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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, 2023
☐ |
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: 333-140645
Clubhouse
Media Group, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
99-0364697 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
3651
Lindell Road, D517
Las
Vegas, Nevada |
|
89103 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(702)
479-3016
(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:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See 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 7, 2023, there were 15,111,256,929
shares of common stock, par value $0.000001 per share, of the registrant issued and outstanding.
FORM
10-Q
CLUBHOUSE
MEDIA GROUP, INC.
INDEX
PART
I. FINANCIAL STATEMENTS
Clubhouse
Media Group, Inc.
Consolidated
Balance Sheets
| |
(Unaudited) | | |
(Audited) | |
| |
As
of | | |
As
of | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 25,086 | | |
$ | 57,713 | |
Accounts
receivable, net | |
| 621,633 | | |
| 367,364 | |
Prepaid
expense | |
| 4,000 | | |
| 4,000 | |
Total
current assets | |
| 650,719 | | |
| 429,077 | |
| |
| | | |
| | |
Property and
equipment, net | |
| 19,315 | | |
| 37,485 | |
Intangibles | |
| 746,872 | | |
| 777,192 | |
Total
assets | |
$ | 1,416,906 | | |
$ | 1,243,754 | |
| |
| | | |
| | |
Liabilities
and stockholders’ equity (deficit) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts
payable and accrued liabilities | |
$ | 2,447,158 | | |
$ | 2,565,806 | |
Deferred
revenue | |
| – | | |
| 27,500 | |
Convertible
notes payable, net | |
| 4,182,778 | | |
| 4,504,103 | |
Shares
to be issued | |
| 798,333 | | |
| 573,333 | |
Notes
payable - related party | |
| 77,093 | | |
| 451,260 | |
Derivative
liability | |
| 1,750,275 | | |
| 799,988 | |
Total
current liabilities | |
| 9,255,638 | | |
| 8,921,990 | |
| |
| | | |
| | |
Convertible
notes payable, net - related party | |
| – | | |
| – | |
Total
liabilities | |
| 9,255,638 | | |
| 8,921,990 | |
| |
| | | |
| | |
Commitments
and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’
equity (deficit): | |
| | | |
| | |
Preferred stock, par value $0.001,
authorized 50,000,000 shares; 1 shares issued and outstanding at September 30, 2023 and December 31, 2022 | |
| – | | |
| – | |
Common stock,
par value $0.000001, authorized 25,000,000,000 shares; 14,627,446,939 and 6,830,378,163 shares issued and outstanding at September
30, 2023 and December 31, 2022, respectively | |
| 14,629 | | |
| 6,831 | |
Additional paid-in
capital | |
| 27,287,328 | | |
| 24,744,738 | |
Accumulated
deficit | |
| (35,468,000 | ) | |
| (32,814,971 | ) |
Total
Clubhouse Media stockholders’ equity (deficit) | |
| (8,166,043 | ) | |
| (8,063,402 | ) |
Non-controlling
interest | |
| 327,311 | | |
| 385,166 | |
Total
stockholders’ deficit | |
| (7,838,732 | ) | |
| (7,678,236 | ) |
Total
liabilities and stockholders’ equity (deficit) | |
$ | 1,416,906 | | |
$ | 1,243,754 | |
See
Accompanying Notes to Consolidated Financial Statements.
Clubhouse
Media Group, Inc.
Consolidated
Statements of Operations
(Unaudited)
| |
For
the Three Months Ended
September 30, 2023 | | |
For
the Three Months Ended
September 30, 2022 | | |
For
the Nine Months Ended
September 30, 2023 | | |
For
the Nine Months Ended
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
Total revenue, net | |
$ | 1,162,631 | | |
$ | 2,159,135 | | |
$ | 3,306,502 | | |
$ | 4,873,544 | |
Cost of sales | |
| 537,952 | | |
| 1,354,670 | | |
| 2,230,791 | | |
| 3,379,178 | |
Gross profit | |
| 624,679 | | |
| 804,465 | | |
| 1,075,711 | | |
| 1,494,366 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Advertising expenses | |
| 8,644 | | |
| 10,126 | | |
| 32,818 | | |
| 65,536 | |
Selling, general, and administrative | |
| 126,257 | | |
| 154,504 | | |
| 417,661 | | |
| 436,481 | |
Salaries & wages | |
| 129,833 | | |
| 160,435 | | |
| 590,963 | | |
| 828,058 | |
Professional and consultant fees | |
| 271,126 | | |
| 733,643 | | |
| 905,574 | | |
| 2,052,500 | |
Production expenses | |
| – | | |
| – | | |
| – | | |
| 68,954 | |
Rent expense | |
| – | | |
| – | | |
| – | | |
| 8,217 | |
Total operating
expenses | |
| 535,860 | | |
| 1,058,708 | | |
| 1,947,016 | | |
| 3,459,746 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income (Loss) | |
| 88,819 | | |
| (254,243 | ) | |
| (871,305 | ) | |
| (1,965,380 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other (income) expenses: | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| 189,415 | | |
| 262,432 | | |
| 561,177 | | |
| 1,227,507 | |
Amortization of debt discounts, net | |
| – | | |
| 294,571 | | |
| 140,144 | | |
| 2,285,817 | |
Interest expense - excess derivatives | |
| – | | |
| 87,338 | | |
| – | | |
| 758,265 | |
Loss in extinguishment of debt | |
| – | | |
| - | | |
| – | | |
| 1,190,809 | |
Other (income) expense, net | |
| – | | |
| 1 | | |
| (15,268 | ) | |
| (813,379 | ) |
Change in fair
value of derivative liability | |
| 16,047 | | |
| (1,734,004 | ) | |
| 1,153,526 | | |
| 974,446 | |
Total other (income)
expenses | |
| 205,462 | | |
| (1,089,662 | ) | |
| 1,839,579 | | |
| 5,623,465 | |
| |
| | | |
| | | |
| | | |
| | |
Income (Loss) before income taxes | |
| (116,643 | ) | |
| 835,419 | | |
| (2,710,884 | ) | |
| (7,588,845 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax (benefit) expense | |
| – | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable: | |
| | | |
| | | |
| | | |
| | |
Non-controlling interest | |
| 98,422 | | |
| 43,501 | | |
| (57,855 | ) | |
| 43,501 | |
Net Income (Loss) | |
$ | (215,065 | ) | |
$ | 791,918 | | |
$ | (2,653,029 | ) | |
$ | (7,632,346 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 12,061,375,510 | | |
| 949,123,457 | | |
| 9,433,686,438 | | |
| 410,473,470 | |
Diluted weighted average shares outstanding | |
| 21,043,473,360 | | |
| 5,264,737,258 | | |
| 9,433,686,438 | | |
| 410,473,470 | |
| |
| | | |
| | | |
| | | |
| | |
Basic - net loss per share | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Diluted - net loss per share | |
$ | (0.00 | ) | |
$ | 0.00 | | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
See
Accompanying Notes to Consolidated Financial Statements.
Clubhouse
Media Group, Inc.
Consolidated
Statements of Stockholders’ Equity (Deficit)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Preferred
Stock 50,000,000 shares authorized | | |
Common
Stock 25,000,000,000 shares authorized | | |
| | |
| | |
Total Clubhouse | | |
| | |
| |
| |
Shares
Issued | | |
Par
Value
$0.001
per share | | |
Shares
Issued | | |
Par
Value $0.000001 per share | | |
Additional Paid
in Capital | | |
Accumulated
Deficit | | |
Media Stockholders’
Equity (Deficit) | | |
Non-controlling
Interest | | |
Total Stockholders’
Equity (Deficit) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 | |
| 1 | | |
$ | - | | |
| 6,830,378,163 | | |
$ | 6,831 | | |
$ | 24,744,738 | | |
$ | (32,814,971 | ) | |
$ | (8,063,402 | ) | |
$ | 385,166 | | |
$ | (7,678,236 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for debt conversions | |
| - | | |
| - | | |
| 1,431,944,776 | | |
| 1,432 | | |
| 372,174 | | |
| - | | |
| 373,606 | | |
| - | | |
| 373,606 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,078,200 | ) | |
| (2,078,200 | ) | |
| (144,119 | ) | |
| (2,222,319 | ) |
Balance, March 31, 2023 | |
| 1 | | |
$ | - | | |
| 8,262,322,939 | | |
$ | 8,263 | | |
$ | 25,116,912 | | |
$ | (34,893,171 | ) | |
$ | (9,767,996 | ) | |
$ | 241,047 | | |
| (9,526,949 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for debt conversions | |
| - | | |
| - | | |
| 377,624,000 | | |
| 378 | | |
| 33,904 | | |
| - | | |
| 34,282 | | |
| - | | |
| 34,282 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (359,764 | ) | |
| (359,764 | ) | |
| (12,158 | ) | |
| (371,922 | ) |
Balance, June 30, 2023 | |
| 1 | | |
$ | - | | |
| 8,639,946,939 | | |
$ | 8,641 | | |
$ | 25,150,816 | | |
$ | (35,252,935 | ) | |
$ | (10,093,478 | ) | |
$ | 228,889 | | |
$ | (9,864,589 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for debt exchange | |
| - | | |
| - | | |
| 5,987,500,000 | | |
| 5,988 | | |
| 1,191,513 | | |
| - | | |
| 1,197,501 | | |
| - | | |
| 1,197,501 | |
Forgivness of accrued management wages | |
| - | | |
| - | | |
| - | | |
| - | | |
| 945,000 | | |
| - | | |
| 945,000 | | |
| - | | |
| 945,000 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (215,065 | ) | |
| (215,065 | ) | |
| 98,422 | | |
| (116,643 | ) |
Balance, September 30, 2023 | |
| 1 | | |
$ | - | | |
| 14,627,446,939 | | |
$ | 14,629 | | |
$ | 27,127,328 | | |
$ | (35,468,000 | ) | |
$ | (8,326,043 | ) | |
$ | 327,311 | | |
$ | (7,838,732 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Summary Year to Date Activity: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, Beginning of Year | |
| 1 | | |
$ | - | | |
| 6,830,378,163 | | |
$ | 6,831 | | |
$ | 24,744,738 | | |
$ | (32,814,971 | ) | |
$ | (8,063,402 | ) | |
$ | 385,166 | | |
| (7,678,236 | ) |
Balance | |
| 1 | | |
$ | - | | |
| 6,830,378,163 | | |
$ | 6,831 | | |
$ | 24,744,738 | | |
$ | (32,814,971 | ) | |
$ | (8,063,402 | ) | |
$ | 385,166 | | |
| (7,678,236 | ) |
Shares issued for debt conversions | |
| - | | |
| - | | |
| 1,809,568,776 | | |
| 1,810 | | |
| 406,078 | | |
| - | | |
| 407,887 | | |
| - | | |
| 407,887 | |
Shares issued for debt exchange | |
| - | | |
| - | | |
| 5,987,500,000 | | |
| 5,988 | | |
| 1,191,513 | | |
| - | | |
| 1,197,501 | | |
| - | | |
| 1,197,501 | |
Forgivness of accrued management wages | |
| - | | |
| - | | |
| - | | |
| - | | |
| 945,000 | | |
| - | | |
| 945,000 | | |
| - | | |
| 945,000 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,653,029 | ) | |
| (2,653,029 | ) | |
| (57,855 | ) | |
| (2,710,884 | ) |
Balance, September 30, 2023 | |
| 1 | | |
| - | | |
| 14,627,446,939 | | |
$ | 14,629 | | |
$ | 27,127,328 | | |
$ | (35,468,000 | ) | |
$ | (8,326,043 | ) | |
$ | 327,311 | | |
$ | (7,838,732 | ) |
Balance | |
| 1 | | |
| - | | |
| 14,627,446,939 | | |
$ | 14,629 | | |
$ | 27,127,328 | | |
$ | (35,468,000 | ) | |
$ | (8,326,043 | ) | |
$ | 327,311 | | |
$ | (7,838,732 | ) |
See
Accompanying Notes to Consolidated Financial Statements.
Clubhouse
Media Group, Inc.
Consolidated
Statements of Cash Flow
(Unaudited)
| |
For
the Nine
Months Ended | | |
For
the Nine
Months Ended | |
| |
September
30, 2023 | | |
September
30, 2022 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
(loss) income | |
$ | (2,710,884 | ) | |
$ | (7,588,845 | ) |
Adjustments
to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 111,315 | | |
| 68,255 | |
Imputed
interest | |
| – | | |
| 4,185 | |
Interest
expense - amortization of debt discounts | |
| 140,144 | | |
| 2,285,817 | |
Additional
non-cash interest expense due to debt restructuring | |
| – | | |
| 620,160 | |
Stock
compensation expense | |
| 225,000 | | |
| 460,037 | |
Loss
in extinguishment of debt - related party | |
| – | | |
| – | |
Change
in fair value of derivative liability | |
| 1,153,526 | | |
| 974,446 | |
Gain
or loss in debt settlement | |
| (15,268 | ) | |
| (813,378 | ) |
Loss
in extinguishment of debt | |
| – | | |
| 1,190,809 | |
Accretion
expense - excess derivative liability | |
| – | | |
| 758,265 | |
Net
changes in operating assets & liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (254,269 | ) | |
| (545,354 | ) |
Prepaid
expense, deposits and other current assets | |
| – | | |
| 445,954 | |
Accounts
payable, accrued liabilities, due to affiliates, and other long-term liabilities | |
| 824,240 | | |
| 296,583 | |
Net
cash used in operating activities | |
| (526,196 | ) | |
| (1,843,066 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Purchases
of property, plant, and equipment | |
| – | | |
| (5,000 | ) |
Purchases
of intangible assets | |
| (62,825 | ) | |
| (293,877 | ) |
Cash
received from acquisition of Magiclytics | |
| – | | |
| – | |
Net
cash used in investing activities | |
| (62,825 | ) | |
| (298,877 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Shares issued
for cash | |
| - | | |
| 596,258 | |
Borrowing from
related party note payable | |
| 1,220,000 | | |
| 525,050 | |
Repayment to
related party convertible note payable | |
| (396,668 | ) | |
| (105,822 | ) |
Borrowings from
convertible notes payable | |
| - | | |
| 888,062 | |
Repayment
to convertible notes payable | |
| (266,938 | ) | |
| (18,119 | ) |
Net
cash provided by financing activities | |
| 556,394 | | |
| 1,885,429 | |
| |
| | | |
| | |
Net
increase in cash and cash equivalents | |
| (32,627 | ) | |
| (256,514 | ) |
Cash
and cash equivalents at beginning of period | |
| 57,713 | | |
| 299,520 | |
Cash
and cash equivalents at end of period | |
$ | 25,086 | | |
$ | 43,006 | |
| |
| | | |
| | |
Supplemental
disclosure of cash flow information | |
| | | |
| | |
Cash paid during
the period for: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
Income
taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Supplemental
disclosure of non-cash investing and financing Activities: | |
| | | |
| | |
Forgiveness
of accrued management wages | |
$ | 945,000 | | |
$ | - | |
Shares
issued for conversion from convertible note payable | |
$ | 204,648 | | |
$ | 2,945,019 | |
Shares
issued for debt exchange | |
$ | 1,197,501 | | |
$ | - | |
Shares
issued to settle accounts payable | |
$ | - | | |
$ | - | |
Reclass
of derivative liability to additional paid in capital | |
$ | 203,239 | | |
$ | 2,134,128 | |
See
Accompanying Notes to Consolidated Financial Statements.
Clubhouse
Media Group, Inc.
Notes
to the Consolidated Financial Statements
September
30, 2023 and 2022
NOTE
1 - ORGANIZATION AND OPERATIONS
Clubhouse
Media Group, Inc. (formerly known as Tongji Healthcare Group, Inc. or the “Company”) was incorporated under the laws of the
State of Nevada on December 19, 2006 by Nanning Tongji Hospital, Inc. (“NTH”). On December 20, 2006, Tongji, Inc., a wholly
owned subsidiary of the Company, was incorporated in the State of Colorado. Tongji, Inc. was later dissolved on March 25, 2011.
NTH
was established in Nanning in the province of Guangxi of the People’s Republic of China (“PRC” or “China”)
by Nanning Tongji Medical Co. Ltd. and an individual on October 30, 2003.
NTH
is a designated hospital for medical insurance in the city of Nanning and Guangxi province. NTH specializes in the areas of internal
medicine, surgery, gynecology, pediatrics, emergency medicine, ophthalmology, medical cosmetology, rehabilitation, dermatology, otolaryngology,
traditional Chinese medicine, medical imaging, anesthesia, acupuncture, physical therapy, health examination, and prevention.
On
December 27, 2006, Tongji, Inc. acquired 100% of the equity in NTH pursuant to an Agreement and Plan of Merger, pursuant to which NTH
became a wholly owned subsidiary of Tongji, Inc. Pursuant to the Agreement and Plan of Merger, the Company issued 15,652,557 shares of
common stock to the stockholders of NTH in exchange for 100% of the issued and outstanding shares of common stock of NTH. The acquisition
of NTH was accounted for as a reverse acquisition under the purchase method of accounting since the stockholders of NTH obtained control
of the entity. Accordingly, the reorganization of the two companies was recorded as a recapitalization of NTH, with NTH being treated
as the continuing operating entity. The Company, through NTH, thereafter operated the hospital until the Company eventually sold NTH,
as described below.
Effective
December 31, 2017, under the terms of a Bill of Sale, the Company agreed to sell, transfer convey and assign forever all of its rights,
title and interest in its equity ownership interest in NTH to Placer Petroleum Co., LLC. Pursuant to the Bill of Sale, consideration
for this sale, transfer conveyance and assignment is Placer Petroleum Co., LLC assuming all assets and liabilities of NTH as of December
31, 2017. Thereafter, the Company had minimal operations.
On
May 20, 2019, pursuant to Case Number A-19-793075-P, Nevada’s 8th Judicial District, Business Court entered an Order Granting Application
of Joseph Arcaro as Custodian of Tongji Healthcare Group, Inc. pursuant to Nevada Revised Statutes (“NRS”) 78.347(1)(b),
pursuant to which Mr. Arcaro was appointed custodian of the Company and given authority to reinstate the Company with the State of Nevada
under NRS 78.347.
On
May 23, 2019, Mr. Arcaro filed a Certificate of Reinstatement of the Company with the Secretary of State of the State of Nevada. In addition,
on May 23, 2019, Mr. Arcaro filed an Annual List of the Company with the Secretary of State of the State of Nevada, designating himself
as President, Secretary, Treasurer and Director of the Company for the filing period of 2017 to 2019.
On
May 29, 2020, Mr. Arcaro, through his ownership of Algonquin Partners Inc. (“Algonquin”), owner 65% of the Company’s
common stock, entered into a Stock Purchase Agreement by and among West of Hudson Group, Inc. (“WOHG”), the Company, Algonquin,
and Mr. Arcaro. The Stock Purchase Agreement, as subsequently amended, is referred to herein as the “SPA.” Pursuant to the
terms of the SPA, WOHG agreed to purchase, and Algonquin agreed to sell, 30,000,000 shares of the Company’s common stock in exchange
for payment by WOHG to Algonquin of $240,000 (the “Stock Purchase”). The Stock Purchase closed on June 18, 2020, resulting
in a change of control of the Company. Mr. Arcaro resigned from any and all officer and director positions with the Company.
On
July 7, 2020, the Company increased the authorized capital stock of the Company to 550,000,000, comprised of 500,000,000 shares of common
stock, par value $0.001, and 50,000,000 shares of preferred stock, par value $0.001.
The
Company filed a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Nevada on June
13, 2022 for the purpose of amending the Articles of Incorporation of the Company to reduce the par value of the common stock of the
Company, par value $0.001 per share, from $0.001 to $0.000001.
West
of Hudson Group, Inc. (“WOHG”) was incorporated in the State of Delaware on May 19, 2020 and owned 100% of WOH Brands, LLC
(“WOH”), Oopsie Daisy Swimwear, LLC (“Oopsie”), and DAK Brands, LLC (“DAK”), which were incorporated
in the State of Delaware on May 13, 2020.
Doiyen
LLC (“Doiyen”), formerly known as WHP Entertainment LLC was incorporated in the State of California on January 2, 2020 and
renamed to Doiyen LLC in July 7, 2020 and Doiyen is 100% owned by WOHG.
The
Company is an entertainment company engaged in the sale of own brand products, e-commerce platform advertising, and promotion for other
companies on their social media accounts.
On
November 12, 2020, the Company and WOHG entered into the Merger Agreement, and WOHG thereafter became a wholly owned subsidiary of the
Company. WOHG was determined to be the accounting acquirer in the Merger based upon the terms of other factors, including: (1) the security
holders owned approximately 50.54% of the Company’s issued and outstanding common stock as of immediately after the closing of
the Merger. Following the completion of the Merger, the Company changed its name from Tongji Healthcare Group, Inc. to Clubhouse Media
Group, Inc. The Merger was accounted for as a reverse-merger and recapitalization in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). WOHG was the acquirer for financial reporting purposes and Clubhouse Media
Group, Inc. was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical
financial statements prior to the Merger will be those of WOHG and will be recorded at the historical cost basis of WOHG. The consolidated
financial statements after completion of the Merger include the assets and liabilities of the Company and WOHG, historical operations
of WOHG and operations of the Company from the closing date of the Merger. Common stock and the corresponding capital amounts of the
Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. This was a common
control transactions so all amounts were based on historical cost and no goodwill was recorded.
Since
September 2022, the Company launched its own subscription-based site HoneyDrip.com, which provides a digital space for creators to share
unique content with their subscribers.
The
Company has terminated all leases since December 31, 2022, and focuses on brand deals and Honeydrip platform.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
These
unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented.
Principles
of Consolidation
The
unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company
transactions and balances have been eliminated in consolidation.
Use
of Estimates
In
preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the consolidated
financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates and
assumptions made by management include, but are not limited to, revenue recognition, the allowance for bad debt, useful life of fixed
assets, income taxes and unrecognized tax benefits, valuation allowance for deferred tax assets, and assumptions used in assessing impairment
of long-lived assets. Actual results could differ from those estimates.
Business
Combination
The
Company applies the provisions of the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 805, Business Combinations, in accounting for its acquisitions. It requires the Company to recognize separately from
goodwill the assets acquired and the liabilities assumed, at the acquisition date fair values. Goodwill as of the acquisition date is
measured as the excess of consideration transferred over the acquisition date fair values of the net assets acquired and the liabilities
assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the
acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement.
As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to
the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period
or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are
recorded to the consolidated statements of operations.
Cash
and Cash Equivalents
Cash
equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are
on deposit with financial institutions without any restrictions. The Company maintains its cash with high credit quality financial institutions;
at times, such balances with any one financial institution may exceed Federal Deposit Insurance Corporation (“FDIC”) insured
limits.
Advertising
Advertising
costs are expensed when incurred and are included in selling, general, and administrative expense in the accompanying consolidated statements
of operations. We incurred advertising expenses of $32,818 and $65,536 for the nine months ended September 30, 2023, and 2022, respectively.
Accounts
Receivable
The
Company’s accounts receivable arises from providing services. The Company does not adjust its receivables for the effects of a
significant financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale.
The Company does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves. Amounts determined to be uncollectible are charged
or written-off against the reserve. As of September 30, 2023, and December 31, 2022, there were $0 for bad debt allowance for accounts
receivable.
Property
and equipment, net
Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment and are
calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT, NET ESTIMATED USEFUL LIVES
Classification |
|
Useful
Life |
Equipment |
|
3
years |
Lease
On
January 2, 2020, the Company adopted ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with a cumulative
effect adjustment to be accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases as stated
below. As described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for
the Company was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases
with terms longer than 12 months. The Company elected to use the short-term exception and does not record assets/liabilities for short
term leases as of September 30, 2023, and December 31, 2022.
The
Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an
arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with
terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease
term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized
incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term
when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual
lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized
on a straight-line basis over the lease term.
Leased
right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived
assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment
of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present,
the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income,
and if not recoverable, measures impairment loss for the right-of-use asset or asset group.
Revenue
Recognition
In
May 2014 the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606),
which supersedes all existing revenue recognition requirements, including most industry specific guidance. This new standard requires
a company to recognize revenues when it transfers goods or services to customers in an amount that reflects the consideration that the
company expects to receive for those goods or services. The FASB subsequently issued the following amendments to ASU No. 2014-09 that
have the same effective date and transition date: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus
Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;
ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The Company adopted these amendments with
ASU 2014-09 (collectively, the new revenue standards).
Under
the new revenue standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount
that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the
five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations
in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract;
and (v) recognize revenues when (or as) we satisfy the performance obligation. The Company recognized revenue from providing temporary
and permanent staffing solutions and sale of consumer products.
Managed
Services Revenue
The
Company generates revenue from its managed services when a marketer (typically a brand, agency or partner) pays the Company to provide
custom content, influencer marketing, amplification or other campaign management services (“Managed Services”).
The
Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service,
which specify the terms of the relationship and access to its platforms, or by statement of work, which specifies the price and the services
to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and
does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content
requests may prepay for services or request credit terms. The agreement typically provides for either a non-refundable deposit, or a
cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services
are recorded as a contract liability until earned. The Company assesses collectability based on a number of factors, including the creditworthiness
of the customer and payment and transaction history.
For
Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations
in the form of: (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs,
tweets, photos or videos shared through social network offerings and content promotion, such as click-through advertisements appearing
in websites and social media channels; and (ii) custom content items, such as a research or news article, informational material or videos.
Marketers typically purchase influencer marketing services for the purpose of providing public awareness or advertising buzz regarding
the marketer’s brand and they purchase custom content for internal and external use. The Company may provide one type or a combination
of all types of these performance obligations on a statement of work for a lump sum fee. Revenue is accounted for when the performance
obligation has been satisfied depending on the type of service provided. The Company views its obligation to deliver influencer marketing
services, including management services, as a single performance obligation that is satisfied at the time the customer receives the benefits
from the services.
Based
on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation
to fulfill the performance obligations and it creates, reviews and controls the services. The Company takes on the risk of payment to
any third-party creators and it establishes the contract price directly with its customers based on the services requested in the statement
of work. The deferred revenue as of September 30, 2023, and December 31, 2022, were $0 and $27,500, respectively.
Subscription-Based
Revenue
The
Company recognizes subscription-based revenue through Honeydrip.com, its social media website, which allows customers to visit the creator’s
personal page over the contract period without taking possession of the products or deliverables. Customers incur costs on either a subscription
or consumption basis. Revenue provided on a subscription basis is recognized ratably over the contract period and revenue provided on
a consumption basis is recognized when the subscriber paid and received their access to the content. The Company reported the subscription-based
revenue at net basis since the Company is acting as an agent solely arranging for the third-party creator or influencer to provide the
services directly to the self-service customer through the platform or by posting the requested content. In April 2022, the Company has
determined it will be recognized at gross because they have control of the services before it is transferred to the end customer. The
Company provided services like online chat and other services directly with the end customers by their internal team. Also, the Company
will establish the price on behalf of the content creators as disclosed in the agreement. The Company has sole power to change the price
based on the market. These are good indicator that the Company controls the specified goods or services before it is transferred to the
customer.
Software
Development Costs
We
apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain system projects. These system
projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review
of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred
during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the
projects will meet functional requirements, costs are capitalized. These capitalized software costs are amortized on a project-by-project
basis over the expected economic life of the underlying product on a straight-line basis, which is five years. Amortization commences
when the software is available for its intended use. Amounts capitalized related to development of internal use software are included
in property and equipment, net, on our Consolidated Balance sheets and related depreciation is recorded as a component of amortization
of intangible assets and depreciation in our consolidated statements of operations. For the nine months ended September 30, 2023, and
2022, we capitalized $62,825 and $291,818, respectively, related to internal use software and recorded $93,145 and $42,020 in related
amortization expense, respectively. Unamortized costs of capitalized internal use software totaled $746,872 and $777,192 as of September
30, 2023, and December 31, 2022, respectively.
Goodwill
Impairment
We
test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount
of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss
on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will
be retained.
For
other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s
estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total
related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the
related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows
and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. The Company impaired
$0 and $0 of goodwill for the nine months ended September 30, 2023 and 2022, respectively.
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
Based on its review, the Company believes that, as of and for the nine months ended September 30, 2023, and 2022, there were no impairment
loss of its long-lived assets.
Income
Taxes
The
Company accounts for income taxes using the asset and liability approach that requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in
the tax law. For deferred tax assets, management evaluates the probability of realizing the future benefits of such assets. The Company
establishes valuation allowances for its deferred tax assets when evidence suggests it is unlikely that the assets will be fully realized.
The
Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its
technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities.
Income tax positions that previously failed to meet the more likely than not threshold is recognized in the first subsequent financial
reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more likely than not threshold
is derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company classifies potential
accrued interest and penalties related to unrecognized tax benefits within the accompanying consolidated statements of operations and
comprehensive income (loss) as income tax expense.
Commitments
and Contingencies
The
Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In
assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in
such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits
of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates it is probable a material loss was incurred and the amount of the liability can be estimated,
then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the
contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on
the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not
materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable. The Company does not require
collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment
practices of its customers to minimize collection risk on accounts receivable.
Basic
Income (Loss) Per Share
Under
the provisions of ASC 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to
common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss
per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution
limitations. Potential common shares consist of the convertible promissory notes payable as of September 30, 2023, and December 31, 2022.
As of September 30, 2023, and December 31, 2022, there were 8,981,932,773 and 7,921,962,277 potential shares issuable upon conversion
of convertible notes payable.
The
table below presents the computation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE
| |
For
the
three months ended September 30, 2023 | | |
For
the
three months ended September 30, 2022 | |
Numerator: | |
| | |
| |
Net income | |
$ | (116,643 | ) | |
$ | 835,419 | |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 12,061,375,510 | | |
| 949,123,457 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 21,043,473,360 | | |
| 5,264,737,258 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
| $
(0.0 0) | |
The
table below presents the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| |
For
the
nine months ended
September 30, 2023 | | |
For
the
nine months ended
September 30, 2022 | |
Numerator: | |
| | |
| |
Net loss | |
$ | (2,710,884 | ) | |
$ | (7,588,845 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 9,433,686,438 | | |
| 410,473,470 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 9,433,686,438 | | |
| 410,473,470 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Stock
based Compensation
Stock
based compensation cost to employees is measured at the date of grant, based on the calculated fair value of the stock-based award, and
will be recognized as expense over the employee’s requisite service period (generally the vesting period of the award) under ASC
718. Share-based compensation awards issued to non-employees for services rendered are recorded at either the fair value of the services
rendered or the fair value of the share-based payment, whichever is more readily determinable.
Fair
Value of Financial Instruments
FASB
ASC 820, Fair Value Measurement defines fair value as the price that would be received upon sale of an asset or paid upon transfer
of a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market
for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the
asset or liability, not on assumptions specific to the entity.
Fair
Value Measurements
The
Company applies the provisions of ASC 820-10, Fair Value Measurements and Disclosures. ASC 820-10 defines fair value and establishes
a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures.
The three levels of valuation hierarchy are defined as follows:
|
☐ |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
☐ |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
☐ |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Cash,
accounts receivable, accounts payable, and accrued expenses and deferred revenue – The carrying amounts reported in the consolidated
balance sheets for these items are a reasonable estimate of fair value due to their short term nature.
Convertible
notes payable – Convertible promissory notes payable are recorded at amortized cost. The carrying amount approximates their
fair value.
The
Company uses Level 3 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
the binomial option-pricing model based on various assumptions. The Company’s derivative liabilities are adjusted to reflect fair
value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair
value of derivatives.
The
following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of September
30, 2023, and December 31, 2022.
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY
Description | |
Fair Value
As of
September 30, 2023 | | |
Fair Value
Measurements at September 30, 2023 Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
Description | |
Fair
Value
As of
December 31, 2022 | | |
Fair
Value Measurements at
December 31, 2022
Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
Derivative
instruments
The
fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivatives liability
are recorded in the consolidated statement of operations under other (income) expense.
Our
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives under ASC 815. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the
consolidated statements of operations. For stock-based derivative financial instruments, the Company uses binomial option-pricing model
to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including
whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative
instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the
derivative instrument could be required within 12 months of the balance sheet date.
Beneficial
Conversion Features
If
a conversion features did not meet the definition of derivative liability under ASC 815, the Company evaluates the conversion feature
for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the note. If the
effective conversion price was less than the market value of underlying common stock at the inception of the convertible promissory note,
the Company recorded the difference as debt discounts and amortized over the life of the notes using the effective interest method.
Related
Parties
The
Company follows subtopic 850-10 of the FASB ASC for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 related parties include:
a.
affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the
FV option under the FV Option Subsection of Section 825– 10–15, to be accounted for by the equity method by the investing
entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if
one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the
management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and
can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
New
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses
on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires companies to measure credit losses utilizing a methodology
that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within
those fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
In
August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts
in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”). ASU 2020-06 requires companies to measure conversion of debt into equity that contain derivatives with difference as
a gain or loss. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including those interim periods within those
fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
NOTE
3 – GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity
of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As
reflected in the accompanying financial statements, the Company had a net loss of $(2,710,884) for the nine months ended September 30,
2023, negative working capital of $(8,604,919) as of September 30, 2023, and stockholder’s deficit of $(7,838,732). These factors
among others raise substantial doubt about the Company’s ability to continue as a going concern.
While
the Company is attempting to generate additional revenues, the Company’s cash position may not be significant enough to support
the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management
believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity
for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and
in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going
concern is dependent upon the Company’s ability to further implement its business plan and generate revenues.
The
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE
4 – BUSINESS COMBINATIONS
Acquisition
of Magiclytics
On
February 3, 2021, the Company entered into an Amended and Restated Share Exchange Agreement (the “A&R Share Exchange Agreement”)
by and between the Company, Digital Influence Inc., a Wyoming corporation doing business as Magiclytics (“Magiclytics”),
each of the shareholders of Magiclytics (the “Magiclytics Shareholders”) and Christian Young, as the representative of the
Magiclytics Shareholders (the “Shareholders’ Representative”). Christian Young is the President, Secretary, and a Director
of the Company, and is also an officer, director, and significant shareholder of Magiclytics.
The
A&R Share Exchange Agreement amended and restated in its entirety the previous Share Exchange Agreement between the same parties,
which was executed on December 3, 2020. The A&R Share Exchange Agreement replaces the Share Exchange Agreement in its entirety.
On
February 3, 2021 (the “Magiclytics Closing Date”), the parties closed on the transactions contemplated in the A&R Share
Exchange Agreement, and the Company agreed to issue 734,689 shares of Company common stock to the Magiclytics Shareholders in exchange
for all 5,000 Magiclytics Shares (the “Magiclytics Closing”). On February 3, 2021, pursuant to the closing of the Share Exchange
Agreement, we acquired Magiclytics, and Magiclytics thereafter became our wholly owned subsidiary.
At
the Magiclytics Closing, we agreed to issue to Christian Young and Wilfred Man each 330,610 shares of Company Common Stock, representing
45% each, or 90% in total of the Company common stock which we agreed to issue to the Magiclytics Shareholders at the Magiclytics Closing.
The
number of shares of the Company common stock issued at the Magiclytics Closing was based on the fair market value of the Company common
stock as initially agreed to by the parties, which is $4.76 per share (the “Base Value”). The fair market value was determined
based on the volume weighted average closing price of the Company common stock for the twenty (20) trading day period immediately prior
to the Magiclytics,. In the event that the initial public offering price per share of the Company common stock in this Offering pursuant
to Regulation A is less than the Base Value, then within three (3) business days of the qualification by the SEC of the Offering Statement
forming part of this offering circular, the Company will issue to the Magiclytics Shareholders a number of additional shares of Company
common stock equal to:
|
(1) |
$3,500,000
divided by the initial public offering price per share of the Company common stock in this Offering pursuant to Regulation A, minus; |
|
(2) |
734,689 |
The
resulting number of shares of the Company common stock pursuant to the above calculation will be referred to as the “Additional
Shares”, and such Additional Shares will also be issued to the Magiclytics Shareholders pro rata based on their respective ownership
of Magiclytics Shares. The Company issued additional 140,311 shares in November 2022 based on the offering price of $4 in the Regulation
A offering.
|
(iv) |
Upon
the first to occur of (i) Magiclytics actually receiving an additional $500,000 in gross revenue following the Tranche 3 Satisfaction
Date; and (ii) Magiclytics having conducted an additional 1,250 Campaigns (subject to certain conditions) following the Tranche 3
Satisfaction Date, the Company will issue to Mr. Young a number of shares of Company Common Stock equal to (i) $393,750, divided
by (ii) the VWAP as of the date that the earlier of clause (i) and clause (ii) above have occurred (the “Tranche 4 Satisfaction
Date”). |
Following
the Tranche 4 Satisfaction Date, at the end of each 12 month period following such date while the Consulting Agreement is still in effect,
the Company will issue to Mr. Young a number of shares of Company Common Stock equal to (i) 4.5% of the Net Income (as defined below)
of Magiclytics during such 12 month period divided by (ii) the VWAP as of the last date of such 12 month period. (For purposes of the
Consulting Agreement, “Net Income” means the net income of Magiclytics for the applicable period, as determined in accordance
with generally accepted accounting principles in the United States, consistently applied, as determined by the Company’s accountants).
Immediately
prior to closing of the Agreement, Chris Young is the President and Director of the Company, and was the Chief Executive Officer, a Director,
and a principal shareholder of 45% of outstanding capital stock of Magiclytics at the time of the share exchange. As a result of the
common ownership upon closing of the transaction, the acquisition was considered a common-control transaction and was outside the scope
of the business combination guidance in ASC 805-10. The entities are deemed to be under common control as of February 27, 2018, which
was the date that the majority shareholder acquired control of the Company and, therefore, held control over both companies. The Company
recorded the consideration issued to purchase Magiclytics based on the carrying value of the net assets received and $97,761 related
party payables assumed per the acquisition agreement as of February 3, 2021 of $(60,697). The financial statements as of December 31,
2021 were adjusted as if the acquisition happened at the beginning of the year as of January 1, 2021.
Acquisition
Consideration
The
following table summarizes the carrying value of purchase price consideration to acquire Magiclytics:
SCHEDULE OF PURCHASE PRICE CONSIDERATION
Description | |
Amount | |
Carrying value of purchase consideration: | |
| |
Common
stock issued | |
$ | (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
Purchase
Price Allocation
The
following is an allocation of purchase price as of the February 3, 2021, acquisition closing date based upon an estimate of the carrying
value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES ASSUMED
Description | |
Amount | |
Purchase price allocation: | |
| | |
Cash | |
$ | 76 | |
Intangibles | |
| 77,889 | |
Related party payable | |
| (97,761 | ) |
AP and accrued
liabilities | |
| (40,901 | ) |
Identifiable net assets acquired | |
| (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
NOTE
5 – PROPERTY AND EQUIPMENT
Fixed
assets, net consisted of the following:
SCHEDULE OF FIXED ASSET, NET
| |
September
30, 2023 | | |
December
31, 2022 | | |
Estimated
Useful Life | |
| |
| | |
| | |
| |
Equipment | |
$ | 118,638 | | |
$ | 118,638 | | |
| 3
years | |
Less: accumulated depreciation and
amortization | |
| (99,323 | ) | |
| (81,153 | ) | |
| | |
Property, plant, and equipment, net, | |
$ | 19,315 | | |
$ | 37,485 | | |
| | |
Depreciation
expense were $5,991 and $8,930 for the three months ended September 30, 2023 and 2022, respectively.
Depreciation
expense were $18,170 and $26,236 for the nine months ended September 30, 2023 and 2022, respectively.
NOTE
6 – INTANGIBLES
As
of September 30, 2023, and December 31, 2022, the Company had intangible assets of $746,872 and $777,192 from and after the acquisition
of Magiclytics in February 2021. It is a platform that is internally developed for revenue prediction from influencer collaboration and
our digital platform Honeydrip.com.
The
following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases,
which continue to be amortized:
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS ACQUIRED AS PART OF BUSINESS COMBINATION
| |
Weighted Average Useful | | |
September 30, 2023 | | |
December
31, 2022 | |
| |
Life (in
Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | | |
Gross
Carrying Value | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Developed technology -
Magiclytics | |
| 5 | | |
$ | 629,808 | | |
$ | 169,762 | | |
$ | 491,548 | | |
$ | 566,983 | | |
$ | 76,617 | | |
$ | 490,366 | |
Developed technology
- Magiclytics | |
| - | | |
| 286,826 | | |
| - | | |
| 286,826 | | |
| 286,826 | | |
| - | | |
| 286,826 | |
| |
| | | |
$ | 916,634 | | |
$ | 169,762 | | |
$ | 746,872 | | |
$ | 853,809 | | |
$ | 76,617 | | |
$ | 777,192 | |
Amortization
expenses were $31,502 and $19,020 for the three months ended September 30, 2023 and 2022, respectively. Amortization expenses were $93,145
and $42,020 for the nine months ended September 30, 2023 and 2022, respectively.
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED LIABILITES
Accrued
liabilities at September 30, 2023 and December 31, 2022 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 613,448 | | |
$ | 220,569 | |
Accrued payroll | |
| 270,000 | | |
| 1,015,000 | |
Accrued interest | |
| 1,442,188 | | |
| 903,935 | |
Other | |
| 121,522 | | |
| 426,302 | |
Accounts
payable and accrued liabilities | |
$ | 2,447,158 | | |
$ | 2,565,806 | |
NOTE
8 – CONVERTIBLE NOTES PAYABLE
Convertible
Promissory Note – GS Capital Partners #2
On
February 19, 2021, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #2”),
pursuant to which, on same date, the Company issued a convertible promissory note (the “GS Capital #2 Note”) to GS Capital
the aggregate principal amount of $577,778 for a purchase price of $520,000, reflecting a $57,778 original issue discount, and in connection
therewith, sold to GS Capital 100,000 shares of Company’s common stock, par value $0.001 per share at a purchase price of $100,
representing a per share price of $0.001 per share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum
of $10,000 for GS Capital’s costs in completing the transaction, which amount GS Capital withheld from the total purchase price
paid to the Company.
The
GS Capital #2 Note has a maturity date of February 19, 2022, and bears interest at 10% per year. No payments of the principal amount
or interest are due prior to the maturity date other than as specifically set forth in the GS Capital #2 Note, and the Company may prepay
all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital #2 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the Securities and Exchange Commission (“SEC”) qualifies
the Company’s offering statement related to the Company’s planned offering of Company Common Stock pursuant to Regulation
A under the Securities Act of 1933, as amended (the “Regulation A Offering”). At such time, the GS Capital #2 Note (and the
principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering
price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which
may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments for any
stock splits, etc. which occur following the determination of the conversion price.
The
$57,778 original issue discounts, the fair value of 100,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discounts at the inception date of this convertible promissory
note were $577,778.
Convertible
Promissory Note – New GS Note #2
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to cancel the conversion exercised in the quarter ended June 30, 2021.
On
June 29, 2022, the “Company entered into an Exchange Agreement (the “Exchange Note”) with GS Capital. The Exchange
Note amended and restated in its entirety the previous Note Purchase Agreement between the same parties.
The
Exchange Note replaces the Note Purchase Agreement in its entirety, which was a promissory note carrying an outstanding amount of $577,778.
The Exchange Note is thus a new note in the amount of $635,563.48, with a conversion price equal to 85% of the closing per share trading
price of the Company’s shares of common stock, $0.000001 par value per share (“Common Stock”) on the last trading day
prior to the delivery of the notice of conversion, as reported on the National Quotations Bureau OTC Market exchange which the Company’s
shares are traded.
The
change in conversion features were recorded as loss on debt extinguishment of $188,771 and recognition of derivative liability of $416,588
as of June 30, 2022.
GS
Capital converted $421,063 of the principal amount and $4,690 accrued interest to 378,633,891 common shares in the quarter ended September
30, 2022. It further converted $65,000 of principal to 481,221,646 common Shares in the first quarter of 2023. The balance of the GS
Capital #2 Note as of September 30, 2023, was $20,000. The Company is currently in default of the New GS Note #2.
Convertible
Promissory Note – GS Capital Partners #3
On
March 16, 2022, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #3”), pursuant
to which, on same date, the Company issued a convertible promissory note (the “GS Capital #3 Note”) to GS Capital the aggregate
principal amount of $577,778 for a purchase price of $520,000, reflecting a $57,778 original issue discount, and in connection therewith,
sold to GS Capital 100,000 shares of Company’s common stock, par value $0.000001 per share at a purchase price of $100, representing
a per share price of $0.001 per share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum of $10,000
for GS Capital’s costs in completing the transaction, which amount GS Capital withheld from the total purchase price paid to the
Company.
The
GS Capital #3 Note has a maturity date of March 22, 2022, and bears interest at 10% per year. No payments of the principal amount or
interest are due prior to the maturity date other than as specifically set forth in the GS Capital #3 Note, and the Company may prepay
all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital #3 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned Regulation A Offering. At such time, the GS Capital #3 Note (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$57,778 original issue discounts, the fair value of 100,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discounts at the inception date of this convertible promissory
note were $577,778.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to September 22, 2022.
The
balance of the GS Capital #3 Note as of September 30, 2023 and December 31, 2022 was $577,778 and $577,778, respectively. The Company
is currently in default of the GS Capital #3 Note.
Convertible
Promissory Note – GS Capital Partners #4
On
April 1, 2021, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #4”), pursuant
to which, on same date, the Company issued a convertible promissory note to GS Capital the aggregate principal amount of $550,000 for
a purchase price of $500,000, reflecting a $50,000 original issue discount, and in connection therewith, sold to GS Capital 45,000 shares
of Company’s common stock, par value $0.001 per share at a purchase price of $45, representing a per share price of $0.001 per
share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum of $10,000 for GS Capital’s costs in
completing the transaction, which amount GS Capital withheld from the total purchase price paid to the Company.
The
GS Capital Note #4 has a maturity date of April 1, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the GS Capital Note, and the Company may prepay all or any
portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the GS
Capital Note (and the principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of
the initial offering price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation
of 9.99%, which may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 45,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note was recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to October 1, 2022.
The
balance of the GS Capital Note #4 as of September 30, 2023, and December 31, 2022 was $550,000 and $550,000, respectively. The Company
is currently in default of the GS Capital #4 Note.
Convertible
Promissory Note – GS Capital Partners #5
On
April 29, 2021, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with GS Capital,
pursuant to which, on same date, the Company issued a convertible promissory note to GS Capital in the aggregate principal amount of
$550,000 for a purchase price of $500,000, reflecting a $50,000 original issue discount (the “GS Capital Note #5”) and, in
connection therewith, sold to GS Capital 125,000 shares of the Company’s common stock, par value $0.001 per share (the “Company
Common Stock”) at a purchase price of $125, representing a per share price of $0.001 per share. In addition, at the closing of
this sale, the Company reimbursed GS Capital the sum of $5,000 for GS Capital’s costs in completing the transaction, which amount
GS Capital withheld from the total purchase price paid to the Company.
The
April 2021 GS Capital Note #5 has a maturity date of April 29, 2022, and bears interest at 10% per year. No payments of the principal
amount or interest are due prior to the maturity date other than as specifically set forth in the GS Capital Note #5, and the Company
may prepay all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note #5 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #5 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 125,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note was recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to October 29, 2022.
The
balance of the GS Capital Note #5 as of September 30, 2023 and December 31, 2022 was $550,000 and $550,000, respectively.
Convertible
Promissory Note – GS Capital Partners #6
On
June 3, 2021, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with GS Capital,
pursuant to which, on same date, the Company issued a convertible promissory note to GS Capital in the aggregate principal amount of
$550,000 for a purchase price of $500,000, reflecting a $50,000 original issue discount (the “GS Capital Note #6”) and, in
connection therewith, sold to GS Capital 85,000 shares of the Company’s common stock, par value $0.001 per share (the “Company
Common Stock”) at a purchase price of $85, representing a per share price of $0.001 per share. In addition, at the closing of this
sale, the Company reimbursed GS Capital the sum of $5,000 for GS Capital’s costs in completing the transaction, which amount GS
Capital withheld from the total purchase price paid to the Company.
The
GS Capital Note #6 has a maturity date of June 3, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the GS Capital Note #6, and the Company may prepay all or
any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note #6 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #6 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 85,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note were recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to December 3, 2022.
The
balance of the GS Capital Note #6 as of September 30, 2023, and December 31, 2022 was $550,000 and $550,000, respectively. The Company
is currently in default of the GS Capital #6 Note.
Convertible
Promissory Note – Eagle Equities LLC
On
April 13, 2021, the Company entered into a securities purchase agreement (the “Eagle SPA”) with Eagle Equities LLC (“Eagle
Equities”), pursuant to which, on same date, the Company issued a convertible promissory note to Eagle Equities in the aggregate
principal amount of $1,100,000 for a purchase price of $1,000,000, reflecting a $100,000 original issue discount (the “Eagle Equities
Note”), and, in connection therewith, sold to Eagle Equities 165,000 shares of Company’s common stock, par value of $0.001
per share (the “Company Common Stock”) at a purchase price of $165.00, representing a per share price of $0.001 per share.
In addition, at the closing of this sale, the Company reimbursed Eagle Equities the sum of $10,000 for Eagle Equities’ costs in
completing the transaction, which amount Eagle Equities withheld from the total purchase price paid to the Company.
The
Eagle Equities Note has a maturity date of April 13, 2022 and bears interest at 10% per year. No payments of the principal amount or
interest are due prior to the maturity date other than upon the circumstances set forth in the Eagle Equities Note – specifically,
if (i) the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act; and (ii) the Company receives $3,500,000 in net proceeds from such Regulation A Offering,
then Company must repay the principal amount and any accrued and unpaid interest on the Eagle Equities Note within three (3) business
days from the date of such occurrence. The Company may prepay all or any portion of the principal amount and any accrued and unpaid interest
at any time without penalty.
The
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at Eagle Equities’ election at any time following the time that the SEC qualifies the Company’s offering statement related
to the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) will be convertible in restricted shares of Company
Common Stock at a conversion price equal to 70% of the initial offering price of the Company Common Stock in the Regulation A Offering,
subject to a customary beneficial ownership limitation of 9.99%, which may be waived by Eagle Equities on 61 days’ notice to the
Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the determination
of the conversion price. Alternatively, if the SEC has not qualified the Company’s offering statement related to the Company’s
planned offering of Company Common Stock pursuant to Regulation A under the Securities Act by October 10, 2021, and Eagle Equities Note
has not yet been fully repaid, then Eagle Equities will have the right to convert the Eagle Equities Note (and the principal amount and
any accrued and unpaid interest) into restricted shares of Company Common Stock at a conversion price of $6.50 per share (subject to
customary adjustments for any stock splits, etc., which occur following April 13, 2021).
The
$100,000 original issue discounts, the fair value of 165,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note were recorded at $1,100,000.
The
balance of the Eagle Equities Note as of September 30, 2023, and December 31, 2022, was $1,100,000 and $1,100,000, respectively. The
Company is currently in default of the Eagle Equities Note.
Convertible
Promissory Note – Chris Etherington
On
August 27, 2021, the Company entered into a note purchase agreement (the “Chris Etherington Note Purchase Agreement”) with
Chris Etherington, with an effective date of August 26, 2021, pursuant to which, on same date, the Company issued a convertible promissory
note to Mr. Etherington in the aggregate principal amount of $165,000 for a purchase price of $150,000, reflecting a $15,000 original
issue discount (the “Chris Etherington Note”) and, in connection therewith, issued to Mr. Etherington a Warrant to purchase
37,500 shares of the Company’s common stock, par value $0.001 per share (the “Company Common Stock”) at an exercise
price of $2.00 per share, subject to adjustment (the “Chris Etherington Warrant”). In addition, in connection with the Chris
Etherington Note Purchase Agreement, the Company entered into a Security Agreement on same date with Mr. Etherington, pursuant to which
the Company’s obligations under the Chris Etherington Note were secured by a first priority lien and security interest on all of
the assets of the Company (the “Chris Etherington Security Agreement”). While each of the Chris Etherington Warrant, Security
Agreement, Note, and Note Purchase Agreement have an effective date and/or effective issue date of August 26, 2021, each was entered
into and/or issued on August 27, 2021.
The
Chris Etherington Note has a maturity date of August 26, 2022, and bears interest at 10% per year. No payments of the principal amount
or interest are due prior to the maturity date other than as specifically set forth in the Chris Etherington Note, and the Company may
prepay all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
Chris Etherington Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock
at any time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean
the lesser of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days
(as defined in the Chris Etherington Note) immediately preceding the date of the respective conversion. The conversion price is subject
to customary adjustments for any stock splits, etc. which occur following the determination of the conversion price.
The
Chris Etherington Note contains customary events of default, including, but not limited to:
|
● |
if
the Company fails to pay the then-outstanding principal amount and accrued interest on the Chris Etherington Note on any date any
such amounts become due and payable, and any such failure is not cured within three business days of written notice thereof by Mr.
Etherington: or |
|
● |
the
Company fails to remain compliant with the Depository Trust Company (“DTC”), thus incurring a “chilled” status
with DTC; or |
|
● |
any
trading suspension is imposed by the SEC under Section 12(j) or Section 12(k) of the Exchange Act; or |
|
● |
the
occurrence of any delisting of the Company Common Stock from any securities exchange on which the Company Common Stock is listed
or suspension of trading of the Company Common Stock on the OTC Markets. |
If
an event of default has occurred and is continuing, Mr. Etherington may declare all or any portion of the then-outstanding principal
amount of the Chris Etherington Note, together with all accrued and unpaid interest thereon, due and payable, and the Chris Etherington
Note shall thereupon become immediately due and payable in cash and Mr. Etherington will also have the right to pursue any other remedies
that Mr. Etherington may have under applicable law. In the event that any amount due under the Chris Etherington Note is not paid as
and when due, such amounts shall accrue interest at the rate of 18% per year, simple interest, non-compounding, until paid.
The
$15,000 original issue discounts, the fair value of 37,500 warrants issued, and the conversion features were recorded as debt discounts
and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note
was recorded at $165,000. For the excess amount of derivative liability, the Company recorded accretion expense of $160,538 at the inception
date of this note.
The
balance of the Chris Etherington Note as of September 30, 2023 and December 31, 2022 was $165,000 and $165,000, respectively. The Company
is currently in default of the Chris Etherington Note.
Convertible
Promissory Note – Rui Wu
On
August 27, 2021, the Company entered into a note purchase agreement (the “Rui Wu Note Purchase Agreement”) with Rui Wu, an
individual (“Rui Wu”), with an effective date of August 26, 2021, pursuant to which, on same date, the Company issued a convertible
promissory note to Rui Wu in the aggregate principal amount of $550,000 for a purchase price of $500,000, reflecting a $50,000 original
issue discount (the “Rui Wu Note”) and, in connection therewith, issued to Rui Wu a Warrant to purchase 125,000 shares of
the Company’s common stock, par value $0.001 per share (the “Company Common Stock”) at an exercise price of $2.00 per
share, subject to adjustment (the “Rui Wu Warrant”). In addition, in connection with the Rui Wu Note Purchase Agreement,
the Company entered into a Security Agreement on same date with Rui Wu, pursuant to which the Company’s obligations under the Rui
Wu Note were secured by a first priority lien and security interest on all of the assets of the Company (the “Rui Wu Security Agreement”).
While each of the Rui Wu Warrant, Security Agreement, Note, and Note Purchase Agreement have an effective date and/or effective issue
date of August 26, 2021, each was entered into and/or issued on August 27, 2021.
The
Rui Wu Note has a maturity date of August 26, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the Rui Wu Note, and the Company may prepay all or any portion
of the principal amount and any accrued and unpaid interest at any time without penalty.
The
Rui Wu Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock at any
time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean the lesser
of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days (as defined
in the Rui Wu Note) immediately preceding the date of the respective conversion. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
The
Rui Wu Note contains customary events of default, including, but not limited to:
|
● |
if
the Company fails to pay the then-outstanding principal amount and accrued interest on the Rui Wu Note on any date any such amounts
become due and payable, and any such failure is not cured within three business days of written notice thereof by Rui Wu: or |
|
● |
the
Company fails to remain compliant with the Depository Trust Company (“DTC”), thus incurring a “chilled” status
with DTC; or |
|
● |
any
trading suspension is imposed by the SEC under Section 12(j) or Section 12(k) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”); or |
|
● |
the
occurrence of any delisting of the Company Common Stock from any securities exchange on which the Company Common Stock is listed
or suspension of trading of the Company Common Stock on the OTC Markets. |
If
an event of default has occurred and is continuing, Rui Wu may declare all or any portion of the then-outstanding principal amount of
the Rui Wu Note, together with all accrued and unpaid interest thereon, due and payable, and the Rui Wu Note shall thereupon become immediately
due and payable in cash and Rui Wu will also have the right to pursue any other remedies that Rui Wu may have under applicable law. In
the event that any amount due under the Rui Wu Note is not paid as and when due, such amounts shall accrue interest at the rate of 18%
per year, simple interest, non-compounding, until paid.
The
$50,000 original issue discounts, the fair value of 125,000 warrants issued, and the conversion features were recorded as debt discounts
and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note
was recorded at $550,000. For the excess amount of derivative liability, the Company recorded accretion expense of $514,850 at the inception
date of this note.
The
balance of the Riu Wu Note as of September 30, 2023, and 2022 was $550,000 and $550,000, respectively. The Company is currently in default
of the Rui Wu Note.
Convertible
Note – Fast Capital, LLC
On
January 13, 2022, the Company entered into a Securities Purchase Agreement, (the “SPA”) dated as of January 10, 2022, by
and between the Company and Fast Capital, LLC (the “Buyer”). Pursuant to the terms of the SPA, the Company agreed to issue
and sell, and the Buyer agreed to purchase (the “Purchase”), a 10% convertible note in the aggregate principal amount of
$120,000 (the “Note”). The Note has an original issue discount of $10,000, resulting in gross proceeds to the Company of
$110,000.
The
Note bears interest at a rate of 10% per annum and reached maturity on January 10, 2023. The Note may be prepaid or assigned with the
following penalties/premiums:
SCHEDULE OF PREPAID CONVERTIBLE NOTES PAYABLE
Prepay
Date |
|
Prepay
Amount |
On
or before 30 days |
|
115%
of principal plus accrued interest |
31
– 60 days |
|
120%
of principal plus accrued interest |
61
– 90 days |
|
125%
of principal plus accrued interest |
91
– 120 days |
|
130%
of principal plus accrued interest |
121
– 150 days |
|
135%
of principal plus accrued interest |
151
– 180 days |
|
140%
of principal plus accrued interest |
The
Note may not be prepaid after the 180th day.
The
Buyer has the right from time to time, and at any time after 180 days to convert all or any part of the outstanding and unpaid principal
amount of the Note into common stock, subject to a 4.99% equity blocker.
The
conversion price of the Note equals 70% of the lowest trading price of the Company’s common stock for the 20 prior trading days,
including the day upon which a notice of conversion is delivered.
The
balance of the Fast Capital note as of September 30, 2023, and December 31, 2022 was $120,000 and $120,000 respectively. The Company
is currently in default of the Fast Capital Note.
Convertible
Promissory Note – ONE44 Capital LLC
On
February 16, 2022, the Company entered into a Securities Purchase Agreement, (the “ONE44 Capital purchase agreement”) dated
February 15, 2022, by and between the Company and ONE44 Capital LLC. Pursuant to the terms of the SPA, the Company agreed to issue and
sell, and the Buyer agreed to purchase, a convertible note in the aggregate principal amount of $175,500 (the “ONE44 Capital Note”).
The ONE44 Capital Note has an original issue discount of $17,500, resulting in gross proceeds to the Company of $158,000.
The
ONE44 Capital Note bears interest at a rate of 4% per annum and matures on February 16, 2023. Any amount of principal or interest on
the Note which is not paid when due will bear interest at a rate of 24% per annum. The Note may not be prepaid in whole or in part except
as provided in the Note by way of conversion at the option of the Buyer.
The
Buyer has the right from time to time, and at any time during the period beginning on the date that is 180 days following February 16,
2022 and ending on the later of (i) February 16, 2023, and (ii) the date of payment of the Default Amount (as defined in the Note), to
convert all or any part of the outstanding and unpaid principal amount of the Note into common stock, subject to a 4.99% equity blocker.
The
conversion price of the ONE44 Capital Note equals the lesser of the Variable Conversion Price (as hereinafter defined) and $1.00. The
“Variable Conversion Price” means 65% multiplied by the lowest VWAP (as defined in the Note) for the Company’s common
stock during the 3 trading date period ending on the latest complete trading day prior to the conversion date.
Since
the conversion price is based on 65% of the VWAP during the 3-trading day period immediately prior to the option conversion date, the
Company has determined that the conversion feature is considered a derivative liability for the Company, which is detailed in Note 10.
The
$17,500 original issue discounts, the $8,000 reimbursement and the conversion features were recorded as debt discounts and amortized
over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note were recorded
at $148,306.
ONE44
Capital LLC converted $45,000 principal to common shares in the quarter ended March 31, 2023.
On
March 7, 2023, the Company entered into a Debt Repayment and Release Agreement by and between the Company and ONE44 Capital LLC. Pursuant
to the terms of the Agreement, the Company agreed to pay to ONE44 $88,738 as full and complete payment of certain debt owed by the Company
to ONE44 pursuant to a 4% convertible redeemable note due February 16, 2023, dated February 16, 2022 (the “Note”), in the
principal sum of $90,000, plus accrued interest. On March 7, 2023, pursuant to the terms of the Agreement, the Company paid ONE44 $88,738,
the debt was settled, and the ONE44 Capital Note was terminated.
The
balance of the ONE44 Capital note as of September 30, 2023 and December 31, 2022 was $0 and $135,000 respectively.
Convertible
Promissory Note – ONE44 Capital LLC #2
On
May 20, 2022, the Company entered into a Securities Purchase Agreement, (the “ONE44 Capital purchase agreement #2”) by and
between the Company and ONE44 Capital LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the Buyer agreed
to purchase, a convertible note in the aggregate principal amount of $115,000 (the “ONE44 Capital Note”). The ONE44 Capital
Note has an original issue discount of $10,000 and reimbursement of $5,000, resulting in gross proceeds to the Company of $100,000.
The
ONE44 Capital Note bears interest at a rate of 4% per annum and matures on May 20, 2023. Any amount of principal or interest on the Note
which is not paid when due will bear interest at a rate of 24% per annum. The Note may not be prepaid in whole or in part except as provided
in the Note by way of conversion at the option of the Buyer.
ONE44
is entitled, at its option, at any time after the sixth monthly anniversary of cash payment, to convert all or any amount then outstanding
under the May 2022 ONE44 Note into shares of common stock at a price per share equal to 55% of the lowest daily trading VWAP of the Company’s
common stock for the 20 prior trading days, subject to a 4.99% equity blocker and subject to the terms of the May 2022 ONE44 Note.
Since
the conversion price is based on 55% of the lowest daily trading VWAP of the Company’s common stock for the 20 prior trading days,
the Company has determined that the conversion feature is considered a derivative liability for the Company, which is detailed in Note
10.
The
$10,000 original issue discounts, the $5,000 reimbursement and the conversion features were recorded as debt discounts and amortized
over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note were recorded
at $95,000.
ONE44
Capital LLC converted $20,000 principal to common shares in the quarter ended March 31, 2023 and converted $20,000 principal and $770
interest to common shares in the quarter ended June 30, 2023.
On
May 10, 2023, the Company entered into debt repayment and release agreement with ONE44 Capital LLC. Pursuant to the terms of the Agreement,
the Company agreed to pay to ONE44 $77,893 as full and complete payment of certain debt owed by the Company to ONE44 pursuant to a 4%
convertible redeemable note due May 20, 2023 (the “Note”), in principal sum of $75,000, plus accrued interest. On May 11,
2023, pursuant to the terms of the Agreement, the Company paid ONE44 $77,893, the debt was settled, and the ONE44 Capital Note was terminated.
The
balance of the ONE44 Capital note as of September 30, 2023, and December 31, 2022 was $0 and $135,000, respectively.
Convertible
Promissory Note – 1800 Diagonal Lending LLC
On
June 23, 2022, the Company entered into a Securities Purchase Agreement, (the “Sixth Street #4 purchase agreement”), by and
between the Company and Diagonal Lending LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the Buyer agreed
to purchase, a convertible note in the aggregate principal amount of $86,625 (the “Diagonal Note”). The Diagonal Note has
an original issue discount of $7,875, $3,000.00 paid to legal counsel for the Company, and $750.00 which amount was retained by the Investor
as a due diligence fee resulting in gross proceeds to the Company of $75,000.
The
Note has a maturity date of June 23, 2023 and bears interest at 10% per annum. No payments of the principal amount or interest are due
prior to the maturity date, other than as specifically set forth in the Note. The Company may not prepay the Note prior to the maturity
date, other than by way of a conversion initiated by Investor.
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
The
conversion price is equal to the lesser of the variable conversion price and fixed conversion price which is $1.00. The variable conversion
price is defined in the Note as 75% multiplied by the lowest VWAP for shares of Common Stock during the 20 trading days immediately preceding
the Conversion Date.
Since
the conversion price is based on the lesser of (i) $1.00 or (ii) 75% of the VWAP during the 20-trading day period immediately prior to
the option conversion date, the Company has determined that the conversion feature is considered a derivative liability for the Company,
which is detailed in Note 10.
The
$11,625 original issue discounts and the conversion features were recorded as debt discounts and amortized over the term of the note.
Therefore, the total debt discount at the inception date of this convertible promissory note were recorded at $86,625.
Three
conversions occurred during the period ending March 31, 2023, resulting in a principal reduction of $46,500 and remaining balance was
settled on February 17, 2023 as disclosed below.
On
February 17, 2023, the Company entered into a Settlement and Release Agreement by and between the Company and 1800 Diagonal Lending LLC.
Pursuant to the terms of the Agreement, in full and final settlement of the the Diagonal lending LLC notes, the Company agreed to (i)
pay to the Lender $105,000; and (ii) issue to the Lender shares of the Company’s common stock with respect to the Lender’s
notice of conversion dated February 16, 2023 relating to a partial conversion of Note #1 (with a then-current balance of $45,479).
As
a result, as of February 17, 2023, pursuant to the terms of the Agreement, the Debt was settled and all the 1800 Diagonal Lending LLC
notes were terminated.
The
balance of the Diagonal note as of September 30, 2023 and December 31, 2022 was $0 and $86,625, respectively.
Convertible
Promissory Note – Diagonal Lending LLC
On
July 8, 2022, the Company entered into a Securities Purchase Agreement, (the “1800 Diagonal Lending LLC purchase agreement”),
by and between the Company and Diagonal Lending LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the
Buyer agreed to purchase, a convertible note in the aggregate principal amount of $61,812 (the “Diagonal Note”). The Diagonal
Note has an original issue discount of $5,375 and $3,750 paid to legal counsel for the Company, resulting in gross proceeds to the Company
of $52,688.
The
Note has a maturity date of July 8, 2023 and bears interest at 10% per annum. No payments of the principal amount or interest are due
prior to the maturity date, other than as specifically set forth in the Note. The Company may not prepay the Note prior to the maturity
date, other than by way of a conversion initiated by Investor.
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
The
conversion price is equal to the lesser of the variable conversion price and fixed conversion price which is $1.00. The variable conversion
price is defined in the Note as 75% multiplied by the lowest VWAP for shares of Common Stock during the 20 trading days immediately preceding
the Conversion Date.
Since
the conversion price is based on the lesser of (i) $1.00 or (ii) 75% of the VWAP during the 20-trading day period immediately prior to
the option conversion date, the Company has determined that the conversion feature is considered a derivative liability for the Company,
which is detailed in Note 10.
The
$5,375 original issue discounts and the conversion features were recorded as debt discounts and amortized over the term of the note.
Therefore, the total debt discount at the inception date of this convertible promissory note were recorded at $61,812.
On
February 17, 2023, the Company entered into a Settlement and Release Agreement by and between the Company and 1800 Diagonal Lending LLC.
Pursuant to the terms of the Agreement, in full and final settlement of the the Diagonal lending LLC notes, the Company agreed to (i)
pay to the Lender $105,000; and (ii) issue to the Lender shares of the Company’s common stock with respect to the Lender’s
notice of conversion dated February 16, 2023 relating to a partial conversion of Note #1 (with a then-current balance of $45,479).
As
a result, as of February 17, 2023, pursuant to the terms of the Agreement, the Debt was settled and all the 1800 Diagonal Lending LLC
notes were terminated.
The
balance of the Diagonal note as of September 30, 2023, and December 31, 2022, was $0 and $0, respectively.
Below
is the summary of the principal balance and debt discounts as of September 30, 2023.
SCHEDULE OF CONVERTIBLE PROMISSORY NOTE
Convertible
Promissory Note Holder | |
Start
Date | |
End
Date | |
Initial
Note Principal Balance | | |
Current
Note Principal Balance | | |
Debt
Discounts As of Issuance | | |
Amortization | | |
Debt Discounts
As of September 30, 2023 | |
GS Capital #2 | |
2/16/2022 | |
2/16/2022 | |
| 577,778 | | |
| - | | |
| 577,778 | | |
| (577,778 | ) | |
| - | |
GS Capital #2 - replacement | |
6/29/2022 | |
8/16/2022 | |
| 635,563 | | |
| 20,000 | | |
| - | | |
| - | | |
| - | |
GS Capital #3 | |
3/16/2022 | |
3/16/2022 | |
| 577,778 | | |
| 577,778 | | |
| 577,778 | | |
| (577
778) | | |
| - | |
GS Capital #4 | |
4/1/2022 | |
4/1/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Eagle Equities LLC | |
4/13/2022 | |
4/13/2022 | |
| 1,100,000 | | |
| 1,100,000 | | |
| 1,100,000 | | |
| (1,100,000 | ) | |
| - | |
GS Capital #5 | |
4/29/2022 | |
4/29/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
GS Capital #6 | |
6/3/2022 | |
6/3/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Chris Etherington | |
8/26/2022 | |
8/26/2022 | |
| 165,000 | | |
| 165,000 | | |
| 165,000 | | |
| (165,000 | ) | |
| - | |
Rui Wu | |
8/26/2022 | |
8/26/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Sixth Street Lending #1 | |
11/28/2022 | |
11/28/2022 | |
| 224,000 | | |
| - | | |
| 173,894 | | |
| (173,894 | ) | |
| - | |
Sixth Street Lending #2 | |
12/9/2022 | |
12/9/2022 | |
| 93,500 | | |
| - | | |
| 79,118 | | |
| (79,118 | ) | |
| - | |
Fast Capital LLC | |
1/10/2022 | |
1/10/2023 | |
| 120,000 | | |
| 120,000 | | |
| 120,000 | | |
| (120,000 | ) | |
| - | |
Sixth Street Lending #3 | |
1/12/2022 | |
1/12/2023 | |
| 70,125 | | |
| - | | |
| 50,748 | | |
| (50,748 | ) | |
| - | |
One 44 Capital | |
2/16/2022 | |
2/16/2023 | |
| 175,500 | | |
| - | | |
| 148,306 | | |
| (135,000 | ) | |
| - | |
Coventry Enterprise | |
3/3/2022 | |
3/3/2023 | |
| 150,000 | | |
| - | | |
| 150,000 | | |
| (150,000 | ) | |
| - | |
One 44 Capital #2 | |
5/20/2022 | |
5/20/2023 | |
| 115,000 | | |
| - | | |
| 115,000 | | |
| (115,000 | ) | |
| - | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1800 Diagonal Lending LLC | |
6/23/2022 | |
6/23/2023 | |
| 86,625 | | |
| - | | |
| 86,625 | | |
| (86,625 | ) | |
| - | |
1800 Diagonal Lending LLC | |
7/8/2022 | |
7/8/2023 | |
| 61,813 | | |
| - | | |
| 61,813 | | |
| (61,813 | ) | |
| - | |
Total | |
| |
| |
| | | |
| | | |
| | | |
| Total | | |
$ | 0 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Remaining
note principal balance | | |
| 4,182,778 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Total
convertible promissory notes, net | | |
$ | 4,182,778 | |
Future
payments of principal of convertible notes payable at September 30, 2023 are as follows:
SCHEDULE OF FUTURE MATURITIES OF CONVERTIBLE NOTES PAYABLE
Years
ending December 31, | |
| |
2023 | |
$ | (4,182,778 | ) |
2024 | |
| – | |
2025 | |
| - | |
Thereafter | |
| – | |
Total | |
$ | (4,182,778 | ) |
Interest
expense recorded related to the convertible notes payable for the nine months ended September 30, 2023 and 2022 were $561,177 and $1,227,507,
respectively.
The
Company amortized $140,144 and $2,285,817 of the discount on the convertible notes payable to interest expense for the nine months ended
September 30, 2023, and 2022, respectively.
NOTE
9 – SHARES ISSUED - LIABILITY
As
of September 30, 2023 and December 31, 2022, the Company entered into various consulting agreements with consultants, directors, and
convertible debt. The balances of shares to be issued – liability were $798,333 and $573,333, respectively. The Company recorded
these consultant and director shares under liability based on the shares will be issued at a fixed monetary amount known at inception
under ASC 480.
Shares
to be issued - liability is summarized as below:
SCHEDULE OF SHARES TO BE ISSUED LIABILITY
| |
| | |
Beginning
Balance, January 1, 2022 | |
$ | 1,047,885 | |
Shares
to be issued | |
| 672,819 | |
Shares
issued | |
| (1,147,371 | ) |
Ending
Balance, December 31, 2022 | |
$ | 573,333 | |
Shares
to be issued - liability is summarized as below:
| |
| | |
Beginning
Balance, January 1, 2023 | |
$ | 573,333 | |
Shares
to be issued | |
| 225,000 | |
Shares
issued | |
| - | |
Ending
Balance, September 30, 2023 | |
$ | 798,333 | |
NOTE
10 – DERIVATIVE LIABILITY
The
derivative liability is derived from the conversion features in note 8 signed for the period ended December 31, 2022. All were valued
using the weighted-average Binomial option pricing model using the assumptions detailed below. As of September 30, 2023, and December
31, 2022, the derivative liability was $1,750,275 and $799,988, respectively. The Company recorded $16,047 gain and $1,734,004 gain from
changes in derivative liability during the three months ended September 30, 2023 and 2022, respectively. The Company recorded $1,153,526
loss and $974,446 loss from changes in derivative liability during the nine months ended September 30, 2023 and 2022, respectively.
The
Binomial model with the following assumption inputs:
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| December
31, 2022 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 1.282%
- 2.98 | % |
Expected
Volatility | |
| 149-612 | % |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2021 | |
$ | 513,959 | |
Additions | |
| 2,451,945 | |
Mark
to Market | |
| 166,309 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (2,332,225 | ) |
Ending
Balance, December 31, 2022 | |
$ | 799,988 | |
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| September
30, 2023 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 5.47%
- 5.53 | % |
Expected
Volatility | |
| 563-603 | % |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2022 | |
$ | 799,988 | |
Derivative
liability, Balance | |
$ | 799,988 | |
Additions | |
| - | |
Mark
to Market | |
| 963,799 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (13,512 | ) |
Ending
Balance, September 30, 2023 | |
$ | 1,750,275 | |
Derivative
liability,Balance | |
$ | 1,750,275 | |
NOTE
11 – NOTE PAYABLE, RELATED PARTY
Note
payable – Amir without interest
For
the nine months ended September 30, 2023 and 2022, the Company borrowed $1,220,000 and $525,050, respectively, from Amir. The Company,
also, made payments of $396,668 and settled of $1,197,501 with issuance in common stock shares towards the note payable as of September
30, 2023. The note is due on demand and has no interest.
Effective
March 4, 2022, the Company entered into three (3) separate director agreements with Amir Ben-Yohanan, Christopher Young, and Simon Yu.
The Director Agreements set out terms and conditions of each of Mr. Ben-Yohanan’s, Mr. Young’s, and Mr. Yu’s role as
a director of the Company. Mr. Young and Yu resigned from their officer and director positions with the Company on October 8, 2022.
Pursuant
to the Director Agreements, the Company agreed to compensate each of the Directors as follows:
|
● |
An
issuance of 31,821 shares of the Company’s common stock, par value par value $0.000001 (“Common Stock”), to be
issued on the Effective Date, as compensation for services provided by each of the Directors to the Company prior to the Effective
Date; and |
|
● |
An
issuance of a number of shares of Common Stock having a fair market value (as defined in each of the Director Agreements) of $25,000
at the end of each calendar quarter that the Director serves as a director. |
As
of September 30, 2023, and December 31, 2022, the Company has a payable balance owed to the sellers of Magiclytics of $97,761 and $97,761
from the acquisition of Magiclytics on February 3, 2021.
On
October 7, 2021, the Board of Directors of the Company appointed Dmitry Kaplun as the Company’s Chief Financial Officer. Pursuant
to the terms of the Employment Agreement, the Board entered into a restricted stock award agreement (the “Restricted Stock Agreement”)
dated October 7, 2022. Pursuant to the terms of the Restricted Stock Agreement, the Board granted Mr. Kaplun 58,824 shares of restricted
common stock on October 7, 2022. 25% of the shares vest on each of the three-month, six-month, nine-month and 12-month anniversaries
of the grant date.
On
October 12, 2021, the Board appointed Massimiliano Musina to serve as a member of the Company’s Board of Directors. In connection
with Mr. Musina’s appointment, the Company and Mr. Musina entered into an Independent Director Agreement dated October 12, 2021
(the “Director Agreement”). Pursuant to the terms of the Director Agreement, the Company agreed to issue to Mr. Musina each
quarter a number of shares of common stock having a fair market value of $25,000, in exchange for Mr. Musina’s service as a member
of the Company’s Board of Directors.
On
April 1, 2022, Clubhouse Media Group, Inc. (the “Company”) entered into an employment agreement with Amir Ben-Yohanan, the
Company’s Chief Executive Officer, effective April 11, 2022. The terms of the employment agreement
are substantially similar to the terms of Mr. Ben-Yohanan’s prior employment agreement with the Company. Accordingly, pursuant
to the terms of the employment agreement, Mr. Ben-Yohanan will continue to serve as Chief Executive Officer of the Company, reporting
to the Board of Directors (the “Board”). As compensation for Mr. Ben-Yohanan’s services, the Company agreed to pay
Mr. Mr. Ben-Yohanan an annual base salary of $400,000 (the “Base Salary”) comprised of two parts a “Cash Portion”,
and an “Optional Portion”. The Cash Portion is a monthly cash payment of $15,000. The remaining $220,000 per year –
the Optional Portion – is payable as follows:
|
(i) |
If
the Company’s Board determines that the Company has sufficient cash on hand to pay all or a portion of the Optional Portion in
cash, such amount shall be paid in cash. |
|
(ii) |
If
the Board determines that the Company does not have sufficient cash on hand to pay all of the Optional Portion in cash, then the
portion of the Optional Portion which the Board determines that the Company has sufficient cash on hand to pay in cash will be paid
in cash, and the remainder (the “Deferred Portion”) will either: |
|
a. |
be
paid at a later date, when the Board determines that the Company has sufficient cash on hand to enable the Company to pay the
Deferred Portion; or |
|
b. |
will
not be paid in cash – and instead, the Company will issue shares of Company Common Stock equal to |
|
(A) |
the
Deferred Portion, divided by (B) the VWAP (as defined in the employment agreement) as of the |
|
(B) |
date
of issuance of such shares of Company Common Stock. |
In
addition, pursuant to the employment agreement, Mr. Ben-Yohanan is entitled to be paid discretionary annual bonuses as determined by
the Board, and is also entitled to receive fringe benefits, such as, but not limited to, reimbursement for reimbursement for all reasonable
and necessary out-of-pocket business, entertainment and travel, vacation days, and certain insurances.
The
initial term of the employment agreement is one year from April 11, 2022, unless earlier terminated. Thereafter, the term is automatically
extended on an annual basis for terms of one year each, unless either the Company or Mr. Ben-Yohanan provides notice to the other party
of their desire to not so renew the term of the agreement (as applicable) at least 30 days prior to the expiration of the then-current
term.
Mr.
Ben-Yohanan’s employment with the Company shall be “at will,” meaning that either Mr. Ben-Yohanan or the Company may
terminate Mr. Ben-Yohanan’s employment at any time and for any reason, subject to certain terms and conditions.
The
Company may terminate the employment agreement at any time, with or without “cause”, as defined in the employment agreement
and Mr. Ben-Yohanan may terminate the employment agreement at any time, with or without “good reason”, as defined in the
employment agreement. If the Company terminates the employment agreement for cause or Mr. Ben-Yohanan terminates the employment agreement
without good reason, Mr. Ben-Yohanan will be entitled to be paid any unpaid salary owed or accrued, including the issuance of any shares
of Company Common Stock owed or accrued (as compensation) as of the termination date. In the event that there was any Deferred Portion
which had been agreed to be paid in cash, such Deferred Portion instead will be paid in shares of Company Common Stock as though such
amount had been agreed to be paid via the issuance of shares of Company Common Stock. Mr. Ben-Yohanan will also be entitled to payment
for any unreimbursed expenses as of the termination date. However, any unvested portion of any equity granted to Mr. Ben-Yohanan will
be immediately forfeited as of the termination date.
During
the three months ended September 30, 2023, Mr. Ben-Yohanan entered into an agreement with the Company to forgive all prior accrued and
unpaid wages amounting to $785,000 as of June 30, 2023 and agreed to forego any wages until further notification to the Company. The
forgiven accrued and unpaid wages was recorded as a charge to additional paid in capital.
On
April 19, 2022, the board of directors (the “Board”) of Clubhouse Media Group, Inc. (the “Company”) and stockholders
holding a majority of the Company’s voting power approved the Clubhouse Media Group, Inc. 2022 Equity Incentive Plan (the “2022
Plan”).
NOTE
12 - JOINT VENTURE AGREEMENT- CONSOLIDATED SUBSIDIARY
On
July 31, 2022, the Company entered into a joint venture deal memo with Alden Henri Reiman (“Mr. Reiman”), pursuant to which
the parties agreed to enter into a more permanent joint venture arrangement, involving the creation of a Nevada limited liability company,
The Reiman Agency LLC (the “Agency”), of which the Company shall own 51% of the membership units, and Mr. Reiman shall own
49% of the membership units. Mr. Reiman is to serve as President of the Agency, pursuant to the terms of an Executive Employment Agreement.
The parties’ respective membership interests shall be non-transferrable, and the Agency shall not issue additional membership interests,
unless the parties mutually consent in each instance. The Company consolidate this joint venture since we owned 51% and has control in
this entity.
Mr.
Reiman shall oversee the day-to-day operations of the Agency, but shall consult with the Company on a regular basis and regularly update
the Company on the status of deals and the operations of the business. All material business and financial decisions shall be subject
to the Company’s final approval. The Company shall not exercise its approval rights in an arbitrary or capricious manner.
In
the event that Mr. Reiman determines that office space is required to properly carry on the business of the Agency, Mr. Reiman shall
have the authority to lease a reasonable office space on behalf of the Agency, subject to the Company’s prior review and approval.
The Company has agreed and approved an office leasing budget of up to $200,000 USD annually. Expenses in excess of $400 must be pre-approved
by the Company.
On
the Effective Date, the parties closed the Agreement by executing an Operating Agreement for the Agency, dated the Effective Date, which
encapsulates the essential terms and conditions contained in the Agreement.
In
connection with Mr. Reiman’s appointment as President of the Agency, on the Effective Date, the Company and the Agency, a majority
owned subsidiary of the Company, entered into a written Executive Employment Agreement (the “Employment Agreement”) with
Mr. Reiman for a term of two (2) years following the Effective Date (the “Initial Term”). The Initial Term and any renewal
term shall automatically be extended for up to two (2) more additional terms of two (2) years (each a “Renewal Term”), for
an aggregate of up to six (6) years.
The
Employment Agreement provides Mr. Reiman with a monthly base salary of $37,500 per month, payable on a weekly basis in accordance with
the Company’s own payroll policies for the initial term, provided however, that if within the three (3) month period following
full execution of the Employment Agreement the Agency is profitable, the Base Salary shall increase to $42,500 per month, beginning the
week following the end of the Period.
Additionally,
on the last day of each month of the term, Mr. Reiman shall be entitled to an amount of shares equal to seven and one half percent (7.5%)
of the net receipts for the applicable month (“Additional Shares”), divided by the twenty (20) day VWAP of such shares from
the last day of the applicable month. All Additional Shares issued to Mr. Reiman pursuant to the Employment Agreement shall be issued
to Mr. Reiman within seven (7) business days of the date such shares vest.
Mr.
Reiman shall also be entitled to Twenty-Five Percent (25%) of the net receipts, generated by the Agency during each month (the “Commission
Bonus”). The Commission Bonus shall be calculated monthly and paid to Reiman within seven (7) business days of the last business
day of the applicable month.
The
Company allocate the net income or loss of this joint venture to non-controlling interest based on the ownership of this joint venture.
The non-controlling interest for the three months ended September 30, 2023 and 2022, was $98,422 and $43,501, respectively. The non-controlling
interest for the nine months ended September 30, 2023 and 2022, was $(57,855) and $43,501, respectively.
NOTE
13 – STOCKHOLDERS’ EQUITY (DEFICIT)
On
July 7, 2020, the Company increased the authorized capital stock of the Company to 550,000,000, comprised of 500,000,000 shares of common
stock, par value $0.001, and 50,000,000 shares of preferred stock, par value $0.001.
On
April 19, 2022, the Company filed Articles of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of
State that had the effect of increasing the authorized shares of common stock from 500,000,000 to 2,000,000,000.
The
Company filed a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Nevada on June
13, 2022 for the purpose of amending the Articles of Incorporation of the Company to reduce the par value of the common stock of the
Company, par value $0.001 per share, from $0.001 to $0.000001.
On
June 23, 2022, the Company filed Articles of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of
State that had the effect of increasing the authorized shares of common stock from 2,000,000,000 to 8,000,000,000. The Company’s
Preferred Stock was unchanged by the Amendment.
On
November 15, 2022, the Company filed a certificate of amendment to its Articles of Incorporation to increase the Company’s authorized
shares of common stock, par value $0.000001 per share, from 8,000,000,000 to 25,000,000,000. Accordingly, following the filing of the
Amendment, the Company has 25,050,000,000 authorized shares of capital stock, consisting of 25,000,000,000 shares of common stock and
50,000,000 shares of preferred stock, par value $0.001 per share.
One
share of Series X Preferred Stock is outstanding as of December 31, 2022. The single share of Series X Preferred Stock outstanding is
held by Amir Ben-Yohanan, the Company’s Chief Executive Officer, who also holds 10,564,764,688 shares of Common Stock as of September
30, 2023.
Preferred
Stock
As
of September 30, 2023 there was 1 preferred share issued and outstanding.
On
November 12, 2020, the Company filed a Certificate of Designations with the Secretary of State of Nevada to designate one share of the
preferred stock of the Company as the Series X Preferred Stock of the Company.
In
November 2020, the Company issued and sold to the Company’s Chief Executive Officer 1 share of Series X Preferred Stock, at a purchase
price of $1.00. The share of Series X Preferred Stock shall have a number of votes at any time equal to (i) the number of votes then
held or entitled to be made by all other equity securities of the Company, debt securities of the Company or pursuant to any other agreement,
contract or understanding of the Company, plus (ii) one (1). The Series X Preferred Stock shall vote on any matter submitted to the holders
of the Common Stock, or any class thereof, for a vote, and shall vote together with the Common Stock, or any class thereof, as applicable,
on such matter for as long as the share of Series X Preferred Stock is issued and outstanding. The Series X Preferred Stock shall not
have the right to vote on any matter as to which solely another class of Preferred Stock of the Company is entitled to vote pursuant
to the certificate of designations of such other class of Preferred Stock of the Company.
The
Series X Preferred Stock shall not be convertible into shares of any other class of stock of the Company and entitled to receive any
dividends paid on any other class of stock of the Company.
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
Series X Preferred Stock shall not be entitled to receive any distribution of any of the assets or surplus funds of the Company and shall
not participate with the Common Stock or any other class of stock of the Company therein.
Common
Stock
As
of September 30, 2023, and December 31, 2022, the Company had 25,000,000,000 shares of common stock authorized with a par value of $0.000001.
There were 14,627,446,939 and 6,830,378,163 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.
For
the three months ended March 31, 2023, the Company issued 1,431,944,776 shares to settle a conversion of $184,254 of convertible promissory
note principal and accrued interest and a reclass of derivative liability of $189,352.
For
the three months ended June 30, 2023, the Company issued 377,624,000 shares to settle a conversion of $20,770 of convertible promissory
note principal and accrued interest and a reclass of derivative liability of $13,512.
For
the three months ended September 30, 2023, the Company issued 5,987,500,000 shares for debt exchange in amount of $1,197,501 to Amir
Ben-Yohanan non-interest loan to the Company.
Warrants
A
summary of the Company’s stock warrants activity is as follows:
SUMMARY OF WARRANTS ACTIVITY
| |
Number of Options (in thousands) | | |
Weighted- Average Exercise
Price | | |
Weighted- Average Contractual Term
(in years) | | |
Aggregate Intrinsic
Value | |
Outstanding at December 31, 2022 | |
| 165,077 | | |
$ | 2.05 | | |
| 4.6 | | |
| - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Canceled | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Vested and expected to vest at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Exercisable at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
No
stock options were granted by the Company during the nine months ended September 30, 2023.
The
fair values of warrants granted in 2021 were estimated using the Black-Scholes option pricing model on the grant date using the following
assumptions:
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED ASSUMPTIONS
Dividend yield | |
| — | % |
Expected term (in years) | |
| 5 | |
Volatility | |
| 368
- 369 | % |
Equity
Purchase Agreement and Registration Rights Agreement
On
November 2, 2021, Clubhouse Media Group, Inc (the “Company”) entered into an Equity Purchase Agreement (the “Agreement”)
and Registration Rights Agreement (the “Registration Rights Agreement”) with Peak One Opportunity Fund, L.P., a Delaware
limited Partnership (“Investor”), dated as of October 29, 2021, pursuant to which the Company shall have the right, but not
the obligation, to direct Investor, to purchase up to $15,000,000.00 (the “Maximum Commitment Amount”) in shares of the Company’s
common stock, par value $0.000001 per share (“Common Stock”) in multiple tranches. Further, under the Agreement and subject
to the Maximum Commitment Amount, the Company has the right, but not the obligation, to submit a Put Notice (as defined in the Agreement)
from time to time to Investor (i) in a minimum amount not less than $20,000.00 and (ii) in a maximum amount up to the lesser of (a) $400,000.00
or (b) 250% of the Average Daily Trading Value (as defined in the Agreement).
In
exchange for Investor entering into the Agreement, the Company agreed, among other things, to (A) issue Investor and Peak One Investments,
LLC, an aggregate of 70,000 shares of Common Stock (the “the Commitment Shares”), and (B) file a registration statement registering
the Common Stock issued as Commitment Shares or issuable to Investor under the Agreement for resale (the “Registration Statement”)
with the Securities and Exchange Commission within 60 calendar days of the Agreement, as more specifically set forth in the Registration
Rights Agreement.
The
obligation of Investor to purchase the Company’s Common Stock shall begin on the date of the Agreement, and ending on the earlier
of (i) the date on which Investor shall have purchased Common Stock pursuant to this Agreement equal to the Maximum Commitment Amount,
(ii) twenty four (24) months after the date of the Agreement, (iii) written notice of termination by the Company to Investor (which shall
not occur during any Valuation Period or at any time that Investor holds any of the Put Shares), (iv) the Registration Statement is no
longer effective after the initial effective date of the Registration Statement, or (v) the date that the Company commences a voluntary
case or any person commences a proceeding against the Company, a custodian is appointed for the Company or for all or substantially all
of its property or the Company makes a general assignment for the benefit of its creditors (the “Commitment Period”).
During
the Commitment Period, the purchase price to be paid by Investor for the Common Stock under the Agreement shall be 95% of the Market
Price, which is defined as the lesser of the (i) closing bid price of the Common Stock on the trading day immediately preceding the respective
Put Date (as defined in the Agreement), or (ii) lowest closing bid price of the Common Stock during the Valuation Period (as defined
in the Agreement), in each case as reported by Bloomberg Finance L.P or other reputable source designated by Investor.
The
Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing
future sale transactions, indemnification rights and obligations of the parties. Among other things, Investor represented to the Company,
that it is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”)), and the Company sold the securities in reliance upon an exemption from registration contained
in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.
2023
Equity Incentive Plan
On
July 11, 2022, the Board and stockholders holding a majority of the voting power of the Company approved and adopted the Clubhouse Media
Group, Inc. 2023 Equity Incentive Plan (the “2023 Plan”).
A
total of 75,000,000 shares of the Company’s common stock are authorized for issuance pursuant to the 2023 Plan.
Additionally,
if any award issued pursuant to the 2023 Plan expires or becomes unexercisable without having been exercised in full, is surrendered
pursuant to an exchange program, as provided in the 2023 Plan, or, with respect to restricted stock, restricted stock units (“RSUs”),
performance units or performance shares, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased shares
(or for awards other than stock options or stock appreciation rights the forfeited or repurchased shares) which were subject thereto
will become available for future grant or sale under the 2023 Plan (unless the 2023 Plan has terminated). With respect to stock appreciation
rights, only shares actually issued pursuant to a stock appreciation right will cease to be available under the 2023 Plan; all remaining
shares under stock appreciation rights will remain available for future grant or sale under the 2023 Plan (unless the 2023 Plan has terminated).
Shares that have actually been issued under the 2023 Plan under any award will not be returned to the 2023 Plan and will not become available
for future distribution under the 2023 Plan; provided, however, that if shares issued pursuant to awards of restricted stock, restricted
stock units, performance shares or performance units are repurchased by the Company or are forfeited to the Company due to the failure
to vest, such shares will become available for future grant under the 2023 Plan. Shares used to pay the exercise price of an award or
to satisfy the tax withholdings related to an award will become available for future grant or sale under the 2023 Plan. To the extent
an award under the 2023 Plan is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares
available for issuance under the 2023 Plan.
Notwithstanding
the foregoing and, subject to adjustment as provided in the 2023 Plan, the maximum number of shares that may be issued upon the exercise
of incentive stock options will equal the aggregate share number stated above, plus, to the extent allowable under Section 422 of the
Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder, any shares that become available for issuance under
the 2023 Plan in accordance with the foregoing.
Plan
Administration
The
Board or one or more committees appointed by the Board will administer the 2023 Plan. In addition, if the Company determines it is desirable
to qualify transactions under the 2023 Plan as exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended, such transactions
will be structured with the intent that they satisfy the requirements for exemption under Rule 16b-3. Subject to the provisions of the
2023 Plan, the administrator has the power to administer the 2023 Plan and make all determinations deemed necessary or advisable for
administering the 2023 Plan, including the power to determine the fair market value of the Company’s common stock, select the service
providers to whom awards may be granted, determine the number of shares covered by each award, approve forms of award agreements for
use under the 2023 Plan, determine the terms and conditions of awards (including the exercise price, the time or times at which the awards
may be exercised, any vesting acceleration or waiver or forfeiture restrictions and any restriction or limitation regarding any award
or the shares relating thereto), construe and interpret the terms of the 2023 Plan and awards granted under it, prescribe, amend and
rescind rules relating to the 2023 Plan, including creating sub-plans and modify or amend each award, including the discretionary authority
to extend the post-termination exercisability period of awards (provided that no option or stock appreciation right will be extended
past its original maximum term), and to allow a participant to defer the receipt of payment of cash or the delivery of shares that would
otherwise be due to such participant under an award. The administrator also has the authority to allow participants the opportunity to
transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute an exchange
program by which outstanding awards may be surrendered or cancelled in exchange for awards of the same type which may have a higher or
lower exercise price or different terms, awards of a different type or cash, or by which the exercise price of an outstanding award is
increased or reduced. The administrator’s decisions, interpretations and other actions are final and binding on all participants.
Eligibility
Awards
under the 2023 Plan, other than incentive stock options, may be granted to employees (including officers) of the Company or a subsidiary,
members of the Company’s Board, or consultants engaged to render bona fide services to the Company or a subsidiary. Incentive stock
options may be granted only to employees of the Company or a subsidiary.
Stock
Options
Stock
options may be granted under the 2023 Plan. The exercise price of options granted under the 2023 Plan generally must at least be equal
to the fair market value of the Company’s common stock on the date of grant. The term of each option will be as stated in the applicable
award agreement; provided, however, that the term may be no more than 10 years from the date of grant. The administrator will determine
the methods of payment of the exercise price of an option, which may include cash, shares or other property acceptable to the administrator,
as well as other types of consideration permitted by applicable law. After the termination of service of an employee, director or consultant,
they may exercise their option for the period of time stated in their option agreement. In the absence of a specified time in an award
agreement, if termination is due to death or disability, the option will remain exercisable for 12 months. In all other cases, in the
absence of a specified time in an award agreement, the option will remain exercisable for three months following the termination of service.
An option may not be exercised later than the expiration of its term. Subject to the provisions of the 2023 Plan, the administrator determines
the other terms of options.
Notwithstanding
any other provision of the 2023 Plan to the contrary, the aggregate grant date fair value of all awards granted, under the 2023 Plan,
to any director who is not an employee, during any fiscal year of the Company, taken together with any cash compensation paid to such
director during such fiscal year, shall not exceed $300,000.
Stock
Appreciation Rights
Stock
appreciation rights may be granted under the 2023 Plan. Stock appreciation rights allow the recipient to receive the appreciation in
the fair market value of the Company’s common stock between the exercise date and the date of grant. Stock appreciation rights
may not have a term exceeding 10 years. After the termination of service of an employee, director or consultant, they may exercise their
stock appreciation right for the period of time stated in their stock appreciation right agreement. In
the absence of a specified time in an award agreement, if termination is due to death or disability, the stock appreciation rights will
remain exercisable for 12 months. In all other cases, in the absence of a specified time in an award agreement, the stock appreciation
rights will remain exercisable for three months following the termination of service. However, in no event may a stock appreciation right
be exercised later than the expiration of its term. Subject to the provisions of the 2023 Plan, the administrator determines the other
terms of stock appreciation rights, including when such rights become exercisable and whether to pay any increased appreciation in cash
or with shares of the Company’s common stock, or a combination thereof, except that the per share exercise price for the shares
to be issued pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the
date of grant.
Restricted
Stock
Restricted
stock may be granted under the 2023 Plan. Restricted stock awards are grants of shares of the Company’s common stock that vest
in accordance with terms and conditions established by the administrator. The administrator will determine the number of shares of restricted
stock granted to any employee, director or consultant and, subject to the provisions of the 2023 Plan, will determine the terms and conditions
of such awards. The administrator may impose whatever conditions to vesting it determines to be appropriate (for example, the administrator
may set restrictions based on the achievement of specific performance goals or continued service to the Company); provided, however,
that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients
of restricted stock awards generally will have voting and dividend rights with respect to such shares upon grant without regard to vesting,
unless the administrator provides otherwise. Shares of restricted stock that do not vest are subject to the Company’s right of
repurchase or forfeiture.
Restricted
Stock Units
RSUs
may be granted under the 2023 Plan. RSUs are bookkeeping entries representing an amount equal to the fair market value of one share of
the Company’s common stock. Subject to the provisions of the 2023 Plan, the administrator determines the terms and conditions of
RSUs, including the vesting criteria and the form and timing of payment. The administrator may set vesting criteria based upon the achievement
of Company-wide, divisional, business unit or individual goals (including continued employment or service), applicable federal or state
securities laws or any other basis determined by the administrator in its discretion. The administrator, in its sole discretion, may
pay earned RSUs in the form of cash, in shares of the Company’s common stock or in some combination thereof. Notwithstanding the
foregoing, the administrator, in its sole discretion, may accelerate the time at which any vesting requirements will be deemed satisfied.
Performance
Units and Performance Shares
Performance
units and performance shares may be granted under the 2023 Plan. Performance units and performance shares are awards that will result
in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The
administrator will establish performance objectives or other vesting criteria in its discretion, which, depending on the extent to which
they are met, will determine the number or the value of performance units and performance shares to be paid out to participants. The
administrator may set performance objectives based on the achievement of Company-wide, divisional, business unit or individual goals
(including continued employment or service), applicable federal or state securities laws or any other basis determined by the administrator
in its discretion. After the grant of a performance unit or performance share, the administrator, in its sole discretion, may reduce
or waive any performance criteria or other vesting provisions for such performance units or performance shares. Performance units shall
have an initial dollar value established by the administrator on or prior to the grant date. Performance shares shall have an initial
value equal to the fair market value of the Company’s common stock on the grant date. The administrator, in its sole discretion,
may pay earned performance units or performance shares in the form of cash, in shares or in some combination thereof.
Non-Employee
Directors
The
2023 Plan provides that all non-employee directors will be eligible to receive all types of awards (except for incentive stock options)
under the 2023 Plan. The 2023 Plan includes a maximum limit of $300,000 of equity awards that may be granted to a non-employee director
in any fiscal year. Any equity awards granted to a person for their services as an employee, or for their services as a consultant (other
than as a non-employee director), will not count for purposes of the limitation. The maximum limit does not reflect the intended size
of any potential compensation or equity awards to the Company’s non-employee directors.
NOTE
14 – COMMITMENTS AND CONTINGENCIES
On
January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus
originating in Wuhan, China (the “COVID-19 outbreak”), and the risks to the international community as the virus spreads
globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase
in exposure globally. The Company’s suppliers may decrease production levels based on factory closures and reduced operating hours
in those facilities. Likewise, the Company is dependent on its workforce to deliver its products. Developments such as social distancing
and shelter-in-place directives may impact the Company’s ability to deploy its workforce effectively. The full impact of the COVID-19
outbreak continues to evolve as of the date of this report.
Management
is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and
workforce. The Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time. If the pandemic continues,
it may have a material effect on the Company’s results of future operations, financial position, and liquidity in the next 12 months.
On
March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES
Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments,
net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations,
increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement
property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote
continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. The Company
did not obtain CARES Act relief financing under the Paycheck Protection Program (“PPP Loans”) for each of its operating subsidiaries.
The
Company continues to examine the impact that the CARES Act may have on our business. Currently, management is unable to determine the
total impact that the CARES Act will have on our financial condition, results of operations, or liquidity.
NOTE
15 – SUBSEQUENT EVENTS
During
October 2023, the Company issued 368,883,716 shares of common stock for director shares held within shares to be issued.
On
October 18, 2023, the Company and Amir Ben-Yohanan, entered into an Executive Employment Agreement Amendment and Forgiveness Agreement
to the Executive Employment Agreement, dated April 11, 2021.
The
Amendment serves as a waiver whereby the Company and Mr. Yohanan agree that the Company owes to Mr. Yohanan the sum of $885,000 for past
due salary payable pursuant to the Employment Agreement, through September 30, 2023. Under the Amendment, all Past Due Amounts are forgiven
by Mr. Yohanan, and shall no longer be due or payable by the Company.
Further,
under the terms of the Amendment, Mr. Yohanan irrevocably waives any breach or default under the Employment Agreement occurring as a
result of the failure of the Company to pay any of the Past Due Amounts when and as originally payable.
The
Amendment further states that any and all claims, proceedings or causes of action relating to the Amendment or arising from the Amendment
or the transactions contemplated therein, including, without limitation, tort claims, statutory claims and contract claims, shall be
interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural laws of the State of
Nevada, in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed
wholly within the State of Nevada.
Other
than the above, the Employment Agreement shall remain in full force and effect subject to its terms.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Special
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this quarterly report, including, without limitation, statements under
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s
financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements.
When used in this annual report, words such as “anticipate,” “believe,” “estimate,” “expect,”
“intend” and similar expressions, as they relate to us or the Company’s management, identify forward-looking statements.
Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available
to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements
as a result of certain factors detailed in our filings with the SEC.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited
financial statements and the notes thereto contained elsewhere in this quarterly report. Certain information contained in
the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Overview
We
are an influencer-based social media firm and digital talent management agency. We offer management, production and deal-making services
to our handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and
acquisitions for companies in the social media influencer space. Our management team consists of successful entrepreneurs with financial,
legal, marketing, and digital content creation expertise.
Through
our subsidiary, West of Hudson Group, Inc. (“WOHG”), we generate revenues primarily from talent management of social media
influencers and for paid promotion by companies looking to utilize such social media influencers to promote their products or services.
We solicit companies for potential marketing collaborations and cultivated content creation, work with the influencers and the marketing
entity to negotiate and formalize a brand deal and then execute the deal and receive a certain percentage from the deal. In addition
to the in-house brand deals, we generate income by providing talent management and brand partnership deals to influencers.
In
September 2021, we launched our own subscription-based site, HoneyDrip.com, which provides a digital space for creators to share unique
content with their subscribers. Since December 31, 2021, we have terminated all leases and focus on brand deals, the Honeydrip platform,
and Magiclytics software.
Recent
Developments
None
Results
of Operations
For
the Three and Nine Months Ended September 30, 2023 Compared to the Three and Nine Months Ended September 30, 2022
Net
Revenue
Net
revenue was $1,162,631 for the three months ended September 30, 2023, compared to net revenue of $2,159,135 for the three months ended
September 30, 2022. The decrease of $996,504 was the result of decreased sales from Doyien fka
WHP Entertainment and The Reiman Agency .
Net
revenue was $3,306,502 for the nine months ended September 30, 2023, compared to net revenue of $4,873,544 for the nine months ended
September 30, 2022. The decrease of $1,567,042 was the result of decreased sales from Doyien fka
WHP Entertainment and The Reiman Agency
Cost
of Goods Sold
Cost
of goods sold was $537,952 for the three months ended September 30, 2023, compared to cost of goods sold of $1,354,670 for the three
months ended September 30, 2022. The decrease of $816,718 was due to lower sales volume of Doyien
fka WHP Entertainment and The Reiman Agency which in turn resulted in less commission due to brands and content creators.
Cost
of goods sold was $2,230,791 for the nine months ended September 30, 2023, compared to cost of goods sold of $3,379,178 for the nine
months ended September 30, 2022. The decrease of $1,148,387 was due to lower sales volume of The
Reiman Agency which in turn resulted in less commission due to brands and content creators.
Gross
Profit
Gross
profit was $624,679 for the three months ended September 30, 2023, compared to gross profit of $804,465 for the three months ended September
30, 2022. The gross profit percentage was 53.73% for the three months ended September 30, 2023, compared to 37.26% for the three months
ended September 30, 2022. The increase is because the Company negotiated better deals on the revenue brought by The Reiman Agency and
less was due to brands and content creators
Gross
profit was $1,075,711 for the nine months ended September 30, 2023, compared to gross profit of $1,494,366 for the nine months ended
September 30, 2022. The gross profit percentage was 32.53% for the nine months ended September 30, 2023, compared to 30.66% for the nine
months ended September 30, 2022. The increase is because the Company negotiated better deals on the revenue brought by The Reiman Agency .
Operating
Expenses
Operating
expenses for the three months ended September 30, 2023, were $535,860, compared to $1,058,708 for the three months ended September 30,
2022. The variances were as follows: (i) a decrease in professional and consultant fees of $462,517; (ii) a decrease in sales and marketing
expenses of $28,247; (iii) a decrease in other selling, general, and administrative expense of $30,602. The
overall decrease in total operating expenses resulted from a decrease in the stock compensation to consultants, decrease in accrued wages
to management, and decrease in selling, general, and administrative and advertising expenses to the Company.
Non-cash
operating expenses for the three months ended September 30, 2023 were $109,751 including depreciation and amortization of $34,751 and
stock compensation of $75,000. Non-cash operating expenses for the three months ended September 30, 2022 were $137,284, including (i)
depreciation and amortization of $27,951; (ii) stock-based compensation of $109,333. All these non-cash operating expenses were already
included in the operating expenses in the paragraph disclosed above.
Operating
expenses for the nine months ended September 30, 2023, were $1,947,016, compared to $3,459,746 for the nine months ended September 30,
2022. The variances were as follows: (i) a decrease in professional and consultant fees of $1,146,926; (ii) a decrease in sales and marketing
expenses of $32,718; (iii) a decrease of production expense of $68,954; (iv) a decrease of payroll of $237,095; (v) an increase in other
selling, general, and administrative expense of $18,820. The overall decrease in total operating
expenses resulted from a decrease in the stock compensation to consultants and salaries and wages and increase in advertising expenses
to the Company.
Non-cash
operating expenses for the nine months ended September 30, 2023 were $336,315 including depreciation and amortization of $111,315 and
stock compensation of $225,000. Non-cash operating expenses for the nine months ended September 30, 2022 were $528,292, including (i)
depreciation and amortization of $68,255; (ii) stock-based compensation of $460,037. All these non-cash operating expenses were already
included in the operating expenses in the paragraph disclosed above.
Other
(Income) Expenses
Other
(income) expenses for the three months ended September 30, 2023, were $205,462, as compared to $(1,089,662) for the three months ended
September 30, 2022. Other (income) expenses for the three months ended September 30, 2023, included (i) change in fair value derivative
liability of $16,047; (ii) interest expense of $189,415. Other expenses for the three months ended September 30, 2022 included (i) change
in fair value derivative liability of $(1,734,004); (ii) interest expense of $262,432; (iii) non cash amortization of debt discounts
of $294,571; and (iv) non cash excess derivatives of $87,338.
Other
(income) expenses for the nine months ended September 30, 2023, were $1,839,579, as compared to $5,623,465 for the nine months ended
September 30, 2022. Other (income) expenses for the nine months ended September 30, 2023, included (i) change in fair value derivative
liability of $1,153,526; (ii) interest expense of $561,177 (iii) non cash amortization of debt discounts of $140,144. Other expenses
for the nine months ended September 30, 2022 included (i) change in fair value derivative liability of $974,446; (ii) interest expense
of $1,227,507; (iii) non cash amortization of debt discounts of $2,285,817; and (iv) loss in extinguishment of debt of $1,190,809; and
(v) non cash excess derivatives of $758,265 and offset by $813,380 gain in debt settlement from reduction of principal balance by a convertible
debt holder.
Net
Loss
Net
loss for the three months ended September 30, 2023 was $116,643, compared to $(835,419) for the three months ended September 30, 2022.
Net
loss for the nine months ended September 30, 2023 was $2,710,884, compared to $7,588,845 for the nine months ended September 30, 2022.
Liquidity
and Capital Resources
Operating
Activities
Net
cash used in operating activities for the nine months ended September 30, 2023, was $(526,196). This amount was primarily related to
a net loss of $(2,710,884), offset by (i) a net working capital increase of $569,971; (ii) non-cash expenses of $1,614,717 including
(a) depreciation and amortization of $111,315; (b) stock-based compensation of $225,000; (c) change in fair value of derivative liability
of $1,153,526; and (d) interest expense – amortization of debt discount of $140,114; and offset by gain in debt settlement of $15,268.
Net
cash used in operating activities for the nine months ended September 30, 2022, was $1,843,066. This amount was primarily related to
a net loss of $(7,588,845), offset by (i) a net working capital increase of $197,183; (ii) non-cash expenses of $5,548,596 including
(a) depreciation and amortization of $68,255; (b) stock-based compensation of $460,037; (c) change in fair value of derivative liability
of $974,446; (d) interest expense – amortization of debt discount of $2,285,817; (e) interest expense from debt restructuring of
$620,160; (f) accretion expense from excess derivative liability of $758,265; and (g) loss in extinguishment of debt $1,190,809; and
offset by gain in debt settlement of $813,378.
Investment
Activities
Net
cash used in investing activities for the nine months ended September 30, 2023, was $62,825 compared to $298,877 for the nine months
ended September 30, 2022.
Financing
Activities
Net
cash provided by financing activities for the nine months ended September 30, 2023, was $556,394. The amount was related to borrowings
from related party of $1,220,000 and offset by repayment to related party and convertible notes payable of $396,668 and $266,938, respectively.
Net cash provided by financing activities for the nine months
ended September 30, 2022 was $1,885,429.
Impact
of COVID-19 on the Company
Due
to the digital/remote nature of the Company’s business, COVID-19 has had, and is expected to have, only a limited effect on the
Company’s operations.
Going
Concern
The
Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standard Codification (“ASC”)
Topic 205-40, Presentation of Financial Statements – Going Concern, which requires that management evaluate whether there are relevant
conditions and events that, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern
and to meet its obligations as they become due within one year after the date that the financial statements are issued.
The
accompanying unaudited consolidated financial statements have been prepared assuming that we will continue as a going concern. While
the Company is attempting to generate additional revenues, the Company’s cash position may not be significant enough to support
the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management
believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity
for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and
in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going
concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. The Company will
require additional cash funding to fund operations. Therefore, the Company concluded there was substantial doubt about the Company’s
ability to continue as a going concern.
To
fund further operations, the Company will need to raise additional capital. The Company may obtain additional financing in the future
through the issuance of its common stock, or through other equity or debt financings. The Company’s ability to continue as a going
concern or meet the minimum liquidity requirements in the future is dependent on its ability to raise significant additional capital,
of which there can be no assurance. If the necessary financing is not obtained or achieved, the Company will likely be required to reduce
its planned expenditures, which could have an adverse impact on the results of operations, financial condition and the Company’s
ability to achieve its strategic objective. There can be no assurance that financing will be available on acceptable terms, or at all.
The financial statements contain no adjustments for the outcome of these uncertainties. These factors raise substantial doubt about the
Company’s ability to continue as a going concern and have a material adverse effect on the Company’s future financial results,
financial position and cash flows.
Equity
Purchase Agreement and Registration Rights Agreement
On
November 2, 2021, the Company entered into an Equity Purchase Agreement and Registration Rights Agreement (the “Registration Rights
Agreement”) with Peak One Opportunity Fund, L.P. (“Peak One”), dated as of October 29, 2021, pursuant to which the
Company has the right, but not the obligation, to direct Peak One to purchase up to $15,000,000 (the “Maximum Commitment Amount”)
in shares of the Company’s common stock in multiple tranches (the “Put Shares”). Further, under the Equity Purchase
Agreement and subject to the Maximum Commitment Amount, the Company has the right, but not the obligation, to submit a Put Notice (as
defined in the Equity Purchase Agreement) from time to time to Peak One (i) in a minimum amount not less than $20,000 and (ii) in a maximum
amount up to the lesser of (a) $400,000 or (b) 250% of the Average Daily Trading Value (as defined in the Equity Purchase Agreement).
In
exchange for Peak One entering into the Equity Purchase Agreement, the Company agreed, among other things, to (A) issue Peak One and
Peak One Investments, LLC, an aggregate of 70,000 shares of common stock (the “Commitment Shares”), and (B) file a
registration statement registering the common stock issued as Commitment Shares and issuable to Peak One under the Equity Purchase Agreement
for resale (the “Registration Statement”) with the SEC within 60 calendar days of the Equity Purchase Agreement, as more
specifically set forth in the Registration Rights Agreement.
The
obligation of Peak One to purchase the Company’s common stock begins on the date of the Equity Purchase Agreement, and ends on
the earlier of (i) the date on which Peak One has purchased common stock pursuant to the Equity Purchase Agreement equal to the Maximum
Commitment Amount, (ii) 24 months after the date of the Equity Purchase Agreement, (iii) written notice of termination by the Company
to Peak One (which shall not occur during any Valuation Period or at any time that Peak One holds any of the Put Shares), (iv) the Registration
Statement is no longer effective after the initial effective date of the Registration Statement, or (v) the date that the Company commences
a voluntary case or any person commences a proceeding against the Company, a custodian is appointed for the Company or for all or substantially
all of its property or the Company makes a general assignment for the benefit of its creditors (the “Commitment Period”).
During
the Commitment Period, the purchase price to be paid by Peak One for the common stock under the Equity Purchase Agreement shall be 95%
of the Market Price, which is defined as the lesser of the (i) closing bid price of the common stock on the trading day immediately preceding
the respective Put Date (as defined in the Equity Purchase Agreement), or (ii) lowest closing bid price of the common stock during the
Valuation Period (as defined in the Equity Purchase Agreement), in each case as reported by Bloomberg Finance L.P or other reputable
source designated by Peak One.
The
number of Put Shares to be purchased by Peak One shall not exceed the number of such shares that, when aggregated with all other shares
of common stock then owned by Peak One beneficially or deemed beneficially owned by Peak One, would result in Peak One owning more than
4.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable
pursuant to a Put Notice.
In
accordance with that certain Registration Rights Agreement, the Selling Securityholders are entitled to certain rights with respect to
the registration of the Put Shares and Commitment Shares issued in connection with the Equity Purchase Agreement (the “Registrable
Securities”). Pursuant to the Registration Rights Agreement, the Company must (i) file the Registration Statement within 60 calendar
days from the date of the Registration Rights Agreement, (ii) use reasonable efforts to cause the Registration Statement to be declared
effective under the Securities Act of 1933, as amended (the “Securities Act”), as promptly as possible after the filing thereof,
but in any event no later than the 90th calendar day following the date of the Registration Rights Agreement, and (iii) use its reasonable
efforts to keep such Registration Statement continuously effective under the Securities Act until all of the Commitment Shares and Purchase
Shares have been sold thereunder or pursuant to Rule 144. The Company must also take such action as is necessary to register and/or qualify
the Registrable Securities under such other securities or blue sky laws of all applicable jurisdictions in the United States.
Convertible
Promissory Notes
The
Company did not enter into convertible promissory notes during the period ending September 30, 2023. All outstanding convertible notes
at September 30, 2023 are discussed at the related footnote, see footnote #8 in the notes to the unaudited consolidated financial statements.
SHARES
TO BE ISSUED - LIABILITY
As
of September 30, 2023, and 2022, the Company entered into various consulting agreements with consultants, directors, and convertible
debt. The Company recorded these consultant and director shares under liability based on the shares will be issued at a fixed monetary
amount known at inception under ASC 480.
Off-Balance
Sheet Arrangements
As
of September 30, 2023, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated
under the Securities Act reasonably likely to have a material effect on our financial condition.
Critical
Accounting Policies and Estimates
Use
of Estimates
In
preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”),
management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities as of the dates of the consolidated financial statements, as well as the reported amounts of revenues and expenses during
the reporting period. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition,
the allowance for bad debt, useful life of fixed assets, income taxes and unrecognized tax benefits, valuation allowance for deferred
tax assets, and assumptions used in assessing impairment of long-lived assets. Actual results could differ from those estimates.
Lease
On
January 2, 2020, the Company adopted FASB ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with
a cumulative effect adjustment to accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases
as stated below.
As
described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for the Company
was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases with terms
longer than 12 months. The Company elected to use the short-term exception and does not records assets/liabilities for short term leases
as of September 30, 2023.
The
Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an
arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with
terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease
term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized
incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term
when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual
lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized
on a straight-line basis over the lease term. All leases are terminated since December 31, 2021.
Leased
right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived
assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment
of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present,
the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income,
and if not recoverable, measures impairment loss for the right-of-use asset or asset group.
Revenue
Recognition
In
May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606),
which supersedes all existing revenue recognition requirements, including most industry specific guidance. This new standard requires
a company to recognize revenues when it transfers goods or services to customers in an amount that reflects the consideration that the
Company expects to receive for those goods or services. The FASB subsequently issued the following amendments to ASU No. 2014-09 that
have the same effective date and transition date: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus
Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;
ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The Company adopted these amendments with
ASU 2014-09 (collectively, the “New Revenue Standards”).
Under
the New Revenue Standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount
that reflects the consideration which it expects to receive in exchange for those goods.
The
Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer;
(ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price
to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. The Company
recognized revenue from providing temporary and permanent staffing solutions and sale of consumer products.
Managed
Services Revenue
The
Company generates revenue from its managed services when a marketer (typically a brand, agency or partner) pays the Company to provide
custom content, influencer marketing, amplification or other campaign management services (“Managed Services”).
The
Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service,
which specify the terms of the relationship and access to its platforms, or by statement of work, which specifies the price and the services
to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and
does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content
requests may prepay for services or request credit terms. The agreement typically provides for either a non-refundable deposit, or a
cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services
are recorded as a contract liability until earned. The Company assesses collectability based on a number of factors, including the creditworthiness
of the customer and payment and transaction history.
For
Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations
in the form of: (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs,
tweets, photos or videos shared through social network offerings and content promotion, such as click-through advertisements appearing
in websites and social media channels; and (ii) custom content items, such as a research or news article, informational material or videos.
Marketers typically purchase influencer marketing services for the purpose of providing public awareness or advertising buzz regarding
the marketer’s brand and they purchase custom content for internal and external use. The Company may provide one type or a combination
of all types of these performance obligations on a statement of work for a lump sum fee. The Company allocates revenue to each performance
obligation in the contract at inception based on its relative standalone selling price. These performance obligations are to be provided
over a stated period that generally ranges from one day to one year. Revenue is accounted for when the performance obligation has been
satisfied depending on the type of service provided. The Company views its obligation to deliver influencer marketing services, including
management services, as a single performance obligation that is satisfied at the time the customer receives the benefits from the services.
Based
on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation
to fulfill the performance obligations and it creates, reviews and controls the services. The Company takes on the risk of payment to
any third-party creators and it establishes the contract price directly with its customers based on the services requested in the statement
of work. The contract liabilities as of September 30, 2023, and December 31, 2022 was $0 and $27,500, respectively.
Subscription-Based
Revenue
The
Company recognizes subscription-based revenue through its social media website at Honeydrip.com, which allow customers to visit the creators
personal page over the contract period without taking possession of the products or deliverables, are provided on either a subscription
or consumption basis. Revenue provided on a subscription basis is recognized ratably over the contract period and revenue provided on
a consumption basis is recognized when the subscriber paid and received their access to the content. Previously, the Company reported
the subscription-based revenue on a net basis since the Company is acting as an agent solely arranging for the third-party creator or
influencer to provide the services directly to the self-service customer through the platform or by posting the requested content. In
April 2022, the Company determined it would recognize subscription-based revenue on a gross basis because the Company has control of
the services before they are transferred to the end customer. The Company provided services such as online chat and other services directly
with the end customers by the Company’s internal team. Also, the Company establishes the price on behalf of the content creators
pursuant to the terms of the relevant agreements between the Company and the respective content creators. In addition, the Company has
sole power to change the price based on the market. These are good indicators that the Company controls the specified goods or services
before they are transferred to the customer.
Software
Development Costs
We
apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain system projects. These system
projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review
of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred
during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the
projects will meet functional requirements, costs are capitalized. These capitalized software costs are amortized on a project-by-project
basis over the expected economic life of the underlying product on a straight-line basis, which is five years. Amortization commences
when the software is available for its intended use. Amounts capitalized related to development of internal use software are included
in property and equipment, net, on our Consolidated Balance sheets and related depreciation is recorded as a component of amortization
of intangible assets and depreciation in our consolidated statements of operations. During the nine months ended September 30, 2023,
and 2022, we capitalized approximately $62,825 and $291,818, respectively, related to internal use software and recorded $31,502 and
$42,020 in related amortization expense, respectively. Unamortized costs of capitalized internal use software totaled $778,374 and $777,192
as of September 30, 2023 and December 31, 2022, respectively.
Goodwill
Impairment
We
test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount
of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss
on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will
be retained.
For
other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s
estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total
related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the
related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows
and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. The Company impaired
$0 and $0 of goodwill for the nine months ended September 30, 2023 and 2022, respectively.
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
Based on its review, the Company believes that, as of September 30, 2023 and 2022, there was no impairment loss of its long-lived assets.
Income
Taxes
The
Company accounts for income taxes using the asset and liability approach that requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in
the tax law. For deferred tax assets, management evaluates the probability of realizing the future benefits of such assets. The Company
establishes valuation allowances for its deferred tax assets when evidence suggests it is unlikely that the assets will be fully realized.
The
Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its
technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities.
Income tax positions that previously failed to meet the more likely than not threshold are recognized in the first subsequent financial
reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more likely than not threshold
are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company classifies
potential accrued interest and penalties related to unrecognized tax benefits within the accompanying consolidated statements of operations
and comprehensive income (loss) as income tax expense.
Fair
Value of Financial Instruments
The
carrying value of cash, accounts receivable, other receivable, note receivable, other current assets, accounts payable, and accrued expenses,
if applicable, approximate their fair values based on the short-term maturity of these instruments. The carrying amounts of debt were
also estimated to approximate fair value.
The
Company utilizes the methods of fair value (“FV”) measurement as described in ASC 820 to value its financial assets and liabilities.
As defined in ASC 820, FV is based on 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. In order to increase consistency and comparability in FV measurements,
ASC 820 establishes a FV hierarchy that prioritizes observable and unobservable inputs used to measure FV into three broad levels, which
are described below:
Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The FV hierarchy
gives the highest priority to Level 1 inputs.
Level
2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.
Level
3: Unobservable inputs are used when little or no market data is available. The FV hierarchy gives the lowest priority to Level 3 inputs.
The
Company used Level 3 inputs for its valuation methodology for the derivative liabilities for conversion feature of the convertible notes
in determining the fair value the weighted-average Binomial option pricing model following assumption inputs. The fair value of derivative
liability as of September 30, 2023 and December 31, 2022 was $1,750,275 and $799,988, respectively.
Stock-based
Compensation
Stock-based
compensation cost to employees is measured at the date of grant, based on the calculated fair value of the stock-based award, and will
be recognized as expense over the employee’s requisite service period (generally the vesting period of the award). Share-based
compensation awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the
fair value of the share-based payment, whichever is more readily determinable.
Derivative
Instruments
The
fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivatives liability
are recorded in the consolidated statement of operations under other (income) expense.
Our
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated
statements of operations. For stock-based derivative financial instruments, the Company uses binomial option-pricing model to value the
derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether
such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument
liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative
instrument could be required within 12 months of the balance sheet date.
Related
Parties
The
Company follows subtopic 850-10 of the FASB ASC for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 related parties include:
|
a. |
affiliates
of the Company; |
|
b. |
entities
for which investments in their equity securities would be required, absent the election of the FV option under the FV Option Subsection
of Section 825–10–15, to be accounted for by the equity method by the investing entity; |
|
c. |
trusts
for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; |
|
d. |
principal
owners of the Company; |
|
e. |
management
of the Company; |
|
f. |
other
parties with which the Company may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests;
and |
|
g. |
other
parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests. |
The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the
preparation of financial statements is not required in those statements.
The
disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions
to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other
information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts
of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing
the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet
presented and, if not otherwise apparent, the terms and manner of settlement.
New
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses
on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires companies to measure credit losses utilizing a methodology
that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within
those fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
In
August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts
in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”). ASU 2020-06 requires companies to measure conversion of debt into equity that contain derivatives with difference as
a gain or loss. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including those interim periods within those
fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act, such as this quarterly report, is recorded, processed, summarized, and reported within the time period specified
in the SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information
is accumulated and communicated to our management, including the principal executive officer and principal financial officer, as appropriate
to allow timely decisions regarding required disclosure. Our management, with the participation of our principal executive officer and
principal financial officer (our “Certifying Officers”), evaluated the effectiveness of our disclosure controls and procedures
as of September 30, 2023, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded
that, as of September 30, 2023, our disclosure controls and procedures were not effective.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) during the most recent fiscal quarter 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 are involved in various claims and legal actions arising in the ordinary course of business. To the knowledge of our
management, there are no legal proceedings currently pending against us which we believe would have a material effect on our business,
financial position or results of operations and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.
Item
1A. Risk Factors.
Not
applicable.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
For
the three months ended March 31, 2023, the Company issued 1,431,944,776 shares to settle a conversion of $184,254 of convertible promissory
note principal and accrued interest.
For
the three months ended June 30, 2023, the Company issued 377,624,000 shares to settle a conversion of $20,770 of convertible promissory
note principal and accrued interest and a reclass of derivative liability of $13,512.
For
the three months ended September 30, 2023, the Company issued 5,987,500,000 shares to settle debt of $1,197,501 to a related party.
The
above issuances were made pursuant to an exemption from registration as set forth in 506 of Regulation D and Section 4(a)(2) of the Securities
Act.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits.
Copies
of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.
Exhibit
No. |
|
Document |
10.1 |
|
Securities Purchase Agreement, entered into on July 11, 2022 and dated as of July 8, 2022, between the registrant and 1800 Diagonal Lending, LLC (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on July 14, 2022). |
10.2 |
|
Convertible Promissory Note issued on July 11, 2022 and dated as of July 8, 2022, by the registrant in favor of 1800 Diagonal Lending, LLC (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the SEC on July 14, 2022) |
10.3 |
|
Promissory Note issued on July 12, 2022 by the registrant in favor of Amir Ben-Yohanan (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the SEC on July 14, 2022). |
10.4† |
|
Clubhouse Media Group, Inc. 2023 Equity Incentive Plan, adopted on July 11, 2022 (incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed with the SEC on July 14, 2022). |
10.5 |
|
Joint Venture Deal Memo, dated July 31, 2022, between the Company and Alden Henri Reiman (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on August 4, 2022). |
10.6 |
|
Operating Agreement of The Reiman Agency LLC, dated July 31, 2022. (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the SEC on August 4, 2022). |
10.7 |
|
Executive Employment Agreement, dated July 31, 2022, between the Company and Alden Henri Reiman (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the SEC on August 4, 2022) |
10.8 |
|
Executive Employment Agreement Amendment and Forgiveness Agreement, dated October 18, 2023, between the Company and Amir Ben-Yohanan (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 24, 2023)
|
31.1* |
|
Certification of the principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
|
Certification of the principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1** |
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* |
|
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104* |
|
Cover
Page Interactive Data File—the cover page interactive data file does not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document. |
*
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.
|
CLUBHOUSE
MEDIA GROUP, INC. |
|
|
|
Date:
November 8, 2023 |
By: |
/s/
Amir Ben-Yohanan |
|
Name: |
Amir
Ben-Yohanan |
|
Title: |
Chief
Executive Officer |
|
|
(principal
executive officer) |
|
|
|
Date:
November 8, 2023 |
By: |
/s/
Scott Hoey |
|
Name: |
Scott
Hoey |
|
Title: |
Chief
Financial Officer |
|
|
(principal
financial officer and principal accounting officer) |
Exhibit
31.1
CERTIFICATIONS
I,
Amir Ben-Yohanan, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of Clubhouse Media Group, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(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 8, 2023
/s/
Amir Ben-Yohanan |
|
Amir
Ben-Yohanan |
|
Chief
Executive Officer |
|
(principal
executive officer) |
|
Exhibit
31.2
CERTIFICATIONS
I,
Scott Hoey, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of Clubhouse Media Group, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(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 8, 2023
/s/
Scott Hoey |
|
Scott
Hoey |
|
Chief
Financial Officer |
|
(principal
financial 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
In
connection with the Quarterly Report of Clubhouse Media Group, Inc. (the “Company”) on Form 10-Q for the quarter ended September
30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Amir Ben-Yohanan, Chief Executive Officer
of the Company, and I, Scott Hoey, Chief Financial Officer of the Company, certify that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
Date:
November 8, 2023
/s/
Amir Ben-Yohanan |
|
Chief
Executive Officer |
|
(principal
executive officer) |
|
|
|
/s/
Scott Hoey |
|
Chief
Financial Officer |
|
(principal
financial officer) |
|
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 07, 2023 |
Cover [Abstract] |
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|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
333-140645
|
|
Entity Registrant Name |
Clubhouse
Media Group, Inc.
|
|
Entity Central Index Key |
0001389518
|
|
Entity Tax Identification Number |
99-0364697
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
3651
Lindell Road
|
|
Entity Address, Address Line Two |
D517
|
|
Entity Address, City or Town |
Las
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|
|
Entity Address, State or Province |
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|
|
Entity Address, Postal Zip Code |
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|
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 25,086
|
$ 57,713
|
Accounts receivable, net |
621,633
|
367,364
|
Prepaid expense |
4,000
|
4,000
|
Total current assets |
650,719
|
429,077
|
Property and equipment, net |
19,315
|
37,485
|
Intangibles |
746,872
|
777,192
|
Total assets |
1,416,906
|
1,243,754
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
2,447,158
|
2,565,806
|
Deferred revenue |
|
27,500
|
Convertible notes payable, net |
4,182,778
|
4,504,103
|
Shares to be issued |
798,333
|
573,333
|
Derivative liability |
1,750,275
|
799,988
|
Total current liabilities |
9,255,638
|
8,921,990
|
Total liabilities |
9,255,638
|
8,921,990
|
Commitments and contingencies |
|
|
Stockholders’ equity (deficit): |
|
|
Preferred stock, par value $0.001, authorized 50,000,000 shares; 1 shares issued and outstanding at September 30, 2023 and December 31, 2022 |
|
|
Common stock, par value $0.000001, authorized 25,000,000,000 shares; 14,627,446,939 and 6,830,378,163 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
14,629
|
6,831
|
Additional paid-in capital |
27,287,328
|
24,744,738
|
Accumulated deficit |
(35,468,000)
|
(32,814,971)
|
Total Clubhouse Media stockholders’ equity (deficit) |
(8,166,043)
|
(8,063,402)
|
Non-controlling interest |
327,311
|
385,166
|
Total stockholders’ deficit |
(7,838,732)
|
(7,678,236)
|
Total liabilities and stockholders’ equity (deficit) |
1,416,906
|
1,243,754
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Nov. 15, 2022 |
Nov. 14, 2022 |
Sep. 30, 2022 |
Jun. 23, 2022 |
Jun. 22, 2022 |
Jun. 13, 2022 |
Apr. 19, 2022 |
Apr. 18, 2022 |
Jul. 07, 2020 |
Statement of Financial Position [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
$ 0.001
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
50,000,000
|
|
|
|
|
|
|
|
50,000,000
|
Preferred stock, shares issued |
1
|
1
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
1
|
1
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.000001
|
$ 0.000001
|
$ 0.000001
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
Common stock, shares authorized |
25,000,000,000
|
25,000,000,000
|
25,000,000,000
|
8,000,000,000
|
25,000,000,000
|
8,000,000,000
|
2,000,000,000
|
|
2,000,000,000
|
500,000,000
|
550,000,000
|
Common stock, shares issued |
14,627,446,939
|
6,830,378,163
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
14,627,446,939
|
6,830,378,163
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Total revenue, net |
$ 1,162,631
|
$ 2,159,135
|
$ 3,306,502
|
$ 4,873,544
|
Cost of sales |
537,952
|
1,354,670
|
2,230,791
|
3,379,178
|
Gross profit |
624,679
|
804,465
|
1,075,711
|
1,494,366
|
Operating expenses: |
|
|
|
|
Advertising expenses |
8,644
|
10,126
|
32,818
|
65,536
|
Selling, general, and administrative |
126,257
|
154,504
|
417,661
|
436,481
|
Salaries & wages |
129,833
|
160,435
|
590,963
|
828,058
|
Professional and consultant fees |
271,126
|
733,643
|
905,574
|
2,052,500
|
Production expenses |
|
|
|
68,954
|
Rent expense |
|
|
|
8,217
|
Total operating expenses |
535,860
|
1,058,708
|
1,947,016
|
3,459,746
|
Operating Income (Loss) |
88,819
|
(254,243)
|
(871,305)
|
(1,965,380)
|
Other (income) expenses: |
|
|
|
|
Interest expense, net |
189,415
|
262,432
|
561,177
|
1,227,507
|
Amortization of debt discounts, net |
|
294,571
|
140,144
|
2,285,817
|
Interest expense - excess derivatives |
|
87,338
|
|
758,265
|
Loss in extinguishment of debt |
|
|
|
1,190,809
|
Other (income) expense, net |
|
1
|
(15,268)
|
(813,379)
|
Change in fair value of derivative liability |
16,047
|
(1,734,004)
|
1,153,526
|
974,446
|
Total other (income) expenses |
205,462
|
(1,089,662)
|
1,839,579
|
5,623,465
|
Income (Loss) before income taxes |
(116,643)
|
835,419
|
(2,710,884)
|
(7,588,845)
|
Income tax (benefit) expense |
|
|
|
|
Net income (loss) attributable: |
|
|
|
|
Non-controlling interest |
98,422
|
43,501
|
(57,855)
|
43,501
|
Net Income (Loss) |
$ (215,065)
|
$ 791,918
|
$ (2,653,029)
|
$ (7,632,346)
|
Basic weighted average shares outstanding |
12,061,375,510
|
949,123,457
|
9,433,686,438
|
410,473,470
|
Diluted weighted average shares outstanding |
21,043,473,360
|
5,264,737,258
|
9,433,686,438
|
410,473,470
|
Basic - net loss per share |
$ (0.00)
|
$ 0.00
|
$ (0.00)
|
$ (0.02)
|
Diluted - net loss per share |
$ (0.00)
|
$ 0.00
|
$ (0.00)
|
$ (0.02)
|
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v3.23.3
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
|
$ 6,831
|
$ 24,744,738
|
$ (32,814,971)
|
$ (8,063,402)
|
$ 385,166
|
$ (7,678,236)
|
Balance, shares at Dec. 31, 2022 |
1
|
6,830,378,163
|
|
|
|
|
|
Shares issued for debt conversions |
|
$ 1,432
|
372,174
|
|
373,606
|
|
373,606
|
Shares issued for debt conversions, shares |
|
1,431,944,776
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
(2,078,200)
|
(2,078,200)
|
(144,119)
|
(2,222,319)
|
Balance at Mar. 31, 2023 |
|
$ 8,263
|
25,116,912
|
(34,893,171)
|
(9,767,996)
|
241,047
|
(9,526,949)
|
Balance, shares at Mar. 31, 2023 |
1
|
8,262,322,939
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 6,831
|
24,744,738
|
(32,814,971)
|
(8,063,402)
|
385,166
|
(7,678,236)
|
Balance, shares at Dec. 31, 2022 |
1
|
6,830,378,163
|
|
|
|
|
|
Shares issued for debt conversions |
|
$ 1,810
|
406,078
|
|
407,887
|
|
407,887
|
Shares issued for debt conversions, shares |
|
1,809,568,776
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
(2,653,029)
|
(2,653,029)
|
(57,855)
|
(2,710,884)
|
Shares issued for debt exchange |
|
$ 5,988
|
1,191,513
|
|
1,197,501
|
|
1,197,501
|
Shares issued for debt exchange, shares |
|
5,987,500,000
|
|
|
|
|
|
Forgivness of accrued management wages |
|
|
945,000
|
|
945,000
|
|
945,000
|
Balance at Sep. 30, 2023 |
|
$ 14,629
|
27,127,328
|
(35,468,000)
|
(8,326,043)
|
327,311
|
(7,838,732)
|
Balance, shares at Sep. 30, 2023 |
1
|
14,627,446,939
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 8,263
|
25,116,912
|
(34,893,171)
|
(9,767,996)
|
241,047
|
(9,526,949)
|
Balance, shares at Mar. 31, 2023 |
1
|
8,262,322,939
|
|
|
|
|
|
Shares issued for debt conversions |
|
$ 378
|
33,904
|
|
34,282
|
|
34,282
|
Shares issued for debt conversions, shares |
|
377,624,000
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
(359,764)
|
(359,764)
|
(12,158)
|
(371,922)
|
Balance at Jun. 30, 2023 |
|
$ 8,641
|
25,150,816
|
(35,252,935)
|
(10,093,478)
|
228,889
|
(9,864,589)
|
Balance, shares at Jun. 30, 2023 |
1
|
8,639,946,939
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
(215,065)
|
(215,065)
|
98,422
|
(116,643)
|
Shares issued for debt exchange |
|
$ 5,988
|
1,191,513
|
|
1,197,501
|
|
1,197,501
|
Shares issued for debt exchange, shares |
|
5,987,500,000
|
|
|
|
|
|
Forgivness of accrued management wages |
|
|
945,000
|
|
945,000
|
|
945,000
|
Balance at Sep. 30, 2023 |
|
$ 14,629
|
$ 27,127,328
|
$ (35,468,000)
|
$ (8,326,043)
|
$ 327,311
|
$ (7,838,732)
|
Balance, shares at Sep. 30, 2023 |
1
|
14,627,446,939
|
|
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital forgivness of accrued management wages.
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v3.23.3
Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net (loss) income |
$ (2,710,884)
|
$ (7,588,845)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Depreciation and amortization |
111,315
|
68,255
|
Imputed interest |
|
4,185
|
Interest expense - amortization of debt discounts |
140,144
|
2,285,817
|
Additional non-cash interest expense due to debt restructuring |
|
620,160
|
Stock compensation expense |
225,000
|
460,037
|
Loss in extinguishment of debt |
|
1,190,809
|
Change in fair value of derivative liability |
1,153,526
|
974,446
|
Gain or loss in debt settlement |
(15,268)
|
(813,378)
|
Accretion expense - excess derivative liability |
|
758,265
|
Net changes in operating assets & liabilities: |
|
|
Accounts receivable |
(254,269)
|
(545,354)
|
Prepaid expense, deposits and other current assets |
|
445,954
|
Accounts payable, accrued liabilities, due to affiliates, and other long-term liabilities |
824,240
|
296,583
|
Net cash used in operating activities |
(526,196)
|
(1,843,066)
|
Cash flows from investing activities: |
|
|
Purchases of property, plant, and equipment |
|
(5,000)
|
Purchases of intangible assets |
(62,825)
|
(293,877)
|
Cash received from acquisition of Magiclytics |
|
|
Net cash used in investing activities |
(62,825)
|
(298,877)
|
Cash flows from financing activities: |
|
|
Shares issued for cash |
|
596,258
|
Borrowing from related party note payable |
1,220,000
|
525,050
|
Repayment to related party convertible note payable |
(396,668)
|
(105,822)
|
Borrowings from convertible notes payable |
|
888,062
|
Repayment to convertible notes payable |
(266,938)
|
(18,119)
|
Net cash provided by financing activities |
556,394
|
1,885,429
|
Net increase in cash and cash equivalents |
(32,627)
|
(256,514)
|
Cash and cash equivalents at beginning of period |
57,713
|
299,520
|
Cash and cash equivalents at end of period |
25,086
|
43,006
|
Cash paid during the period for: |
|
|
Interest |
|
|
Income taxes |
|
|
Supplemental disclosure of non-cash investing and financing Activities: |
|
|
Forgiveness of accrued management wages |
945,000
|
|
Shares issued for conversion from convertible note payable |
204,648
|
2,945,019
|
Shares issued for debt exchange |
1,197,501
|
|
Shares issued to settle accounts payable |
|
|
Reclass of derivative liability to additional paid in capital |
203,239
|
2,134,128
|
Related Party [Member] |
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Loss in extinguishment of debt |
|
|
Nonrelated Party [Member] |
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Loss in extinguishment of debt |
|
$ 1,190,809
|
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v3.23.3
ORGANIZATION AND OPERATIONS
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND OPERATIONS |
NOTE
1 - ORGANIZATION AND OPERATIONS
Clubhouse
Media Group, Inc. (formerly known as Tongji Healthcare Group, Inc. or the “Company”) was incorporated under the laws of the
State of Nevada on December 19, 2006 by Nanning Tongji Hospital, Inc. (“NTH”). On December 20, 2006, Tongji, Inc., a wholly
owned subsidiary of the Company, was incorporated in the State of Colorado. Tongji, Inc. was later dissolved on March 25, 2011.
NTH
was established in Nanning in the province of Guangxi of the People’s Republic of China (“PRC” or “China”)
by Nanning Tongji Medical Co. Ltd. and an individual on October 30, 2003.
NTH
is a designated hospital for medical insurance in the city of Nanning and Guangxi province. NTH specializes in the areas of internal
medicine, surgery, gynecology, pediatrics, emergency medicine, ophthalmology, medical cosmetology, rehabilitation, dermatology, otolaryngology,
traditional Chinese medicine, medical imaging, anesthesia, acupuncture, physical therapy, health examination, and prevention.
On
December 27, 2006, Tongji, Inc. acquired 100% of the equity in NTH pursuant to an Agreement and Plan of Merger, pursuant to which NTH
became a wholly owned subsidiary of Tongji, Inc. Pursuant to the Agreement and Plan of Merger, the Company issued 15,652,557 shares of
common stock to the stockholders of NTH in exchange for 100% of the issued and outstanding shares of common stock of NTH. The acquisition
of NTH was accounted for as a reverse acquisition under the purchase method of accounting since the stockholders of NTH obtained control
of the entity. Accordingly, the reorganization of the two companies was recorded as a recapitalization of NTH, with NTH being treated
as the continuing operating entity. The Company, through NTH, thereafter operated the hospital until the Company eventually sold NTH,
as described below.
Effective
December 31, 2017, under the terms of a Bill of Sale, the Company agreed to sell, transfer convey and assign forever all of its rights,
title and interest in its equity ownership interest in NTH to Placer Petroleum Co., LLC. Pursuant to the Bill of Sale, consideration
for this sale, transfer conveyance and assignment is Placer Petroleum Co., LLC assuming all assets and liabilities of NTH as of December
31, 2017. Thereafter, the Company had minimal operations.
On
May 20, 2019, pursuant to Case Number A-19-793075-P, Nevada’s 8th Judicial District, Business Court entered an Order Granting Application
of Joseph Arcaro as Custodian of Tongji Healthcare Group, Inc. pursuant to Nevada Revised Statutes (“NRS”) 78.347(1)(b),
pursuant to which Mr. Arcaro was appointed custodian of the Company and given authority to reinstate the Company with the State of Nevada
under NRS 78.347.
On
May 23, 2019, Mr. Arcaro filed a Certificate of Reinstatement of the Company with the Secretary of State of the State of Nevada. In addition,
on May 23, 2019, Mr. Arcaro filed an Annual List of the Company with the Secretary of State of the State of Nevada, designating himself
as President, Secretary, Treasurer and Director of the Company for the filing period of 2017 to 2019.
On
May 29, 2020, Mr. Arcaro, through his ownership of Algonquin Partners Inc. (“Algonquin”), owner 65% of the Company’s
common stock, entered into a Stock Purchase Agreement by and among West of Hudson Group, Inc. (“WOHG”), the Company, Algonquin,
and Mr. Arcaro. The Stock Purchase Agreement, as subsequently amended, is referred to herein as the “SPA.” Pursuant to the
terms of the SPA, WOHG agreed to purchase, and Algonquin agreed to sell, 30,000,000 shares of the Company’s common stock in exchange
for payment by WOHG to Algonquin of $240,000 (the “Stock Purchase”). The Stock Purchase closed on June 18, 2020, resulting
in a change of control of the Company. Mr. Arcaro resigned from any and all officer and director positions with the Company.
On
July 7, 2020, the Company increased the authorized capital stock of the Company to 550,000,000, comprised of 500,000,000 shares of common
stock, par value $0.001, and 50,000,000 shares of preferred stock, par value $0.001.
The
Company filed a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Nevada on June
13, 2022 for the purpose of amending the Articles of Incorporation of the Company to reduce the par value of the common stock of the
Company, par value $0.001 per share, from $0.001 to $0.000001.
West
of Hudson Group, Inc. (“WOHG”) was incorporated in the State of Delaware on May 19, 2020 and owned 100% of WOH Brands, LLC
(“WOH”), Oopsie Daisy Swimwear, LLC (“Oopsie”), and DAK Brands, LLC (“DAK”), which were incorporated
in the State of Delaware on May 13, 2020.
Doiyen
LLC (“Doiyen”), formerly known as WHP Entertainment LLC was incorporated in the State of California on January 2, 2020 and
renamed to Doiyen LLC in July 7, 2020 and Doiyen is 100% owned by WOHG.
The
Company is an entertainment company engaged in the sale of own brand products, e-commerce platform advertising, and promotion for other
companies on their social media accounts.
On
November 12, 2020, the Company and WOHG entered into the Merger Agreement, and WOHG thereafter became a wholly owned subsidiary of the
Company. WOHG was determined to be the accounting acquirer in the Merger based upon the terms of other factors, including: (1) the security
holders owned approximately 50.54% of the Company’s issued and outstanding common stock as of immediately after the closing of
the Merger. Following the completion of the Merger, the Company changed its name from Tongji Healthcare Group, Inc. to Clubhouse Media
Group, Inc. The Merger was accounted for as a reverse-merger and recapitalization in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). WOHG was the acquirer for financial reporting purposes and Clubhouse Media
Group, Inc. was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical
financial statements prior to the Merger will be those of WOHG and will be recorded at the historical cost basis of WOHG. The consolidated
financial statements after completion of the Merger include the assets and liabilities of the Company and WOHG, historical operations
of WOHG and operations of the Company from the closing date of the Merger. Common stock and the corresponding capital amounts of the
Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. This was a common
control transactions so all amounts were based on historical cost and no goodwill was recorded.
Since
September 2022, the Company launched its own subscription-based site HoneyDrip.com, which provides a digital space for creators to share
unique content with their subscribers.
The
Company has terminated all leases since December 31, 2022, and focuses on brand deals and Honeydrip platform.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
These
unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented.
Principles
of Consolidation
The
unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company
transactions and balances have been eliminated in consolidation.
Use
of Estimates
In
preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the consolidated
financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates and
assumptions made by management include, but are not limited to, revenue recognition, the allowance for bad debt, useful life of fixed
assets, income taxes and unrecognized tax benefits, valuation allowance for deferred tax assets, and assumptions used in assessing impairment
of long-lived assets. Actual results could differ from those estimates.
Business
Combination
The
Company applies the provisions of the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 805, Business Combinations, in accounting for its acquisitions. It requires the Company to recognize separately from
goodwill the assets acquired and the liabilities assumed, at the acquisition date fair values. Goodwill as of the acquisition date is
measured as the excess of consideration transferred over the acquisition date fair values of the net assets acquired and the liabilities
assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the
acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement.
As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to
the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period
or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are
recorded to the consolidated statements of operations.
Cash
and Cash Equivalents
Cash
equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are
on deposit with financial institutions without any restrictions. The Company maintains its cash with high credit quality financial institutions;
at times, such balances with any one financial institution may exceed Federal Deposit Insurance Corporation (“FDIC”) insured
limits.
Advertising
Advertising
costs are expensed when incurred and are included in selling, general, and administrative expense in the accompanying consolidated statements
of operations. We incurred advertising expenses of $32,818 and $65,536 for the nine months ended September 30, 2023, and 2022, respectively.
Accounts
Receivable
The
Company’s accounts receivable arises from providing services. The Company does not adjust its receivables for the effects of a
significant financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale.
The Company does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves. Amounts determined to be uncollectible are charged
or written-off against the reserve. As of September 30, 2023, and December 31, 2022, there were $0 for bad debt allowance for accounts
receivable.
Property
and equipment, net
Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment and are
calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT, NET ESTIMATED USEFUL LIVES
Classification |
|
Useful
Life |
Equipment |
|
3
years |
Lease
On
January 2, 2020, the Company adopted ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with a cumulative
effect adjustment to be accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases as stated
below. As described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for
the Company was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases
with terms longer than 12 months. The Company elected to use the short-term exception and does not record assets/liabilities for short
term leases as of September 30, 2023, and December 31, 2022.
The
Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an
arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with
terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease
term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized
incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term
when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual
lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized
on a straight-line basis over the lease term.
Leased
right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived
assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment
of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present,
the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income,
and if not recoverable, measures impairment loss for the right-of-use asset or asset group.
Revenue
Recognition
In
May 2014 the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606),
which supersedes all existing revenue recognition requirements, including most industry specific guidance. This new standard requires
a company to recognize revenues when it transfers goods or services to customers in an amount that reflects the consideration that the
company expects to receive for those goods or services. The FASB subsequently issued the following amendments to ASU No. 2014-09 that
have the same effective date and transition date: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus
Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;
ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The Company adopted these amendments with
ASU 2014-09 (collectively, the new revenue standards).
Under
the new revenue standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount
that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the
five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations
in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract;
and (v) recognize revenues when (or as) we satisfy the performance obligation. The Company recognized revenue from providing temporary
and permanent staffing solutions and sale of consumer products.
Managed
Services Revenue
The
Company generates revenue from its managed services when a marketer (typically a brand, agency or partner) pays the Company to provide
custom content, influencer marketing, amplification or other campaign management services (“Managed Services”).
The
Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service,
which specify the terms of the relationship and access to its platforms, or by statement of work, which specifies the price and the services
to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and
does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content
requests may prepay for services or request credit terms. The agreement typically provides for either a non-refundable deposit, or a
cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services
are recorded as a contract liability until earned. The Company assesses collectability based on a number of factors, including the creditworthiness
of the customer and payment and transaction history.
For
Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations
in the form of: (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs,
tweets, photos or videos shared through social network offerings and content promotion, such as click-through advertisements appearing
in websites and social media channels; and (ii) custom content items, such as a research or news article, informational material or videos.
Marketers typically purchase influencer marketing services for the purpose of providing public awareness or advertising buzz regarding
the marketer’s brand and they purchase custom content for internal and external use. The Company may provide one type or a combination
of all types of these performance obligations on a statement of work for a lump sum fee. Revenue is accounted for when the performance
obligation has been satisfied depending on the type of service provided. The Company views its obligation to deliver influencer marketing
services, including management services, as a single performance obligation that is satisfied at the time the customer receives the benefits
from the services.
Based
on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation
to fulfill the performance obligations and it creates, reviews and controls the services. The Company takes on the risk of payment to
any third-party creators and it establishes the contract price directly with its customers based on the services requested in the statement
of work. The deferred revenue as of September 30, 2023, and December 31, 2022, were $0 and $27,500, respectively.
Subscription-Based
Revenue
The
Company recognizes subscription-based revenue through Honeydrip.com, its social media website, which allows customers to visit the creator’s
personal page over the contract period without taking possession of the products or deliverables. Customers incur costs on either a subscription
or consumption basis. Revenue provided on a subscription basis is recognized ratably over the contract period and revenue provided on
a consumption basis is recognized when the subscriber paid and received their access to the content. The Company reported the subscription-based
revenue at net basis since the Company is acting as an agent solely arranging for the third-party creator or influencer to provide the
services directly to the self-service customer through the platform or by posting the requested content. In April 2022, the Company has
determined it will be recognized at gross because they have control of the services before it is transferred to the end customer. The
Company provided services like online chat and other services directly with the end customers by their internal team. Also, the Company
will establish the price on behalf of the content creators as disclosed in the agreement. The Company has sole power to change the price
based on the market. These are good indicator that the Company controls the specified goods or services before it is transferred to the
customer.
Software
Development Costs
We
apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain system projects. These system
projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review
of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred
during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the
projects will meet functional requirements, costs are capitalized. These capitalized software costs are amortized on a project-by-project
basis over the expected economic life of the underlying product on a straight-line basis, which is five years. Amortization commences
when the software is available for its intended use. Amounts capitalized related to development of internal use software are included
in property and equipment, net, on our Consolidated Balance sheets and related depreciation is recorded as a component of amortization
of intangible assets and depreciation in our consolidated statements of operations. For the nine months ended September 30, 2023, and
2022, we capitalized $62,825 and $291,818, respectively, related to internal use software and recorded $93,145 and $42,020 in related
amortization expense, respectively. Unamortized costs of capitalized internal use software totaled $746,872 and $777,192 as of September
30, 2023, and December 31, 2022, respectively.
Goodwill
Impairment
We
test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount
of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss
on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will
be retained.
For
other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s
estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total
related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the
related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows
and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. The Company impaired
$0 and $0 of goodwill for the nine months ended September 30, 2023 and 2022, respectively.
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
Based on its review, the Company believes that, as of and for the nine months ended September 30, 2023, and 2022, there were no impairment
loss of its long-lived assets.
Income
Taxes
The
Company accounts for income taxes using the asset and liability approach that requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in
the tax law. For deferred tax assets, management evaluates the probability of realizing the future benefits of such assets. The Company
establishes valuation allowances for its deferred tax assets when evidence suggests it is unlikely that the assets will be fully realized.
The
Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its
technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities.
Income tax positions that previously failed to meet the more likely than not threshold is recognized in the first subsequent financial
reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more likely than not threshold
is derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company classifies potential
accrued interest and penalties related to unrecognized tax benefits within the accompanying consolidated statements of operations and
comprehensive income (loss) as income tax expense.
Commitments
and Contingencies
The
Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In
assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in
such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits
of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates it is probable a material loss was incurred and the amount of the liability can be estimated,
then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the
contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on
the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not
materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable. The Company does not require
collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment
practices of its customers to minimize collection risk on accounts receivable.
Basic
Income (Loss) Per Share
Under
the provisions of ASC 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to
common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss
per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution
limitations. Potential common shares consist of the convertible promissory notes payable as of September 30, 2023, and December 31, 2022.
As of September 30, 2023, and December 31, 2022, there were 8,981,932,773 and 7,921,962,277 potential shares issuable upon conversion
of convertible notes payable.
The
table below presents the computation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE
| |
For
the
three months ended September 30, 2023 | | |
For
the
three months ended September 30, 2022 | |
Numerator: | |
| | |
| |
Net income | |
$ | (116,643 | ) | |
$ | 835,419 | |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 12,061,375,510 | | |
| 949,123,457 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 21,043,473,360 | | |
| 5,264,737,258 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
| $
(0.0 0) | |
The
table below presents the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| |
For
the
nine months ended
September 30, 2023 | | |
For
the
nine months ended
September 30, 2022 | |
Numerator: | |
| | |
| |
Net loss | |
$ | (2,710,884 | ) | |
$ | (7,588,845 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 9,433,686,438 | | |
| 410,473,470 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 9,433,686,438 | | |
| 410,473,470 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Stock
based Compensation
Stock
based compensation cost to employees is measured at the date of grant, based on the calculated fair value of the stock-based award, and
will be recognized as expense over the employee’s requisite service period (generally the vesting period of the award) under ASC
718. Share-based compensation awards issued to non-employees for services rendered are recorded at either the fair value of the services
rendered or the fair value of the share-based payment, whichever is more readily determinable.
Fair
Value of Financial Instruments
FASB
ASC 820, Fair Value Measurement defines fair value as the price that would be received upon sale of an asset or paid upon transfer
of a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market
for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the
asset or liability, not on assumptions specific to the entity.
Fair
Value Measurements
The
Company applies the provisions of ASC 820-10, Fair Value Measurements and Disclosures. ASC 820-10 defines fair value and establishes
a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures.
The three levels of valuation hierarchy are defined as follows:
|
☐ |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
☐ |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
☐ |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Cash,
accounts receivable, accounts payable, and accrued expenses and deferred revenue – The carrying amounts reported in the consolidated
balance sheets for these items are a reasonable estimate of fair value due to their short term nature.
Convertible
notes payable – Convertible promissory notes payable are recorded at amortized cost. The carrying amount approximates their
fair value.
The
Company uses Level 3 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
the binomial option-pricing model based on various assumptions. The Company’s derivative liabilities are adjusted to reflect fair
value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair
value of derivatives.
The
following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of September
30, 2023, and December 31, 2022.
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY
Description | |
Fair Value
As of
September 30, 2023 | | |
Fair Value
Measurements at September 30, 2023 Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
Description | |
Fair
Value
As of
December 31, 2022 | | |
Fair
Value Measurements at
December 31, 2022
Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
Derivative
instruments
The
fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivatives liability
are recorded in the consolidated statement of operations under other (income) expense.
Our
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives under ASC 815. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the
consolidated statements of operations. For stock-based derivative financial instruments, the Company uses binomial option-pricing model
to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including
whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative
instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the
derivative instrument could be required within 12 months of the balance sheet date.
Beneficial
Conversion Features
If
a conversion features did not meet the definition of derivative liability under ASC 815, the Company evaluates the conversion feature
for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the note. If the
effective conversion price was less than the market value of underlying common stock at the inception of the convertible promissory note,
the Company recorded the difference as debt discounts and amortized over the life of the notes using the effective interest method.
Related
Parties
The
Company follows subtopic 850-10 of the FASB ASC for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 related parties include:
a.
affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the
FV option under the FV Option Subsection of Section 825– 10–15, to be accounted for by the equity method by the investing
entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if
one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the
management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and
can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
New
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses
on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires companies to measure credit losses utilizing a methodology
that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within
those fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
In
August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts
in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”). ASU 2020-06 requires companies to measure conversion of debt into equity that contain derivatives with difference as
a gain or loss. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including those interim periods within those
fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
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v3.23.3
GOING CONCERN
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
3 – GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity
of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As
reflected in the accompanying financial statements, the Company had a net loss of $(2,710,884) for the nine months ended September 30,
2023, negative working capital of $(8,604,919) as of September 30, 2023, and stockholder’s deficit of $(7,838,732). These factors
among others raise substantial doubt about the Company’s ability to continue as a going concern.
While
the Company is attempting to generate additional revenues, the Company’s cash position may not be significant enough to support
the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management
believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity
for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and
in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going
concern is dependent upon the Company’s ability to further implement its business plan and generate revenues.
The
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
|
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v3.23.3
BUSINESS COMBINATIONS
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS COMBINATIONS |
NOTE
4 – BUSINESS COMBINATIONS
Acquisition
of Magiclytics
On
February 3, 2021, the Company entered into an Amended and Restated Share Exchange Agreement (the “A&R Share Exchange Agreement”)
by and between the Company, Digital Influence Inc., a Wyoming corporation doing business as Magiclytics (“Magiclytics”),
each of the shareholders of Magiclytics (the “Magiclytics Shareholders”) and Christian Young, as the representative of the
Magiclytics Shareholders (the “Shareholders’ Representative”). Christian Young is the President, Secretary, and a Director
of the Company, and is also an officer, director, and significant shareholder of Magiclytics.
The
A&R Share Exchange Agreement amended and restated in its entirety the previous Share Exchange Agreement between the same parties,
which was executed on December 3, 2020. The A&R Share Exchange Agreement replaces the Share Exchange Agreement in its entirety.
On
February 3, 2021 (the “Magiclytics Closing Date”), the parties closed on the transactions contemplated in the A&R Share
Exchange Agreement, and the Company agreed to issue 734,689 shares of Company common stock to the Magiclytics Shareholders in exchange
for all 5,000 Magiclytics Shares (the “Magiclytics Closing”). On February 3, 2021, pursuant to the closing of the Share Exchange
Agreement, we acquired Magiclytics, and Magiclytics thereafter became our wholly owned subsidiary.
At
the Magiclytics Closing, we agreed to issue to Christian Young and Wilfred Man each 330,610 shares of Company Common Stock, representing
45% each, or 90% in total of the Company common stock which we agreed to issue to the Magiclytics Shareholders at the Magiclytics Closing.
The
number of shares of the Company common stock issued at the Magiclytics Closing was based on the fair market value of the Company common
stock as initially agreed to by the parties, which is $4.76 per share (the “Base Value”). The fair market value was determined
based on the volume weighted average closing price of the Company common stock for the twenty (20) trading day period immediately prior
to the Magiclytics,. In the event that the initial public offering price per share of the Company common stock in this Offering pursuant
to Regulation A is less than the Base Value, then within three (3) business days of the qualification by the SEC of the Offering Statement
forming part of this offering circular, the Company will issue to the Magiclytics Shareholders a number of additional shares of Company
common stock equal to:
|
(1) |
$3,500,000
divided by the initial public offering price per share of the Company common stock in this Offering pursuant to Regulation A, minus; |
|
(2) |
734,689 |
The
resulting number of shares of the Company common stock pursuant to the above calculation will be referred to as the “Additional
Shares”, and such Additional Shares will also be issued to the Magiclytics Shareholders pro rata based on their respective ownership
of Magiclytics Shares. The Company issued additional 140,311 shares in November 2022 based on the offering price of $4 in the Regulation
A offering.
|
(iv) |
Upon
the first to occur of (i) Magiclytics actually receiving an additional $500,000 in gross revenue following the Tranche 3 Satisfaction
Date; and (ii) Magiclytics having conducted an additional 1,250 Campaigns (subject to certain conditions) following the Tranche 3
Satisfaction Date, the Company will issue to Mr. Young a number of shares of Company Common Stock equal to (i) $393,750, divided
by (ii) the VWAP as of the date that the earlier of clause (i) and clause (ii) above have occurred (the “Tranche 4 Satisfaction
Date”). |
Following
the Tranche 4 Satisfaction Date, at the end of each 12 month period following such date while the Consulting Agreement is still in effect,
the Company will issue to Mr. Young a number of shares of Company Common Stock equal to (i) 4.5% of the Net Income (as defined below)
of Magiclytics during such 12 month period divided by (ii) the VWAP as of the last date of such 12 month period. (For purposes of the
Consulting Agreement, “Net Income” means the net income of Magiclytics for the applicable period, as determined in accordance
with generally accepted accounting principles in the United States, consistently applied, as determined by the Company’s accountants).
Immediately
prior to closing of the Agreement, Chris Young is the President and Director of the Company, and was the Chief Executive Officer, a Director,
and a principal shareholder of 45% of outstanding capital stock of Magiclytics at the time of the share exchange. As a result of the
common ownership upon closing of the transaction, the acquisition was considered a common-control transaction and was outside the scope
of the business combination guidance in ASC 805-10. The entities are deemed to be under common control as of February 27, 2018, which
was the date that the majority shareholder acquired control of the Company and, therefore, held control over both companies. The Company
recorded the consideration issued to purchase Magiclytics based on the carrying value of the net assets received and $97,761 related
party payables assumed per the acquisition agreement as of February 3, 2021 of $(60,697). The financial statements as of December 31,
2021 were adjusted as if the acquisition happened at the beginning of the year as of January 1, 2021.
Acquisition
Consideration
The
following table summarizes the carrying value of purchase price consideration to acquire Magiclytics:
SCHEDULE OF PURCHASE PRICE CONSIDERATION
Description | |
Amount | |
Carrying value of purchase consideration: | |
| |
Common
stock issued | |
$ | (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
Purchase
Price Allocation
The
following is an allocation of purchase price as of the February 3, 2021, acquisition closing date based upon an estimate of the carrying
value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES ASSUMED
Description | |
Amount | |
Purchase price allocation: | |
| | |
Cash | |
$ | 76 | |
Intangibles | |
| 77,889 | |
Related party payable | |
| (97,761 | ) |
AP and accrued
liabilities | |
| (40,901 | ) |
Identifiable net assets acquired | |
| (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
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v3.23.3
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
Fixed
assets, net consisted of the following:
SCHEDULE OF FIXED ASSET, NET
| |
September
30, 2023 | | |
December
31, 2022 | | |
Estimated
Useful Life | |
| |
| | |
| | |
| |
Equipment | |
$ | 118,638 | | |
$ | 118,638 | | |
| 3
years | |
Less: accumulated depreciation and
amortization | |
| (99,323 | ) | |
| (81,153 | ) | |
| | |
Property, plant, and equipment, net, | |
$ | 19,315 | | |
$ | 37,485 | | |
| | |
Depreciation
expense were $5,991 and $8,930 for the three months ended September 30, 2023 and 2022, respectively.
Depreciation
expense were $18,170 and $26,236 for the nine months ended September 30, 2023 and 2022, 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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v3.23.3
INTANGIBLES
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLES |
NOTE
6 – INTANGIBLES
As
of September 30, 2023, and December 31, 2022, the Company had intangible assets of $746,872 and $777,192 from and after the acquisition
of Magiclytics in February 2021. It is a platform that is internally developed for revenue prediction from influencer collaboration and
our digital platform Honeydrip.com.
The
following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases,
which continue to be amortized:
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS ACQUIRED AS PART OF BUSINESS COMBINATION
| |
Weighted Average Useful | | |
September 30, 2023 | | |
December
31, 2022 | |
| |
Life (in
Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | | |
Gross
Carrying Value | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Developed technology -
Magiclytics | |
| 5 | | |
$ | 629,808 | | |
$ | 169,762 | | |
$ | 491,548 | | |
$ | 566,983 | | |
$ | 76,617 | | |
$ | 490,366 | |
Developed technology
- Magiclytics | |
| - | | |
| 286,826 | | |
| - | | |
| 286,826 | | |
| 286,826 | | |
| - | | |
| 286,826 | |
| |
| | | |
$ | 916,634 | | |
$ | 169,762 | | |
$ | 746,872 | | |
$ | 853,809 | | |
$ | 76,617 | | |
$ | 777,192 | |
Amortization
expenses were $31,502 and $19,020 for the three months ended September 30, 2023 and 2022, respectively. Amortization expenses were $93,145
and $42,020 for the nine months ended September 30, 2023 and 2022, respectively.
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED LIABILITES
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITES |
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED LIABILITES
Accrued
liabilities at September 30, 2023 and December 31, 2022 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 613,448 | | |
$ | 220,569 | |
Accrued payroll | |
| 270,000 | | |
| 1,015,000 | |
Accrued interest | |
| 1,442,188 | | |
| 903,935 | |
Other | |
| 121,522 | | |
| 426,302 | |
Accounts
payable and accrued liabilities | |
$ | 2,447,158 | | |
$ | 2,565,806 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
CONVERTIBLE NOTES PAYABLE
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE |
NOTE
8 – CONVERTIBLE NOTES PAYABLE
Convertible
Promissory Note – GS Capital Partners #2
On
February 19, 2021, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #2”),
pursuant to which, on same date, the Company issued a convertible promissory note (the “GS Capital #2 Note”) to GS Capital
the aggregate principal amount of $577,778 for a purchase price of $520,000, reflecting a $57,778 original issue discount, and in connection
therewith, sold to GS Capital 100,000 shares of Company’s common stock, par value $0.001 per share at a purchase price of $100,
representing a per share price of $0.001 per share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum
of $10,000 for GS Capital’s costs in completing the transaction, which amount GS Capital withheld from the total purchase price
paid to the Company.
The
GS Capital #2 Note has a maturity date of February 19, 2022, and bears interest at 10% per year. No payments of the principal amount
or interest are due prior to the maturity date other than as specifically set forth in the GS Capital #2 Note, and the Company may prepay
all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital #2 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the Securities and Exchange Commission (“SEC”) qualifies
the Company’s offering statement related to the Company’s planned offering of Company Common Stock pursuant to Regulation
A under the Securities Act of 1933, as amended (the “Regulation A Offering”). At such time, the GS Capital #2 Note (and the
principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering
price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which
may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments for any
stock splits, etc. which occur following the determination of the conversion price.
The
$57,778 original issue discounts, the fair value of 100,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discounts at the inception date of this convertible promissory
note were $577,778.
Convertible
Promissory Note – New GS Note #2
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to cancel the conversion exercised in the quarter ended June 30, 2021.
On
June 29, 2022, the “Company entered into an Exchange Agreement (the “Exchange Note”) with GS Capital. The Exchange
Note amended and restated in its entirety the previous Note Purchase Agreement between the same parties.
The
Exchange Note replaces the Note Purchase Agreement in its entirety, which was a promissory note carrying an outstanding amount of $577,778.
The Exchange Note is thus a new note in the amount of $635,563.48, with a conversion price equal to 85% of the closing per share trading
price of the Company’s shares of common stock, $0.000001 par value per share (“Common Stock”) on the last trading day
prior to the delivery of the notice of conversion, as reported on the National Quotations Bureau OTC Market exchange which the Company’s
shares are traded.
The
change in conversion features were recorded as loss on debt extinguishment of $188,771 and recognition of derivative liability of $416,588
as of June 30, 2022.
GS
Capital converted $421,063 of the principal amount and $4,690 accrued interest to 378,633,891 common shares in the quarter ended September
30, 2022. It further converted $65,000 of principal to 481,221,646 common Shares in the first quarter of 2023. The balance of the GS
Capital #2 Note as of September 30, 2023, was $20,000. The Company is currently in default of the New GS Note #2.
Convertible
Promissory Note – GS Capital Partners #3
On
March 16, 2022, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #3”), pursuant
to which, on same date, the Company issued a convertible promissory note (the “GS Capital #3 Note”) to GS Capital the aggregate
principal amount of $577,778 for a purchase price of $520,000, reflecting a $57,778 original issue discount, and in connection therewith,
sold to GS Capital 100,000 shares of Company’s common stock, par value $0.000001 per share at a purchase price of $100, representing
a per share price of $0.001 per share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum of $10,000
for GS Capital’s costs in completing the transaction, which amount GS Capital withheld from the total purchase price paid to the
Company.
The
GS Capital #3 Note has a maturity date of March 22, 2022, and bears interest at 10% per year. No payments of the principal amount or
interest are due prior to the maturity date other than as specifically set forth in the GS Capital #3 Note, and the Company may prepay
all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital #3 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned Regulation A Offering. At such time, the GS Capital #3 Note (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$57,778 original issue discounts, the fair value of 100,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discounts at the inception date of this convertible promissory
note were $577,778.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to September 22, 2022.
The
balance of the GS Capital #3 Note as of September 30, 2023 and December 31, 2022 was $577,778 and $577,778, respectively. The Company
is currently in default of the GS Capital #3 Note.
Convertible
Promissory Note – GS Capital Partners #4
On
April 1, 2021, the Company entered into another securities purchase agreement with GS Capital (the “GS Capital #4”), pursuant
to which, on same date, the Company issued a convertible promissory note to GS Capital the aggregate principal amount of $550,000 for
a purchase price of $500,000, reflecting a $50,000 original issue discount, and in connection therewith, sold to GS Capital 45,000 shares
of Company’s common stock, par value $0.001 per share at a purchase price of $45, representing a per share price of $0.001 per
share. In addition, at the closing of this sale, the Company reimbursed GS Capital the sum of $10,000 for GS Capital’s costs in
completing the transaction, which amount GS Capital withheld from the total purchase price paid to the Company.
The
GS Capital Note #4 has a maturity date of April 1, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the GS Capital Note, and the Company may prepay all or any
portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the GS
Capital Note (and the principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of
the initial offering price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation
of 9.99%, which may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 45,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note was recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to October 1, 2022.
The
balance of the GS Capital Note #4 as of September 30, 2023, and December 31, 2022 was $550,000 and $550,000, respectively. The Company
is currently in default of the GS Capital #4 Note.
Convertible
Promissory Note – GS Capital Partners #5
On
April 29, 2021, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with GS Capital,
pursuant to which, on same date, the Company issued a convertible promissory note to GS Capital in the aggregate principal amount of
$550,000 for a purchase price of $500,000, reflecting a $50,000 original issue discount (the “GS Capital Note #5”) and, in
connection therewith, sold to GS Capital 125,000 shares of the Company’s common stock, par value $0.001 per share (the “Company
Common Stock”) at a purchase price of $125, representing a per share price of $0.001 per share. In addition, at the closing of
this sale, the Company reimbursed GS Capital the sum of $5,000 for GS Capital’s costs in completing the transaction, which amount
GS Capital withheld from the total purchase price paid to the Company.
The
April 2021 GS Capital Note #5 has a maturity date of April 29, 2022, and bears interest at 10% per year. No payments of the principal
amount or interest are due prior to the maturity date other than as specifically set forth in the GS Capital Note #5, and the Company
may prepay all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note #5 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #5 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 125,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note was recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to October 29, 2022.
The
balance of the GS Capital Note #5 as of September 30, 2023 and December 31, 2022 was $550,000 and $550,000, respectively.
Convertible
Promissory Note – GS Capital Partners #6
On
June 3, 2021, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with GS Capital,
pursuant to which, on same date, the Company issued a convertible promissory note to GS Capital in the aggregate principal amount of
$550,000 for a purchase price of $500,000, reflecting a $50,000 original issue discount (the “GS Capital Note #6”) and, in
connection therewith, sold to GS Capital 85,000 shares of the Company’s common stock, par value $0.001 per share (the “Company
Common Stock”) at a purchase price of $85, representing a per share price of $0.001 per share. In addition, at the closing of this
sale, the Company reimbursed GS Capital the sum of $5,000 for GS Capital’s costs in completing the transaction, which amount GS
Capital withheld from the total purchase price paid to the Company.
The
GS Capital Note #6 has a maturity date of June 3, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the GS Capital Note #6, and the Company may prepay all or
any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
GS Capital Note #6 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #6 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
The
$50,000 original issue discounts, the fair value of 85,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note were recorded at $550,000.
On
November 26, 2021, the Company entered into an Amendment and Restructuring Agreement (the “Restructuring Agreement”) with
GS Capital Partners, LLC to extend the maturity to December 3, 2022.
The
balance of the GS Capital Note #6 as of September 30, 2023, and December 31, 2022 was $550,000 and $550,000, respectively. The Company
is currently in default of the GS Capital #6 Note.
Convertible
Promissory Note – Eagle Equities LLC
On
April 13, 2021, the Company entered into a securities purchase agreement (the “Eagle SPA”) with Eagle Equities LLC (“Eagle
Equities”), pursuant to which, on same date, the Company issued a convertible promissory note to Eagle Equities in the aggregate
principal amount of $1,100,000 for a purchase price of $1,000,000, reflecting a $100,000 original issue discount (the “Eagle Equities
Note”), and, in connection therewith, sold to Eagle Equities 165,000 shares of Company’s common stock, par value of $0.001
per share (the “Company Common Stock”) at a purchase price of $165.00, representing a per share price of $0.001 per share.
In addition, at the closing of this sale, the Company reimbursed Eagle Equities the sum of $10,000 for Eagle Equities’ costs in
completing the transaction, which amount Eagle Equities withheld from the total purchase price paid to the Company.
The
Eagle Equities Note has a maturity date of April 13, 2022 and bears interest at 10% per year. No payments of the principal amount or
interest are due prior to the maturity date other than upon the circumstances set forth in the Eagle Equities Note – specifically,
if (i) the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act; and (ii) the Company receives $3,500,000 in net proceeds from such Regulation A Offering,
then Company must repay the principal amount and any accrued and unpaid interest on the Eagle Equities Note within three (3) business
days from the date of such occurrence. The Company may prepay all or any portion of the principal amount and any accrued and unpaid interest
at any time without penalty.
The
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at Eagle Equities’ election at any time following the time that the SEC qualifies the Company’s offering statement related
to the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) will be convertible in restricted shares of Company
Common Stock at a conversion price equal to 70% of the initial offering price of the Company Common Stock in the Regulation A Offering,
subject to a customary beneficial ownership limitation of 9.99%, which may be waived by Eagle Equities on 61 days’ notice to the
Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the determination
of the conversion price. Alternatively, if the SEC has not qualified the Company’s offering statement related to the Company’s
planned offering of Company Common Stock pursuant to Regulation A under the Securities Act by October 10, 2021, and Eagle Equities Note
has not yet been fully repaid, then Eagle Equities will have the right to convert the Eagle Equities Note (and the principal amount and
any accrued and unpaid interest) into restricted shares of Company Common Stock at a conversion price of $6.50 per share (subject to
customary adjustments for any stock splits, etc., which occur following April 13, 2021).
The
$100,000 original issue discounts, the fair value of 165,000 shares issued, and the beneficial conversion features were recorded as debt
discounts and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory
note were recorded at $1,100,000.
The
balance of the Eagle Equities Note as of September 30, 2023, and December 31, 2022, was $1,100,000 and $1,100,000, respectively. The
Company is currently in default of the Eagle Equities Note.
Convertible
Promissory Note – Chris Etherington
On
August 27, 2021, the Company entered into a note purchase agreement (the “Chris Etherington Note Purchase Agreement”) with
Chris Etherington, with an effective date of August 26, 2021, pursuant to which, on same date, the Company issued a convertible promissory
note to Mr. Etherington in the aggregate principal amount of $165,000 for a purchase price of $150,000, reflecting a $15,000 original
issue discount (the “Chris Etherington Note”) and, in connection therewith, issued to Mr. Etherington a Warrant to purchase
37,500 shares of the Company’s common stock, par value $0.001 per share (the “Company Common Stock”) at an exercise
price of $2.00 per share, subject to adjustment (the “Chris Etherington Warrant”). In addition, in connection with the Chris
Etherington Note Purchase Agreement, the Company entered into a Security Agreement on same date with Mr. Etherington, pursuant to which
the Company’s obligations under the Chris Etherington Note were secured by a first priority lien and security interest on all of
the assets of the Company (the “Chris Etherington Security Agreement”). While each of the Chris Etherington Warrant, Security
Agreement, Note, and Note Purchase Agreement have an effective date and/or effective issue date of August 26, 2021, each was entered
into and/or issued on August 27, 2021.
The
Chris Etherington Note has a maturity date of August 26, 2022, and bears interest at 10% per year. No payments of the principal amount
or interest are due prior to the maturity date other than as specifically set forth in the Chris Etherington Note, and the Company may
prepay all or any portion of the principal amount and any accrued and unpaid interest at any time without penalty.
The
Chris Etherington Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock
at any time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean
the lesser of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days
(as defined in the Chris Etherington Note) immediately preceding the date of the respective conversion. The conversion price is subject
to customary adjustments for any stock splits, etc. which occur following the determination of the conversion price.
The
Chris Etherington Note contains customary events of default, including, but not limited to:
|
● |
if
the Company fails to pay the then-outstanding principal amount and accrued interest on the Chris Etherington Note on any date any
such amounts become due and payable, and any such failure is not cured within three business days of written notice thereof by Mr.
Etherington: or |
|
● |
the
Company fails to remain compliant with the Depository Trust Company (“DTC”), thus incurring a “chilled” status
with DTC; or |
|
● |
any
trading suspension is imposed by the SEC under Section 12(j) or Section 12(k) of the Exchange Act; or |
|
● |
the
occurrence of any delisting of the Company Common Stock from any securities exchange on which the Company Common Stock is listed
or suspension of trading of the Company Common Stock on the OTC Markets. |
If
an event of default has occurred and is continuing, Mr. Etherington may declare all or any portion of the then-outstanding principal
amount of the Chris Etherington Note, together with all accrued and unpaid interest thereon, due and payable, and the Chris Etherington
Note shall thereupon become immediately due and payable in cash and Mr. Etherington will also have the right to pursue any other remedies
that Mr. Etherington may have under applicable law. In the event that any amount due under the Chris Etherington Note is not paid as
and when due, such amounts shall accrue interest at the rate of 18% per year, simple interest, non-compounding, until paid.
The
$15,000 original issue discounts, the fair value of 37,500 warrants issued, and the conversion features were recorded as debt discounts
and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note
was recorded at $165,000. For the excess amount of derivative liability, the Company recorded accretion expense of $160,538 at the inception
date of this note.
The
balance of the Chris Etherington Note as of September 30, 2023 and December 31, 2022 was $165,000 and $165,000, respectively. The Company
is currently in default of the Chris Etherington Note.
Convertible
Promissory Note – Rui Wu
On
August 27, 2021, the Company entered into a note purchase agreement (the “Rui Wu Note Purchase Agreement”) with Rui Wu, an
individual (“Rui Wu”), with an effective date of August 26, 2021, pursuant to which, on same date, the Company issued a convertible
promissory note to Rui Wu in the aggregate principal amount of $550,000 for a purchase price of $500,000, reflecting a $50,000 original
issue discount (the “Rui Wu Note”) and, in connection therewith, issued to Rui Wu a Warrant to purchase 125,000 shares of
the Company’s common stock, par value $0.001 per share (the “Company Common Stock”) at an exercise price of $2.00 per
share, subject to adjustment (the “Rui Wu Warrant”). In addition, in connection with the Rui Wu Note Purchase Agreement,
the Company entered into a Security Agreement on same date with Rui Wu, pursuant to which the Company’s obligations under the Rui
Wu Note were secured by a first priority lien and security interest on all of the assets of the Company (the “Rui Wu Security Agreement”).
While each of the Rui Wu Warrant, Security Agreement, Note, and Note Purchase Agreement have an effective date and/or effective issue
date of August 26, 2021, each was entered into and/or issued on August 27, 2021.
The
Rui Wu Note has a maturity date of August 26, 2022, and bears interest at 10% per year. No payments of the principal amount or interest
are due prior to the maturity date other than as specifically set forth in the Rui Wu Note, and the Company may prepay all or any portion
of the principal amount and any accrued and unpaid interest at any time without penalty.
The
Rui Wu Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock at any
time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean the lesser
of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days (as defined
in the Rui Wu Note) immediately preceding the date of the respective conversion. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
The
Rui Wu Note contains customary events of default, including, but not limited to:
|
● |
if
the Company fails to pay the then-outstanding principal amount and accrued interest on the Rui Wu Note on any date any such amounts
become due and payable, and any such failure is not cured within three business days of written notice thereof by Rui Wu: or |
|
● |
the
Company fails to remain compliant with the Depository Trust Company (“DTC”), thus incurring a “chilled” status
with DTC; or |
|
● |
any
trading suspension is imposed by the SEC under Section 12(j) or Section 12(k) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”); or |
|
● |
the
occurrence of any delisting of the Company Common Stock from any securities exchange on which the Company Common Stock is listed
or suspension of trading of the Company Common Stock on the OTC Markets. |
If
an event of default has occurred and is continuing, Rui Wu may declare all or any portion of the then-outstanding principal amount of
the Rui Wu Note, together with all accrued and unpaid interest thereon, due and payable, and the Rui Wu Note shall thereupon become immediately
due and payable in cash and Rui Wu will also have the right to pursue any other remedies that Rui Wu may have under applicable law. In
the event that any amount due under the Rui Wu Note is not paid as and when due, such amounts shall accrue interest at the rate of 18%
per year, simple interest, non-compounding, until paid.
The
$50,000 original issue discounts, the fair value of 125,000 warrants issued, and the conversion features were recorded as debt discounts
and amortized over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note
was recorded at $550,000. For the excess amount of derivative liability, the Company recorded accretion expense of $514,850 at the inception
date of this note.
The
balance of the Riu Wu Note as of September 30, 2023, and 2022 was $550,000 and $550,000, respectively. The Company is currently in default
of the Rui Wu Note.
Convertible
Note – Fast Capital, LLC
On
January 13, 2022, the Company entered into a Securities Purchase Agreement, (the “SPA”) dated as of January 10, 2022, by
and between the Company and Fast Capital, LLC (the “Buyer”). Pursuant to the terms of the SPA, the Company agreed to issue
and sell, and the Buyer agreed to purchase (the “Purchase”), a 10% convertible note in the aggregate principal amount of
$120,000 (the “Note”). The Note has an original issue discount of $10,000, resulting in gross proceeds to the Company of
$110,000.
The
Note bears interest at a rate of 10% per annum and reached maturity on January 10, 2023. The Note may be prepaid or assigned with the
following penalties/premiums:
SCHEDULE OF PREPAID CONVERTIBLE NOTES PAYABLE
Prepay
Date |
|
Prepay
Amount |
On
or before 30 days |
|
115%
of principal plus accrued interest |
31
– 60 days |
|
120%
of principal plus accrued interest |
61
– 90 days |
|
125%
of principal plus accrued interest |
91
– 120 days |
|
130%
of principal plus accrued interest |
121
– 150 days |
|
135%
of principal plus accrued interest |
151
– 180 days |
|
140%
of principal plus accrued interest |
The
Note may not be prepaid after the 180th day.
The
Buyer has the right from time to time, and at any time after 180 days to convert all or any part of the outstanding and unpaid principal
amount of the Note into common stock, subject to a 4.99% equity blocker.
The
conversion price of the Note equals 70% of the lowest trading price of the Company’s common stock for the 20 prior trading days,
including the day upon which a notice of conversion is delivered.
The
balance of the Fast Capital note as of September 30, 2023, and December 31, 2022 was $120,000 and $120,000 respectively. The Company
is currently in default of the Fast Capital Note.
Convertible
Promissory Note – ONE44 Capital LLC
On
February 16, 2022, the Company entered into a Securities Purchase Agreement, (the “ONE44 Capital purchase agreement”) dated
February 15, 2022, by and between the Company and ONE44 Capital LLC. Pursuant to the terms of the SPA, the Company agreed to issue and
sell, and the Buyer agreed to purchase, a convertible note in the aggregate principal amount of $175,500 (the “ONE44 Capital Note”).
The ONE44 Capital Note has an original issue discount of $17,500, resulting in gross proceeds to the Company of $158,000.
The
ONE44 Capital Note bears interest at a rate of 4% per annum and matures on February 16, 2023. Any amount of principal or interest on
the Note which is not paid when due will bear interest at a rate of 24% per annum. The Note may not be prepaid in whole or in part except
as provided in the Note by way of conversion at the option of the Buyer.
The
Buyer has the right from time to time, and at any time during the period beginning on the date that is 180 days following February 16,
2022 and ending on the later of (i) February 16, 2023, and (ii) the date of payment of the Default Amount (as defined in the Note), to
convert all or any part of the outstanding and unpaid principal amount of the Note into common stock, subject to a 4.99% equity blocker.
The
conversion price of the ONE44 Capital Note equals the lesser of the Variable Conversion Price (as hereinafter defined) and $1.00. The
“Variable Conversion Price” means 65% multiplied by the lowest VWAP (as defined in the Note) for the Company’s common
stock during the 3 trading date period ending on the latest complete trading day prior to the conversion date.
Since
the conversion price is based on 65% of the VWAP during the 3-trading day period immediately prior to the option conversion date, the
Company has determined that the conversion feature is considered a derivative liability for the Company, which is detailed in Note 10.
The
$17,500 original issue discounts, the $8,000 reimbursement and the conversion features were recorded as debt discounts and amortized
over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note were recorded
at $148,306.
ONE44
Capital LLC converted $45,000 principal to common shares in the quarter ended March 31, 2023.
On
March 7, 2023, the Company entered into a Debt Repayment and Release Agreement by and between the Company and ONE44 Capital LLC. Pursuant
to the terms of the Agreement, the Company agreed to pay to ONE44 $88,738 as full and complete payment of certain debt owed by the Company
to ONE44 pursuant to a 4% convertible redeemable note due February 16, 2023, dated February 16, 2022 (the “Note”), in the
principal sum of $90,000, plus accrued interest. On March 7, 2023, pursuant to the terms of the Agreement, the Company paid ONE44 $88,738,
the debt was settled, and the ONE44 Capital Note was terminated.
The
balance of the ONE44 Capital note as of September 30, 2023 and December 31, 2022 was $0 and $135,000 respectively.
Convertible
Promissory Note – ONE44 Capital LLC #2
On
May 20, 2022, the Company entered into a Securities Purchase Agreement, (the “ONE44 Capital purchase agreement #2”) by and
between the Company and ONE44 Capital LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the Buyer agreed
to purchase, a convertible note in the aggregate principal amount of $115,000 (the “ONE44 Capital Note”). The ONE44 Capital
Note has an original issue discount of $10,000 and reimbursement of $5,000, resulting in gross proceeds to the Company of $100,000.
The
ONE44 Capital Note bears interest at a rate of 4% per annum and matures on May 20, 2023. Any amount of principal or interest on the Note
which is not paid when due will bear interest at a rate of 24% per annum. The Note may not be prepaid in whole or in part except as provided
in the Note by way of conversion at the option of the Buyer.
ONE44
is entitled, at its option, at any time after the sixth monthly anniversary of cash payment, to convert all or any amount then outstanding
under the May 2022 ONE44 Note into shares of common stock at a price per share equal to 55% of the lowest daily trading VWAP of the Company’s
common stock for the 20 prior trading days, subject to a 4.99% equity blocker and subject to the terms of the May 2022 ONE44 Note.
Since
the conversion price is based on 55% of the lowest daily trading VWAP of the Company’s common stock for the 20 prior trading days,
the Company has determined that the conversion feature is considered a derivative liability for the Company, which is detailed in Note
10.
The
$10,000 original issue discounts, the $5,000 reimbursement and the conversion features were recorded as debt discounts and amortized
over the term of the note. Therefore, the total debt discount at the inception date of this convertible promissory note were recorded
at $95,000.
ONE44
Capital LLC converted $20,000 principal to common shares in the quarter ended March 31, 2023 and converted $20,000 principal and $770
interest to common shares in the quarter ended June 30, 2023.
On
May 10, 2023, the Company entered into debt repayment and release agreement with ONE44 Capital LLC. Pursuant to the terms of the Agreement,
the Company agreed to pay to ONE44 $77,893 as full and complete payment of certain debt owed by the Company to ONE44 pursuant to a 4%
convertible redeemable note due May 20, 2023 (the “Note”), in principal sum of $75,000, plus accrued interest. On May 11,
2023, pursuant to the terms of the Agreement, the Company paid ONE44 $77,893, the debt was settled, and the ONE44 Capital Note was terminated.
The
balance of the ONE44 Capital note as of September 30, 2023, and December 31, 2022 was $0 and $135,000, respectively.
Convertible
Promissory Note – 1800 Diagonal Lending LLC
On
June 23, 2022, the Company entered into a Securities Purchase Agreement, (the “Sixth Street #4 purchase agreement”), by and
between the Company and Diagonal Lending LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the Buyer agreed
to purchase, a convertible note in the aggregate principal amount of $86,625 (the “Diagonal Note”). The Diagonal Note has
an original issue discount of $7,875, $3,000.00 paid to legal counsel for the Company, and $750.00 which amount was retained by the Investor
as a due diligence fee resulting in gross proceeds to the Company of $75,000.
The
Note has a maturity date of June 23, 2023 and bears interest at 10% per annum. No payments of the principal amount or interest are due
prior to the maturity date, other than as specifically set forth in the Note. The Company may not prepay the Note prior to the maturity
date, other than by way of a conversion initiated by Investor.
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
The
conversion price is equal to the lesser of the variable conversion price and fixed conversion price which is $1.00. The variable conversion
price is defined in the Note as 75% multiplied by the lowest VWAP for shares of Common Stock during the 20 trading days immediately preceding
the Conversion Date.
Since
the conversion price is based on the lesser of (i) $1.00 or (ii) 75% of the VWAP during the 20-trading day period immediately prior to
the option conversion date, the Company has determined that the conversion feature is considered a derivative liability for the Company,
which is detailed in Note 10.
The
$11,625 original issue discounts and the conversion features were recorded as debt discounts and amortized over the term of the note.
Therefore, the total debt discount at the inception date of this convertible promissory note were recorded at $86,625.
Three
conversions occurred during the period ending March 31, 2023, resulting in a principal reduction of $46,500 and remaining balance was
settled on February 17, 2023 as disclosed below.
On
February 17, 2023, the Company entered into a Settlement and Release Agreement by and between the Company and 1800 Diagonal Lending LLC.
Pursuant to the terms of the Agreement, in full and final settlement of the the Diagonal lending LLC notes, the Company agreed to (i)
pay to the Lender $105,000; and (ii) issue to the Lender shares of the Company’s common stock with respect to the Lender’s
notice of conversion dated February 16, 2023 relating to a partial conversion of Note #1 (with a then-current balance of $45,479).
As
a result, as of February 17, 2023, pursuant to the terms of the Agreement, the Debt was settled and all the 1800 Diagonal Lending LLC
notes were terminated.
The
balance of the Diagonal note as of September 30, 2023 and December 31, 2022 was $0 and $86,625, respectively.
Convertible
Promissory Note – Diagonal Lending LLC
On
July 8, 2022, the Company entered into a Securities Purchase Agreement, (the “1800 Diagonal Lending LLC purchase agreement”),
by and between the Company and Diagonal Lending LLC. Pursuant to the terms of the SPA, the Company agreed to issue and sell, and the
Buyer agreed to purchase, a convertible note in the aggregate principal amount of $61,812 (the “Diagonal Note”). The Diagonal
Note has an original issue discount of $5,375 and $3,750 paid to legal counsel for the Company, resulting in gross proceeds to the Company
of $52,688.
The
Note has a maturity date of July 8, 2023 and bears interest at 10% per annum. No payments of the principal amount or interest are due
prior to the maturity date, other than as specifically set forth in the Note. The Company may not prepay the Note prior to the maturity
date, other than by way of a conversion initiated by Investor.
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
The
conversion price is equal to the lesser of the variable conversion price and fixed conversion price which is $1.00. The variable conversion
price is defined in the Note as 75% multiplied by the lowest VWAP for shares of Common Stock during the 20 trading days immediately preceding
the Conversion Date.
Since
the conversion price is based on the lesser of (i) $1.00 or (ii) 75% of the VWAP during the 20-trading day period immediately prior to
the option conversion date, the Company has determined that the conversion feature is considered a derivative liability for the Company,
which is detailed in Note 10.
The
$5,375 original issue discounts and the conversion features were recorded as debt discounts and amortized over the term of the note.
Therefore, the total debt discount at the inception date of this convertible promissory note were recorded at $61,812.
On
February 17, 2023, the Company entered into a Settlement and Release Agreement by and between the Company and 1800 Diagonal Lending LLC.
Pursuant to the terms of the Agreement, in full and final settlement of the the Diagonal lending LLC notes, the Company agreed to (i)
pay to the Lender $105,000; and (ii) issue to the Lender shares of the Company’s common stock with respect to the Lender’s
notice of conversion dated February 16, 2023 relating to a partial conversion of Note #1 (with a then-current balance of $45,479).
As
a result, as of February 17, 2023, pursuant to the terms of the Agreement, the Debt was settled and all the 1800 Diagonal Lending LLC
notes were terminated.
The
balance of the Diagonal note as of September 30, 2023, and December 31, 2022, was $0 and $0, respectively.
Below
is the summary of the principal balance and debt discounts as of September 30, 2023.
SCHEDULE OF CONVERTIBLE PROMISSORY NOTE
Convertible
Promissory Note Holder | |
Start
Date | |
End
Date | |
Initial
Note Principal Balance | | |
Current
Note Principal Balance | | |
Debt
Discounts As of Issuance | | |
Amortization | | |
Debt Discounts
As of September 30, 2023 | |
GS Capital #2 | |
2/16/2022 | |
2/16/2022 | |
| 577,778 | | |
| - | | |
| 577,778 | | |
| (577,778 | ) | |
| - | |
GS Capital #2 - replacement | |
6/29/2022 | |
8/16/2022 | |
| 635,563 | | |
| 20,000 | | |
| - | | |
| - | | |
| - | |
GS Capital #3 | |
3/16/2022 | |
3/16/2022 | |
| 577,778 | | |
| 577,778 | | |
| 577,778 | | |
| (577
778) | | |
| - | |
GS Capital #4 | |
4/1/2022 | |
4/1/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Eagle Equities LLC | |
4/13/2022 | |
4/13/2022 | |
| 1,100,000 | | |
| 1,100,000 | | |
| 1,100,000 | | |
| (1,100,000 | ) | |
| - | |
GS Capital #5 | |
4/29/2022 | |
4/29/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
GS Capital #6 | |
6/3/2022 | |
6/3/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Chris Etherington | |
8/26/2022 | |
8/26/2022 | |
| 165,000 | | |
| 165,000 | | |
| 165,000 | | |
| (165,000 | ) | |
| - | |
Rui Wu | |
8/26/2022 | |
8/26/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Sixth Street Lending #1 | |
11/28/2022 | |
11/28/2022 | |
| 224,000 | | |
| - | | |
| 173,894 | | |
| (173,894 | ) | |
| - | |
Sixth Street Lending #2 | |
12/9/2022 | |
12/9/2022 | |
| 93,500 | | |
| - | | |
| 79,118 | | |
| (79,118 | ) | |
| - | |
Fast Capital LLC | |
1/10/2022 | |
1/10/2023 | |
| 120,000 | | |
| 120,000 | | |
| 120,000 | | |
| (120,000 | ) | |
| - | |
Sixth Street Lending #3 | |
1/12/2022 | |
1/12/2023 | |
| 70,125 | | |
| - | | |
| 50,748 | | |
| (50,748 | ) | |
| - | |
One 44 Capital | |
2/16/2022 | |
2/16/2023 | |
| 175,500 | | |
| - | | |
| 148,306 | | |
| (135,000 | ) | |
| - | |
Coventry Enterprise | |
3/3/2022 | |
3/3/2023 | |
| 150,000 | | |
| - | | |
| 150,000 | | |
| (150,000 | ) | |
| - | |
One 44 Capital #2 | |
5/20/2022 | |
5/20/2023 | |
| 115,000 | | |
| - | | |
| 115,000 | | |
| (115,000 | ) | |
| - | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1800 Diagonal Lending LLC | |
6/23/2022 | |
6/23/2023 | |
| 86,625 | | |
| - | | |
| 86,625 | | |
| (86,625 | ) | |
| - | |
1800 Diagonal Lending LLC | |
7/8/2022 | |
7/8/2023 | |
| 61,813 | | |
| - | | |
| 61,813 | | |
| (61,813 | ) | |
| - | |
Total | |
| |
| |
| | | |
| | | |
| | | |
| Total | | |
$ | 0 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Remaining
note principal balance | | |
| 4,182,778 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Total
convertible promissory notes, net | | |
$ | 4,182,778 | |
Future
payments of principal of convertible notes payable at September 30, 2023 are as follows:
SCHEDULE OF FUTURE MATURITIES OF CONVERTIBLE NOTES PAYABLE
Years
ending December 31, | |
| |
2023 | |
$ | (4,182,778 | ) |
2024 | |
| – | |
2025 | |
| - | |
Thereafter | |
| – | |
Total | |
$ | (4,182,778 | ) |
Interest
expense recorded related to the convertible notes payable for the nine months ended September 30, 2023 and 2022 were $561,177 and $1,227,507,
respectively.
The
Company amortized $140,144 and $2,285,817 of the discount on the convertible notes payable to interest expense for the nine months ended
September 30, 2023, and 2022, respectively.
|
X |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
SHARES ISSUED - LIABILITY
|
9 Months Ended |
Sep. 30, 2023 |
Shares Issued - Liability |
|
SHARES ISSUED - LIABILITY |
NOTE
9 – SHARES ISSUED - LIABILITY
As
of September 30, 2023 and December 31, 2022, the Company entered into various consulting agreements with consultants, directors, and
convertible debt. The balances of shares to be issued – liability were $798,333 and $573,333, respectively. The Company recorded
these consultant and director shares under liability based on the shares will be issued at a fixed monetary amount known at inception
under ASC 480.
Shares
to be issued - liability is summarized as below:
SCHEDULE OF SHARES TO BE ISSUED LIABILITY
| |
| | |
Beginning
Balance, January 1, 2022 | |
$ | 1,047,885 | |
Shares
to be issued | |
| 672,819 | |
Shares
issued | |
| (1,147,371 | ) |
Ending
Balance, December 31, 2022 | |
$ | 573,333 | |
Shares
to be issued - liability is summarized as below:
| |
| | |
Beginning
Balance, January 1, 2023 | |
$ | 573,333 | |
Shares
to be issued | |
| 225,000 | |
Shares
issued | |
| - | |
Ending
Balance, September 30, 2023 | |
$ | 798,333 | |
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v3.23.3
DERIVATIVE LIABILITY
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE LIABILITY |
NOTE
10 – DERIVATIVE LIABILITY
The
derivative liability is derived from the conversion features in note 8 signed for the period ended December 31, 2022. All were valued
using the weighted-average Binomial option pricing model using the assumptions detailed below. As of September 30, 2023, and December
31, 2022, the derivative liability was $1,750,275 and $799,988, respectively. The Company recorded $16,047 gain and $1,734,004 gain from
changes in derivative liability during the three months ended September 30, 2023 and 2022, respectively. The Company recorded $1,153,526
loss and $974,446 loss from changes in derivative liability during the nine months ended September 30, 2023 and 2022, respectively.
The
Binomial model with the following assumption inputs:
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| December
31, 2022 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 1.282%
- 2.98 | % |
Expected
Volatility | |
| 149-612 | % |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2021 | |
$ | 513,959 | |
Additions | |
| 2,451,945 | |
Mark
to Market | |
| 166,309 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (2,332,225 | ) |
Ending
Balance, December 31, 2022 | |
$ | 799,988 | |
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| September
30, 2023 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 5.47%
- 5.53 | % |
Expected
Volatility | |
| 563-603 | % |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2022 | |
$ | 799,988 | |
Derivative
liability, Balance | |
$ | 799,988 | |
Additions | |
| - | |
Mark
to Market | |
| 963,799 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (13,512 | ) |
Ending
Balance, September 30, 2023 | |
$ | 1,750,275 | |
Derivative
liability,Balance | |
$ | 1,750,275 | |
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v3.23.3
NOTE PAYABLE, RELATED PARTY
|
9 Months Ended |
Sep. 30, 2023 |
Note Payable Related Party |
|
NOTE PAYABLE, RELATED PARTY |
NOTE
11 – NOTE PAYABLE, RELATED PARTY
Note
payable – Amir without interest
For
the nine months ended September 30, 2023 and 2022, the Company borrowed $1,220,000 and $525,050, respectively, from Amir. The Company,
also, made payments of $396,668 and settled of $1,197,501 with issuance in common stock shares towards the note payable as of September
30, 2023. The note is due on demand and has no interest.
Effective
March 4, 2022, the Company entered into three (3) separate director agreements with Amir Ben-Yohanan, Christopher Young, and Simon Yu.
The Director Agreements set out terms and conditions of each of Mr. Ben-Yohanan’s, Mr. Young’s, and Mr. Yu’s role as
a director of the Company. Mr. Young and Yu resigned from their officer and director positions with the Company on October 8, 2022.
Pursuant
to the Director Agreements, the Company agreed to compensate each of the Directors as follows:
|
● |
An
issuance of 31,821 shares of the Company’s common stock, par value par value $0.000001 (“Common Stock”), to be
issued on the Effective Date, as compensation for services provided by each of the Directors to the Company prior to the Effective
Date; and |
|
● |
An
issuance of a number of shares of Common Stock having a fair market value (as defined in each of the Director Agreements) of $25,000
at the end of each calendar quarter that the Director serves as a director. |
As
of September 30, 2023, and December 31, 2022, the Company has a payable balance owed to the sellers of Magiclytics of $97,761 and $97,761
from the acquisition of Magiclytics on February 3, 2021.
On
October 7, 2021, the Board of Directors of the Company appointed Dmitry Kaplun as the Company’s Chief Financial Officer. Pursuant
to the terms of the Employment Agreement, the Board entered into a restricted stock award agreement (the “Restricted Stock Agreement”)
dated October 7, 2022. Pursuant to the terms of the Restricted Stock Agreement, the Board granted Mr. Kaplun 58,824 shares of restricted
common stock on October 7, 2022. 25% of the shares vest on each of the three-month, six-month, nine-month and 12-month anniversaries
of the grant date.
On
October 12, 2021, the Board appointed Massimiliano Musina to serve as a member of the Company’s Board of Directors. In connection
with Mr. Musina’s appointment, the Company and Mr. Musina entered into an Independent Director Agreement dated October 12, 2021
(the “Director Agreement”). Pursuant to the terms of the Director Agreement, the Company agreed to issue to Mr. Musina each
quarter a number of shares of common stock having a fair market value of $25,000, in exchange for Mr. Musina’s service as a member
of the Company’s Board of Directors.
On
April 1, 2022, Clubhouse Media Group, Inc. (the “Company”) entered into an employment agreement with Amir Ben-Yohanan, the
Company’s Chief Executive Officer, effective April 11, 2022. The terms of the employment agreement
are substantially similar to the terms of Mr. Ben-Yohanan’s prior employment agreement with the Company. Accordingly, pursuant
to the terms of the employment agreement, Mr. Ben-Yohanan will continue to serve as Chief Executive Officer of the Company, reporting
to the Board of Directors (the “Board”). As compensation for Mr. Ben-Yohanan’s services, the Company agreed to pay
Mr. Mr. Ben-Yohanan an annual base salary of $400,000 (the “Base Salary”) comprised of two parts a “Cash Portion”,
and an “Optional Portion”. The Cash Portion is a monthly cash payment of $15,000. The remaining $220,000 per year –
the Optional Portion – is payable as follows:
|
(i) |
If
the Company’s Board determines that the Company has sufficient cash on hand to pay all or a portion of the Optional Portion in
cash, such amount shall be paid in cash. |
|
(ii) |
If
the Board determines that the Company does not have sufficient cash on hand to pay all of the Optional Portion in cash, then the
portion of the Optional Portion which the Board determines that the Company has sufficient cash on hand to pay in cash will be paid
in cash, and the remainder (the “Deferred Portion”) will either: |
|
a. |
be
paid at a later date, when the Board determines that the Company has sufficient cash on hand to enable the Company to pay the
Deferred Portion; or |
|
b. |
will
not be paid in cash – and instead, the Company will issue shares of Company Common Stock equal to |
|
(A) |
the
Deferred Portion, divided by (B) the VWAP (as defined in the employment agreement) as of the |
|
(B) |
date
of issuance of such shares of Company Common Stock. |
In
addition, pursuant to the employment agreement, Mr. Ben-Yohanan is entitled to be paid discretionary annual bonuses as determined by
the Board, and is also entitled to receive fringe benefits, such as, but not limited to, reimbursement for reimbursement for all reasonable
and necessary out-of-pocket business, entertainment and travel, vacation days, and certain insurances.
The
initial term of the employment agreement is one year from April 11, 2022, unless earlier terminated. Thereafter, the term is automatically
extended on an annual basis for terms of one year each, unless either the Company or Mr. Ben-Yohanan provides notice to the other party
of their desire to not so renew the term of the agreement (as applicable) at least 30 days prior to the expiration of the then-current
term.
Mr.
Ben-Yohanan’s employment with the Company shall be “at will,” meaning that either Mr. Ben-Yohanan or the Company may
terminate Mr. Ben-Yohanan’s employment at any time and for any reason, subject to certain terms and conditions.
The
Company may terminate the employment agreement at any time, with or without “cause”, as defined in the employment agreement
and Mr. Ben-Yohanan may terminate the employment agreement at any time, with or without “good reason”, as defined in the
employment agreement. If the Company terminates the employment agreement for cause or Mr. Ben-Yohanan terminates the employment agreement
without good reason, Mr. Ben-Yohanan will be entitled to be paid any unpaid salary owed or accrued, including the issuance of any shares
of Company Common Stock owed or accrued (as compensation) as of the termination date. In the event that there was any Deferred Portion
which had been agreed to be paid in cash, such Deferred Portion instead will be paid in shares of Company Common Stock as though such
amount had been agreed to be paid via the issuance of shares of Company Common Stock. Mr. Ben-Yohanan will also be entitled to payment
for any unreimbursed expenses as of the termination date. However, any unvested portion of any equity granted to Mr. Ben-Yohanan will
be immediately forfeited as of the termination date.
During
the three months ended September 30, 2023, Mr. Ben-Yohanan entered into an agreement with the Company to forgive all prior accrued and
unpaid wages amounting to $785,000 as of June 30, 2023 and agreed to forego any wages until further notification to the Company. The
forgiven accrued and unpaid wages was recorded as a charge to additional paid in capital.
On
April 19, 2022, the board of directors (the “Board”) of Clubhouse Media Group, Inc. (the “Company”) and stockholders
holding a majority of the Company’s voting power approved the Clubhouse Media Group, Inc. 2022 Equity Incentive Plan (the “2022
Plan”).
|
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v3.23.3
JOINT VENTURE AGREEMENT- CONSOLIDATED SUBSIDIARY
|
9 Months Ended |
Sep. 30, 2023 |
Joint Venture Agreement- Consolidated Subsidiary |
|
JOINT VENTURE AGREEMENT- CONSOLIDATED SUBSIDIARY |
NOTE
12 - JOINT VENTURE AGREEMENT- CONSOLIDATED SUBSIDIARY
On
July 31, 2022, the Company entered into a joint venture deal memo with Alden Henri Reiman (“Mr. Reiman”), pursuant to which
the parties agreed to enter into a more permanent joint venture arrangement, involving the creation of a Nevada limited liability company,
The Reiman Agency LLC (the “Agency”), of which the Company shall own 51% of the membership units, and Mr. Reiman shall own
49% of the membership units. Mr. Reiman is to serve as President of the Agency, pursuant to the terms of an Executive Employment Agreement.
The parties’ respective membership interests shall be non-transferrable, and the Agency shall not issue additional membership interests,
unless the parties mutually consent in each instance. The Company consolidate this joint venture since we owned 51% and has control in
this entity.
Mr.
Reiman shall oversee the day-to-day operations of the Agency, but shall consult with the Company on a regular basis and regularly update
the Company on the status of deals and the operations of the business. All material business and financial decisions shall be subject
to the Company’s final approval. The Company shall not exercise its approval rights in an arbitrary or capricious manner.
In
the event that Mr. Reiman determines that office space is required to properly carry on the business of the Agency, Mr. Reiman shall
have the authority to lease a reasonable office space on behalf of the Agency, subject to the Company’s prior review and approval.
The Company has agreed and approved an office leasing budget of up to $200,000 USD annually. Expenses in excess of $400 must be pre-approved
by the Company.
On
the Effective Date, the parties closed the Agreement by executing an Operating Agreement for the Agency, dated the Effective Date, which
encapsulates the essential terms and conditions contained in the Agreement.
In
connection with Mr. Reiman’s appointment as President of the Agency, on the Effective Date, the Company and the Agency, a majority
owned subsidiary of the Company, entered into a written Executive Employment Agreement (the “Employment Agreement”) with
Mr. Reiman for a term of two (2) years following the Effective Date (the “Initial Term”). The Initial Term and any renewal
term shall automatically be extended for up to two (2) more additional terms of two (2) years (each a “Renewal Term”), for
an aggregate of up to six (6) years.
The
Employment Agreement provides Mr. Reiman with a monthly base salary of $37,500 per month, payable on a weekly basis in accordance with
the Company’s own payroll policies for the initial term, provided however, that if within the three (3) month period following
full execution of the Employment Agreement the Agency is profitable, the Base Salary shall increase to $42,500 per month, beginning the
week following the end of the Period.
Additionally,
on the last day of each month of the term, Mr. Reiman shall be entitled to an amount of shares equal to seven and one half percent (7.5%)
of the net receipts for the applicable month (“Additional Shares”), divided by the twenty (20) day VWAP of such shares from
the last day of the applicable month. All Additional Shares issued to Mr. Reiman pursuant to the Employment Agreement shall be issued
to Mr. Reiman within seven (7) business days of the date such shares vest.
Mr.
Reiman shall also be entitled to Twenty-Five Percent (25%) of the net receipts, generated by the Agency during each month (the “Commission
Bonus”). The Commission Bonus shall be calculated monthly and paid to Reiman within seven (7) business days of the last business
day of the applicable month.
The
Company allocate the net income or loss of this joint venture to non-controlling interest based on the ownership of this joint venture.
The non-controlling interest for the three months ended September 30, 2023 and 2022, was $98,422 and $43,501, respectively. The non-controlling
interest for the nine months ended September 30, 2023 and 2022, was $(57,855) and $43,501, respectively.
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v3.23.3
STOCKHOLDERS’ EQUITY (DEFICIT)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
NOTE
13 – STOCKHOLDERS’ EQUITY (DEFICIT)
On
July 7, 2020, the Company increased the authorized capital stock of the Company to 550,000,000, comprised of 500,000,000 shares of common
stock, par value $0.001, and 50,000,000 shares of preferred stock, par value $0.001.
On
April 19, 2022, the Company filed Articles of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of
State that had the effect of increasing the authorized shares of common stock from 500,000,000 to 2,000,000,000.
The
Company filed a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Nevada on June
13, 2022 for the purpose of amending the Articles of Incorporation of the Company to reduce the par value of the common stock of the
Company, par value $0.001 per share, from $0.001 to $0.000001.
On
June 23, 2022, the Company filed Articles of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of
State that had the effect of increasing the authorized shares of common stock from 2,000,000,000 to 8,000,000,000. The Company’s
Preferred Stock was unchanged by the Amendment.
On
November 15, 2022, the Company filed a certificate of amendment to its Articles of Incorporation to increase the Company’s authorized
shares of common stock, par value $0.000001 per share, from 8,000,000,000 to 25,000,000,000. Accordingly, following the filing of the
Amendment, the Company has 25,050,000,000 authorized shares of capital stock, consisting of 25,000,000,000 shares of common stock and
50,000,000 shares of preferred stock, par value $0.001 per share.
One
share of Series X Preferred Stock is outstanding as of December 31, 2022. The single share of Series X Preferred Stock outstanding is
held by Amir Ben-Yohanan, the Company’s Chief Executive Officer, who also holds 10,564,764,688 shares of Common Stock as of September
30, 2023.
Preferred
Stock
As
of September 30, 2023 there was 1 preferred share issued and outstanding.
On
November 12, 2020, the Company filed a Certificate of Designations with the Secretary of State of Nevada to designate one share of the
preferred stock of the Company as the Series X Preferred Stock of the Company.
In
November 2020, the Company issued and sold to the Company’s Chief Executive Officer 1 share of Series X Preferred Stock, at a purchase
price of $1.00. The share of Series X Preferred Stock shall have a number of votes at any time equal to (i) the number of votes then
held or entitled to be made by all other equity securities of the Company, debt securities of the Company or pursuant to any other agreement,
contract or understanding of the Company, plus (ii) one (1). The Series X Preferred Stock shall vote on any matter submitted to the holders
of the Common Stock, or any class thereof, for a vote, and shall vote together with the Common Stock, or any class thereof, as applicable,
on such matter for as long as the share of Series X Preferred Stock is issued and outstanding. The Series X Preferred Stock shall not
have the right to vote on any matter as to which solely another class of Preferred Stock of the Company is entitled to vote pursuant
to the certificate of designations of such other class of Preferred Stock of the Company.
The
Series X Preferred Stock shall not be convertible into shares of any other class of stock of the Company and entitled to receive any
dividends paid on any other class of stock of the Company.
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
Series X Preferred Stock shall not be entitled to receive any distribution of any of the assets or surplus funds of the Company and shall
not participate with the Common Stock or any other class of stock of the Company therein.
Common
Stock
As
of September 30, 2023, and December 31, 2022, the Company had 25,000,000,000 shares of common stock authorized with a par value of $0.000001.
There were 14,627,446,939 and 6,830,378,163 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.
For
the three months ended March 31, 2023, the Company issued 1,431,944,776 shares to settle a conversion of $184,254 of convertible promissory
note principal and accrued interest and a reclass of derivative liability of $189,352.
For
the three months ended June 30, 2023, the Company issued 377,624,000 shares to settle a conversion of $20,770 of convertible promissory
note principal and accrued interest and a reclass of derivative liability of $13,512.
For
the three months ended September 30, 2023, the Company issued 5,987,500,000 shares for debt exchange in amount of $1,197,501 to Amir
Ben-Yohanan non-interest loan to the Company.
Warrants
A
summary of the Company’s stock warrants activity is as follows:
SUMMARY OF WARRANTS ACTIVITY
| |
Number of Options (in thousands) | | |
Weighted- Average Exercise
Price | | |
Weighted- Average Contractual Term
(in years) | | |
Aggregate Intrinsic
Value | |
Outstanding at December 31, 2022 | |
| 165,077 | | |
$ | 2.05 | | |
| 4.6 | | |
| - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Canceled | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Vested and expected to vest at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Exercisable at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
No
stock options were granted by the Company during the nine months ended September 30, 2023.
The
fair values of warrants granted in 2021 were estimated using the Black-Scholes option pricing model on the grant date using the following
assumptions:
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED ASSUMPTIONS
Dividend yield | |
| — | % |
Expected term (in years) | |
| 5 | |
Volatility | |
| 368
- 369 | % |
Equity
Purchase Agreement and Registration Rights Agreement
On
November 2, 2021, Clubhouse Media Group, Inc (the “Company”) entered into an Equity Purchase Agreement (the “Agreement”)
and Registration Rights Agreement (the “Registration Rights Agreement”) with Peak One Opportunity Fund, L.P., a Delaware
limited Partnership (“Investor”), dated as of October 29, 2021, pursuant to which the Company shall have the right, but not
the obligation, to direct Investor, to purchase up to $15,000,000.00 (the “Maximum Commitment Amount”) in shares of the Company’s
common stock, par value $0.000001 per share (“Common Stock”) in multiple tranches. Further, under the Agreement and subject
to the Maximum Commitment Amount, the Company has the right, but not the obligation, to submit a Put Notice (as defined in the Agreement)
from time to time to Investor (i) in a minimum amount not less than $20,000.00 and (ii) in a maximum amount up to the lesser of (a) $400,000.00
or (b) 250% of the Average Daily Trading Value (as defined in the Agreement).
In
exchange for Investor entering into the Agreement, the Company agreed, among other things, to (A) issue Investor and Peak One Investments,
LLC, an aggregate of 70,000 shares of Common Stock (the “the Commitment Shares”), and (B) file a registration statement registering
the Common Stock issued as Commitment Shares or issuable to Investor under the Agreement for resale (the “Registration Statement”)
with the Securities and Exchange Commission within 60 calendar days of the Agreement, as more specifically set forth in the Registration
Rights Agreement.
The
obligation of Investor to purchase the Company’s Common Stock shall begin on the date of the Agreement, and ending on the earlier
of (i) the date on which Investor shall have purchased Common Stock pursuant to this Agreement equal to the Maximum Commitment Amount,
(ii) twenty four (24) months after the date of the Agreement, (iii) written notice of termination by the Company to Investor (which shall
not occur during any Valuation Period or at any time that Investor holds any of the Put Shares), (iv) the Registration Statement is no
longer effective after the initial effective date of the Registration Statement, or (v) the date that the Company commences a voluntary
case or any person commences a proceeding against the Company, a custodian is appointed for the Company or for all or substantially all
of its property or the Company makes a general assignment for the benefit of its creditors (the “Commitment Period”).
During
the Commitment Period, the purchase price to be paid by Investor for the Common Stock under the Agreement shall be 95% of the Market
Price, which is defined as the lesser of the (i) closing bid price of the Common Stock on the trading day immediately preceding the respective
Put Date (as defined in the Agreement), or (ii) lowest closing bid price of the Common Stock during the Valuation Period (as defined
in the Agreement), in each case as reported by Bloomberg Finance L.P or other reputable source designated by Investor.
The
Agreement and the Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing
future sale transactions, indemnification rights and obligations of the parties. Among other things, Investor represented to the Company,
that it is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”)), and the Company sold the securities in reliance upon an exemption from registration contained
in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.
2023
Equity Incentive Plan
On
July 11, 2022, the Board and stockholders holding a majority of the voting power of the Company approved and adopted the Clubhouse Media
Group, Inc. 2023 Equity Incentive Plan (the “2023 Plan”).
A
total of 75,000,000 shares of the Company’s common stock are authorized for issuance pursuant to the 2023 Plan.
Additionally,
if any award issued pursuant to the 2023 Plan expires or becomes unexercisable without having been exercised in full, is surrendered
pursuant to an exchange program, as provided in the 2023 Plan, or, with respect to restricted stock, restricted stock units (“RSUs”),
performance units or performance shares, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased shares
(or for awards other than stock options or stock appreciation rights the forfeited or repurchased shares) which were subject thereto
will become available for future grant or sale under the 2023 Plan (unless the 2023 Plan has terminated). With respect to stock appreciation
rights, only shares actually issued pursuant to a stock appreciation right will cease to be available under the 2023 Plan; all remaining
shares under stock appreciation rights will remain available for future grant or sale under the 2023 Plan (unless the 2023 Plan has terminated).
Shares that have actually been issued under the 2023 Plan under any award will not be returned to the 2023 Plan and will not become available
for future distribution under the 2023 Plan; provided, however, that if shares issued pursuant to awards of restricted stock, restricted
stock units, performance shares or performance units are repurchased by the Company or are forfeited to the Company due to the failure
to vest, such shares will become available for future grant under the 2023 Plan. Shares used to pay the exercise price of an award or
to satisfy the tax withholdings related to an award will become available for future grant or sale under the 2023 Plan. To the extent
an award under the 2023 Plan is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares
available for issuance under the 2023 Plan.
Notwithstanding
the foregoing and, subject to adjustment as provided in the 2023 Plan, the maximum number of shares that may be issued upon the exercise
of incentive stock options will equal the aggregate share number stated above, plus, to the extent allowable under Section 422 of the
Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder, any shares that become available for issuance under
the 2023 Plan in accordance with the foregoing.
Plan
Administration
The
Board or one or more committees appointed by the Board will administer the 2023 Plan. In addition, if the Company determines it is desirable
to qualify transactions under the 2023 Plan as exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended, such transactions
will be structured with the intent that they satisfy the requirements for exemption under Rule 16b-3. Subject to the provisions of the
2023 Plan, the administrator has the power to administer the 2023 Plan and make all determinations deemed necessary or advisable for
administering the 2023 Plan, including the power to determine the fair market value of the Company’s common stock, select the service
providers to whom awards may be granted, determine the number of shares covered by each award, approve forms of award agreements for
use under the 2023 Plan, determine the terms and conditions of awards (including the exercise price, the time or times at which the awards
may be exercised, any vesting acceleration or waiver or forfeiture restrictions and any restriction or limitation regarding any award
or the shares relating thereto), construe and interpret the terms of the 2023 Plan and awards granted under it, prescribe, amend and
rescind rules relating to the 2023 Plan, including creating sub-plans and modify or amend each award, including the discretionary authority
to extend the post-termination exercisability period of awards (provided that no option or stock appreciation right will be extended
past its original maximum term), and to allow a participant to defer the receipt of payment of cash or the delivery of shares that would
otherwise be due to such participant under an award. The administrator also has the authority to allow participants the opportunity to
transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute an exchange
program by which outstanding awards may be surrendered or cancelled in exchange for awards of the same type which may have a higher or
lower exercise price or different terms, awards of a different type or cash, or by which the exercise price of an outstanding award is
increased or reduced. The administrator’s decisions, interpretations and other actions are final and binding on all participants.
Eligibility
Awards
under the 2023 Plan, other than incentive stock options, may be granted to employees (including officers) of the Company or a subsidiary,
members of the Company’s Board, or consultants engaged to render bona fide services to the Company or a subsidiary. Incentive stock
options may be granted only to employees of the Company or a subsidiary.
Stock
Options
Stock
options may be granted under the 2023 Plan. The exercise price of options granted under the 2023 Plan generally must at least be equal
to the fair market value of the Company’s common stock on the date of grant. The term of each option will be as stated in the applicable
award agreement; provided, however, that the term may be no more than 10 years from the date of grant. The administrator will determine
the methods of payment of the exercise price of an option, which may include cash, shares or other property acceptable to the administrator,
as well as other types of consideration permitted by applicable law. After the termination of service of an employee, director or consultant,
they may exercise their option for the period of time stated in their option agreement. In the absence of a specified time in an award
agreement, if termination is due to death or disability, the option will remain exercisable for 12 months. In all other cases, in the
absence of a specified time in an award agreement, the option will remain exercisable for three months following the termination of service.
An option may not be exercised later than the expiration of its term. Subject to the provisions of the 2023 Plan, the administrator determines
the other terms of options.
Notwithstanding
any other provision of the 2023 Plan to the contrary, the aggregate grant date fair value of all awards granted, under the 2023 Plan,
to any director who is not an employee, during any fiscal year of the Company, taken together with any cash compensation paid to such
director during such fiscal year, shall not exceed $300,000.
Stock
Appreciation Rights
Stock
appreciation rights may be granted under the 2023 Plan. Stock appreciation rights allow the recipient to receive the appreciation in
the fair market value of the Company’s common stock between the exercise date and the date of grant. Stock appreciation rights
may not have a term exceeding 10 years. After the termination of service of an employee, director or consultant, they may exercise their
stock appreciation right for the period of time stated in their stock appreciation right agreement. In
the absence of a specified time in an award agreement, if termination is due to death or disability, the stock appreciation rights will
remain exercisable for 12 months. In all other cases, in the absence of a specified time in an award agreement, the stock appreciation
rights will remain exercisable for three months following the termination of service. However, in no event may a stock appreciation right
be exercised later than the expiration of its term. Subject to the provisions of the 2023 Plan, the administrator determines the other
terms of stock appreciation rights, including when such rights become exercisable and whether to pay any increased appreciation in cash
or with shares of the Company’s common stock, or a combination thereof, except that the per share exercise price for the shares
to be issued pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the
date of grant.
Restricted
Stock
Restricted
stock may be granted under the 2023 Plan. Restricted stock awards are grants of shares of the Company’s common stock that vest
in accordance with terms and conditions established by the administrator. The administrator will determine the number of shares of restricted
stock granted to any employee, director or consultant and, subject to the provisions of the 2023 Plan, will determine the terms and conditions
of such awards. The administrator may impose whatever conditions to vesting it determines to be appropriate (for example, the administrator
may set restrictions based on the achievement of specific performance goals or continued service to the Company); provided, however,
that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients
of restricted stock awards generally will have voting and dividend rights with respect to such shares upon grant without regard to vesting,
unless the administrator provides otherwise. Shares of restricted stock that do not vest are subject to the Company’s right of
repurchase or forfeiture.
Restricted
Stock Units
RSUs
may be granted under the 2023 Plan. RSUs are bookkeeping entries representing an amount equal to the fair market value of one share of
the Company’s common stock. Subject to the provisions of the 2023 Plan, the administrator determines the terms and conditions of
RSUs, including the vesting criteria and the form and timing of payment. The administrator may set vesting criteria based upon the achievement
of Company-wide, divisional, business unit or individual goals (including continued employment or service), applicable federal or state
securities laws or any other basis determined by the administrator in its discretion. The administrator, in its sole discretion, may
pay earned RSUs in the form of cash, in shares of the Company’s common stock or in some combination thereof. Notwithstanding the
foregoing, the administrator, in its sole discretion, may accelerate the time at which any vesting requirements will be deemed satisfied.
Performance
Units and Performance Shares
Performance
units and performance shares may be granted under the 2023 Plan. Performance units and performance shares are awards that will result
in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The
administrator will establish performance objectives or other vesting criteria in its discretion, which, depending on the extent to which
they are met, will determine the number or the value of performance units and performance shares to be paid out to participants. The
administrator may set performance objectives based on the achievement of Company-wide, divisional, business unit or individual goals
(including continued employment or service), applicable federal or state securities laws or any other basis determined by the administrator
in its discretion. After the grant of a performance unit or performance share, the administrator, in its sole discretion, may reduce
or waive any performance criteria or other vesting provisions for such performance units or performance shares. Performance units shall
have an initial dollar value established by the administrator on or prior to the grant date. Performance shares shall have an initial
value equal to the fair market value of the Company’s common stock on the grant date. The administrator, in its sole discretion,
may pay earned performance units or performance shares in the form of cash, in shares or in some combination thereof.
Non-Employee
Directors
The
2023 Plan provides that all non-employee directors will be eligible to receive all types of awards (except for incentive stock options)
under the 2023 Plan. The 2023 Plan includes a maximum limit of $300,000 of equity awards that may be granted to a non-employee director
in any fiscal year. Any equity awards granted to a person for their services as an employee, or for their services as a consultant (other
than as a non-employee director), will not count for purposes of the limitation. The maximum limit does not reflect the intended size
of any potential compensation or equity awards to the Company’s non-employee directors.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
14 – COMMITMENTS AND CONTINGENCIES
On
January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus
originating in Wuhan, China (the “COVID-19 outbreak”), and the risks to the international community as the virus spreads
globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase
in exposure globally. The Company’s suppliers may decrease production levels based on factory closures and reduced operating hours
in those facilities. Likewise, the Company is dependent on its workforce to deliver its products. Developments such as social distancing
and shelter-in-place directives may impact the Company’s ability to deploy its workforce effectively. The full impact of the COVID-19
outbreak continues to evolve as of the date of this report.
Management
is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and
workforce. The Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time. If the pandemic continues,
it may have a material effect on the Company’s results of future operations, financial position, and liquidity in the next 12 months.
On
March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES
Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments,
net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations,
increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement
property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote
continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. The Company
did not obtain CARES Act relief financing under the Paycheck Protection Program (“PPP Loans”) for each of its operating subsidiaries.
The
Company continues to examine the impact that the CARES Act may have on our business. Currently, management is unable to determine the
total impact that the CARES Act will have on our financial condition, results of operations, or liquidity.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
During
October 2023, the Company issued 368,883,716 shares of common stock for director shares held within shares to be issued.
On
October 18, 2023, the Company and Amir Ben-Yohanan, entered into an Executive Employment Agreement Amendment and Forgiveness Agreement
to the Executive Employment Agreement, dated April 11, 2021.
The
Amendment serves as a waiver whereby the Company and Mr. Yohanan agree that the Company owes to Mr. Yohanan the sum of $885,000 for past
due salary payable pursuant to the Employment Agreement, through September 30, 2023. Under the Amendment, all Past Due Amounts are forgiven
by Mr. Yohanan, and shall no longer be due or payable by the Company.
Further,
under the terms of the Amendment, Mr. Yohanan irrevocably waives any breach or default under the Employment Agreement occurring as a
result of the failure of the Company to pay any of the Past Due Amounts when and as originally payable.
The
Amendment further states that any and all claims, proceedings or causes of action relating to the Amendment or arising from the Amendment
or the transactions contemplated therein, including, without limitation, tort claims, statutory claims and contract claims, shall be
interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural laws of the State of
Nevada, in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed
wholly within the State of Nevada.
Other
than the above, the Employment Agreement shall remain in full force and effect subject to its terms.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
These
unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented.
|
Principles of Consolidation |
Principles
of Consolidation
The
unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company
transactions and balances have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
In
preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the consolidated
financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates and
assumptions made by management include, but are not limited to, revenue recognition, the allowance for bad debt, useful life of fixed
assets, income taxes and unrecognized tax benefits, valuation allowance for deferred tax assets, and assumptions used in assessing impairment
of long-lived assets. Actual results could differ from those estimates.
|
Business Combination |
Business
Combination
The
Company applies the provisions of the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 805, Business Combinations, in accounting for its acquisitions. It requires the Company to recognize separately from
goodwill the assets acquired and the liabilities assumed, at the acquisition date fair values. Goodwill as of the acquisition date is
measured as the excess of consideration transferred over the acquisition date fair values of the net assets acquired and the liabilities
assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the
acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement.
As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to
the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period
or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are
recorded to the consolidated statements of operations.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are
on deposit with financial institutions without any restrictions. The Company maintains its cash with high credit quality financial institutions;
at times, such balances with any one financial institution may exceed Federal Deposit Insurance Corporation (“FDIC”) insured
limits.
|
Advertising |
Advertising
Advertising
costs are expensed when incurred and are included in selling, general, and administrative expense in the accompanying consolidated statements
of operations. We incurred advertising expenses of $32,818 and $65,536 for the nine months ended September 30, 2023, and 2022, respectively.
|
Accounts Receivable |
Accounts
Receivable
The
Company’s accounts receivable arises from providing services. The Company does not adjust its receivables for the effects of a
significant financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale.
The Company does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves. Amounts determined to be uncollectible are charged
or written-off against the reserve. As of September 30, 2023, and December 31, 2022, there were $0 for bad debt allowance for accounts
receivable.
|
Property and equipment, net |
Property
and equipment, net
Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment and are
calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT, NET ESTIMATED USEFUL LIVES
Classification |
|
Useful
Life |
Equipment |
|
3
years |
|
Lease |
Lease
On
January 2, 2020, the Company adopted ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with a cumulative
effect adjustment to be accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases as stated
below. As described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for
the Company was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases
with terms longer than 12 months. The Company elected to use the short-term exception and does not record assets/liabilities for short
term leases as of September 30, 2023, and December 31, 2022.
The
Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an
arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with
terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease
term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized
incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term
when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual
lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized
on a straight-line basis over the lease term.
Leased
right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived
assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment
of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present,
the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income,
and if not recoverable, measures impairment loss for the right-of-use asset or asset group.
|
Revenue Recognition |
Revenue
Recognition
In
May 2014 the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606),
which supersedes all existing revenue recognition requirements, including most industry specific guidance. This new standard requires
a company to recognize revenues when it transfers goods or services to customers in an amount that reflects the consideration that the
company expects to receive for those goods or services. The FASB subsequently issued the following amendments to ASU No. 2014-09 that
have the same effective date and transition date: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus
Agent Considerations; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;
ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The Company adopted these amendments with
ASU 2014-09 (collectively, the new revenue standards).
Under
the new revenue standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount
that reflects the consideration which it expects to receive in exchange for those goods. The Company recognizes revenues following the
five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations
in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract;
and (v) recognize revenues when (or as) we satisfy the performance obligation. The Company recognized revenue from providing temporary
and permanent staffing solutions and sale of consumer products.
|
Managed Services Revenue |
Managed
Services Revenue
The
Company generates revenue from its managed services when a marketer (typically a brand, agency or partner) pays the Company to provide
custom content, influencer marketing, amplification or other campaign management services (“Managed Services”).
The
Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service,
which specify the terms of the relationship and access to its platforms, or by statement of work, which specifies the price and the services
to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and
does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content
requests may prepay for services or request credit terms. The agreement typically provides for either a non-refundable deposit, or a
cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services
are recorded as a contract liability until earned. The Company assesses collectability based on a number of factors, including the creditworthiness
of the customer and payment and transaction history.
For
Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations
in the form of: (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs,
tweets, photos or videos shared through social network offerings and content promotion, such as click-through advertisements appearing
in websites and social media channels; and (ii) custom content items, such as a research or news article, informational material or videos.
Marketers typically purchase influencer marketing services for the purpose of providing public awareness or advertising buzz regarding
the marketer’s brand and they purchase custom content for internal and external use. The Company may provide one type or a combination
of all types of these performance obligations on a statement of work for a lump sum fee. Revenue is accounted for when the performance
obligation has been satisfied depending on the type of service provided. The Company views its obligation to deliver influencer marketing
services, including management services, as a single performance obligation that is satisfied at the time the customer receives the benefits
from the services.
Based
on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation
to fulfill the performance obligations and it creates, reviews and controls the services. The Company takes on the risk of payment to
any third-party creators and it establishes the contract price directly with its customers based on the services requested in the statement
of work. The deferred revenue as of September 30, 2023, and December 31, 2022, were $0 and $27,500, respectively.
|
Subscription-Based Revenue |
Subscription-Based
Revenue
The
Company recognizes subscription-based revenue through Honeydrip.com, its social media website, which allows customers to visit the creator’s
personal page over the contract period without taking possession of the products or deliverables. Customers incur costs on either a subscription
or consumption basis. Revenue provided on a subscription basis is recognized ratably over the contract period and revenue provided on
a consumption basis is recognized when the subscriber paid and received their access to the content. The Company reported the subscription-based
revenue at net basis since the Company is acting as an agent solely arranging for the third-party creator or influencer to provide the
services directly to the self-service customer through the platform or by posting the requested content. In April 2022, the Company has
determined it will be recognized at gross because they have control of the services before it is transferred to the end customer. The
Company provided services like online chat and other services directly with the end customers by their internal team. Also, the Company
will establish the price on behalf of the content creators as disclosed in the agreement. The Company has sole power to change the price
based on the market. These are good indicator that the Company controls the specified goods or services before it is transferred to the
customer.
|
Software Development Costs |
Software
Development Costs
We
apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain system projects. These system
projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review
of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred
during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the
projects will meet functional requirements, costs are capitalized. These capitalized software costs are amortized on a project-by-project
basis over the expected economic life of the underlying product on a straight-line basis, which is five years. Amortization commences
when the software is available for its intended use. Amounts capitalized related to development of internal use software are included
in property and equipment, net, on our Consolidated Balance sheets and related depreciation is recorded as a component of amortization
of intangible assets and depreciation in our consolidated statements of operations. For the nine months ended September 30, 2023, and
2022, we capitalized $62,825 and $291,818, respectively, related to internal use software and recorded $93,145 and $42,020 in related
amortization expense, respectively. Unamortized costs of capitalized internal use software totaled $746,872 and $777,192 as of September
30, 2023, and December 31, 2022, respectively.
|
Goodwill Impairment |
Goodwill
Impairment
We
test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount
of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss
on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will
be retained.
For
other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s
estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total
related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the
related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows
and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. The Company impaired
$0 and $0 of goodwill for the nine months ended September 30, 2023 and 2022, respectively.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
Based on its review, the Company believes that, as of and for the nine months ended September 30, 2023, and 2022, there were no impairment
loss of its long-lived assets.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes using the asset and liability approach that requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.
In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in
the tax law. For deferred tax assets, management evaluates the probability of realizing the future benefits of such assets. The Company
establishes valuation allowances for its deferred tax assets when evidence suggests it is unlikely that the assets will be fully realized.
The
Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its
technical merits as of the reporting date and then only in an amount more likely than not to be sustained upon review by the tax authorities.
Income tax positions that previously failed to meet the more likely than not threshold is recognized in the first subsequent financial
reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more likely than not threshold
is derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company classifies potential
accrued interest and penalties related to unrecognized tax benefits within the accompanying consolidated statements of operations and
comprehensive income (loss) as income tax expense.
|
Commitments and Contingencies |
Commitments
and Contingencies
The
Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In
assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in
such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits
of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates it is probable a material loss was incurred and the amount of the liability can be estimated,
then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the
contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on
the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not
materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable. The Company does not require
collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment
practices of its customers to minimize collection risk on accounts receivable.
|
Basic Income (Loss) Per Share |
Basic
Income (Loss) Per Share
Under
the provisions of ASC 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to
common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss
per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted
into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution
limitations. Potential common shares consist of the convertible promissory notes payable as of September 30, 2023, and December 31, 2022.
As of September 30, 2023, and December 31, 2022, there were 8,981,932,773 and 7,921,962,277 potential shares issuable upon conversion
of convertible notes payable.
The
table below presents the computation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE
| |
For
the
three months ended September 30, 2023 | | |
For
the
three months ended September 30, 2022 | |
Numerator: | |
| | |
| |
Net income | |
$ | (116,643 | ) | |
$ | 835,419 | |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 12,061,375,510 | | |
| 949,123,457 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 21,043,473,360 | | |
| 5,264,737,258 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
| $
(0.0 0) | |
The
table below presents the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| |
For
the
nine months ended
September 30, 2023 | | |
For
the
nine months ended
September 30, 2022 | |
Numerator: | |
| | |
| |
Net loss | |
$ | (2,710,884 | ) | |
$ | (7,588,845 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 9,433,686,438 | | |
| 410,473,470 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 9,433,686,438 | | |
| 410,473,470 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
|
Stock based Compensation |
Stock
based Compensation
Stock
based compensation cost to employees is measured at the date of grant, based on the calculated fair value of the stock-based award, and
will be recognized as expense over the employee’s requisite service period (generally the vesting period of the award) under ASC
718. Share-based compensation awards issued to non-employees for services rendered are recorded at either the fair value of the services
rendered or the fair value of the share-based payment, whichever is more readily determinable.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
FASB
ASC 820, Fair Value Measurement defines fair value as the price that would be received upon sale of an asset or paid upon transfer
of a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market
for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the
asset or liability, not on assumptions specific to the entity.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company applies the provisions of ASC 820-10, Fair Value Measurements and Disclosures. ASC 820-10 defines fair value and establishes
a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures.
The three levels of valuation hierarchy are defined as follows:
|
☐ |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
☐ |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|
☐ |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Cash,
accounts receivable, accounts payable, and accrued expenses and deferred revenue – The carrying amounts reported in the consolidated
balance sheets for these items are a reasonable estimate of fair value due to their short term nature.
Convertible
notes payable – Convertible promissory notes payable are recorded at amortized cost. The carrying amount approximates their
fair value.
The
Company uses Level 3 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
the binomial option-pricing model based on various assumptions. The Company’s derivative liabilities are adjusted to reflect fair
value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair
value of derivatives.
The
following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of September
30, 2023, and December 31, 2022.
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY
Description | |
Fair Value
As of
September 30, 2023 | | |
Fair Value
Measurements at September 30, 2023 Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
Description | |
Fair
Value
As of
December 31, 2022 | | |
Fair
Value Measurements at
December 31, 2022
Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
|
Derivative instruments |
Derivative
instruments
The
fair value of derivative instruments is recorded and shown separately under liabilities. Changes in the fair value of derivatives liability
are recorded in the consolidated statement of operations under other (income) expense.
Our
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives under ASC 815. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the
consolidated statements of operations. For stock-based derivative financial instruments, the Company uses binomial option-pricing model
to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including
whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative
instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the
derivative instrument could be required within 12 months of the balance sheet date.
|
Beneficial Conversion Features |
Beneficial
Conversion Features
If
a conversion features did not meet the definition of derivative liability under ASC 815, the Company evaluates the conversion feature
for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the note. If the
effective conversion price was less than the market value of underlying common stock at the inception of the convertible promissory note,
the Company recorded the difference as debt discounts and amortized over the life of the notes using the effective interest method.
|
Related Parties |
Related
Parties
The
Company follows subtopic 850-10 of the FASB ASC for the identification of related parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 related parties include:
a.
affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the
FV option under the FV Option Subsection of Section 825– 10–15, to be accounted for by the equity method by the investing
entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if
one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the
management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and
can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
|
New Accounting Pronouncements |
New
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses
on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires companies to measure credit losses utilizing a methodology
that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within
those fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
In
August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging-Contracts
in Entity’s Own Equity (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU
2020-06”). ASU 2020-06 requires companies to measure conversion of debt into equity that contain derivatives with difference as
a gain or loss. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including those interim periods within those
fiscal years. We are currently considering the impact for the adoption of this guidance on its consolidated financial statements.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT, NET ESTIMATED USEFUL LIVES |
Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of property, plant and equipment and are
calculated on the straight-line method over their estimated useful lives or lease terms generally as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT, NET ESTIMATED USEFUL LIVES
Classification |
|
Useful
Life |
Equipment |
|
3
years |
|
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE |
The
table below presents the computation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022:
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE
| |
For
the
three months ended September 30, 2023 | | |
For
the
three months ended September 30, 2022 | |
Numerator: | |
| | |
| |
Net income | |
$ | (116,643 | ) | |
$ | 835,419 | |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 12,061,375,510 | | |
| 949,123,457 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 21,043,473,360 | | |
| 5,264,737,258 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
| $
(0.0 0) | |
The
table below presents the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| |
For
the
nine months ended
September 30, 2023 | | |
For
the
nine months ended
September 30, 2022 | |
Numerator: | |
| | |
| |
Net loss | |
$ | (2,710,884 | ) | |
$ | (7,588,845 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding—basic | |
| 9,433,686,438 | | |
| 410,473,470 | |
Dilutive common stock equivalents | |
| - | | |
| - | |
Weighted average common shares outstanding—diluted | |
| 9,433,686,438 | | |
| 410,473,470 | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
|
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY |
The
following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of September
30, 2023, and December 31, 2022.
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY
Description | |
Fair Value
As of
September 30, 2023 | | |
Fair Value
Measurements at September 30, 2023 Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 1,750,275 | | |
$ | - | | |
$ | - | | |
$ | 1,750,275 | |
Description | |
Fair
Value
As of
December 31, 2022 | | |
Fair
Value Measurements at
December 31, 2022
Using Fair Value Hierarchy | |
| |
| | |
Level
1 | | |
Level
2 | | |
Level
3 | |
Derivative liability | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 799,988 | | |
$ | - | | |
$ | - | | |
$ | 799,988 | |
|
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v3.23.3
BUSINESS COMBINATIONS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF PURCHASE PRICE CONSIDERATION |
The
following table summarizes the carrying value of purchase price consideration to acquire Magiclytics:
SCHEDULE OF PURCHASE PRICE CONSIDERATION
Description | |
Amount | |
Carrying value of purchase consideration: | |
| |
Common
stock issued | |
$ | (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
|
SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES ASSUMED |
The
following is an allocation of purchase price as of the February 3, 2021, acquisition closing date based upon an estimate of the carrying
value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES ASSUMED
Description | |
Amount | |
Purchase price allocation: | |
| | |
Cash | |
$ | 76 | |
Intangibles | |
| 77,889 | |
Related party payable | |
| (97,761 | ) |
AP and accrued
liabilities | |
| (40,901 | ) |
Identifiable net assets acquired | |
| (60,697 | ) |
Total purchase price | |
$ | (60,697 | ) |
|
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v3.23.3
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF FIXED ASSET, NET |
Fixed
assets, net consisted of the following:
SCHEDULE OF FIXED ASSET, NET
| |
September
30, 2023 | | |
December
31, 2022 | | |
Estimated
Useful Life | |
| |
| | |
| | |
| |
Equipment | |
$ | 118,638 | | |
$ | 118,638 | | |
| 3
years | |
Less: accumulated depreciation and
amortization | |
| (99,323 | ) | |
| (81,153 | ) | |
| | |
Property, plant, and equipment, net, | |
$ | 19,315 | | |
$ | 37,485 | | |
| | |
|
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v3.23.3
INTANGIBLES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS ACQUIRED AS PART OF BUSINESS COMBINATION |
The
following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases,
which continue to be amortized:
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS ACQUIRED AS PART OF BUSINESS COMBINATION
| |
Weighted Average Useful | | |
September 30, 2023 | | |
December
31, 2022 | |
| |
Life (in
Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | | |
Gross
Carrying Value | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Developed technology -
Magiclytics | |
| 5 | | |
$ | 629,808 | | |
$ | 169,762 | | |
$ | 491,548 | | |
$ | 566,983 | | |
$ | 76,617 | | |
$ | 490,366 | |
Developed technology
- Magiclytics | |
| - | | |
| 286,826 | | |
| - | | |
| 286,826 | | |
| 286,826 | | |
| - | | |
| 286,826 | |
| |
| | | |
$ | 916,634 | | |
$ | 169,762 | | |
$ | 746,872 | | |
$ | 853,809 | | |
$ | 76,617 | | |
$ | 777,192 | |
|
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED LIABILITES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accrued
liabilities at September 30, 2023 and December 31, 2022 consist of the following:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September
30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 613,448 | | |
$ | 220,569 | |
Accrued payroll | |
| 270,000 | | |
| 1,015,000 | |
Accrued interest | |
| 1,442,188 | | |
| 903,935 | |
Other | |
| 121,522 | | |
| 426,302 | |
Accounts
payable and accrued liabilities | |
$ | 2,447,158 | | |
$ | 2,565,806 | |
|
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v3.23.3
CONVERTIBLE NOTES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF PREPAID CONVERTIBLE NOTES PAYABLE |
SCHEDULE OF PREPAID CONVERTIBLE NOTES PAYABLE
Prepay
Date |
|
Prepay
Amount |
On
or before 30 days |
|
115%
of principal plus accrued interest |
31
– 60 days |
|
120%
of principal plus accrued interest |
61
– 90 days |
|
125%
of principal plus accrued interest |
91
– 120 days |
|
130%
of principal plus accrued interest |
121
– 150 days |
|
135%
of principal plus accrued interest |
151
– 180 days |
|
140%
of principal plus accrued interest |
|
SCHEDULE OF CONVERTIBLE PROMISSORY NOTE |
Below
is the summary of the principal balance and debt discounts as of September 30, 2023.
SCHEDULE OF CONVERTIBLE PROMISSORY NOTE
Convertible
Promissory Note Holder | |
Start
Date | |
End
Date | |
Initial
Note Principal Balance | | |
Current
Note Principal Balance | | |
Debt
Discounts As of Issuance | | |
Amortization | | |
Debt Discounts
As of September 30, 2023 | |
GS Capital #2 | |
2/16/2022 | |
2/16/2022 | |
| 577,778 | | |
| - | | |
| 577,778 | | |
| (577,778 | ) | |
| - | |
GS Capital #2 - replacement | |
6/29/2022 | |
8/16/2022 | |
| 635,563 | | |
| 20,000 | | |
| - | | |
| - | | |
| - | |
GS Capital #3 | |
3/16/2022 | |
3/16/2022 | |
| 577,778 | | |
| 577,778 | | |
| 577,778 | | |
| (577
778) | | |
| - | |
GS Capital #4 | |
4/1/2022 | |
4/1/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Eagle Equities LLC | |
4/13/2022 | |
4/13/2022 | |
| 1,100,000 | | |
| 1,100,000 | | |
| 1,100,000 | | |
| (1,100,000 | ) | |
| - | |
GS Capital #5 | |
4/29/2022 | |
4/29/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
GS Capital #6 | |
6/3/2022 | |
6/3/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Chris Etherington | |
8/26/2022 | |
8/26/2022 | |
| 165,000 | | |
| 165,000 | | |
| 165,000 | | |
| (165,000 | ) | |
| - | |
Rui Wu | |
8/26/2022 | |
8/26/2022 | |
| 550,000 | | |
| 550,000 | | |
| 550,000 | | |
| (550,000 | ) | |
| - | |
Sixth Street Lending #1 | |
11/28/2022 | |
11/28/2022 | |
| 224,000 | | |
| - | | |
| 173,894 | | |
| (173,894 | ) | |
| - | |
Sixth Street Lending #2 | |
12/9/2022 | |
12/9/2022 | |
| 93,500 | | |
| - | | |
| 79,118 | | |
| (79,118 | ) | |
| - | |
Fast Capital LLC | |
1/10/2022 | |
1/10/2023 | |
| 120,000 | | |
| 120,000 | | |
| 120,000 | | |
| (120,000 | ) | |
| - | |
Sixth Street Lending #3 | |
1/12/2022 | |
1/12/2023 | |
| 70,125 | | |
| - | | |
| 50,748 | | |
| (50,748 | ) | |
| - | |
One 44 Capital | |
2/16/2022 | |
2/16/2023 | |
| 175,500 | | |
| - | | |
| 148,306 | | |
| (135,000 | ) | |
| - | |
Coventry Enterprise | |
3/3/2022 | |
3/3/2023 | |
| 150,000 | | |
| - | | |
| 150,000 | | |
| (150,000 | ) | |
| - | |
One 44 Capital #2 | |
5/20/2022 | |
5/20/2023 | |
| 115,000 | | |
| - | | |
| 115,000 | | |
| (115,000 | ) | |
| - | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1800 Diagonal Lending LLC | |
6/23/2022 | |
6/23/2023 | |
| 86,625 | | |
| - | | |
| 86,625 | | |
| (86,625 | ) | |
| - | |
1800 Diagonal Lending LLC | |
7/8/2022 | |
7/8/2023 | |
| 61,813 | | |
| - | | |
| 61,813 | | |
| (61,813 | ) | |
| - | |
Total | |
| |
| |
| | | |
| | | |
| | | |
| Total | | |
$ | 0 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Remaining
note principal balance | | |
| 4,182,778 | |
| |
| |
| |
| | | |
| | | |
| | | |
| Total
convertible promissory notes, net | | |
$ | 4,182,778 | |
|
SCHEDULE OF FUTURE MATURITIES OF CONVERTIBLE NOTES PAYABLE |
Future
payments of principal of convertible notes payable at September 30, 2023 are as follows:
SCHEDULE OF FUTURE MATURITIES OF CONVERTIBLE NOTES PAYABLE
Years
ending December 31, | |
| |
2023 | |
$ | (4,182,778 | ) |
2024 | |
| – | |
2025 | |
| - | |
Thereafter | |
| – | |
Total | |
$ | (4,182,778 | ) |
|
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v3.23.3
SHARES ISSUED - LIABILITY (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Shares Issued - Liability |
|
SCHEDULE OF SHARES TO BE ISSUED LIABILITY |
Shares
to be issued - liability is summarized as below:
SCHEDULE OF SHARES TO BE ISSUED LIABILITY
| |
| | |
Beginning
Balance, January 1, 2022 | |
$ | 1,047,885 | |
Shares
to be issued | |
| 672,819 | |
Shares
issued | |
| (1,147,371 | ) |
Ending
Balance, December 31, 2022 | |
$ | 573,333 | |
Shares
to be issued - liability is summarized as below:
| |
| | |
Beginning
Balance, January 1, 2023 | |
$ | 573,333 | |
Shares
to be issued | |
| 225,000 | |
Shares
issued | |
| - | |
Ending
Balance, September 30, 2023 | |
$ | 798,333 | |
|
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v3.23.3
DERIVATIVE LIABILITY (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT |
The
Binomial model with the following assumption inputs:
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| December
31, 2022 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 1.282%
- 2.98 | % |
Expected
Volatility | |
| 149-612 | % |
|
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2021 | |
$ | 513,959 | |
Additions | |
| 2,451,945 | |
Mark
to Market | |
| 166,309 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (2,332,225 | ) |
Ending
Balance, December 31, 2022 | |
$ | 799,988 | |
|
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT |
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT
| |
| September
30, 2023 | |
Annual
Dividend Yield | |
| — | |
Expected
Life (Years) | |
| 0.1
– 0.7 years | |
Risk-Free
Interest Rate | |
| 5.47%
- 5.53 | % |
Expected
Volatility | |
| 563-603 | % |
|
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY |
Fair
value of the derivative is summarized as below:
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY
| |
| | |
Beginning
Balance, December 31, 2022 | |
$ | 799,988 | |
Derivative
liability, Balance | |
$ | 799,988 | |
Additions | |
| - | |
Mark
to Market | |
| 963,799 | |
Cancellation
of Derivative Liabilities Due to Conversions | |
| - | |
Reclassification
to APIC Due to Conversions | |
| (13,512 | ) |
Ending
Balance, September 30, 2023 | |
$ | 1,750,275 | |
Derivative
liability,Balance | |
$ | 1,750,275 | |
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v3.23.3
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SUMMARY OF WARRANTS ACTIVITY |
A
summary of the Company’s stock warrants activity is as follows:
SUMMARY OF WARRANTS ACTIVITY
| |
Number of Options (in thousands) | | |
Weighted- Average Exercise
Price | | |
Weighted- Average Contractual Term
(in years) | | |
Aggregate Intrinsic
Value | |
Outstanding at December 31, 2022 | |
| 165,077 | | |
$ | 2.05 | | |
| 4.6 | | |
| - | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Canceled | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Vested and expected to vest at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
Exercisable at September 30, 2023 | |
| 165,077 | | |
$ | 2.05 | | |
| 2.9 | | |
$ | - | |
|
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED ASSUMPTIONS |
The
fair values of warrants granted in 2021 were estimated using the Black-Scholes option pricing model on the grant date using the following
assumptions:
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS GRANTED ASSUMPTIONS
Dividend yield | |
| — | % |
Expected term (in years) | |
| 5 | |
Volatility | |
| 368
- 369 | % |
|
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v3.23.3
ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($)
|
May 29, 2020 |
Dec. 27, 2006 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Nov. 15, 2022 |
Nov. 14, 2022 |
Sep. 30, 2022 |
Jun. 23, 2022 |
Jun. 22, 2022 |
Jun. 13, 2022 |
Apr. 19, 2022 |
Apr. 18, 2022 |
Nov. 12, 2020 |
Jul. 07, 2020 |
May 19, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
25,000,000,000
|
25,000,000,000
|
25,000,000,000
|
8,000,000,000
|
25,000,000,000
|
8,000,000,000
|
2,000,000,000
|
|
2,000,000,000
|
500,000,000
|
|
550,000,000
|
|
Common stock par value |
|
|
$ 0.000001
|
$ 0.000001
|
$ 0.000001
|
|
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
Preferred stock, shares authorized |
|
|
50,000,000
|
50,000,000
|
50,000,000
|
|
|
|
|
|
|
|
|
50,000,000
|
|
Preferred stock par value |
|
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
West of Hudson Group, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
0.001
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
$ 0.000001
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
West of Hudson Group, Inc. [Member] | Doiyen LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition, acquired percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
100.00%
|
|
Share Exchange Agreement With NTH [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share exchange agreement description |
|
Tongji, Inc. acquired 100% of the equity in NTH pursuant to an Agreement and Plan of Merger, pursuant to which NTH
became a wholly owned subsidiary of Tongji, Inc. Pursuant to the Agreement and Plan of Merger, the Company issued 15,652,557 shares of
common stock to the stockholders of NTH in exchange for 100% of the issued and outstanding shares of common stock of NTH.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest acquired under share exchange agreement |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
15,652,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Joseph Arcaro [Member] | West of Hudson Group, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest acquired under share exchange agreement |
65.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
30,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, value |
$ 240,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Agreement [Member] | Security Holders [Member] | West of Hudson Group, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition, acquired percentage |
|
|
|
|
|
|
|
|
|
|
|
|
50.54%
|
|
|
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v3.23.3
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED EARNING PER SHARE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
Net loss |
$ (116,643)
|
$ (371,922)
|
$ (2,222,319)
|
$ 835,419
|
$ (2,710,884)
|
$ (7,588,845)
|
Weighted average common shares outstanding—basic |
12,061,375,510
|
|
|
949,123,457
|
9,433,686,438
|
410,473,470
|
Dilutive common stock equivalents |
|
|
|
|
|
|
Weighted average common shares outstanding—diluted |
21,043,473,360
|
|
|
5,264,737,258
|
9,433,686,438
|
410,473,470
|
Basic |
$ (0.00)
|
|
|
$ 0.00
|
$ (0.00)
|
$ (0.02)
|
Diluted |
$ (0.00)
|
|
|
$ 0.00
|
$ (0.00)
|
$ (0.02)
|
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v3.23.3
SCHEDULE OF ASSETS AND LIABILITIES UNDER FAIR VALUE HIERARCHY (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total derivative liability |
$ 1,750,275
|
$ 799,988
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total derivative liability |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total derivative liability |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total derivative liability |
$ 1,750,275
|
$ 799,988
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Advertising expenses |
$ 8,644
|
$ 10,126
|
$ 32,818
|
$ 65,536
|
|
Bad debt allowances for accounts receivable |
0
|
|
0
|
|
$ 0
|
Deferred revenue |
|
|
|
|
27,500
|
Capitalized computer software net |
62,825
|
$ 291,818
|
62,825
|
291,818
|
|
Capitalized computer software amortization |
|
|
93,145
|
42,020
|
|
Unamortized cost of capitalized software |
$ 746,872
|
|
746,872
|
|
$ 777,192
|
Impairment of goodwill |
|
|
$ 0
|
0
|
|
Convertible Debt Securities [Member] |
|
|
|
|
|
Potential shares issuable upon conversion of convertible notes payable |
|
|
8,981,932,773
|
|
7,921,962,277
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
|
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|
|
$ 32,818
|
$ 65,536
|
|
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v3.23.3
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
Net Income (Loss) |
$ (116,643)
|
$ (371,922)
|
$ (2,222,319)
|
$ 835,419
|
$ (2,710,884)
|
$ (7,588,845)
|
|
Working capital deficit |
(8,604,919)
|
|
|
|
(8,604,919)
|
|
|
Stockholders equity |
$ (7,838,732)
|
$ (9,864,589)
|
$ (9,526,949)
|
|
$ (7,838,732)
|
|
$ (7,678,236)
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SCHEDULE OF CARRYING VALUE OF ASSETS AND LIABILITIES ASSUMED (Details) - Magiclytics [Member]
|
Feb. 03, 2021
USD ($)
|
Feb. 03, 2021
USD ($)
|
Business Acquisition [Line Items] |
|
|
Cash |
$ 76
|
$ 76
|
Intangibles |
77,889
|
77,889
|
Related party payable |
(97,761)
|
(97,761)
|
Accounts payable and accrued liabilities |
(40,901)
|
(40,901)
|
Identifiable net assets acquired |
(60,697)
|
(60,697)
|
Total purchase price |
$ (60,697)
|
$ (60,697)
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BUSINESS COMBINATIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
Feb. 03, 2021 |
Feb. 03, 2021 |
Nov. 30, 2022 |
Tranche Three [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Additional gross revenue |
$ 500,000
|
$ 500,000
|
|
Magiclytics [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business acquisition, shares issued, value |
60,697
|
|
|
Business combination recognized identifiable assets acquired and liabilities assumed related party payable |
97,761
|
97,761
|
|
Business combination consideration transferred |
60,697
|
$ 60,697
|
|
Magiclytics [Member] | Magiclytics Shareholders [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business acquisition, shares issued, value |
$ 3,500,000
|
|
$ 4
|
Business acquisition, shares issued |
734,689
|
|
140,311
|
Magiclytics [Member] | Mr. Young [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock percentage |
|
|
4.50%
|
Business acquisition, shares issued, value |
|
|
$ 393,750
|
Magiclytics [Member] | Wilfred Man [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock percentage |
90.00%
|
|
|
Magiclytics [Member] | Christian Young [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock percentage |
45.00%
|
|
|
Magiclytics [Member] | Common Stock [Member] | Wilfred Man [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Number of shares issued |
330,610
|
|
|
A&R Share Exchange Agreement [Member] | Magiclytics [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Business acquisition, shares acquired |
5,000
|
|
|
Business acquisition share price |
$ 4.76
|
$ 4.76
|
|
A&R Share Exchange Agreement [Member] | Magiclytics [Member] | Common Stock [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Number of shares issued |
734,689
|
|
|
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v3.23.3
SCHEDULE OF FIXED ASSET, NET (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Less: accumulated depreciation and amortization |
$ (99,323)
|
$ (81,153)
|
Property, plant, and equipment, net, |
19,315
|
37,485
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Equipment |
$ 118,638
|
$ 118,638
|
Estimated Useful Life |
3 years
|
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS ACQUIRED AS PART OF BUSINESS COMBINATION (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Gross Carrying Amount |
$ 916,634
|
$ 853,809
|
Accumulated Amortization |
169,762
|
76,617
|
Net Carrying Amount |
$ 746,872
|
777,192
|
Developed technology - Magiclytics [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Weighted Average Useful Life (in Years) |
5 years
|
|
Developed technology - Magiclytics 1 [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Gross Carrying Amount |
$ 629,808
|
566,983
|
Accumulated Amortization |
169,762
|
76,617
|
Net Carrying Amount |
491,548
|
490,366
|
Developed Technology Magiclytics Two [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Gross Carrying Amount |
286,826
|
286,826
|
Accumulated Amortization |
|
|
Net Carrying Amount |
$ 286,826
|
$ 286,826
|
X |
- DefinitionUseful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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v3.23.3
INTANGIBLES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Intangible assets |
$ 746,872
|
|
$ 746,872
|
|
$ 777,192
|
Amortization of intangible assets |
$ 31,502
|
$ 19,020
|
$ 93,145
|
$ 42,020
|
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.23.3
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 613,448
|
$ 220,569
|
Accrued payroll |
270,000
|
1,015,000
|
Accrued interest |
1,442,188
|
903,935
|
Other |
121,522
|
426,302
|
Accounts payable and accrued liabilities |
$ 2,447,158
|
$ 2,565,806
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
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v3.23.3
SCHEDULE OF CONVERTIBLE PROMISSORY NOTE (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Short-Term Debt [Line Items] |
|
|
Amortization |
$ (140,144)
|
$ (2,285,817)
|
Debt Instrument, Unamortized Discount |
0
|
|
Debt Discounts |
0
|
|
Remaining note principal balance |
4,182,778
|
|
Total convertible promissory notes, net |
$ 4,182,778
|
|
Convertible Promissory Note [Member] | Conventry Enterprise, LLC [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Mar. 03, 2022
|
|
End Date |
Mar. 03, 2023
|
|
Note Principal Balance |
$ 150,000
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
150,000
|
|
Amortization |
(150,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
150,000
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
150,000
|
|
Debt Discounts |
|
|
Convertible Promissory Note [Member] | One 44 Capital #2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
May 20, 2022
|
|
End Date |
May 20, 2023
|
|
Note Principal Balance |
$ 115,000
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
115,000
|
|
Amortization |
(115,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
115,000
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
115,000
|
|
Debt Discounts |
|
|
Convertible Promissory Note [Member] | 1800 Diagonal Lending LLC [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jul. 08, 2022
|
|
End Date |
Jul. 08, 2023
|
|
Note Principal Balance |
$ 61,813
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
61,813
|
|
Amortization |
(61,813)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
61,813
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
61,813
|
|
Debt Discounts |
|
|
GS Capital Partners, LLC #2 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Feb. 16, 2022
|
|
End Date |
Feb. 16, 2022
|
|
Note Principal Balance |
$ 577,778
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
577,778
|
|
Amortization |
(577,778)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
577,778
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
577,778
|
|
Debt Discounts |
|
|
GSCapital Partners LLC #2 Replacement [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jun. 29, 2022
|
|
End Date |
Aug. 16, 2022
|
|
Note Principal Balance |
$ 635,563
|
|
Convertible Debt, Current |
20,000
|
|
Debt discount at the time of issuance |
|
|
Amortization |
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
635,563
|
|
Current Note Principal Balance |
20,000
|
|
Debt Discounts As of Issuance |
|
|
Debt Discounts |
|
|
GS Capital Partners, LLC #3 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Mar. 16, 2022
|
|
End Date |
Mar. 16, 2022
|
|
Note Principal Balance |
$ 577,778
|
|
Convertible Debt, Current |
577,778
|
|
Debt discount at the time of issuance |
577,778
|
|
Amortization |
(577)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
577,778
|
|
Current Note Principal Balance |
577,778
|
|
Debt Discounts As of Issuance |
577,778
|
|
Debt Discounts |
|
|
GS Capital Partners, LLC #4 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Apr. 01, 2022
|
|
End Date |
Apr. 01, 2022
|
|
Note Principal Balance |
$ 550,000
|
|
Convertible Debt, Current |
550,000
|
|
Debt discount at the time of issuance |
550,000
|
|
Amortization |
(550,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
550,000
|
|
Current Note Principal Balance |
550,000
|
|
Debt Discounts As of Issuance |
550,000
|
|
Debt Discounts |
|
|
Eagle Equities LLC [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Apr. 13, 2022
|
|
End Date |
Apr. 13, 2022
|
|
Note Principal Balance |
$ 1,100,000
|
|
Convertible Debt, Current |
1,100,000
|
|
Debt discount at the time of issuance |
1,100,000
|
|
Amortization |
(1,100,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
1,100,000
|
|
Current Note Principal Balance |
1,100,000
|
|
Debt Discounts As of Issuance |
1,100,000
|
|
Debt Discounts |
|
|
GS Capital Partners, LLC #5 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Apr. 29, 2022
|
|
End Date |
Apr. 29, 2022
|
|
Note Principal Balance |
$ 550,000
|
|
Convertible Debt, Current |
550,000
|
|
Debt discount at the time of issuance |
550,000
|
|
Amortization |
(550,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
550,000
|
|
Current Note Principal Balance |
550,000
|
|
Debt Discounts As of Issuance |
550,000
|
|
Debt Discounts |
|
|
GS Capital Partners, LLC #6 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jun. 03, 2022
|
|
End Date |
Jun. 03, 2022
|
|
Note Principal Balance |
$ 550,000
|
|
Convertible Debt, Current |
550,000
|
|
Debt discount at the time of issuance |
550,000
|
|
Amortization |
(550,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
550,000
|
|
Current Note Principal Balance |
550,000
|
|
Debt Discounts As of Issuance |
550,000
|
|
Debt Discounts |
|
|
Chris Etherington [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Aug. 26, 2022
|
|
End Date |
Aug. 26, 2022
|
|
Note Principal Balance |
$ 165,000
|
|
Convertible Debt, Current |
165,000
|
|
Debt discount at the time of issuance |
165,000
|
|
Amortization |
(165,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
165,000
|
|
Current Note Principal Balance |
165,000
|
|
Debt Discounts As of Issuance |
165,000
|
|
Debt Discounts |
|
|
Rui Wu [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Aug. 26, 2022
|
|
End Date |
Aug. 26, 2022
|
|
Note Principal Balance |
$ 550,000
|
|
Convertible Debt, Current |
550,000
|
|
Debt discount at the time of issuance |
550,000
|
|
Amortization |
(550,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
550,000
|
|
Current Note Principal Balance |
550,000
|
|
Debt Discounts As of Issuance |
550,000
|
|
Debt Discounts |
|
|
Sixth Street Lending #1 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Nov. 28, 2022
|
|
End Date |
Nov. 28, 2022
|
|
Note Principal Balance |
$ 224,000
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
173,894
|
|
Amortization |
(173,894)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
224,000
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
173,894
|
|
Debt Discounts |
|
|
Sixth Street Lending #2 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Dec. 09, 2022
|
|
End Date |
Dec. 09, 2022
|
|
Note Principal Balance |
$ 93,500
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
79,118
|
|
Amortization |
(79,118)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
93,500
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
79,118
|
|
Debt Discounts |
|
|
Fast Capital LLC [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jan. 10, 2022
|
|
End Date |
Jan. 10, 2023
|
|
Note Principal Balance |
$ 120,000
|
|
Convertible Debt, Current |
120,000
|
|
Debt discount at the time of issuance |
120,000
|
|
Amortization |
(120,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
120,000
|
|
Current Note Principal Balance |
120,000
|
|
Debt Discounts As of Issuance |
120,000
|
|
Debt Discounts |
|
|
Sixth Street Lending #3 [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jan. 12, 2022
|
|
End Date |
Jan. 12, 2023
|
|
Note Principal Balance |
$ 70,125
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
50,748
|
|
Amortization |
(50,748)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
70,125
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
50,748
|
|
Debt Discounts |
|
|
One 44 Capital [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Feb. 16, 2022
|
|
End Date |
Feb. 16, 2023
|
|
Note Principal Balance |
$ 175,500
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
148,306
|
|
Amortization |
(135,000)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
175,500
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
148,306
|
|
Debt Discounts |
|
|
1800 Diagonal Lending LLC [Member] | Convertible Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Start Date |
Jun. 23, 2022
|
|
End Date |
Jun. 23, 2023
|
|
Note Principal Balance |
$ 86,625
|
|
Convertible Debt, Current |
|
|
Debt discount at the time of issuance |
86,625
|
|
Amortization |
(86,625)
|
|
Debt Instrument, Unamortized Discount |
|
|
Initial Note Principal Balance |
86,625
|
|
Current Note Principal Balance |
|
|
Debt Discounts As of Issuance |
86,625
|
|
Debt Discounts |
|
|
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v3.23.3
CONVERTIBLE NOTES PAYABLE (Details Narrative)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
|
|
|
|
|
|
|
|
Feb. 17, 2023
USD ($)
|
Jul. 08, 2022
USD ($)
Days
$ / shares
|
Jun. 29, 2022
USD ($)
$ / shares
|
Jun. 23, 2022
USD ($)
Days
$ / shares
|
Jun. 23, 2022
USD ($)
$ / shares
|
May 20, 2022
USD ($)
Days
|
Mar. 16, 2022
USD ($)
$ / shares
shares
|
Feb. 16, 2022
USD ($)
Days
$ / shares
|
Jan. 10, 2022
USD ($)
|
Aug. 27, 2021
USD ($)
$ / shares
shares
|
Jun. 03, 2021
USD ($)
$ / shares
shares
|
Apr. 29, 2021
USD ($)
$ / shares
shares
|
Apr. 13, 2021
USD ($)
$ / shares
shares
|
Apr. 02, 2021
USD ($)
$ / shares
shares
|
Feb. 19, 2021
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
$ / shares
|
Sep. 30, 2022
USD ($)
shares
|
May 11, 2023
USD ($)
|
May 10, 2023
USD ($)
|
Mar. 07, 2023
USD ($)
|
Feb. 16, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
$ / shares
|
Nov. 15, 2022
$ / shares
|
Jun. 13, 2022
$ / shares
|
Jul. 07, 2020
$ / shares
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,182,778
|
|
|
|
|
$ 4,182,778
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 888,062
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
Common stock value per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.000001
|
|
|
|
|
$ 0.000001
|
|
|
|
|
|
$ 0.000001
|
$ 0.000001
|
$ 0.001
|
$ 0.001
|
Proceeds from isuance of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,197,501
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,144
|
2,285,817
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,750,275
|
|
|
|
|
1,750,275
|
|
|
|
|
|
$ 799,988
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,182,778
|
|
|
|
|
4,182,778
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,182,778
|
|
|
|
|
4,182,778
|
|
|
|
|
|
4,504,103
|
|
|
|
Payment to lender |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
396,668
|
105,822
|
|
|
|
|
|
|
|
|
Amortization of debt discount premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 294,571
|
|
140,144
|
2,285,817
|
|
|
|
|
|
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement amount |
$ 46,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 13,512
|
$ 189,352
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Note [Member] | Rui Wu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 26, 2022
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 550,000
|
|
|
|
|
|
|
|
|
|
Notes balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,000
|
|
|
|
|
550,000
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense for notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
561,177
|
1,227,507
|
|
|
|
|
|
|
|
|
Amortization of debt discount premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,144
|
2,285,817
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] | Rui Wu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock price per share | $ / shares |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
Aug. 26, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Agreement [Member] | Rui Wu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercisable | $ / shares |
|
|
|
|
|
|
|
|
|
$ 2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Agreement [Member] | Convertible Promissory Note [Member] | Rui Wu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 550,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
|
|
|
The
Rui Wu Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock at any
time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean the lesser
of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days (as defined
in the Rui Wu Note) immediately preceding the date of the respective conversion. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of beneficial share | shares |
|
|
|
|
|
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
$ 550,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion expenses |
|
|
|
|
|
|
|
|
|
$ 514,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,000
|
|
|
|
|
550,000
|
|
|
|
|
|
550,000
|
|
|
|
Fast Capital Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
$ 120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
Jan. 10, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,000
|
|
|
|
|
120,000
|
|
|
|
|
|
120,000
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
|
$ 110,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 175,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
17,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement amount |
|
|
|
|
|
|
|
$ 8,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
Feb. 16, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
|
|
$ 17,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
|
|
|
135,000
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
$ 158,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
|
|
The
Buyer has the right from time to time, and at any time during the period beginning on the date that is 180 days following February 16,
2022 and ending on the later of (i) February 16, 2023, and (ii) the date of payment of the Default Amount (as defined in the Note), to
convert all or any part of the outstanding and unpaid principal amount of the Note into common stock, subject to a 4.99% equity blocker.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt effective interest rate |
|
|
|
|
|
|
|
24.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion price | $ / shares |
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradings days | Days |
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
$ 148,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement [Member] | Convertible Promissory Note [Member] | VWAP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt effective interest rate |
|
|
|
|
|
|
|
65.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement # 2 [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 115,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement amount |
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
May 20, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
|
|
|
135,000
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
ONE44
is entitled, at its option, at any time after the sixth monthly anniversary of cash payment, to convert all or any amount then outstanding
under the May 2022 ONE44 Note into shares of common stock at a price per share equal to 55% of the lowest daily trading VWAP of the Company’s
common stock for the 20 prior trading days, subject to a 4.99% equity blocker and subject to the terms of the May 2022 ONE44 Note.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt effective interest rate |
|
|
|
|
|
24.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradings days | Days |
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
$ 95,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement # 2 [Member] | Convertible Promissory Note [Member] | VWAP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
55.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners, LLC [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
$ 577,778
|
|
|
|
$ 550,000
|
$ 550,000
|
|
$ 550,000
|
$ 577,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
520,000
|
|
|
|
500,000
|
500,000
|
|
500,000
|
520,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
$ 57,778
|
|
|
|
$ 50,000
|
$ 50,000
|
|
$ 50,000
|
$ 57,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction | shares |
|
|
|
|
|
|
100,000
|
|
|
|
85,000
|
125,000
|
|
45,000
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share | $ / shares |
|
|
|
|
|
|
$ 0.000001
|
|
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from isuance of common stock |
|
|
|
|
|
|
$ 100
|
|
|
|
$ 85
|
$ 125
|
|
$ 45
|
$ 100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock price per share | $ / shares |
|
|
|
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement amount |
|
|
|
|
|
|
$ 10,000
|
|
|
|
$ 5,000
|
$ 5,000
|
|
$ 10,000
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
Mar. 22, 2022
|
|
|
|
Jun. 03, 2022
|
Apr. 29, 2022
|
|
Apr. 01, 2022
|
Feb. 19, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
10.00%
|
|
|
|
10.00%
|
10.00%
|
|
10.00%
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
The
GS Capital #3 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned Regulation A Offering. At such time, the GS Capital #3 Note (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
|
|
|
|
The
GS Capital Note #6 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #6 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
|
The
GS Capital Note #5 (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Company Common Stock”) at GS Capital’s election at any time following the time
that the SEC qualifies the Company’s offering statement related to the Company’s planned offering of Company Common Stock
pursuant to Regulation A under the Securities Act. At such time, the GS Capital Note #5 (and the principal amount and any accrued and
unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering price of the Company Common Stock in
the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which may be waived by GS Capital on 61 days’
notice to the Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the
determination of the conversion price.
|
|
The
GS Capital Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the SEC qualifies the Company’s offering statement related to
the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the GS
Capital Note (and the principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of
the initial offering price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation
of 9.99%, which may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments
for any stock splits, etc. which occur following the determination of the conversion price.
|
The
GS Capital #2 Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at GS Capital’s election at any time following the time that the Securities and Exchange Commission (“SEC”) qualifies
the Company’s offering statement related to the Company’s planned offering of Company Common Stock pursuant to Regulation
A under the Securities Act of 1933, as amended (the “Regulation A Offering”). At such time, the GS Capital #2 Note (and the
principal amount and any accrued and unpaid interest) will be convertible at a conversion price equal to 70% of the initial offering
price of the Company Common Stock in the Regulation A Offering, subject to a customary beneficial ownership limitation of 9.99%, which
may be waived by GS Capital on 61 days’ notice to the Company. The conversion price is subject to customary adjustments for any
stock splits, etc. which occur following the determination of the conversion price.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs |
|
|
|
|
|
|
$ 577,778
|
|
|
|
$ 550,000
|
$ 550,000
|
|
$ 550,000
|
$ 577,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GS Capital [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 57,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of beneficial share | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners, LLC #2 [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 577,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share | $ / shares |
|
|
$ 0.000001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible beneficial conversion feature |
|
|
$ 635,563.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument redemption price percentage |
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Extinguishment of debt amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 188,771
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 416,588
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners, LLC #2 [Member] | Exchange Agreement [Member] | GS Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 421,063
|
|
|
421,063
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,690
|
|
|
|
|
|
|
|
|
Number of common shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378,633,891
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
GS Capital Partners, LLC #2 [Member] | Exchange Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 65,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
481,221,646
|
|
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
|
$ 57,778
|
|
|
|
$ 50,000
|
$ 50,000
|
$ 100,000
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of beneficial share | shares |
|
|
|
|
|
|
100,000
|
|
|
|
85,000
|
125,000
|
165,000
|
45,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GS Capital Partners, LLC #3 [Member] | Restructuring Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
577,778
|
|
|
|
|
577,778
|
|
|
|
|
|
577,778
|
|
|
|
GS Capital Partners, LLC #4 [Member] | Restructuring Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,000
|
|
|
|
|
550,000
|
|
|
|
|
|
550,000
|
|
|
|
GS Capital Partners, LLC #5 [Member] | Restructuring Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,000
|
|
|
|
|
550,000
|
|
|
|
|
|
550,000
|
|
|
|
GS Capital Partners, LLC #6 [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,000
|
|
|
|
|
550,000
|
|
|
|
|
|
550,000
|
|
|
|
Eagle Equities LLC [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100,000
|
|
|
|
|
1,100,000
|
|
|
|
|
|
1,100,000
|
|
|
|
Eagle Equities LLC [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction | shares |
|
|
|
|
|
|
|
|
|
|
|
|
165,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock price per share | $ / shares |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimbursement amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
Aug. 26, 2022
|
|
|
Apr. 13, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
|
|
|
|
|
|
The
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of the Company Common Stock
at Eagle Equities’ election at any time following the time that the SEC qualifies the Company’s offering statement related
to the Company’s planned offering of Company Common Stock pursuant to Regulation A under the Securities Act. At such time, the
Eagle Equities Note (and the principal amount and any accrued and unpaid interest) will be convertible in restricted shares of Company
Common Stock at a conversion price equal to 70% of the initial offering price of the Company Common Stock in the Regulation A Offering,
subject to a customary beneficial ownership limitation of 9.99%, which may be waived by Eagle Equities on 61 days’ notice to the
Company. The conversion price is subject to customary adjustments for any stock splits, etc. which occur following the determination
of the conversion price. Alternatively, if the SEC has not qualified the Company’s offering statement related to the Company’s
planned offering of Company Common Stock pursuant to Regulation A under the Securities Act by October 10, 2021, and Eagle Equities Note
has not yet been fully repaid, then Eagle Equities will have the right to convert the Eagle Equities Note (and the principal amount and
any accrued and unpaid interest) into restricted shares of Company Common Stock at a conversion price of $6.50 per share (subject to
customary adjustments for any stock splits, etc., which occur following April 13, 2021).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock purchase per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 165.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chris Etherington [Member] | Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 165,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
|
|
|
|
|
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
|
|
|
The
Chris Etherington Note (and the principal amount and any accrued and unpaid interest) is convertible into shares of Company Common Stock
at any time following August 26, 2021, until the note is repaid. The conversion price per share of Common Stock shall initially mean
the lesser of (i) $1.00 or (ii) 75% of the lowest daily volume weighted average price of the Common Stock during the 20 Trading Days
(as defined in the Chris Etherington Note) immediately preceding the date of the respective conversion. The conversion price is subject
to customary adjustments for any stock splits, etc. which occur following the determination of the conversion price.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
|
|
|
|
|
|
|
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of beneficial share | shares |
|
|
|
|
|
|
|
|
|
37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
$ 165,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant to purchase | shares |
|
|
|
|
|
|
|
|
|
37,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercisable | $ / shares |
|
|
|
|
|
|
|
|
|
$ 2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion expenses |
|
|
|
|
|
|
|
|
|
$ 160,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clubhouse Media Group Inc [Member] | Purchase Agreement [Member] | Rui Wu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant to purchase | shares |
|
|
|
|
|
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clubhouse Media Group Inc [Member] | Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165,000
|
|
|
|
|
165,000
|
|
|
|
|
|
165,000
|
|
|
|
Fast Capital Purchase Agreement [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
|
|
|
The
Buyer has the right from time to time, and at any time after 180 days to convert all or any part of the outstanding and unpaid principal
amount of the Note into common stock, subject to a 4.99% equity blocker.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VWAP [Member] | Settlement and Release Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 45,000
|
|
|
|
|
|
|
|
|
|
|
|
|
VWAP [Member] | ONE44 Capital Purchase Agreement # 2 [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of interest into common shaes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement [Member] | Settlement and Release Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 88,738
|
|
|
|
|
|
ONE44 Capital Purchase Agreement [Member] | Debt Repayment and Release Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
Debt settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 88,738
|
|
|
|
|
|
ONE44 Capital Purchase Agreement # 2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 77,893
|
|
|
|
|
|
|
Debt settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 77,893
|
|
|
|
|
|
|
|
ONE44 Capital Purchase Agreement # 2 [Member] | Debt Repayment and Release Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,000
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.00%
|
|
|
|
|
|
|
Diagonal Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
Diagonal Lending LLC [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
75.00%
|
|
75.00%
|
75.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt original discount amount |
|
$ 5,375
|
|
$ 11,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
$ 61,812
|
|
$ 86,625
|
$ 86,625
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
|
|
|
$ 86,625
|
|
|
|
Debt conversion price | $ / shares |
|
$ 1.00
|
|
$ 1.00
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradings days | Days |
|
20
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagonal Lending LLC [Member] | Sixth Street #4 Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 86,625
|
$ 86,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
|
|
$ 7,875
|
$ 7,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
Jun. 23, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
10.00%
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
$ 75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion price | $ / shares |
|
|
|
$ 1.00
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal fee |
|
|
|
$ 3,000.00
|
$ 3,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diligence fee |
|
|
|
$ 750.00
|
$ 750.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagonal Lending LLC [Member] | 1800 Diagonal Lending LLC Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 61,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount |
|
$ 5,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
Jul. 08, 2023
|
|
|
|
|
|
|
|
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Debt interest rate |
|
10.00%
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Proceeds from issuance of debt |
|
$ 52,688
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Debt instrument, description |
|
The
Note provides Investor with conversion rights to convert all or any part of the outstanding and unpaid principal amount of the Note at
any time, from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following
the date of the Note and ending on the later of: (i) the Maturity Date; and (ii) the date of payment of the Default Amount (as defined
in the Note). Notwithstanding the foregoing, the Investor shall not be entitled to a conversion under the Note upon which the sum of
(1) the number of shares of common stock, $0.000001 par value per share (“Common Stock”) beneficially owned by the Investor
and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Note or the unexercised or unconverted portion of any other security of the Company subject to a similar limitation on
conversion or exercise) and (2) the number of shares of Common Stock issuable upon the conversion would result in beneficial ownership
by the Investor and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
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Debt conversion price | $ / shares |
|
$ 1.00
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Legal fee |
|
$ 3,750
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1800 Diagonal Lending LLC [Member] | Convertible Promissory Note [Member] |
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Short-Term Debt [Line Items] |
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Unamortized discount |
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Maturity date |
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|
Jul. 08, 2023
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Amortization of debt issuance costs |
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|
|
$ 61,813
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|
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|
Notes balance |
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1800 Diagonal Lending LLC [Member] | Settlement and Release Agreement [Member] | Convertible Promissory Note [Member] |
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|
Short-Term Debt [Line Items] |
|
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|
|
|
|
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|
|
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|
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|
Notes balance |
105,000
|
|
|
|
|
|
|
|
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|
|
$ 45,479
|
|
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|
Payment to lender |
$ 105,000
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|
X |
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v3.23.3
SCHEDULE OF SHARES TO BE ISSUED LIABILITY (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Shares Issued - Liability |
|
|
Beginning Balance, January 1, 2023 |
$ 573,333
|
$ 1,047,885
|
Shares to be issued |
225,000
|
672,819
|
Shares issued |
|
(1,147,371)
|
Ending Balance, September 30, 2023 |
$ 798,333
|
$ 573,333
|
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v3.23.3
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS INPUT (Details)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Measurement Input, Expected Dividend Rate [Member] |
|
|
Derivative [Line Items] |
|
|
Derivative liability, measurement input |
|
|
Measurement Input, Expected Term [Member] | Minimum [Member] |
|
|
Derivative [Line Items] |
|
|
Expected Life (Years) |
1 month 6 days
|
1 month 6 days
|
Measurement Input, Expected Term [Member] | Maximum [Member] |
|
|
Derivative [Line Items] |
|
|
Expected Life (Years) |
8 months 12 days
|
8 months 12 days
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
Derivative [Line Items] |
|
|
Derivative liability, measurement input |
5.47
|
1.282
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
Derivative [Line Items] |
|
|
Derivative liability, measurement input |
5.53
|
2.98
|
Measurement Input, Option Volatility [Member] | Minimum [Member] |
|
|
Derivative [Line Items] |
|
|
Derivative liability, measurement input |
563
|
149
|
Measurement Input, Option Volatility [Member] | Maximum [Member] |
|
|
Derivative [Line Items] |
|
|
Derivative liability, measurement input |
603
|
612
|
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v3.23.3
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
Derivative liability, Balance |
$ 799,988
|
$ 513,959
|
Additions |
|
2,451,945
|
Mark to Market |
963,799
|
166,309
|
Cancellation of Derivative Liabilities Due to Conversions |
|
|
Reclassification to APIC Due to Conversions |
(13,512)
|
(2,332,225)
|
Derivative liability,Balance |
$ 1,750,275
|
$ 799,988
|
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v3.23.3
DERIVATIVE LIABILITY (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
|
|
Derivative liability |
$ 1,750,275
|
|
$ 1,750,275
|
|
$ 799,988
|
Gain (loss) on derivative liability |
16,047
|
$ (1,734,004)
|
1,153,526
|
$ 974,446
|
|
Gain (loss) on derivative liability |
$ (16,047)
|
$ 1,734,004
|
$ (1,153,526)
|
$ (974,446)
|
|
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v3.23.3
NOTE PAYABLE, RELATED PARTY (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
|
Jun. 30, 2023 |
Oct. 07, 2022 |
Apr. 11, 2022 |
Oct. 12, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Nov. 15, 2022 |
Jun. 13, 2022 |
Jul. 07, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Company borrowed |
|
|
|
|
|
|
$ 1,220,000
|
$ 525,050
|
|
|
|
|
Note payable |
|
|
|
|
$ 396,668
|
|
396,668
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
|
|
$ 1,197,501
|
|
|
|
|
|
Common stock par value |
|
|
|
|
$ 0.000001
|
|
$ 0.000001
|
|
$ 0.000001
|
$ 0.000001
|
$ 0.001
|
$ 0.001
|
Annual base salary |
|
|
|
|
$ 129,833
|
$ 160,435
|
$ 590,963
|
$ 828,058
|
|
|
|
|
Accrued management wages |
$ 785,000
|
|
|
|
945,000
|
|
945,000
|
|
|
|
|
|
Amir Ben-Yohanan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Note payable |
|
|
|
|
1,197,501
|
|
1,197,501
|
|
|
|
|
|
Magiclytics [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Due to related parties |
|
|
|
|
$ 97,761
|
|
$ 97,761
|
|
$ 97,761
|
|
|
|
Director Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
31,821
|
|
|
|
|
|
Common stock par value |
|
|
|
|
$ 0.000001
|
|
$ 0.000001
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
Restricted Stock Agreement [Member] | Mr Kaplun [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares restricted |
|
58,824
|
|
|
|
|
|
|
|
|
|
|
Shares vesting percentage |
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
Director Agreement [Member] | Mr Musina [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
Ben Yohanan Employment Agreement [Member] | Amir Ben-Yohanan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Annual base salary |
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
Monthly cash payment |
|
|
15,000
|
|
|
|
|
|
|
|
|
|
Remaining base salary |
|
|
$ 220,000
|
|
|
|
|
|
|
|
|
|
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v3.23.3
JOINT VENTURE AGREEMENT- CONSOLIDATED SUBSIDIARY (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
Jul. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Salary and wages |
|
$ 129,833
|
$ 160,435
|
$ 590,963
|
$ 828,058
|
Non-controlling interest |
|
98,422
|
43,501
|
(57,855)
|
43,501
|
Non-controlling interest |
|
$ (98,422)
|
$ (43,501)
|
$ 57,855
|
$ (43,501)
|
Mr Reiman [Member] |
|
|
|
|
|
Net receipts percentage |
25.00%
|
|
|
|
|
Mr Reiman [Member] | Employment Agreement [Member] |
|
|
|
|
|
Description of employment agreement term |
In
connection with Mr. Reiman’s appointment as President of the Agency, on the Effective Date, the Company and the Agency, a majority
owned subsidiary of the Company, entered into a written Executive Employment Agreement (the “Employment Agreement”) with
Mr. Reiman for a term of two (2) years following the Effective Date (the “Initial Term”). The Initial Term and any renewal
term shall automatically be extended for up to two (2) more additional terms of two (2) years (each a “Renewal Term”), for
an aggregate of up to six (6) years.
|
|
|
|
|
Salary and wages |
$ 37,500
|
|
|
|
|
Increase of month salary |
$ 42,500
|
|
|
|
|
Net receipts percentage |
7.50%
|
|
|
|
|
Mr Reiman [Member] | Maximum [Member] |
|
|
|
|
|
Operating lease expense |
$ 200,000
|
|
|
|
|
Description of excess expenses |
Expenses in excess of $400 must be pre-approved
by the Company
|
|
|
|
|
Joint Venture Agreement [Member] |
|
|
|
|
|
Ownership percentage |
51.00%
|
|
|
|
|
Joint Venture Agreement [Member] | JointVentureMember |
|
|
|
|
|
Ownership percentage |
51.00%
|
|
|
|
|
Employment Agreement [Member] | Reiman Agency LLC [Member] |
|
|
|
|
|
Ownership percentage |
49.00%
|
|
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v3.23.3
SUMMARY OF WARRANTS ACTIVITY (Details) - USD ($) shares in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Equity [Abstract] |
|
|
Number of Options, Outstanding, Beginning balance |
165,077
|
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
$ 2.05
|
|
Weighted Average Remaining Contractual Life (in Years), Outstanding |
2 years 10 months 24 days
|
4 years 7 months 6 days
|
Number of Options, Issued |
|
|
Weighted Average Exercise Price, Issued |
|
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Options, Cancelled |
|
|
Weighted Average Exercise Price, Canceled |
|
|
Number of Options, Outstanding, Ending balance |
165,077
|
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 2.05
|
|
Number of Options, Vested and Expected Ending balance |
165,077
|
|
Number of Options, Vested and Expected Ending balance |
$ 2.05
|
|
Weighted Average Remaining Contractual Life (in Years), Vested and Expected |
2 years 10 months 24 days
|
|
Aggregate Intrinsic Value, Vested and expected |
|
|
Number of Options, Exercisable Ending balance |
165,077
|
|
Weighted Average Exercise Price, Exercisable, Ending balance |
$ 2.05
|
|
Weighted Average Remaining Contractual Life (in Years), Exercisable |
2 years 10 months 24 days
|
|
Aggregate Intrinsic Value, Exercisable |
|
|
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v3.23.3
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Jul. 11, 2022 |
Nov. 02, 2021 |
Nov. 30, 2020 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Nov. 15, 2022 |
Nov. 14, 2022 |
Sep. 30, 2022 |
Jun. 23, 2022 |
Jun. 22, 2022 |
Jun. 13, 2022 |
Apr. 19, 2022 |
Apr. 18, 2022 |
Jul. 07, 2020 |
Jul. 06, 2020 |
Class of Stock [Line Items] |
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Capital stock, shares authorized |
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25,050,000,000
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550,000,000
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500,000,000
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Common stock, par value |
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$ 0.000001
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$ 0.000001
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$ 0.000001
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$ 0.000001
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$ 0.001
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$ 0.001
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Preferred stock, shares authorized |
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50,000,000
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50,000,000
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50,000,000
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50,000,000
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50,000,000
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Preferred stock par value |
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$ 0.001
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$ 0.001
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$ 0.001
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$ 0.001
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$ 0.001
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Common stock, shares authorized |
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25,000,000,000
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25,000,000,000
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25,000,000,000
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25,000,000,000
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8,000,000,000
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25,000,000,000
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8,000,000,000
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2,000,000,000
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2,000,000,000
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500,000,000
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550,000,000
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Common stock, shares outstanding |
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14,627,446,939
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14,627,446,939
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6,830,378,163
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Preferred stock, shares issued |
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1
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1
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1
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Preferred stock, shares outstanding |
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1
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1
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1
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Common stock, shares issued |
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14,627,446,939
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14,627,446,939
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6,830,378,163
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Conversion of convertible debt |
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$ 1,197,501
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$ 1,197,501
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Derivative liability |
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1,750,275
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1,750,275
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$ 799,988
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Note payable |
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$ 396,668
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$ 396,668
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Stock options granted |
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0
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2023 Equity Incentive Plan [Member] |
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Class of Stock [Line Items] |
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Shares authorized under plan |
75,000,000
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Share based compensation, description |
The term of each option will be as stated in the applicable
award agreement; provided, however, that the term may be no more than 10 years from the date of grant
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Allocated share based compensation expense |
$ 300,000
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Equity Purchase Agreement and Registration Rights Agreement [Member] |
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Class of Stock [Line Items] |
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Common stock, par value |
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$ 0.000001
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Number of shares issued, value |
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$ 15,000,000.00
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Trading percentage |
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250.00%
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Number of shares issued |
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70,000
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Convertible Promissory Note [Member] |
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Class of Stock [Line Items] |
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Derivative liability |
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$ 13,512
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$ 189,352
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Common Stock [Member] |
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Class of Stock [Line Items] |
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Common stock, shares authorized |
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500,000,000
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Conversion of convertible debt, shares |
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5,987,500,000
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5,987,500,000
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Conversion of convertible debt |
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$ 5,988
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$ 5,988
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Common Stock [Member] | Promissory Note [Member] |
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Class of Stock [Line Items] |
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Conversion of convertible debt, shares |
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5,987,500,000
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377,624,000
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1,431,944,776
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Common Stock [Member] | Convertible Promissory Note [Member] |
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Class of Stock [Line Items] |
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Conversion of convertible debt |
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$ 20,770
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$ 184,254
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Series X Preferred Stock [Member] |
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Class of Stock [Line Items] |
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Sale of stock, number of shares issued in transaction |
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1
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Share price per share |
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$ 1.00
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Chief Executive Officer [Member] |
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Class of Stock [Line Items] |
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Common stock, shares outstanding |
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10,564,764,688
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10,564,764,688
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Amir Ben-Yohanan [Member] |
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Class of Stock [Line Items] |
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Note payable |
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$ 1,197,501
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$ 1,197,501
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Non Employee Directors [Member] | 2023 Equity Incentive Plan [Member] |
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Class of Stock [Line Items] |
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Equity awards may be granted, maximum |
300,000
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Maximum [Member] |
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Class of Stock [Line Items] |
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Common stock, par value |
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0.001
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Maximum [Member] | Equity Purchase Agreement and Registration Rights Agreement [Member] |
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Class of Stock [Line Items] |
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Commitment amount |
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$ 400,000.00
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Minimum [Member] |
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Class of Stock [Line Items] |
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Common stock, par value |
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$ 0.000001
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Minimum [Member] | Equity Purchase Agreement and Registration Rights Agreement [Member] |
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Class of Stock [Line Items] |
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Commitment amount |
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$ 20,000.00
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X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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