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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED September 30, 2023.
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM __________________ TO __________________
Commission File No. 333-141875
IGEN Networks Corp. |
(Exact name of registrant as specified in its charter) |
Nevada | | 20-5879021 |
(State or Other Jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
28375 Rostrata Ave., Lake Elsinore, CA 92532
(Address of principal executive offices) (Zip Code)
1-855-912-5378
(Registrant’s telephone number including area code)
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: | ☒ |
(Do not check if a smaller reporting company) | Emerging growth company: | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The number of shares of the registrant’s common stock issued and outstanding as of November 14, 2023, is 3,234,606,010.
TABLE OF CONTENTS
Part I
FINANCIAL INFORMATION
Item 1. Financial Statements
The Company’s unaudited condensed consolidated interim financial statements for the three and nine month periods ended September 30, 2023 are included herewith.
IGEN NETWORKS CORP.
Condensed Consolidated Interim Financial Statements
For the Three and Nine Months Ended September 30, 2023
(Unaudited - Expressed in U.S. Dollars)
IGEN NETWORKS CORP.
Condensed Consolidated Interim Balance Sheets
(Expressed in U.S. dollars)
| | September 30, 2023 | | | December 31, 2022 | |
| | (unaudited) | | | | |
Assets | | | | | | |
| | | | | | |
Current Assets | | | | | | |
Cash | | $ | - | | | $ | - | |
Accounts and other receivables, net | | | - | | | | 21,902 | |
Inventory | | | 33,319 | | | | 30,141 | |
Total Current Assets | | | 33,319 | | | | 52,043 | |
| | | | | | | | |
Operating lease asset, net | | | - | | | | 53,017 | |
Security deposits | | | - | | | | 5,722 | |
Goodwill | | | - | | | | 505,508 | |
Total Assets | | $ | 33,319 | | | $ | 616,290 | |
| | | | | | | | |
Liabilities and Stockholders’ Deficit | | | | | | | | |
| | | | | | | | |
Current Liabilities | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 367,583 | | | $ | 360,227 | |
Current portion of deferred revenue, net of contract assets | | | 62,700 | | | | 81,066 | |
Notes payable, current portion | | | 712,196 | | | | 596,746 | |
Convertible debentures | | | 67,300 | | | | 37,000 | |
Derivative liabilities | | | 38,338 | | | | 111,010 | |
Total Current Liabilities | | | 1,248,117 | | | | 1,186,049 | |
| | | | | | | | |
Notes payable, net of current portion | | | 164,953 | | | | 160,736 | |
Operating lease liability, net of current portion | | | - | | | | 27,098 | |
Deferred revenue, net of current portion and contract assets | | | 41,469 | | | | 81,632 | |
Total Liabilities | | | 1,454,539 | | | | 1,455,515 | |
| | | | | | | | |
Commitment and contingencies | | | | | | | | |
| | | | | | | | |
Redeemable convertible preferred stock - Series A: | | | | | | | | |
Authorized - 1,250,000 shares with $0.001 par value, 53,654 shares and 214,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively, net of discount of $20,976 and $59,954, respectively, aggregate liquidation preference of $56,204 and $218,222 as of September 30, 2023 and December 31, 2022, respectively | | | 27,964 | | | | 138,429 | |
| | | | | | | | |
Stockholders’ Deficit | | | | | | | | |
Series B preferred stock: Authorized - 5,000,000 shares with $0.001 par value issued and outstanding – 3,750,000 as of September 30, 2023 and December 31, 2022 | | | 3,750 | | | | 3,750 | |
Common stock: Authorized – 3,500,000,000 shares with $0.001 par value issued and outstanding – 2,800,191,077 and 1,890,261,047 shares, as of September 30, 2023 and December 31, 2022, respectively | | | 2,800,192 | | | | 1,890,262 | |
| | | | | | | | |
Additional paid-in capital | | | 16,981,651 | | | | 17,298,474 | |
Accumulated deficit | | | (21,234,777 | ) | | | (20,170,140 | ) |
Total Stockholders’ Deficit | | | (1,449,184 | ) | | | (977,654 | ) |
Total Liabilities and Stockholders’ Deficit | | $ | 33,319 | | | $ | 616,290 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
IGEN NETWORKS CORP.
Condensed Consolidated Interim Statements of Operations
(Unaudited - Expressed in U.S. dollars)
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Revenues: | | | | | | | | | | | | |
Sales, services | | $ | 47,865 | | | $ | 131,575 | | | $ | 131,301 | | | $ | 269,811 | |
Sales, other | | | - | | | | - | | | | - | | | | - | |
Total Revenues | | | 47,865 | | | | 131,575 | | | | 131,301 | | | | 269,811 | |
Cost of goods sold | | | 17,074 | | | | 161,249 | | | | 71,125 | | | | 267,844 | |
Gross Profit (Loss) | | | 30,791 | | | | (29,674 | ) | | | 60,176 | | | | 1,967 | |
| | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | 26,321 | | | | 135,538 | | | | 210,624 | | | | 322,585 | |
Management and consulting fees | | | 35,000 | | | | 69,094 | | | | 48,250 | | | | 156,558 | |
Payroll and related | | | 44,373 | | | | 120,528 | | | | 82,410 | | | | 289,692 | |
Impairment of goodwill | | | - | | | | - | | | | 505,508 | | | | - | |
Total Expenses | | | 105,694 | | | | 325,160 | | | | 846,792 | | | | 768,835 | |
Loss Before Other Income (Expense) | | | (74,903 | ) | | | (354,834 | ) | | | (786,616 | ) | | | (766,868 | ) |
Other Income (Expense) | | | | | | | | | | | | | | | | |
Accretion of discounts on convertible debentures | | | - | | | | - | | | | - | | | | (35,201 | ) |
Change in fair value of derivative liabilities | | | (57,506 | ) | | | (47,427 | ) | | | (25,624 | ) | | | 8,558 | |
Gain (loss) on extinguishment of debt | | | - | | | | 70,558 | | | | - | | | | 342,523 | |
Interest expense | | | (45,534 | ) | | | (29,417 | ) | | | (132,157 | ) | | | (85,627 | ) |
Total Other Income (Expense), net | | | (103,190 | ) | | | (6,256 | ) | | | (157,781 | ) | | | 230,253 | |
| | | | | | | | | | | | | | | | |
Net Income (Loss) | | | (178,093 | ) | | | (361,090 | ) | | | (944,397 | ) | | | (536,615 | ) |
Accrued and deemed dividends on redeemable convertible preferred stock | | | (40,572 | ) | | | (126,098 | ) | | | (120,240 | ) | | | (128,660 | ) |
Net loss attributable to common stockholders | | $ | (218,665 | ) | | $ | (487,188 | ) | | $ | (1,064,637 | ) | | $ | (665,275 | ) |
Basic and Diluted Loss per Common Share | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.00 | ) |
Weighted Average Number of Common Shares Outstanding | | | 2,445,447,418 | | | | 1,628,362,535 | | | | 2,186,264,751 | | | | 1,559,578,608 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
IGEN NETWORKS CORP.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit
(Unaudited - Expressed in U.S. dollars)
| | Redeemable Series A | | | | | | | | | | | | | | | | | | | | | Total | |
| | Convertible | | | Series B | | | | | | | | | Additional | | | | | | Stockholders’ | |
| | Preferred Stock | | | Preferred Stock | | | Common Stock | | | Paid In | | | Accumulated | | | Equity | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Deficit | | | (Deficit) | |
Balance, December 31, 2022 | | | 214,500 | | | $ | 138,429 | | | | 3,750,000 | | | $ | 3,750 | | | | 1,890,261,047 | | | $ | 1,890,262 | | | $ | 17,298,474 | | | $ | (20,170,140 | ) | | $ | (977,654 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Series A preferred stock issued for cash, net of costs and discounts | | | 59,125 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (11,706 | ) | | | (11,706 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Series A preferred stock to common stock | | | (79,125 | ) | | | (62,977 | ) | | | - | | | | - | | | | 88,156,667 | | | | 88,157 | | | | 35,129 | | | | (16,148 | ) | | | 107,138 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 27,607 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (27,607 | ) | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock for cashless exercise of warrants | | | - | | | | - | | | | - | | | | - | | | | 34,064,050 | | | | 34,064 | | | | (2,079 | ) | | | - | | | | 31,985 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for services | | | - | | | | - | | | | - | | | | - | | | | 22,000,000 | | | | 22,000 | | | | 16,600 | | | | - | | | | 38,600 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (116,809 | ) | | | (116,809 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2023 | | | 194,500 | | | $ | 103,059 | | | | 3,750,000 | | | $ | 3,750 | | | | 2,034,481,764 | | | $ | 2,034,483 | | | $ | 17,348,124 | | | | (20,342,410 | ) | | $ | (956,053 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for services | | | - | | | | - | | | | - | | | | - | | | | 110,333,333 | | | | 110,333 | | | | (33,100 | ) | | | - | | | | 77,233 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Series A preferred stock for cash, net of costs and discounts | | | 23,375 | | | | 9,656 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Series A preferred shares to common stock | | | (87,250 | ) | | | (58,973 | ) | | | - | | | | - | | | | 174,459,314 | | | | 174,459 | | | | (34,466 | ) | | | (13,760 | ) | | | 126,233 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 10,447 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (10,447 | ) | | | (10,447 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (649,495 | ) | | | (649,495 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, June 30, 2023 | | | 130,625 | | | | 64,189 | | | | 3,750,000 | | | | 3,750 | | | | 2,319,274,411 | | | | 2,319,275 | | | | 17,280,558 | | | | 21,016,112 | | | | (1,412,529 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Series A preferred shares to common stock | | | (76,971 | ) | | | (55,570 | ) | | | - | | | | - | | | | 380,916,666 | | | | 380,917 | | | | (228,907 | ) | | | (21,227 | ) | | | 130,783 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 19,345 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (19,345 | ) | | | (19,345 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for services | | | - | | | | - | | | | - | | | | - | | | | 100,000,000 | | | | 100,000 | | | | (70,000 | ) | | | - | | | | 30,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (178,093 | ) | | | (178,093 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, September 30, 2023 | | | 53,654 | | | $ | 27,964 | | | | 3,750,000 | | | $ | 3,750 | | | | 2,800,191,077 | | | $ | 28,800,192 | | | $ | 16,981,651 | | | $ | (21,234,777 | ) | | $ | (1,449,184 | ) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
| | Redeemable Series A | | | | | | | | | | | | | | | | | | | | | Total | |
| | Convertible | | | Series B | | | | | | | | | Additional | | | | | | Stockholders’ | |
| | Preferred Stock | | | Preferred Stock | | | Common Stock | | | Paid In | | | Accumulated | | | Equity | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Deficit | | | (Deficit) | |
Balance, December 31, 2021 | | | 199,375 | | | $ | 84,022 | | | | 5,000,000 | | | $ | 5,000 | | | | 1,476,869,532 | | | $ | 1,476,870 | | | $ | 16,900,962 | | | $ | (19,076,522 | ) | | $ | (693,690 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Series A preferred stock issued for cash, net of costs and discounts | | | 118,250 | | | | 50,282 | | | | - | | | | - | | | | | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Series A preferred stock to common stock | | | (118,250 | ) | | | (59,844 | ) | | | - | | | | - | | | | 37,377,063 | | | | 37,377 | | | | 130,750 | | | | (58,406 | ) | | | 109,721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 37,924 | | | | - | | | | - | | | | | | | | - | | | | - | | | | (37,924 | ) | | | (37,924 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock for cashless exercise of warrants | | | - | | | | - | | | | - | | | | - | | | | 19,560,705 | | | | 19,561 | | | | (19,561 | ) | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for services | | | - | | | | - | | | | - | | | | - | | | | 3,113,005 | | | | 3,113 | | | | 10,500 | | | | - | | | | 13,613 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | | | | | - | | | | - | | | | (186,107 | ) | | | (186,107 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2022 | | | 199,375 | | | $ | 112,384 | | | | 5,000,000 | | | $ | 5,000 | | | | 1,536,920,305 | | | $ | 1,536,921 | | | $ | 17,022,651 | | | $ | (19,358,959 | ) | | $ | (794,387 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Series A preferred stock issued for cash, net of costs and discounts | | | 112,750 | | | | 56,065 | | | | - | | | | - | | | | | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Series A preferred stock to common stock | | | (45,000 | ) | | | (38,204 | ) | | | - | | | | - | | | | 21,272,727 | | | | 21,273 | | | | 45,382 | | | | (2,968 | ) | | | 63,687 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 26,800 | | | | - | | | | - | | | | | | | | - | | | | - | | | | (26,800 | ) | | | (26,800 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for equity line commitment | | | - | | | | - | | | | - | | | | - | | | | 12,500,000 | | | | 12,500 | | | | (12,500 | ) | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | - | | | | | | | | - | | | | - | | | | 10,582 | | | | 10,582 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, June 30, 2022 | | | 267,125 | | | | 157,045 | | | | 5,000,000 | | | | 5,000 | | | | 1,570,693,032 | | | | 1,570,694 | | | | 17,055,533 | | | | (19,378,145 | ) | | | (746,918 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of Series A preferred stock issued for cash, net of costs and discounts | | | 118,250 | | | | 71,000 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Conversion of Series A preferred stock to common stock | | | (136,115 | ) | | | (102,669 | ) | | | - | | | | - | | | | 73,635,476 | | | | 73,635 | | | | 156,155 | | | | (33,447 | ) | | | 196,343 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued dividends on Series A preferred stock | | | - | | | | 34,687 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (34,687 | ) | | | (34,687 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of common stock issued for cash | | - | | | - | | | | - | | | | - | | | | 42,957,989 | | | | 42,958 | | | | 46,282 | | | | - | | | | 89,240 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase of Series B preferred stock | | | - | | | | - | | | | (1,250,000 | ) | | | (1,250 | ) | | | - | | | | - | | | | (64,322 | ) | | | 65,572 | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | - | | | | - | | | | | | | | - | | | | - | | | | - | | | | - | | | | (361,090 | ) | | | (361,090 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, September 30, 2022 | | | 249,260 | | | $ | 160,063 | | | | 3,750,000 | | | $ | 3,750 | | | | 1,687,286,497 | | | $ | 1,687,287 | | | $ | 17,193,648 | | | $ | (19,741,797 | ) | | $ | (857,112 | ) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
IGEN NETWORKS CORP.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in U.S. dollars)
| | Nine Months Ended September 30, | |
| | 2023 | | | 2022 | |
Cash Flows from Operating Activities | | | | | | |
Net loss | | $ | (944,397 | ) | | $ | (536,615 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Accretion of discounts on convertible debentures | | | 4,000 | | | | 35,201 | |
Change in fair value of derivative liabilities | | | 25,624 | | | | (8,558 | ) |
Loss on extinguishment of debt | | | - | | | | (342,523 | ) |
Impairment of goodwill | | | 505,508 | | | | 17,162 | |
Amortization of right of use asset | | | 6,191 | | | | 7,900 | |
Accrued interest for debt | | | 119,967 | | | | 7,890 | |
Stock-based compensation | | | 145,833 | | | | 13,613 | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts and other receivables | | | 21,902 | | | | 28,271 | |
Inventory | | | (3,178 | ) | | | 23,036 | |
Prepaid expenses and deposits | | | 5,722 | | | | - | |
Accounts payable and accrued liabilities | | | 49,355 | | | | 9,905 | |
Deferred revenue | | | (58,529 | ) | | | 21,956 | |
Operating lease liability | | | 7,848 | | | | - | |
Net Cash Used in Operating Activities | | | (129,850 | ) | | | (730,662 | ) |
Cash Flows from Financing Activities | | | | | | | | |
Repayment of notes payable and convertible debentures | | | - | | | | (112,693 | ) |
Repayment of lease liability - operating lease | | | - | | | | (20,495 | ) |
Repurchase of Series B preferred stock | | | - | | | | (1,250 | ) |
Proceeds from issuance of common stock | | | 31,985 | | | | 89,240 | |
Proceeds from notes payable and convertible debentures, net | | | 26,000 | | | | 485,000 | |
Proceeds from issuance of preferred stock, net | | | 71,865 | | | | 310,000 | |
Net Cash Provided by Financing Activities | | | 129,850 | | | | 749,802 | |
| | | | | | | | |
Change in Cash | | | - | | | | 19,140 | |
Cash, Beginning of Period | | | - | | | | 64,429 | |
Cash, End of Period | | $ | - | | | $ | 83,569 | |
Non-cash Investing and Financing Activities: | | | | | | | | |
Conversion of notes payable and accrued interest: | | | | | | | | |
Fair value of common shares issued | | $ | - | | | $ | - | |
Derecognition of notes payable and accrued interest | | $ | - | | | $ | - | |
Derecognition of unamortized discount | | $ | - | | | $ | - | |
Derecognition of derivative liabilities | | $ | - | | | $ | - | |
Conversion of preferred stock | | | | | | | | |
Fair value of common shares issued | | $ | 415,289 | | | $ | 464,572 | |
Derecognition of preferred stock | | $ | (234,407 | ) | | $ | (300,889 | ) |
Derecognition of unamortized discount | | $ | (114,316 | ) | | $ | (100,623 | ) |
Derecognition of derivative liabilities | | $ | (172,241 | ) | | $ | (165,206 | ) |
Deemed dividend | | $ | (51,136 | ) | | $ | (97,773 | ) |
Discount related to issuance of preferred stock | | $ | 62,239 | | | $ | 140,152 | |
Deemed dividends on preferred stock (excluding conversions) | | $ | 11,706 | | | $ | (96,459 | ) |
Issuance of conversion shares for commitment fee on equity life | | $ | - | | | $ | 12,500 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
IGEN NETWORKS CORP.
Notes to the Condensed Consolidated Interim Financial Statements
September 30, 2023
(Unaudited - Expressed in U.S. dollars)
1. Organization and Description of Business
IGEN Networks Corp. (“IGEN”, the “Company”, “we”, “our”) was incorporated in the State of Nevada on November 14, 2006, under the name of Nurse Solutions Inc. On September 19, 2008, the Company changed its name to Sync2 Entertainment Corporation and traded under the symbol SYTO. On September 15, 2008, the Company became a reporting issuer in British Columbia, Canada. On May 26, 2009, the Company changed its name to IGEN Networks Corp. On March 25, 2015, the Company was listed on the Canadian Securities Exchange (CSE) under the trading symbol IGN and the Company became a reporting Venture Issuer in British Columbia and Ontario, Canada.
The Company’s principal business is the development and marketing of supply-chain software for the management of warehouse inventory, commercial and passenger fleets, and asset maintenance. Supply-chain and fleet management services are delivered from in-house software-as-a-service or cloud infrastructure over wireless networks with datapoints accumulated from AI based devices and sensors. The software services are marketed to financial institutions, governments, and transportation companies throughout the US and Mexico.
Going Concern
The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has experienced recurring losses from operations, has negative operating cash flows since inception, has a working capital deficit of $1,214,798 and an accumulated deficit of $21,234,777 as of September 30, 2023, and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Ultimately, the Company plans to achieve profitable operations through the increase in revenue base and successfully grow its operations organically or through acquisitions. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
These consolidated financial statements and related notes include the records of the Company and the Company’s wholly owned subsidiary, Nimbo Tracking LLC, which is founded in the USA. Nimbo Tracking LLC was legally dissolved on June 3, 2023.
The condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited consolidated financial statements, and these unaudited condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include all assets, liabilities, revenues and expenses of the Company and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated. These interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain information required by U.S. GAAP has been condensed or omitted in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The results for the three- and nine-month periods ended September 30, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2023, or for any future period.
Use of Estimates
The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, valuation of inventory, the useful life and recoverability of equipment, impairment of goodwill, valuation of notes payable and convertible debentures, fair value of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Cash and Cash Equivalents
The Company considers all highly liquid instruments purchased with an original maturity of three months or less at the time of acquisition to be cash equivalents.
Accounts Receivable
Accounts receivables are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expenses are reflected as a component of general and administrative expenses in the consolidated statements of operations. As of September 30, 2023, and December 31, 2022, the allowance for doubtful accounts was approximately $12,000 and $16,000, respectively.
Inventory
Inventory consists of vehicle tracking and recovery devices and is comprised entirely of finished goods that can be resold. Inventory is stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and selling costs. There was no provision for inventory impairment recorded as of September 30, 2023 and December 31, 2022.
Equipment
Office equipment, computer equipment, and software are recorded at cost. Depreciation is provided annually at rates and methods over their estimated useful lives. Management reviews the estimates of useful lives of the assets every year and adjusts them on prospective basis, if needed. All equipment was fully depreciated as of December 31, 2022. For purposes of computing depreciation, the method of depreciating equipment is as follows:
Computer equipment | 3 years straight-line |
Office equipment | 5 years straight-line |
Software | 3 years straight-line |
Goodwill
Goodwill represents the excess of the acquisition price over the fair value of identifiable net assets acquired. Goodwill is allocated at the date of the business combination. Goodwill is not amortized but is tested for impairment annually on December 31 of each year or more frequently if events or changes in circumstances indicate the asset may be impaired. These events and circumstances may include a significant change in legal factors or in the business climate, a significant decline in the Company’s share price, an adverse action of assessment by a regulator, unanticipated competition, a loss of key personnel, significant disposal activity and the testing of recoverability for a significant asset group.
Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value.
On June 3, 2023, the Company legally dissolved Nimbo Tracking, LLC and fully impaired all goodwill related to Nimbo Tracking, LLC, recording an impairment charge of $505,508 during the three months ended June 30, 2023.
Impairment of Long-lived Assets
The Company reviews long-lived assets, such as equipment, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the total of the estimated undiscounted future cash flows is less than the carrying value of the asset, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset during the year the impairment occurs.
Financial Instruments
In accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” the Company is to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
See Note 4 for fair value measurement information related to the Company’s derivative liabilities.
The fair values of cash and cash equivalents, accounts and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The fair value of cash and cash equivalents is determined based on “Level 1” inputs and the fair value of derivative liabilities is determined based on “Level 3” inputs. The recorded values of notes payable approximate their current fair values because of their nature and respective maturity dates or durations. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility in these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company places its cash and cash equivalents in what it believes to be creditworthy financial institutions.
Revenue Recognition and Deferred Revenue
We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers”, using the five-step model, including (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue in accordance with U.S. GAAP. Title and risk of loss generally pass to our customers upon delivery, as we have insurance for lost shipments. In limited circumstances where either title or risk of loss pass upon destination or acceptance or when collection is not reasonably assured, we defer revenue recognition until such events occur. We derive substantially all our revenues from the sale of products and services combined into one performance obligation. Product revenue includes the shipment of products according to the agreement with our customers. Service revenue includes vehicle tracking services and customer support (technical support), installations and consulting. A contract usually includes both product and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Performance obligations include, but are not limited to, pass-thru harnesses and vehicle tracking services. Almost all of our revenues are derived from customers located in United States of America in the auto industry. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are not sold on a standalone basis. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time, the Company has transferred use of the asset, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. For arrangements under which the Company provides vehicle tracking services, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.
The Company provides product warranties with varying lengths of time and terms. The product warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company has historically experienced a low rate of product returns under the warranty program.
Management assesses the business environment, customers’ financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured.
Revenue relating to the sale of service fees on its vehicle tracking and recovery services is recognized over the life of the contract. The service renewal fees are offered in terms ranging from 12 to 36 months and are generally payable upon delivery of the vehicle tracking devices or in full upon renewal.
Deferred revenues are recorded net of contract assets when cash payments are received from customers in advance of the Company’s performance. Contract assets represent the costs of (1) commission costs, (2) installation costs, and (3) the underlying hardware to enable the Company to perform on its contract with customers and are amortized using the same method and term as deferred revenues. As of September 30, 2023, and December 31, 2022, deferred revenues, net of contract assets totaled $104,169 and $162,698, respectively, and contract assets totaled $86,978 and $73,450, respectively. Any revenue that has been deferred and is expected to be recognized beyond one year is classified as deferred revenue, net of current portion.
During the nine months ended September 30, 2023, the Company recorded additions to deferred revenues of $5,678 and recognized total revenues of $106,128 through the amortization of deferred revenues. During the nine months ended September 30, 2023, the Company recognized revenues of $104,940 related to deferred revenues outstanding as of December 31, 2022, as the services were performed.
Financing Costs and Debt Discount
Financing costs and debt discounts are recorded as reductions to the carrying value of notes payable and convertible debentures. Amortization of financing costs and the debt discounts is calculated using the effective interest method over the term of the debt and is recorded as interest expense in the consolidated statement of operations.
Income Taxes
Deferred income taxes are provided on the asset and liability method whereby deferred income tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Stock-based Compensation
The Company accounts for stock-based payments in accordance with stock-based payment accounting guidance which requires all stock-based payments to be recognized based upon their fair values. The fair value of stock-based awards is estimated at the grant date using the Black-Scholes Option Pricing Model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The determination of fair value using the Black-Scholes Option Pricing Model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors. The Company accounts for forfeitures of unvested awards as they occur.
Derivative Financial Instruments
The Company classifies as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC Topic 815-40 “Contracts in Entity’s Own Equity.” The Company classifies as assets or liabilities any contracts that require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside our control or give the counterparty a choice of net-cash settlement or settlement in shares. The Company assesses the classification of its free-standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.
Loss Per Share
Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debentures, using the if-converted method. In computing diluted earnings (loss) per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted earnings (loss) per share exclude all potentially issuable shares if their effect is anti-dilutive. Because the effect of conversion of the Company’s dilutive securities is anti-dilutive, diluted loss per share is the same as basic loss per share for the periods presented. As of September 30, 2023, and 2022, the Company has 513,173,649 and 285,686,866 potentially dilutive shares outstanding, respectively.
Recent Accounting Pronouncements
In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.
3. Convertible Debentures and Notes Payable
On May 17, 2019, the Company entered a Convertible Promissory Note (“Promissory Note”) with Crown Bridge Partners, LLC (the “Holder”) for a total principal amount of up to $150,000 with cash proceeds of up to $124,500, resulting in an original issue discount of up to $25,500. The Promissory Note bears interest at 7% per annum (with the understanding that the first 12 months of interest of each tranche will be guaranteed). The maturity date is 18 months from the effective date of each payment.
The Conversion Price, as defined in the agreement, is the lesser of (i) the lowest Trading Price (as defined below) during the previous 25 trading day period ending on the latest complete trading day prior to the date of this Promissory Note or (ii) the Variable Conversion Price (as defined below). The Variable Conversion Price means the lowest one Trading Price (as defined below) for the common stock during the 25 Trading Day period ending on the last complete Trading Day prior to the Conversion Date. Trading Price means, for any security as of any date, the lesser of the (i) lowest traded price and (ii) lowest closing bid price. Based on the Company’s examination of the conversion feature and the relative accounting guidance, the Company has determined that the conversion feature should be treated as a derivative liability for accounting purposes.
Additionally, if at any time while the Promissory Note is outstanding, the Conversion Price is equal to or lower than $0.025, then an additional $10,000 will be automatically added to the principal balance of each tranche funded under the Note. During the quarter ended June 30, 2019, $10,000 was added to the principal balance for the first tranche.
In connection with the Promissory Note, the Company also entered into a Securities Purchase Agreement with the Holder which states that the Company will also issue to the Holder a warrant to purchase an amount of shares of its common stock equal to 50% of the face value of each respective tranche divided by $0.10 (for illustrative purposes, the first tranche face value is equal to $50,000, which resulted in the issuance of a warrant to purchase 250,000 shares of the Company’s common stock).
Per the terms of the Common Stock Purchase Warrant agreement, on May 17, 2019, the Company issued a warrant to purchase 250,000 shares of common stock with an Exercise Price of $0.10 subject to adjustment (standard anti-dilution features). The agreement contains a down-round provision that automatically resets the exercise price of the warrant to a new exercise price that is equal to the per share price of common stock subsequently issued (including conversions of debt and preferred stock). Upon the lowering of the exercise price, the number of warrants will be increased such that the total proceeds upon exercise is the same amount (see Note 7). If the Market Price of one share of common stock is greater than the Exercise Price, the Holder may elect to receive Warrant Shares pursuant to cashless exercise, in lieu of cash exercise, per a defined formula in the agreement.
On June 19, 2020, the Company received $19,250 in net cash proceeds from a note holder under the same terms as the Promissory Note. The related principal amount due for the convertible debt instrument was $25,000. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $142,000 and recorded a related derivative liability for that amount and a charge to interest expense of approximately $122,000. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling $25,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method.
On July 10, 2020, the Company received $19,250 in net cash proceeds from a note holder under the same terms as the Promissory Note. The related principal amount due for the convertible debt instrument was $25,000. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $61,000 and recorded a related derivative liability for that amount and a charge to interest expense of approximately $42,000. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling $25,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method.
On May 4, 2020, the Company entered a Paycheck Protection Program (“PPP”) Loan with a principal amount of $59,949 through a financial institution under the PPP administered by the SBA and established as part of the CARES Act. The PPP Loan bears interest at 1.0% per annum and matures on May 4, 2022 with the first six months of interest and principal payments deferred. The amount borrowed under the PPP Loan is guaranteed by the U.S. Small Business Administration (“SBA”) and is eligible for forgiveness in an amount equal to the sum of the eligible costs, including payroll, benefits, rent and utilities, incurred by the Company during the 24-week period beginning on the date the Company received the proceeds. The PPP Loan contains customary events of default, and the occurrence of an event of default may result in a claim for the immediate repayment of all amounts outstanding under the PPP Loan. As of September 30, 2023, the balance of the PPP Loan, including accrued interest was $61,847.
On July 7, 2020, the Company entered a secured disaster loan with the SBA with a principal amount of $150,000. The SBA loan bears interest at 3.75% per annum and matures in July 2050. The Company is required to make monthly principal and interest payments of $731 beginning in July 2021. As of September 30, 2023, the balance on the SBA loan, including accrued interest was $166,876.
On November 2, 2020, the Company received $146,500 in net cash proceeds from a note holder under an Inventory Financing Promissory Note. The related principal amount due for the convertible debt instrument was $168,000. The note bears interest at 12% per annum and matures on May 2, 2022. Principal and accrued interest are convertible into common stock at a variable conversion price, which is 80% of the average two lowest traded prices for common stock during a 10-day trading period prior to conversion. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $99,000 and recorded a related derivative liability for that amount. The Company also issued 2,000,000 shares of common stock to the noteholder as additional compensation. The value of the shares, $14,800. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling approximately $135,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method. During the nine months ended September 30, 2022, the Company received forgiveness of the note totaling $45,148 and paid down the remaining balance and accrued interest. As of September 30, 2022, the balance on the note is $0.
On December 13, 2021, the Company received $50,000 in net cash proceeds from a note holder under a short-term bridge note. As of September 30, 2023, the balance on the note was $189,867.
During the nine months ended September 30, 2022, the Company entered into three separate notes with an investor, for total principal of $400,000. The notes matured through March 1, 2023, and bear interest between 6% and 12% per annum. As of September 30, 2023, the principal and accrued interest owed on these notes total $418,669.
On July 28, 2023, the Company entered into a convertible note with an investor for total principal of $30,000. The Company received $26,000 in cash and recorded an immediate charge of $4,000 to interest expenses. The note bears interest at 6% per annum and matures on April 28, 2024. The note is convertible into shares of common stock at $0.0005 per share.
As of September 30, 2023, long-term debt matures as follows:
Year Ending | | Notes Payable | | | Convertible Notes | | | Total | |
2023 (months remaining) | | $ | 712,195 | | | $ | 67,300 | | | $ | 779,495 | |
2024 | | | 3,454 | | | | - | | | | 3,454 | |
2025 | | | 3,586 | | | | - | | | | 3,586 | |
2026 | | | 3,718 | | | | - | | | | 3,718 | |
2027 | | | 3,900 | | | | - | | | | 3,900 | |
Thereafter | | | 150,295 | | | | - | | | | 150,295 | |
| | | | | | | | | | | | |
| | $ | 877,148 | | | $ | 67,300 | | | $ | 944,448 | |
4. Derivative Liabilities
During the nine months ended September 30, 2023, and during the year ended December 31, 2022, the Company had outstanding convertible debentures with variable exercise prices based on market rates (see Note 3). During the nine months ended September 30, 2023, and during year ended December 31, 2022, the Company also issued series A preferred stock with variable exercise prices based on market rates (see Note 6). The Company records the fair value of the conversion features with variable exercise prices based on future market rates in accordance with ASC 815. The fair value of the derivative liabilities is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statements of operations. The Company uses a multi-nominal lattice model to fair value the derivative liabilities. The following inputs and assumptions were used to value the conversion features outstanding during the nine months ended September 30, 2023, assuming no expected dividends:
| | September 30, 2023 |
Expected volatility | | | 135 - 275 | % |
Risk free interest rate | | | 0.05 - 0.15 | % |
Expected life (in years) | | | 0 - 1.50 | |
The following table presents the Company’s embedded conversion features of its convertible debt and preferred stock measured at fair value on a recurring basis as of September 30, 2023.
| | Level 3 Carrying Value as of September 30, 2023 | |
Derivative liabilities: | | | |
Embedded conversion feature - convertible debt | | $ | - | |
Embedded conversion feature - preferred stock | | | 38,338 | |
| | $ | 38,338 | |
The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs:
| | For The Nine Months Ended September 30, 2023 | |
Embedded Conversion Features - Convertible Debt | | | |
Balances, as of the beginning of the year | | $ | - | |
Derivative liabilities recorded upon issuance of convertible debt | | | - | |
Derivative liabilities derecognized upon debt conversion | | | - | |
Net changes in fair value included in net loss | | | - | |
Ending balance | | $ | - | |
| | | | |
Embedded Conversion Features - Preferred Stock | | | | |
Balances, as of the beginning of the year | | $ | 111,010 | |
Derivative liabilities recorded upon issuance of preferred stock | | | 73,945 | |
Derivative liabilities derecognized upon preferred stock conversion | | | (172,242 | ) |
Net changes in fair value included in net loss | | | 25,624 | |
Ending balance | | $ | 38,338 | |
| | | | |
Total ending balance | | $ | 38,338 | |
5. Related Party Transactions
(a) | During the nine months ended September 30, 2023, and 2022, the Company incurred approximately $43,000 and $113,000, respectively, in management and consulting fees with an officer and an entity controlled by him. As of September 30, 2023, and December 31, 2022, the Company owed approximately $5,000 to directors and officers and a company controlled by a director, which is included in accounts payable and accrued liabilities. The amounts owed are unsecured, non-interest bearing, and due on demand. |
| |
(b) | During the nine months ended September 30, 2023, and 2022, the Company recorded approximately $2,000 and $0, respectively, to the COO for rent and other office expenses. As of September 30, 2023, and December 31, 2022, the amounts owed to the VP and General Manager were approximately $2,000 and $0, respectively. |
6. Redeemable Preferred Stock and Stockholders’ Deficit
Preferred Stock
The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. The Company has designated 1,250,000 of these shares as Series A Convertible Preferred Stock and 5,000,000 of these shares as Series B Super Voting Preferred Stock.
On February 1, 2023, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $54,365.
On April 4, 2023, the Company entered into a Series A Preferred Stock Purchase Agreements with an investor. The Company issued 23,375 shares for proceeds of $17,500.
On April 26, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500.
On May 20, 2022, the Company entered into a Series A Preferred Stock Purchase Agreements with an investor. The Company issued 53,625 shares for proceeds of 48,750.
On August 23, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500.
On September 26, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500.
Rights and Privileges of the Series A Preferred Stock
| ☐ | Voting - Series A Preferred Stockholders have no voting rights |
| ☐ | Dividends - 8% cumulative dividend, compounded daily, payable solely upon redemption, liquidation, or conversion. (increases to 22% for an event of default) |
| ☐ | Redemption - Company has the right to redeem the shares from the issuance date through 270 days following the issuance date using the table noted in the Certificate of Designations, Preferences, Rights and Limitations of Series A Convertible Preferred Stock agreement. After 270 days, except for the Mandatory Redemption, the Company does not have the right to redeem the shares. |
| ☐ | Mandatory Redemption - 18 months after the Issuance Date or upon the occurrence of an Event of Default, the Company is required to redeem all of the shares of Series A Preferred Stock of the Holder. The Company shall make a cash payment in an amount equal to the total number of shares of Series A Preferred Stock held by the Holder multiplied by the then current Stated Value as adjusted (including but not limited to the addition of any accrued unpaid dividends and the Default Adjustment |
| ☐ | Conversion - At any time after 6 months following the Issuance Date, the Holder may convert all or any part of the outstanding Series A Preferred Stock into shares of Common Stock. The Variable Conversion Price is defined as 75% of the the Market Price. The Market Price is defined as the average of the 3 lowest Trading Prices for the Common Stock during the 15 day Trading Period ending on the last complete Trading Day prior to the Conversion Date. |
| ☐ | Default Adjustments - Upon the occurrence of any Event of Default, the Stated Value will be increased between 150% and 200%, depending on the Event of Default. |
Based on the terms of the conversion feature, the Company could be required to issue an infinite number of shares of common stock. As such, the Company has determined the conversion feature to be a derivative liability under relevant accounting guidance. The Company estimated the fair value of the conversion feature using the Binomial Lattice Model on the date of issuance, on the date of each conversion notice, and remeasures the fair value at each reporting period. During the nine months ended September 30, 2023, the Company issued 82,500 shares of series A preferred stock for proceeds of $71,865. Related to these issuances, the Company recorded derivative liabilities of $73,945 and discounts to the preferred stock of $62,239, which is being amortized to deemed dividends over the redemption period.
During the nine months ended September 30, 2023, the holder of the series A preferred stock converted 243,346 shares of series A preferred stock and accrued dividends into 643,532,647 shares of common stock. Related to these conversions during the nine months ended September 30, 2023, the Company recorded a reduction of the associated derivative liability for the conversion features of $172,241 and a reduction of the preferred stock discount of $114,316 and $51,136 of deemed dividend.
Rights and Privileges of the Series B Preferred Stock
In February 2021, the Company issued 500,000 shares of its Series B Super Voting Preferred Stock. Each share of Series B preferred stock has voting rights equal to 500 shares of common stock, is not entitled to receive dividends, is not convertible into shares of common stock. If the holder of the Series B preferred stock ceases to be a Board Member, the Company will repurchase any Series B preferred stock from the holder for a price of $0.001 per share. If the holder of the Series B preferred stock proposes to transfer any shares of Series B preferred stock, the Company will have 90 days to repurchase the shares for a price of $0.001 per share.
Common Stock
2023
During the nine months ended September 30, 2023, the Company issued 232,333,333 shares of common stock for director and employee compensation.
During the nine months ended September 30, 2023, the Company issued 34,064,050 shares of common stock for cash proceeds of $31,985.
2022
During the nine months ended September 30, 2022, the Company issued 3,113,005 shares of common stock for services provided by a vendor.
During the nine months ended September 30, 2022, the Company issued 19,560,705 shares of common stock for the exercise of a warrant on a cashless basis.
During the nine months ended September 30, 2022, the Company issued 132,285,266 shares of common stock for the conversion of Series A preferred stock and accrued dividends.
During the nine months ended September 30, 2022, the Company issued 12,500,000 shares of common stock as a commitment fee for a new equity line of credit.
During the nine months ended September 30, 2022, the Company issued 42,957,989 shares of common stock for cash proceeds of $89,240.
7. Share Purchase Warrants
The following table summarizes the continuity schedule of the Company’s share purchase warrants:
| | Number of warrants | | | Weighted average exercise price | |
| | | | | | |
Balance, December 31, 2022 | | | 145,079,363 | | | | - | |
Issued | | | - | | | | - | |
Adjusted for triggered down-round provisions | | | - | | | | - | |
Exercised | | | - | | | | - | |
Expired | | | - | | | | - | |
Balance, September 30, 2023 | | | 145,079,363 | | | $ | - | |
As of September 30, 2023, the following share purchase warrants were outstanding:
Number of warrants outstanding | | | Exercise price | | | Expiration date | |
| 2,222,222 | | | $ | 0.03 | | | December 2, 2024 | |
| 142,857,141 | | | $ | 0.00 | | | September 23, 2024 | |
| 145,079,363 | | | | | | | | |
8. Stock Options
The following table summarizes the Company’s stock options:
| | Number of options | | | Weighted average exercise price | | | Aggregate intrinsic value | |
| | | | | | | | | |
Balance, December 31, 2022 | | | 1,500,000 | | | $ | 0.04 | | | | |
Granted | | | - | | | | - | | | | |
Exercised | | | - | | | | - | | | | |
Cancelled / forfeited | | | - | | | | - | | | | |
Balance, September 30, 2023 | | | 1,500,000 | | | $ | 0.04 | | | $ | - | |
| | | Outstanding | | | Exercisable | |
Range of exercise prices | | | Number of shares | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price | | | Number of shares | | | Weighted average exercise price | |
| | | | | | | | | | | | | | | | |
$ | 0.04 | | | | 1,500,000 | | | | 0.9 | | | | 0.04 | | | | 1,500,000 | | | | 0.04 | |
| | | | | 1,500,000 | | | | 0.9 | | | $ | 0.04 | | | | 1,500,000 | | | $ | 0.04 | |
During the nine months ended September 30, 2023, the Company did not issue any options to employees. During the nine months ended September 30, 2023 and 2022, the Company recorded $0 of stock-based compensation expense related to stock option grants. As of September 30, 2023, the Company had no unrecognized compensation expense.
9. Segments
The Company has one reportable segment: vehicle tracking and recovery solutions. The Company allocates resources to and assesses the performance of each reportable segment using information about its revenue and operating income (loss). The Company does not evaluate operating segments using discrete asset information.
Segmentation by geographical location is not presented as all revenues are earned in U.S. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not reviewed by the Chief Operating Decision Maker of the Company.
10. Risks & Uncertainties
The Company extends credit to customers on an unsecured basis in the normal course of business. The Company’s policy is to perform an analysis of the recoverability of its receivables at the end of each reporting period and to establish allowances where appropriate. The Company analyzes historical bad debts and contract losses, customer concentrations, and customer creditworthiness when evaluating the adequacy of the allowances.
During the nine months ended September 30, 2023, and 2022, the Company had no and four customers which accounted for 0% and 80%, respectively, of total invoiced amounts, which are recorded as deferred revenues and amortized over the related service period to revenues.
As of September 30, 2023, and December 31, 2022, the Company had no and three customers, respectively, which accounted for 0% and 99%, respectively, of the net accounts receivable balance.
11. Commitments and Contingencies
Indemnities and Guarantees
We have made certain indemnities and guarantees, under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions. We indemnify our officers and directors to the maximum extent permitted under the laws of the State of Nevada. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. These indemnities and guarantees do not provide for any limitation of the maximum potential future payments we could be obligated to make. Historically, we have not been obligated to make any payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying condensed consolidated balance sheets.
Legal Matters
In the ordinary course of business, we may face various claims brought by third parties and may, from time to time, make claims or take legal actions to assert our rights, including intellectual property disputes, contractual disputes and other commercial disputes. Any of these claims could subject us to litigation. Management believes there are currently no claims that are likely to have a material effect on our consolidated financial position and results of operations.
12. Subsequent Events
Through November __, 2023, the Company issued __________ shares of common stock related to the conversion of ______ shares of Series A preferred stock.
The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial statements are available to be issued. Any material events that occur between the balance sheet date and the date that the consolidated financial statements were available for issuance are disclosed as subsequent events, while the consolidated financial statements are adjusted to reflect any conditions that existed at the balance sheet date. Based upon this review, except as disclosed within the footnotes or as discussed below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information for the three- and nine-month periods ended September 30, 2023. This MD&A should be read together with our unaudited condensed consolidated interim financial statements and the accompanying notes for the three- and nine-month periods ended September 30, 2023 (the “consolidated financial statements”). The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Except where otherwise specifically indicated, all amounts in this MD&A are expressed in United States dollars.
Certain statements in this MD&A constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. You should carefully read the cautionary note in this MD&A regarding forward-looking statements and should not place undue reliance on any such forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements”.
Additional information about the Company, including our most recent consolidated financial statements and our Annual Information Form, is available on our website at www.igen-networks.com, or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Cautionary Note Regarding Forward-looking Statements
Certain statements and information in this MD&A may not be based on historical facts and may constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”), including our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short- and longer-term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise any forward-looking statements unless we are required to do so by securities laws. Forward-looking statements:
| ☐ | Typically include words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”; |
| ☐ | Are not promises or guarantees of future performance. They represent our current views and may change significantly; |
| ☐ | Are based on a number of assumptions, including those listed below, which could prove to be significantly incorrect: |
| - | Our ability to find viable companies in which to invest |
| - | Our ability successfully manages companies in which we invest |
| - | Our ability to successfully raise capital |
| - | Our ability to successfully expand and leverage the distribution channels of our portfolio companies; |
| - | Our ability to develop new distribution partnerships and channels |
| - | Expected tax rates and foreign exchange rates. |
| ☐ | Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements. Actual revenues and growth projections of the Company or companies in which we are invested may be lower than we expect for any reason, including, without limitation: |
| - | the continuing uncertain economic conditions |
| - | price and product competition |
| - | changing product mixes, |
| - | the loss of any significant customers, |
| - | competition from new or established companies, |
| - | higher than expected product, service, or operating costs, |
| - | inability to leverage intellectual property rights, |
| - | delayed product or service introductions |
Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results.
Overview
During the nine-month period ended September 30, 2023, the Company dissolved its subsidiary Nimbo Tracking, LLC. In the same period the Company completed its integration of commercial fleet and asset management platforms. In conjunction with its technology partner Prolog, the Company developed and launched three (Inventory, Maintenance, Fleet Management) industry-leading solutions for Counties, State Governments, and supply-chain organizations. Upon completion of the first deployments to New York State Counties, the Company will leverage its County Executives of America (“CEA”) endorsement to secure additional deployments across the CEA membership. In addition, the Company’s partnership agreements with certified Credit Union organizations, namely the Association of Credit Union Executives of Puerto Rico (“ASEC”) and Michigan Credit Union League Service Corporation (“MCULSC”) have completed their initial deployment in preparation for larger-scale deployments within their respective regions. Both ASEC and MCULSC represent approximately 170 Credit Unions with over 2M active members. The Company has also completed its first phase of due diligence for protecting its patent rights against insurers using driver scores as actuarial metrics for customer billing.
Financial Condition and Results of Operations
Capital Resources and Liquidity
Current Assets and Liabilities, Working Capital
As of September 30, 2023, the Company had total current assets of $33,319, a 36% decrease from December 31, 2022. This decrease was mostly due to a $22,000 decrease in the Company’s ending accounts receivable balances.
The Company’s current liabilities as of September 30, 2023, were $1,248,117, a 5% increase over those reported as of December 31, 2022. However, $62,700 (or 5%) of the Company’s current liabilities were deferred revenues, net to be recognized in future periods. The decrease in current liabilities was mostly due to a gain on the relief of debt for the removal of certain old accounts payable balances that are beyond the statute of limitations.
As of September 30, 2023, IGEN had negative working capital of $1,214,798. Adequate working capital remains a core requirement for growth and profitability and to facilitate further acquisitions, and the Company continues to work at improving its working capital position through ongoing equity and debt financing and actively managing the Company’s growth to achieve sustainable positive cash flow.
During the nine months ended September 30, 2023, the Company raised approximately $130,000 in debt and equity financings. These transactions are further disclosed in notes to the consolidated financial statements.
Total Assets and Liabilities, Net Assets
As of September 30, 2023, the Company’s total assets were $33,319, a 95% decrease from December 31, 2022, due primarily to the decrease in goodwill of $505,508 due to impairment as the Company legally dissolved its subsidiary, Nimbo Tracking, LLC in June 2023.
As of September 30, 2023, the Company’s total liabilities were $1,454,539, which reflects $41,469 in long-term deferred revenue, net in addition to the $1,214,798 in current liabilities previously discussed. This long-term deferred revenue is the portion of service contracts signed in previous years for which service, and the associated revenue recognition, occurs beyond September 30, 2024. Total liabilities decreased by 0% from December 31, 2022, however 9%, or $104,169 of the Company’s year-end total liabilities was deferred revenue, net, compared with $162,698 of deferred revenue, net reported as of December 31, 2022.
The above resulted in net assets as of September 30, 2023, being $(1,449,184) and an accumulated deficit of $21,234,777.
The Company is continuing its efforts to increase its asset base, raise funds and improve cashflow to improve its working capital position. As of the date these financial statements were issued, the Company believes it has adequate working capital and projected net revenues and cash flows to maintain existing operations for approximately six months without requiring additional funding. The Company’s business plan is predicated on raising further capital for the purpose of further investment and acquisition of targeted technologies and companies, to fund growth in these technologies and companies, and to expand sales and distribution channels for companies it currently owns or is invested. It is anticipated the Company will continue to raise additional capital through private placements or other means in both the near and medium term.
The reader is cautioned that the Company’s belief in the adequacy of its working capital, the continuation and growth of future revenue, the ability of the Company to operate any stated period without additional funding, and the ability to successfully raise capital are forward looking statements for which actual results may vary, to the extent that the company may need capital earlier than anticipated and/or may not be able to raise additional capital.
Results of Operations
Revenues and Net Loss for the Three Months Ended September 30, 2023
Revenues
For the three months ended September 30, 2023, the Company had revenues of $47,865, a 64% decrease over the revenues reported for same period in 2022. The Company dissolved its subsidiary and recorded full impairment of its goodwill asset of $505,508, as noted above.
Costs of goods sold for the three months ended September 30, 2023, were $17,074, representing a decrease of 89% compared to the same period in 2022. These costs are primarily mobile hardware and cellular carrier costs.
The resulting gross profit (loss) percentage was 64% for the three months ended September 30, 2023, compared to (23%) for the three months ended September 30, 2022. The Company continues to examine its costs of delivering services to customers and works to limit them as much as possible.
Expenses
Expenses for the three months ended September 30, 2023, totaled $105,694, a decrease of $219,466, or 67%, from total expenses reported for the same period in 2022.
For the three months ended September 30, 2023, the Company had a net loss available to common stockholders of $218,665 (or ($0.00) per basic and diluted share compared with a net loss available to common stockholders of $487,188 (or ($0.00) per basic and diluted share) for the same period in 2022.
The Company will continue to invest in personnel, channels, and product development in order to drive revenue growth and increase gross profits sufficient to enable the Company to achieve profitability.
Revenues and Net Loss for the Nine Months Ended September 30, 2023
Revenues
For the nine months ended September 30, 2023, the Company had revenues of $131,301, a 51% decrease over the revenues reported for same period in 2022.
Costs of goods sold for the nine months ended September 30, 2023, were $71,125, representing a decrease of 73% compared to the same period in 2022. These costs are primarily mobile hardware and cellular carrier costs.
The resulting gross profit percentage was 46% for the nine months ended September 30, 2023, compared to 1% for the nine months ended September 30, 2022. The Company continues to examine its costs of delivering services to customers and works to limit them as much as possible.
Expenses
Expenses for the nine months ended September 30, 2023, totaled $846,792, an increase of $77,957, or 10%, from total expenses reported for the same period in 2022.
For the nine months ended September 30, 2023, the Company had a net loss available to common stockholders of $1,064,637 (or ($0.00) per basic and diluted share) compared with a net loss available to common stockholders of $665,275 (or ($0.00) per basic and diluted share) for the same period in 2022.
The Company will continue to invest in personnel, channels, and product development in order to drive revenue growth and increase gross profits sufficient to enable the Company to achieve profitability.
Cash Flows and Cash Position
For the nine months ended September 30, 2023, the Company saw a net decrease in cash of $0. Cash used in operating activities was $129,850, a decrease of 82% from the $730,662 net cash used for the same period in 2022. This was offset by net financing of $129,850, raised via private placements. Cash as of September 30, 2023, was $0.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
As a smaller reporting company, the Company is not required to provide the information required by this item.
Item 4. Controls and Procedures.
Disclosure Controls and Procedures
The Company carried out an evaluation, with the participation of all the Company’s officers, of the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2023. The conclusions of the Company’s principal officers was that the controls and procedures in place were not effective such that, the information required to be disclosed in our exchange and commission reports was a) recorded, processed, summarized and reported within the time periods specified in the appropriate exchange and commission rules and forms, and b) accumulated and communicated to our management, including our chief executive offer and chief operating officer, as appropriate to allow timely decisions regarding required disclosure.
Internal Control over Financial Reporting
As of September 30, 2023, management assessed the effectiveness of our internal control over financial reporting. The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a set of processes designed by or under the supervision of the Company’s CEO, COO and CFO (or executives performing equivalent functions) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:
· | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets; |
| |
· | provide reasonable assurance our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; |
| |
· | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. In evaluating the effectiveness of our internal control over financial reporting, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013). Based on that evaluation, they concluded that during the period covered by this report, though there are weaknesses in the Company’s internal controls, given the current size of the organization, such internal controls and procedures as were in place were adequately effective to detect the inappropriate application of US GAAP. We did not identify any material weaknesses.
Part II
OTHER INFORMATION
Item 1. Legal Proceedings
No items noted.
Item 1A. Risk Factors.
As a smaller reporting company, the Company is not required to provide the information required by this item, however for a discussion of risk factors affecting the Company please refer to the Cautionary Note Regarding Forward-looking Statements included in Part I Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
During the nine months ended September 30, 2023, the Company issued 132,333,333 shares of common stock for director and employee compensation.
During the nine months ended September 30, 2023, the Company issued 34,064,050 shares of common stock for cash proceeds of $31,985.
During the nine months ended September 30, 2023, the holder of the series A preferred stock converted 243,346 shares of series A preferred stock and accrued dividends into 643,532,647 shares of common stock.
Item 3. Defaults Upon Senior Securities.
There has been no material default in the payment of any element of indebtedness of the Company. The Company has no preferred stock for which dividends are paid, hence no related arrearage or delinquencies in payments of dividends.
Item 4. Mine Safety Disclosures.
The Company is not an operator, nor has a subsidiary that is an operator of a coal or other mine.
Item 5. Other Information.
During the period covered by this report there was no information required to be disclosed in a report on Form 8-K, that was not reported.
During the period covered by this report there were no material changes to the procedures by which security holders may recommend nominees to the registrant’s board of directors.
Item 6. Exhibits.
Exhibit | | Index |
| | |
31.1 | | Certification - Rule 13(a)-14(a)/15d-14(a) - CEO |
32.1 | | Certification - Section 1350 - CEO |
101.INS | | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IGEN Networks Corp | |
| | | |
November 20, 2023 | By: | /s/ Neil Chan | |
| | Neil Chan | |
| | Chief Executive Officer and Director | |
| | (Principal Executive Officer, Principal Financing | |
| | Officer and Principal Accounting Officer) | |
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v3.23.3
Condensed Consolidated Interim Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 0
|
$ 0
|
Accounts and other receivables, net |
0
|
21,902
|
Inventory |
33,319
|
30,141
|
Total Current Assets |
33,319
|
52,043
|
Operating lease asset, net |
0
|
53,017
|
Security deposits |
0
|
5,722
|
Goodwill |
0
|
505,508
|
Total Assets |
33,319
|
616,290
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
367,583
|
360,227
|
Current portion of deferred revenue, net of contract assets |
62,700
|
81,066
|
Notes payable, current portion |
712,196
|
596,746
|
Convertible debentures |
67,300
|
37,000
|
Derivative liabilities |
38,338
|
111,010
|
Total Current Liabilities |
1,248,117
|
1,186,049
|
Notes payable, net of current portion |
164,953
|
160,736
|
Operating lease liability, net of current portion |
0
|
27,098
|
Deferred revenue, net of current portion and contract assets |
41,469
|
81,632
|
Total Liabilities |
1,454,539
|
1,455,515
|
Stockholders' Deficit |
|
|
Common stock: Authorized - 3,500,000,000 shares with $0.001 par value issued and outstanding - 2,800,191,077 and 1,890,261,047 shares, as of September 30, 2023 and December 31, 2022, respectively |
2,800,192
|
1,890,262
|
Additional paid-in capital |
16,981,651
|
17,298,474
|
Accumulated deficit |
(21,234,777)
|
(20,170,140)
|
Total Stockholders' Deficit |
(1,449,184)
|
(977,654)
|
Total Liabilities and Stockholders' Deficit |
33,319
|
616,290
|
Series B Preferred Stock [Member] |
|
|
Stockholders' Deficit |
|
|
Series B preferred stock: Authorized - 5,000,000 shares with $0.001 par value issued and outstanding - 3,750,000 as of September 30, 2023 and December 31, 2022 |
3,750
|
3,750
|
Series A Redeemable Convertible Preferred Shares Member |
|
|
Commitment and contingencies |
|
|
Authorized - 1,250,000 shares with $0.001 par value, 53,654 shares and 214,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively, net of discount of $20,976 and $59,954, respectively, aggregate liquidation preference of $56,204 and $218,222 as of September 30, 2023 and December 31, 2022, respectively |
$ 27,964
|
$ 138,429
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v3.23.3
Condensed Consolidated Interim Balance Sheets (Parenthetical) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Common stock, shares par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
3,500,000,000
|
3,500,000,000
|
Common stock, shares issued |
2,800,191,077
|
1,890,261,047
|
Common stock, shares outstanding |
2,800,191,077
|
1,890,261,047
|
Preferred stock, shares par value |
$ 0.001
|
|
Preferred stock, shares authorized |
10,000,000
|
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, shares par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, shares issued |
3,750,000
|
3,750,000
|
Preferred stock, shares outstanding |
3,750,000
|
3,750,000
|
Redeemable Convertible Preferred Stock [Member] |
|
|
Series A Preferred stock, shares par value |
$ 0.001
|
$ 0.001
|
Series A Preferred stock, shares authorized |
1,250,000
|
1,250,000
|
Series A Preferred stock, shares issued |
53,654
|
214,500
|
Series A Preferred stock, shares outstanding |
53,654
|
214,500
|
Series A Preferred stock, discount |
|
$ 59,954
|
Series A Preferred stock, Aggregate liquidation preference |
$ 56,204
|
218,222
|
Redeemable convertiblepreferred stock discount |
$ 20,976
|
$ 59,954
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues: |
|
|
|
|
Sales, services |
$ 47,865
|
$ 131,575
|
$ 131,301
|
$ 269,811
|
Sales, other |
0
|
0
|
0
|
0
|
Total Revenues |
47,865
|
131,575
|
131,301
|
269,811
|
Cost of goods sold |
17,074
|
161,249
|
71,125
|
267,844
|
Gross Profit (Loss) |
30,791
|
(29,674)
|
60,176
|
1,967
|
Expenses: |
|
|
|
|
Selling, general and administrative |
26,321
|
135,538
|
210,624
|
322,585
|
Management and consulting fees |
35,000
|
69,094
|
48,250
|
156,558
|
Payroll and related |
44,373
|
120,528
|
82,410
|
289,692
|
Impairment of goodwill |
0
|
0
|
505,508
|
0
|
Total Expenses |
105,694
|
325,160
|
846,792
|
768,835
|
Loss Before Other Income (Expense) |
(74,903)
|
(354,834)
|
(786,616)
|
(766,868)
|
Other Income (Expense) |
|
|
|
|
Accretion of discounts on convertible debentures |
0
|
0
|
0
|
(35,201)
|
Change in fair value of derivative liabilities |
(57,506)
|
(47,427)
|
(25,624)
|
8,558
|
Gain (loss) on extinguishment of debt |
0
|
70,558
|
0
|
342,523
|
Interest expense |
(45,534)
|
(29,417)
|
(132,157)
|
(85,627)
|
Total Other Income (Expense), net |
(103,190)
|
(6,256)
|
(157,781)
|
230,253
|
Net Income (Loss) |
(178,093)
|
(361,090)
|
(944,397)
|
(536,615)
|
Accrued and deemed dividends on redeemable convertible preferred stock |
(40,572)
|
(126,098)
|
(120,240)
|
(128,660)
|
Net loss attributable to common stockholders |
$ (218,665)
|
$ (487,188)
|
$ (1,064,637)
|
$ (665,275)
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|
$ (0.00)
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$ (0.00)
|
$ (0.00)
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Weighted Average Number of Common Shares Outstanding |
2,445,447,418
|
1,628,362,535
|
2,186,264,751
|
1,559,578,608
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v3.23.3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Deficit (Unaudited) - USD ($)
|
Total |
Redeemable Convertible Preferred Stock Series A Member |
Common Stock |
Additional Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Preferred Stock Series B [Member] |
Balance, shares at Dec. 31, 2021 |
|
199,375
|
1,476,869,532
|
|
|
5,000,000
|
Balance, amount at Dec. 31, 2021 |
$ (693,690)
|
$ 84,022
|
$ 1,476,870
|
$ 16,900,962
|
$ (19,076,522)
|
$ 5,000
|
Shares of Series A preferred stock issued for cash, net of costs and discounts shares |
|
118,250
|
|
|
|
|
Shares of Series A preferred stock issued for cash, net of costs and discounts amount |
0
|
$ 50,282
|
$ 0
|
0
|
0
|
0
|
Conversion of Series A preferred stock to common stock, shares |
|
(118,250)
|
37,377,063
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
109,721
|
$ (59,844)
|
$ 37,377
|
130,750
|
(58,406)
|
0
|
Accrued dividends on Series A preferred stock |
(37,924)
|
37,924
|
$ 0
|
0
|
(37,924)
|
0
|
Shares of common stock for cashless exercise of warrants, shares |
|
|
19,560,705
|
|
|
|
Shares of common stock for cashless exercise of warrants, amount |
0
|
0
|
$ 19,561
|
(19,561)
|
0
|
0
|
Shares of common stock issued for services, shares |
|
|
3,113,005
|
|
|
|
Shares of common stock issued for services, amount |
13,613
|
0
|
$ 3,113
|
10,500
|
0
|
0
|
Net Income (Loss) |
(186,107)
|
$ 0
|
$ 0
|
0
|
(186,107)
|
$ 0
|
Balance, shares at Mar. 31, 2022 |
|
199,375
|
1,536,920,305
|
|
|
5,000,000
|
Balance, amount at Mar. 31, 2022 |
(794,387)
|
$ 112,384
|
$ 1,536,921
|
17,022,651
|
(19,358,959)
|
$ 5,000
|
Balance, shares at Dec. 31, 2021 |
|
199,375
|
1,476,869,532
|
|
|
5,000,000
|
Balance, amount at Dec. 31, 2021 |
(693,690)
|
$ 84,022
|
$ 1,476,870
|
16,900,962
|
(19,076,522)
|
$ 5,000
|
Net Income (Loss) |
(536,615)
|
|
|
|
|
|
Balance, shares at Sep. 30, 2022 |
|
249,260
|
1,687,286,497
|
|
|
3,750,000
|
Balance, amount at Sep. 30, 2022 |
(857,112)
|
$ 160,063
|
$ 1,687,287
|
17,193,648
|
(19,741,797)
|
$ 3,750
|
Balance, shares at Mar. 31, 2022 |
|
199,375
|
1,536,920,305
|
|
|
5,000,000
|
Balance, amount at Mar. 31, 2022 |
(794,387)
|
$ 112,384
|
$ 1,536,921
|
17,022,651
|
(19,358,959)
|
$ 5,000
|
Shares of Series A preferred stock issued for cash, net of costs and discounts shares |
|
112,750
|
|
|
|
|
Shares of Series A preferred stock issued for cash, net of costs and discounts amount |
0
|
$ 56,065
|
$ 0
|
0
|
0
|
0
|
Conversion of Series A preferred stock to common stock, shares |
|
(45,000)
|
21,272,727
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
63,687
|
$ (38,204)
|
$ 21,273
|
45,382
|
(2,968)
|
0
|
Accrued dividends on Series A preferred stock |
(26,800)
|
26,800
|
0
|
0
|
(26,800)
|
0
|
Net Income (Loss) |
10,582
|
0
|
$ 0
|
0
|
10,582
|
0
|
Shares of common stock issued for equity line commitment, shares |
|
|
12,500,000
|
|
|
|
Shares of common stock issued for equity line commitment, amount |
0
|
$ 0
|
$ 12,500
|
(12,500)
|
0
|
$ 0
|
Balance, shares at Jun. 30, 2022 |
|
267,125
|
1,570,693,032
|
|
|
5,000,000
|
Balance, amount at Jun. 30, 2022 |
(746,918)
|
$ 157,045
|
$ 1,570,694
|
17,055,533
|
(19,378,145)
|
$ 5,000
|
Shares of Series A preferred stock issued for cash, net of costs and discounts shares |
|
118,250
|
|
|
|
|
Shares of Series A preferred stock issued for cash, net of costs and discounts amount |
0
|
$ 71,000
|
$ 0
|
0
|
0
|
0
|
Conversion of Series A preferred stock to common stock, shares |
|
(136,115)
|
73,635,476
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
196,343
|
$ (102,669)
|
$ 73,635
|
156,155
|
(33,447)
|
0
|
Accrued dividends on Series A preferred stock |
(34,687)
|
34,687
|
0
|
0
|
(34,687)
|
0
|
Net Income (Loss) |
(361,090)
|
0
|
$ 0
|
0
|
(361,090)
|
0
|
Shares of common stock issued for cash, shares |
|
|
42,957,989
|
|
|
|
Shares of common stock issued for cash, amount |
89,240
|
0
|
$ 42,958
|
46,282
|
0
|
$ 0
|
Repurchase of Series B preferred stock, shares |
|
|
|
|
|
(1,250,000)
|
Repurchase of Series B preferred stock, amount |
0
|
$ 0
|
$ 0
|
(64,322)
|
65,572
|
$ (1,250)
|
Balance, shares at Sep. 30, 2022 |
|
249,260
|
1,687,286,497
|
|
|
3,750,000
|
Balance, amount at Sep. 30, 2022 |
(857,112)
|
$ 160,063
|
$ 1,687,287
|
17,193,648
|
(19,741,797)
|
$ 3,750
|
Balance, shares at Dec. 31, 2022 |
|
214,500
|
1,890,261,047
|
|
|
3,750,000
|
Balance, amount at Dec. 31, 2022 |
(977,654)
|
$ 138,429
|
$ 1,890,262
|
17,298,474
|
(20,170,140)
|
$ 3,750
|
Shares of Series A preferred stock issued for cash, net of costs and discounts shares |
|
59,125
|
|
|
|
|
Shares of Series A preferred stock issued for cash, net of costs and discounts amount |
(11,706)
|
$ 0
|
$ 0
|
0
|
(11,706)
|
0
|
Conversion of Series A preferred stock to common stock, shares |
|
(79,125)
|
88,156,667
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
107,138
|
$ (62,977)
|
$ 88,157
|
35,129
|
(16,148)
|
0
|
Accrued dividends on Series A preferred stock |
0
|
27,607
|
$ 0
|
0
|
(27,607)
|
0
|
Shares of common stock for cashless exercise of warrants, shares |
|
|
34,064,050
|
|
|
|
Shares of common stock for cashless exercise of warrants, amount |
31,985
|
0
|
$ 34,064
|
(2,079)
|
0
|
0
|
Shares of common stock issued for services, shares |
|
|
22,000,000
|
|
|
|
Shares of common stock issued for services, amount |
38,600
|
0
|
$ 22,000
|
16,600
|
0
|
0
|
Net Income (Loss) |
(116,809)
|
$ 0
|
$ 0
|
0
|
(116,809)
|
$ 0
|
Balance, shares at Mar. 31, 2023 |
|
194,500
|
2,034,481,764
|
|
|
3,750,000
|
Balance, amount at Mar. 31, 2023 |
(956,053)
|
$ 103,059
|
$ 2,034,483
|
17,348,124
|
(20,342,410)
|
$ 3,750
|
Balance, shares at Dec. 31, 2022 |
|
214,500
|
1,890,261,047
|
|
|
3,750,000
|
Balance, amount at Dec. 31, 2022 |
(977,654)
|
$ 138,429
|
$ 1,890,262
|
17,298,474
|
(20,170,140)
|
$ 3,750
|
Net Income (Loss) |
(944,397)
|
|
|
|
|
|
Balance, shares at Sep. 30, 2023 |
|
53,654
|
2,800,191,077
|
|
|
3,750,000
|
Balance, amount at Sep. 30, 2023 |
(1,449,184)
|
$ 27,964
|
$ 28,800,192
|
16,981,651
|
(21,234,777)
|
$ 3,750
|
Balance, shares at Mar. 31, 2023 |
|
194,500
|
2,034,481,764
|
|
|
3,750,000
|
Balance, amount at Mar. 31, 2023 |
(956,053)
|
$ 103,059
|
$ 2,034,483
|
17,348,124
|
(20,342,410)
|
$ 3,750
|
Shares of Series A preferred stock issued for cash, net of costs and discounts shares |
|
23,375
|
|
|
|
|
Shares of Series A preferred stock issued for cash, net of costs and discounts amount |
0
|
$ 9,656
|
$ 0
|
0
|
0
|
0
|
Conversion of Series A preferred stock to common stock, shares |
|
(87,250)
|
174,459,314
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
126,233
|
$ (58,973)
|
$ 174,459
|
(34,466)
|
(13,760)
|
0
|
Accrued dividends on Series A preferred stock |
(10,447)
|
10,447
|
$ 0
|
0
|
(10,447)
|
0
|
Shares of common stock issued for services, shares |
|
|
110,333,333
|
|
|
|
Shares of common stock issued for services, amount |
77,233
|
0
|
$ 110,333
|
33,100
|
0
|
0
|
Net Income (Loss) |
(649,495)
|
$ 0
|
$ 0
|
0
|
(649,495)
|
$ 0
|
Balance, shares at Jun. 30, 2023 |
|
130,625
|
2,319,274,411
|
|
|
3,750,000
|
Balance, amount at Jun. 30, 2023 |
(1,412,529)
|
$ 64,189
|
$ 2,319,275
|
17,280,558
|
21,016,112
|
$ 3,750
|
Conversion of Series A preferred stock to common stock, shares |
|
(76,971)
|
380,916,666
|
|
|
|
Conversion of Series A preferred stock to common stock, amount |
130,783
|
$ (55,570)
|
$ 380,917
|
(228,907)
|
(21,227)
|
0
|
Accrued dividends on Series A preferred stock |
(19,345)
|
19,345
|
$ 0
|
0
|
(19,345)
|
0
|
Shares of common stock issued for services, shares |
|
|
100,000,000
|
|
|
|
Shares of common stock issued for services, amount |
30,000
|
0
|
$ 100,000
|
70,000
|
0
|
0
|
Net Income (Loss) |
(178,093)
|
$ 0
|
$ 0
|
0
|
(178,093)
|
$ 0
|
Balance, shares at Sep. 30, 2023 |
|
53,654
|
2,800,191,077
|
|
|
3,750,000
|
Balance, amount at Sep. 30, 2023 |
$ (1,449,184)
|
$ 27,964
|
$ 28,800,192
|
$ 16,981,651
|
$ (21,234,777)
|
$ 3,750
|
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v3.23.3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash Flows from Operating Activities |
|
|
Net loss |
$ (944,397)
|
$ (536,615)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Accretion of discounts on convertible debentures |
4,000
|
35,201
|
Change in fair value of derivative liabilities |
25,624
|
(8,558)
|
Loss on extinguishment of debt |
0
|
(342,523)
|
Impairment of goodwill |
505,508
|
17,162
|
Amortization of right of use asset |
6,191
|
7,900
|
Accrued interest for debt |
119,967
|
7,890
|
Stock-based compensation |
145,833
|
13,613
|
Changes in operating assets and liabilities: |
|
|
Accounts and other receivables |
21,902
|
28,271
|
Inventory |
(3,178)
|
23,036
|
Prepaid expenses and deposits |
5,722
|
0
|
Accounts payable and accrued liabilities |
49,355
|
9,905
|
Deferred revenue |
(58,529)
|
21,956
|
Operating lease liability |
7,848
|
0
|
Net Cash Used in Operating Activities |
(129,850)
|
(730,662)
|
Cash Flows from Financing Activities |
|
|
Repayment of notes payable and convertible debentures |
0
|
(112,693)
|
Repayment of lease liability - operating lease |
0
|
(20,495)
|
Repurchase of Series B preferred stock |
0
|
(1,250)
|
Proceeds from issuance of common stock |
31,985
|
89,240
|
Proceeds from notes payable and convertible debentures, net |
26,000
|
485,000
|
Proceeds from issuance of preferred stock, net |
71,865
|
310,000
|
Net Cash Provided by Financing Activities |
129,850
|
749,802
|
Change in Cash |
0
|
19,140
|
Cash, Beginning of Period |
0
|
64,429
|
Cash, End of Period |
0
|
83,569
|
Conversion of notes payable and accrued interest: |
|
|
Fair value of common shares issued |
0
|
0
|
Derecognition of notes payable and accrued interest |
0
|
0
|
Derecognition of unamortized discount |
0
|
0
|
Derecognition of derivative liabilities |
0
|
0
|
Conversion of preferred stock |
|
|
Fair value of common shares issued |
415,289
|
464,572
|
Derecognition of preferred stock |
(234,407)
|
(300,889)
|
Derecognition of unamortized discount |
(114,316)
|
(100,623)
|
Derecognition of derivative liabilities |
(172,241)
|
(165,206)
|
Deemed dividend |
(51,136)
|
(97,773)
|
Discount related to issuance of preferred stock |
62,239
|
140,152
|
Deemed dividends on preferred stock (excluding conversions) |
11,706
|
(96,459)
|
Issuance of conversion shares for commitment fee on equity life |
$ 0
|
$ 12,500
|
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v3.23.3
Organization and Description of Business
|
9 Months Ended |
Sep. 30, 2023 |
Organization and Description of Business |
|
Organization and Description of Business |
1. Organization and Description of Business IGEN Networks Corp. (“IGEN”, the “Company”, “we”, “our”) was incorporated in the State of Nevada on November 14, 2006, under the name of Nurse Solutions Inc. On September 19, 2008, the Company changed its name to Sync2 Entertainment Corporation and traded under the symbol SYTO. On September 15, 2008, the Company became a reporting issuer in British Columbia, Canada. On May 26, 2009, the Company changed its name to IGEN Networks Corp. On March 25, 2015, the Company was listed on the Canadian Securities Exchange (CSE) under the trading symbol IGN and the Company became a reporting Venture Issuer in British Columbia and Ontario, Canada. The Company’s principal business is the development and marketing of supply-chain software for the management of warehouse inventory, commercial and passenger fleets, and asset maintenance. Supply-chain and fleet management services are delivered from in-house software-as-a-service or cloud infrastructure over wireless networks with datapoints accumulated from AI based devices and sensors. The software services are marketed to financial institutions, governments, and transportation companies throughout the US and Mexico. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has experienced recurring losses from operations, has negative operating cash flows since inception, has a working capital deficit of $1,214,798 and an accumulated deficit of $21,234,777 as of September 30, 2023, and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Ultimately, the Company plans to achieve profitable operations through the increase in revenue base and successfully grow its operations organically or through acquisitions. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Summary of Significant Accounting Policies |
|
Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation These consolidated financial statements and related notes include the records of the Company and the Company’s wholly owned subsidiary, Nimbo Tracking LLC, which is founded in the USA. Nimbo Tracking LLC was legally dissolved on June 3, 2023. The condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited consolidated financial statements, and these unaudited condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include all assets, liabilities, revenues and expenses of the Company and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated. These interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain information required by U.S. GAAP has been condensed or omitted in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The results for the three- and nine-month periods ended September 30, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2023, or for any future period. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, valuation of inventory, the useful life and recoverability of equipment, impairment of goodwill, valuation of notes payable and convertible debentures, fair value of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less at the time of acquisition to be cash equivalents. Accounts Receivable Accounts receivables are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expenses are reflected as a component of general and administrative expenses in the consolidated statements of operations. As of September 30, 2023, and December 31, 2022, the allowance for doubtful accounts was approximately $12,000 and $16,000, respectively. Inventory Inventory consists of vehicle tracking and recovery devices and is comprised entirely of finished goods that can be resold. Inventory is stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and selling costs. There was no provision for inventory impairment recorded as of September 30, 2023 and December 31, 2022. Equipment Office equipment, computer equipment, and software are recorded at cost. Depreciation is provided annually at rates and methods over their estimated useful lives. Management reviews the estimates of useful lives of the assets every year and adjusts them on prospective basis, if needed. All equipment was fully depreciated as of December 31, 2022. For purposes of computing depreciation, the method of depreciating equipment is as follows: Computer equipment | 3 years straight-line | Office equipment | 5 years straight-line | Software | 3 years straight-line |
Goodwill Goodwill represents the excess of the acquisition price over the fair value of identifiable net assets acquired. Goodwill is allocated at the date of the business combination. Goodwill is not amortized but is tested for impairment annually on December 31 of each year or more frequently if events or changes in circumstances indicate the asset may be impaired. These events and circumstances may include a significant change in legal factors or in the business climate, a significant decline in the Company’s share price, an adverse action of assessment by a regulator, unanticipated competition, a loss of key personnel, significant disposal activity and the testing of recoverability for a significant asset group. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. On June 3, 2023, the Company legally dissolved Nimbo Tracking, LLC and fully impaired all goodwill related to Nimbo Tracking, LLC, recording an impairment charge of $505,508 during the three months ended June 30, 2023. Impairment of Long-lived Assets The Company reviews long-lived assets, such as equipment, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the total of the estimated undiscounted future cash flows is less than the carrying value of the asset, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset during the year the impairment occurs. Financial Instruments In accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” the Company is to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. See Note 4 for fair value measurement information related to the Company’s derivative liabilities. The fair values of cash and cash equivalents, accounts and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The fair value of cash and cash equivalents is determined based on “Level 1” inputs and the fair value of derivative liabilities is determined based on “Level 3” inputs. The recorded values of notes payable approximate their current fair values because of their nature and respective maturity dates or durations. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility in these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company places its cash and cash equivalents in what it believes to be creditworthy financial institutions. Revenue Recognition and Deferred Revenue We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers”, using the five-step model, including (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue in accordance with U.S. GAAP. Title and risk of loss generally pass to our customers upon delivery, as we have insurance for lost shipments. In limited circumstances where either title or risk of loss pass upon destination or acceptance or when collection is not reasonably assured, we defer revenue recognition until such events occur. We derive substantially all our revenues from the sale of products and services combined into one performance obligation. Product revenue includes the shipment of products according to the agreement with our customers. Service revenue includes vehicle tracking services and customer support (technical support), installations and consulting. A contract usually includes both product and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Performance obligations include, but are not limited to, pass-thru harnesses and vehicle tracking services. Almost all of our revenues are derived from customers located in United States of America in the auto industry. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are not sold on a standalone basis. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time, the Company has transferred use of the asset, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. For arrangements under which the Company provides vehicle tracking services, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company provides product warranties with varying lengths of time and terms. The product warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company has historically experienced a low rate of product returns under the warranty program. Management assesses the business environment, customers’ financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. Revenue relating to the sale of service fees on its vehicle tracking and recovery services is recognized over the life of the contract. The service renewal fees are offered in terms ranging from 12 to 36 months and are generally payable upon delivery of the vehicle tracking devices or in full upon renewal. Deferred revenues are recorded net of contract assets when cash payments are received from customers in advance of the Company’s performance. Contract assets represent the costs of (1) commission costs, (2) installation costs, and (3) the underlying hardware to enable the Company to perform on its contract with customers and are amortized using the same method and term as deferred revenues. As of September 30, 2023, and December 31, 2022, deferred revenues, net of contract assets totaled $104,169 and $162,698, respectively, and contract assets totaled $86,978 and $73,450, respectively. Any revenue that has been deferred and is expected to be recognized beyond one year is classified as deferred revenue, net of current portion. During the nine months ended September 30, 2023, the Company recorded additions to deferred revenues of $5,678 and recognized total revenues of $106,128 through the amortization of deferred revenues. During the nine months ended September 30, 2023, the Company recognized revenues of $104,940 related to deferred revenues outstanding as of December 31, 2022, as the services were performed. Financing Costs and Debt Discount Financing costs and debt discounts are recorded as reductions to the carrying value of notes payable and convertible debentures. Amortization of financing costs and the debt discounts is calculated using the effective interest method over the term of the debt and is recorded as interest expense in the consolidated statement of operations. Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred income tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Stock-based Compensation The Company accounts for stock-based payments in accordance with stock-based payment accounting guidance which requires all stock-based payments to be recognized based upon their fair values. The fair value of stock-based awards is estimated at the grant date using the Black-Scholes Option Pricing Model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The determination of fair value using the Black-Scholes Option Pricing Model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors. The Company accounts for forfeitures of unvested awards as they occur. Derivative Financial Instruments The Company classifies as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC Topic 815-40 “Contracts in Entity’s Own Equity.” The Company classifies as assets or liabilities any contracts that require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside our control or give the counterparty a choice of net-cash settlement or settlement in shares. The Company assesses the classification of its free-standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. Loss Per Share Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debentures, using the if-converted method. In computing diluted earnings (loss) per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted earnings (loss) per share exclude all potentially issuable shares if their effect is anti-dilutive. Because the effect of conversion of the Company’s dilutive securities is anti-dilutive, diluted loss per share is the same as basic loss per share for the periods presented. As of September 30, 2023, and 2022, the Company has 513,173,649 and 285,686,866 potentially dilutive shares outstanding, respectively. Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.
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v3.23.3
Convertible Debentures and Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Debentures and Notes Payable |
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Convertible Debentures and Notes Payable |
3. Convertible Debentures and Notes Payable On May 17, 2019, the Company entered a Convertible Promissory Note (“Promissory Note”) with Crown Bridge Partners, LLC (the “Holder”) for a total principal amount of up to $150,000 with cash proceeds of up to $124,500, resulting in an original issue discount of up to $25,500. The Promissory Note bears interest at 7% per annum (with the understanding that the first 12 months of interest of each tranche will be guaranteed). The maturity date is 18 months from the effective date of each payment. The Conversion Price, as defined in the agreement, is the lesser of (i) the lowest Trading Price (as defined below) during the previous 25 trading day period ending on the latest complete trading day prior to the date of this Promissory Note or (ii) the Variable Conversion Price (as defined below). The Variable Conversion Price means the lowest one Trading Price (as defined below) for the common stock during the 25 Trading Day period ending on the last complete Trading Day prior to the Conversion Date. Trading Price means, for any security as of any date, the lesser of the (i) lowest traded price and (ii) lowest closing bid price. Based on the Company’s examination of the conversion feature and the relative accounting guidance, the Company has determined that the conversion feature should be treated as a derivative liability for accounting purposes. Additionally, if at any time while the Promissory Note is outstanding, the Conversion Price is equal to or lower than $0.025, then an additional $10,000 will be automatically added to the principal balance of each tranche funded under the Note. During the quarter ended June 30, 2019, $10,000 was added to the principal balance for the first tranche. In connection with the Promissory Note, the Company also entered into a Securities Purchase Agreement with the Holder which states that the Company will also issue to the Holder a warrant to purchase an amount of shares of its common stock equal to 50% of the face value of each respective tranche divided by $0.10 (for illustrative purposes, the first tranche face value is equal to $50,000, which resulted in the issuance of a warrant to purchase 250,000 shares of the Company’s common stock). Per the terms of the Common Stock Purchase Warrant agreement, on May 17, 2019, the Company issued a warrant to purchase 250,000 shares of common stock with an Exercise Price of $0.10 subject to adjustment (standard anti-dilution features). The agreement contains a down-round provision that automatically resets the exercise price of the warrant to a new exercise price that is equal to the per share price of common stock subsequently issued (including conversions of debt and preferred stock). Upon the lowering of the exercise price, the number of warrants will be increased such that the total proceeds upon exercise is the same amount (see Note 7). If the Market Price of one share of common stock is greater than the Exercise Price, the Holder may elect to receive Warrant Shares pursuant to cashless exercise, in lieu of cash exercise, per a defined formula in the agreement. On June 19, 2020, the Company received $19,250 in net cash proceeds from a note holder under the same terms as the Promissory Note. The related principal amount due for the convertible debt instrument was $25,000. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $142,000 and recorded a related derivative liability for that amount and a charge to interest expense of approximately $122,000. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling $25,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method. On July 10, 2020, the Company received $19,250 in net cash proceeds from a note holder under the same terms as the Promissory Note. The related principal amount due for the convertible debt instrument was $25,000. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $61,000 and recorded a related derivative liability for that amount and a charge to interest expense of approximately $42,000. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling $25,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method. On May 4, 2020, the Company entered a Paycheck Protection Program (“PPP”) Loan with a principal amount of $59,949 through a financial institution under the PPP administered by the SBA and established as part of the CARES Act. The PPP Loan bears interest at 1.0% per annum and matures on May 4, 2022 with the first six months of interest and principal payments deferred. The amount borrowed under the PPP Loan is guaranteed by the U.S. Small Business Administration (“SBA”) and is eligible for forgiveness in an amount equal to the sum of the eligible costs, including payroll, benefits, rent and utilities, incurred by the Company during the 24-week period beginning on the date the Company received the proceeds. The PPP Loan contains customary events of default, and the occurrence of an event of default may result in a claim for the immediate repayment of all amounts outstanding under the PPP Loan. As of September 30, 2023, the balance of the PPP Loan, including accrued interest was $61,847. On July 7, 2020, the Company entered a secured disaster loan with the SBA with a principal amount of $150,000. The SBA loan bears interest at 3.75% per annum and matures in July 2050. The Company is required to make monthly principal and interest payments of $731 beginning in July 2021. As of September 30, 2023, the balance on the SBA loan, including accrued interest was $166,876. On November 2, 2020, the Company received $146,500 in net cash proceeds from a note holder under an Inventory Financing Promissory Note. The related principal amount due for the convertible debt instrument was $168,000. The note bears interest at 12% per annum and matures on May 2, 2022. Principal and accrued interest are convertible into common stock at a variable conversion price, which is 80% of the average two lowest traded prices for common stock during a 10-day trading period prior to conversion. Using the Binomial Lattice Model, the Company computed the estimated fair value of the embedded conversion feature to be approximately $99,000 and recorded a related derivative liability for that amount. The Company also issued 2,000,000 shares of common stock to the noteholder as additional compensation. The value of the shares, $14,800. Related to the derivative liability, the shares issued, the bonus interest, and the direct financing costs, the Company recorded a debt discount totaling approximately $135,000 for the note, which is being amortized to interest expense over the term of the note using the effective interest method. During the nine months ended September 30, 2022, the Company received forgiveness of the note totaling $45,148 and paid down the remaining balance and accrued interest. As of September 30, 2022, the balance on the note is $0. On December 13, 2021, the Company received $50,000 in net cash proceeds from a note holder under a short-term bridge note. As of September 30, 2023, the balance on the note was $189,867. During the nine months ended September 30, 2022, the Company entered into three separate notes with an investor, for total principal of $400,000. The notes matured through March 1, 2023, and bear interest between 6% and 12% per annum. As of September 30, 2023, the principal and accrued interest owed on these notes total $418,669. On July 28, 2023, the Company entered into a convertible note with an investor for total principal of $30,000. The Company received $26,000 in cash and recorded an immediate charge of $4,000 to interest expenses. The note bears interest at 6% per annum and matures on April 28, 2024. The note is convertible into shares of common stock at $0.0005 per share. As of September 30, 2023, long-term debt matures as follows: Year Ending | | Notes Payable | | | Convertible Notes | | | Total | | 2023 (months remaining) | | $ | 712,195 | | | $ | 67,300 | | | $ | 779,495 | | 2024 | | | 3,454 | | | | - | | | | 3,454 | | 2025 | | | 3,586 | | | | - | | | | 3,586 | | 2026 | | | 3,718 | | | | - | | | | 3,718 | | 2027 | | | 3,900 | | | | - | | | | 3,900 | | Thereafter | | | 150,295 | | | | - | | | | 150,295 | | | | | | | | | | | | | | | | | $ | 877,148 | | | $ | 67,300 | | | $ | 944,448 | |
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v3.23.3
Derivative Liabilities
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9 Months Ended |
Sep. 30, 2023 |
Derivative Liabilities |
|
Derivative Liabilities |
4. Derivative Liabilities During the nine months ended September 30, 2023, and during the year ended December 31, 2022, the Company had outstanding convertible debentures with variable exercise prices based on market rates (see Note 3). During the nine months ended September 30, 2023, and during year ended December 31, 2022, the Company also issued series A preferred stock with variable exercise prices based on market rates (see Note 6). The Company records the fair value of the conversion features with variable exercise prices based on future market rates in accordance with ASC 815. The fair value of the derivative liabilities is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statements of operations. The Company uses a multi-nominal lattice model to fair value the derivative liabilities. The following inputs and assumptions were used to value the conversion features outstanding during the nine months ended September 30, 2023, assuming no expected dividends: | | September 30, 2023 | Expected volatility | | | 135 - 275 | % | Risk free interest rate | | | 0.05 - 0.15 | % | Expected life (in years) | | | 0 - 1.50 | |
The following table presents the Company’s embedded conversion features of its convertible debt and preferred stock measured at fair value on a recurring basis as of September 30, 2023. | | Level 3 Carrying Value as of September 30, 2023 | | Derivative liabilities: | | | | Embedded conversion feature - convertible debt | | $ | - | | Embedded conversion feature - preferred stock | | | 38,338 | | | | $ | 38,338 | |
The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs: | | For The Nine Months Ended September 30, 2023 | | Embedded Conversion Features - Convertible Debt | | | | Balances, as of the beginning of the year | | $ | - | | Derivative liabilities recorded upon issuance of convertible debt | | | - | | Derivative liabilities derecognized upon debt conversion | | | - | | Net changes in fair value included in net loss | | | - | | Ending balance | | $ | - | | | | | | | Embedded Conversion Features - Preferred Stock | | | | | Balances, as of the beginning of the year | | $ | 111,010 | | Derivative liabilities recorded upon issuance of preferred stock | | | 73,945 | | Derivative liabilities derecognized upon preferred stock conversion | | | (172,242 | ) | Net changes in fair value included in net loss | | | 25,624 | | Ending balance | | $ | 38,338 | | | | | | | Total ending balance | | $ | 38,338 | |
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v3.23.3
Related Party Transactions
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9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions |
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Related Party Transactions |
5. Related Party Transactions (a) | During the nine months ended September 30, 2023, and 2022, the Company incurred approximately $43,000 and $113,000, respectively, in management and consulting fees with an officer and an entity controlled by him. As of September 30, 2023, and December 31, 2022, the Company owed approximately $5,000 to directors and officers and a company controlled by a director, which is included in accounts payable and accrued liabilities. The amounts owed are unsecured, non-interest bearing, and due on demand. | | | (b) | During the nine months ended September 30, 2023, and 2022, the Company recorded approximately $2,000 and $0, respectively, to the COO for rent and other office expenses. As of September 30, 2023, and December 31, 2022, the amounts owed to the VP and General Manager were approximately $2,000 and $0, respectively. |
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Redeemable Preferred Stock and Stockholders Deficit
|
9 Months Ended |
Sep. 30, 2023 |
Redeemable Preferred Stock and Stockholders Deficit |
|
Redeemable Preferred Stock and Stockholders Deficit |
6. Redeemable Preferred Stock and Stockholders’ Deficit Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share. The Company has designated 1,250,000 of these shares as Series A Convertible Preferred Stock and 5,000,000 of these shares as Series B Super Voting Preferred Stock. On February 1, 2023, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $54,365. On April 4, 2023, the Company entered into a Series A Preferred Stock Purchase Agreements with an investor. The Company issued 23,375 shares for proceeds of $17,500. On April 26, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500. On May 20, 2022, the Company entered into a Series A Preferred Stock Purchase Agreements with an investor. The Company issued 53,625 shares for proceeds of 48,750. On August 23, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500. On September 26, 2022, the Company entered into a Series A Preferred Stock Purchase Agreement with an investor. The Company issued 59,125 shares for proceeds of $53,500. Rights and Privileges of the Series A Preferred Stock | ☐ | Voting - Series A Preferred Stockholders have no voting rights | | ☐ | Dividends - 8% cumulative dividend, compounded daily, payable solely upon redemption, liquidation, or conversion. (increases to 22% for an event of default) | | ☐ | Redemption - Company has the right to redeem the shares from the issuance date through 270 days following the issuance date using the table noted in the Certificate of Designations, Preferences, Rights and Limitations of Series A Convertible Preferred Stock agreement. After 270 days, except for the Mandatory Redemption, the Company does not have the right to redeem the shares. | | ☐ | Mandatory Redemption - 18 months after the Issuance Date or upon the occurrence of an Event of Default, the Company is required to redeem all of the shares of Series A Preferred Stock of the Holder. The Company shall make a cash payment in an amount equal to the total number of shares of Series A Preferred Stock held by the Holder multiplied by the then current Stated Value as adjusted (including but not limited to the addition of any accrued unpaid dividends and the Default Adjustment | | ☐ | Conversion - At any time after 6 months following the Issuance Date, the Holder may convert all or any part of the outstanding Series A Preferred Stock into shares of Common Stock. The Variable Conversion Price is defined as 75% of the the Market Price. The Market Price is defined as the average of the 3 lowest Trading Prices for the Common Stock during the 15 day Trading Period ending on the last complete Trading Day prior to the Conversion Date. | | ☐ | Default Adjustments - Upon the occurrence of any Event of Default, the Stated Value will be increased between 150% and 200%, depending on the Event of Default. |
Based on the terms of the conversion feature, the Company could be required to issue an infinite number of shares of common stock. As such, the Company has determined the conversion feature to be a derivative liability under relevant accounting guidance. The Company estimated the fair value of the conversion feature using the Binomial Lattice Model on the date of issuance, on the date of each conversion notice, and remeasures the fair value at each reporting period. During the nine months ended September 30, 2023, the Company issued 82,500 shares of series A preferred stock for proceeds of $71,865. Related to these issuances, the Company recorded derivative liabilities of $73,945 and discounts to the preferred stock of $62,239, which is being amortized to deemed dividends over the redemption period. During the nine months ended September 30, 2023, the holder of the series A preferred stock converted 243,346 shares of series A preferred stock and accrued dividends into 643,532,647 shares of common stock. Related to these conversions during the nine months ended September 30, 2023, the Company recorded a reduction of the associated derivative liability for the conversion features of $172,241 and a reduction of the preferred stock discount of $114,316 and $51,136 of deemed dividend. Rights and Privileges of the Series B Preferred Stock In February 2021, the Company issued 500,000 shares of its Series B Super Voting Preferred Stock. Each share of Series B preferred stock has voting rights equal to 500 shares of common stock, is not entitled to receive dividends, is not convertible into shares of common stock. If the holder of the Series B preferred stock ceases to be a Board Member, the Company will repurchase any Series B preferred stock from the holder for a price of $0.001 per share. If the holder of the Series B preferred stock proposes to transfer any shares of Series B preferred stock, the Company will have 90 days to repurchase the shares for a price of $0.001 per share. Common Stock 2023 During the nine months ended September 30, 2023, the Company issued 232,333,333 shares of common stock for director and employee compensation. During the nine months ended September 30, 2023, the Company issued 34,064,050 shares of common stock for cash proceeds of $31,985. 2022 During the nine months ended September 30, 2022, the Company issued 3,113,005 shares of common stock for services provided by a vendor. During the nine months ended September 30, 2022, the Company issued 19,560,705 shares of common stock for the exercise of a warrant on a cashless basis. During the nine months ended September 30, 2022, the Company issued 132,285,266 shares of common stock for the conversion of Series A preferred stock and accrued dividends. During the nine months ended September 30, 2022, the Company issued 12,500,000 shares of common stock as a commitment fee for a new equity line of credit. During the nine months ended September 30, 2022, the Company issued 42,957,989 shares of common stock for cash proceeds of $89,240.
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v3.23.3
Share Purchase Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Share Purchase Warrants |
|
Share Purchase Warrants |
7. Share Purchase Warrants The following table summarizes the continuity schedule of the Company’s share purchase warrants: | | Number of warrants | | | Weighted average exercise price | | | | | | | | | Balance, December 31, 2022 | | | 145,079,363 | | | | - | | Issued | | | - | | | | - | | Adjusted for triggered down-round provisions | | | - | | | | - | | Exercised | | | - | | | | - | | Expired | | | - | | | | - | | Balance, September 30, 2023 | | | 145,079,363 | | | $ | - | |
As of September 30, 2023, the following share purchase warrants were outstanding: Number of warrants outstanding | | | Exercise price | | | Expiration date | | | 2,222,222 | | | $ | 0.03 | | | December 2, 2024 | | | 142,857,141 | | | $ | 0.00 | | | September 23, 2024 | | | 145,079,363 | | | | | | | | |
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v3.23.3
Stock Options
|
9 Months Ended |
Sep. 30, 2023 |
Stock Options |
|
Stock Options |
8. Stock Options The following table summarizes the Company’s stock options: | | Number of options | | | Weighted average exercise price | | | Aggregate intrinsic value | | | | | | | | | | | | Balance, December 31, 2022 | | | 1,500,000 | | | $ | 0.04 | | | | | Granted | | | - | | | | - | | | | | Exercised | | | - | | | | - | | | | | Cancelled / forfeited | | | - | | | | - | | | | | Balance, September 30, 2023 | | | 1,500,000 | | | $ | 0.04 | | | $ | - | |
| | | Outstanding | | | Exercisable | | Range of exercise prices | | | Number of shares | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price | | | Number of shares | | | Weighted average exercise price | | | | | | | | | | | | | | | | | | | $ | 0.04 | | | | 1,500,000 | | | | 0.9 | | | | 0.04 | | | | 1,500,000 | | | | 0.04 | | | | | | | 1,500,000 | | | | 0.9 | | | $ | 0.04 | | | | 1,500,000 | | | $ | 0.04 | |
During the nine months ended September 30, 2023, the Company did not issue any options to employees. During the nine months ended September 30, 2023 and 2022, the Company recorded $0 of stock-based compensation expense related to stock option grants. As of September 30, 2023, the Company had no unrecognized compensation expense.
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v3.23.3
Segments
|
9 Months Ended |
Sep. 30, 2023 |
Segments |
|
Segments |
9. Segments The Company has one reportable segment: vehicle tracking and recovery solutions. The Company allocates resources to and assesses the performance of each reportable segment using information about its revenue and operating income (loss). The Company does not evaluate operating segments using discrete asset information. Segmentation by geographical location is not presented as all revenues are earned in U.S. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not reviewed by the Chief Operating Decision Maker of the Company.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Risks And Uncertainties
|
9 Months Ended |
Sep. 30, 2023 |
Risks And Uncertainties |
|
Risks And Uncertainties |
10. Risks & Uncertainties The Company extends credit to customers on an unsecured basis in the normal course of business. The Company’s policy is to perform an analysis of the recoverability of its receivables at the end of each reporting period and to establish allowances where appropriate. The Company analyzes historical bad debts and contract losses, customer concentrations, and customer creditworthiness when evaluating the adequacy of the allowances. During the nine months ended September 30, 2023, and 2022, the Company had no and four customers which accounted for 0% and 80%, respectively, of total invoiced amounts, which are recorded as deferred revenues and amortized over the related service period to revenues. As of September 30, 2023, and December 31, 2022, the Company had no and three customers, respectively, which accounted for 0% and 99%, respectively, of the net accounts receivable balance.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitment and contingencies |
|
Commitments and Contingencies |
11. Commitments and Contingencies Indemnities and Guarantees We have made certain indemnities and guarantees, under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions. We indemnify our officers and directors to the maximum extent permitted under the laws of the State of Nevada. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. These indemnities and guarantees do not provide for any limitation of the maximum potential future payments we could be obligated to make. Historically, we have not been obligated to make any payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying condensed consolidated balance sheets. Legal Matters In the ordinary course of business, we may face various claims brought by third parties and may, from time to time, make claims or take legal actions to assert our rights, including intellectual property disputes, contractual disputes and other commercial disputes. Any of these claims could subject us to litigation. Management believes there are currently no claims that are likely to have a material effect on our consolidated financial position and results of operations.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events |
|
Subsequent Events |
12. Subsequent Events Through November __, 2023, the Company issued __________ shares of common stock related to the conversion of ______ shares of Series A preferred stock. The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial statements are available to be issued. Any material events that occur between the balance sheet date and the date that the consolidated financial statements were available for issuance are disclosed as subsequent events, while the consolidated financial statements are adjusted to reflect any conditions that existed at the balance sheet date. Based upon this review, except as disclosed within the footnotes or as discussed below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
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9 Months Ended |
Sep. 30, 2023 |
Summary of Significant Accounting Policies |
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Basic of Presentation and Consolidation |
These consolidated financial statements and related notes include the records of the Company and the Company’s wholly owned subsidiary, Nimbo Tracking LLC, which is founded in the USA. Nimbo Tracking LLC was legally dissolved on June 3, 2023. The condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited consolidated financial statements, and these unaudited condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include all assets, liabilities, revenues and expenses of the Company and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated. These interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain information required by U.S. GAAP has been condensed or omitted in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The results for the three- and nine-month periods ended September 30, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2023, or for any future period.
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Use of Estimates |
The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, valuation of inventory, the useful life and recoverability of equipment, impairment of goodwill, valuation of notes payable and convertible debentures, fair value of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
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Cash and Cash Equivalents |
The Company considers all highly liquid instruments purchased with an original maturity of three months or less at the time of acquisition to be cash equivalents.
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Accounts Receivable |
Accounts receivables are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer’s willingness or ability to pay, the Company’s compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due. We do not charge interest on past due balances. The Company writes off trade receivables when all reasonable collection efforts have been exhausted. Bad debt expenses are reflected as a component of general and administrative expenses in the consolidated statements of operations. As of September 30, 2023, and December 31, 2022, the allowance for doubtful accounts was approximately $12,000 and $16,000, respectively.
|
Inventory |
Inventory consists of vehicle tracking and recovery devices and is comprised entirely of finished goods that can be resold. Inventory is stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and selling costs. There was no provision for inventory impairment recorded as of September 30, 2023 and December 31, 2022.
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Equipment |
Office equipment, computer equipment, and software are recorded at cost. Depreciation is provided annually at rates and methods over their estimated useful lives. Management reviews the estimates of useful lives of the assets every year and adjusts them on prospective basis, if needed. All equipment was fully depreciated as of December 31, 2022. For purposes of computing depreciation, the method of depreciating equipment is as follows: Computer equipment | 3 years straight-line | Office equipment | 5 years straight-line | Software | 3 years straight-line |
|
Goodwill |
Goodwill represents the excess of the acquisition price over the fair value of identifiable net assets acquired. Goodwill is allocated at the date of the business combination. Goodwill is not amortized but is tested for impairment annually on December 31 of each year or more frequently if events or changes in circumstances indicate the asset may be impaired. These events and circumstances may include a significant change in legal factors or in the business climate, a significant decline in the Company’s share price, an adverse action of assessment by a regulator, unanticipated competition, a loss of key personnel, significant disposal activity and the testing of recoverability for a significant asset group. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. On June 3, 2023, the Company legally dissolved Nimbo Tracking, LLC and fully impaired all goodwill related to Nimbo Tracking, LLC, recording an impairment charge of $505,508 during the three months ended June 30, 2023.
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Impairment of Long-lived Assets |
The Company reviews long-lived assets, such as equipment, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the total of the estimated undiscounted future cash flows is less than the carrying value of the asset, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset during the year the impairment occurs.
|
Financial Instruments |
In accordance with Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” the Company is to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. See Note 4 for fair value measurement information related to the Company’s derivative liabilities. The fair values of cash and cash equivalents, accounts and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The fair value of cash and cash equivalents is determined based on “Level 1” inputs and the fair value of derivative liabilities is determined based on “Level 3” inputs. The recorded values of notes payable approximate their current fair values because of their nature and respective maturity dates or durations. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility in these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company places its cash and cash equivalents in what it believes to be creditworthy financial institutions.
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Revenue Recognition and Deferred Revenue |
We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers”, using the five-step model, including (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue in accordance with U.S. GAAP. Title and risk of loss generally pass to our customers upon delivery, as we have insurance for lost shipments. In limited circumstances where either title or risk of loss pass upon destination or acceptance or when collection is not reasonably assured, we defer revenue recognition until such events occur. We derive substantially all our revenues from the sale of products and services combined into one performance obligation. Product revenue includes the shipment of products according to the agreement with our customers. Service revenue includes vehicle tracking services and customer support (technical support), installations and consulting. A contract usually includes both product and services. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. Performance obligations include, but are not limited to, pass-thru harnesses and vehicle tracking services. Almost all of our revenues are derived from customers located in United States of America in the auto industry. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are not sold on a standalone basis. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time, the Company has transferred use of the asset, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. For arrangements under which the Company provides vehicle tracking services, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company provides product warranties with varying lengths of time and terms. The product warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company has historically experienced a low rate of product returns under the warranty program. Management assesses the business environment, customers’ financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. Revenue relating to the sale of service fees on its vehicle tracking and recovery services is recognized over the life of the contract. The service renewal fees are offered in terms ranging from 12 to 36 months and are generally payable upon delivery of the vehicle tracking devices or in full upon renewal. Deferred revenues are recorded net of contract assets when cash payments are received from customers in advance of the Company’s performance. Contract assets represent the costs of (1) commission costs, (2) installation costs, and (3) the underlying hardware to enable the Company to perform on its contract with customers and are amortized using the same method and term as deferred revenues. As of September 30, 2023, and December 31, 2022, deferred revenues, net of contract assets totaled $104,169 and $162,698, respectively, and contract assets totaled $86,978 and $73,450, respectively. Any revenue that has been deferred and is expected to be recognized beyond one year is classified as deferred revenue, net of current portion. During the nine months ended September 30, 2023, the Company recorded additions to deferred revenues of $5,678 and recognized total revenues of $106,128 through the amortization of deferred revenues. During the nine months ended September 30, 2023, the Company recognized revenues of $104,940 related to deferred revenues outstanding as of December 31, 2022, as the services were performed.
|
Financing Costs and Debt Discount |
Financing costs and debt discounts are recorded as reductions to the carrying value of notes payable and convertible debentures. Amortization of financing costs and the debt discounts is calculated using the effective interest method over the term of the debt and is recorded as interest expense in the consolidated statement of operations.
|
Income Taxes |
Deferred income taxes are provided on the asset and liability method whereby deferred income tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
|
Stock-based Compensation |
The Company accounts for stock-based payments in accordance with stock-based payment accounting guidance which requires all stock-based payments to be recognized based upon their fair values. The fair value of stock-based awards is estimated at the grant date using the Black-Scholes Option Pricing Model and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The determination of fair value using the Black-Scholes Option Pricing Model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors. The Company accounts for forfeitures of unvested awards as they occur.
|
Derivative Financial Instruments |
The Company classifies as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC Topic 815-40 “Contracts in Entity’s Own Equity.” The Company classifies as assets or liabilities any contracts that require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside our control or give the counterparty a choice of net-cash settlement or settlement in shares. The Company assesses the classification of its free-standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.
|
Loss Per Share |
Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debentures, using the if-converted method. In computing diluted earnings (loss) per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted earnings (loss) per share exclude all potentially issuable shares if their effect is anti-dilutive. Because the effect of conversion of the Company’s dilutive securities is anti-dilutive, diluted loss per share is the same as basic loss per share for the periods presented. As of September 30, 2023, and 2022, the Company has 513,173,649 and 285,686,866 potentially dilutive shares outstanding, respectively.
|
Recent Accounting Pronouncements |
In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.
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v3.23.3
Convertible Debentures and Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Debentures and Notes Payable |
|
Schedule of Maturities of Long-term Debt |
Year Ending | | Notes Payable | | | Convertible Notes | | | Total | | 2023 (months remaining) | | $ | 712,195 | | | $ | 67,300 | | | $ | 779,495 | | 2024 | | | 3,454 | | | | - | | | | 3,454 | | 2025 | | | 3,586 | | | | - | | | | 3,586 | | 2026 | | | 3,718 | | | | - | | | | 3,718 | | 2027 | | | 3,900 | | | | - | | | | 3,900 | | Thereafter | | | 150,295 | | | | - | | | | 150,295 | | | | | | | | | | | | | | | | | $ | 877,148 | | | $ | 67,300 | | | $ | 944,448 | |
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v3.23.3
Derivative Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Liabilities |
|
Schedule of Assumptions Used to Value Conversion Features Outstanding |
| | September 30, 2023 | Expected volatility | | | 135 - 275 | % | Risk free interest rate | | | 0.05 - 0.15 | % | Expected life (in years) | | | 0 - 1.50 | |
|
Summary of Fair Value of Derivative Liabilities on Recurring Basis |
| | Level 3 Carrying Value as of September 30, 2023 | | Derivative liabilities: | | | | Embedded conversion feature - convertible debt | | $ | - | | Embedded conversion feature - preferred stock | | | 38,338 | | | | $ | 38,338 | |
|
Schedule of Derivative Liabilities Measured at Fair Value |
| | For The Nine Months Ended September 30, 2023 | | Embedded Conversion Features - Convertible Debt | | | | Balances, as of the beginning of the year | | $ | - | | Derivative liabilities recorded upon issuance of convertible debt | | | - | | Derivative liabilities derecognized upon debt conversion | | | - | | Net changes in fair value included in net loss | | | - | | Ending balance | | $ | - | | | | | | | Embedded Conversion Features - Preferred Stock | | | | | Balances, as of the beginning of the year | | $ | 111,010 | | Derivative liabilities recorded upon issuance of preferred stock | | | 73,945 | | Derivative liabilities derecognized upon preferred stock conversion | | | (172,242 | ) | Net changes in fair value included in net loss | | | 25,624 | | Ending balance | | $ | 38,338 | | | | | | | Total ending balance | | $ | 38,338 | |
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v3.23.3
Share Purchase Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share Purchase Warrants |
|
Schedule of Activity of Share Purchase Warrants |
| | Number of warrants | | | Weighted average exercise price | | | | | | | | | Balance, December 31, 2022 | | | 145,079,363 | | | | - | | Issued | | | - | | | | - | | Adjusted for triggered down-round provisions | | | - | | | | - | | Exercised | | | - | | | | - | | Expired | | | - | | | | - | | Balance, September 30, 2023 | | | 145,079,363 | | | $ | - | |
|
Schedule of Share Purchase Warrants Outstanding |
Number of warrants outstanding | | | Exercise price | | | Expiration date | | | 2,222,222 | | | $ | 0.03 | | | December 2, 2024 | | | 142,857,141 | | | $ | 0.00 | | | September 23, 2024 | | | 145,079,363 | | | | | | | | |
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v3.23.3
Stock Options (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Stock Options |
|
Schedule of Stock Options |
| | Number of options | | | Weighted average exercise price | | | Aggregate intrinsic value | | | | | | | | | | | | Balance, December 31, 2022 | | | 1,500,000 | | | $ | 0.04 | | | | | Granted | | | - | | | | - | | | | | Exercised | | | - | | | | - | | | | | Cancelled / forfeited | | | - | | | | - | | | | | Balance, September 30, 2023 | | | 1,500,000 | | | $ | 0.04 | | | $ | - | |
| | | Outstanding | | | Exercisable | | Range of exercise prices | | | Number of shares | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price | | | Number of shares | | | Weighted average exercise price | | | | | | | | | | | | | | | | | | | $ | 0.04 | | | | 1,500,000 | | | | 0.9 | | | | 0.04 | | | | 1,500,000 | | | | 0.04 | | | | | | | 1,500,000 | | | | 0.9 | | | $ | 0.04 | | | | 1,500,000 | | | $ | 0.04 | |
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Summary of Significant Accounting Policies |
|
|
|
|
Allowance for doubtful accounts |
|
$ 12,000
|
$ 16,000
|
|
Potentially dilutive shares outstanding |
|
513,173,649
|
|
285,686,866
|
Impairment charge |
$ 505,508
|
|
|
|
Deferred revenues |
|
$ 104,169
|
162,698
|
|
Contract assets |
|
86,978
|
$ 73,450
|
|
Additions to deferred revenues |
|
5,678
|
|
|
Revenues |
|
106,128
|
|
|
Deferred revenues outstanding |
|
$ 104,940
|
|
|
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v3.23.3
Convertible Debentures and Notes Payable (Details)
|
Sep. 30, 2023
USD ($)
|
2023 |
$ 779,495
|
2024 |
3,454
|
2025 |
3,586
|
2026 |
3,718
|
2027 |
3,900
|
Thereafter |
150,295
|
Total |
944,448
|
Notes Payable [Member] |
|
2023 |
712,195
|
2024 |
3,454
|
2025 |
3,586
|
2026 |
3,718
|
2027 |
3,900
|
Thereafter |
150,295
|
Total |
877,148
|
Convertible Notes [Member] |
|
2023 |
67,300
|
2024 |
0
|
2025 |
0
|
2026 |
0
|
2027 |
0
|
Thereafter |
0
|
Total |
$ 67,300
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.
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v3.23.3
Convertible Debentures and Notes Payable (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Dec. 13, 2021 |
Nov. 02, 2020 |
Jul. 10, 2020 |
Jul. 07, 2020 |
May 04, 2020 |
May 17, 2019 |
Jul. 28, 2023 |
Jun. 19, 2020 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2019 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Interest expenses |
|
|
|
|
|
|
|
|
$ 45,534
|
$ 29,417
|
|
$ 132,157
|
$ 85,627
|
|
|
Common stock value |
|
|
|
|
|
|
|
|
2,800,192
|
|
|
2,800,192
|
|
$ 1,890,262
|
|
PPP Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
|
$ 59,949
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
Description of Debt maturity |
|
|
|
|
matures on May 4, 2022
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
61,847
|
|
|
61,847
|
|
|
|
SBA Loans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
3.75%
|
|
|
|
|
|
|
|
|
|
|
|
Description of Debt maturity |
|
|
|
matures in July 2050
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
166,876
|
|
|
166,876
|
|
|
|
Monthly principal and interest payments |
|
|
|
$ 731
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Purchase Warrant Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants to purchase common stock |
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
|
|
|
$ 26,000
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Description of Debt maturity |
|
|
|
|
|
|
matures on April 28, 2024
|
|
|
|
|
|
|
|
|
Note payble |
|
|
|
|
|
|
|
|
418,669
|
|
|
418,669
|
|
|
|
Interest expenses |
|
|
|
|
|
|
$ 4,000
|
|
|
|
|
|
|
|
|
Three separate notes total principal |
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
400,000
|
|
|
Note is convertible into shares of common stock |
|
|
|
|
|
|
$ 0.0005
|
|
|
|
|
|
|
|
|
Investor [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00%
|
Investor [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.00%
|
Holder [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants to purchase common stock |
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
First tranche face value |
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Note [Member] | Crown Bridge Partners, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit, maximum borrowing capacity |
|
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
$ 50,000
|
|
|
|
|
124,500
|
|
|
|
|
$ 10,000
|
|
|
|
|
Original issue discount |
|
|
|
|
|
$ 25,500
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
7.00%
|
|
|
|
|
|
|
|
|
|
Description of Debt maturity |
|
|
|
|
|
The maturity date is 18 months from the effective date of each payment
|
|
|
|
|
|
|
|
|
|
Outstanding conversion Price equal to or lower |
|
|
|
|
|
|
|
|
|
|
$ 0.025
|
|
|
|
|
Derivative liability, embedded conversion feature |
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
Note payble |
|
|
|
|
|
|
|
|
$ 189,867
|
|
|
$ 189,867
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
$ 146,500
|
$ 19,250
|
|
|
|
|
$ 19,250
|
|
|
|
|
|
|
|
Original issue discount |
|
$ 135,000
|
25,000
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
Interest rate |
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of Debt maturity |
|
matures on May 2, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability, embedded conversion feature |
|
$ 99,000
|
61,000
|
|
|
|
|
142,000
|
|
|
|
|
|
|
|
Note payble |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
First tranche, principal amount |
|
$ 168,000
|
25,000
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
Interest expenses |
|
|
$ 42,000
|
|
|
|
|
$ 122,000
|
|
|
|
|
|
|
|
Variable conversion price percentage |
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, share Issued |
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value |
|
$ 14,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument decrease, forgiveness |
|
|
|
|
|
|
|
|
|
|
|
|
$ 45,148
|
|
|
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Management and consulting fees |
$ 35,000
|
$ 69,094
|
$ 48,250
|
$ 156,558
|
|
Officer [Member] |
|
|
|
|
|
Management and consulting fees |
|
|
43,000
|
113,000
|
|
Director [Member] |
|
|
|
|
|
Due to Related Parties |
$ 5,000
|
|
5,000
|
|
$ 5,000
|
VP and General Manager [Member] |
|
|
|
|
|
Rent and other office expenses |
|
|
2,000
|
|
$ 0
|
COO and VP [Member] |
|
|
|
|
|
Rent and other office expenses |
|
|
$ 2,000
|
$ 0
|
|
X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment.
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v3.23.3
Redeemable Preferred Stock and Stockholders Deficit (Details Narrative) - USD ($)
|
|
1 Months Ended |
9 Months Ended |
Apr. 04, 2023 |
Aug. 23, 2023 |
Feb. 28, 2023 |
Sep. 26, 2022 |
May 20, 2022 |
Apr. 26, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Preferred stock, par value |
|
|
|
|
|
|
$ 0.001
|
|
Preferred stock shares authorized |
|
|
|
|
|
|
10,000,000
|
|
Reduction of debt discount |
|
|
|
|
|
|
|
$ (71,732)
|
Proceeds from issuance of stock |
|
|
|
|
|
|
$ 31,985
|
89,240
|
Derivative liabilities |
|
|
|
|
|
|
172,241
|
|
Proceeds for purchase of preferred stock, amount |
|
|
|
|
|
|
0
|
1,250
|
Discount related to issuance of preferred stock |
|
|
|
|
|
|
$ 62,239
|
$ 140,152
|
Line of Credit [Member] |
|
|
|
|
|
|
|
|
Share issued |
|
|
|
|
|
|
|
12,500,000
|
Warrants [Member] |
|
|
|
|
|
|
|
|
Share issued |
|
|
|
|
|
|
|
19,560,705
|
Director and employee [Member] |
|
|
|
|
|
|
|
|
Share issued |
|
|
|
|
|
|
232,333,333
|
42,957,989
|
Proceeds from issuance of stock |
|
|
|
|
|
|
|
$ 89,240
|
Vendor [Member] |
|
|
|
|
|
|
|
|
Share issued |
|
|
|
|
|
|
|
3,113,005
|
Rights and Privileges of the Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Voting right |
|
|
|
|
|
|
Stockholders have no voting rights
|
|
Dividend, percentage |
|
|
|
|
|
|
8.00%
|
|
Dividend, percentage increased |
|
|
|
|
|
|
22.00%
|
|
Redemption |
|
|
|
|
|
|
270
|
|
Mandatory Redemption, description |
|
|
|
|
|
|
18 months after the Issuance Date
|
|
Default adjustments, description |
|
|
|
|
|
|
Upon the occurrence of any Event of Default, the Stated Value will be increased between 150% and 200%, depending on the Event of Default
|
|
Conversion Price as market price percentage |
|
|
|
|
|
|
75.00%
|
|
Series A Preferred Stock Purchase Agreements [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
Share issued |
|
|
|
|
|
|
34,064,050
|
132,285,266
|
Proceeds from issuance of stock |
|
|
|
|
|
|
$ 31,985
|
|
Shares issued, shares |
23,375
|
59,125
|
59,125
|
59,125
|
53,625
|
59,125
|
|
|
Proceeds for purchase of preferred stock, amount |
$ 17,500
|
$ 53,500
|
$ 54,365
|
$ 53,500
|
$ 48,750
|
$ 53,500
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
|
|
|
|
|
|
1,250,000
|
|
Series B Super Voting Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
|
|
|
|
|
|
5,000,000
|
|
Voting right |
|
|
the Company issued 500,000 shares of its Series B Super Voting Preferred Stock. Each share of Series B preferred stock has voting rights equal to 500 shares of common stock
|
|
|
|
|
|
Price per share |
|
|
|
|
|
|
$ 0.001
|
|
Repurchase share price |
|
|
|
|
|
|
$ 0.001
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Common stock shares issued upon conversion of preferred stock and accrued dividend |
|
|
|
|
|
|
643,532,647
|
|
Deemed dividend |
|
|
|
|
|
|
$ 51,136
|
|
Reduction of debt discount |
|
|
|
|
|
|
$ 114,316
|
|
Share issued |
|
|
|
|
|
|
82,500
|
|
Proceeds from issuance of stock |
|
|
|
|
|
|
$ 71,865
|
|
Derivative liabilities |
|
|
|
|
|
|
73,945
|
|
Discount related to issuance of preferred stock |
|
|
|
|
|
|
$ 62,239
|
|
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v3.23.3
Share Purchase Warrants (Details) - Warrants [Member]
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Number of warrants, beginning balance | shares |
145,079,363
|
Number of warrants, ending balance | shares |
145,079,363
|
Weighted average exercise price, beginning balance |
$ 0
|
Weighted average exercise price, issued |
0
|
Weighted average exercise price, adjusted for triggered down-round provisions |
0
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Weighted average exercise price, exercised |
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Weighted average exercise price, expired |
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Stock Options (Details) - Stock Option [Member]
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Number of options, beginning balance | shares |
1,500,000
|
Number of options, ending balance | shares |
1,500,000
|
Weighted average exercise price, beginning balance |
$ 0.04
|
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0
|
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0
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$ 0.04
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v3.23.3
Stock Options (Details 1) - $ / shares
|
9 Months Ended |
|
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Options 0.04 [Member] |
|
|
|
Options Outstanding, Number of shares (in Shares) |
|
1,500,000
|
|
Options Outstanding, Weighted average remaining contractual life |
10 months 24 days
|
|
|
Options Outstanding, Weighted average exercise price |
|
$ 0.04
|
|
Options Exercisable, Number of shares (in Shares) |
|
1,500,000
|
|
Options Exercisable, Weighted average exercise price |
|
$ 0.04
|
|
Stock Option [Member] |
|
|
|
Options Outstanding, Number of shares (in Shares) |
1,500,000
|
1,500,000
|
1,500,000
|
Options Outstanding, Weighted average remaining contractual life |
10 months 24 days
|
|
|
Options Outstanding, Weighted average exercise price |
|
$ 0.04
|
|
Options Exercisable, Number of shares (in Shares) |
|
1,500,000
|
|
Options Exercisable, Weighted average exercise price |
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- DefinitionValue, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).
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iGen Networks (CE) (USOTC:IGEN)
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