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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30,
2023
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________________
to ________________
Commission file number 000-55647
EDGEMODE, INC.
(Exact name of registrant as specified in its
charter)
Nevada |
47-4046237 |
(State or other jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification No.) |
|
|
110 E. Broward Blvd., Suite 1700, Ft. Lauderdale, FL |
33301 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (707) 687-9093
Securities registered pursuant to Section 12(b)
of the Act: None
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
Non-accelerated filer ☒ |
|
Smaller reporting company ☒ |
|
|
Emerging growth company ☐ |
If an emerging growth company, indicate by checkmark
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 ☐
There were 390,687,459 shares of the registrant’s
common stock outstanding as of November 08, 2023.
TABLE OF CONTENTS
Unless the context otherwise
indicates, when used in this report, the terms the “Company,” “Edgemode”, “we,” “us, “our”
and similar terms refer to Edgemode, Inc. and our wholly owned subsidiary, EdgeMode, a Wyoming corporation. Our corporate website is www.edgemode.io.
There we make available copies of Edgemode documents, news releases and our filings with the U.S. Securities and Exchange Commission including
financial statements.
Unless specifically set forth
to the contrary, the information that appears on our website is not part of this report.
PART I – FINANCIAL INFORMATION
ITEM 1. |
FINANCIAL STATEMENTS |
Edgemode, Inc.
Consolidated Balance Sheet
(Unaudited)
| |
| | |
| |
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 7,643 | | |
$ | 70 | |
Prepaid expenses and other current assets | |
| 20,258 | | |
| 27,638 | |
Prepaid hosting services | |
| – | | |
| 894,355 | |
Deferred offering costs | |
| – | | |
| 264,706 | |
| |
| | | |
| | |
Total current assets | |
| 27,901 | | |
| 1,186,769 | |
| |
| | | |
| | |
Intangible assets – cryptocurrencies | |
| 56,172 | | |
| 2,630 | |
| |
| | | |
| | |
Total assets | |
$ | 84,073 | | |
$ | 1,189,399 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 785,519 | | |
$ | 869,524 | |
Accrued payroll | |
| 500,464 | | |
| 487,159 | |
Accrued dividends | |
| – | | |
| 6,190 | |
Equipment notes payable | |
| 1,179,972 | | |
| 1,179,972 | |
Convertible notes payable | |
| 246,958 | | |
| – | |
Notes payable | |
| 85,142 | | |
| 35,000 | |
Notes payable – related parties | |
| 16,000 | | |
| – | |
Series B preferred shares liability, net | |
| – | | |
| 205,226 | |
| |
| | | |
| | |
Total current liabilities | |
| 2,814,055 | | |
| 2,783,071 | |
| |
| | | |
| | |
Total liabilities | |
| 2,814,055 | | |
| 2,783,071 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Preferred shares, $0.001 par value, 4,999,000 shares authorized September 30, 2023 and December 31, 2022; none issued and outstanding | |
| – | | |
| – | |
Common shares, $0.001 par value, 950,000,000 shares authorized September 30, 2023 and December 31, 2022; 390,687,459 and 390,437,459 shares issued and outstanding, September 30, 2023 and December 31, 2022 | |
| 390,687 | | |
| 390,437 | |
Additional paid-in capital | |
| 35,142,231 | | |
| 33,896,019 | |
Accumulated deficit | |
| (38,262,900 | ) | |
| (35,880,128 | ) |
Stockholders’ deficit | |
| (2,729,982 | ) | |
| (1,593,672 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ deficit | |
$ | 84,073 | | |
$ | 1,189,399 | |
See accompanying notes to the unaudited consolidated
financial statements.
Edgemode, Inc.
Consolidated Statements of Operations
(unaudited)
| |
| | |
| | |
| | |
| |
| |
For the three months ended | | |
For the nine months ended | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | – | | |
$ | 1,805 | | |
$ | – | | |
$ | 438,042 | |
Cost of revenue | |
| – | | |
| 6,204 | | |
| – | | |
| 812,882 | |
Gross margin | |
| – | | |
| (4,399 | ) | |
| – | | |
| (374,840 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 636,324 | | |
| 1,030,967 | | |
| 2,759,350 | | |
| 27,250,903 | |
Loss on cryptocurrencies | |
| 10,754 | | |
| 28,803 | | |
| 18,098 | | |
| 186,716 | |
Loss on sale of equipment and impairment | |
| – | | |
| 131,233 | | |
| – | | |
| 748,269 | |
Total operating expenses | |
| 647,078 | | |
| 1,191,003 | | |
| 2,777,448 | | |
| 28,185,888 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (647,078 | ) | |
| (1,195,402 | ) | |
| (2,777,448 | ) | |
| (28,560,728 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expense: | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (20,323 | ) | |
| (3,045 | ) | |
| (42,710 | ) | |
| (82,872 | ) |
Penalty on redemption of Preferred B shares | |
| – | | |
| – | | |
| (51,859 | ) | |
| – | |
Other income (expense) | |
| – | | |
| 16,232 | | |
| (780 | ) | |
| 16,232 | |
Refund of equipment deposit | |
| – | | |
| – | | |
| 500,000 | | |
| – | |
Loss on settlement | |
| – | | |
| – | | |
| (9,975 | ) | |
| – | |
Total other income (expense), net | |
| (20,323 | ) | |
| 13,187 | | |
| 394,676 | | |
| (66,640 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (667,401 | ) | |
$ | (1,182,215 | ) | |
$ | (2,382,772 | ) | |
$ | (28,627,368 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per common share – basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.08 | ) |
Loss per common share – diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – basic | |
| 390,687,459 | | |
| 383,839,659 | | |
| 390,564,531 | | |
| 366,092,454 | |
Weighted average shares outstanding – diluted | |
| 390,687,459 | | |
| 383,839,659 | | |
| 390,564,531 | | |
| 366,092,454 | |
See accompanying notes to the unaudited consolidated
financial statements.
Edgemode, Inc.
Consolidated Statements of Stockholders’
Equity (Deficit)
For the nine months ended September 30, 2023
and 2022
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Mezzanine Equity | | |
| | |
| | |
| | |
| | |
Total | |
| |
| | |
Preferred | | |
| | |
Common | | |
Additional | | |
| | |
Stockholders’ | |
| |
Preferred | | |
Stock | | |
Common | | |
Stock | | |
Paid-In | | |
Accumulated | | |
Equity/ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(deficit) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
| – | | |
$ | – | | |
| 390,437,459 | | |
$ | 390,437 | | |
$ | 33,896,019 | | |
$ | (35,880,128 | ) | |
$ | (1,593,672 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued for settlement of claims | |
| – | | |
| – | | |
| 250,000 | | |
| 250 | | |
| 9,725 | | |
| – | | |
| 9,975 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,236,487 | | |
| – | | |
| 1,236,487 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1,778,011 | ) | |
| (1,778,011 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| – | | |
| – | | |
| 390,687,459 | | |
| 390,687 | | |
| 35,142,231 | | |
| (37,658,139 | ) | |
| (2,125,221 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 62,640 | | |
| 62,640 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| – | | |
| – | | |
| 390,687,459 | | |
| 390,687 | | |
| 35,142,231 | | |
| (37,595,499 | ) | |
| (2,062,581 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (667,401 | ) | |
| (667,401 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| – | | |
$ | – | | |
| 390,687,459 | | |
$ | 390,687 | | |
$ | 35,142,231 | | |
$ | (38,262,900 | ) | |
$ | (2,729,982 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2021 | |
| 127,207 | | |
$ | 341,730 | | |
| 292,179,345 | | |
$ | 292,179 | | |
$ | 5,476,850 | | |
$ | (3,634,131 | ) | |
$ | 2,134,898 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of preferred shares into common | |
| (127,207 | ) | |
| (341,730 | ) | |
| 20,796,933 | | |
| 20,797 | | |
| 363,776 | | |
| – | | |
| 384,573 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued in exchange for cash | |
| – | | |
| – | | |
| 1,495,756 | | |
| 1,495 | | |
| 503,519 | | |
| – | | |
| 505,014 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued in exchange for cryptocurrency | |
| – | | |
| – | | |
| 78,638 | | |
| 79 | | |
| 49,921 | | |
| – | | |
| 50,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Recapitalization of reverse merger | |
| – | | |
| – | | |
| 69,257,668 | | |
| 69,258 | | |
| 2,600,694 | | |
| – | | |
| 2,669,952 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 22,385,917 | | |
| – | | |
| 22,385,917 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (23,626,491 | ) | |
| (23,626,491 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2022 | |
| – | | |
| – | | |
| 383,808,340 | | |
| 383,808 | | |
| 31,380,677 | | |
| (27,260,622 | ) | |
| 4,503,863 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Recapitalization of reverse merger | |
| – | | |
| – | | |
| 50,000 | | |
| 50 | | |
| 24,950 | | |
| – | | |
| 25,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,878,264 | | |
| – | | |
| 1,878,264 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,818,662 | ) | |
| (3,818,662 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| – | | |
| – | | |
| 383,858,340 | | |
| 383,858 | | |
| 33,283,891 | | |
| (31,079,284 | ) | |
| 2,588,465 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued in exchange for cash | |
| – | | |
| – | | |
| 72,000 | | |
| 72 | | |
| 35,929 | | |
| – | | |
| 36,001 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued for compensation | |
| – | | |
| – | | |
| 4,000,000 | | |
| 4,000 | | |
| 314,000 | | |
| – | | |
| 318,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued for deferred offering costs | |
| – | | |
| – | | |
| 2,521,008 | | |
| 2,521 | | |
| 262,185 | | |
| – | | |
| 264,706 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares cancelled pursuant to SEC legal case | |
| – | | |
| – | | |
| (13,889 | ) | |
| (14 | ) | |
| 14 | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1,182,215 | ) | |
| (1,182,215 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| – | | |
$ | – | | |
| 390,437,459 | | |
$ | 390,437 | | |
$ | 33,896,019 | | |
$ | (32,261,499 | ) | |
$ | 2,024,957 | |
See accompanying notes to the unaudited consolidated
financial statements.
Edgemode, Inc.
Consolidated Statements of Cash Flows
(unaudited)
| |
| | | |
| | |
| |
For the nine months ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (2,382,772 | ) | |
$ | (28,627,368 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating
activities: | |
| | | |
| | |
Depreciation | |
| – | | |
| 630,670 | |
Loss on sale of equipment and impairment | |
| – | | |
| 748,269 | |
Amortization of discounts | |
| 18,290 | | |
| 1,140 | |
Penalty on redemption of Preferred B shares | |
| 51,859 | | |
| – | |
Loss on settlement | |
| 9,975 | | |
| – | |
Stock-based compensation | |
| 1,236,487 | | |
| 24,582,181 | |
Cryptocurrency used for officer compensation | |
| – | | |
| 91,898 | |
Loss on cryptocurrency transactions | |
| 18,098 | | |
| 186,716 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| 1,166,441 | | |
| 19,315 | |
Prepaid expenses and other current assets – related parties | |
| – | | |
| (7,500 | ) |
Cryptocurrencies - mining | |
| – | | |
| (438,042 | ) |
Accounts payable and accrued expenses | |
| (80,000 | ) | |
| 420,655 | |
Accrued payroll | |
| 13,305 | | |
| 331,125 | |
Net cash provided by (used in) operating activities | |
| 51,683 | | |
| (2,060,941 | ) |
| |
| | | |
| | |
Investing Activities: | |
| | | |
| | |
Cash acquired in acquisition | |
| – | | |
| 743,513 | |
Purchase of equipment | |
| – | | |
| (370,976 | ) |
Proceeds from sale of equipment | |
| – | | |
| 60,000 | |
Proceeds from sale of cryptocurrencies | |
| 31,999 | | |
| 509,997 | |
Net cash provided by investing activities | |
| 31,999 | | |
| 942,534 | |
| |
| | | |
| | |
Financing Activities: | |
| | | |
| | |
Proceeds from issuance of common shares, net of offering costs | |
| – | | |
| 566,015 | |
Proceeds from issuance of preferred share, net of offering costs | |
| – | | |
| 201,250 | |
Proceeds from subscription receivables | |
| – | | |
| 158,850 | |
Payments on preferred B shares | |
| (270,549 | ) | |
| – | |
Payments on equipment notes payable | |
| – | | |
| (208,152 | ) |
Proceeds from related party advances | |
| 16,000 | | |
| – | |
Proceeds from convertible notes payable | |
| 220,000 | | |
| – | |
Payments on convertible notes payable | |
| (41,560 | ) | |
| – | |
Proceeds from notes payable | |
| – | | |
| 380,000 | |
Net cash provided by (used in) financing activities | |
| (76,109 | ) | |
| 1,097,963 | |
| |
| | | |
| | |
Net change in cash | |
| 7,573 | | |
| (20,444 | ) |
Cash - beginning of period | |
| 70 | | |
| 23,942 | |
Cash - end of period | |
$ | 7,643 | | |
$ | 3,498 | |
| |
| | | |
| | |
Supplemental Disclosures: | |
| | | |
| | |
Interest paid | |
$ | 40,032 | | |
$ | 82,872 | |
Income taxes paid | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
Supplemental Disclosures of Noncash Financing Information: | |
| | | |
| | |
Convertible notes issued in exchange for cryptocurrency | |
$ | 57,502 | | |
$ | – | |
Note payable issued in exchange for cryptocurrency | |
$ | 50,142 | | |
$ | – | |
Cryptocurrency used to pay accounts payable | |
$ | 4,005 | | |
$ | – | |
Shares issued for cryptocurrency assets | |
$ | – | | |
$ | 50,000 | |
Conversion of preferred shares into common shares | |
$ | – | | |
$ | 384,573 | |
Shares issued for deferred offering costs | |
$ | – | | |
$ | 264,706 | |
See accompanying notes to the unaudited consolidated
financial statements.
Edgemode, Inc.
Notes to the Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited interim financial statements
of Edgemode, Inc. (“we”, “our”, “Edgemode” or the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission
(“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s
Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected
herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year.
Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for
fiscal 2022, as reported in the Form 10-K of the Company, have been omitted.
On March 20, 2020, shareholders owning a majority
of the Company's outstanding shares of common stock amended the Company's Articles of Incorporation to change the name of the Company
from Pierre Corp. to Fourth Wave Energy, Inc.
Effective January 31, 2022 (the “Effective
Time”), the Company, FWAV Acquisition Corp., a Wyoming corporation and wholly owned subsidiary of the Company (the “Acquisition
Subsidiary”) and EdgeMode, a Wyoming corporation (“EdgeMode”) closed on the previously disclosed Agreement and Plan
of Merger and Reorganization dated December 2, 2021 (the “Merger Agreement”). In accordance with the Merger Agreement, Acquisition
Subsidiary merged with and into EdgeMode (the “Merger” or “Transaction”), with EdgeMode remaining as the surviving
entity after the Merger and becoming a wholly owned subsidiary of the Company. In the Merger, the shares of common stock, no par value
per share, of EdgeMode issued and outstanding immediately prior to the Effective Time, represent 80% of the Company’s outstanding
common stock on a fully diluted basis (or 313,950,672 shares of common stock). Furthermore, pursuant to the terms of the Merger the Company’s
sole shareholder of the Company’s preferred stock converted such shares into 1,000 shares of common stock.
Joseph Isaacs, the Company’s sole officer
and director resigned as an executive officer and director. Pursuant to the terms of the Merger Mr. Isaacs will provide services to the
Company in a consultancy capacity at a fee of $11,500 per month and has been issued a stock option grant to purchase up to 19,987,095
shares of the Company’s common stock, vesting in 90 days, at an exercise price of $0.40 per share. The consulting agreement may
be terminated by the Company without cause after three months. In addition, Mr. Isaacs received a $250,000 cash bonus and the Company
entered into a contract with a company owned by Joe Isaacs to perform services for total value of $240,000. Charlie Faulkner and Simon
Wajcenberg, the principals of EdgeMode, were appointed as directors and executive officers.
Simultaneously with the Merger, approximately
$4,574,132 of principal and interest of outstanding notes previously issued by the Company automatically converted into an aggregate of
18,296,528 shares of the Company’s common stock issued to 31 former noteholders. In addition, the Company has repaid approximately
$988,000 of principal amount of notes. At the Effective Time the Company has nominal liabilities, excluding the debt and liabilities of
EdgeMode.
The merger was accounted for as a reverse merger,
whereby EdgeMode was considered the accounting acquirer and became our wholly-owned subsidiary. In accordance with the accounting treatment
for a “reverse merger”, the Company’s historical financial statements prior to the reverse merger has been replaced
with the historical financial statements of EdgeMode prior to the reverse merger. The financial statements after completion of the reverse
merger include the assets, liabilities, and results of operations of the combined company from and after the closing date of the reverse
merger, with only certain aspects of pre-consummation stockholders’ equity remaining in the consolidated financial statements.
On June 3, 2022 the Company changed its name from
Fourth Wave Energy Inc. to Edgemode, Inc.
NOTE 2 – Summary of significant Accounting
Policies
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that
affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates.
It is reasonably possible that changes in estimates will occur in the near term.
Principals of consolidation
The accompanying consolidated financial statements
include the accounts of Edgemode, Inc., the accounts of its 100% owned subsidiaries, EdgeMode and Edgemode Mine Co UK Limited. All intercompany
transactions and balances have been eliminated in consolidation.
Fair Value Measurements
Generally accepted accounting principles define
fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs
used to measure fair value using the following definitions (from highest to lowest priority):
|
· |
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
|
|
|
|
· |
Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. |
|
|
|
|
· |
Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. |
The Company has no assets or liabilities valued
using level 1, level 2, or level 3 inputs as of September 30, 2023.
Revenue Recognition
We recognize revenue in accordance with ASC 606,
Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising
from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s
stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in
an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve
this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying
the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations,
and recognizing revenue when, or as, an entity satisfies a performance obligation.
The Company has entered into digital asset mining
pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool.
The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the
Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a
fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining
pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of
the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s
fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing
power contributed by all mining pool participants in solving the current algorithm.
Providing computing power in digital asset transaction
verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the
only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives,
if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than
the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because
it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining
pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration
it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.
Fair value of the cryptocurrency award received
is determined using the quoted price of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance
under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has
exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by
the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial
position and results from operations.
Stock-Based Compensation
The Company accounts for equity instruments issued
to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant
to ASC 2018-07 (ASC 2018-07). All transactions in which the consideration provided in exchange for the purchase of goods or services consists
of the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the
equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued
is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance
by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.
The Company accounts for equity-based transactions
with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No.
505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value
of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Deferred Offering Costs
The Company has capitalized qualified direct costs
related to its efforts to raise capital through a sale of its common stock in a private offering. Deferred offering costs will be deferred
until the completion of the private offering, at which time they will be reclassified to additional paid-in capital as a reduction of
the offering proceeds. If the Company terminates the planned offering or there is a significant delay, all of the deferred offering costs
will be immediately written off to operating expenses. During the nine months ended September 30, 2023, as a result of significant delays,
$264,706 of deferred offering costs were expensed. No amounts of deferred offering costs are capitalized as of September 30, 2023.
Long-Lived Assets – Cryptocurrencies
We account for our cryptocurrencies, intangible
assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for
the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration
given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable.
Our cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment
as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized
over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision
to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset
is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible
assets are recognized as an expense when incurred.
Recent Accounting Pronouncements
The Company does not believe that any recently
issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying
financial statements.
NOTE 3 – Going Concern
These financial statements have been prepared
in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able
to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying
values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification
of assets and liabilities should the Company be unable to continue as a going concern. At September 30, 2023, the Company had not yet
achieved profitable operations and expects to incur further losses as it has suspended its operations until such time, if any, that the
Company receives adequate funding, all of which raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s management has also begun exploring possible opportunities for the Company involving mergers, acquisitions or other
business combination transactions in an effort to diversify our business. The Company is not currently a party to any agreement or understandings
with any third parties, and there are no assurances even if the Company’s management locates an opportunity which it believes will
be in the best interests of the Company’s shareholders that it will ever consummate such a transaction. Accordingly, investors should
not place undue reliance on these efforts. The Company’s ability to continue as a going concern is dependent upon its ability to
generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due. Management has no formal plan in place to address this concern.
NOTE 4 – Related Party Transactions
The Company’s former CEO, Mr. Isaacs, agreed
to provide services to the Company in a consultancy capacity at a fee of $11,500 per month and was issued a stock option grant to purchase
up to 19,987,095 shares of the Company’s common stock, vesting in 90 days, at an exercise price of $0.40 per share. The consulting
agreement may be terminated by the Company without cause after three months. During the nine months ended September 30, 2023, the Company
and Mr. Isaacs, entered into a settlement and release agreement whereby Mr. Isaacs agreed to a reduction in the compensation to a total
of $55,000, subject to the Company making payments on or before May 14, 2023 and June 14, 2023. During the nine months ended, September
30, 2023, the Company made total payments in the aggregate of $65,000 in accordance with the terms of the settlement agreement. No additional
amounts are owed to Mr. Isaacs as of September 30, 2023.
On January 25, 2023, the Company amended stock
option grants dated January 31, 2022 to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial
Officer of the Company, respectively. The amendment reduces the exercise price of the options from $0.40 per share to $0.06 per share.
On March 3, 2023, the board of directors of
the Company granted to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial Officer of the
Company, respectively, options to purchase up to 77,000,000 shares
of the Company’s common stock at an exercise price of $0.04 per
share, exercisable for five years (the “Stock Options”). The Stock Options shall each be a non-qualified option and
shall become vested and exercisable upon the Company closing on the purchase of at least $15 million of crypto mining equipment.
On March 3, 2023, the Company amended stock option
grants dated September 12, 2022 to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial Officer
of the Company, respectively. The amendment provides for the vesting to be only upon the closing of the purchase of at least $15 million
of crypto mining equipment, rather than conditioned on an uplisting of the Company’s shares on the NASDAQ Global Market, New York
Stock Exchange, or another equivalent market.
As of September 30, 2023 the Company owed the
executive officers of the Company $500,464 in accrued payroll for services performed.
During the nine months ended September 30, 2023,
the executive officers of the Company advanced 16,000 to the Company for working capital needs. The advances are non-interest bearing
and are due on demand.
NOTE 5 – Prepaid Hosting Services
Prepaid hosting services are amounts paid to secure
the use of data hosting services at a future date or continuously over one or more future periods. When the prepaid hosting services are
eventually consumed, they are charged to expense. As of December 31, 2022, the Company had prepaid a total of $1,586,297. In January 2023,
the Company was notified of the Chapter 11 bankruptcy filing of the hosting company and in January 2023 the Company received $894,355
in return of the initial deposit and the remainder of the deposit is subject to bankruptcy claims. As a result, the Company impaired $691,942,
the remaining amount of the claim, as of December 31, 2022, due to the uncertainty of collectability through the bankruptcy claim. As
of September 30, 2023, the Company has $0 of amounts recorded related to the remaining claims due to the uncertainty of collectability.
NOTE 6 – Equity
Preferred shares
We are authorized to issue 4,999,000 shares of
preferred stock. Shares of preferred stock may be issued from time to time in one or more series as may be determined by our Board. The
voting powers and preferences, the relative rights of each such series and the qualifications, limitations and restrictions of each series
will be established by the Board. Our directors may issue preferred stock with multiple votes per share and dividend rights which would
have priority over any dividends paid with respect to the holders of our common stock. In connection with the Transaction, the only outstanding
preferred stock was converted into common stock. As of the date of this report, there are no outstanding shares of preferred stock.
Series B
On July 19, 2022, the Company designated 1,000,000
shares of its original 5,000,000 authorized shares of Preferred Stock as Series B Preferred Stock (“Series B”) with a $0.001
par value and a stated value of $1.00 per share. The Series B Convertible Preferred Stock ranks senior to the common stock with respect
to dividends and right of liquidation and has no voting rights. The Series B Convertible Preferred Stock has an 8% cumulative annual
dividend. In the event of default, the dividend rate increases to 22%. The Company may not, with consent of a majority of the holders
of Series B Convertible Preferred Stock, alter or changes the rights of the Series B Convertible Preferred Stock, amend the articles of
incorporation, create any other class of stock ranking senior to the Series B Convertible Preferred Stock, increase the authorized shares
of Series B Convertible Preferred Stock, or liquidate or dissolve the Company. Beginning 180 days from issuance, the Series B Convertible
Preferred Stock may be converted into common stock at a price based on 65% of the average of the two lowest trading prices during the
15 days prior to conversion. The Company may redeem the Series B Convertible Preferred Stock during the first 180 days from issuance,
subject to early redemption penalties of up to 25%. The Series B Convertible Preferred Stock must be redeemed by the Company 12 months
following issuance if not previously redeemed or converted. Based on the terms of the Series B Convertible Preferred Stock, the Company
determined that the preferred stock is mandatorily redeemable and will be accounted for as a liability under ASC 480.
During the year ended December 31, 2022, the Company
entered into purchase agreements for the sale of 212,500 shares of Series B Convertible Preferred Stock with 1800 Diagonal Lending, LLC,
with $11,250 of proceeds being kept by the lender for legal fees, resulting in cash proceeds of $201,250.
On January 25, 2023, the Company redeemed the
Preferred B shares and paid to the holder a total of $270,549 which included the stated value of $212,500, $6,190 in accrued dividends
and the early redemption premium of $51,859.
Common shares
The Company has authorized 950,000,000 shares
of common stock, par value of $0.001, and as of September 30, 2023 has issued 390,687,459 shares of common stock. All of the common shares
have the same voting rights and liquidation preferences.
On March 30, 2023, the Company entered into a
settlement agreement with a previous note holder for settlement of outstanding claims of a note payable that had been paid in full previously.
Per the terms of the settlement agreement, the Company issued 250,000 shares of common stock, and as a result the Company recorded a loss
on settlement of $9,975.
Stock Options
During the nine months ended September 30,
2023, the Company granted to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial Officer
of the Company, respectively, options to purchase up to 77,000,000 shares
of the Company’s common stock at an exercise price of $0.04 per share, exercisable for five years (the “Stock
Options”). The Stock Options shall each be a non-qualified option and shall become vested and exercisable upon the Company
closing on the purchase of at least $15 million
of crypto mining equipment. The Company used the black-scholes option pricing model to value the options and determined a fair value
of $4,814,035.
As of September 30, 2023, the Company had not met the contingent vesting requirements, and as such no amounts have been expensed
related to these options.
On January 25, 2023, the Company amended stock
option grants dated January 31, 2022 to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial
Officer of the Company, respectively. The amendment reduces the exercise price of the options from $0.40 per share to $0.06 per share.
As a result of the amendment, the Company recorded an additional $1,236,487 of stock-based compensation expense based on the incremental
fair value resulting from the change in exercise price.
On March 3, 2023, the Company amended stock option
grants dated September 12, 2022 to each of Charlie Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial Officer
of the Company, respectively. The amendment provides for the vesting to be only upon the closing of the purchase of at least $15 million
of crypto mining equipment, rather than conditioned on an uplisting of the Company’s shares on the NASDAQ Global Market, New York
Stock Exchange, or another equivalent market. No additional expense incurred as a result of the amendment as it was determined there was
no change to any of the inputs in the black-scholes option pricing model.
As of September 30, 2023, the Company has $22,529,707
of value remaining to be expensed based upon completions of milestones, of which $21,679,711 is contingently subject to expense recognition
based on the timing of when the Company is able to close on a purchase of at least $15 million of crypto mining equipment as describe
above, and $0 of remaining amortization to expensed pursuant to the vesting terms.
The following table summarizes the stock option
activity for the nine months ended September 30, 2023:
Schedule of stock option
activity | |
| | |
| |
| |
Options | | |
Weighted-Average Exercise Price Per Share | |
| |
| | |
| |
Outstanding, December 31, 2022 | |
| 239,284,669 | | |
$ | 0.12 | |
Granted | |
| 154,000,000 | | |
| 0.04 | |
Exercised | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Expired | |
| – | | |
| – | |
Outstanding, September 30, 2023 | |
| 393,284,669 | | |
$ | 0.09 | |
As of September 30, 2023, the Company had 85,907,990
stock options that were exercisable and 137,473 that are in dispute. The weighted average remaining life of all outstanding stock options
was 4 years as of September 30, 2023. Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
stock option and the fair value of the Company’s common stock for stock options that were in-the-money at period end. As of September
30, 2023, the intrinsic value for the options vested and outstanding was $0 and $412, respectively.
Stock Warrants
The following table summarizes the stock warrant
activity for the nine months ended September 30, 2022:
Schedule of stock warrant
activity | |
| | |
| |
| |
Warrants | | |
Weighted-Average Exercise Price Per Share | |
| |
| | |
| |
Outstanding, December 31, 2022 | |
| 9,530,000 | | |
$ | 0.50 | |
Granted | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Expired | |
| – | | |
| – | |
Outstanding, September 30, 2023 | |
| 9,530,000 | | |
$ | 0.50 | |
NOTE 7 – Notes Payable and Convertible
Notes Payable
Notes Payable
Pursuant to the merger agreement, the Company
acquired outstanding note payables in the amount of $35,000. These loans were advanced as due on demand and no communication has been
received from the original lenders.
In April 2023, the Company utilized an existing
marginal lending facility with SFOX, a digital assets broker. The marginal lending facility allows the Company to borrow funds up to a
maximum aggregate amount of $50,000 to finance its investment activities in digital assets. The terms of the marginal lending facility
include an interest rate on the borrowed funds of 11% and the maximum borrowing period under the facility is 28 days, the facility can
be rolled over provided there is sufficient collateral. The facility is secured by a pledged collateral of digital assets. The Company
is required to maintain a collateral balance equal to 110% of the outstanding principal balance with the lender.
As of September 30, 2023 the loan balances and
accrued interest are $50,142 and $56,464 of the Company’s cryptocurrency assets are held as restricted by the lender.
Equipment Notes Payable
In 2021, the Company entered into multiple financing
agreements whereby the company agreed to purchase assets related to its crypto mining operations. The financing agreements required a
down payments in the aggregate of $600,408 and 24 equal monthly payments. The Company used a 15% discount rate to determine the net present
value of the loan value in the aggregate of $2,441,591. During the years ended December 31, 2022 and 2021 the company made payments of
$248,184 and $1,366,860, respectively, of which $40,032 and $217,467 was recorded as interest expense.
On July 11, 2022, the Company terminated its agreements
with the vendor for the financed equipment described above. As of September 30, 2023, and through the date of this filing, no agreement
or communication from the vendor has been received confirming the terms of the termination, and therefore the Company has maintained these
balances in equipment notes payable on the Company's balance sheet. The balance of the loans as of September 30, 2023 is $1,179,972.
Schedule of future maturities and principal payments | |
| |
Year | |
Principal Amount | |
2023 | |
$ | 1,179,972 | |
2024 | |
| – | |
2025 | |
| – | |
2026 | |
| – | |
2027 | |
| – | |
Remaining | |
| – | |
Total | |
$ | 1,179,972 | |
Convertible notes payable
April 20, 2023 Promissory Notes
On April 11, 2023, the Company entered into
a Securities Purchase Agreement effective April 20, 2023 with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which
the Company sold the investor an unsecured promissory note in the principal amount of $60,760
(the “April Promissory Note”). The Company received net proceeds of $50,000
in consideration of issuance of the April Promissory Note after original issue discount of $6,510
and legal fees of $4,250.
The aggregate debt discount of $10,760
is being amortized to interest expense over the respective term of the note. The April Promissory Note shall incur a one-time
interest charge of 13%, which is added to the principal balance, has a maturity date of March 11, 2024, and requires monthly
payments of $7,629 beginning on September 15, 2023. The April Promissory Note is convertible into common shares of the Company upon
an event of default, at a rate of 71% of the lowest price for the preceding 20 trading days. In addition, upon default, the Company
must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. As of September 30,
2023, the balance on the note is $27,004,
with a remaining unamortized discount of $5,235.
As of the date of filing, the note is in default. See Note 10 for details.
In addition, on April 11, 2023, the Company
entered into an additional Securities Purchase Agreement effective April 20, 2023 with the above investor, pursuant to which the
Company sold the investor an unsecured promissory note in the principal amount of $56,962
(the “Convertible Note”), bears interest at a rate of 8%, or 22% in the event of default, and matures on April 11, 2024.
The Company received net proceeds of $50,000
in consideration of issuance of the Convertible Note after original issue discount of $2,712
and legal fees of $4,250.
The aggregate debt discount of $6,962
is being amortized to interest expense over the respective term of the note. The Convertible Note is convertible into common shares
of the Company beginning on the sixth-month anniversary, at a rate of 65% of the lowest price for the preceding 15 trading days. In
addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued
interest combined. As of September 30, 2023, the balance on the note is $56,962,
with a remaining unamortized discount of $3,690.
As of the date of filing, the note is in default. See Note 10 for details.
April 25, 2023 Promissory Notes
On April 25, 2023, the Company entered into
a Securities Purchase Agreement with an accredited investor, pursuant to which the Company sold the investor an unsecured promissory
note in the principal amount of $60,000.
The Company received net proceeds of $60,000
in consideration of issuance of the Promissory Note after original issue discount of _______. The Promissory Note shall bear interest at a
rate of 10%
and have a maturity date of May
26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on
the maturity date. As of September 30, 2023, the balance on the note is $60,000.
The note is past due.
In addition, on April 26, 2023, the Company
entered into a Promissory Note Purchase Agreement with another investor, pursuant to which the Company sold the investor an
unsecured convertible promissory note in the principal amount of $57,502
Promissory Note. The Company received gross proceeds of $57,502
in consideration of issuance of the Promissory Note. The Promissory Note shall bear interest at a rate of 10%
and have a maturity date of May
26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on
the maturity date. As of September 30, 2023, the balance on the note is $57,502.
The note is past due.
The investors may in their option, at any time
following the 180-day anniversary from the issuance date, as defined in the Promissory Notes, convert all or any part of the outstanding
and unpaid amount of the Promissory Notes into fully paid and non-assessable shares of Common Stock. If the Promissory Notes are not repaid
on or prior to the maturity date, the conversion price will be $0.20 or 50% of the preceding five day VWAP on the six month anniversary,
which is lower, subject to a floor conversion price of $0.01 per share. Furthermore, the Promissory Notes contain a “most favored
nation” provision that allows each investor to claim any preferable terms from any future securities, excluding certain exempt
issuances.
August 4, 2023 Promissory Notes
On August 4, 2023, the Company entered into a
Securities Purchase Agreement with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which the Company sold the investor
an unsecured original issuance discount promissory note in the principal amount of $71,450 (the “August Promissory Note”).
The Company received net proceeds of $60,000 in consideration of issuance of the August Promissory Note after original issue discount
of $7,200 and legal fees of $4,250. The aggregate debt discount of $11,450 is being amortized to interest expense over the respective term
of the note.. The August Promissory Note shall incur a one-time interest charge of 13%, which is added to the principal balance, has a
maturity date of May 24, 2024, and requires monthly payments of $8,971 beginning on September 15, 2023. The August Promissory Note is
convertible into common shares of the Company at any time following an event of default at a rate of 71% of the lowest trading price of
the Company’s common stock during the twenty prior trading days. In addition, upon default, the Company must repay an amount equal
to 150% of the then outstanding amount of principal and accrued interest combined. As of September 30, 2023, the balance on the note is
$63,645, with a remaining unamortized discount of $9,230. As of the date of filing, the note is in default. See Note 10 for details.
NOTE 8 – Cryptocurrency Assets
The Company began cryptocurrency mining activities
during the year ended December 31, 2021. In addition to mining activities, the Company conducts other business activities using its cryptocurrency
assets as compensation. The below table represents the cryptocurrency activities during the nine months ended September 30, 2023:
Schedule of cryptocurrency activities | |
| |
Cryptocurrency at December 31, 2022 | |
$ | 2,630 | |
Additions of cryptocurrencies from convertible notes | |
| 57,502 | |
Additions of cryptocurrencies from note payable | |
| 50,142 | |
Proceeds from sale of cryptocurrencies | |
| (31,999 | ) |
Cryptocurrency used for payment of accounts payable | |
| (4,005 | ) |
Loss on cryptocurrency | |
| (18,098 | ) |
Cryptocurrency at September 30, 2023 | |
$ | 56,172 | |
NOTE 9 – Commitments and Contingencies
Legal Contingencies
On February 8, 2022, the Company was notified
of a potential lawsuit related to the termination of our Advisory Panel Membership agreement with Taylor Black Wealth, Ltd. (“Taylor”).
The Company engaged Taylor for assistance with capital raises and was to be partially compensated with stock options, subject to vesting.
Taylor claims that the Company terminated the agreement unlawfully and therefore are still entitled to the remaining unvested options
which the Company believes to be cancelled. The total number of stock options being contested is 137,473. No additional communication
has been received related to the claims from Taylor.
NOTE 10 – Subsequent Events
On October 20, 2023 the Company received notice
from 1800 Diagonal Lending LLC, the holder of the April Promissory Note, Convertible Note and August Promissory Note (collectively, the
“1800 Notes”) that such notes were in default. The holder has made demand for the immediate payment of the 1800 Notes of
a sum representing 150% of the remaining outstanding principal balances of the 1800 Notes in the aggregate of $250,008.99, together with
accrued interest and default interest as provided for in the 1800 Notes. As a result of the default, the 1800 Notes are convertible into
common stock.
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The following discussion
and analysis should be read in conjunction with our unaudited condensed consolidated financial statements, and the notes thereto, and
other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements
and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The following discussion and
analysis compares our consolidated results of operations for the three months ended September 30, 2022 (the “2022 Quarter”)
with those for the three months ended September 30, 2023 (the “2023 Quarter”). Additionally, the nine months ending September
30, 2023 and the nine months ending September 30, 2022 are referred to as the “2023 Period” and “2022 Period”
respectively.
Cautionary Note Regarding Forward-Looking Statements
This report contains “forward-looking
statements”. These statements include, among other things, statements regarding expanding our business and our liquidity as well
as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements
generally can be identified by words such as "anticipates," "believes," "estimates," "expects,"
"intends," "plans," "predicts," "projects," "will be," "will continue," "will
likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that
are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in
the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our ability
to raise capital to buy crypto mining machines we have commitments to purchase, regulatory issues which affect our business model, and
those discussed under the caption "Risk Factors" in our Form 10-K for the year ended December 31, 2022 and those discussed in
other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking
statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements.
Business Overview
We are an early-stage cryptocurrency
mining company. We have entered into agreements with third party hosting firms and Bitcoin mining facilities for the sole purpose of mining
Bitcoin. We require financing to operate the mining of Bitcoin. We ceased Ethereum mining operations in September 2022 when Ethereum switched
its consensus protocol to proof of stake. Our mining platform will be operating with the primary intent of accumulating Bitcoin.
We require significant financing to commence Bitcoin
mining. During late 2022 and early 2023 we have focused on securing a debt facility. We cannot provide any assurances we will receive
any capital under a debt facility. Any debt financing will be used to finance the purchase of BTC mining hardware and hosting contracts
which, subject to financing. We have suspended our operations subject to receiving additional funding. There are no assurances we will
receive adequate financing. Our management has also begun exploring possible opportunities for the Company involving mergers, acquisitions
or other business combination transactions in an effort to diversify our business. We are not currently a party to any agreement or understandings
with any third parties, and there are no assurances even if our management locates an opportunity which it believes will be in the best
interests of our shareholders that we will ever consummate such a transaction. Accordingly, investors should not place undue reliance
on these efforts.
Critical Accounting Policies and Estimates
We discuss the material accounting
policies that are critical in making the estimates and judgments in our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, under the caption “Management’s Discussion and Analysis—Critical Accounting Policies and Estimates”.
There has been no material change in critical accounting policies or estimates during the period covered by this report.
Recent Accounting Pronouncements
For information on recent
accounting pronouncements and impacts, see Note 1 to the unaudited condensed consolidated financial statements.
Three Months Ended September 30, 2023 Compared
to the Three Months Ended September 30, 2022
Results of operations
We had no revenues for the
2023 Quarter compared to $1,805 for the 2022 Quarter. The reason for the decrease was that we ceased Ethereum mining operations in September
2022 when Ethereum switched its consensus protocol to proof of stake.
We had no cost of revenues
for the 2023 Quarter compared to $6,204 for the 2022 Quarter. The reason for the decrease was that we ceased Ethereum mining operations
in September 2022 when Ethereum switched its consensus protocol to proof of stake.
Our operating expenses for
the 2023 Quarter was $647,078 compared to $1,191,003, for the 2022 Quarter, a decrease of 46%. In the 2023 Quarter, the Company incurred
stock-based compensation expense of $0 compared to $318,000 for the 2022 Quarter. The stock based compensation for the 2022 Quarter was
related to the issuance of 4,000,000 share of common stock for services.
Our other expense for the
2023 Quarter was $20,323 compared to other income of $13,187 for the 2022 Quarter.
Nine Months Ended September 30, 2023 Compared
to the Nine Months Ended September 30, 2022
Results of operations
We had no revenues for the
2023 period compared to $438,042 for the 2022 Period. The reason for the decrease was that we ceased Ethereum mining operations in September
2022 when Ethereum switched its consensus protocol to proof of stake.
We had no cost of revenues
for the 2023 Period compared to $812,882 for the 2022 Period. The reason for the decrease was that we ceased Ethereum mining operations
in September 2022 when Ethereum switched its consensus protocol to proof of stake.
Our operating expenses for
the 2023 Period was $2,777,448 compared to $28,185,888, for the 2022 Period, a decrease of 90%. In the 2023 period, the Company incurred
stock-based compensation expense of $1,236,487 compared to $24,582,181 for the 2022 Period. The stock based compensation for the 2023
Period related to the difference in fair value on the amendment to outstanding options while the 2022 Period was related to vesting of
the fair value of stock options and the issuance of 4,000,000 shares.
Our other income for the
2023 Period was $394,676 compared to other expense of $66,640 for the 2022 Period. In the 2023 period we received $500,000 related to
a refund on an equipment purchase order that was impaired during a previous period.
Subject to receiving funding,
we expect that our operating expenses will increase as we attempt to develop our new mining operations and we devote additional resources
toward new business opportunities. However, as set forth elsewhere in this report, our ability to develop our business and achieve our
operational goals is dependent upon our ability to raise significant additional working capital. As the availability of this capital is
unlikely and we are unable to quantify at this time the expected increases in operating expenses in future periods.
Liquidity and Capital Resources
As of September 30, 2023
and November 08, 2023, the Company had approximately $7,600 and $350 of cash, respectively. Our liquidity was primarily derived from debt
and equity investments from accredited investors and also from selling the crypto that we mined through September 2022. To recommence
our operations and fund operations for the next 12 months, the Company is seeking to raise $75 million in debt facility. We currently
have no available sources for capital and we can provide no assurances that any debt financings will be available in the future.
We have suspended our operations.
If we fail to close on a debt facility or raise sufficient additional funds from other sources, we will be required to abandon our plan
of operations.
As of November 08,
2023, we have a total of $1,616,690 of debt outstanding that is due within 12 months. See “Subsequent Events” below.
The Company has terminated
the agreements for approximately $1.6 million of debt for equipment that the Company was using for mining and returned the equipment to
the vendor to settle the outstanding liabilities. The Company is making no further payments against the potential balance. No confirmation
has been received from 2CRSI and as such the balance remains outstanding on the Company’s balance sheet in the accompanying financial
statements
Subsequent Events
As disclosed above under Note 10 to the financial
statements included in this report, on October 20, 2023 the Company received notice from the holder of the April Promissory Note, Convertible
Note and August Promissory Note (collectively, the “1800 Notes”) that such notes were in default. The holder has made demand
for the immediate payment of the 1800 Notes of a sum representing 150% of the remaining outstanding principal balances of the 1800 Notes
in the aggregate of $250,008.99, together with accrued interest and default interest as provided for in the 1800 Notes. We do not have
the ability to satisfy any of the amounts due under the 1800 Notes.
Summary of cash flows
| |
September 30, 2023 | | |
September 30, 2022 | |
Net cash provided by (used in) operating activities | |
$ | 51,683 | | |
$ | (2,060,941 | ) |
Net cash provided by investing activities | |
$ | 31,999 | | |
$ | 942,534 | |
Net cash provided by (used in) financing activities | |
$ | (76,109 | ) | |
$ | 1,097,963 | |
During the 2023 Period and
2022 Period, our sources and uses of cash were as follows:
Operating Activities
During the 2023 Period, cash
provided by operating activities of $51,683 primarily resulted from the refund of prepaid hosting services, offset by the net loss of
$2,382,772 and stock-based compensation of $1,236,487.
During the 2022 Period, cash
used in operating activities of $2,060,941 primarily resulted from its net loss of $28,627,368, offset by stock-based compensation of
$24,582,181 and loss on cryptocurrency transactions of $186,716.
Investing Activities
Cash provided by investing
activities in the 2023 Period of $31,999 resulted from the sale of cryptocurrency assets.
Cash provided by investing
activities in the 2022 Period of $942,534 resulted from the $743,513 cash acquired from the reverse merger acquisition and the proceeds
of $509,997 from sale of cryptocurrency assets and proceeds of $60,000 from the sale of equipment, offset by the purchase of equipment
of $370,976.
Financing Activities
In the 2023 Period, cash
used in financing activities of $76,109 consisted of the repayment of Series B preferred shares of $270,549 and payments on convertible
notes of $41,560, offset by proceeds from convertible notes payable of $220,000 and proceeds from related party advances of $16,000.
In the 2022 Period, cash
provided by financing activities of $1,097,963 consisted of $724,865 in net proceeds from the issuance of common shares, $201,250 in net
proceeds from the sale of Series B preferred shares and $380,000 in proceeds from the issuance of notes payable, offset by payments on
equipment notes payable of $208,152.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Not applicable.
ITEM 4. |
CONTROLS AND PROCEDURES |
Evaluation of Disclosure
Controls and Procedures. We are required to maintain “disclosure controls and procedures” as such term is defined in Rule
13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on their evaluation as of the end of the period
covered by this report, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures
were not effective to ensure that the information relating to our company, required to be disclosed in our Securities and Exchange Commission
(“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms,
and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow
timely decisions regarding required disclosure as a result of material weaknesses in our internal control over financial reporting result
from limited segregation of duties and limited multiple levels of review in the financial close process, along with a lack of well-established
policies and procedures to identify, approve, and report related party transactions.
We will continue to monitor
our internal control over financial reporting on an ongoing basis and are committed to taking further action and implementing additional
enhancements or improvements, as necessary and as funds allow. We do not, however, expect that the material weaknesses in our disclosure
controls will be remediated until such time as we have added additional personnel, including additional accounting and administrative
staff, allowing improved internal control over financial reporting.
Changes in Internal Control
Over Financial Reporting. There were no changes in our internal control over financial reporting as defined in Rule 13a-15(f) and
Rule 15d-15(f) under the Exchange Act that occurred during the period covered by this report 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, the Company
may become a party to legal actions or proceedings in the ordinary course of its business. At September 30, 2023, there were no such
actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s interests, the Company
believes would be material to its operation or cash flow.
While we attempt to identify,
manage, and mitigate risks and uncertainties associated with our business to the extent practical under the circumstances, some level
of risk and uncertainty will always be present. Our “Risk Factors” in the Form 10-K for the fiscal year ended December 31,
2022 describes some of the risks and uncertainties associated with our business, which we strongly encourage you to review. These risks
and uncertainties have the potential to materially affect our business, financial condition, results of operations, cash flows, projected
results, and future prospects. There have been no material changes in our risk factors from those disclosed in the Form 10-K for the fiscal
year ended December 31, 2022.
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
There were no unregistered
sales of the Company’s equity securities during the 2023 Quarter.
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
None.
ITEM 4. |
MINE SAFETY DISCLOSURES |
Not Applicable.
ITEM 5. |
OTHER INFORMATION |
None.
The exhibits listed in the
accompanying “Index to Exhibits” are filed or incorporated by reference as part of this Form 10-Q.
Signatures
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
Dated: November 08, 2023
|
EDGEMODE, INC. |
|
|
|
|
|
By: /s/ Charlie Faulkner
Charlie Faulkner
Chief Executive Officer
(Principal Executive Officer)
By: /s/Simon Wajcenberg
Simon Wajcenberg
Chief Financial Officer
(Principal Financial and Accounting Officer) |
EXHIBIT INDEX
|
|
|
Incorporated by
Reference |
|
Exhibit
No. |
|
Exhibit Description |
Form |
Date |
Number |
Filed or
Furnished
Herewith |
|
|
|
|
|
|
|
2.1 |
|
Agreement and Plan of Merger and Reorganization+ |
8-K |
12/8/2021 |
2.1 |
|
3.1 |
|
Certificate of Incorporation, as Amended and Restated |
10-K |
4/12/2022 |
3.1 |
|
3.2 |
|
Bylaws |
8-K |
2/7/2022 |
3.1 |
|
3.2(a) |
|
Amendment No. 1 to the Bylaws |
8-K |
4/15/2022 |
3.1 |
|
3.3 |
|
Certificate of Designation of Series B Preferred Stock filed July 20, 2022 |
8-K |
7/27/2022 |
3.1 |
|
10.1 |
|
Amendment to Charlie Faulkner Stock Option Grant dated January 25, 2023* |
8-K |
1/26/2023 |
10.1 |
|
10.2 |
|
Amendment to Simon Wajcenberg Stock Option Grant dated January 25, 2023* |
8-K |
1/26/2023 |
10.2 |
|
10.3 |
|
Stock Option Grant to Charlie Faulkner dated March 3, 2023* |
8-K |
3/7/2023 |
10.1 |
|
10.4 |
|
Stock Option Grant to Simon Wajcenberg dated March 3, 2023* |
8-K |
3/7/2023 |
10.2 |
|
10.5 |
|
Amendment to Charlie Faulkner Stock Option Grant dated January 25, 2023* |
8-K |
3/7/2023 |
10.3 |
|
10.6 |
|
Amendment to Simon Wajcenberg Stock Option Grant dated January 25, 2023* |
8-K |
3/7/2023 |
10.4 |
|
10.7 |
|
Securities Purchase Agreement between Edgemode, Inc. and 1800 Diagonal Lending LLC effective April 20, 2023 for purchase of Promissory Note |
8-K |
4/24/2023 |
10.1 |
|
10.8 |
|
Promissory Note issued by Edgemode, Inc.in favor of 1800 Diagonal Lending LLC effective April 20, 2023 |
8-K |
4/24/2023 |
10.2 |
|
10.9 |
|
Securities Purchase Agreement between Edgemode, Inc. and 1800 Diagonal Lending LLC dated April 20, 2023 for purchase of Convertible Promissory Note |
8-K |
4/24/2023 |
10.3 |
|
10.10 |
|
Convertible Promissory Note issued by Edgemode, Inc. in favor of 1800 Diagonal Lending LLC effective April 20, 2023 |
8-K |
4/24/2023 |
10.4 |
|
10.11 |
|
Form of Securities Purchase Agreement for purchase of Promissory Note |
8-K |
4/28/2023 |
10.1 |
|
10.12 |
|
Form of Promissory Note |
8-K |
4/28/2023 |
10.2 |
|
10.13 |
|
Securities Purchase Agreement between Edgemode, Inc. and 1800 Diagonal Lending LLC effective August 4, 2023 |
8-K |
8/8/2023 |
10.1 |
|
10.14 |
|
Promissory Note issued by Edgemode, Inc. in favor of 1800 Diagonal Lending LLC effective August 4, 2023 |
8-K |
8/8/2023 |
10.2 |
|
31.1 |
|
CEO Certification (302) |
|
|
|
Filed |
31.2 |
|
CFO Certification (302) |
|
|
|
Filed |
32.1 |
|
CEO Certification (906) |
|
|
|
Furnished |
32.2 |
|
CFO Certification (906) |
|
|
|
Furnished |
101.INS |
|
XBRL Instance Document |
|
|
|
Filed |
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
|
|
Filed |
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
Filed |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
Filed |
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
Filed |
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
Filed |
104 |
|
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |
|
|
|
|
+ Exhibits and/or Schedules have been omitted.
The Company hereby agrees to furnish to the Staff of the Securities and Exchange Commission upon request any omitted information. Copies
of this filing (including the financial statements) and any of the exhibits referred to above will be furnished at no cost to our shareholders
who make a written request to Edgemode, Inc., 110 E. Broward Blvd., Suite 1700, Ft. Lauderdale, FL 33301; Attention: Corporate Secretary.
* Indicates management contract or
compensatory plan.
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES OXLEY ACT OF 2002
I, Charlie Faulkner, certify that:
1. I have reviewed this quarterly report on Form
10-Q of Edgemode, 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 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 cause 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 the 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 significant role in the registrant's internal control over financial
reporting.
November 08, 2023 |
|
/s/ Charlie Faulkner |
|
|
Charlie Faulkner, Principal Executive Officer |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES OXLEY ACT OF 2002
I, Simon Wajcenberg, certify that:
1. I have reviewed this quarterly report on Form
10-Q of Edgemode, 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 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 cause 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 the 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 significant role in the registrant's internal control over financial
reporting.
November 08, 2023 |
|
/s/ Simon Wajcenberg |
|
|
Simon Wajcenberg, Principal Financial and Accounting Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 USC, SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the report
of Edgemode, Inc. the "(Company") on Form 10-Q for the period ending September 30, 2023 as filed with the Securities and Exchange
Commission (the "Report"), Charlie Faulkner, the Company’s Principal Executive Officer, certifies pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2013, that to the best of their knowledge:
|
(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 results of the Company. |
November 08, 2023 |
|
/s/ Charlie Faulkner |
|
|
Charlie Faulkner, Principal Executive Officer |
|
|
|
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 USC, SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the report
of Edgemode, Inc. the "(Company") on Form 10-Q for the period ending September 30, 2023 as filed with the Securities and Exchange
Commission (the "Report"), Simon Wajcenberg, the Company’s Principal Financial and Accounting Officer, certifies pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2013, that to the best of their knowledge:
|
(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 results of the Company. |
November 08, 2023 |
|
/s/ Simon Wajcenberg |
|
|
Simon Wajcenberg, Principal Financial and Accounting Officer |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 08, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55647
|
|
Entity Registrant Name |
EDGEMODE, INC.
|
|
Entity Central Index Key |
0001652958
|
|
Entity Tax Identification Number |
47-4046237
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
110 E. Broward Blvd.
|
|
Entity Address, Address Line Two |
Suite 1700
|
|
Entity Address, City or Town |
Ft. Lauderdale
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
33301
|
|
City Area Code |
(707)
|
|
Local Phone Number |
687-9093
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
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|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
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|
|
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v3.23.3
Consolidated Balance Sheet (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 7,643
|
$ 70
|
Prepaid expenses and other current assets |
20,258
|
27,638
|
Prepaid hosting services |
0
|
894,355
|
Deferred offering costs |
0
|
264,706
|
Total current assets |
27,901
|
1,186,769
|
Intangible assets – cryptocurrencies |
56,172
|
2,630
|
Total assets |
84,073
|
1,189,399
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
785,519
|
869,524
|
Accrued payroll |
500,464
|
487,159
|
Accrued dividends |
0
|
6,190
|
Equipment notes payable |
1,179,972
|
1,179,972
|
Convertible notes payable |
246,958
|
0
|
Notes payable |
85,142
|
35,000
|
Notes payable – related parties |
16,000
|
0
|
Series B preferred shares liability, net |
|
205,226
|
Total current liabilities |
2,814,055
|
2,783,071
|
Total liabilities |
2,814,055
|
2,783,071
|
Commitments and contingencies |
|
|
Stockholders’ deficit: |
|
|
Preferred shares, $0.001 par value, 4,999,000 shares authorized September 30, 2023 and December 31, 2022; none issued and outstanding |
0
|
0
|
Common shares, $0.001 par value, 950,000,000 shares authorized September 30, 2023 and December 31, 2022; 390,687,459 and 390,437,459 shares issued and outstanding, September 30, 2023 and December 31, 2022 |
390,687
|
390,437
|
Additional paid-in capital |
35,142,231
|
33,896,019
|
Accumulated deficit |
(38,262,900)
|
(35,880,128)
|
Stockholders’ deficit |
(2,729,982)
|
(1,593,672)
|
Total liabilities and stockholders’ deficit |
$ 84,073
|
$ 1,189,399
|
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v3.23.3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
4,999,000
|
4,999,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
950,000,000
|
950,000,000
|
Common stock, shares issued |
390,687,459
|
390,437,459
|
Common stock, shares outstanding |
390,687,459
|
390,437,459
|
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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] |
|
|
|
|
Revenue |
$ 0
|
$ 1,805
|
$ 0
|
$ 438,042
|
Cost of revenue |
0
|
6,204
|
0
|
812,882
|
Gross margin |
0
|
(4,399)
|
0
|
(374,840)
|
Operating expenses: |
|
|
|
|
General and administrative expenses |
636,324
|
1,030,967
|
2,759,350
|
27,250,903
|
Loss on cryptocurrencies |
10,754
|
28,803
|
18,098
|
186,716
|
Loss on sale of equipment and impairment |
0
|
131,233
|
0
|
748,269
|
Total operating expenses |
647,078
|
1,191,003
|
2,777,448
|
28,185,888
|
Loss from operations |
(647,078)
|
(1,195,402)
|
(2,777,448)
|
(28,560,728)
|
Other expense: |
|
|
|
|
Interest expense |
(20,323)
|
(3,045)
|
(42,710)
|
(82,872)
|
Penalty on redemption of Preferred B shares |
0
|
0
|
(51,859)
|
0
|
Other income (expense) |
0
|
16,232
|
(780)
|
16,232
|
Refund of equipment deposit |
0
|
0
|
500,000
|
0
|
Loss on settlement |
0
|
0
|
(9,975)
|
0
|
Total other income (expense), net |
(20,323)
|
13,187
|
394,676
|
(66,640)
|
Income (loss) before provision for income taxes |
(667,401)
|
(1,182,215)
|
(2,382,772)
|
(28,627,368)
|
Provision for income taxes |
0
|
0
|
0
|
0
|
Net loss |
$ (667,401)
|
$ (1,182,215)
|
$ (2,382,772)
|
$ (28,627,368)
|
Loss per common share – basic |
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.08)
|
Loss per common share – diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.08)
|
Weighted average shares outstanding – basic |
390,687,459
|
383,839,659
|
390,564,531
|
366,092,454
|
Weighted average shares outstanding – diluted |
390,687,459
|
383,839,659
|
390,564,531
|
366,092,454
|
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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] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 341,730
|
$ 292,179
|
$ 5,476,850
|
$ (3,634,131)
|
$ 2,134,898
|
Beginning balance , shares at Dec. 31, 2021 |
127,207
|
292,179,345
|
|
|
|
Conversion of preferred shares into common |
$ (341,730)
|
$ 20,797
|
363,776
|
|
384,573
|
Conversion of preferred shares into common, shares |
(127,207)
|
20,796,933
|
|
|
|
Common shares issued in exchange for cash |
|
$ 1,495
|
503,519
|
|
505,014
|
Common shares issued in exchange for cash, shares |
|
1,495,756
|
|
|
|
Common shares issued in exchange for cryptocurrency |
|
$ 79
|
49,921
|
|
50,000
|
Common shares issued in exchange for cryptocurrency, shares |
|
78,638
|
|
|
|
Recapitalization of reverse merger |
|
$ 69,258
|
2,600,694
|
|
2,669,952
|
Recapitalization of reverse merger, shares |
|
69,257,668
|
|
|
|
Stock-based compensation |
|
|
22,385,917
|
|
22,385,917
|
Net loss |
|
|
|
(23,626,491)
|
(23,626,491)
|
Ending balance, value at Mar. 31, 2022 |
$ 0
|
$ 383,808
|
31,380,677
|
(27,260,622)
|
4,503,863
|
Ending balance , shares at Mar. 31, 2022 |
0
|
383,808,340
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 341,730
|
$ 292,179
|
5,476,850
|
(3,634,131)
|
2,134,898
|
Beginning balance , shares at Dec. 31, 2021 |
127,207
|
292,179,345
|
|
|
|
Net loss |
|
|
|
|
(28,627,368)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 390,437
|
33,896,019
|
(32,261,499)
|
2,024,957
|
Ending balance , shares at Sep. 30, 2022 |
0
|
390,437,459
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 0
|
$ 383,808
|
31,380,677
|
(27,260,622)
|
4,503,863
|
Beginning balance , shares at Mar. 31, 2022 |
0
|
383,808,340
|
|
|
|
Recapitalization of reverse merger |
|
$ 50
|
24,950
|
|
25,000
|
Recapitalization of reverse merger, shares |
|
50,000
|
|
|
|
Stock-based compensation |
|
|
1,878,264
|
|
1,878,264
|
Net loss |
|
|
|
(3,818,662)
|
(3,818,662)
|
Ending balance, value at Jun. 30, 2022 |
$ 0
|
$ 383,858
|
33,283,891
|
(31,079,284)
|
2,588,465
|
Ending balance , shares at Jun. 30, 2022 |
0
|
383,858,340
|
|
|
|
Common shares issued in exchange for cash |
|
$ 72
|
35,929
|
|
36,001
|
Common shares issued in exchange for cash, shares |
|
72,000
|
|
|
|
Common shares issued for compensation |
|
$ 4,000
|
314,000
|
|
318,000
|
Common shares issued for compensation, shares |
|
4,000,000
|
|
|
|
Common shares issued for deferred offering costs |
|
$ 2,521
|
262,185
|
|
264,706
|
Common shares issued for deferred financing costs , shares |
|
2,521,008
|
|
|
|
Common shares cancelled pursuant to SEC legal case |
|
$ (14)
|
14
|
|
|
Common shares cancelled pursuant to SEC legal case , shares |
|
(13,889)
|
|
|
|
Net loss |
|
|
|
(1,182,215)
|
(1,182,215)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 390,437
|
33,896,019
|
(32,261,499)
|
2,024,957
|
Ending balance , shares at Sep. 30, 2022 |
0
|
390,437,459
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 390,437
|
33,896,019
|
(35,880,128)
|
(1,593,672)
|
Beginning balance , shares at Dec. 31, 2022 |
0
|
390,437,459
|
|
|
|
Common shares issued for settlement of claims |
|
$ 250
|
9,725
|
|
9,975
|
Common shares issued for settlement of claims, shares |
|
250,000
|
|
|
|
Stock-based compensation |
|
|
1,236,487
|
|
1,236,487
|
Net loss |
|
|
|
(1,778,011)
|
(1,778,011)
|
Ending balance, value at Mar. 31, 2023 |
$ 0
|
$ 390,687
|
35,142,231
|
(37,658,139)
|
(2,125,221)
|
Ending balance , shares at Mar. 31, 2023 |
0
|
390,687,459
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 390,437
|
33,896,019
|
(35,880,128)
|
(1,593,672)
|
Beginning balance , shares at Dec. 31, 2022 |
0
|
390,437,459
|
|
|
|
Net loss |
|
|
|
|
(2,382,772)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 390,687
|
35,142,231
|
(38,262,900)
|
(2,729,982)
|
Ending balance , shares at Sep. 30, 2023 |
0
|
390,687,459
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 0
|
$ 390,687
|
35,142,231
|
(37,658,139)
|
(2,125,221)
|
Beginning balance , shares at Mar. 31, 2023 |
0
|
390,687,459
|
|
|
|
Net loss |
|
|
|
62,640
|
62,640
|
Ending balance, value at Jun. 30, 2023 |
$ 0
|
$ 390,687
|
35,142,231
|
(37,595,499)
|
(2,062,581)
|
Ending balance , shares at Jun. 30, 2023 |
0
|
390,687,459
|
|
|
|
Net loss |
|
|
|
(667,401)
|
(667,401)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 390,687
|
$ 35,142,231
|
$ (38,262,900)
|
$ (2,729,982)
|
Ending balance , shares at Sep. 30, 2023 |
0
|
390,687,459
|
|
|
|
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v3.23.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating Activities: |
|
|
Net loss |
$ (2,382,772)
|
$ (28,627,368)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
Depreciation |
0
|
630,670
|
Loss on sale of equipment and impairment |
0
|
748,269
|
Amortization of discounts |
18,290
|
1,140
|
Penalty on redemption of Preferred B shares |
51,859
|
(0)
|
Loss on settlement |
9,975
|
(0)
|
Stock-based compensation |
1,236,487
|
24,582,181
|
Cryptocurrency used for officer compensation |
0
|
91,898
|
Loss on cryptocurrency transactions |
18,098
|
186,716
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
1,166,441
|
19,315
|
Prepaid expenses and other current assets – related parties |
0
|
(7,500)
|
Cryptocurrencies - mining |
0
|
(438,042)
|
Accounts payable and accrued expenses |
(80,000)
|
420,655
|
Accrued payroll |
13,305
|
331,125
|
Net cash provided by (used in) operating activities |
51,683
|
(2,060,941)
|
Investing Activities: |
|
|
Cash acquired in acquisition |
0
|
743,513
|
Purchase of equipment |
0
|
(370,976)
|
Proceeds from sale of equipment |
0
|
60,000
|
Proceeds from sale of cryptocurrencies |
31,999
|
509,997
|
Net cash provided by investing activities |
31,999
|
942,534
|
Financing Activities: |
|
|
Proceeds from issuance of common shares, net of offering costs |
0
|
566,015
|
Proceeds from issuance of preferred share, net of offering costs |
0
|
201,250
|
Proceeds from subscription receivables |
0
|
158,850
|
Payments on preferred B shares |
(270,549)
|
0
|
Payments on equipment notes payable |
0
|
(208,152)
|
Proceeds from related party advances |
16,000
|
0
|
Proceeds from convertible notes payable |
220,000
|
0
|
Payments on convertible notes payable |
(41,560)
|
0
|
Proceeds from notes payable |
0
|
380,000
|
Net cash provided by (used in) financing activities |
(76,109)
|
1,097,963
|
Net change in cash |
7,573
|
(20,444)
|
Cash - beginning of period |
70
|
23,942
|
Cash - end of period |
7,643
|
3,498
|
Supplemental Disclosures: |
|
|
Interest paid |
40,032
|
82,872
|
Income taxes paid |
0
|
0
|
Supplemental Disclosures of Noncash Financing Information: |
|
|
Convertible notes issued in exchange for cryptocurrency |
57,502
|
0
|
Note payable issued in exchange for cryptocurrency |
50,142
|
0
|
Cryptocurrency used to pay accounts payable |
4,005
|
0
|
Shares issued for cryptocurrency assets |
0
|
50,000
|
Conversion of preferred shares into common shares |
0
|
384,573
|
Shares issued for deferred offering costs |
$ 0
|
$ 264,706
|
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v3.23.3
Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note 1. Basis of Presentation
The accompanying unaudited interim financial statements
of Edgemode, Inc. (“we”, “our”, “Edgemode” or the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission
(“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s
Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected
herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year.
Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for
fiscal 2022, as reported in the Form 10-K of the Company, have been omitted.
On March 20, 2020, shareholders owning a majority
of the Company's outstanding shares of common stock amended the Company's Articles of Incorporation to change the name of the Company
from Pierre Corp. to Fourth Wave Energy, Inc.
Effective January 31, 2022 (the “Effective
Time”), the Company, FWAV Acquisition Corp., a Wyoming corporation and wholly owned subsidiary of the Company (the “Acquisition
Subsidiary”) and EdgeMode, a Wyoming corporation (“EdgeMode”) closed on the previously disclosed Agreement and Plan
of Merger and Reorganization dated December 2, 2021 (the “Merger Agreement”). In accordance with the Merger Agreement, Acquisition
Subsidiary merged with and into EdgeMode (the “Merger” or “Transaction”), with EdgeMode remaining as the surviving
entity after the Merger and becoming a wholly owned subsidiary of the Company. In the Merger, the shares of common stock, no par value
per share, of EdgeMode issued and outstanding immediately prior to the Effective Time, represent 80% of the Company’s outstanding
common stock on a fully diluted basis (or 313,950,672 shares of common stock). Furthermore, pursuant to the terms of the Merger the Company’s
sole shareholder of the Company’s preferred stock converted such shares into 1,000 shares of common stock.
Joseph Isaacs, the Company’s sole officer
and director resigned as an executive officer and director. Pursuant to the terms of the Merger Mr. Isaacs will provide services to the
Company in a consultancy capacity at a fee of $11,500 per month and has been issued a stock option grant to purchase up to 19,987,095
shares of the Company’s common stock, vesting in 90 days, at an exercise price of $0.40 per share. The consulting agreement may
be terminated by the Company without cause after three months. In addition, Mr. Isaacs received a $250,000 cash bonus and the Company
entered into a contract with a company owned by Joe Isaacs to perform services for total value of $240,000. Charlie Faulkner and Simon
Wajcenberg, the principals of EdgeMode, were appointed as directors and executive officers.
Simultaneously with the Merger, approximately
$4,574,132 of principal and interest of outstanding notes previously issued by the Company automatically converted into an aggregate of
18,296,528 shares of the Company’s common stock issued to 31 former noteholders. In addition, the Company has repaid approximately
$988,000 of principal amount of notes. At the Effective Time the Company has nominal liabilities, excluding the debt and liabilities of
EdgeMode.
The merger was accounted for as a reverse merger,
whereby EdgeMode was considered the accounting acquirer and became our wholly-owned subsidiary. In accordance with the accounting treatment
for a “reverse merger”, the Company’s historical financial statements prior to the reverse merger has been replaced
with the historical financial statements of EdgeMode prior to the reverse merger. The financial statements after completion of the reverse
merger include the assets, liabilities, and results of operations of the combined company from and after the closing date of the reverse
merger, with only certain aspects of pre-consummation stockholders’ equity remaining in the consolidated financial statements.
On June 3, 2022 the Company changed its name from
Fourth Wave Energy Inc. to Edgemode, Inc.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3