conditions, we intend to remediate them as soon as practicable. We are committed to taking appropriate steps for remediation,
as needed.
Changes in Internal Control Over Financial Reporting
Other than in connection with the implementation
of the remedial measures described above, there were no changes in our internal controls over financial reporting during the third quarter
of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
OTHER INFORMATION
ITEM 1. |
LEGAL PROCEEDINGS. |
From time to time, we may become involved in various
lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these, or other matters, may arise from time to time that may harm our business. We are currently not aware of
any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating
results.
Not applicable.
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
We have not sold any equity securities during
the three months ended September 30, 2024 that were not previously disclosed in a current report on Form 8-K that was filed during the
quarter.
We did not repurchase any shares of our common
stock during the three months ended September 30, 2024.
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES. |
None.
ITEM 4. |
MINE SAFETY DISCLOSURES. |
Not applicable.
ITEM 5. |
OTHER INFORMATION. |
None.
3.5 |
|
Certificate of Correction of Certificate of Designation of Series B Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.4 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.6 |
|
Certificate of Designation of Series C Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.4 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.7 |
|
Certificate of Correction of Certificate of Designation of Series C Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.6 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.8 |
|
Certificate of Designation of Series E Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.5 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.9 |
|
Certificate of Correction of Certificate of Designation of Series E Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.8 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.10 |
|
Certificate of Designation of Series F-1 Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.6 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.11 |
|
Certificate of Correction of Certificate of Designation of Series F-1 Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.10 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.12 |
|
Certificate of Designation of Series I Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.7 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.13 |
|
Certificate of Correction of Certificate of Designation of Series I Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.12 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.14 |
|
Certificate of Designation of Series L Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.9 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.15 |
|
Certificate of Correction of Certificate of Designation of Series L Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.16 to the Annual Report on Form 10-K filed on March 27, 2024) |
3.16 |
|
Certificate of Designation of Series N Senior Convertible Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed on June 6, 2023) |
3.17 |
|
Certificate
of Designation of Series X Senior Convertible Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit
3.12 to Amendment No. 1 to the Registration Statement on Form S-1/A filed on August 3, 2023) |
3.18 |
|
Certificate of Designation of Series Y Senior Convertible Preferred Stock of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.1 to the Current Report on
Form 8-K filed on May 14, 2024) |
3.19 |
|
Amended and Restated Bylaws of Cardiff Lexington Corporation (incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed on June 6, 2023) |
4.1 |
|
Common Stock Purchase Warrant issued by Cardiff Lexington Corporation to SILAC Insurance Company on May 21, 2021 (incorporated by reference to Exhibit 4.2 to the Annual Report on Form 10-K filed on June 6, 2023) |
31.1* |
|
Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* |
|
Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1** |
|
Certifications of Principal Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2** |
|
Certifications of Principal Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
|
XBRL Instance Document |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
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Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
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Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
______________
*Filed herewith
** Furnished herewith
SIGNATURES
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.
Date: November 6, 2024 |
CARDIFF LEXINGTON CORPORATION |
|
|
|
/s/ Alex Cunningham |
|
Name: Alex Cunningham |
|
Title: Chief Executive Officer |
|
(Principal Executive Officer) |
|
|
|
/s/ Matthew Shafer |
|
Name: Matthew Shafer |
|
Title: Chief Financial Officer |
|
(Principal Financial Officer) |
Exhibit 31.1
CERTIFICATIONS
I, Alex Cunningham, certify that:
|
1. |
|
I have reviewed this quarterly report on Form 10-Q of Cardiff Lexington Corporation; |
|
2. |
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
c) |
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 6, 2024
|
/s/ Alex Cunningham |
|
Alex Cunningham |
|
Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, Matthew Shafer, certify that:
|
1. |
|
I have reviewed this quarterly report on Form 10-Q of Cardiff Lexington Corporation; |
|
2. |
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
c) |
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 6, 2024
|
/s/ Matthew Shafer |
|
Matthew Shafer |
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
The undersigned Chief Executive
Officer of Cardiff Lexington Corporation (the “Company”), DOES HEREBY CERTIFY that:
1. The
Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Report”), fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. Information
contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
IN WITNESS WHEREOF, the undersigned
has executed this statement on November 6, 2024.
|
/s/ Alex Cunningham |
|
Alex Cunningham |
|
Chief Executive Officer
(Principal Executive Officer) |
A signed original of this written statement required
by Section 906 has been provided to Cardiff Lexington Corporation and will be retained by Cardiff Lexington Corporation and furnished
to the Securities and Exchange Commission or its staff upon request.
The forgoing certification is being furnished
to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether
made before or after the date hereof, regardless of any general incorporation language in such filing.
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
The undersigned Chief Financial
Officer of Cardiff Lexington Corporation (the “Company”), DOES HEREBY CERTIFY that:
1. The
Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Report”), fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. Information
contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
IN WITNESS WHEREOF, the undersigned
has executed this statement on November 6, 2024.
|
/s/ Matthew Shafer |
|
Matthew Shafer |
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
A signed original of this written statement required
by Section 906 has been provided to Cardiff Lexington Corporation and will be retained by Cardiff Lexington Corporation and furnished
to the Securities and Exchange Commission or its staff upon request.
The forgoing certification is being furnished
to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether
made before or after the date hereof, regardless of any general incorporation language in such filing.
v3.24.3
Cover - shares
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9 Months Ended |
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Sep. 30, 2024 |
Nov. 05, 2024 |
Cover [Abstract] |
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--12-31
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Entity File Number |
000-49709
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Entity Registrant Name |
CARDIFF LEXINGTON CORPORATION
|
|
Entity Central Index Key |
0000811222
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Entity Tax Identification Number |
84-1044583
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NV
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Las Vegas
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 1,949,600
|
$ 866,943
|
Accounts receivable-net |
14,798,220
|
13,305,254
|
Prepaid and other current assets |
5,000
|
5,000
|
Total current assets |
16,752,820
|
14,177,197
|
Property and equipment, net |
24,563
|
34,661
|
Land |
540,000
|
540,000
|
Goodwill |
5,666,608
|
5,666,608
|
Right of use - assets, net |
465,389
|
289,062
|
Due from related party |
4,979
|
4,979
|
Other assets |
60,403
|
33,304
|
Total assets |
23,514,762
|
20,745,811
|
Current liabilities |
|
|
Accounts payable and accrued expense |
1,386,412
|
2,047,131
|
Accrued expenses - related parties |
4,353,056
|
4,733,057
|
Accrued interest |
361,172
|
620,963
|
Right of use – lease liabilities |
227,606
|
157,669
|
Due to director and officer |
0
|
120,997
|
Notes payable – current portion |
500,826
|
15,977
|
Line of credit |
7,468,971
|
2,120,100
|
Convertible notes payable, net of debt discounts of $0 and $24,820, respectively |
105,000
|
3,807,030
|
Net liabilities of discontinued operations |
237,643
|
237,643
|
Total current liabilities |
14,640,686
|
13,860,567
|
Notes payable |
140,272
|
144,666
|
Operating lease liability – long term |
236,853
|
119,056
|
Total liabilities |
15,017,811
|
14,124,289
|
Mezzanine equity |
|
|
Total Mezzanine Equity |
4,767,831
|
5,890,104
|
Stockholders' equity |
|
|
Common Stock; 300,000,000 shares authorized, $0.001 par value; 14,555,601 and 25,121 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively |
14,556
|
25
|
Additional paid-in capital |
20,891,337
|
(7,581,212)
|
Accumulated deficit |
(71,792,589)
|
(68,684,115)
|
Total stockholders’ equity |
3,729,120
|
731,418
|
Total liabilities, mezzanine equity and stockholders’ equity |
23,514,762
|
20,745,811
|
Redeemable Series N Senior Convertible Preferred Stock [Member] |
|
|
Mezzanine equity |
|
|
Preferred stock value |
3,230,023
|
3,891,439
|
Redeemable Series R Senior Convertible Preferred Stock [Member] |
|
|
Mezzanine equity |
|
|
Preferred stock value |
0
|
307,980
|
Redeemable Series X Senior Convertible Preferred Stock [Member] |
|
|
Mezzanine equity |
|
|
Preferred stock value |
1,537,808
|
1,690,685
|
Series B Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
3,015,716
|
8,557,912
|
Series C Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
172
|
492
|
Series E Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
301,500
|
623,000
|
Series F-1 Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
38,000
|
143,008
|
Series I Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
46,162,000
|
59,540,000
|
Series J Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock value |
0
|
6,854,336
|
Series L Preferred Stock [Member] |
|
|
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Debt discount |
$ 0
|
$ 24,820
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
14,555,601
|
25,121
|
Common stock, shares outstanding |
14,555,601
|
25,121
|
Redeemable Series N Senior Convertible Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
3,000,000
|
3,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
868,056
|
868,056
|
Preferred stock, shares outstanding |
868,056
|
868,056
|
Redeemable Series R Senior Convertible Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
5,000
|
5,000
|
Preferred stock, stated value |
$ 1,200
|
$ 1,200
|
Preferred stock, shares issued |
0
|
165
|
Preferred stock, shares outstanding |
0
|
165
|
Redeemable Series X Senior Convertible Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
375,000
|
375,000
|
Preferred stock, shares outstanding |
375,000
|
375,000
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
3,000,000
|
3,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
753,929
|
2,139,478
|
Preferred stock, shares outstanding |
753,929
|
2,139,478
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
500
|
500
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
43
|
123
|
Preferred stock, shares outstanding |
43
|
123
|
Series E Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
75,375
|
155,750
|
Preferred stock, shares outstanding |
75,375
|
155,750
|
Series F-1 Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
50,000
|
50,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
9,500
|
35,752
|
Preferred stock, shares outstanding |
9,500
|
35,752
|
Series I Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
15,000,000
|
15,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
11,540,500
|
14,885,000
|
Preferred stock, shares outstanding |
11,540,500
|
14,885,000
|
Series J Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
2,000,000
|
2,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
0
|
1,713,584
|
Preferred stock, shares outstanding |
0
|
1,713,584
|
Series L Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
400,000
|
400,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
319,493
|
319,493
|
Preferred stock, shares outstanding |
319,493
|
319,493
|
Series Y Senior Convertible Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, stated value |
$ 4.00
|
$ 4.00
|
Preferred stock, shares issued |
955,114
|
0
|
Preferred stock, shares outstanding |
955,114
|
0
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
$ 1,355,641
|
$ 3,405,859
|
$ 5,149,416
|
$ 9,476,764
|
COST OF SALES |
1,000,601
|
551,423
|
2,741,765
|
2,589,407
|
GROSS PROFIT |
355,040
|
2,854,436
|
2,407,651
|
6,887,357
|
OPERATING EXPENSES |
|
|
|
|
Depreciation expense |
3,365
|
3,365
|
10,096
|
11,365
|
Share based compensation |
0
|
0
|
300,225
|
0
|
Selling, general and administrative |
936,835
|
577,677
|
2,622,981
|
2,095,611
|
Total operating expenses |
940,200
|
581,042
|
2,933,302
|
2,106,976
|
(LOSS) INCOME FROM CONTINUING OPERATIONS |
(585,160)
|
2,273,394
|
(525,651)
|
4,780,381
|
OTHER (EXPENSE) INCOME |
|
|
|
|
Other (expense) income |
(6,767)
|
(1)
|
(4,720)
|
204
|
Gain on debt refinance and forgiveness |
0
|
0
|
78,834
|
390
|
Penalties and fees |
0
|
(16,000)
|
(1,330)
|
(48,000)
|
Interest expense |
(1,386,041)
|
(226,119)
|
(1,803,657)
|
(1,763,698)
|
Amortization of debt discounts |
0
|
(46,048)
|
(24,821)
|
(94,664)
|
Total other (expense) income |
(1,392,808)
|
(288,168)
|
(1,755,694)
|
(1,905,768)
|
NET (LOSS) INCOME BEFORE DISCONTINUED OPERATIONS |
(1,977,968)
|
1,985,226
|
(2,281,345)
|
2,874,613
|
LOSS FROM DISCONTINUED OPERATIONS |
0
|
(3,705)
|
(111,312)
|
(93,005)
|
NET (LOSS) INCOME FOR THE PERIOD |
(1,977,968)
|
1,981,521
|
(2,392,657)
|
2,781,608
|
PREFERRED STOCK DIVIDENDS |
(238,009)
|
(150,965)
|
(715,817)
|
(605,384)
|
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ (2,215,977)
|
$ 1,830,556
|
$ (3,108,474)
|
$ 2,176,224
|
BASIC (LOSS) INCOME PER SHARE |
|
|
|
|
CONTINUING OPERATIONS |
$ (0.16)
|
$ 136.12
|
$ (0.30)
|
$ 167.13
|
DISCONTINUED OPERATIONS |
0.00
|
(0.28)
|
(0.01)
|
(7.15)
|
DILUTED (LOSS) INCOME PER SHARE |
|
|
|
|
CONTINUING OPERATIONS |
(0.16)
|
2.30
|
(0.30)
|
2.40
|
DISCONTINUED OPERATIONS |
$ 0.00
|
$ (0.28)
|
$ (0.01)
|
$ (7.15)
|
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC |
14,075,296
|
13,448
|
10,242,799
|
13,005
|
WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED |
14,075,296
|
794,783
|
10,242,799
|
906,441
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
|
Preferred Stock Series AIY [Member] |
Preferred Stock Series A and I [Member] |
Preferred Stock Series B,E,F-1,J And L [Member] |
Preferred Stock Series C [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, December 31, 2022 (Restated) at Dec. 31, 2022 |
|
$ 59,540,000
|
$ 17,403,628
|
$ 492
|
$ 12
|
$ (10,004,808)
|
$ (68,684,115)
|
$ (1,744,791)
|
Beginning balance, shares (Restated) at Dec. 31, 2022 |
|
14,885,001
|
4,350,907
|
123
|
12,053
|
|
|
|
Issuance of preferred stock series B |
|
|
$ 12,600
|
|
|
12,400
|
|
25,000
|
Issuance of preferred stock series B, shares |
|
|
3,150
|
|
|
|
|
|
Issuance of preferred stock series E |
|
|
$ 20,000
|
|
|
(20,000)
|
|
|
Issuance of preferred stock series E, shares |
|
|
5,000
|
|
|
|
|
|
Conversion of convertible notes payable |
|
|
|
|
$ 4
|
219,252
|
|
219,256
|
Conversion of convertible notes payable, shares |
|
|
|
|
3,662
|
|
|
|
Preferred stock Dividends |
|
|
|
|
|
|
(605,384)
|
(605,384)
|
Net income |
|
|
|
|
|
|
2,781,608
|
2,781,608
|
Balance, September 30, 2023 (Restated) at Sep. 30, 2023 |
|
$ 59,540,000
|
$ 17,436,228
|
$ 492
|
$ 16
|
(9,793,156)
|
(65,507,891)
|
675,689
|
Ending balance, shares (Restated) at Sep. 30, 2023 |
|
14,885,001
|
4,359,057
|
123
|
15,715
|
|
|
|
Balance, December 31, 2022 (Restated) at Jun. 30, 2023 |
|
$ 59,540,000
|
$ 17,416,228
|
$ 492
|
$ 14
|
(9,802,172)
|
(68,338,447)
|
(1,183,885)
|
Beginning balance, shares (Restated) at Jun. 30, 2023 |
|
14,885,001
|
4,354,057
|
123
|
13,636
|
|
|
|
Issuance of preferred stock series E |
|
|
$ 20,000
|
|
|
(20,000)
|
|
|
Issuance of preferred stock series E, shares |
|
|
5,000
|
|
|
|
|
|
Conversion of convertible notes payable |
|
|
|
|
$ 2
|
29,016
|
|
29,018
|
Conversion of convertible notes payable, shares |
|
|
|
|
2,079
|
|
|
|
Preferred stock Dividends |
|
|
|
|
|
|
(150,965)
|
(150,965)
|
Net income |
|
|
|
|
|
|
1,981,521
|
1,981,521
|
Balance, September 30, 2023 (Restated) at Sep. 30, 2023 |
|
$ 59,540,000
|
$ 17,436,228
|
$ 492
|
$ 16
|
(9,793,156)
|
(65,507,891)
|
675,689
|
Ending balance, shares (Restated) at Sep. 30, 2023 |
|
14,885,001
|
4,359,057
|
123
|
15,715
|
|
|
|
Balance, December 31, 2022 (Restated) at Dec. 31, 2023 |
$ 59,540,000
|
|
$ 17,456,228
|
$ 492
|
$ 25
|
(7,581,212)
|
(68,684,115)
|
731,418
|
Beginning balance, shares (Restated) at Dec. 31, 2023 |
14,885,002
|
|
4,364,057
|
123
|
25,121
|
|
|
|
Conversion of convertible notes payable |
|
|
|
|
$ 1
|
1,679
|
|
1,680
|
Conversion of convertible notes payable, shares |
|
|
|
|
1,222
|
|
|
|
Conversion of series B preferred stock |
|
|
$ (5,542,196)
|
|
$ 2,771
|
5,539,425
|
|
|
Conversion of series B preferred stock, shares |
|
|
(1,385,549)
|
|
2,771,098
|
|
|
|
Conversion of series C preferred stock |
|
|
|
$ (312)
|
$ 780
|
(468)
|
|
|
Conversion of series C preferred stock, shares |
|
|
|
(78)
|
780,000
|
|
|
|
Conversion of series E preferred stock |
|
|
$ (321,500)
|
|
$ 161
|
321,339
|
|
|
Conversion of series E preferred stock, shares |
|
|
(80,375)
|
|
160,750
|
|
|
|
Conversion of series F-1 preferred stock |
|
|
$ (105,008)
|
|
$ 53
|
104,955
|
|
|
Conversion of series F-1 preferred stock, shares |
|
|
(26,252)
|
|
52,504
|
|
|
|
Conversion of series I preferred stock |
$ (13,908,000)
|
|
|
|
$ 6,954
|
13,901,246
|
|
|
Conversion of series I preferred stock, shares |
(3,477,000)
|
|
|
|
6,954,000
|
|
|
|
Conversion of series J preferred stock |
|
|
$ (6,854,336)
|
|
$ 3,427
|
6,850,909
|
|
|
Conversion of series J preferred stock, shares |
|
|
(1,713,584)
|
|
3,427,168
|
|
|
|
Issuance of series I preferred stock to officers |
$ 530,000
|
|
|
|
|
63,600
|
|
593,600
|
Issuance of series I preferred stock to officers, shares |
132,500
|
|
|
|
|
|
|
|
Issuance of series Y preferred stock |
$ 3,820,456
|
|
|
|
|
|
|
3,820,456
|
Issuance of series Y preferred stock, shares |
955,114
|
|
|
|
|
|
|
|
Cancellation of series C preferred stock |
|
|
|
$ (8)
|
|
8
|
|
|
Cancellation of series C preferred stock, shares |
|
|
|
(2)
|
|
|
|
|
Common stock issued for services |
|
|
|
|
$ 8
|
11,617
|
|
11,625
|
Common stock issued for services, shares |
|
|
|
|
7,500
|
|
|
|
Common stock issued to board members |
|
|
|
|
$ 30
|
194,970
|
|
195,000
|
Common stock issued to board members, shares |
|
|
|
|
30,000
|
|
|
|
Common stock issued in Red Rock settlement |
|
|
|
|
$ 37
|
111,275
|
|
111,312
|
Common stock issued in Red Rock settlement, shares |
|
|
|
|
37,104
|
|
|
|
Common stock issued in legal settlement |
|
|
|
|
$ 74
|
(74)
|
|
|
Common stock issued in legal settlement, shares |
|
|
|
|
74,225
|
|
|
|
Preferred stock Dividends |
|
|
|
|
$ 235
|
1,372,269
|
(715,817)
|
656,687
|
Preferred stock Dividends, shares |
|
|
|
|
234,909
|
|
|
|
Net income |
|
|
|
|
|
|
(2,392,657)
|
(2,392,657)
|
Balance, September 30, 2023 (Restated) at Sep. 30, 2024 |
$ 49,982,456
|
|
$ 4,633,188
|
$ 172
|
$ 14,556
|
20,891,337
|
(71,792,589)
|
3,729,120
|
Ending balance, shares (Restated) at Sep. 30, 2024 |
12,495,616
|
|
1,158,297
|
43
|
14,555,601
|
|
|
|
Balance, December 31, 2022 (Restated) at Jun. 30, 2024 |
$ 50,317,632
|
|
$ 5,603,188
|
$ 240
|
$ 13,626
|
19,522,200
|
(69,576,612)
|
5,880,274
|
Beginning balance, shares (Restated) at Jun. 30, 2024 |
12,579,410
|
|
1,400,797
|
60
|
13,626,376
|
|
|
|
Conversion of series B preferred stock |
|
|
$ (905,000)
|
|
$ 453
|
904,547
|
|
|
Conversion of series B preferred stock, shares |
|
|
(226,250)
|
|
452,500
|
|
|
|
Conversion of series C preferred stock |
|
|
|
$ (68)
|
$ 170
|
(102)
|
|
|
Conversion of series C preferred stock, shares |
|
|
|
(17)
|
170,000
|
|
|
|
Conversion of series F-1 preferred stock |
|
|
$ (65,000)
|
|
$ 33
|
64,967
|
|
|
Conversion of series F-1 preferred stock, shares |
|
|
(16,250)
|
|
32,500
|
|
|
|
Conversion of series I preferred stock |
$ (400,000)
|
|
|
|
$ 200
|
399,800
|
|
|
Conversion of series I preferred stock, shares |
(100,000)
|
|
|
|
200,000
|
|
|
|
Issuance of series Y preferred stock |
$ 64,824
|
|
|
|
|
(1)
|
|
64,823
|
Issuance of series Y preferred stock, shares |
16,206
|
|
|
|
|
|
|
|
Common stock issued in legal settlement |
|
|
|
|
$ 74
|
(74)
|
|
|
Common stock issued in legal settlement, shares |
|
|
|
|
74,225
|
|
|
|
Preferred stock Dividends |
|
|
|
|
|
|
(238,009)
|
(238,009)
|
Net income |
|
|
|
|
|
|
(1,977,968)
|
(1,977,968)
|
Balance, September 30, 2023 (Restated) at Sep. 30, 2024 |
$ 49,982,456
|
|
$ 4,633,188
|
$ 172
|
$ 14,556
|
$ 20,891,337
|
$ (71,792,589)
|
$ 3,729,120
|
Ending balance, shares (Restated) at Sep. 30, 2024 |
12,495,616
|
|
1,158,297
|
43
|
14,555,601
|
|
|
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net (loss) income |
$ (2,392,657)
|
$ 2,781,608
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
Depreciation |
10,096
|
11,365
|
Amortization of debt discount |
24,821
|
94,664
|
Bad debt |
0
|
270,000
|
Change in estimate for settlement realization rate |
1,650,474
|
0
|
Conversion and note issuance cost |
1,000
|
11,250
|
Share issuance for compensations to directors and officers |
788,600
|
0
|
Share issuance for service rendered |
11,625
|
25,000
|
Fair value settled upon conversion |
0
|
141,406
|
Gain on settlement or forgiveness of debt |
(78,834)
|
(390)
|
(Increase) decrease in: |
|
|
Accounts receivable |
(3,143,440)
|
(5,510,098)
|
Right of use - assets |
(176,327)
|
17,763
|
Prepaids and other current assets |
(27,098)
|
0
|
Increase (decrease) in: |
|
|
Accounts payable and accrued expense |
(691,072)
|
733,125
|
Accrued officers compensation |
(380,001)
|
514,000
|
Accrued interest |
218,174
|
380,020
|
Right of use - liabilities |
187,734
|
(27,255)
|
Net cash used in operating activities |
(3,996,905)
|
(557,542)
|
Net cash provided by (used in) Discontinued Operations – Operating |
111,312
|
(38,255)
|
FINANCING ACTIVITIES |
|
|
Payments to director |
(120,997)
|
0
|
Repayment of SBA loans |
(4,545)
|
(803)
|
Proceeds from convertible notes payable |
0
|
421,376
|
Payment of convertible notes |
(105,079)
|
0
|
Net proceeds from line of credit |
5,348,871
|
5,848
|
Payment of note payable |
(50,000)
|
0
|
Proceeds from note payable – related party |
0
|
250
|
Payment of dividends on preferred stock |
(100,000)
|
0
|
Net cash provided by financing activities |
4,968,250
|
426,671
|
Net cash provided by Discontinued Operations – Financing |
0
|
131,260
|
NET INCREASE (DECREASE) IN CASH |
1,082,657
|
(37,866)
|
CASH, BEGINNING OF PERIOD |
866,943
|
219,085
|
CASH, END OF PERIOD |
1,949,600
|
181,219
|
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid during the year for Interest |
126,732
|
6,389
|
NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
Common stock issued upon conversion of notes payable |
1,680
|
99,533
|
Common stock issued upon conversion of preferred stock |
14,158
|
0
|
Series Y preferred stock issued in exchange of convertible notes payable |
3,755,632
|
0
|
Promissory note payable issued in settlement agreement |
535,000
|
0
|
Right of use assets acquired |
$ 363,411
|
$ 0
|
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v3.24.3
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (1,977,968)
|
$ 1,981,521
|
$ (2,392,657)
|
$ 2,781,608
|
X |
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
1. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Organization and Nature of Operations
Cardiff Lexington Corporation (“Cardiff”)
was originally incorporated on September 3, 1986 in Colorado as Cardiff International Inc. On November 10, 2005, Cardiff merged with Legacy
Card Company, LLC and changed its name to Cardiff Lexington Corporation. On August 27, 2014, Cardiff redomiciled and became a corporation
under the laws of Florida. On April 13, 2021, Cardiff redomiciled and became a corporation under the laws of Nevada.
Cardiff is an acquisition holding company focused
on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership
to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for stockholders.
All of Cardiff’s operations are predominantly conducted through, and its income derived from, its Nova Ortho and Spine, LLC (“Nova”)
subsidiary. Its subsidiaries include:
|
· |
Nova, which was acquired on May 31, 2021; |
|
|
|
|
· |
Edge View Properties, Inc. (“Edge View”), which was acquired on July 16, 2014; and |
|
|
|
|
· |
Platinum Tax Defenders (“Platinum Tax”), which was acquired on July 31, 2018 and sold on November 10, 2023. As a result, Platinum Tax is presented as a discontinued operation. |
Principles of Consolidation
The consolidated financial statements include
the accounts of Cardiff and its wholly owned subsidiaries, Nova, Edge View, and Platinum Tax and (collectively, the “Company”).
Subsidiaries shown as discontinued operations include Platinum Tax. All significant intercompany accounts and transactions are eliminated
in consolidation.
Reverse Stock Split
On January 9, 2024, the Company effected a 1-for-75,000 reverse split of its outstanding common stock. All outstanding shares of common stock and warrant to purchase common stock were adjusted
to reflect the 1-for-75,000 reverse split, with respective exercise prices of the warrants proportionately increased. The conversion prices
of the outstanding convertible notes and certain series of preferred stock were adjusted to reflect a proportional decrease in the number
of shares of common stock to be issued upon conversion.
All share and per share data throughout these
consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. The total number of authorized
shares of common stock did not change. As a result of the reverse stock split, an amount equal to the decreased value of the common stock
was reclassified from “common stock” to “additional paid-in capital.”
Use of Estimates
The preparation of financial statements in conformity
with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Management uses its historical records and knowledge of its business in making estimates.
Accordingly, actual results could differ from those estimates.
Accounts Receivable
In the normal course of business, the Company
is in the lien based medical industry providing orthopedic healthcare servicing an uninsured market insulated by a letter of protection
which insulates the Company and insures payment in full from insurance settlements. Accounts receivable consists of amounts due from attorneys
and insurance providers for services provided to patients under the letter of protection. Accounts receivable are recorded at the expected
settlement realization amount, which is less contractual adjustments and an allowance for credit losses. The Company recognizes an allowance
for credit losses for its accounts receivable to present the net amount expected to be collected as of the balance sheet date. This allowance
is determined based on the history of net settlements received, where the net settlement amount is not collected. No collection can happen
if no settlement is reached with the defendant’s insurance company and the plaintiff (the patient) loses the case at trial, or the
case is abandoned, then the Company will not be able to collect on its letter of protection and its receivable will not be collected.
The Company monitors outstanding cases as they develop through ongoing discussions with attorneys, doctors and third-party medical billing
company and additionally monitors settlement realization rates over time. Additionally, the Company considers economic factors and events
or trends expected to affect future collections experience. The no collection history of the Company’s customers is considered in
future assessments of collectability as these patterns are established over a longer period. The Company uses the term collection and
collection rate in its disclosures to describe the historical less than 1% occurrence of not collecting under a contract, which aligns
with the Company’s credit loss accounting under ASC 326.
The Company does not have a significant exposure
to credit losses as it has historically had a less than 1.0% loss rate where the Company received no settlement amount for its outstanding
accounts receivable. Although possible, claims resulting in zero collection upon settlement are rare based on the Company’s historical
experience and has historically been 0.5% to 1.0% of its outstanding accounts receivable, thereby resulting in a collection rate of 99%.
The Company uses the loss rate method to record its allowance for credit losses. The Company applies the loss rate method by reviewing
its zero collection history on a quarterly basis and updating its estimates of credit losses to adjust for changes in loss data. The Company
typically collects on its accounts receivable between eighteen and twenty-four months after recording. The Company does not record an
allowance for credit losses based on an aging of its accounts receivable as the aging of the Company’s receivables do not influence
the credit loss rate due to the nature of its business and the letter of protection. The Company does not adjust its receivables for the
effects of a significant financing component at contract inception as the timing of variable consideration is determined by the settlement,
which is outside of the Company’s control. As of September 30, 2024 and December 31, 2023, the Company’s allowance for
credit losses was $122,190. The Company recognized $0 and $270,000 of credit loss expense during the nine months ended September 30, 2024
and 2023, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statement of operations.
The balance of accounts receivable, net as of January 1, 2023 was $6,603,920.
Property and Equipment
Property and equipment are carried at cost. Expenditures
for renewals and betterments that extend the useful lives of property, equipment or leasehold improvements are capitalized. Expenditures
for maintenance and repairs are charged to expense as incurred. Depreciation is calculated using the straight-line method for financial
reporting purposes based on the following estimated useful lives:
Schedule of estimated useful lives |
|
Classification |
Useful Life |
Equipment, furniture, and fixtures |
5 - 7 years |
Medical equipment |
10 years |
Leasehold improvements |
10 years or lease term, if shorter |
Goodwill
Goodwill is not amortized but is evaluated for
impairment annually or when indicators of a potential impairment are present. The Company reviews goodwill for impairment on a reporting
unit basis annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Goodwill
is tested first for impairment based on qualitative factors on an annual basis or in between if an event occurs or circumstances change
that indicate the fair value may be below its carrying amount, otherwise known as a ‘triggering event’. An assessment is made
of these qualitative factors as such to determine whether it is more likely than not the fair value is less than the carry amount, including
goodwill. The annual evaluation for impairment of Goodwill, if needed, is based on valuation models that incorporate assumptions and internal
projections of expected future cash flows and operating plans. The Company believes such assumptions are also comparable to those that
would be used by other marketplace participants. During the nine months ended September 30, 2024 and 2023, the Company did not recognize
any goodwill impairment. The Company based this decision on impairment testing of the underlying assets, expected cash flows, decreased
asset value and other factors.
Valuation of Long-lived Assets
In accordance with the provisions of Accounting
Standards Codification (“ASC”) Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets
such as plant and equipment and construction in progress held and used by the Company are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is
evaluated by a comparison of the carrying amount of assets to estimated cash flows expected to be generated by the assets. If such assets
are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed
the fair value of the assets.
Revenue Recognition
The Company’s primary source of revenue
is its healthcare subsidiary, which records revenues from providing licensed and/or certified orthopedic procedures. Revenue is recognized
at a point in time in accordance with ASC 606 and at an estimated net settlement realization rate based on gross billed charges. The Company’s
healthcare subsidiary does not have contract liabilities or deferred revenue as there are no amounts prepaid for services. The Company
applies the following five-step ASC 606 model to determine revenue recognition:
|
· |
Identification of a contract with a customer |
|
|
|
|
· |
Identification of the performance obligations in the contact |
|
|
|
|
· |
Determination of the transaction price |
|
|
|
|
· |
Allocation of the transaction price to the separate performance obligations |
|
|
|
|
· |
Recognition of revenue when performance obligations are satisfied. |
At contract inception, once the contract is determined
to be within the scope of ASC 606, the Company assesses services promised within each contract and determines those that are a performance
obligation and assesses whether each promised service is distinct.
The Company’s contracts contain a single
performance obligation (providing orthopedic services), as the promise to transfer the individual services is not separately identifiable
from other promises in the contracts and, therefore, not distinct, as a result, the entire transaction price is allocated to this single
performance obligation.
Accordingly, the Company recognizes net revenue when the patient receives
orthopedic care services. The Company’s patient service contracts generally have performance obligations which are satisfied at
a point in time. The performance obligation is for onsite or off-site care provided. Patient service contracts are generally fixed-price,
and the transaction price is in the contract. Revenue is recognized when obligations under the terms of the contract with the Company’s
patients are satisfied; generally, at the time of patient care.
In determining net revenue to record under ASC
606, the Company must estimate the transaction price, including estimates of variable consideration in the contract at inception. In order
to estimate variable consideration, the Company uses established billings rates (also described as “gross charges”) for the
procedures being performed, however, the billing rates are not the same as actual amounts recovered for the Company’s healthcare
subsidiary. They generally do not reflect what the Company is ultimately paid by the customer, insurance carriers and other payors,
and therefore are not reported in the consolidated financial statements at that rate. The Company is typically paid amounts based on established
charges per procedure with guidance from the annually updated Current Procedural Terminology (“CPT”) guidelines that designates
relative value units and a suggested range of charges for each procedure which is then assigned a CPT code. This gross charge is discounted
to reflect the percentage paid to the Company using a modifier recognized by each insurance carrier for services, less deductible, co-pay,
and contractual adjustments which are deducted from the calculated fee. These adjustments are considered variable consideration under
ASC 606 and are deducted from the calculated fee to arrive at the net transaction price. The Company also estimates changes in the contract
price as a result of price concessions, changes to deductibles, co-pays and other contractual adjustments to determine the eventual settlement
amount the Company expects to receive. The Company uses the term settlement realization in its disclosures to describe the amount of cash
the Company expects to receive based on its estimate of the transaction price under the expected value method of ASC 606.
Where appropriate, the Company utilizes the expected
value method to determine the appropriate amount for estimates of variable consideration, which has been based on a historical 12-month
lookback of its actual settlement realization rates. The estimates of reserves established for variable consideration reflect current
contractual requirements, the Company’s historical experience, specific known market events and trends, industry data and forecasted
patient data and settlement patterns. Settlement realization patterns are assessed based on actual settlements and based on expected settlement
realization trends obtained from discussions with attorneys, doctors and our third-party medical billing company. Settlement amounts are
negotiated, and prolonged settlement negotiations are not indicative of a greater likelihood of reduced settlement realization or zero
settlement.
The Company may accept a lower settlement realization
rate in order to receive faster payment. The Company obtains information about expected settlement realization trends from discussions
with doctors and attorneys and its third-party medical billing company vendor, which handles settlement claims and negotiations. Settlement
amounts are presented to the Company’s third-party medical billing company vendor.
Settlement rates of 49% or higher based on gross
billed amounts are typically accepted without further negotiation. Proposed settlement rates below 49% are negotiated when possible and
longer negotiations typically result in higher settlement rates. If the Company accepts a lower settlement realization rate in order to
receive payments more quickly, the Company considers that a price concession and estimates these concessions at contract inception. The
various forms of variable consideration described above included in the transaction price may be constrained and are included in net revenue
only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in
a future period. The Company has not constrained any of its estimates of variable consideration for any of the periods presented.
Service Fees – Net (PIP)
The Company generates services fees from performing
various procedures on the date the services are performed. These services primarily include slip and falls as well as smaller nominal
Non-PIP services. As described above, these revenues are based on established insurance billing rates, less allowances for contractual
adjustments and uncollectible amounts. These contractual adjustments vary by insurance company and self-pay patients. The Company computes
these contractual and other adjustments based on its historical settlement realization experience. Completing the paperwork for each case
and preparing it for billing takes approximately ten business days after a procedure is performed. The majority of claims are then filed
electronically except for those remaining insurance carriers requiring paper filing. An initial response is usually received within four
weeks from electronic filing and up to six weeks from paper filing. Responses may be a payment, a denial, or a request for additional
information. The Company’s healthcare revenues are generated from professional medical billings including facility and anesthesia
services. With respect to facility and anesthesia services, the Company is the primary obligor as the facility and anesthesia services
are considered part of one integrated performance obligation.
The Company satisfies performance obligations
as services are performed and then billed to the patient. Payment in most cases is made by an attorney for such services to our patients
which are due upon final settlement of patients claims. During the claims process, legal counsel warranties such claim through the letter
of protection, which is sent to the Company, as a medical provider, on behalf of the client patient. This letter states that the attorney
is responsible for paying the client’s medical bills when the case is fully developed and settles. The medical professional agrees
to provide treatment to the injured person and refrain from attempting to collect payment as it is developing and until the case is resolved.
Once the personal injury case is finalized with the insurance company, the attorney pays the outstanding medical bills from the settlement.
Settlement Rates
Prior to its fiscal year 2024, the Company
has historically had a 49% settlement realization rate from its total gross billed charges. Accordingly, the Company has historically
recognized net healthcare service revenue as 49% of gross billed amounts. During the nine months ended September 30, 2024, the Company
underwent efforts to accelerate cash settlements by accepting lower settlement realization rates in order to settle outstanding accounts
receivable more quickly, which is expected to continue for the foreseeable future. This new initiative caused the Company to reassess
the average settlement rate used to recognize healthcare service revenue as a prospective change in estimate given new information available.
Accordingly, during the third quarter of 2024, the Company completed a thorough review of its third-party billing data, including reviewing
historical reports and new reporting methods as a part of its updated analysis. Based upon this review it was determined that a 24-month
lookback period should be used in the analysis of its historical settlement realization rates. Accordingly, its estimate of its settlement
realization rate was reduced from 49% to 44%, resulting in a $1,650,474 million reduction in its accounts receivable and revenue during
the third quarter of 2024 related to the change in estimate. Additionally, as a result of this reduced settlement realization experience,
the Company recorded reductions to net revenue of $0 and $1,199,155 for the three and nine months ended September 30, 2024, respectively.
The Company will continue to evaluate its estimate
of its settlement realization rates in the future, which will include a monthly review of the Company’s trailing 24-month historical
settlement realization rate, along with estimates of current and pending settlements through ongoing discussions with attorneys, doctors
and the Company’s third-party medical billing company in order to determine its variable consideration under ASC 606 and the net
transaction price. The Company will update its settlement realization rate estimate used in determining its accounts receivable and revenue
each quarter based on this review.
Contract Fees (Non-PIP)
The Company has contract fees for amounts earned
from its Non-Personal Injury Protection (“PIP”) related procedures, typically car accidents, and are settled on a contingency
basis. Prior to April 2023, these cases were sold to a factor who bears the risk of economic benefit or loss. Generally, the sale of these
cases to a third-party factor resulted in an approximate 54% reduction from the accounts receivables amounts. After selling patient cases
to the factor, any additional funds settled by us were remitted to the factor. The Company evaluated the factored adjustments considering
the actual factored amounts per patient on a quarterly interval, and the reductions from accounts receivable that were factored were recorded
in finance charges as other expenses on the consolidated statement of operations. As a result of the Company’s eighteen to twenty-four
month settlement realization timeframe, the Company has an accrued liability resulting from the settlement of receivables sold to the
third-party factors which fluctuates as settlements are made and remitted to those third-party factors. These accounts receivables sold
to these third-party factors are not included in the Company’s financial statements accounts receivable balance once sold and therefore
are not part of the assessment of the net realizable value of accounts receivable. For the nine months ended September 30, 2023, the Company
factored a total of $544,196 of its accounts receivable in exchange for cash of $253,750. The Company ceased factoring of accounts receivable
in the first quarter of 2023.
Advertising Costs
Advertising costs are expensed as incurred. Advertising
costs are included as a component of cost of sales in the consolidated statements of operations and changes in stockholders’ equity.
The Company recognized advertising and marketing expense of $84,914 and $71,636 for the three months ended September 30, 2024 and 2023,
respectively. The Company recognized advertising and marketing expense of $263,864 and $243,315 for the nine months ended September 30,
2024 and 2023, respectively.
Fair Value Measurements
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 recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair value. The fair value hierarchy distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs), and (2) an entity’s own assumptions about
market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair
value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy
are described below:
|
Level 1 |
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. |
|
|
|
|
Level 2 |
Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date. |
|
|
|
|
Level 3 |
Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
Distinguishing Liabilities from Equity
The Company accounts for its series N senior convertible
preferred stock, series R convertible preferred stock, and series X senior convertible preferred stock subject to possible redemption
in accordance with ASC 480, “Distinguishing Liabilities from Equity”. Conditionally redeemable preferred shares are classified
as temporary equity within the Company’s consolidated balance sheet.
Stock-Based Compensation
The Company accounts for its stock-based compensation
in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of
the fair value recognition provisions of section 718-10-30 of the Financial Accounting Standards Board (“FASB”) ASC. Pursuant
to paragraph 718-10-30-6 of the FASB ASC, all transactions in which goods or services are the consideration received for the issuance
of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument
issued, whichever is more reliably measurable.
The measurement date used to determine the fair
value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable
that performance will occur.
Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based payments
is recorded in the consolidated statements of operations.
Income Taxes
Income taxes are determined in accordance with
ASC Topic 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change
in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how
companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to
be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
As of September 30, 2024 and 2023, the Company
did not have any interest and penalties associated with tax positions and did not have any significant unrecognized uncertain tax positions.
Income (Loss) per Share
FASB ASC Subtopic 260, “Earnings Per Share,”
provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per common share is computed
by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted earnings per common share is computed by dividing income available to common stockholders by the weighted-average number of shares
of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options,
warrants, and debts convertible into common stock. The dilutive effect of stock options and warrants are reflected in diluted earnings
per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of
the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. The diluted effect of debt
convertibles is reflected utilizing the if converted method.
Going Concern
The accompanying consolidated financial statements
have been prepared using the going concern basis of accounting, which contemplates continuity of operations, realization of assets and
liabilities and commitments in the normal course of business. The Company had sustained recurring operating losses since its inception
and has an accumulated deficit of $71,792,589 as of September 30, 2024. These factors raise a substantial doubt about the Company’s
ability to continue as a going concern. The accompanying consolidated financial statements do not reflect any adjustments relating to
the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result if
the Company is unable to continue as a going concern.
The ability of the Company to continue as a going
concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management
is in continuous discussions with prospective investors and believes the raising of capital will allow the Company to fund its cash flow
shortfalls and pursue new acquisitions. There can be no assurance that the Company will be able to obtain sufficient capital from debt
or equity transactions or from operations in the necessary time frame or on terms acceptable to it. Should the Company be unable to raise
sufficient funds, it may be required to curtail its operating plans. In addition, if overall Company expenses increase, the Company may
need to implement cost reductions. No assurance can be given that the Company will be able to operate profitably on a consistent basis,
or at all, in the future. Should the Company not be able to raise sufficient funds, it may cause cessation of operations.
Recently Issued Accounting Standards
The FASB issued Accounting Standards Update (“ASU”)
2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures” (“Topic 280”) in November 2023. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024, with early adoption permitted. Topic 280 improves “reportable segment disclosure requirements, primarily through enhanced
disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances
in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities
with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors
to better understand an entity’s overall performance” and assess “potential future cash flows.” Management is
evaluating the impact of ASU 2023-07 on the consolidated financial statements and does not expect there to be any changes or impact to
the financial statements.
Recently Adopted Accounting Standards
The FASB issued ASU 2020-06, “Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
81540).” The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within that period. The FASB also specified
that an entity must adopt the guidance as of the beginning of its annual fiscal year and is not permitted to adopt the guidance in an
interim period, other than the first interim period of their fiscal year. ASU 2020-06 reduces the number of accounting models for convertible
debt and convertible preferred stock instruments and makes certain disclosure amendments to improve the information provided to users.
There were no material impacts on the consolidated financial statements at adoption.
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v3.24.3
RESTATEMENT OF FINANCIAL STATEMENTS
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
RESTATEMENT OF FINANCIAL STATEMENTS |
2. |
RESTATEMENT OF FINANCIAL STATEMENTS
|
During the preparation of the financial statements
for the year ended December 31, 2023, the Company identified and corrected its classification and accounting treatment for its series
R convertible preferred stock and the related dividend accrual. Pursuant to ASC 250, Accounting changes and error corrections issued
by FASB and Staff Accounting Bulletin 99 Materiality, issued by Securities and Exchange Commission, the Company determined the
impact of the error was immaterial. The impact of the error correction is reflected in the consolidated balance sheet as of September
30, 2023 as a $274,982 increase to the mezzanine equity and offsetting decrease to the series R convertible preferred stock and subject
to possible redemption mezzanine equity line item. In addition, the impact of the unpaid dividend accrual was reflected as of September
30, 2023 as a $24,681 increase to mezzanine equity and offsetting decrease to the accumulated deficits.
During the preparation of the financial statements
for three months ended March 31, 2024, the Company identified and corrected its classification for all its outstanding common stock amount
per par value of $0.001 with additional paid-in-capital related with a 1-for-75,000 reverse split executed on January 9, 2024. The impact
of this adjustment decreased $1,804,774 to common stock and offsetting increase to additional paid-in-capital as of December 31, 2023.
On November 10, 2023, the Company sold Platinum
Tax, which was a full-service tax resolution firm located in Los Angeles, California. The Company presented in prior periods operating
loss as loss from discontinued operations of $3,705 and $93,005 on the consolidated statement of operations for the three and nine months
ended September 30, 2023, respectively.
The impact of the error corrections also reflected
a $136.12 increase of basic earnings per share, and a $2.30 increase of diluted earnings per share on the consolidated statement of operations
for the three months ended September 30, 2023. For the nine months ended September 30, 2023, the impact of the error correction reflected
a $167.33 increase of basic earnings per share, and an increase of $2.40 of diluted earnings per share.
The following tables summarize the impact of
the corrections on the Company’s condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statement
of operations for the three and nine months ended September 30, 2023, and the condensed consolidated statement of cash flows for the
nine months ended September 30, 2023:
Schedule of restated financial information | |
| | |
| | |
| |
Balance sheet | |
| | |
| | |
| |
| |
Impact of correction of error | |
September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Total assets | |
$ | 18,518,727 | | |
$ | (844 | ) | |
$ | 18,517,883 | |
| |
| | | |
| | | |
| | |
Total liabilities | |
| 12,102,942 | | |
| (244,129 | ) | |
| 11,858,813 | |
| |
| | | |
| | | |
| | |
Mezzanine equity | |
| 5,440,434 | | |
| 299,663 | | |
| 5,740,097 | |
| |
| | | |
| | | |
| | |
Total stockholders' equity | |
$ | 975,352 | | |
$ | (299,663 | ) | |
$ | 675,689 | |
Statement of operations
|
|
Impact of correction of error |
|
Three months ended September 30, 2023 (Unaudited) |
|
As previously reported |
|
|
Adjustments |
|
|
As restated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
3,438,124 |
|
|
$ |
(32,265 |
) |
|
$ |
3,405,859 |
|
Cost of sales |
|
|
557,028 |
|
|
|
(5,605 |
) |
|
|
551,423 |
|
Gross profit |
|
|
2,881,096 |
|
|
|
(26,660 |
) |
|
|
2,854,436 |
|
Operating expense |
|
|
611,110 |
|
|
|
(30,067 |
) |
|
|
581,043 |
|
Income from operations |
|
|
2,269,986 |
|
|
|
3,407 |
|
|
|
2,273,393 |
|
Other income (expense), net |
|
|
(288,465 |
) |
|
|
298 |
|
|
|
(288,167 |
) |
Net income before discontinued operations |
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
– |
|
|
|
(3,705 |
) |
|
|
(3,705 |
) |
Net income for the period |
|
$ |
1,981,521 |
|
|
$ |
– |
|
|
$ |
1,981,521 |
|
Preferred stock dividends |
|
$ |
(150,965 |
) |
|
$ |
0.00 |
|
|
$ |
(150,965 |
) |
Net income attributable to common shareholders |
|
$ |
1,830,556 |
|
|
$ |
0.00 |
|
|
$ |
1,830,556 |
|
Basic earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
136.12 |
|
|
$ |
136.12 |
|
Diluted earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
2.30 |
|
|
$ |
2.30 |
|
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Revenue | |
$ | 9,781,731 | | |
$ | (304,967 | ) | |
$ | 9,476,764 | |
Cost of sales | |
| 2,643,137 | | |
| (53,730 | ) | |
| 2,589,407 | |
Gross profit | |
| 7,138,594 | | |
| (251,237 | ) | |
| 6,887,357 | |
Operating expense | |
| 2,448,876 | | |
| (341,900 | ) | |
| 2,106,976 | |
Income from operations | |
| 4,689,718 | | |
| 90,663 | | |
| 4,780,381 | |
Other income (expense), net | |
| (1,908,110 | ) | |
| 2,342 | | |
| (1,905,768 | ) |
Net income before discontinued operations | |
| | |
| | |
| |
Loss from discontinued operations | |
| – | | |
| (93,005 | ) | |
| (93,005 | ) |
Net income for the period | |
$ | 2,781,608 | | |
$ | – | | |
$ | 2,781,608 | |
Preferred stock dividends | |
$ | (605,384 | ) | |
$ | 0.00 | | |
$ | (605,384 | ) |
Net income attributable to common shareholders | |
$ | 2,176,224 | | |
$ | 0.00 | | |
$ | 2,176,224 | |
Basic earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 167.33 | | |
$ | 167.33 | |
Diluted earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 2.40 | | |
$ | 2.40 | |
Statement of Cash Flows
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Net cash used in operating activities of continuing operations | |
$ | (603,392 | ) | |
$ | 45,850 | | |
$ | (557,542 | ) |
Net cash provided by financing activities of continuing operations | |
$ | 557,933 | | |
$ | (131,262 | ) | |
$ | 426,671 | |
|
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v3.24.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
9 Months Ended |
Sep. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
3. |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Schedule of accounts payable and accrued expenses | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts payable | |
$ | 663,381 | | |
$ | 720,774 | |
Accrued credit cards | |
| 8,248 | | |
| 26,645 | |
Accrued liability for settlement of previously factored receivables | |
| 599,956 | | |
| 1,247,772 | |
Accrued income and property taxes | |
| 5,346 | | |
| 5,346 | |
Accrued professional fees | |
| 50,721 | | |
| 29,122 | |
Accrued board fees | |
| 15,000 | | |
| – | |
Accrued dividend | |
| 30,354 | | |
| – | |
Accrued public company fees | |
| 5,000 | | |
| – | |
Accrued travel expense | |
| 1,571 | | |
| – | |
Accrued payroll | |
| 6,835 | | |
| 17,472 | |
Total | |
$ | 1,386,412 | | |
$ | 2,047,131 | |
The Company is delinquent paying certain property
taxes. As of September 30, 2024 and December 31, 2023, the balance for these property taxes was $1,659.
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.24.3
PLANT AND EQUIPMENT, NET
|
9 Months Ended |
Sep. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PLANT AND EQUIPMENT, NET |
4. |
PLANT AND EQUIPMENT, NET |
Property and equipment as of September 30, 2024
and December 31, 2023 is as follows:
Schedule of property and equipment |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Medical equipment |
|
$ |
96,532 |
|
|
$ |
96,532 |
|
Computer Equipment |
|
|
9,189 |
|
|
|
9,189 |
|
Furniture, fixtures and equipment |
|
|
15,079 |
|
|
|
15,079 |
|
Leasehold Improvement |
|
|
15,950 |
|
|
|
15,950 |
|
Total |
|
|
136,750 |
|
|
|
136,750 |
|
Less: accumulated depreciation |
|
|
(112,187 |
) |
|
|
(102,089 |
) |
Property and equipment, net |
|
$ |
24,563 |
|
|
$ |
34,661 |
|
For the three months ended September 30, 2024
and 2023, depreciation expense was $3,365 and $3,365, respectively. For the nine months ended September 30, 2024 and 2023, depreciation
expense was $10,096 and $11,365, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.3
LAND
|
9 Months Ended |
Sep. 30, 2024 |
Real Estate [Abstract] |
|
LAND |
As of September 30, 2024 and December 31, 2023,
the Company had 27 acres of land of approximately $540,000. The land is currently vacant and is expected to be developed into a residential
community.
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v3.24.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
6. |
RELATED PARTY TRANSACTIONS |
In connection with the acquisition of Edge View
on July 16, 2014, the Company assumed amounts due from previous owners who are current managers of Edge View. These amounts are due on
demand and do not bear interest. The balance of these amounts is $4,979 due from the previous owners as of September 30, 2024 and December
31, 2023.
The Company obtained short-term advances from
the Chairman of the Board that are non-interest bearing and due on demand. As of September 30, 2024 and December 31, 2023, the Company
owed the Chairman $0 and $120,997, respectively. During the nine months ended September 30, 2024, the Company paid $120,997 to the Chairman.
See also Note 8. Convertible Notes Payable
and the disclosure regarding Note payable 41.
See also Note 13. Commitments and Contingencies
for compensation paid to employees of the Company.
|
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v3.24.3
NOTES AND LOANS PAYABLE
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES AND LOANS PAYABLE |
7. |
NOTES AND LOANS PAYABLE |
Notes payable at September 30, 2024 and December
31, 2023 are summarized as follows:
Schedule of notes payable | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Notes and loans payable | |
$ | 8,215,069 | | |
$ | 2,280,743 | |
Less current portion | |
| (8,074,797 | ) | |
| (2,136,077 | ) |
Long-term portion | |
$ | 140,272 | | |
$ | 144,666 | |
Long-term debt matures as follows:
Schedule of maturities of long-term debt | |
| |
| |
Amount | |
2024 (remainder of year) | |
$ | 8,071,169 | |
2025 | |
| 4,837 | |
2026 | |
| 4,837 | |
2027 | |
| 4,837 | |
2028 | |
| 4,837 | |
Thereafter | |
| 124,552 | |
Total | |
$ | 8,215,069 | |
Promissory Note – Settlement Agreement
On June 11, 2024, the Company entered into a settlement
agreement and release of claims with the holder of 165 shares of series R convertible preferred stock and certain convertible promissory
notes (see Notes 29-2, 37-1, 37-2, and 37-3 referenced in Note 8. Convertible Notes Payable). Pursuant to the settlement agreement
and release of claims, the holder agreed to cancel its shares of series R convertible preferred stock and convertible promissory notes
in exchange for a new fixed amount settlement promissory note in the principal amount of $535,000.
The note does not bear interest and requires
fixed payments as follows: (i)
if the Company raises at least $5 million but less than $6 million in its planned underwritten public offering (the
“Offering”), then it must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and
$35,000 to follow on the 90th, 180th, and 240th days following the closing of the Offering,
respectively; (ii) if the Company raises at least $6 million but less than $7 million in the Offering, then it must pay $390,000 on
the closing date of the Offering and $145,000 on the 90th day following the closing of the Offering; and (iii) if
the Company raises at least $7 million in the Offering, then it must repay the entire principal amount on the closing date of the
Offering. If the Offering is not completed by August 15, 2024, then the Company is required to pay $25,000 on such date and to
continue making payments of $25,000 on each monthly anniversary thereof until the entire principal amount is repaid in full.
Notwithstanding the foregoing, if the Company abandons the Offering and conducts a new public offering thereafter, then the Company
is required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the
90th day following the closing of such offering and $35,000 each month thereafter until the entire principal amount
is repaid in full. If any portion of the principal amount remains unpaid on the second (2nd) anniversary of the
date of the note, it shall become immediately due and payable on such date. The Company may prepay the entire principal amount at
any time without penalty. The note is unsecured and contains customary events of default for a loan of this type. Upon an event of
default, interest would automatically begin to accrue at a simple interest rate of ten percent per annum. This transaction was
accounted for as a debt extinguishment and a gain on settlement of $78,834
was recorded to the unaudited, consolidated statement of operations for the quarter ended June 30, 2024, in accordance with FASB
Topic 470 Borrower’s Accounting for Debt Modifications. During the three months ended September 30, 2024, the Company
paid $50,000
against the outstanding principal balance. At September 30, 2024, the remaining principal balance was $485,000.
Loans and Notes Payable – Unrelated Party
On March 12, 2009, the Company issued a debenture
in the principal amount of $20,000. The debenture bore interest at 12% per year and matured on September 12, 2009. The balance of the
debenture was $10,989 at September 30, 2024 and December 31, 2023. The accrued interest of the debenture was $8,537 and $7,547 at September
30, 2024 and December 31, 2023, respectively. The Company assigned all of its receivables from consumer activations of the rewards program
as collateral on this debenture.
Small Business Administration (“SBA”)
Loans
On June 2, 2020, the Company obtained an SBA loan
in the principal amount of $150,000 with an interest rate of 3.75% and a maturity date of June 2, 2050. The principal balance and accrued
interest at September 30, 2024 was $145,109 and $0, respectively, and principal and accrued interest at December 31, 2023 was $149,655
and $956, respectively.
Line of Credit
On September 29, 2023, the Company and Nova entered
into a two-year revolving purchase and security agreement with DML HC Series, LLC (“DML”) to sell, with recourse, Nova’s
accounts receivables for a revolving financing up to a maximum advance amount of $4.5 million. A review is performed on a quarterly basis
to assess the adequacy of the maximum amount. If mutually agreed upon by the Company and DML, the maximum amount may be increased. On
April 24, 2024, the Company and Nova entered into amendment No. 1 with DML which increased the maximum advance amount to $8,000,000 and
defined the discount fee equal to 2.25% per purchase and claims balance forward on new purchases with a minimum fee to now be $10,000.
On June 11, 2024, the Company and Nova entered into amendment No. 2 with DML which further increased the maximum advance amount to $11,000,000.
As of September 30, 2024, and December 31, 2023, the Company had $7,468,971 and $2,120,100, respectively, outstanding balance against
the revolving receivable line of credit. As of September 30, 2024, there was $252,628 of interest accrued related to the line of credit.
The revolving purchase and security agreement includes discounts recorded as interest expense on each funding and matures on September
29, 2025.
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v3.24.3
CONVERTIBLE NOTES PAYABLE
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE |
8. |
CONVERTIBLE NOTES PAYABLE |
As of September 30, 2024 and December 31, 2023,
the Company had convertible debt outstanding net of amortized debt discount of $105,000 and $3,807,030, respectively. During the nine
months ended September 30, 2024, the Company paid the total principal outstanding of $100,080 and the total outstanding interest of $22,279
to the holder of Notes 9 and 10-1. The Company also paid the total principal outstanding of $5,000 and the total outstanding interest
of $501 to the holder of Note 41. Additionally, the Company paid $100,000 of accrued interest to convertible noteholder related to note
40-1. On June 11, 2024, the Company entered into a settlement agreement and release of claims with the holder of Notes 29-2, 37-1, 37-2
and 37-3 (see below and also Note 7. Notes and Loans Payable for further details). Pursuant to the settlement agreement and release
of claims, the holder agreed to cancel these notes in exchange for a new fixed amount settlement promissory note in the principal amount
of $535,000. Additionally, during the nine months ended September 30, 2024, the Company exchanged Notes 40-1, 40-2, 40-3, 40-4, 40-5,
40-6, 40-7, 40-8, 40-9 and 40-10 for the issuance of 938,908 shares of series Y senior convertible preferred stock to the noteholder.
See also Note 9. Capital Stock.
During the nine months ended September 30, 2023,
the Company received net proceeds of $421,375 from convertible notes. There were debt discounts associated with the convertible debt of
$0 and $24,820 at September 30, 2024 and December 31, 2023, respectively. For the three months ended September 30, 2024 and 2023, the
Company recorded amortization of debt discounts of $0 and $46,048, respectively. For the nine months ended September 30, 2024 and 2023,
the Company recorded amortization of debt discounts of $24,821and $94,664, respectively.
During the nine months ended September 30, 2024,
the Company converted $680 in accrued interest and $1,000 in conversion cost into 1,222 shares of common stock. The Company recognized
$1,679 of additional paid-in capital to adjust fair value for the debt settlement during the nine months ended September 30, 2024. During
the nine months ended September 30, 2023, the Company converted $87,460 of convertible debt, $12,073 in accrued interest and $3,000 in
conversion cost into 3,662 shares of the Company’s common stock. The Company recognized $141,406 of interest expense and additional
paid-in capital to adjust fair value for the debt settlement during the nine months ended September 30, 2023.
Convertible notes as of September 30, 2024 and
December 31, 2023 are summarized as follows:
Schedule of convertible notes |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Convertible notes payable |
|
$ |
105,000 |
|
|
$ |
3,831,850 |
|
Discounts on convertible notes payable |
|
|
– |
|
|
|
(24,820 |
) |
Total convertible debt less debt discount |
|
|
105,000 |
|
|
|
3,807,030 |
|
Current portion |
|
|
105,000 |
|
|
|
3,807,030 |
|
Long-term portion |
|
$ |
– |
|
|
$ |
– |
|
The following is a schedule of convertible notes
payable as of and for the nine months ended September 30, 2024.
Schedule of convertible notes payable | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Note # | |
Issuance | |
Maturity | |
Principal Balance 12/31/23 | | |
Settlements and/or Principal Conversions | | |
New Loans or (Cash Paydown) | | |
Shares Issued Upon Conversion or Exchange | | |
Principal Balance 09/30/24 | | |
Accrued Interest on Convertible Debt at 12/31/23 | | |
Interest On Convertible Debt For the Period Ended 09/30/24 | | |
Accrued Interest on Convertible Debt at 09/30/24 | | |
Unamortized Debt Discount At 09/30/24 | |
9 | |
09/12/2016 | |
09/12/2017 | |
$ | 50,080 | | |
$ | – | | |
$ | (50,080 | ) | |
| 1,222 | | |
$ | – | | |
$ | 5,581 | | |
$ | (5,581 | ) | |
$ | – | | |
$ | – | |
10 | |
01/24/2017 | |
01/24/2018 | |
| 55,000 | | |
| – | | |
| – | | |
| – | | |
| 55,000 | | |
| 80,875 | | |
| 8,258 | | |
| 89,134 | | |
| – | |
10-1 | |
02/10/2023 | |
02/10/2024 | |
| 50,000 | | |
| – | | |
| (50,000 | ) | |
| – | | |
| – | | |
| 6,658 | | |
| (6,658 | ) | |
| – | | |
| – | |
10-2 | |
03/30/2023 | |
03/30/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 2,836 | | |
| 3,442 | | |
| 6,277 | | |
| – | |
10-3 | |
08/11/2023 | |
08/11/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 1,469 | | |
| 3,130 | | |
| 4,599 | | |
| – | |
29-2 | |
11/08/2019 | |
11/08/2020 | |
| 36,604 | | |
| (36,604 | ) | |
| – | | |
| – | | |
| – | | |
| 10,109 | | |
| (10,109 | ) | |
| – | | |
| – | |
31 | |
08/28/2019 | |
08/28/2020 | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 8,385 | | |
| (8,385 | ) | |
| – | | |
| – | |
37-1 | |
09/03/2020 | |
06/30/2021 | |
| 113,667 | | |
| (113,667 | ) | |
| – | | |
| – | | |
| – | | |
| 64,929 | | |
| (64,929 | ) | |
| – | | |
| – | |
37-2 | |
11/02/2020 | |
08/31/2021 | |
| 113,167 | | |
| (113,167 | ) | |
| – | | |
| – | | |
| – | | |
| 63,594 | | |
| (63,594 | ) | |
| – | | |
| – | |
37-3 | |
12/29/2020 | |
09/30/2021 | |
| 113,166 | | |
| (113,166 | ) | |
| – | | |
| – | | |
| – | | |
| 62,558 | | |
| (62,558 | ) | |
| – | | |
| – | |
40-1 | |
09/22/2022 | |
09/22/2024 | |
| 2,600,000 | | |
| (2,600,000 | ) | |
| – | | |
| 938,908 | (1) | |
| – | | |
| 252,665 | | |
| (252,655 | ) | |
| – | | |
| – | |
40-2 | |
11/04/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,939 | | |
| (7,939 | ) | |
| – | | |
| – | |
40-3 | |
11/28/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,506 | | |
| (7,506 | ) | |
| – | | |
| – | |
40-4 | |
12/21/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,054 | | |
| (7,054 | ) | |
| – | | |
| – | |
40-5 | |
01/24/2023 | |
03/21/2024 | |
| 90,166 | | |
| (90,166 | ) | |
| – | | |
| – | | |
| – | | |
| 8,284 | | |
| (8,284 | ) | |
| – | | |
| – | |
40-6 | |
03/21/2023 | |
09/22/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 10,671 | | |
| (10,671 | ) | |
| – | | |
| – | |
40-7 | |
06/05/2023 | |
06/05/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 7,826 | | |
| (7,826 | ) | |
| – | | |
| – | |
40-8 | |
06/13/2023 | |
06/13/2024 | |
| 21,167 | | |
| (21,167 | ) | |
| – | | |
| – | | |
| – | | |
| 1,127 | | |
| (1,127 | ) | |
| – | | |
| – | |
40-9 | |
07/19/2023 | |
07/19/2024 | |
| 35,500 | | |
| (35,500 | ) | |
| – | | |
| – | | |
| – | | |
| 1,605 | | |
| (1,605 | ) | |
| – | | |
| – | |
40-10 | |
07/24/2023 | |
07/24/2024 | |
| 14,000 | | |
| (14,000 | ) | |
| – | | |
| – | | |
| – | | |
| 614 | | |
| (614 | ) | |
| – | | |
| – | |
41 | |
08/25/2023 | |
08/25/2024 | |
| 5,000 | | |
| – | | |
| (5,000 | ) | |
| – | | |
| – | | |
| 175 | | |
| (175 | ) | |
| – | | |
| | |
| |
| |
| |
$ | 3,831,850 | | |
$ | (3,621,770 | ) | |
$ | (105,080 | ) | |
| 940,130 | | |
$ | 105,000 | | |
$ | 612,460 | | |
$ | (512,450 | ) | |
$ | 100,010 | | |
$ | – | |
(1) |
938,908 Series Y Senior Convertible Preferred Shares issued in exchange for full value of the outstanding principal and interest on Notes 40-1, 40-2, 40-3, 40-4, 40-5, 40-6, 40-7, 40-8, 40-9 and 40-10 |
Note 9
On September 12, 2016, the Company issued a convertible
promissory note in the principal of $80,000 for services rendered, which matured on September 12, 2017. Note 9 was in default and accrued
at a default interest rate of 20% per annum. In May of 2024, the $58,846 total outstanding principal and interest was paid in full.
Note 10, 10-1, 10-2 and 10-3
On January 24, 2017, the Company issued a convertible
promissory note in the principal amount of $80,000 for services rendered, which matured on January 24, 2018. Note 10 is currently in default
and accrues interest at a default interest rate of 20% per annum. On February 10, 2023, the Company executed a second tranche under this
note in the principal amount of $50,000 (Note 10-1). On March 30, 2023, the Company executed a third tranche under this note in the principal
amount of $25,000 (Note 10-2). On August 11, 2023, the Company executed a fourth tranche under this note in the principal amount of $25,000
(Note 10-3). In May of 2024, the $63,513 total outstanding principal and interest on Note 10-1 was paid in full. Notes 10-2 and 10-3 are
currently in default and accrue interest at a default interest rate of 20% per annum.
Notes 29-2, 37-1, 37-2 and 37-3
On May 10, 2019, the Company issued a convertible
promissory note in the principal amount of $150,000. On November 8, 2019, this note (Note 29) was purchased by and assigned to an unrelated
party. The amount assigned was the existing principal amount of $150,000 and accrued interest of $5,918, which was issued as Note 29-1,
plus a new convertible promissory note in the principal amount of $62,367, which was issued as Note 29-2.
On September 3, 2020, the Company issued a convertible
promissory note in the principal amount of $200,000, with an original issue discount of $50,000, which could be drawn in several tranches.
On September 3, 2020, the Company executed the first tranche in the principal amount of $67,000, less an original issue discount of $17,000,
which matured on June 30, 2021 (Note 37-1). On November 2, 2020, the Company executed the second tranche in the principal amount of $66,500,
less an original issue discount of $16,500, which matured on August 31, 2021 (Note 37-2). On December 29, 2020, the Company executed the
third tranche in the principal amount of $66,500, less an original issue discount of $16,500, which matured on September 30, 2021 (Note
37-3).
On June 11, 2024, the Company entered into a settlement
agreement and release of claims with the holder of Notes 29-2, 37-1, 37-2 and 37-3 (see Note 7. Notes and Loans Payable for further
details). Pursuant to the settlement agreement and release of claims, the holder agreed to cancel these notes, along with the cancellation
of their holding in the series R preferred stock, in exchange for a new fixed amount settlement promissory note in the principal amount
of $535,000.
Notes 40-1, 40-2, 40-3, 40-4, 40-5, 40-6, 40-7, 40-8, 40-9 and 40-10
On September 22, 2022, the Company issued a convertible
promissory note in the principal amount of $2,600,000 in exchange for total of $4,791,099 of defaulted promissory notes balances (Note
40-1). On November 4, 2022, the Company executed a second tranche under this note in the principal amount of $68,667, less an original
issue discount and fee of $18,667 (Note 40-2). On November 28, 2022, the Company executed the third tranche under this note in the principal
amount of $68,667, less an original issue discount and fee of $18,667 (Note 40-3). On December 21, 2022, the Company executed a fourth
tranche under this note in the principal amount of $68,667, less an original issue discount and fee of $18,667 (Note 40-4). On January
24, 2023, the Company executed a fifth tranche under this note in the principal amount of $90,166, less an original issue discount and
fee of $25,166 (Note 40-5). On March 21, 2023, the Company executed a sixth tranche under this note in the principal amount of $136,666,
less an original issue discount and fee of $39,166 (Note 40-6). On June 5, 2023, the Company executed a seventh tranche under this note
in the principal amount of $136,667, less original issue discount and fee of $39,167 (Note 40-7). On June 13, 2023, the Company executed
an eighth tranche under this note in the principal amount of $21,167, less original issue discount and fee of $5,167 (Note 40-8). On July
19, 2023, the Company executed a ninth tranche under this note in the principal amount of $35,500, less an original issue discount and
fee of $8,875 (Note 40-9). On July 24, 2023, the Company executed a tenth tranche under this note in the principal amount of $14,000,
less an original issue discount and fee of $3,500 (Note 40-10). On December 1, 2023, the Company executed amendment on Notes series 40
consolidated senior secured convertible promissory note to extend the expired tranche note 40-1 through 40-5’ due date to September
20, 2024. All of the Note 40 tranches mature in one year from the note issuance date and accrue interest at a rate of 10% per annum.
On April 11, 2024, the Company issued 938,908
shares of series Y senior convertible preferred stock in exchange for the settlement of the principal and interest in full on Notes 40-1,
40-2, 40-3, 40-4, 40-5, 4-6, 40-7, 40-8, 40-9 and 40-10. See also Note 9. Capital Stock.
Note 41
On August 25, 2023, the Company issued a twelve-month
convertible promissory note in the principal amount of $5,000 to the Company’s CEO for the Company’s operating expenses.
The rate of interest is 10% per annum. In August of 2024, the remaining outstanding principal and interest of $5,501 was paid in full.
|
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- DefinitionThe entire disclosure for long-term debt.
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v3.24.3
CAPITAL STOCK
|
9 Months Ended |
Sep. 30, 2024 |
Equity [Abstract] |
|
CAPITAL STOCK |
On May 8, 2024, the Company amended its Articles
of Incorporation to increase its authorized stock. The total amended authorized shares are 350,000,000 shares of capital stock, consisting
of 300,000,000 shares of common stock, $0.001 par value, and 50,000,000 shares of preferred stock, $0.001 par value per share.
Preferred Stock
The Company has designated multiple series of
preferred stock, including 2 shares of series A preferred stock, 3,000,000 shares of series B preferred stock, 500 shares of series C
preferred stock, 1,000,000 shares of series E preferred stock, 50,000 shares of series F-1 preferred stock, 15,000,000 shares of series
I preferred stock, 2,000,000 shares of series J preferred stock, 400,000 shares of series L preferred stock, 3,000,000 shares of series
N senior convertible preferred stock, 5,000 shares of series R convertible preferred stock, 5,000,000 shares of series X senior convertible
preferred stock and 1,000,000 shares of series Y senior convertible preferred stock.
The following is a description of the rights and
preferences of each series of preferred stock.
Redeemable Preferred Stock
The Company recognizes the series N senior convertible
preferred stock, series R convertible preferred stock and series X senior convertible preferred stock as mezzanine equity in accordance
with ASC 480, “Distinguishing Liabilities from Equity”.
Series N Senior Convertible Preferred Stock
Ranking. The series N senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each other class or series that is not expressly made senior to or on parity with the series N senior convertible preferred
stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the series N senior convertible preferred
stock; and (iii) junior to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company
and each class or series that is expressly made senior to the series N senior convertible preferred stock.
Dividend Rights. Holders of series N senior
convertible preferred stock are entitled to dividends at a rate per annum of 12.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series N senior convertible preferred stock), such rate
would increase by 8% per annum. Dividends accrued from day to day, whether or not declared, and are cumulative. Dividends are payable
quarterly in arrears on each dividend payment date in cash or common stock at the Company’s discretion. Dividends payable in common
stock are to be calculated based on a price equal to eighty percent (80%) of the volume weighted average price for the common stock on
the Company’s principal trading market (the “VWAP”) during the five (5) trading days immediately prior to the applicable
dividend payment date. At September 30, 2024 and December 31, 2023, cumulative dividends earned on the series N senior convertible preferred
stock were $1,211,585 and $766,437, respectively. At September 30, 2024 $1,106,562 of the cumulative accrued dividends were paid by the
Company via the issuance of 197,601 shares of the Company’s common stock. The remaining $105,023 cumulative accrued dividend will
be paid during the fourth quarter 2024 via the issuance of 26,256 shares of the Company’s series N senior convertible preferred
stock.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities or parity securities (in each case, as defined in the certificate of designation),
upon any liquidation of the Company or its subsidiaries, before any payment or distribution of the assets of the Company (whether capital
or surplus) are to be made to or set apart for the holders of junior securities (as defined in the certificate of designation), including
the common stock, each holder of outstanding series N senior convertible preferred stock is entitled to receive an amount of cash equal
to 115% of the stated value of $4.00 per share, plus an amount of cash equal to all accumulated accrued and unpaid dividends thereon (whether
or not declared) to, but not including the date of final distribution to such holders.
Voting Rights. Holders of series N senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series N senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series N senior convertible preferred stock, which majority
must include SILAC Insurance Company so long as it holds any shares of series N senior convertible preferred stock, voting as a separate
class, is necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate
of designation or prior to the Company’s (or Nova’s) creation or issuance of any parity securities or new indebtedness (as
defined in the certificate of designation); provided that the foregoing does not apply to any financing transaction the use of proceeds
of which would be used to redeem the series N senior convertible preferred stock and the warrants issued in connection therewith. In addition,
the affirmative vote of holders of 66% of the series N senior convertible preferred stock, voting as a separate class, is required prior
to the Company’s (or Nova’s) creation or issuance of any senior securities.
Conversion Rights. Each share of series
N senior convertible preferred stock, plus all accrued and unpaid dividends thereon, are convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price of $900 per share
(subject to standard adjustments in the event of any stock splits, stock combinations, stock reclassifications, dividends paid in common
stock, sales of substantially all assets, mergers, consolidations or similar transactions); provided that in no event shall the holder
of any series N senior convertible preferred stock be entitled to convert any number of shares that upon conversion the sum of (i) the
number of shares of common stock beneficially owned by the holder and its affiliates and (ii) the number of shares of common stock issuable
upon the conversion of the series N senior convertible preferred stock with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the then outstanding common stock. This
limitation can be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one (61) days’
prior notice to the Company.
Redemption Rights. The Company may redeem
the series N senior convertible preferred stock at any time by paying in cash therefore a sum equal to 115% of the stated value of $4.00
per share, plus the amount of accrued and unpaid dividends and any other amounts due pursuant to the terms of the certificate of designation.
In addition, any holder may require the Company to redeem some or all of its shares of series N senior convertible preferred stock on
the same terms after a period of twelve months from the date of issuance; provided, however, that such redemption right shall only be
exercisable if the Company raises at least $5,000,000 or the common stock is trading on the Nasdaq Stock Market or the New York Stock
Exchange.
Series R Convertible Preferred Stock
The series R convertible preferred stock was cancelled
as part of the June 2024 promissory note and settlement agreement. See also Note 7. Notes and Loans Payable and Note 8. Convertible
Notes Payable.
Ranking. The series R convertible preferred
stock ranked, with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock, series
B preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series I preferred stock, series J
preferred stock, series L preferred stock and to each other class or series that is not expressly made senior to or on parity with the
series R convertible preferred stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the
series R convertible preferred stock; and (iii) junior to the series N senior convertible preferred stock, series X senior convertible
preferred stock and to each other series of preferred stock and each class or series that is expressly made senior to the series R convertible
preferred stock, as well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
R convertible preferred stock were entitled to receive cumulative dividends in the amount of twelve percent (12%) per annum, payable quarterly.
In addition, holders of series R convertible preferred stock were entitled to receive dividends equal (on an as converted to common stock
basis) to and in the same form as dividends actually paid on shares of common stock when, as and if such dividends are paid on shares
of common stock. Any dividends that were not paid when due were to continue to accrue and entailed a late fee, which must be paid in cash,
at the rate of 18% per annum or the lesser rate permitted by applicable law which was to accrue and compound daily from the missed payment
date through and including the date of actual payment in full. At September 30, 2024 and December 31, 2023, cumulative dividends on Series
R Preferred Stock were $0 and $109,980, respectively.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series R convertible preferred stock were entitled
to receive out of the assets, whether capital or surplus, of the Company an amount equal to the stated value ($1,200), plus any accrued
and unpaid dividends thereon and any other fees or liquidated damages then due and owing, for each share of series R convertible preferred
stock before any distribution or payment shall be made to the holders of any junior securities.
Voting Rights. The holders of series R
convertible preferred stock voted together with the common stock on an as-converted basis. However, as long as any shares of series R
convertible preferred stock were outstanding, the Company shall not, without the affirmative vote of the holders of a majority of the
then outstanding shares of the series R convertible preferred stock, directly and/or indirectly (i) alter or change adversely the powers,
preferences or rights given to the series R convertible preferred stock or alter or amend the certificate of designation, (ii) authorize
or create any class of stock ranking as to redemption or distribution of assets upon a liquidation senior to, or otherwise pari passu
with, the series R convertible preferred stock, or authorize or create any class of stock ranking as to dividends senior to, or otherwise
pari passu with, the series R convertible preferred stock, (iii) amend its articles of incorporation or other charter documents
in any manner that adversely affects any rights of the holders of the series R convertible preferred stock, (iv) increase the number of
authorized shares of series R convertible preferred stock, or (v) enter into any agreement with respect to any of the foregoing.
Conversion Rights. Each share of series
R convertible preferred stock was convertible, at the option of the holder thereof, at any time and from time to time, into such number
of fully paid and nonassessable shares of common stock determined by dividing the stated value ($1,200 per share) by a conversion price
equal to the lower of (i) $75.0 and (ii) the lowest daily VWAP during the twenty (20) trading days immediately prior to the applicable
conversion date. Notwithstanding the foregoing, the Company shall not effect any conversion of the series R convertible preferred stock,
and a holder shall not have the right to convert any portion of the series R convertible preferred stock, to the extent that, after giving
effect to the conversion, such holder (together with such holder’s affiliates, and any persons acting as a group together with such
holder or any of such holder’s affiliates) would beneficially own in excess of 4.99% of the then outstanding common stock. The conversion
price was subject to adjustment for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately
decreases or increases the common stock, as well as for mergers, business combinations and certain other fundamental transactions. In
addition, subject to certain exceptions, upon any issuance by the Company or any of its subsidiaries of common stock or common stock equivalents
for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), the holder could have elected,
in its sole discretion, to exchange (in lieu of conversion), if applicable, all or some of the shares of series R convertible preferred
stock then held for any securities or units issued in a Subsequent Financing on a $1.00 for $1.00 basis.
Participation Rights. Subject to certain
exceptions, upon a Subsequent Financing, a holder of at least 100 shares of series R convertible preferred stock were to have the right
to participate in up to an amount of the Subsequent Financing equal to 100% of the Subsequent Financing on the same terms, conditions
and price provided for in the Subsequent Financing.
Company Redemption Rights. The Company
had the right to redeem all (but not less than all), shares of the series R convertible preferred stock issued and outstanding at any
time upon three (3) business days’ notice, at a redemption price per share equal to the product of (i) the Premium Rate multiplied
by (ii) the sum of (x) the stated value ($1,200), (y) all accrued but unpaid dividends, and (z) all other amounts due to the holder. “Premium
Rate” means (a) 1.1 if all of the series R convertible preferred stock is redeemed within ninety (90) calendar days from the issuance
date thereof; (b) 1.2 if all of the series R convertible preferred stock is redeemed after ninety (90) calendar days and within one hundred
twenty (120) calendar days from the issuance date thereof; (c) 1.3 if all of the series R convertible preferred stock is redeemed after
one hundred twenty (120) calendar days and within one hundred eighty (180) calendar days from the issuance date thereof; and (iv) 1.0
if all of the series R convertible preferred stock is redeemed after one hundred eighty (180) calendar days.
Redemption Upon Triggering Events. Upon
the occurrence of a Triggering Event (as defined below), each holder of series R convertible preferred stock had (in addition to all other
rights it may have) the right, exercisable at the sole option of such holder, to require the Company to (A) redeem all of the series R
convertible preferred stock then held by such holder for a redemption price, in cash, equal to the Triggering Redemption Amount (as defined
below), or (B) at the option of each holder either (i) redeem all of the series R convertible preferred stock then held by such holder
though the issuance to such holder of such number of shares of common stock equal to the quotient of (x) the Triggering Redemption Amount,
divided by (y) the lowest of (1) the conversion price, and (2) 75% of the average of the 10 VWAPs immediately prior to the date of election,
or (ii) increase the dividend rate on all of the outstanding series R convertible preferred stock held by such holder retroactively to
the initial issuance date to 18% per annum thereafter. “Triggering Redemption Amount” means, for each share of series R convertible
preferred stock, the sum of (a) the greater of (i) 130% of the stated value and (ii) the product of (y) the VWAP on the trading day immediately
preceding the date of the Triggering Event, multiplied by (z) the stated value divided by the then applicable conversion price, (b) all
accrued but unpaid dividends thereon and (c) all liquidated damages, late fees and other costs, expenses or amounts due in respect of
the series R convertible preferred stock including, but not limited to legal fees and expenses of legal counsel to the holder in connection
with, related to and/or arising out of a Triggering Event. A “Triggering Event” means any of the following events (whatever
the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any
judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):
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the Company shall fail to deliver the shares of common stock issuable upon a conversion prior to the fifth (5th) trading day after such shares are required to be delivered, or the Company shall provide written notice to any holder, including by way of public announcement, at any time, of its intention not to comply with requests for conversion of any shares of series R convertible preferred stock in accordance with the terms of the certificate of designation; |
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the Company shall fail for any reason to pay in full the amount of cash due pursuant to a Buy-In (as defined in the certificate of designation) within five (5) trading days after notice therefor is delivered; |
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the Company shall fail to have available a sufficient number of authorized and unreserved shares of common stock to issue to such holder upon a conversion; |
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unless specifically addressed elsewhere in the certificate of designation as a Triggering Event, the Company shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commit any breach of the Transaction Documents (as defined in the certificate of designation), and such failure or breach shall not, if subject to the possibility of a cure by the Company, have been cured within five (5) calendar days after the date on which written notice of such failure or breach shall have been delivered; |
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the Company shall redeem junior securities or pari passu securities; |
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the Company shall be party to a Change of Control Transaction (as defined in the certificate of designation); |
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there shall have occurred a Bankruptcy Event (as defined in the certificate of designation); |
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any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their respective property or other assets for more than $50,000 (provided that amounts covered by the Company’s insurance policies are not counted toward this $50,000 threshold), and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of thirty (30) trading days; |
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the electronic transfer by the Company of shares of common stock through the Depository Trust Company or another established clearing corporation once established subsequent to the date of the certificate of designation is no longer available or is subject to a ‘freeze” and/or “chill;” or |
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any “Event of Default,” as defined in the Purchase Agreement (as defined in the certificate of designation). |
Series X Senior Convertible Preferred Stock
Ranking. The series X senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each other class or series that is not expressly made senior to or on parity with the series X senior convertible preferred
stock; (ii) on parity with each class or series that is not expressly subordinated or made senior to the series X senior convertible preferred
stock; and (iii) junior to the series N senior convertible preferred stock, all indebtedness and other liabilities with respect to assets
available to satisfy claims against the Company and each class or series that is expressly made senior to the series X senior convertible
preferred stock.
Dividend Rights. Holders of series X senior
convertible preferred stock are entitled to dividends at a rate per annum of 10.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series X senior convertible preferred stock), such rate
was to increase by 5% per annum. Dividends accrue from day to day, whether or not declared, and are cumulative. Dividends are payable
quarterly in arrears on each dividend payment date. At September 30, 2024 and December 31, 2023, cumulative dividends earned on the series
X senior convertible preferred stock were $221,018 and $190,685, respectively. At September 30, 2024, $183,210 of the cumulative accrued
dividends were paid by the Company via the issuance of 25,173 shares of the Company’s common stock. The remaining $37,808 cumulative
accrued dividend will be paid during the fourth quarter 2024 via the issuance of 9,453 shares of the Company’s series X senior convertible
preferred stock.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities, including the series N senior convertible preferred stock, or parity securities
(in each case, as defined in the certificate of designation), upon any liquidation of the Company or its subsidiaries, before any payment
or distribution of the assets of the Company (whether capital or surplus) are to be made to or set apart for the holders of junior securities
(as defined in the certificate of designation), including the common stock, each holder of outstanding series N senior convertible preferred
stock is entitled to receive an amount of cash equal to 100% of the stated value of $4.00 per share, plus an amount of cash equal to all
accumulated accrued and unpaid dividends thereon (whether or not declared) to, but not including the date of final distribution to such
holders.
Voting Rights. Holders of series X senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series X senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series X senior convertible preferred stock, which majority
must include Leonite Capital LLC so long as it holds any shares of series X senior convertible preferred stock, voting as a separate class,
is necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate of
designation or prior to the creation or issuance of any parity securities or new indebtedness (as defined in the certificate of designation);
provided that the foregoing does not apply to any financing transaction the use of proceeds of which were to be used to redeem the series
X senior convertible preferred stock and the warrants issued in connection therewith. In addition, the affirmative vote of holders of
66% of the series X senior convertible preferred stock, voting as a separate class, is required prior to the creation or issuance of any
senior securities.
Conversion Rights. Each share of series
X senior convertible preferred stock, plus all accrued and unpaid dividends thereon, are convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price equal to the lower
of (i) the lowest VWAP during the five (5) trading days immediately prior to the applicable conversion date and (ii) the price per share
paid in any subsequent financing (the “Fixed Price”). The Fixed Price is subject to standard adjustments in the event of any
stock splits, stock combinations, stock reclassifications, dividends paid in common stock, sales of substantially all assets, mergers,
consolidations or similar transactions, as well as a price based antidilution adjustment, pursuant to which, subject to certain exceptions,
if the Company issues common stock at a price lower than the Fixed Price, the Fixed Price shall decrease to such lower price. Notwithstanding
the foregoing, in no event shall the holder of any series X senior convertible preferred stock be entitled to convert any number of shares
that upon conversion the sum of (i) the number of shares of common stock beneficially owned by the holder and its affiliates and (ii)
the number of shares of common stock issuable upon the conversion of the series X senior convertible preferred stock with respect to which
the determination of this proviso is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99%
of the then outstanding common stock. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion,
upon not less than sixty-one (61) days’ prior notice to the Company.
Redemption Rights. Commencing on September
22, 2023, any holder may require the Company to redeem its shares by the payment in cash therefore of a sum equal to 100% of the stated
value of $4.00 per share, plus the amount of accrued and unpaid dividends and any other amounts due pursuant to the terms of the certificate
of designation; provided however, that in the event that the Company completes a public offering prior to the redemption date, then any
holder may only cause the Company to redeem any outstanding series X senior convertible preferred stock by paying such redemption price
in twelve (12) equal monthly installments with the first such payment due on the date that is six (6) months following the date that the
Company completes such public offering.
Non-redeemable Preferred Stock
Series A Preferred Stock
Ranking. The series A preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock and each other class or series that is not
expressly made senior to or on parity with the series A preferred stock; (ii) on parity with each class or series that is not expressly
subordinated or made senior to the series A preferred stock; and (iii) junior to the series B preferred stock, series C preferred stock,
series E preferred stock, series F-1 preferred stock, series I preferred stock, series J preferred stock, series L preferred stock, series
N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock and each other
series of preferred stock and each class or series that is expressly made senior to the series A preferred stock, as well as to all indebtedness
and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The series A preferred
stock is not entitled to participate in any distributions or payments to the holders of common stock or any other class of stock and shall
have no economic interest in the Company.
Liquidation Rights. In the event of any
liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, a merger or consolidation of the Company wherein
the Company is not the surviving entity, or a sale of all or substantially all of the assets of the Company, the holders of each share
of series A preferred stock shall be entitled to receive from any distribution of any of the assets or surplus funds of the Company, before
and in preference of any holder of shares of common stock, an amount equal to the stated value of $250. Once the holders receive the foregoing
from any such liquidation, dissolution or winding up, the holders shall not participate with the common stock or any other class of stock.
Voting Rights. Each share of series A preferred
stock shall have a number of votes at any time equal to (i) 25% of the number of votes then held or entitled to be made by all other equity
securities of the Company, including, without limitation, the common stock, plus (ii) one (1). The series A preferred stock shall vote
on any matter submitted to the holders of the common stock, or any other class of voting securities, for a vote, and shall vote together
with the common stock, or any class of voting securities, as applicable, on such matter for as long as the shares of series A preferred
stock are issued and outstanding. Notwithstanding the foregoing, the series A preferred stock shall not have the right to vote on any
matter as to which solely another series of preferred stock is entitled to vote pursuant to the Company’s amended and restated articles
of incorporation or a certificate of designation of such other series of preferred stock.
Transfer. Upon transfer of any share of
series A preferred stock, except for a transfer by the holder to an affiliate, whether such transfer is voluntary or involuntary, such
share of series A preferred stock shall automatically, and without any action being required by the Company or the holder, be converted
into one (1) share of common stock.
Other Rights. Holders of series A preferred
stock do not have any conversion (except as set forth above) or redemption rights.
Series B Preferred Stock
Ranking. The series B preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series B preferred stock; (ii) on parity with the series C
preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series B preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series B preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
B preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series B preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series B preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series B preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
B preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series B preferred stock shall be entitled to cast one (1) vote per
share of series B preferred stock held. Except as provided by law, the holders of series B preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series B preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series B preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series B preferred stock or alter or amend the certificate of designation for the series
B preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series B preferred stock.
Conversion Rights. Each share of series
B preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series B preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
B preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series B preferred stock, voting
together as a single class, each share of series B preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series B
preferred stock do not have any redemption rights.
Series C Preferred Stock
Ranking. The series C preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series C preferred stock; (ii) on parity with the series B
preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series C preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series C preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
C preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series C preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series C preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series C preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
C preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series C preferred stock shall be entitled to cast one (1) vote per
share of series C preferred stock held. Except as provided by law, the holders of series C preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series C preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series C preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series C preferred stock or alter or amend the certificate of designation for the series
C preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series C preferred stock.
Conversion Rights. Each share of series
C preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined by dividing the stated value ($4.00 per share) by a conversion price of $0.00004. In addition, on the date
on which the shares of common stock are listed on a national stock exchange, including without limitation the New York Stock Exchange,
NYSE American or the Nasdaq Stock Market (any tier) (a “Listing Event”), all outstanding shares of series C preferred stock
shall be automatically converted into such number of shares of common stock as is determined by dividing $50,000 by the highest traded
or closing price on such date, which such shares of common stock shall be issued pro rata among the holders of the outstanding series
C preferred stock. Finally, upon the earlier to occur of: (a) the closing of the sale of shares of common stock to the public at a price
of at least $3.00 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the common stock) in a public offering pursuant to an effective registration statement or offering statement
under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company or (b) the date and time, or the occurrence
of an event, specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series C preferred
stock, voting together as a single class, each share of series C preferred stock shall be automatically converted into such number of
shares of common stock as is determined by dividing the stated value ($4.00 per share) by a conversion price of $0.00004. Such conversion
price is subject to standard adjustments in the event of any stock dividends, stock reclassifications and similar events (but not for
reverse stock splits).
Redemption Rights. If there is a Listing
Event, the Company shall have the right (but not the obligation) to redeem shares of series C preferred stock at a price per share of
$50,000.
Series E Preferred Stock
Ranking. The series E preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series E preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series E preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series E preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
E preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series E preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series E preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series E preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
E preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series E preferred stock shall be entitled to cast one (1) vote per
share of series E preferred stock held. Except as provided by law, the holders of series E preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series E preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series E preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series E preferred stock or alter or amend the certificate of designation for the series
E preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series E preferred stock.
Conversion Rights. Each share of series
E preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series E preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
E preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series E preferred stock, voting
together as a single class, each share of series E preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Series F-1 Preferred Stock
Ranking. The series F-1 preferred stock
ranks, with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each
other class or series that is not expressly made senior to or on parity with the series F-1 preferred stock; (ii) on parity with the series
B preferred stock, series C preferred stock, series E preferred stock, series J preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series F-1 preferred stock; and (iii) junior to the series I
preferred stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred
stock and to each other series of preferred stock and each class or series that is expressly made senior to the series F-1 preferred stock,
as well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
F-1 preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series F-1 preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series F-1 preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series F-1 preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
F-1 preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. Except as provided by law,
the holders of series F-1 preferred stock shall have no voting rights. However, as long as any shares of series F-1 preferred stock are
outstanding, the Company shall not, without the affirmative vote of the holders of a majority of outstanding series F-1 preferred stock,
(a) alter or change adversely the powers, preferences or rights given to the series F-1 preferred stock or alter or amend the certificate
of designation for the series F-1 preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or
other charter documents in any manner that adversely affects any rights of the holders of series F-1 preferred stock.
Conversion Rights. Each share of series
F-1 preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares
of common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series F-1 preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
F-1 preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series F-1 preferred stock, voting
together as a single class, each share of series F-1 preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series F-1
preferred stock do not have any redemption rights.
Series I Preferred Stock
Ranking. The series I preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock, series B preferred
stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock, series L preferred stock
and to each other class or series that is not expressly made senior to or on parity with the series I preferred stock; (ii) on parity
with each class or series that is not expressly subordinated or made senior to the series I preferred stock; and (iii) junior to the series
N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock and to each other
series of preferred stock and each class or series that is expressly made senior to the series I preferred stock, as well as to all indebtedness
and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
I preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series I preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series I preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series I preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
I preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series I preferred stock shall be entitled to cast five (5) votes per
share of series I preferred stock held. Except as provided by law, the holders of series I preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series I preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series I preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series I preferred stock or alter or amend the certificate of designation for the series
I preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series I preferred stock.
Conversion Rights. Each share of series
I preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series I preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
I preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $10,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series I preferred stock, voting
together as a single class, each share of series I preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series I
preferred stock do not have any redemption rights.
Series J Preferred Stock
Ranking. The series J preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series J preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series L preferred stock and each other
class or series that is not expressly subordinated or made senior to the series J preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series J preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
J preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series J preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series J preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series J preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
J preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series J preferred stock shall be entitled to cast one (1) vote per
share of series J preferred stock held. Except as provided by law, the holders of series J preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series J preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series J preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series J preferred stock or alter or amend the certificate of designation for the series
J preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series J preferred stock.
Conversion Rights. Each share of series
J preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series J preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
J preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series J preferred stock, voting
together as a single class, each share of series J preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series J
preferred stock do not have any redemption rights.
Series L Preferred Stock
Ranking. The series L preferred stock ranks,
with respect to the distribution of assets upon liquidation, (i) senior to all common stock, series A preferred stock and to each other
class or series that is not expressly made senior to or on parity with the series L preferred stock; (ii) on parity with the series B
preferred stock, series C preferred stock, series E preferred stock, series F-1 preferred stock, series J preferred stock and each other
class or series that is not expressly subordinated or made senior to the series L preferred stock; and (iii) junior to the series I preferred
stock, series N senior convertible preferred stock, series R convertible preferred stock, series X senior convertible preferred stock
and to each other series of preferred stock and each class or series that is expressly made senior to the series L preferred stock, as
well as to all indebtedness and other liabilities with respect to assets available to satisfy claims against the Company.
Dividend Rights. The holders of series
L preferred stock are entitled to receive dividends equal (on an as converted to common stock basis) to and in the same form as dividends
actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. No other dividends shall be
paid on shares of series L preferred stock.
Liquidation Rights. Upon any liquidation,
dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of series L preferred stock shall be entitled
to receive out of the assets of the Company the same amount that a holder of common stock would receive if the shares of series L preferred
stock were fully converted to common stock immediately prior to such liquidation, which amount shall be paid to the holders of series
L preferred stock pari passu with all holders of parity securities and in preference to the holders of junior securities.
Voting Rights. On any matter presented
to stockholders for their action or consideration, each holder of series L preferred stock shall be entitled to cast one (1) vote per
share of series L preferred stock held. Except as provided by law, the holders of series L preferred stock shall vote together with the
holders of shares of common stock as a single class. However, as long as any shares of series L preferred stock are outstanding, the Company
shall not, without the affirmative vote of the holders of a majority of outstanding series L preferred stock, (a) alter or change adversely
the powers, preferences or rights given to the series J preferred stock or alter or amend the certificate of designation for the series
L preferred stock, or (b) amend the Company’s amended and restated articles of incorporation or other charter documents in any manner
that adversely affects any rights of the holders of series L preferred stock.
Conversion Rights. Each share of series
L preferred stock is convertible, at any time and from time to time at the option of the holder thereof, into such number of shares of
common stock as is determined as follows: (i) if the closing market price of the common stock on the principal trading market on which
the common stock is then traded or quoted is less than $4.00 per share, then each share of series L preferred stock shall be convertible
into a number of shares of common stock equal to two (2) times the stated value ($4.00 per share), divided by such closing market price
on the date of conversion; or (ii) if such closing market price is equal to or greater than $4.00 per share, then each share of series
L preferred stock shall be convertible into two (2) shares of common stock. In addition, upon the earlier to occur of: (a) the closing
of the sale of shares of common stock to the public at a price of at least $3.00 per share in a public offering pursuant to an effective
registration statement or offering statement under the Securities Act resulting in at least $3,000,000 of gross proceeds to the Company,
(b) the date on which the shares of common stock of the Company are listed on a national stock exchange, including without limitation
the New York Stock Exchange, NYSE American or the Nasdaq Stock Market (any tier), or (c) the date and time, or the occurrence of an event,
specified by vote or written consent of the holders of at least 67% of the then outstanding shares of series L preferred stock, voting
together as a single class, each share of series L preferred stock shall be automatically converted into such number of shares of common
stock as is determined in accordance with the provisions above. Such conversion price is subject to standard adjustments in the event
of any stock dividends, stock reclassifications and similar events (but not for reverse stock splits).
Redemption Rights. Holders of series L
preferred stock do not have any redemption rights.
Series Y Senior Preferred Stock
On May 15, 2024, in conjunction with the exchange
of certain senior secured convertible promissory notes, 938,908 shares of series Y preferred senior convertible preferred stock were issued
with an aggregate value of $3,755,632. See also Note 8. Convertible Notes Payable.
Ranking. The series Y senior convertible
preferred stock ranks, with respect to the payment of dividends and the distribution of assets upon liquidation, (i) senior to all common
stock and each series of preferred stock, and to each other class or series that is not expressly made senior to or on parity with the
series Y senior convertible preferred stock; (ii) on parity with each class or series that is not expressly subordinated or made senior
to the series Y senior convertible preferred stock; and (iii) junior to each class or series that is expressly made senior to the series
Y senior convertible preferred stock.
Dividend Rights. Holders of series Y senior
convertible preferred stock are entitled to dividends at a rate per annum of 10.0% of the stated value ($4.00 per share); provided that
upon an event of default (as defined in the certificate of designation for the series Y senior convertible preferred stock), such rate
shall increase by 5% per annum. Dividends shall accrue from day to day, whether or not declared, and shall be cumulative. Dividends shall
be payable quarterly in arrears on each dividend payment date and may be paid in cash or common stock at our discretion; provided that
the Company may only pay dividends in common stock if such common stock is free-trading, freely transferable, and does not contain a legend
(or be subject to stop transfer or similar instructions) restricting the resale or transferability thereof. Dividends payable in common
stock shall be calculated based on a price equal to eighty percent (80%) of the VWAP during the five (5) trading days immediately prior
to the applicable payment date. At September 30, 2024, cumulative dividends earned on the series Y senior convertible preferred stock
were $177,910. $147,555 of the cumulative accrued dividends was paid by the Company via the issuance of 12,135 shares of the Company’s
common stock and 16,206 shares of the Company’s series Y senior convertible preferred stock as of September 30, 2024. At September
30, 2024, the total dividends payable was $30,354.
Liquidation Rights. Subject to the rights
of creditors and the holders of any senior securities or parity securities (in each case, as defined in the certificate of designation),
upon any liquidation event (as defined in the certificate of designation), before any payment or distribution of the assets of the Company
(whether capital or surplus) shall be made to or set apart for the holders of junior securities (as defined in the certificate of designation),
including the common stock, each holder of outstanding series Y senior convertible preferred stock shall be entitled to receive an amount
of cash equal to the greater of (i) 100% of the stated value of $4.00 per share, plus an amount of cash equal to all accumulated accrued
and unpaid dividends thereon (whether or not declared) to, but not including the date of final distribution to such holders or (ii) such
amount per share as would have been payable had all shares of series Y senior convertible preferred stock been converted into common stock
immediately prior to such liquidation event.
Voting Rights. Holders of series Y senior
convertible preferred stock do not have any voting rights; provided that, so long as any shares of series Y senior convertible preferred
stock are outstanding, the affirmative vote of holders of a majority of the series Y senior convertible preferred stock, which majority
must include Leonite Capital LLC so long as it holds any shares of series Y senior convertible preferred stock, voting as a separate class,
shall be necessary for approving, effecting or validating any amendment, alteration or repeal of any of the provisions of the certificate
of designation, prior to the Company’s issuance of additional shares of series Y senior convertible preferred stock or prior to
the creation or issuance of any securities that are not subordinate to the series Y senior convertible preferred stock or new indebtedness
(as defined in the certificate of designation); provided that the foregoing shall not apply to any financing transaction the use of proceeds
of which will be used to redeem the series Y senior convertible preferred stock in full.
Conversion Rights. Commencing on the first
anniversary of the date on which the Company’s common stock begins trading on the Nasdaq Stock Market, each share of series Y senior
convertible preferred stock, plus all accrued and unpaid dividends thereon, shall be convertible, at the option of the holder thereof,
at any time and from time to time, into such number of fully paid and nonassessable shares of common stock determined by dividing the
stated value ($4.00 per share), plus the value of the accrued, but unpaid, dividends thereon, by a conversion price equal to the lowest
VWAP during the five (5) trading days immediately prior to the applicable conversion date. Such conversion price is subject to adjustment
if the Company issues common stock at a price lower than such conversion price, subject to certain exceptions. Notwithstanding the foregoing,
in no event shall the holder of any series Y senior convertible preferred stock be entitled to convert any number of shares that upon
conversion the sum of (i) the number of shares of common stock beneficially owned by the holder and its affiliates and (ii) the number
of shares of common stock issuable upon the conversion of the series Y senior convertible preferred stock with respect to which the determination
of this proviso is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the then outstanding
common stock. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one
(61) days’ prior notice to the Company.
Preferred Stock Transactions
During the nine months ended September 30, 2024,
the Company executed the following transactions:
|
· |
On January 19, 2024, the Company issued 62,500 shares of series I preferred stock to each of Daniel R. Thompson, the Chairman of the Board, and Alex Cunningham, the Company’s Chief Executive Officer, for $250,000 bonus compensation for the fiscal year of 2023, at the fair value of $4.48 per share. |
|
|
|
|
· |
On January 31, 2024, the Company issued 5,000 shares of series I preferred stock to Matthew Shafer, the Company’s Chief Financial Officer, for $20,000, at the fair value of $4.48 per share. |
|
|
|
|
· |
On January 31, 2024, the Company issued 2,500 shares of series I preferred stock to Zia Choe, the Company’s Chief Accounting Officer, for $10,000, at the fair value of $4.48 per share. |
|
|
|
|
|
In connection with these aforementioned
shares issuances on January 19, 2024 and January 31, 2024, the Company engaged a valuation specialist to perform a business valuation
monte carlo simulation for the series I preferred stock resulting in those indicated fair values. |
|
|
|
|
· |
An aggregate of 1,385,549 shares of series B preferred stock were converted into an aggregate of 2,771,098 shares of common stock. |
|
|
|
|
· |
An aggregate of 78 shares of series C preferred stock were converted into an aggregate of 780,000 shares of common stock. |
|
|
|
|
· |
An aggregate of 80,375 shares of series E preferred stock were converted into an aggregate of 160,750 shares of common stock. |
|
· |
An aggregate of 26,252 shares of series F-1 preferred stock were converted into an aggregate of 52,504 shares of common stock. |
|
|
|
|
· |
An aggregate of 3,477,000 shares of series I preferred stock were converted into an aggregate of 6,954,000 shares of common stock. |
|
|
|
|
· |
An aggregate of 1,713,584 shares of series J preferred stock were converted into an aggregate of 3,427,168 shares of common stock. |
|
|
|
|
· |
2 shares of series C preferred stock were cancelled, which were issued erroneously. |
|
|
|
|
· |
165 shares of series R preferred stock were cancelled as part of the settlement agreement described in Note 7. Notes and Loans Payable |
|
|
|
|
· |
On May 15, 2024, in conjunction with the exchange of certain senior secured convertible promissory notes, 938,908 shares of series Y senior convertible preferred stock were issued with an aggregate value of $3,755,632. |
|
|
|
|
· |
On September 25, 2024, 16,206 shares of series Y senior convertible preferred stock were issued with an aggregate value of $64,824 as payment of accrued dividends. |
During the nine months ended September 30, 2023,
the Company executed the following transaction:
|
· |
On May 25, 2023, the Company issued 3,150 shares of series B preferred stock to Zia Choe, Interim Chief Financial Officer for $25,000. |
|
|
|
|
· |
On July 24, 2023, the Company issued 5,000 shares of series E preferred stock as compensation for the property manager of Edge View in exchange for a bonus of $5,000. |
Common Stock
In addition to the issuance of common stock from
the conversions of preferred stock noted above, during the nine months ended September 30, 2024, the Company executed the following transactions:
|
· |
The Company issued an aggregate of 234,909 shares of common stock in payment of various accrued dividends on the series N, series X and series Y preferred stock. |
|
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|
· |
The Company issued 1,222 shares of common stock upon conversion of certain convertible notes. |
|
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|
· |
On March 5, 2024, the Company issued 7,500 shares of common stock to an investor relation service provider. The Company recognized the fair value for the issuance of the 7,500 shares at $1.55 per share on the closing market price of March 5, 2024 and recorded selling, general and administrative expense of $11,617 in the consolidated statement of operations. |
|
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|
|
· |
On March 26, 2024, the Company issued an aggregate of 30,000 shares of common stock to three board members. The Company recognized the fair value for the issuance of 30,000 shares at $6.50 per share on the closing market price of March 26, 2024 and recorded share-based compensation expense of $195,000 in the consolidated statement of operations. |
|
· |
In February 2024, as part of the Red Rock settlement executed in July 2022, the Company issued an aggregate of 37,104 shares of common stock to six previous owners. The Company recognized the fair value for the issuance of 37,104 shares at $3 per share on the closing market price of February 4 through February 6, 2024, and recorded share loss from discontinued operations of $111,312 in the consolidated statement of operations. |
|
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|
· |
In September 2024, the Company issued an aggregate of 74,225 shares of common stock as part of a legal settlement. |
During the nine months ended September 30, 2023,
the Company executed the following transaction:
|
· |
During the nine months ended September 30, 2023, the Company issued 3,662 shares of common stock upon conversion of certain convertible notes. |
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v3.24.3
WARRANTS
|
9 Months Ended |
Sep. 30, 2024 |
Warrants |
|
WARRANTS |
The table below sets forth warrant activity during
the nine months ended September 30, 2024 and 2023:
Schedule of warrant activity | |
| | |
| |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2024 | |
| 3,150 | | |
$ | 1,162.76 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 135.00 | |
Balance at September 30, 2024 | |
| 3,147 | | |
| 1,163.74 | |
Warrants Exercisable at September 30, 2024 | |
| 3,147 | | |
$ | 1,162.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2023 | |
| 3,153 | | |
$ | 1,162.17 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 547.50 | |
Balance at September 30, 2023 | |
| 3,150 | | |
| 1,162.76 | |
Warrants Exercisable at September 30, 2023 | |
| 3,150 | | |
$ | 1,162.76 | |
|
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v3.24.3
DISCONTINUED OPERATIONS
|
9 Months Ended |
Sep. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
11. |
DISCONTINUED OPERATIONS |
On November 10, 2023, the Company sold Platinum
Tax, which was a full-service tax resolution firm located in Los Angeles, California. Through this subsidiary the Company provided fee-based
tax resolution services to individuals and companies that have federal and state tax liabilities by assisting clients to settle outstanding
tax debts. As part of the Asset Purchase Agreement between the Company and the purchaser, the assets that were purchased included substantially
all assets, rights, interests, and licenses except for banks accounts in place prior to the sale for the purchase consideration of 15%
of cash collected by the purchaser within one year following the sale date.
In February 2024, as part of the Red Rock settlement
executed in July 2022, the Company issued an aggregate of 37,104 shares of common stock to six previous owners. The Company recognized
the fair value for the issuance of 37,104 shares at $3 per share on the closing market price of February 4 through February 6, 2024, and
recorded share loss from discontinued operations of $111,312 in the consolidated statement of operations.
Schedule of discontinued operations | |
| | | |
| | |
Net liabilities of discontinued operations | |
September 30, 2024 | | |
December 31, 2023 | |
Cash | |
$ | 342 | | |
$ | 342 | |
Accounts receivable | |
| 300 | | |
| 300 | |
Accounts payable and accrued expenses | |
| 238,285 | | |
| 238,285 | |
Net liabilities of discontinued operations | |
$ | (237,643 | ) | |
$ | (237,643 | ) |
| |
| | |
| |
| |
Three Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 32,264 | |
Cost of sales | |
| – | | |
| (5,604 | ) |
Selling, general and administrative expenses | |
| – | | |
| (30,067 | ) |
Interest expense | |
| – | | |
| (298 | ) |
Settlement loss | |
| – | | |
| – | |
Loss from discontinued operations | |
$ | – | | |
$ | (3,705 | ) |
| |
| | |
| |
| |
Nine Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 304,967 | |
Cost of sales | |
| – | | |
| (53,730 | ) |
Selling, general and administrative expenses | |
| – | | |
| (341,900 | ) |
Interest expense | |
| – | | |
| (2,342 | ) |
Settlement loss | |
| (111,312 | ) | |
| – | |
Loss from discontinued operations | |
$ | (111,312 | ) | |
$ | (93,005 | ) |
|
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.24.3
GOODWILL
|
9 Months Ended |
Sep. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL |
The Company reviews goodwill for impairment on
a reporting unit basis annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.
During the nine months ended September 30, 2024 and 2023, the Company determined there to be no impairment.
|
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- DefinitionThe entire disclosure for goodwill.
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
13. |
COMMITMENTS AND CONTINGENCIES |
Leases
ASC 842, “Leases”, requires that a
lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial
position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying
asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by
class of underlying asset not to recognize lease assets and lease liabilities. The Company adopted ASC 842, January 1, 2020, using the
effective date method and elected certain practical expedients allowing the Company not to reassess:
|
· |
whether expired or existing contracts contain leases under the new definition of a lease; |
|
|
|
|
· |
lease classification for expired or existing leases; and |
|
|
|
|
· |
whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. |
The Company also made the accounting policy decision
not to recognize lease assets and liabilities for leases with a term of 12 months or less.
The Company leases twelve medical facilities and
one vehicle as operating leases as of September 30, 2024. The Company recorded operating lease expenses of $126,831 and $76,466 for the
three months ended September 30, 2024 and 2023, respectively, and the Company recorded operating lease expense of $327,008 and $210,696
for the nine months ended September 30, 2024 and 2023, respectively.
The Company has operating leases with future commitments
as follows:
Schedule of operating leases with future commitments | |
| |
| |
Amount | |
October 2024 – September 2025 | |
$ | 251,214 | |
October 2025 – September 2026 | |
| 171,507 | |
October 2026 – September 2027 | |
| 77,871 | |
Total Future Undiscounted Lease Payments | |
$ | 464,459 | |
Less imputed interest | |
| 36,132 | |
Total lease obligations | |
$ | 464,459 | |
The following table summarizes supplemental information
about the Company’s leases:
Schedule of supplemental information about the Company’s leases |
|
|
|
Weighted-average remaining lease term |
|
|
2.37 years |
Weighted-average discount rate |
|
|
6.38% |
Employees
The Company agreed to pay $360,000 per year and
$200,000 of targeted annual incentives to the Chief Executive Officer based on his employment agreement since July 1, 2020, of which 50%
was being paid in cash and 50% was being accrued through December 31, 2023. As of January 1, 2024, these are being paid in cash. The total
outstanding accrued compensation as of September 30, 2024 and December 31, 2023 was $2,115,500 and $2,365,500, respectively.
The Company agreed to pay $360,000 per year and
$200,000 of targeted annual incentives to the Chairman of the Board based on his employment agreement since July 1, 2020, of which 50%
was being paid in cash and 50% was being accrued through April 30, 2024. As of May 1, 2024, these are being paid in cash. The total outstanding
accrued compensation as of September 30, 2024 and December 31, 2023 was $2,220,500 and $2,350,500, respectively.
The Company agreed to pay $228,000 per year to
the Chief Financial Officer based on his employment agreement effective as of January 2, 2024. There was no outstanding accrued compensation
as of September 30, 2024.
The Company agreed to pay $210,000 per year to
the former Chief Accounting Officer based on her employment agreement effective as of January 2, 2024. There was no outstanding accrued
compensation as of September 30, 2024.
The Company agreed to pay $156,000 per year to
the previous Chief Financial Officer based on his amended employment agreement executed on May 15, 2021. The total outstanding accrued
compensation as of September 30, 2024 and December 31, 2023 was $17,057.
The Company entered into a management agreement
effective May 31, 2021 for compensation to the principals of Nova in the form of an annual base salaries of $372,000 to one of the three
doctors, $450,000 to the second, and $372,000 to the third doctor. Collectively, as a group, such principals will receive an annual cash
bonus and stock equity set forth below, which will be conditioned upon the Company achieving 100% of the annual objectives of financial
performance goals as set forth below.
Schedule of annual objectives of financial performance goals |
|
|
|
|
|
|
Year |
|
Minimum Annual Nova EBITDA |
|
Cash Annual Bonus |
|
Series J Preferred Stock |
2021 |
|
$2.0M |
|
$120,000 |
|
120,000 Shares |
2022 |
|
$2.4M |
|
$150,000 |
|
135,000 Shares |
2023 |
|
$3.7M |
|
$210,000 |
|
150,000 Shares |
2024 |
|
$5.5M |
|
$300,000 |
|
180,000 Shares |
2025 |
|
$8.0M |
|
$420,000 |
|
210,000 Shares |
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.3
LEGAL PROCEEDINGS
|
9 Months Ended |
Sep. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
LEGAL PROCEEDINGS |
From time to time, the Company may become involved
in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties,
and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. Management is
not currently aware of any such legal proceedings or claims that it believes will have a material adverse effect on the Company’s
business, financial condition, or operating results.
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v3.24.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
At September 30, 2024, the Company had federal
and state net operating loss carry forwards of approximately $24 million that expire in various years through the year 2039. Due to current
period losses and carryforwards of past net operating losses, there is no provision for current federal or state income taxes for the
three and nine months ended September 30, 2024 and 2023.
Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for
federal and state income tax purposes. The Company has a deferred tax asset that consists of net operating loss carry forwards calculated
using federal and state effective tax rates. Because of the Company’s lack of past earnings history, the deferred tax asset has
been fully offset by a valuation allowance.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.3
SEGMENT REPORTING
|
9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
As of September 30, 2024, the Company had two
reportable operating segments as determined by management using the “management approach” as defined by the authoritative
guidance on Disclosures about Segments of an Enterprise and Related Information.
|
(1) |
Healthcare (Nova) |
|
(2) |
Real Estate (Edge View) |
These segments are a result of differences in
the nature of the products and services sold. Corporate administration costs, which include, but are not limited to, general accounting,
human resources, legal and credit and collections, are partially allocated to the two operating segments. Other revenue consists of nonrecurring
items.
The healthcare segment provides a full range of
diagnostic and surgical services for injuries and disorders of the skeletal system and associated bones, joints, tendons, muscles, ligaments,
and nerves.
The real estate segment consists of Edge View,
a real estate company that owns five (5) acres zoned medium density residential (MDR) with 12 lots already platted, six (6) acres zoned
high-density residential (HDR) that can be platted in various configurations to meet current housing needs, and twelve (12) acres
zoned in Lemhi County as Agriculture that is available for further annexation into the City of Salmon for development, as well as a common
area for landowners to view wildlife, provide access to the Salmon River and fishing in a two (2) acre pond.
Management uses numerous tools and methods to
evaluate and measure of its subsidiaries’ success. To help succeed, management retains the prior owners of the subsidiaries and
allow them to do what they do best is run the business. Additionally, management monitors key metrics primarily revenues and net income
from operations.
Schedule of revenues and net income from operations | |
| | |
| |
Asset: | |
September 30, 2024 | | |
December 31, 2023 | |
Healthcare | |
$ | 20,155,319 | | |
$ | 18,955,991 | |
Real Estate | |
| 578,620 | | |
| 587,456 | |
Corporate, administration and other | |
| 2,780,823 | | |
| 1,202,364 | |
Consolidated assets | |
$ | 23,514,762 | | |
$ | 20,745,811 | |
| |
Three Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 1,000,601 | | |
$ | 551,423 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 1,000,601 | | |
$ | 551,423 | |
| |
| | | |
| | |
Income from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,610,188 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Income from operations from subsidiaries | |
$ | 134,197 | | |
$ | 2,609,910 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (719,357 | ) | |
$ | (336,516 | ) |
Total income from operations | |
$ | (585,160 | ) | |
$ | 2,273,394 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,521,820 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Corporate, administration and other non-operating expenses | |
| (2,112,165 | ) | |
| (536,316 | ) |
Consolidated (loss) income before taxes | |
$ | (1,977,968 | ) | |
$ | 1,985,226 | |
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
| |
| | | |
| | |
Income (loss) from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 5,994,978 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Income from operations from subsidiaries | |
$ | 1,730,263 | | |
$ | 5,992,860 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (2,255,914 | ) | |
$ | (1,212,479 | ) |
Total (loss) income from operations | |
$ | (525,651 | ) | |
$ | 4,780,381 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 4,717,363 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Corporate, administration and other non-operating expenses | |
| (4,011,608 | ) | |
| (1,840,632 | ) |
Consolidated (loss) income before taxes | |
$ | (2,281,345 | ) | |
$ | 2,874,613 | |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
The Company has evaluated its operations subsequent
to September 30, 2024 to the date these consolidated financial statements were available to be issued and determined the following subsequent
events and transactions required disclosure in these consolidated financial statements.
|
· |
On October 14, 2024, the Company issued 9,453 shares of series X senior convertible preferred stock with an aggregate value of $37,808 as payment of accrued dividends. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 41,812 shares of series B preferred stock were converted into an aggregate of 83,624 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 8 shares of series C preferred stock were converted into an aggregate of 80,000 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, an aggregate of 50,000 shares of series I preferred stock were converted into an aggregate of 100,000 shares of common stock. |
|
|
|
|
· |
On October 25, 2024, the Company issued 26,256 shares of series N senior convertible preferred stock with an aggregate value of $105,023 as payment of accrued dividends. |
|
|
|
|
· |
On October 28, 2024, 1 share of series C preferred stock was converted into 10,000 shares of common stock. |
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Organization and Nature of Operations |
Organization and Nature of Operations
Cardiff Lexington Corporation (“Cardiff”)
was originally incorporated on September 3, 1986 in Colorado as Cardiff International Inc. On November 10, 2005, Cardiff merged with Legacy
Card Company, LLC and changed its name to Cardiff Lexington Corporation. On August 27, 2014, Cardiff redomiciled and became a corporation
under the laws of Florida. On April 13, 2021, Cardiff redomiciled and became a corporation under the laws of Nevada.
Cardiff is an acquisition holding company focused
on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership
to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for stockholders.
All of Cardiff’s operations are predominantly conducted through, and its income derived from, its Nova Ortho and Spine, LLC (“Nova”)
subsidiary. Its subsidiaries include:
|
· |
Nova, which was acquired on May 31, 2021; |
|
|
|
|
· |
Edge View Properties, Inc. (“Edge View”), which was acquired on July 16, 2014; and |
|
|
|
|
· |
Platinum Tax Defenders (“Platinum Tax”), which was acquired on July 31, 2018 and sold on November 10, 2023. As a result, Platinum Tax is presented as a discontinued operation. |
|
Principles of Consolidation |
Principles of Consolidation
The consolidated financial statements include
the accounts of Cardiff and its wholly owned subsidiaries, Nova, Edge View, and Platinum Tax and (collectively, the “Company”).
Subsidiaries shown as discontinued operations include Platinum Tax. All significant intercompany accounts and transactions are eliminated
in consolidation.
|
Reverse Stock Split |
Reverse Stock Split
On January 9, 2024, the Company effected a 1-for-75,000 reverse split of its outstanding common stock. All outstanding shares of common stock and warrant to purchase common stock were adjusted
to reflect the 1-for-75,000 reverse split, with respective exercise prices of the warrants proportionately increased. The conversion prices
of the outstanding convertible notes and certain series of preferred stock were adjusted to reflect a proportional decrease in the number
of shares of common stock to be issued upon conversion.
All share and per share data throughout these
consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. The total number of authorized
shares of common stock did not change. As a result of the reverse stock split, an amount equal to the decreased value of the common stock
was reclassified from “common stock” to “additional paid-in capital.”
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Management uses its historical records and knowledge of its business in making estimates.
Accordingly, actual results could differ from those estimates.
|
Accounts Receivable |
Accounts Receivable
In the normal course of business, the Company
is in the lien based medical industry providing orthopedic healthcare servicing an uninsured market insulated by a letter of protection
which insulates the Company and insures payment in full from insurance settlements. Accounts receivable consists of amounts due from attorneys
and insurance providers for services provided to patients under the letter of protection. Accounts receivable are recorded at the expected
settlement realization amount, which is less contractual adjustments and an allowance for credit losses. The Company recognizes an allowance
for credit losses for its accounts receivable to present the net amount expected to be collected as of the balance sheet date. This allowance
is determined based on the history of net settlements received, where the net settlement amount is not collected. No collection can happen
if no settlement is reached with the defendant’s insurance company and the plaintiff (the patient) loses the case at trial, or the
case is abandoned, then the Company will not be able to collect on its letter of protection and its receivable will not be collected.
The Company monitors outstanding cases as they develop through ongoing discussions with attorneys, doctors and third-party medical billing
company and additionally monitors settlement realization rates over time. Additionally, the Company considers economic factors and events
or trends expected to affect future collections experience. The no collection history of the Company’s customers is considered in
future assessments of collectability as these patterns are established over a longer period. The Company uses the term collection and
collection rate in its disclosures to describe the historical less than 1% occurrence of not collecting under a contract, which aligns
with the Company’s credit loss accounting under ASC 326.
The Company does not have a significant exposure
to credit losses as it has historically had a less than 1.0% loss rate where the Company received no settlement amount for its outstanding
accounts receivable. Although possible, claims resulting in zero collection upon settlement are rare based on the Company’s historical
experience and has historically been 0.5% to 1.0% of its outstanding accounts receivable, thereby resulting in a collection rate of 99%.
The Company uses the loss rate method to record its allowance for credit losses. The Company applies the loss rate method by reviewing
its zero collection history on a quarterly basis and updating its estimates of credit losses to adjust for changes in loss data. The Company
typically collects on its accounts receivable between eighteen and twenty-four months after recording. The Company does not record an
allowance for credit losses based on an aging of its accounts receivable as the aging of the Company’s receivables do not influence
the credit loss rate due to the nature of its business and the letter of protection. The Company does not adjust its receivables for the
effects of a significant financing component at contract inception as the timing of variable consideration is determined by the settlement,
which is outside of the Company’s control. As of September 30, 2024 and December 31, 2023, the Company’s allowance for
credit losses was $122,190. The Company recognized $0 and $270,000 of credit loss expense during the nine months ended September 30, 2024
and 2023, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statement of operations.
The balance of accounts receivable, net as of January 1, 2023 was $6,603,920.
|
Property and Equipment |
Property and Equipment
Property and equipment are carried at cost. Expenditures
for renewals and betterments that extend the useful lives of property, equipment or leasehold improvements are capitalized. Expenditures
for maintenance and repairs are charged to expense as incurred. Depreciation is calculated using the straight-line method for financial
reporting purposes based on the following estimated useful lives:
Schedule of estimated useful lives |
|
Classification |
Useful Life |
Equipment, furniture, and fixtures |
5 - 7 years |
Medical equipment |
10 years |
Leasehold improvements |
10 years or lease term, if shorter |
|
Goodwill |
Goodwill
Goodwill is not amortized but is evaluated for
impairment annually or when indicators of a potential impairment are present. The Company reviews goodwill for impairment on a reporting
unit basis annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Goodwill
is tested first for impairment based on qualitative factors on an annual basis or in between if an event occurs or circumstances change
that indicate the fair value may be below its carrying amount, otherwise known as a ‘triggering event’. An assessment is made
of these qualitative factors as such to determine whether it is more likely than not the fair value is less than the carry amount, including
goodwill. The annual evaluation for impairment of Goodwill, if needed, is based on valuation models that incorporate assumptions and internal
projections of expected future cash flows and operating plans. The Company believes such assumptions are also comparable to those that
would be used by other marketplace participants. During the nine months ended September 30, 2024 and 2023, the Company did not recognize
any goodwill impairment. The Company based this decision on impairment testing of the underlying assets, expected cash flows, decreased
asset value and other factors.
|
Valuation of Long-lived Assets |
Valuation of Long-lived Assets
In accordance with the provisions of Accounting
Standards Codification (“ASC”) Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets
such as plant and equipment and construction in progress held and used by the Company are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is
evaluated by a comparison of the carrying amount of assets to estimated cash flows expected to be generated by the assets. If such assets
are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed
the fair value of the assets.
|
Revenue Recognition |
Revenue Recognition
The Company’s primary source of revenue
is its healthcare subsidiary, which records revenues from providing licensed and/or certified orthopedic procedures. Revenue is recognized
at a point in time in accordance with ASC 606 and at an estimated net settlement realization rate based on gross billed charges. The Company’s
healthcare subsidiary does not have contract liabilities or deferred revenue as there are no amounts prepaid for services. The Company
applies the following five-step ASC 606 model to determine revenue recognition:
|
· |
Identification of a contract with a customer |
|
|
|
|
· |
Identification of the performance obligations in the contact |
|
|
|
|
· |
Determination of the transaction price |
|
|
|
|
· |
Allocation of the transaction price to the separate performance obligations |
|
|
|
|
· |
Recognition of revenue when performance obligations are satisfied. |
At contract inception, once the contract is determined
to be within the scope of ASC 606, the Company assesses services promised within each contract and determines those that are a performance
obligation and assesses whether each promised service is distinct.
The Company’s contracts contain a single
performance obligation (providing orthopedic services), as the promise to transfer the individual services is not separately identifiable
from other promises in the contracts and, therefore, not distinct, as a result, the entire transaction price is allocated to this single
performance obligation.
Accordingly, the Company recognizes net revenue when the patient receives
orthopedic care services. The Company’s patient service contracts generally have performance obligations which are satisfied at
a point in time. The performance obligation is for onsite or off-site care provided. Patient service contracts are generally fixed-price,
and the transaction price is in the contract. Revenue is recognized when obligations under the terms of the contract with the Company’s
patients are satisfied; generally, at the time of patient care.
In determining net revenue to record under ASC
606, the Company must estimate the transaction price, including estimates of variable consideration in the contract at inception. In order
to estimate variable consideration, the Company uses established billings rates (also described as “gross charges”) for the
procedures being performed, however, the billing rates are not the same as actual amounts recovered for the Company’s healthcare
subsidiary. They generally do not reflect what the Company is ultimately paid by the customer, insurance carriers and other payors,
and therefore are not reported in the consolidated financial statements at that rate. The Company is typically paid amounts based on established
charges per procedure with guidance from the annually updated Current Procedural Terminology (“CPT”) guidelines that designates
relative value units and a suggested range of charges for each procedure which is then assigned a CPT code. This gross charge is discounted
to reflect the percentage paid to the Company using a modifier recognized by each insurance carrier for services, less deductible, co-pay,
and contractual adjustments which are deducted from the calculated fee. These adjustments are considered variable consideration under
ASC 606 and are deducted from the calculated fee to arrive at the net transaction price. The Company also estimates changes in the contract
price as a result of price concessions, changes to deductibles, co-pays and other contractual adjustments to determine the eventual settlement
amount the Company expects to receive. The Company uses the term settlement realization in its disclosures to describe the amount of cash
the Company expects to receive based on its estimate of the transaction price under the expected value method of ASC 606.
Where appropriate, the Company utilizes the expected
value method to determine the appropriate amount for estimates of variable consideration, which has been based on a historical 12-month
lookback of its actual settlement realization rates. The estimates of reserves established for variable consideration reflect current
contractual requirements, the Company’s historical experience, specific known market events and trends, industry data and forecasted
patient data and settlement patterns. Settlement realization patterns are assessed based on actual settlements and based on expected settlement
realization trends obtained from discussions with attorneys, doctors and our third-party medical billing company. Settlement amounts are
negotiated, and prolonged settlement negotiations are not indicative of a greater likelihood of reduced settlement realization or zero
settlement.
The Company may accept a lower settlement realization
rate in order to receive faster payment. The Company obtains information about expected settlement realization trends from discussions
with doctors and attorneys and its third-party medical billing company vendor, which handles settlement claims and negotiations. Settlement
amounts are presented to the Company’s third-party medical billing company vendor.
Settlement rates of 49% or higher based on gross
billed amounts are typically accepted without further negotiation. Proposed settlement rates below 49% are negotiated when possible and
longer negotiations typically result in higher settlement rates. If the Company accepts a lower settlement realization rate in order to
receive payments more quickly, the Company considers that a price concession and estimates these concessions at contract inception. The
various forms of variable consideration described above included in the transaction price may be constrained and are included in net revenue
only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in
a future period. The Company has not constrained any of its estimates of variable consideration for any of the periods presented.
|
Service Fees – Net (PIP) |
Service Fees – Net (PIP)
The Company generates services fees from performing
various procedures on the date the services are performed. These services primarily include slip and falls as well as smaller nominal
Non-PIP services. As described above, these revenues are based on established insurance billing rates, less allowances for contractual
adjustments and uncollectible amounts. These contractual adjustments vary by insurance company and self-pay patients. The Company computes
these contractual and other adjustments based on its historical settlement realization experience. Completing the paperwork for each case
and preparing it for billing takes approximately ten business days after a procedure is performed. The majority of claims are then filed
electronically except for those remaining insurance carriers requiring paper filing. An initial response is usually received within four
weeks from electronic filing and up to six weeks from paper filing. Responses may be a payment, a denial, or a request for additional
information. The Company’s healthcare revenues are generated from professional medical billings including facility and anesthesia
services. With respect to facility and anesthesia services, the Company is the primary obligor as the facility and anesthesia services
are considered part of one integrated performance obligation.
The Company satisfies performance obligations
as services are performed and then billed to the patient. Payment in most cases is made by an attorney for such services to our patients
which are due upon final settlement of patients claims. During the claims process, legal counsel warranties such claim through the letter
of protection, which is sent to the Company, as a medical provider, on behalf of the client patient. This letter states that the attorney
is responsible for paying the client’s medical bills when the case is fully developed and settles. The medical professional agrees
to provide treatment to the injured person and refrain from attempting to collect payment as it is developing and until the case is resolved.
Once the personal injury case is finalized with the insurance company, the attorney pays the outstanding medical bills from the settlement.
|
Settlement Rates |
Settlement Rates
Prior to its fiscal year 2024, the Company
has historically had a 49% settlement realization rate from its total gross billed charges. Accordingly, the Company has historically
recognized net healthcare service revenue as 49% of gross billed amounts. During the nine months ended September 30, 2024, the Company
underwent efforts to accelerate cash settlements by accepting lower settlement realization rates in order to settle outstanding accounts
receivable more quickly, which is expected to continue for the foreseeable future. This new initiative caused the Company to reassess
the average settlement rate used to recognize healthcare service revenue as a prospective change in estimate given new information available.
Accordingly, during the third quarter of 2024, the Company completed a thorough review of its third-party billing data, including reviewing
historical reports and new reporting methods as a part of its updated analysis. Based upon this review it was determined that a 24-month
lookback period should be used in the analysis of its historical settlement realization rates. Accordingly, its estimate of its settlement
realization rate was reduced from 49% to 44%, resulting in a $1,650,474 million reduction in its accounts receivable and revenue during
the third quarter of 2024 related to the change in estimate. Additionally, as a result of this reduced settlement realization experience,
the Company recorded reductions to net revenue of $0 and $1,199,155 for the three and nine months ended September 30, 2024, respectively.
The Company will continue to evaluate its estimate
of its settlement realization rates in the future, which will include a monthly review of the Company’s trailing 24-month historical
settlement realization rate, along with estimates of current and pending settlements through ongoing discussions with attorneys, doctors
and the Company’s third-party medical billing company in order to determine its variable consideration under ASC 606 and the net
transaction price. The Company will update its settlement realization rate estimate used in determining its accounts receivable and revenue
each quarter based on this review.
|
Contract Fees (Non-PIP) |
Contract Fees (Non-PIP)
The Company has contract fees for amounts earned
from its Non-Personal Injury Protection (“PIP”) related procedures, typically car accidents, and are settled on a contingency
basis. Prior to April 2023, these cases were sold to a factor who bears the risk of economic benefit or loss. Generally, the sale of these
cases to a third-party factor resulted in an approximate 54% reduction from the accounts receivables amounts. After selling patient cases
to the factor, any additional funds settled by us were remitted to the factor. The Company evaluated the factored adjustments considering
the actual factored amounts per patient on a quarterly interval, and the reductions from accounts receivable that were factored were recorded
in finance charges as other expenses on the consolidated statement of operations. As a result of the Company’s eighteen to twenty-four
month settlement realization timeframe, the Company has an accrued liability resulting from the settlement of receivables sold to the
third-party factors which fluctuates as settlements are made and remitted to those third-party factors. These accounts receivables sold
to these third-party factors are not included in the Company’s financial statements accounts receivable balance once sold and therefore
are not part of the assessment of the net realizable value of accounts receivable. For the nine months ended September 30, 2023, the Company
factored a total of $544,196 of its accounts receivable in exchange for cash of $253,750. The Company ceased factoring of accounts receivable
in the first quarter of 2023.
|
Advertising Costs |
Advertising Costs
Advertising costs are expensed as incurred. Advertising
costs are included as a component of cost of sales in the consolidated statements of operations and changes in stockholders’ equity.
The Company recognized advertising and marketing expense of $84,914 and $71,636 for the three months ended September 30, 2024 and 2023,
respectively. The Company recognized advertising and marketing expense of $263,864 and $243,315 for the nine months ended September 30,
2024 and 2023, respectively.
|
Fair Value Measurements |
Fair Value Measurements
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 recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair value. The fair value hierarchy distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs), and (2) an entity’s own assumptions about
market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair
value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy
are described below:
|
Level 1 |
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. |
|
|
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|
Level 2 |
Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date. |
|
|
|
|
Level 3 |
Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
|
Distinguishing Liabilities from Equity |
Distinguishing Liabilities from Equity
The Company accounts for its series N senior convertible
preferred stock, series R convertible preferred stock, and series X senior convertible preferred stock subject to possible redemption
in accordance with ASC 480, “Distinguishing Liabilities from Equity”. Conditionally redeemable preferred shares are classified
as temporary equity within the Company’s consolidated balance sheet.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for its stock-based compensation
in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of
the fair value recognition provisions of section 718-10-30 of the Financial Accounting Standards Board (“FASB”) ASC. Pursuant
to paragraph 718-10-30-6 of the FASB ASC, all transactions in which goods or services are the consideration received for the issuance
of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument
issued, whichever is more reliably measurable.
The measurement date used to determine the fair
value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable
that performance will occur.
Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based payments
is recorded in the consolidated statements of operations.
|
Income Taxes |
Income Taxes
Income taxes are determined in accordance with
ASC Topic 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change
in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how
companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to
be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
As of September 30, 2024 and 2023, the Company
did not have any interest and penalties associated with tax positions and did not have any significant unrecognized uncertain tax positions.
|
Income (Loss) per Share |
Income (Loss) per Share
FASB ASC Subtopic 260, “Earnings Per Share,”
provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per common share is computed
by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted earnings per common share is computed by dividing income available to common stockholders by the weighted-average number of shares
of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been
outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options,
warrants, and debts convertible into common stock. The dilutive effect of stock options and warrants are reflected in diluted earnings
per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of
the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. The diluted effect of debt
convertibles is reflected utilizing the if converted method.
|
Going Concern |
Going Concern
The accompanying consolidated financial statements
have been prepared using the going concern basis of accounting, which contemplates continuity of operations, realization of assets and
liabilities and commitments in the normal course of business. The Company had sustained recurring operating losses since its inception
and has an accumulated deficit of $71,792,589 as of September 30, 2024. These factors raise a substantial doubt about the Company’s
ability to continue as a going concern. The accompanying consolidated financial statements do not reflect any adjustments relating to
the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result if
the Company is unable to continue as a going concern.
The ability of the Company to continue as a going
concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management
is in continuous discussions with prospective investors and believes the raising of capital will allow the Company to fund its cash flow
shortfalls and pursue new acquisitions. There can be no assurance that the Company will be able to obtain sufficient capital from debt
or equity transactions or from operations in the necessary time frame or on terms acceptable to it. Should the Company be unable to raise
sufficient funds, it may be required to curtail its operating plans. In addition, if overall Company expenses increase, the Company may
need to implement cost reductions. No assurance can be given that the Company will be able to operate profitably on a consistent basis,
or at all, in the future. Should the Company not be able to raise sufficient funds, it may cause cessation of operations.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards
The FASB issued Accounting Standards Update (“ASU”)
2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures” (“Topic 280”) in November 2023. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2024, with early adoption permitted. Topic 280 improves “reportable segment disclosure requirements, primarily through enhanced
disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances
in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities
with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors
to better understand an entity’s overall performance” and assess “potential future cash flows.” Management is
evaluating the impact of ASU 2023-07 on the consolidated financial statements and does not expect there to be any changes or impact to
the financial statements.
|
Recently Adopted Accounting Standards |
Recently Adopted Accounting Standards
The FASB issued ASU 2020-06, “Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
81540).” The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The
amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within that period. The FASB also specified
that an entity must adopt the guidance as of the beginning of its annual fiscal year and is not permitted to adopt the guidance in an
interim period, other than the first interim period of their fiscal year. ASU 2020-06 reduces the number of accounting models for convertible
debt and convertible preferred stock instruments and makes certain disclosure amendments to improve the information provided to users.
There were no material impacts on the consolidated financial statements at adoption.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of estimated useful lives |
Schedule of estimated useful lives |
|
Classification |
Useful Life |
Equipment, furniture, and fixtures |
5 - 7 years |
Medical equipment |
10 years |
Leasehold improvements |
10 years or lease term, if shorter |
|
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v3.24.3
RESTATEMENT OF FINANCIAL STATEMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
Schedule of restated financial information |
Schedule of restated financial information | |
| | |
| | |
| |
Balance sheet | |
| | |
| | |
| |
| |
Impact of correction of error | |
September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Total assets | |
$ | 18,518,727 | | |
$ | (844 | ) | |
$ | 18,517,883 | |
| |
| | | |
| | | |
| | |
Total liabilities | |
| 12,102,942 | | |
| (244,129 | ) | |
| 11,858,813 | |
| |
| | | |
| | | |
| | |
Mezzanine equity | |
| 5,440,434 | | |
| 299,663 | | |
| 5,740,097 | |
| |
| | | |
| | | |
| | |
Total stockholders' equity | |
$ | 975,352 | | |
$ | (299,663 | ) | |
$ | 675,689 | |
Statement of operations
|
|
Impact of correction of error |
|
Three months ended September 30, 2023 (Unaudited) |
|
As previously reported |
|
|
Adjustments |
|
|
As restated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
3,438,124 |
|
|
$ |
(32,265 |
) |
|
$ |
3,405,859 |
|
Cost of sales |
|
|
557,028 |
|
|
|
(5,605 |
) |
|
|
551,423 |
|
Gross profit |
|
|
2,881,096 |
|
|
|
(26,660 |
) |
|
|
2,854,436 |
|
Operating expense |
|
|
611,110 |
|
|
|
(30,067 |
) |
|
|
581,043 |
|
Income from operations |
|
|
2,269,986 |
|
|
|
3,407 |
|
|
|
2,273,393 |
|
Other income (expense), net |
|
|
(288,465 |
) |
|
|
298 |
|
|
|
(288,167 |
) |
Net income before discontinued operations |
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
– |
|
|
|
(3,705 |
) |
|
|
(3,705 |
) |
Net income for the period |
|
$ |
1,981,521 |
|
|
$ |
– |
|
|
$ |
1,981,521 |
|
Preferred stock dividends |
|
$ |
(150,965 |
) |
|
$ |
0.00 |
|
|
$ |
(150,965 |
) |
Net income attributable to common shareholders |
|
$ |
1,830,556 |
|
|
$ |
0.00 |
|
|
$ |
1,830,556 |
|
Basic earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
136.12 |
|
|
$ |
136.12 |
|
Diluted earnings per share for continuing operations |
|
$ |
0.00 |
|
|
$ |
2.30 |
|
|
$ |
2.30 |
|
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Revenue | |
$ | 9,781,731 | | |
$ | (304,967 | ) | |
$ | 9,476,764 | |
Cost of sales | |
| 2,643,137 | | |
| (53,730 | ) | |
| 2,589,407 | |
Gross profit | |
| 7,138,594 | | |
| (251,237 | ) | |
| 6,887,357 | |
Operating expense | |
| 2,448,876 | | |
| (341,900 | ) | |
| 2,106,976 | |
Income from operations | |
| 4,689,718 | | |
| 90,663 | | |
| 4,780,381 | |
Other income (expense), net | |
| (1,908,110 | ) | |
| 2,342 | | |
| (1,905,768 | ) |
Net income before discontinued operations | |
| | |
| | |
| |
Loss from discontinued operations | |
| – | | |
| (93,005 | ) | |
| (93,005 | ) |
Net income for the period | |
$ | 2,781,608 | | |
$ | – | | |
$ | 2,781,608 | |
Preferred stock dividends | |
$ | (605,384 | ) | |
$ | 0.00 | | |
$ | (605,384 | ) |
Net income attributable to common shareholders | |
$ | 2,176,224 | | |
$ | 0.00 | | |
$ | 2,176,224 | |
Basic earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 167.33 | | |
$ | 167.33 | |
Diluted earnings per share for continuing operations | |
$ | 0.00 | | |
$ | 2.40 | | |
$ | 2.40 | |
Statement of Cash Flows
| |
Impact of correction of error | |
Nine months ended September 30, 2023 (Unaudited) | |
As previously reported | | |
Adjustments | | |
As restated | |
| |
| | |
| | |
| |
Net cash used in operating activities of continuing operations | |
$ | (603,392 | ) | |
$ | 45,850 | | |
$ | (557,542 | ) |
Net cash provided by financing activities of continuing operations | |
$ | 557,933 | | |
$ | (131,262 | ) | |
$ | 426,671 | |
|
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v3.24.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of accounts payable and accrued expenses |
Schedule of accounts payable and accrued expenses | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts payable | |
$ | 663,381 | | |
$ | 720,774 | |
Accrued credit cards | |
| 8,248 | | |
| 26,645 | |
Accrued liability for settlement of previously factored receivables | |
| 599,956 | | |
| 1,247,772 | |
Accrued income and property taxes | |
| 5,346 | | |
| 5,346 | |
Accrued professional fees | |
| 50,721 | | |
| 29,122 | |
Accrued board fees | |
| 15,000 | | |
| – | |
Accrued dividend | |
| 30,354 | | |
| – | |
Accrued public company fees | |
| 5,000 | | |
| – | |
Accrued travel expense | |
| 1,571 | | |
| – | |
Accrued payroll | |
| 6,835 | | |
| 17,472 | |
Total | |
$ | 1,386,412 | | |
$ | 2,047,131 | |
|
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v3.24.3
PLANT AND EQUIPMENT, NET (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Medical equipment |
|
$ |
96,532 |
|
|
$ |
96,532 |
|
Computer Equipment |
|
|
9,189 |
|
|
|
9,189 |
|
Furniture, fixtures and equipment |
|
|
15,079 |
|
|
|
15,079 |
|
Leasehold Improvement |
|
|
15,950 |
|
|
|
15,950 |
|
Total |
|
|
136,750 |
|
|
|
136,750 |
|
Less: accumulated depreciation |
|
|
(112,187 |
) |
|
|
(102,089 |
) |
Property and equipment, net |
|
$ |
24,563 |
|
|
$ |
34,661 |
|
|
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v3.24.3
NOTES AND LOANS PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable |
Schedule of notes payable | |
| | |
| |
| |
September 30, 2024 | | |
December 31, 2023 | |
Notes and loans payable | |
$ | 8,215,069 | | |
$ | 2,280,743 | |
Less current portion | |
| (8,074,797 | ) | |
| (2,136,077 | ) |
Long-term portion | |
$ | 140,272 | | |
$ | 144,666 | |
|
Schedule of maturities of long-term debt |
Schedule of maturities of long-term debt | |
| |
| |
Amount | |
2024 (remainder of year) | |
$ | 8,071,169 | |
2025 | |
| 4,837 | |
2026 | |
| 4,837 | |
2027 | |
| 4,837 | |
2028 | |
| 4,837 | |
Thereafter | |
| 124,552 | |
Total | |
$ | 8,215,069 | |
|
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v3.24.3
CONVERTIBLE NOTES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of convertible notes |
Schedule of convertible notes |
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Convertible notes payable |
|
$ |
105,000 |
|
|
$ |
3,831,850 |
|
Discounts on convertible notes payable |
|
|
– |
|
|
|
(24,820 |
) |
Total convertible debt less debt discount |
|
|
105,000 |
|
|
|
3,807,030 |
|
Current portion |
|
|
105,000 |
|
|
|
3,807,030 |
|
Long-term portion |
|
$ |
– |
|
|
$ |
– |
|
|
Schedule of convertible notes payable |
Schedule of convertible notes payable | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Note # | |
Issuance | |
Maturity | |
Principal Balance 12/31/23 | | |
Settlements and/or Principal Conversions | | |
New Loans or (Cash Paydown) | | |
Shares Issued Upon Conversion or Exchange | | |
Principal Balance 09/30/24 | | |
Accrued Interest on Convertible Debt at 12/31/23 | | |
Interest On Convertible Debt For the Period Ended 09/30/24 | | |
Accrued Interest on Convertible Debt at 09/30/24 | | |
Unamortized Debt Discount At 09/30/24 | |
9 | |
09/12/2016 | |
09/12/2017 | |
$ | 50,080 | | |
$ | – | | |
$ | (50,080 | ) | |
| 1,222 | | |
$ | – | | |
$ | 5,581 | | |
$ | (5,581 | ) | |
$ | – | | |
$ | – | |
10 | |
01/24/2017 | |
01/24/2018 | |
| 55,000 | | |
| – | | |
| – | | |
| – | | |
| 55,000 | | |
| 80,875 | | |
| 8,258 | | |
| 89,134 | | |
| – | |
10-1 | |
02/10/2023 | |
02/10/2024 | |
| 50,000 | | |
| – | | |
| (50,000 | ) | |
| – | | |
| – | | |
| 6,658 | | |
| (6,658 | ) | |
| – | | |
| – | |
10-2 | |
03/30/2023 | |
03/30/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 2,836 | | |
| 3,442 | | |
| 6,277 | | |
| – | |
10-3 | |
08/11/2023 | |
08/11/2024 | |
| 25,000 | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 1,469 | | |
| 3,130 | | |
| 4,599 | | |
| – | |
29-2 | |
11/08/2019 | |
11/08/2020 | |
| 36,604 | | |
| (36,604 | ) | |
| – | | |
| – | | |
| – | | |
| 10,109 | | |
| (10,109 | ) | |
| – | | |
| – | |
31 | |
08/28/2019 | |
08/28/2020 | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 8,385 | | |
| (8,385 | ) | |
| – | | |
| – | |
37-1 | |
09/03/2020 | |
06/30/2021 | |
| 113,667 | | |
| (113,667 | ) | |
| – | | |
| – | | |
| – | | |
| 64,929 | | |
| (64,929 | ) | |
| – | | |
| – | |
37-2 | |
11/02/2020 | |
08/31/2021 | |
| 113,167 | | |
| (113,167 | ) | |
| – | | |
| – | | |
| – | | |
| 63,594 | | |
| (63,594 | ) | |
| – | | |
| – | |
37-3 | |
12/29/2020 | |
09/30/2021 | |
| 113,166 | | |
| (113,166 | ) | |
| – | | |
| – | | |
| – | | |
| 62,558 | | |
| (62,558 | ) | |
| – | | |
| – | |
40-1 | |
09/22/2022 | |
09/22/2024 | |
| 2,600,000 | | |
| (2,600,000 | ) | |
| – | | |
| 938,908 | (1) | |
| – | | |
| 252,665 | | |
| (252,655 | ) | |
| – | | |
| – | |
40-2 | |
11/04/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,939 | | |
| (7,939 | ) | |
| – | | |
| – | |
40-3 | |
11/28/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,506 | | |
| (7,506 | ) | |
| – | | |
| – | |
40-4 | |
12/21/2022 | |
09/22/2024 | |
| 68,667 | | |
| (68,667 | ) | |
| – | | |
| – | | |
| – | | |
| 7,054 | | |
| (7,054 | ) | |
| – | | |
| – | |
40-5 | |
01/24/2023 | |
03/21/2024 | |
| 90,166 | | |
| (90,166 | ) | |
| – | | |
| – | | |
| – | | |
| 8,284 | | |
| (8,284 | ) | |
| – | | |
| – | |
40-6 | |
03/21/2023 | |
09/22/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 10,671 | | |
| (10,671 | ) | |
| – | | |
| – | |
40-7 | |
06/05/2023 | |
06/05/2024 | |
| 139,166 | | |
| (139,166 | ) | |
| – | | |
| – | | |
| – | | |
| 7,826 | | |
| (7,826 | ) | |
| – | | |
| – | |
40-8 | |
06/13/2023 | |
06/13/2024 | |
| 21,167 | | |
| (21,167 | ) | |
| – | | |
| – | | |
| – | | |
| 1,127 | | |
| (1,127 | ) | |
| – | | |
| – | |
40-9 | |
07/19/2023 | |
07/19/2024 | |
| 35,500 | | |
| (35,500 | ) | |
| – | | |
| – | | |
| – | | |
| 1,605 | | |
| (1,605 | ) | |
| – | | |
| – | |
40-10 | |
07/24/2023 | |
07/24/2024 | |
| 14,000 | | |
| (14,000 | ) | |
| – | | |
| – | | |
| – | | |
| 614 | | |
| (614 | ) | |
| – | | |
| – | |
41 | |
08/25/2023 | |
08/25/2024 | |
| 5,000 | | |
| – | | |
| (5,000 | ) | |
| – | | |
| – | | |
| 175 | | |
| (175 | ) | |
| – | | |
| | |
| |
| |
| |
$ | 3,831,850 | | |
$ | (3,621,770 | ) | |
$ | (105,080 | ) | |
| 940,130 | | |
$ | 105,000 | | |
$ | 612,460 | | |
$ | (512,450 | ) | |
$ | 100,010 | | |
$ | – | |
(1) |
938,908 Series Y Senior Convertible Preferred Shares issued in exchange for full value of the outstanding principal and interest on Notes 40-1, 40-2, 40-3, 40-4, 40-5, 40-6, 40-7, 40-8, 40-9 and 40-10 |
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v3.24.3
WARRANTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Warrants |
|
Schedule of warrant activity |
Schedule of warrant activity | |
| | |
| |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2024 | |
| 3,150 | | |
$ | 1,162.76 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 135.00 | |
Balance at September 30, 2024 | |
| 3,147 | | |
| 1,163.74 | |
Warrants Exercisable at September 30, 2024 | |
| 3,147 | | |
$ | 1,162.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance at January 1, 2023 | |
| 3,153 | | |
$ | 1,162.17 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Expired | |
| (3 | ) | |
| 547.50 | |
Balance at September 30, 2023 | |
| 3,150 | | |
| 1,162.76 | |
Warrants Exercisable at September 30, 2023 | |
| 3,150 | | |
$ | 1,162.76 | |
|
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v3.24.3
DISCONTINUED OPERATIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of discontinued operations |
Schedule of discontinued operations | |
| | | |
| | |
Net liabilities of discontinued operations | |
September 30, 2024 | | |
December 31, 2023 | |
Cash | |
$ | 342 | | |
$ | 342 | |
Accounts receivable | |
| 300 | | |
| 300 | |
Accounts payable and accrued expenses | |
| 238,285 | | |
| 238,285 | |
Net liabilities of discontinued operations | |
$ | (237,643 | ) | |
$ | (237,643 | ) |
| |
| | |
| |
| |
Three Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 32,264 | |
Cost of sales | |
| – | | |
| (5,604 | ) |
Selling, general and administrative expenses | |
| – | | |
| (30,067 | ) |
Interest expense | |
| – | | |
| (298 | ) |
Settlement loss | |
| – | | |
| – | |
Loss from discontinued operations | |
$ | – | | |
$ | (3,705 | ) |
| |
| | |
| |
| |
Nine Months Ended September 30, | |
Gain (Loss) from discontinued operations | |
2024 | | |
2023 | |
Revenue | |
$ | – | | |
$ | 304,967 | |
Cost of sales | |
| – | | |
| (53,730 | ) |
Selling, general and administrative expenses | |
| – | | |
| (341,900 | ) |
Interest expense | |
| – | | |
| (2,342 | ) |
Settlement loss | |
| (111,312 | ) | |
| – | |
Loss from discontinued operations | |
$ | (111,312 | ) | |
$ | (93,005 | ) |
|
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v3.24.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of operating leases with future commitments |
Schedule of operating leases with future commitments | |
| |
| |
Amount | |
October 2024 – September 2025 | |
$ | 251,214 | |
October 2025 – September 2026 | |
| 171,507 | |
October 2026 – September 2027 | |
| 77,871 | |
Total Future Undiscounted Lease Payments | |
$ | 464,459 | |
Less imputed interest | |
| 36,132 | |
Total lease obligations | |
$ | 464,459 | |
|
Schedule of supplemental information about the Company’s leases |
Schedule of supplemental information about the Company’s leases |
|
|
|
Weighted-average remaining lease term |
|
|
2.37 years |
Weighted-average discount rate |
|
|
6.38% |
|
Schedule of annual objectives of financial performance goals |
Schedule of annual objectives of financial performance goals |
|
|
|
|
|
|
Year |
|
Minimum Annual Nova EBITDA |
|
Cash Annual Bonus |
|
Series J Preferred Stock |
2021 |
|
$2.0M |
|
$120,000 |
|
120,000 Shares |
2022 |
|
$2.4M |
|
$150,000 |
|
135,000 Shares |
2023 |
|
$3.7M |
|
$210,000 |
|
150,000 Shares |
2024 |
|
$5.5M |
|
$300,000 |
|
180,000 Shares |
2025 |
|
$8.0M |
|
$420,000 |
|
210,000 Shares |
|
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v3.24.3
SEGMENT REPORTING (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of revenues and net income from operations |
Schedule of revenues and net income from operations | |
| | |
| |
Asset: | |
September 30, 2024 | | |
December 31, 2023 | |
Healthcare | |
$ | 20,155,319 | | |
$ | 18,955,991 | |
Real Estate | |
| 578,620 | | |
| 587,456 | |
Corporate, administration and other | |
| 2,780,823 | | |
| 1,202,364 | |
Consolidated assets | |
$ | 23,514,762 | | |
$ | 20,745,811 | |
| |
Three Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 1,355,641 | | |
$ | 3,405,859 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 1,000,601 | | |
$ | 551,423 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 1,000,601 | | |
$ | 551,423 | |
| |
| | | |
| | |
Income from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,610,188 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Income from operations from subsidiaries | |
$ | 134,197 | | |
$ | 2,609,910 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (719,357 | ) | |
$ | (336,516 | ) |
Total income from operations | |
$ | (585,160 | ) | |
$ | 2,273,394 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 138,197 | | |
$ | 2,521,820 | |
Real Estate | |
| (4,000 | ) | |
| (278 | ) |
Corporate, administration and other non-operating expenses | |
| (2,112,165 | ) | |
| (536,316 | ) |
Consolidated (loss) income before taxes | |
$ | (1,977,968 | ) | |
$ | 1,985,226 | |
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 (Restated) | |
Revenues: | |
| | | |
| | |
Healthcare | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
Real Estate | |
| – | | |
| – | |
Consolidated revenues | |
$ | 5,149,416 | | |
$ | 9,476,764 | |
| |
| | | |
| | |
Cost of sales: | |
| | | |
| | |
Healthcare | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
Real Estate | |
| – | | |
| – | |
Consolidated cost of sales | |
$ | 2,741,765 | | |
$ | 2,589,407 | |
| |
| | | |
| | |
Income (loss) from operations from subsidiaries | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 5,994,978 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Income from operations from subsidiaries | |
$ | 1,730,263 | | |
$ | 5,992,860 | |
| |
| | | |
| | |
Loss from operations from Cardiff Lexington | |
$ | (2,255,914 | ) | |
$ | (1,212,479 | ) |
Total (loss) income from operations | |
$ | (525,651 | ) | |
$ | 4,780,381 | |
| |
| | | |
| | |
Income (loss) before taxes | |
| | | |
| | |
Healthcare | |
$ | 1,739,099 | | |
$ | 4,717,363 | |
Real Estate | |
| (8,836 | ) | |
| (2,118 | ) |
Corporate, administration and other non-operating expenses | |
| (4,011,608 | ) | |
| (1,840,632 | ) |
Consolidated (loss) income before taxes | |
$ | (2,281,345 | ) | |
$ | 2,874,613 | |
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
Jan. 09, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Jan. 02, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
|
Reverse stock split |
1-for-75,000 reverse split
|
|
|
|
|
|
|
Additional allowance for credit losses |
|
$ 122,190
|
|
$ 122,190
|
|
$ 122,190
|
|
Credit loss expense |
|
|
|
0
|
$ 270,000
|
|
|
Net accounts receivable |
|
14,798,220
|
|
14,798,220
|
|
13,305,254
|
$ 6,603,920
|
Goodwill impairment amount |
|
|
|
0
|
0
|
|
|
Change in estimate for settlement realization rate |
|
|
|
1,650,474
|
0
|
|
|
Increase decrease in net revenue |
|
0
|
|
1,199,155
|
|
|
|
Accounts receivable |
|
|
$ 544,196
|
|
544,196
|
|
|
Cash |
|
1,949,600
|
253,750
|
1,949,600
|
253,750
|
866,943
|
|
Advertising and marketing expense |
|
84,914
|
$ 71,636
|
263,864
|
$ 243,315
|
|
|
Uncertain tax positions |
|
0
|
|
0
|
|
0
|
|
Accumulated deficit |
|
$ 71,792,589
|
|
$ 71,792,589
|
|
$ 68,684,115
|
|
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v3.24.3
RESTATEMENT OF FINANCIAL STATEMENTS (Details - Financical Statements) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
Total assets |
$ 23,514,762
|
|
$ 23,514,762
|
|
|
$ 20,745,811
|
|
|
Total Liabilities |
15,017,811
|
|
15,017,811
|
|
|
14,124,289
|
|
|
Total stockholders' equity |
3,729,120
|
$ 675,689
|
3,729,120
|
$ 675,689
|
$ 5,880,274
|
$ 731,418
|
$ (1,183,885)
|
$ (1,744,791)
|
Revenue |
1,355,641
|
3,405,859
|
5,149,416
|
9,476,764
|
|
|
|
|
Cost of sales |
1,000,601
|
551,423
|
2,741,765
|
2,589,407
|
|
|
|
|
Gross profit |
355,040
|
2,854,436
|
2,407,651
|
6,887,357
|
|
|
|
|
Operating expense |
940,200
|
581,042
|
2,933,302
|
2,106,976
|
|
|
|
|
Income from operations |
(585,160)
|
2,273,394
|
(525,651)
|
4,780,381
|
|
|
|
|
Other income (expense), net |
(1,392,808)
|
(288,168)
|
(1,755,694)
|
(1,905,768)
|
|
|
|
|
Net income before discontinued operations |
(1,977,968)
|
1,985,226
|
(2,281,345)
|
2,874,613
|
|
|
|
|
Net income for the period |
(1,977,968)
|
1,981,521
|
(2,392,657)
|
2,781,608
|
|
|
|
|
Net income attributable to common shareholders |
$ (2,215,977)
|
1,830,556
|
(3,108,474)
|
2,176,224
|
|
|
|
|
Net cash used in operating activities of continuing operations |
|
|
(3,996,905)
|
(557,542)
|
|
|
|
|
Net cash provided by financing activities of continuing operations |
|
|
$ 4,968,250
|
426,671
|
|
|
|
|
Previously Reported [Member] |
|
|
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
Total assets |
|
18,518,727
|
|
18,518,727
|
|
|
|
|
Total Liabilities |
|
12,102,942
|
|
12,102,942
|
|
|
|
|
Mezzanine equity |
|
5,440,434
|
|
5,440,434
|
|
|
|
|
Total stockholders' equity |
|
975,352
|
|
975,352
|
|
|
|
|
Revenue |
|
3,438,124
|
|
9,781,731
|
|
|
|
|
Cost of sales |
|
557,028
|
|
2,643,137
|
|
|
|
|
Gross profit |
|
2,881,096
|
|
7,138,594
|
|
|
|
|
Operating expense |
|
611,110
|
|
2,448,876
|
|
|
|
|
Income from operations |
|
2,269,986
|
|
4,689,718
|
|
|
|
|
Other income (expense), net |
|
(288,465)
|
|
(1,908,110)
|
|
|
|
|
Net income before discontinued operations |
|
1,981,521
|
|
2,781,608
|
|
|
|
|
Loss from discontinued operations |
|
0
|
|
0
|
|
|
|
|
Net income for the period |
|
1,981,521
|
|
2,781,608
|
|
|
|
|
Preferred stock dividends |
|
(150,965)
|
|
(605,384)
|
|
|
|
|
Net income attributable to common shareholders |
|
$ 1,830,556
|
|
$ 2,176,224
|
|
|
|
|
Basic earnings per share for continuing operations |
|
$ 0.00
|
|
$ 0.00
|
|
|
|
|
Diluted earnings per share for continuing operations |
|
$ 0.00
|
|
$ 0.00
|
|
|
|
|
Net cash used in operating activities of continuing operations |
|
|
|
$ (603,392)
|
|
|
|
|
Net cash provided by financing activities of continuing operations |
|
|
|
557,933
|
|
|
|
|
Revision of Prior Period, Adjustment [Member] |
|
|
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
Total assets |
|
$ (844)
|
|
(844)
|
|
|
|
|
Total Liabilities |
|
(244,129)
|
|
(244,129)
|
|
|
|
|
Mezzanine equity |
|
299,663
|
|
299,663
|
|
|
|
|
Total stockholders' equity |
|
(299,663)
|
|
(299,663)
|
|
|
|
|
Revenue |
|
(32,265)
|
|
(304,967)
|
|
|
|
|
Cost of sales |
|
(5,605)
|
|
(53,730)
|
|
|
|
|
Gross profit |
|
(26,660)
|
|
(251,237)
|
|
|
|
|
Operating expense |
|
(30,067)
|
|
(341,900)
|
|
|
|
|
Income from operations |
|
3,407
|
|
90,663
|
|
|
|
|
Other income (expense), net |
|
298
|
|
2,342
|
|
|
|
|
Net income before discontinued operations |
|
3,705
|
|
93,005
|
|
|
|
|
Loss from discontinued operations |
|
(3,705)
|
|
(93,005)
|
|
|
|
|
Net income for the period |
|
0
|
|
0
|
|
|
|
|
Preferred stock dividends |
|
0.00
|
|
0.00
|
|
|
|
|
Net income attributable to common shareholders |
|
$ 0.00
|
|
$ 0.00
|
|
|
|
|
Basic earnings per share for continuing operations |
|
$ 136.12
|
|
$ 167.33
|
|
|
|
|
Diluted earnings per share for continuing operations |
|
$ 2.30
|
|
$ 2.40
|
|
|
|
|
Net cash used in operating activities of continuing operations |
|
|
|
$ 45,850
|
|
|
|
|
Net cash provided by financing activities of continuing operations |
|
|
|
(131,262)
|
|
|
|
|
Restated [Member] |
|
|
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
Total assets |
|
$ 18,517,883
|
|
18,517,883
|
|
|
|
|
Total Liabilities |
|
11,858,813
|
|
11,858,813
|
|
|
|
|
Mezzanine equity |
|
5,740,097
|
|
5,740,097
|
|
|
|
|
Total stockholders' equity |
|
675,689
|
|
675,689
|
|
|
|
|
Revenue |
|
3,405,859
|
|
9,476,764
|
|
|
|
|
Cost of sales |
|
551,423
|
|
2,589,407
|
|
|
|
|
Gross profit |
|
2,854,436
|
|
6,887,357
|
|
|
|
|
Operating expense |
|
581,043
|
|
2,106,976
|
|
|
|
|
Income from operations |
|
2,273,393
|
|
4,780,381
|
|
|
|
|
Other income (expense), net |
|
(288,167)
|
|
(1,905,768)
|
|
|
|
|
Net income before discontinued operations |
|
1,985,226
|
|
2,874,613
|
|
|
|
|
Loss from discontinued operations |
|
(3,705)
|
|
(93,005)
|
|
|
|
|
Net income for the period |
|
1,981,521
|
|
2,781,608
|
|
|
|
|
Preferred stock dividends |
|
(150,965)
|
|
(605,384)
|
|
|
|
|
Net income attributable to common shareholders |
|
$ 1,830,556
|
|
$ 2,176,224
|
|
|
|
|
Basic earnings per share for continuing operations |
|
$ 136.12
|
|
$ 167.33
|
|
|
|
|
Diluted earnings per share for continuing operations |
|
$ 2.30
|
|
$ 2.40
|
|
|
|
|
Net cash used in operating activities of continuing operations |
|
|
|
$ (557,542)
|
|
|
|
|
Net cash provided by financing activities of continuing operations |
|
|
|
$ 426,671
|
|
|
|
|
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v3.24.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 663,381
|
$ 720,774
|
Accrued credit cards |
8,248
|
26,645
|
Accrued liability for settlement of previously factored receivables |
599,956
|
1,247,772
|
Accrued income and property taxes |
5,346
|
5,346
|
Accrued professional fees |
50,721
|
29,122
|
Accrued board fees |
15,000
|
0
|
Accrued dividend |
30,354
|
0
|
Accrued public company fees |
5,000
|
0
|
Accrued travel expense |
1,571
|
0
|
Accrued payroll |
6,835
|
17,472
|
Total |
$ 1,386,412
|
$ 2,047,131
|
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v3.24.3
PLANT AND EQUIPMENT, NET (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
Medical equipment |
$ 96,532
|
$ 96,532
|
Computer Equipment |
9,189
|
9,189
|
Furniture, fixtures and equipment |
15,079
|
15,079
|
Leasehold Improvement |
15,950
|
15,950
|
Total |
136,750
|
136,750
|
Less: accumulated depreciation |
(112,187)
|
(102,089)
|
Property and equipment, net |
$ 24,563
|
$ 34,661
|
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|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation expense |
$ 3,365
|
$ 3,365
|
$ 10,096
|
$ 11,365
|
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- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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v3.24.3
NOTES AND LOANS PAYABLE (Details - Notes payable) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Notes and loans payable |
$ 8,215,069
|
$ 2,280,743
|
Less current portion |
(8,074,797)
|
(2,136,077)
|
Long-term portion |
$ 140,272
|
$ 144,666
|
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v3.24.3
NOTES AND LOANS PAYABLE (Details - Long term debt matures)
|
Sep. 30, 2024
USD ($)
|
Debt Disclosure [Abstract] |
|
2024 (remainder of year) |
$ 8,071,169
|
2025 |
4,837
|
2026 |
4,837
|
2027 |
4,837
|
2028 |
4,837
|
Thereafter |
124,552
|
Total |
$ 8,215,069
|
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v3.24.3
NOTES AND LOANS PAYABLE (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Jun. 11, 2024 |
Sep. 29, 2023 |
Jun. 02, 2020 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Apr. 24, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Promissory notes, description |
|
|
|
|
|
|
(i)
if the Company raises at least $5 million but less than $6 million in its planned underwritten public offering (the
“Offering”), then it must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and
$35,000 to follow on the 90th, 180th, and 240th days following the closing of the Offering,
respectively; (ii) if the Company raises at least $6 million but less than $7 million in the Offering, then it must pay $390,000 on
the closing date of the Offering and $145,000 on the 90th day following the closing of the Offering; and (iii) if
the Company raises at least $7 million in the Offering, then it must repay the entire principal amount on the closing date of the
Offering. If the Offering is not completed by August 15, 2024, then the Company is required to pay $25,000 on such date and to
continue making payments of $25,000 on each monthly anniversary thereof until the entire principal amount is repaid in full.
Notwithstanding the foregoing, if the Company abandons the Offering and conducts a new public offering thereafter, then the Company
is required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the
90th day following the closing of such offering and $35,000 each month thereafter until the entire principal amount
is repaid in full.
|
|
|
|
Debt extinguishment and a gain on settlement |
|
|
|
$ 0
|
$ 78,834
|
$ 0
|
$ 78,834
|
$ 390
|
|
|
Payment of outstanding principal balance |
|
|
|
50,000
|
|
|
|
|
|
|
Remaining principal balance |
|
|
|
485,000
|
|
|
485,000
|
|
|
|
Notes payable outstanding |
|
|
|
8,215,069
|
|
|
8,215,069
|
|
|
$ 2,280,743
|
Line of credit maximum borrowing capacity |
$ 11,000,000
|
$ 4,500,000
|
|
|
|
|
|
|
$ 8,000,000
|
|
Discount fee |
|
|
|
|
|
|
|
|
2.25%
|
|
Claims balance on new purchases with minimum fee |
|
|
|
|
|
|
|
|
$ 10,000
|
|
Line of credit outstanding balance |
|
|
|
7,468,971
|
|
|
7,468,971
|
|
|
2,120,100
|
Interest accrued related to line of credit |
|
|
|
|
|
|
252,628
|
|
|
|
Line of credit maturity date |
|
Sep. 29, 2025
|
|
|
|
|
|
|
|
|
Loans And Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable outstanding |
|
|
|
10,989
|
|
|
10,989
|
|
|
10,989
|
Accrued interest |
|
|
|
8,537
|
|
|
8,537
|
|
|
7,547
|
SBA Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
0
|
|
|
0
|
|
|
956
|
Proceeds from loans |
|
|
$ 150,000
|
|
|
|
|
|
|
|
Interest rate |
|
|
3.75%
|
|
|
|
|
|
|
|
Principal balance |
|
|
|
$ 145,109
|
|
|
$ 145,109
|
|
|
$ 149,655
|
Series R Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
165
|
|
|
|
|
|
|
|
|
|
Conversion of stock, value |
$ 535,000
|
|
|
|
|
|
|
|
|
|
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v3.24.3
CONVERTIBLE NOTES PAYABLE (Details - Convertible notes) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Convertible notes payable |
$ 105,000
|
$ 3,831,850
|
Discounts on convertible notes payable |
0
|
(24,820)
|
Total convertible debt less debt discount |
105,000
|
3,807,030
|
Current portion |
105,000
|
3,807,030
|
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$ 0
|
$ 0
|
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v3.24.3
CONVERTIBLE NOTES PAYABLE (Details- Convertible debt instruments) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
Principal Balance |
|
$ 105,000
|
$ 3,831,850
|
Settlements and/or Principal Conversions |
|
(3,621,770)
|
|
New Loans or (Cash Paydown) |
|
$ (105,080)
|
|
Shares Issued Upon Conversion or Exchange |
|
940,130
|
|
Accrued Interest on Convertible Debt |
|
$ 100,010
|
612,460
|
Interest On Convertible Debt |
|
(512,450)
|
|
Unamortized Debt Discount |
|
$ 0
|
24,820
|
Convertible Note 9 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Sep. 12, 2016
|
|
Debt Maturity date |
|
Sep. 12, 2017
|
|
Principal Balance |
|
$ 0
|
50,080
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ (50,080)
|
|
Shares Issued Upon Conversion or Exchange |
|
1,222
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
5,581
|
Interest On Convertible Debt |
|
(5,581)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 10 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jan. 24, 2017
|
|
Debt Maturity date |
|
Jan. 24, 2018
|
|
Principal Balance |
|
$ 55,000
|
55,000
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 89,134
|
80,875
|
Interest On Convertible Debt |
|
8,258
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 10-1 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Feb. 10, 2023
|
|
Debt Maturity date |
|
Feb. 10, 2024
|
|
Principal Balance |
|
$ 0
|
50,000
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ (50,000)
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
6,658
|
Interest On Convertible Debt |
|
(6,658)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 10-2 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Mar. 30, 2023
|
|
Debt Maturity date |
|
Mar. 30, 2024
|
|
Principal Balance |
|
$ 25,000
|
25,000
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 6,277
|
2,836
|
Interest On Convertible Debt |
|
3,442
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 10-3 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Aug. 11, 2023
|
|
Debt Maturity date |
|
Aug. 11, 2024
|
|
Principal Balance |
|
$ 25,000
|
25,000
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 4,599
|
1,469
|
Interest On Convertible Debt |
|
3,130
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 29-2 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Nov. 08, 2019
|
|
Debt Maturity date |
|
Nov. 08, 2020
|
|
Principal Balance |
|
$ 0
|
36,604
|
Settlements and/or Principal Conversions |
|
(36,604)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
10,109
|
Interest On Convertible Debt |
|
(10,109)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 31 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Aug. 28, 2019
|
|
Debt Maturity date |
|
Aug. 28, 2020
|
|
Principal Balance |
|
$ 0
|
0
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
8,385
|
Interest On Convertible Debt |
|
(8,385)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 37-1 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Sep. 03, 2020
|
|
Debt Maturity date |
|
Jun. 30, 2021
|
|
Principal Balance |
|
$ 0
|
113,667
|
Settlements and/or Principal Conversions |
|
(113,667)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
64,929
|
Interest On Convertible Debt |
|
(64,929)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 37-2 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Nov. 02, 2020
|
|
Debt Maturity date |
|
Aug. 31, 2021
|
|
Principal Balance |
|
$ 0
|
113,167
|
Settlements and/or Principal Conversions |
|
(113,167)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
63,594
|
Interest On Convertible Debt |
|
(63,594)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 37-3 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Dec. 29, 2020
|
|
Debt Maturity date |
|
Sep. 30, 2021
|
|
Principal Balance |
|
$ 0
|
113,166
|
Settlements and/or Principal Conversions |
|
(113,166)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
62,558
|
Interest On Convertible Debt |
|
(62,558)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-1 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Sep. 22, 2022
|
|
Debt Maturity date |
|
Sep. 22, 2024
|
|
Principal Balance |
|
$ 0
|
2,600,000
|
Settlements and/or Principal Conversions |
|
(2,600,000)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
[1] |
938,908
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
252,665
|
Interest On Convertible Debt |
|
(252,655)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-2 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Nov. 04, 2022
|
|
Debt Maturity date |
|
Sep. 22, 2024
|
|
Principal Balance |
|
$ 0
|
68,667
|
Settlements and/or Principal Conversions |
|
(68,667)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
7,939
|
Interest On Convertible Debt |
|
(7,939)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-3 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Nov. 28, 2022
|
|
Debt Maturity date |
|
Sep. 22, 2024
|
|
Principal Balance |
|
$ 0
|
68,667
|
Settlements and/or Principal Conversions |
|
(68,667)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
7,506
|
Interest On Convertible Debt |
|
(7,506)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-4 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Dec. 21, 2022
|
|
Debt Maturity date |
|
Sep. 22, 2024
|
|
Principal Balance |
|
$ 0
|
68,667
|
Settlements and/or Principal Conversions |
|
(68,667)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
7,054
|
Interest On Convertible Debt |
|
(7,054)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-5 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jan. 24, 2023
|
|
Debt Maturity date |
|
Mar. 21, 2024
|
|
Principal Balance |
|
$ 0
|
90,166
|
Settlements and/or Principal Conversions |
|
(90,166)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
8,284
|
Interest On Convertible Debt |
|
(8,284)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-6 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Mar. 21, 2023
|
|
Debt Maturity date |
|
Sep. 22, 2024
|
|
Principal Balance |
|
$ 0
|
139,166
|
Settlements and/or Principal Conversions |
|
(139,166)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
10,671
|
Interest On Convertible Debt |
|
(10,671)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-7 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jun. 05, 2023
|
|
Debt Maturity date |
|
Jun. 05, 2024
|
|
Principal Balance |
|
$ 0
|
139,166
|
Settlements and/or Principal Conversions |
|
(139,166)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
7,826
|
Interest On Convertible Debt |
|
(7,826)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-8 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jun. 13, 2023
|
|
Debt Maturity date |
|
Jun. 13, 2024
|
|
Principal Balance |
|
$ 0
|
21,167
|
Settlements and/or Principal Conversions |
|
(21,167)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
1,127
|
Interest On Convertible Debt |
|
(1,127)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-9 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jul. 19, 2023
|
|
Debt Maturity date |
|
Jul. 19, 2024
|
|
Principal Balance |
|
$ 0
|
35,500
|
Settlements and/or Principal Conversions |
|
(35,500)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
1,605
|
Interest On Convertible Debt |
|
(1,605)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 40-10 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Jul. 24, 2023
|
|
Debt Maturity date |
|
Jul. 24, 2024
|
|
Principal Balance |
|
$ 0
|
14,000
|
Settlements and/or Principal Conversions |
|
(14,000)
|
|
New Loans or (Cash Paydown) |
|
$ 0
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
614
|
Interest On Convertible Debt |
|
(614)
|
|
Unamortized Debt Discount |
|
$ 0
|
|
Convertible Note 41 [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Issuance date |
|
Aug. 25, 2023
|
|
Debt Maturity date |
|
Aug. 25, 2024
|
|
Principal Balance |
|
$ 0
|
5,000
|
Settlements and/or Principal Conversions |
|
0
|
|
New Loans or (Cash Paydown) |
|
$ (5,000)
|
|
Shares Issued Upon Conversion or Exchange |
|
0
|
|
Accrued Interest on Convertible Debt |
|
$ 0
|
$ 175
|
Interest On Convertible Debt |
|
$ (175)
|
|
|
|
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v3.24.3
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 25, 2024 |
Aug. 31, 2024 |
Jun. 11, 2024 |
May 31, 2024 |
May 15, 2024 |
Apr. 11, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Convertible debt outstanding |
$ 105,000
|
|
$ 105,000
|
|
|
|
|
|
|
|
$ 3,807,030
|
Principal outstanding |
105,000
|
|
105,000
|
|
|
|
|
|
|
|
3,807,030
|
Accrued interest paid |
361,172
|
|
361,172
|
|
|
|
|
|
|
|
620,963
|
Principal amount |
$ 535,000
|
|
$ 535,000
|
|
|
|
|
|
|
|
|
Issuance of convertible preferred stock |
940,130
|
|
940,130
|
|
|
|
|
|
|
|
|
Debt discount |
$ 0
|
|
$ 0
|
|
|
|
|
|
|
|
24,820
|
Amortization of debt discount |
(0)
|
$ 46,048
|
24,821
|
$ 94,664
|
|
|
|
|
|
|
|
Convertible debt |
$ 105,000
|
|
105,000
|
|
|
|
|
|
|
|
$ 3,831,850
|
Note 9 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
$ 58,846
|
|
|
|
Note 10-1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
$ 63,513
|
|
|
|
Note 41 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
$ 5,501
|
|
|
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
421,375
|
|
|
|
|
|
|
|
Debt converted, interest converted |
|
|
680
|
12,073
|
|
|
|
|
|
|
|
Debt converted, conversion cost converted |
|
|
$ 1,000
|
$ 3,000
|
|
|
|
|
|
|
|
Debt converted, shares issued |
|
|
1,222
|
3,662
|
|
|
|
|
|
|
|
Adjustment to additional paid in capital |
|
|
$ 1,679
|
$ 141,406
|
|
|
|
|
|
|
|
Debt converted, amount converted |
|
|
|
$ 87,460
|
|
|
|
|
|
|
|
Series Y Senior Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Issuance of convertible preferred stock |
938,908
|
|
938,908
|
|
16,206
|
|
|
|
938,908
|
938,908
|
|
Series R Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
$ 535,000
|
|
|
|
|
Holder Of Notes 9 And 10-1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal outstanding |
$ 100,080
|
|
$ 100,080
|
|
|
|
|
|
|
|
|
Accrued interest paid |
22,279
|
|
22,279
|
|
|
|
|
|
|
|
|
Convertible Noteholder [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Principal outstanding |
5,000
|
|
5,000
|
|
|
|
|
|
|
|
|
Accrued interest paid |
100,000
|
|
100,000
|
|
|
|
|
|
|
|
|
Outstsanding interest paid |
$ 501
|
|
$ 501
|
|
|
|
|
|
|
|
|
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v3.24.3
CAPITAL STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Sep. 25, 2024 |
Jun. 11, 2024 |
May 15, 2024 |
Mar. 26, 2024 |
Mar. 05, 2024 |
Jan. 31, 2024 |
Jan. 19, 2024 |
Jul. 24, 2023 |
May 25, 2023 |
Feb. 29, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
May 08, 2024 |
Apr. 11, 2024 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total authorized shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350,000,000
|
|
Common stock shares authorized |
|
|
|
|
|
|
|
|
|
|
300,000,000
|
|
300,000,000
|
|
|
300,000,000
|
300,000,000
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
|
$ 0.001
|
$ 0.001
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000,000
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
Issuance of convertible preferred stock, shares |
|
|
|
|
|
|
|
|
|
|
940,130
|
|
940,130
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
|
|
|
|
|
|
|
74,225
|
|
|
|
|
|
Loss from discontinued operations |
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ 3,705
|
$ 111,312
|
$ 93,005
|
|
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
1,222
|
3,662
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
7,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value per share |
|
|
|
|
$ 1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
|
|
|
$ 11,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
234,909
|
|
|
|
|
|
Three Board [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value per share |
|
|
|
$ 6.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expense |
|
|
|
$ 195,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Previous Owners [Member] | Red Rock Settlement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
|
|
|
|
37,104
|
|
|
|
|
|
|
|
|
Fair value per share |
|
|
|
|
|
|
|
|
|
$ 3
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
|
|
|
|
|
|
|
$ 111,312
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
2
|
|
2
|
|
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
3,000,000
|
|
3,000,000
|
|
|
3,000,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
1,385,549
|
|
|
|
|
|
Series B Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
2,771,098
|
|
|
|
|
|
Series B Preferred Stock [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
|
|
|
3,150
|
|
|
|
|
|
|
|
|
|
Stock issued new, value |
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
500
|
|
500
|
|
|
500
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
78
|
|
|
|
|
|
Series C preferred stock cancelled |
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
Series C Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
780,000
|
|
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
1,000,000
|
|
|
1,000,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
80,375
|
|
|
|
|
|
Series E Preferred Stock [Member] | Edge View [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
Exchange bonus |
|
|
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
Series E Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
160,750
|
|
|
|
|
|
Series F-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
50,000
|
|
50,000
|
|
|
50,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
26,252
|
|
|
|
|
|
Series F-1 Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
52,504
|
|
|
|
|
|
Series I Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
15,000,000
|
|
15,000,000
|
|
|
15,000,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
3,477,000
|
|
|
|
|
|
Series I Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
6,954,000
|
|
|
|
|
|
Series I Preferred Stock [Member] | Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for compensation, shares |
|
|
|
|
|
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for compensation, value |
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
Series I Preferred Stock [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for compensation, shares |
|
|
|
|
|
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for compensation, value |
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
Series I Preferred Stock [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, value |
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I Preferred Stock [Member] | Chief Accounting Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, value |
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Series J Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
2,000,000
|
|
|
2,000,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
1,713,584
|
|
|
|
|
|
Series J Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
3,427,168
|
|
|
|
|
|
Series L Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
400,000
|
|
400,000
|
|
|
400,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Series N Senior Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
3,000,000
|
|
3,000,000
|
|
|
|
|
|
Dividends payable |
|
|
|
|
|
|
|
|
|
|
$ 1,211,585
|
|
$ 1,211,585
|
|
|
$ 766,437
|
|
|
Cumulative accrued dividends |
|
|
|
|
|
|
|
|
|
|
$ 1,106,562
|
|
$ 1,106,562
|
|
|
|
|
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
197,601
|
|
|
|
|
|
Series N Senior Convertible Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative accrued dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 105,023
|
|
|
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,256
|
|
|
|
Series R Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
5,000
|
|
5,000
|
|
|
|
|
|
Dividends payment |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
109,980
|
|
|
Conversion of stock, shares |
|
165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series X Senior Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
5,000,000
|
|
|
|
|
|
Cumulative accrued dividends |
|
|
|
|
|
|
|
|
|
|
$ 183,210
|
|
$ 183,210
|
|
$ 37,808
|
|
|
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
25,173
|
|
9,453
|
|
|
|
Dividends payment |
|
|
|
|
|
|
|
|
|
|
|
|
$ 221,018
|
|
|
$ 190,685
|
|
|
Series Y Senior Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
1,000,000
|
|
|
1,000,000
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
$ 4.00
|
|
$ 4.00
|
|
|
$ 4.00
|
|
|
Cumulative accrued dividends |
|
|
|
|
|
|
|
|
|
|
$ 147,555
|
|
$ 147,555
|
|
|
|
|
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
12,135
|
|
|
|
|
|
Issuance of convertible preferred stock, shares |
16,206
|
|
938,908
|
|
|
|
|
|
|
|
938,908
|
|
938,908
|
|
|
|
|
938,908
|
Issuance of convertible preferred stock, value |
|
|
$ 3,755,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
$ 177,910
|
|
|
|
|
|
Preferred stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
16,206
|
|
|
|
|
|
Total dividends payable |
|
|
|
|
|
|
|
|
|
|
|
|
$ 30,354
|
|
|
|
|
|
Accrued dividend payments |
$ 64,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series R Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series R preferred stock cancelled |
|
|
|
|
|
|
|
|
|
|
|
|
165
|
|
|
|
|
|
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v3.24.3
WARRANTS (Details - Warrant activity) - Warrant [Member] - $ / shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of warrants, Beginning balance |
3,150
|
3,153
|
Weighted average exercise price, Beginning balance |
$ 1,162.76
|
$ 1,162.17
|
Number of warrants, Granted |
0
|
0
|
Weighted average exercise price, Granted |
$ 0
|
$ 0
|
Number of warrants, Exercised |
0
|
0
|
Weighted average exercise price, Exercised |
$ 0
|
$ 0
|
Number of warrants, Expired |
(3)
|
(3)
|
Weighted average exercise price, Expired |
$ 135.00
|
$ 547.50
|
Number of warrants, Ending balance |
3,147
|
3,150
|
Weighted average exercise price, Ending balance |
$ 1,163.74
|
$ 1,162.76
|
Number of warrants, Exercisable |
3,147
|
3,150
|
Weighted average exercise price, exercisable |
$ 1,162.76
|
$ 1,162.76
|
X |
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v3.24.3
DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Gain (Loss) from discontinued operations |
|
|
|
|
|
Revenue |
$ 1,355,641
|
$ 3,405,859
|
$ 5,149,416
|
$ 9,476,764
|
|
Cost of sales |
(1,000,601)
|
(551,423)
|
(2,741,765)
|
(2,589,407)
|
|
Selling, general and administrative expenses |
(936,835)
|
(577,677)
|
(2,622,981)
|
(2,095,611)
|
|
Discontinued Operations [Member] | Red Rock [Member] |
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Cash |
342
|
|
342
|
|
$ 342
|
Accounts receivable |
300
|
|
300
|
|
300
|
Accounts payable and accrued expenses |
238,285
|
|
238,285
|
|
238,285
|
Net liabilities of discontinued operations |
(237,643)
|
|
(237,643)
|
|
$ (237,643)
|
Gain (Loss) from discontinued operations |
|
|
|
|
|
Revenue |
0
|
32,264
|
0
|
304,967
|
|
Cost of sales |
0
|
(5,604)
|
0
|
(53,730)
|
|
Selling, general and administrative expenses |
0
|
(30,067)
|
0
|
(341,900)
|
|
Interest expense |
0
|
(298)
|
0
|
(2,342)
|
|
Settlement loss |
0
|
0
|
(111,312)
|
0
|
|
Loss from discontinued operations |
$ 0
|
$ (3,705)
|
$ (111,312)
|
$ (93,005)
|
|
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DISCONTINUED OPERATIONS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Feb. 29, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Stock issued during period shares |
|
|
|
74,225
|
|
Loss from discontinued operation loss |
|
$ 0
|
$ 3,705
|
$ 111,312
|
$ 93,005
|
Six Previous Owners [Member] | Red Rock Settlement [Member] |
|
|
|
|
|
Stock issued during period shares |
37,104
|
|
|
|
|
Share price |
$ 3
|
|
|
|
|
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$ 111,312
|
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v3.24.3
COMMITMENTS AND CONTINGENCIES (Details - Financial performance goals)
|
Sep. 30, 2024
USD ($)
shares
|
Year End 2021 [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Minimum Annual Nova EBITDA |
$ 2,000,000
|
Cash Annual Bonus |
$ 120,000
|
Year End 2021 [Member] | Series J Preferred Stock [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Stock to be issued, shares | shares |
120,000
|
Year End 2022 [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Minimum Annual Nova EBITDA |
$ 2,400,000
|
Cash Annual Bonus |
$ 150,000
|
Year End 2022 [Member] | Series J Preferred Stock [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Stock to be issued, shares | shares |
135,000
|
Year End 2023 [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Minimum Annual Nova EBITDA |
$ 3,700,000
|
Cash Annual Bonus |
$ 210,000
|
Year End 2023 [Member] | Series J Preferred Stock [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Stock to be issued, shares | shares |
150,000
|
Year End 2024 [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Minimum Annual Nova EBITDA |
$ 5,500,000
|
Cash Annual Bonus |
$ 300,000
|
Year End 2024 [Member] | Series J Preferred Stock [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Stock to be issued, shares | shares |
180,000
|
Year End 2025 [Member] |
|
Effect of Fourth Quarter Events [Line Items] |
|
Minimum Annual Nova EBITDA |
$ 8,000,000
|
Cash Annual Bonus |
$ 420,000
|
Year End 2025 [Member] | Series J Preferred Stock [Member] |
|
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|
Stock to be issued, shares | shares |
210,000
|
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v3.24.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
|
May 31, 2021 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jan. 02, 2024 |
Dec. 31, 2023 |
May 15, 2021 |
Operating lease expense |
|
$ 126,831
|
$ 76,466
|
$ 327,008
|
$ 210,696
|
|
|
|
First Doctor [Member] |
|
|
|
|
|
|
|
|
Annual base salaries |
$ 372,000
|
|
|
|
|
|
|
|
Second Doctor [Member] |
|
|
|
|
|
|
|
|
Annual base salaries |
450,000
|
|
|
|
|
|
|
|
Third Doctor [Member] |
|
|
|
|
|
|
|
|
Annual base salaries |
$ 372,000
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
Accrued compensation |
|
2,115,500
|
|
2,115,500
|
|
|
$ 2,365,500
|
|
Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
Accrued compensation |
|
2,220,500
|
|
2,220,500
|
|
|
2,350,500
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
Accrued compensation |
|
17,057
|
|
17,057
|
|
|
$ 17,057
|
$ 156,000
|
Chief Financial Officer [Member] | Employment Agreement [Member] |
|
|
|
|
|
|
|
|
Accrued compensation |
|
0
|
|
0
|
|
$ 228,000
|
|
|
Former Chief Accounting Officer [Member] |
|
|
|
|
|
|
|
|
Accrued compensation |
|
$ 0
|
|
$ 0
|
|
$ 210,000
|
|
|
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v3.24.3
SEGMENT REPORTING (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Consolidated assets |
$ 23,514,762
|
|
$ 23,514,762
|
|
$ 20,745,811
|
Consolidated revenues |
1,355,641
|
$ 3,405,859
|
5,149,416
|
$ 9,476,764
|
|
Consolidated cost of sales |
1,000,601
|
551,423
|
2,741,765
|
2,589,407
|
|
Income from operations from subsidiaries |
(585,160)
|
2,273,394
|
(525,651)
|
4,780,381
|
|
Income (Loss) before taxes |
(1,977,968)
|
1,985,226
|
(2,281,345)
|
2,874,613
|
|
Healthcare Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Consolidated assets |
20,155,319
|
|
20,155,319
|
|
18,955,991
|
Consolidated revenues |
1,355,641
|
3,405,859
|
5,149,416
|
9,476,764
|
|
Consolidated cost of sales |
1,000,601
|
551,423
|
2,741,765
|
2,589,407
|
|
Income from operations from subsidiaries |
138,197
|
2,610,188
|
1,739,099
|
5,994,978
|
|
Income (Loss) before taxes |
138,197
|
2,521,820
|
1,739,099
|
4,717,363
|
|
Real Estates [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Consolidated assets |
578,620
|
|
578,620
|
|
587,456
|
Consolidated revenues |
0
|
0
|
0
|
0
|
|
Consolidated cost of sales |
0
|
0
|
0
|
0
|
|
Income from operations from subsidiaries |
(4,000)
|
(278)
|
(8,836)
|
(2,118)
|
|
Income (Loss) before taxes |
(4,000)
|
(278)
|
(8,836)
|
(2,118)
|
|
Corporate Administration And Other [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Consolidated assets |
2,780,823
|
|
2,780,823
|
|
$ 1,202,364
|
Subsidiary [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Income from operations from subsidiaries |
134,197
|
2,609,910
|
1,730,263
|
5,992,860
|
|
Cardiff Lexington [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Income from operations from subsidiaries |
(719,357)
|
(336,516)
|
(2,255,914)
|
(1,212,479)
|
|
Corporate Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Income (Loss) before taxes |
$ (2,112,165)
|
$ (536,316)
|
$ (4,011,608)
|
$ (1,840,632)
|
|
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