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United
states
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
quarterly
report under section 13 0r 15(d)
of the securities exchange act of 1934 |
For
the quarterly period ended September 30, 2023
☐ |
transition
report under section 13 0r 15(d)
of the securities exchange act of 1934 |
For
the transition period from ________________________ to _______________________
Commission
file number 000-51302
Madison
Technologies Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
85-2151785 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
2500
Westchester Avenue, Purchase, NY |
|
10577 |
(Address of principal
executive offices) |
|
(Zip Code) |
|
|
|
(212)
257-4193 |
(Registrant’s
telephone number, including area code) |
Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the past 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 and posted
pursuant to Rule 405 of Regulation S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such files).
☐
Yes ☒ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Larger accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
Emerging growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes ☒ No
State
the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.
Class |
|
Outstanding
at May 14, 2024 |
Common Stock, $0.001
par value per share |
|
1,603,095,243 |
MADISON
TECHNOLOGIES INC.
TABLE
OF Contents
FORM
10-Q
September
30, 2023
MADISON
TECHNOLOGIES INC.
condensed
consolidated Balance Sheets
(Unaudited)
| |
September
30, 2023 | | |
December
31, 2022 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | — | | |
$ | — | |
Prepaid expenses | |
| — | | |
| 12,722 | |
Assets from discontinued operations | |
| — | | |
| 11,726,332 | |
Total Current Assets | |
| — | | |
| 11,739,054 | |
| |
| | | |
| | |
Investments | |
| — | | |
| 100 | |
| |
| | | |
| | |
Total Assets | |
$ | — | | |
$ | 11,739,154 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’
DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,129,692 | | |
$ | 741,399 | |
Derivative liability | |
| 4,429,329 | | |
| 4,429,329 | |
Promissory notes | |
| 1,067,947 | | |
| 936,112 | |
Convertible notes | |
| 2,472,417 | | |
| 1,883,295 | |
Interest payable on senior secured
notes | |
| 4,661,250 | | |
| 3,300,000 | |
Senior secured notes, net of discount | |
| 15,855,675 | | |
| 14,599,240 | |
Liabilities from discontinued operations | |
| — | | |
| 2,582,902 | |
Total current liabilities | |
| 29,615,310 | | |
| 28,472,277 | |
| |
| | | |
| | |
Preferred Shares–- Series C, $0.001
par value; 2%, stated value $100 per share 10,000 shares designated, 0 issued and outstanding, September 30, 2023 and December
31, 2022, respectively; | |
| — | | |
| — | |
Preferred Shares–- Series D, $0.001
par value; convertible, stated value $3.32 per share, 230,000 shares designated, 155,000 shares issued and outstanding, September
30, 2023 and December 31, 2022, respectively; 75,000 converted | |
| 155 | | |
| 155 | |
Preferred Shares–- Series E, $0.001
par value; convertible, stated value $1,000 per share, 1,000 shares designated, 0 issued and outstanding, September 30, 2023
and December 31, 2022, respectively; 1,000 shares exchanged for Series E-1 | |
| — | | |
| — | |
Preferred Shares – Series E-1, $0.001 par value; convertible,
stated value $0.87 per share, shares designated, 1,152,500 shares issued and outstanding, September 30, 2023 and
December 31, 2022, respectively; | |
| 1,153 | | |
| 1,153 | |
Preferred Shares – Series F, $0.001 par value; convertible,
stated value $1 per share, 1,000 shares designated, 0 issued and outstanding, September 30, 2023 and December 31, 2022, respectively;
1,000 shares converted | |
| — | | |
| — | |
Preferred Shares – Series G, $0.001 par value; convertible,
stated value $1,000 per share, 4,600 shares designated, 0 issued and outstanding, September 30, 2023 and December 31, 2022,
respectively; 4,600 shares converted | |
| — | | |
| — | |
Preferred Shares – Series H, $0.001 par value; convertible,
stated value $1 per share, 39,895 shares designated, issued and outstanding, September 30, 2023 and December 31, 2022, respectively; | |
| 40 | | |
| 40 | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Capital Stock: | |
| | | |
| | |
Preferred Shares – 50,000,000 shares authorized, $0.001
par value; | |
| — | | |
| — | |
Preferred Shares–- Series A, $0.001
par value; 3%, stated value $100 per share, 100,000 shares designated, 0 shares issued and outstanding, September 30, 2023
and December 31, 2022, respectively; | |
| — | | |
| — | |
Preferred Shares–- Series B, $0.001
par value; 100 shares designated, 100 shares issued and outstanding, September 30, 2023 and December 31, 2022, respectively | |
| — | | |
| — | |
Common Shares - $0.001 par value; 6,000,000,000 shares authorized,
1,603,095,243 shares issued and outstanding, September 30, 2023 and December 31, 2022, respectively | |
| 1,603,095 | | |
| 1,603,095 | |
Additional paid in capital | |
| 10,549,165 | | |
| 10,549,265 | |
Accumulated deficit | |
| (41,768,918 | ) | |
| (28,886,831 | ) |
Total stockholders’ deficit | |
| (29,616,658 | ) | |
| (16,734,471 | ) |
Total liabilities and stockholders’
deficit | |
$ | — | | |
$ | 11,739,154 | |
See
Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
MADISON
TECHNOLOGIES INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
|
|
|
|
| | |
|
|
|
|
| |
| |
Three
Months Ended | | |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| — | | |
| 130,664 | | |
| 351,022 | | |
| 327,855 | |
Professional fees | |
| — | | |
| 206,623 | | |
| 107,740 | | |
| 1,484,393 | |
Total operating expenses | |
| — | | |
| 337,287 | | |
| 458,762 | | |
| 1,812,248 | |
Loss before other expense | |
| — | | |
| (337,287 | ) | |
| (458,762 | ) | |
| (1,812,248 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Other income | |
| — | | |
| 10,034 | | |
| — | | |
| 29,081 | |
Loss on disposition of assets | |
| — | | |
| — | | |
| (15,859,990 | ) | |
| — | |
Interest expense | |
| (1,034,496 | ) | |
| (1,450,495 | ) | |
| (3,248,679 | ) | |
| (4,466,875 | ) |
Total other expense | |
| (1,034,496 | ) | |
| (1,440,461 | ) | |
| (19,108,669 | ) | |
| (4,437,794 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations | |
| (1,034,496 | ) | |
| (1,777,748 | ) | |
| (19,567,431 | ) | |
| (6,250,042 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| — | | |
| (101,525 | ) | |
| 6,685,344 | | |
| (699,389 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
$ | (1,034,496 | ) | |
$ | (1,879,273 | ) | |
| (12,882,087 | ) | |
| (6,949,431 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share-Basic and diluted | |
$ | (0.001 | ) | |
$ | (0.002 | ) | |
| (0.008 | ) | |
| (0.003 | ) |
| |
| | | |
| | | |
| | | |
| | |
Average number of shares of common stock outstanding | |
| 1,603,095,243 | | |
| 1,599,095,027 | | |
| 1,603,095,243 | | |
| 1,599,095,027 | |
See
Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
MADISON
TECHNOLOGIES INC.
CONDENSED
CONSOLIDATED StatementS of stockholders’ DEFICIT
(Unaudited)
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common | | |
| | |
Paid
In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 | |
| 1,603,095,243 | | |
$ | 1,603,095 | | |
$ | 10,549,265 | | |
$ | (28,886,831 | ) | |
$ | (16,734,471 | ) |
Net loss for the
period | |
| — | | |
| — | | |
| (100 | ) | |
| (12,882,087 | ) | |
| (12,882,187 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 1,603,095,243 | | |
$ | 1,603,095 | | |
$ | 10,549,165 | | |
$ | (41,768,918 | ) | |
$ | (29,616,658 | ) |
| |
| | |
| | |
Additional | | |
| | |
| |
| |
Common | | |
| | |
Paid
In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| 1,599,095,027 | | |
$ | 1,599,095 | | |
$ | 10,473,261 | | |
$ | (15,747,021 | ) | |
$ | (3,674,665 | ) |
Net loss for the
period | |
| — | | |
| — | | |
| — | | |
| (6,949,431 | ) | |
| (6,949,431 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2022 | |
| 1,599,095,027 | | |
$ | 1,599,095 | | |
$ | 10,473,261 | | |
$ | (22,696,452 | ) | |
$ | (10,652,096 | ) |
See
Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
MADISON
TECHNOLOGIES INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| |
|
|
|
|
| |
| |
For the Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| |
Cash flows from operating
activities: | |
| | | |
| | |
Net loss
from continuing operations for the period | |
$ | (19,567,431 | ) | |
$ | (6,250,042 | ) |
Adjustments to reconcile net loss to
cash used in operating activities: | |
| | | |
| | |
Amortized interest | |
| 1,647,666 | | |
| 1,834,916 | |
Accrued interest
on notes receivable | |
| | | |
| (23,810 | ) |
Fair value of
Warrant issued for services | |
| | | |
| 9,000 | |
Loss on disposal
of assets | |
| 9,143,430 | | |
| — | |
| |
| | | |
| | |
Changes in assets
and liabilities: | |
| | | |
| | |
Accounts payable
and accruals | |
| 1,749,542 | | |
| 138,591 | |
Prepaid expenses | |
| 12,722 | | |
| 13,318 | |
| |
| | | |
| | |
Net cash used in
operating activities | |
| (7,014,071 | ) | |
| (2,256,779 | ) |
| |
| | | |
| | |
Cash flows from investing
activities: | |
| | | |
| | |
Purchases of equipment,
intangible assets and goodwill | |
| — | | |
| (30,427 | ) |
Funds advanced for
note receivable | |
| — | | |
| (58,874 | ) |
Net cash used in
investing activities | |
| — | | |
| (89,301 | ) |
| |
| | | |
| | |
Cash flows from financing
activities: | |
| | | |
| | |
Proceeds from convertible
and subordinate notes sold, net | |
$ | 328,726 | | |
$ | 1,452,000 | |
| |
| | | |
| | |
Net cash provided
by financing activities | |
| 328,726 | | |
| 1,452,000 | |
Cash flows used in continuing operations | |
| — | | |
| (894,081 | ) |
| |
| | | |
| | |
Cash flows from discontinued
operations: | |
| | | |
| | |
Net cash (used in)
provided by operating activities | |
| (6,685,345 | ) | |
| 893,352 | |
Cash flows from discontinued operations | |
| (6,685,345 | ) | |
| | |
| |
| | | |
| | |
Net decrease in cash | |
| — | | |
| (729 | ) |
| |
| | | |
| | |
Cash, beginning of period | |
| — | | |
| 729 | |
| |
| | | |
| | |
Cash, end of period | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE | |
| | | |
| | |
| |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | 529,786 | |
Taxes paid | |
$ | — | | |
$ | — | |
See
Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
MADISON
TECHNOLOGIES INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 2022
Note
1 Nature of Operations
Madison
Technologies Inc. (“Madison” or the “Company” or “we” or “us” or “our”)
was incorporated on June 15, 1998 in the State of Nevada, and our shares of common stock, par value $0.001 per share (“Common
Stock”), are quoted on the Experts Market tier of the over-the-counter market operated by OTC Markets, Inc.
We
are seeking to create, develop and launch BlockchainTV (“BCTV”), the first-to-market 24/7 television broadcast and
streaming communications network designed to bring the most up-to-date crypto information and entertainment to the masses in the
U.S. and around the world.
Note
2 Going Concern
The
accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern, which
contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. For the year ended
December 31, 2022, we generated no revenues from continuing operations, incurred a net loss of $13,139,810 and as of December
31, 2022, had a working capital deficit and an accumulated deficit of $13,860,314 and $28,886,831, respectively. It is management’s
opinion that these matters raise substantial doubt about our ability to continue as a going concern for a period of twelve months
from the issuance date of this report. Our ability to continue as a going concern is dependent upon management’s ability
to raise additional capital as needed from the sales of stock or debt and further implement our business plan. The accompanying
condensed consolidated financial statements do not include any adjustments that might be required should we be unable to continue
as a going concern.
Note
3 Summary of Significant Accounting Policies
Use
of estimates
The
preparation of the condensed consolidated financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting
period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information
available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules
for the estimate, which is typically in the period when new information becomes available to management. Actual results could
differ from those estimates.
Consolidation
The
accompanying condensed consolidated financial statements include the accounts of our current and former wholly owned subsidiaries,
Blockchain.tv, Inc. and SovRryn Holdings Inc. (“Sovryn”). Sovryn is consolidated up until January 31, 2023 and recognized
as a discontinued operation. All the intercompany balances and transactions have been eliminated in the consolidation.
Interim
Reporting
While the information presented in the
accompanying interim three-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management,
necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance
with accounting principles generally accepted in the United States of America. These interim financial statements follow the same
accounting policies and methods of their application as the Company’s December 31, 2022 annual financial statements. All
adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with
the Company’s December 31, 2022 annual financial statements. Operating results for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that can be expected for the year ended December 31, 2023.
Segment
reporting
Our
chief operating decision maker is our chief executive officer, who reviews information on an aggregated basis.
Reclassifications
Certain
prior year amounts have been reclassified to conform to the current year presentation.
Revenue
recognition
We
adopted the ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). We recognize revenue when we transfer
promised services to the customer. The performance obligation is the monthly services rendered. We have one main revenue source
which is leasing of television station channels. Accordingly, we recognize revenue when services are provided as time passes the
customers have access to utilize the channel. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. For January 2023, we had one main revenue source, which is the leasing of television
channels, and no revenue source thereafter. Where there is a leasing contract for channels, we bill monthly for our services as
rendered. Where there is no contract, the revenue is recognized as provided.
We
recognize revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
● |
identify the contract
with a customer; |
● |
identify the performance
obligations in the contract; |
● |
determine the transaction
price; |
● |
allocate the transaction
price to performance obligations in the contract; and |
● |
recognize revenue
as the performance obligation is satisfied. |
Advances
from client deposits are contract liabilities with customers that represent our obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, we obtain retainers to lessen our risk of non-payment by our customers.
Advances from client deposits are recognized as revenue as we meet specified performance obligations as detailed in the contract.
Impairment
of Long-Lived Assets
In
accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived
assets such as plant and equipment and intangible assets we hold and use are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and
used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected
to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the
amount by which the carrying amounts of the assets exceed the fair value of the assets.
Financial
instruments
Our
financial instruments consist principally of accounts payable, accrued liabilities and notes payable. The carrying amounts of
such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term
nature or the underlying terms are consistent with market terms. It is the management’s opinion that we are not exposed
to any significant currency or credit risks arising from these financial instruments.
Fair
value measurements
We
follow the guidelines in ASC Topic 820 “Fair Value Measurements and Disclosures”. Fair value is defined as the price
that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded
at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements
or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions
and credit risk.
We
apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases
the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.
All financial instruments approximate their fair value.
|
Level 1 —
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. |
|
Level 2 —
Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities |
|
Level 3—inputs
are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option
pricing models and discounted cash flow models. |
Convertible
Notes with Fixed Rate Conversion Options
We
may enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding
principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the
common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount.
We record the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on
the note date with a charge to interest expense in accordance with ASC 480–- “Distinguishing Liabilities from Equity”.
Derivative
Liabilities
We
have certain financial instruments that are derivatives or contain embedded derivatives. We evaluate all of our financial instruments
to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately
accounted for in accordance with ASC 810-10-05-4 and 815-40. This accounting treatment requires that the carrying amount of any
derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In the event that the fair
value is recorded as a liability, as is the case with us, the change in the fair value during the period is recorded as either
other income or expense. Upon conversion, exercise or repayment, the respective derivative liability is marked to fair value at
the conversion, repayment or exercise date and then the related fair value amount is reclassified to other income or expense as
part of gain or loss on extinguishment.
Loss
per share
Net
Loss Per Share
Basic
loss per share is calculated by dividing the loss attributable to stockholders by the weighted-average number of shares outstanding
for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in our earnings
(loss). Diluted loss per share is computed by dividing the loss available to stockholders by the weighted average number of shares
outstanding for the period and dilutive potential shares outstanding unless such dilutive potential shares would result in anti-dilution.
As of September 30, 2023 and 2022, no options were outstanding and 286,173,016 and 231,173,016 warrants were outstanding and exercisable,
respectively. Additionally, as of September 30, 2023 and 2022, the outstanding principal balance, including accrued interest of the
third-party convertible debt, totaled $23,656,587 and $19,874,163, respectively, and was convertible into 1,212,624,000 and 1,014,123,286
shares of Common Stock, respectively. We issued shares of preferred stock (“Preferred Stock”) that may be converted
into our Common Stock. Of the outstanding shares of Preferred Stock as of September 30, 2023, as applicable, Series A Preferred Stock
was convertible into 318,056,580 shares of Common Stock, Series D Preferred Stock was convertible into 155,000,000 shares of Common
Stock, Series E-1 Preferred Stock was convertible into 1,152,500,000 shares of Common Stock and Series H Preferred Stock was convertible
into 39,895,000 shares of Common Stock. The total potentially dilutive shares calculated are 3,164,248,596 and 2,592,691,302 as
of September 30, 2023 and 2022, respectively. It should be noted that contractually the limitations on the third-party notes (and the
related warrants) limit the number of shares converted into either 4.99% or 9.99% of the then outstanding shares. As of September 30,
2023 and 2022, potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 286,173,016 | | |
| 231,173,016 | |
Convertible Preferred Stock | |
| 1,665,451,580 | | |
| 1,347,395,000 | |
Convertible debt | |
| 1,212,624,000 | | |
| 1,014,123,286 | |
Total | |
| 3,164,248,596 | | |
| 2,592,691,302 | |
Related
Party Transactions
We
follow FASB ASC subtopic 850-10, “Related Party Transactions”, for the identification of related parties and disclosure
of related party transactions.
Pursuant
to ASC 850-10-20, related parties include: (a) our affiliates; (b) entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15,
to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and
profit sharing trusts that are managed by or under the trusteeship of management; (d) our principal owners; ©) our management;
(f) other parties with which we may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests;
and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that
have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or
more of the transacting parties might be prevented from fully pursuing its own separate interests.
Material
related party transactions are required to be disclosed in the condensed consolidated financial statements, other than compensation
arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions
that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The
disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions
to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operation are presented,
and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects
of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related
parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Discontinued
operations
Discontinued
operations are components of an entity that either have been disposed or abandoned or is classified as held for sale. Additionally,
in order to qualify as a discontinued operation, the disposal or abandonment must represent a strategic shift that has or will
have a major effect on an entity’s operations and financial results.
Income
taxes
We
follow the guideline under ASC Topic 740 Income Taxes. “Accounting for Income Taxes” which requires the recognition
of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of
differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on
enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Due
to the uncertainty regarding our future profitability, the future tax benefits of its losses have been fully reserved.
Recently
Issued Accounting Pronouncements
We
adopt new pronouncements relating to generally accepted accounting principles applicable to us as they are issued, which may be
in advance of their effective date.
We
do not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying condensed consolidated financial statements.
Note
2 Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities are summarized below:
| |
September 30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 390,737 | | |
$ | 371,987 | |
Accrued expenses | |
| 293,209 | | |
| 174,078 | |
Accrued interest | |
| 445,746 | | |
| 195,334 | |
| |
| | | |
| | |
| |
| | | |
| | |
Total | |
$ | 1,129,692 | | |
$ | 741,399 | |
Note
3 Derivative Liability
We
incur a derivative liability when we issue warrants in connection with the sale of notes payable. Management has determined that
the daily closing price of our Common Stock is not a reliable factor for determining the value of the warrants and corresponding
derivative liability on the basis that (i) the total volume of our Common Stock traded is approximately 3,700,000 shares since
January 1, 2023, representing 0.2% of our outstanding shares and (ii) since July 2022 through the date of this Quarterly Report
on form 10-Q, our Common Stock is listed on the OTC Expert Market that limits visibility of our Common Stock to investors. Valuation
methods such at Black-Scholes rely on daily closing prices and their volatility. As a better representation of value, management
used a share price of $0.018 per share to determine the derivative liability from warrants issued through December 31, 2022, which
was the per share price used in connection with the issuance of 255,555,556 shares of Common Stock issued upon conversion of the
Series G Preferred Stock on November 2, 2021. For warrants issued since January 1, 2023, management used a $0.000 price to determine
the derivative liability given the absence of trading volume and our financial condition.
For the nine months ended September 30, 2023, our derivative liability was as follows:
Schedule
of Derivative Liability
| |
September 30, 2023 | |
Balance at January 1, 2023 | |
$ | 4,429,329 | |
| |
| | |
Liability for Warrants issued | |
| — | |
| |
| | |
Balance at September 30, 2023 | |
$ | 4,429,329 | |
In
the nine months ended September 30, 2023, we issued warrants to purchase up to 40,000,000 shares of Common Stock at $0.02 per share.
Note
4 Promissory Notes
On
December 28, 2021, we issued a $500,000 promissory note that bears interest at 12% per annum and matured on March 31, 2023. In
connection with such issuance, we issued 500,000 warrants that expire on December 31, 2023 and may be converted in shares of our
Common Stock on or after June 26, 2022 at a price of $0.025 per share. We estimate the value such warrant to be approximately
$9,000, based on a value of $0.018 per share of our Common Stock as of December 28, 2021. The promissory note is subordinate to
the convertible notes having an aggregate principal amount of $16.5 million (collectively,
the “Notes”), which we issued to funds affiliated with Arena Investors,
LP (collectively, the “Investors”). As of September 30, 2023, $500,000 in note principal is outstanding. We have
not yet repaid the noteholder and are in default.
On
January 14, 2022, we issued an unsecured $150,000 note payable with $15,000 in fees payable upon its April 5, 2022 maturity date,
which we treated as deferred financing fees and amortize over the term of the note. The obligation is subordinate to the Notes
we issued to the Investors. As of September 30, 2023, $120,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
On
January 14, 2022, we issued an unsecured $150,000 note payable with $15,000 in fees payable upon its April 5, 2022 maturity date,
which we treated as deferred financing fees and amortized over the term of the note. The obligation is subordinate to the Notes
we issued to the Investors. As of September 30, 2023, $135,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
On
April 27, 2022, we issued a $125,000 unsecured note payable that has a $12,500 original issue discount and matured on December
31, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up to 2,500,000 shares of our Common
Stock at $0.025 per share that is exercisable starting September 15, 2022 and until April 15, 2024. We estimate the total value
of such warrants to be $45,000, based on a $0.018 price per share of our Common Stock that we treat as a debt discount and amortize
over the term of the note. As of September 30, 2023, $125,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
Note
5 Convertible Notes Payable
Our
convertible notes payable, all of which are current liabilities, are as follows as of:
Schedule
of Convertible Notes Payable
| |
| | |
September
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| | |
| |
Series 1 | |
| (a) | | |
| 1,050,000 | | |
| 1,050,000 | |
| |
| | | |
| | | |
| | |
Series 2 | |
| (b) | | |
| 470,000 | | |
| 250,000 | |
| |
| | | |
| | | |
| | |
Series 3 | |
| (c) | | |
| 208,000 | | |
| 208,000 | |
| |
| | | |
| | | |
| | |
Series 4 | |
| (d) | | |
| 220,000 | | |
| 550,000 | |
| |
| | | |
| | | |
| | |
Series 5 | |
| (e) | | |
| 542,500 | | |
| 192,500 | |
| |
| | | |
| | | |
| | |
Series 6 | |
| (f) | | |
| 55,000 | | |
| 55,000 | |
Principal outstanding | |
| | | |
| 2,545,500 | | |
| 2,305,500 | |
Less discount | |
| | | |
| 73,083 | | |
| 426,094 | |
| |
| | | |
| | | |
| | |
Principal outstanding, net | |
| | | |
$ | 2,472,417 | | |
$ | 1,879,406 | |
(a) |
We
issued a total of $1,050,000 in subordinated convertible notes that bear interest at 6% per annum, matured on December
31, 2022 and may be converted at the noteholder’s option at any time into shares of our Common Stock at a fixed
price of $0.021 per share. We have not yet repaid the noteholders and are in default. |
|
|
(b) |
On
January 6, 2022, we issued to one of our shareholders a $250,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 6,250,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024.
We estimate the value of the warrant to be $112,500, based on a $0.018 price per share of our Common Stock that is treated
as a debt discount to be amortized over the term of the note. We have not yet repaid the noteholder and are in default.
On
January 14, 2022, we issued to one of our shareholders a $25,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 600,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024. We
estimate the value of the warrant to be $10,800, based on a $0.018 price per share of our Common Stock that we treated
as a debt discount to be amortized over the term of the note. In May 2022, we repaid the note.
On
February 17, 2022, we issued a $50,000 unsecured note payable that bears interest at 12% per annum and matured on April
6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up to 1,250,000 shares of our
Common Stock at $0.021 per share at any time starting July 1, 2022, and ending July 1, 2024. We estimate the value of
the warrant to be $22,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount that
we amortized over the term of the note. In April 2022, we repaid the note. |
|
|
(c) |
On
February 15, 2022, we issued two $137,500 unsecured convertible notes payable bearing an 11.25% interest rate per annum
that matured on February 23, 2023 and have a $15,000 original issue discount. In connection with such issuances, we issued
the noteholders warrants to purchase up to 2,500,000 shares of our Common Stock at $0.10 per share that are exercisable
at any time until February 11, 2027. We estimate the total value of the warrants to be $90,000, based on a $0.018 price
per share of our Common Stock that we treat as a debt discount and amortize over the terms of the notes along with the
deferred financing fees. The notes’ principal and interest may be converted into our Common Stock at $0.02 per share.
On October 25, 2022, the noteholder converted $67,000 and $13,004 of note principal and interest, respectively. We have
not yet repaid the noteholders their outstanding principal and interest and are in default. |
|
|
(d) |
On
May 5, 2022, we issued a shareholder a convertible subordinate note totaling $110,000 that accrues interest at 12% per
annum and matured on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection
with such issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02
per share. We have not yet repaid the noteholders and are in default.
On
June 24, 2022, we issued a convertible subordinate note totaling $110,000 that accrues interest at 12% per annum and matured
on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection with such
issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02 per share.
We have not yet repaid the noteholders and are in default. |
(e) |
On
May 5, 2022, we issued an $82,500 note payable that has a $7,500 original issue discount, matured on May 5, 2023 and bears
interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to 3,750,000
shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate the total
value of the warrants to be $67,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount
and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $82,500 in note principal is outstanding.
We have not yet repaid the noteholders and are in default.
On
May 5, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on May 5, 2023 and
bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to
5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate
the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock that we treat as
a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000 in note principal
is outstanding. We have not yet repaid the noteholders and are in default.
On
October 14, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000
in note principal is outstanding. We have not yet repaid the noteholders and are in default.
On
December 2, 2022, we issued a $220,000 note payable that has a $20,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 10,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $180,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $220,000
in note principal is outstanding. We have not yet repaid the noteholder and are in default. |
|
|
(f) |
On
September 16, 2022, we issued a $55,000 note payable that has a $5,000 original issue discount and matured on September
16, 2023 and bears interest at 12% per annum. The note may be converted into shares of our Common Stock at the lesser
of $0.001 per share or at a 50% discount to the lowest closing price of our Common Stock within the past twenty days prior
to a conversion. As of September 30, 2023 and December 31, 2022, $55,000 in note principal is outstanding. We have not yet
repaid the noteholders and are in default. |
|
|
On
February 17, 2022, we issued a $50,000 unsecured note payable that bears interest at 12% per annum and matured on April 6, 2022.
In connection with the note sale, we issued the noteholder a Warrant to purchase 1,250,000 shares of our Common Stock at $0.021
per share at any time starting July 1, 2022 and ending July 1, 2024. We estimate the value of the Warrant to be $22,500, based
on a $0.018 price per share of our Common Stock that we treat as a debt discount that we amortized over the term of the note.
In April 2022, we repaid the note.
Note
6 Senior Secured Notes
On
February 17, 2021, we entered into a securities purchase agreement with the Investors pursuant to which we issued the
Notes. The Notes are secured by a blanket lien on all of the Company’s assets and the shares of our Common Stock
and Preferred Stock (the “Pledged Assets”) held by Philip Falcone, FFO1 2021 Irrevocable Trust, FFO2 2021
Irrevocable Trust and Korr Value LP (the “Pledgors”), which shares may be voted by the Investors in the event
of default.
In
connection with the issuance of the Notes, we issued to the Investors warrants to purchase an aggregate of 192,073,017
shares of our Common Stock (collectively, the “Warrants”) and 1,000 shares of Series F Preferred Stock that
convert into 192,073,017 shares of our Common Stock (the “Series F Preferred Stock”). Such warrants and Series
F Preferred Stock were each valued at $864,000 based on a $0.0045 price per share of our Common Stock and treated as a
debt discount this is amortized over the term of the Notes.
|
The
Notes have a term of thirty-six months and mature on February 17, 2024, unless earlier converted. The Notes accrue interest at
a rate of 11% per annum, subject to increase to 20% per annum upon default. Interest is payable in cash on a quarterly basis beginning
on March 31, 2021. Notwithstanding the above, at our election, any interest payable on an applicable payment date may be paid
in registered shares of our Common Stock in an amount equal (A) the amount of the interest payment due on such date, divided by
(B) an amount equal to 80% of the average volume-weighted average price of our Common Stock for the five (5) days immediately
preceding the date of conversion. At September 30, 2023 and December 31, 2022, accrued and unpaid interest was $4,661,250 and $3,300,000,
respectively.
On
September 24, 2021, the Company and the Investors amended the Notes and related closing documents, by executing the Limited Waiver
and First Amendment the closing documents. Such amendment also waived specified events of default. The Notes were henceforth convertible
at any time, at the holder’s option, into shares of our Common Stock at a price of $0.02 per share, subject to an event
of default adjustment. Notwithstanding the foregoing, at any time during the continuance of any event of default, the conversion
price in effect equals the alternate conversion price provided in the Notes. If at any time the conversion price as determined
for any conversion would be less than the par share value of the Common Stock, then at the sole discretion of the Holder, such
conversion price equals such par value for such conversion and the conversion amount for such conversion may be increased to include
Additional Principal (defined as such additional amount to be added to the principal amount of the Note to the extent necessary
to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would
have been issued had the conversion price not been adjusted by the holder thereof to the par value price, subject to certain beneficial
ownership limitations (with a maximum ownership limit of 9.99%). The conversion price was also subject to adjustment due to certain
events, including stock dividends, stock splits and in connection with our issuance of our Common Stock or common stock equivalents
at an effective price per share lower than the conversion price then in effect. We did not have a right to redeem the Notes.
As
part of such purchase agreement with the Investors, we issued warrants to purchase up to 192,073,017 shares of Common Stock. On
September 24, 2021, we and the Investors amended the warrants such that each warrant became exercisable for a period of five (5)
years from the date of issuance at an initial exercise price equal to $0.025 per share, adjusted to $0.020 per share when interest
is paid late, subject to certain beneficial ownership limitations (with a maximum ownership limit of 9.99%). The exercise price
is also subject to adjustment due to certain events, including stock dividends, stock splits and recapitalizations. The Investors
could exercise the warrants on a cashless exercise basis.
The
Series F Preferred Stock has no voting rights and converts into 4.9% of our issued and outstanding shares of our Common Stock
on a fully diluted basis upon the date on which stockholder approval for such issuance is obtained. The Series F Preferred Stock
was subsequently converted and 192,073,017 shares of Common Stock, which were issued on October 11, 2021.
On
October 27, 2022, the agent (the “Agent”) for the Investors notified us that certain events of default have occurred
and were continuing under the Notes. On November 21, 2022, we, the Investors and the Agent entered into a Forbearance Agreement,
pursuant to which, among other things, we acknowledged the outstanding principal balances of the Notes, that we have an obligation
for interest, including default interest, fees and expenses in connection with the Notes, that we have no rights of offset, defenses,
claims or counterclaims with respect to our obligations and pursuant to a side letter, dated as of November 21, 2022, we agreed
to achieve certain milestones by the dates as set forth therein. The Forbearance Agreement expired on December 30, 2022.
As
of September 30, 2023 and December 31, 2022, the outstanding liability for the Notes is as follows:
Schedule
of senior secured Note
| |
September
30, 2023 | | |
December
31,
2022 | |
Principal | |
$ | 16,500,000 | | |
$ | 16,500,000 | |
| |
| | | |
| | |
Less discount | |
| 644,325 | | |
| 1,900,760 | |
| |
| | | |
| | |
Principal, net of discount | |
$ | 15,855,675 | | |
$ | 14,599,240 | |
As
of September 30, 2023 and December 31, 2022, accrued interest payable was $4,661,250 and $3,300,000, respectively, with interest accruing
at 11% per annum for the nine months ended September 30, 2023.
Note
7 Related Party
Effective
January 1, 2022, we entered into a management consulting agreement with GreenRock LLC, a company controlled by Philip Falcone,
for a period of one year ending December 31, 2022, under which we provided monthly remuneration of $35,000, plus expenses in connection
with his duties, responsibilities and performance as chief executive officer. In February 2021, Sovryn entered into consulting
agreement with GreenRock LLC to provide us with chief executive officer services. In the nine months ended September 30, 2023
and 2022, we paid GreenRock LLC $35,000 and $270,000 in fees, respectively. Mr. Falcone is the managing member of GreenRock LLC
and was our Chief Executive Officer until November 6, 2023. We paid GreenRock LLC bonuses of $0 and $163,473 for the three and
nine months ended September 30, 2023. We paid GreenRock LLC bonuses of $255,794 and $488,934 for the three and nine months
ended September 30, 2022.
During the three months ended September
30, 2022, our Chief Executive Officer advanced us funds for our operations and as of September 30, 2022, we owed $28,658 in
advances.
Note
8 Mezzanine Equity
We
account for certain of our Preferred Stock in accordance with the guidance in ASC Topic 480, Distinguishing Liabilities from
Equity. Based on this guidance, preferred stock that is conditionally redeemable is classified as temporary or “mezzanine”
equity. Accordingly, the various series of our Preferred Stock, which is subject to conditional redemption, is presented at redemption
value as mezzanine equity outside of the stockholders’ equity section of the condensed consolidated balance sheets.
Preferred
Shares
Series
A Preferred Stock
There
are 100,000 designated and authorized shares of Series A Preferred Stock, subject to a 9.99% conversion limitation and anti-dilution
rights for 24 months from the time of issuance. Holders of Series A Preferred Stock are entitled to receive, when and as declared,
dividends equal to 3% per annum on the stated value, payable in additional shares of Series A Preferred Stock. Holders of Series
A Preferred Stock have the right to vote on any matter submitted to our shareholders for vote, on an as-converted basis. Each
share of Series A Preferred Stock may be convertible into 3,420 shares of Common Stock, or as adjusted to equal the conversion
ratio multiplied by a fraction, the numerator of which is the number of shares outstanding on a fully diluted basis after the
issuance of the dilution shares, and the denominator is 360,000,000.
On
July 17, 2020, we issued 92,999 Series A Preferred Stock at a value of $343,094, with the acquisition cost derived using the $0.04
market price on that date of $0.04 multiplied by 95% of the number of our issued and outstanding shares at the time (18,057,565)
and multiplied by 50% of that value.
As
of September 30, 2023, no shares of Series A Preferred Stock are outstanding.
Series
C Preferred Stock
There
are 10,000 designated and authorized shares of Series C Preferred Stock, containing a 9.99% conversion limitation. Holders of
Series C Preferred Stock are entitled to receive, when and as declared, dividends equal to 2% per annum on the stated value, payable
in additional shares of Series C Preferred Stock. So long as any shares of Series C Preferred Stock remain outstanding, without
the consent of the holders of 80% of the shares of Series C Preferred Stock then outstanding, we may not redeem, repurchase or
otherwise acquire directly or indirectly any securities deemed junior to such Series C Preferred Stock (“Junior Securities”)
nor may we directly or indirectly pay or declare or make any distribution upon, nor may any distribution be made in respect of,
any Junior Securities, nor may any monies be set aside for or applied to the purchase or redemption of any Junior Securities.
Each holder of the Series C Preferred Stock has the right to vote on any matter submitted to our shareholders for a vote, on an
as converted basis. Each share of Series C Preferred Stock may be convertible into 100 shares of our Common Stock. As of September
30, 2023, no shares of Series C Preferred Stock are outstanding.
Series
D Preferred Stock
There
are 230,000 designated and authorized shares of Series D Preferred Stock, subject to a 4.99% conversion limitation, which may
be increased to a maximum of 9.99% by a holder by written notice to us. There is a stated value of $3.32 per share, subject to
adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series D are issued. Series D are ranked as pari passu with the Series
E Preferred Stock and the Series F Preferred Stock and as senior to all previously issued series of Preferred Stock and the Common
Stock and have no voting rights. Each share of Series D Preferred Stock may be converted into 1,000 common shares.
On
February 16, 2021, we settled $1,028,000 in note payables, convertible notes payable and accrued interest for 230,000 shares of
our Series D Preferred Stock, of which 75,000 shares of Series D Preferred Stock were converted into 75,000,000 shares of our
Common Stock and 155,000 Series D Preferred shares remain unconverted and outstanding as of September 30, 2023.
Series
E Preferred Stock
There
are 1,000 designated and authorized shares of Series E Preferred Stock having a stated value of $1,000 per share, subject to adjustment
for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other
similar events occurring after the date which the Series E are issued. Series E are ranked pari passu with the Series D Preferred
Stock and Series F Preferred Stock and as senior to all previously issued series of Preferred Stock and the Common Stock. It has
voting rights equal to the number of shares of Common Stock into which the Series E Preferred Stock would be convertible on the
record date for the vote or consent of stockholders and shall otherwise have voting rights and powers equal to the voting rights
and powers of common stock. To the extent that holders of shares Series E Preferred Stock voting separately as a class or series,
as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of the holders of a majority
of the shares of the outstanding Series E Preferred Stock, constitutes the approval of such action by both the class or the series
as applicable. To the extent that holders of shares of Series E Preferred Stock are entitled to vote on matters with holders of
shares of Common Stock, voting together as one class, each share of Series E Preferred Stock entitles the holder thereof to cast
that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible using the
record date as of which the conversion rate is calculated. Holders of Series E Preferred Stock are entitled to written notice
of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long as any shares of
Series E Preferred Stock are outstanding, we may not, without the affirmative vote of the holders of all the then outstanding
shares of Series E Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred
Stock or alter or amend the Series E certificate of designations (the “Series E Certificate”), (b) amend our articles
of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter into any
agreement with respect to any of the foregoing.
On
September 16, 2021, the conversion rate for each share of Series E Preferred Stock was amended to equal (i)(a) 56.60% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series E Certificate), divided by (ii) the total
number of shares of Series E Preferred Stock, (iii) rounded to the nearest thousandth. The total number of Fully-Diluted Shares
is set as of, and cannot change after the Approval Date. Based on the current fully-diluted shares outstanding, this equated to
2,243,888,889 shares of Common Stock. Fully-Diluted means the aggregate of (A) the total number of shares of Common Stock outstanding
as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents) into which all Convertible
Securities outstanding as of such date could be converted or exercised, and (C) the number of shares of Common Stock (including
all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date of exercise, divided by 0.4340.
On
February 16, 2021, we issued 1,000 shares of Series E Preferred Stock to acquire Sovryn that we valued at $4,225,062 based on
a value of 100% of the per share price of Common Stock at the time.
On
September 16, 2021, the holders of our Series E Preferred Stock entered into an exchange agreement with us whereby on October
11, 2021, the 1,000 Series E Preferred shares were exchanged for 1,152,500 Series E-1 Preferred shares and 1,091,388,889 shares
of Common Stock. We valued the exchange at the same $4,225,062 value as was assigned to the 1,000 shares of Series E Preferred
Stock. As of September 30, 2023, no shares of Series E Preferred Stock are outstanding.
Series
E-1 Preferred Stock
There
are 1,152,500 designated and authorized shares of Series E-1 Preferred Stock, which have a stated value of $0.87 per share. Shares
of Series E-1 Preferred Stock are pari passu with the Series D Preferred Stock and Series F Preferred Stock and are senior in
dividend rights and liquidation preference to our Common Stock and all other Common Stock Equivalents. It has votes equal to the
number of shares of common stock into which the Series E-1 Preferred Stock would be convertible on the record date for the vote
or consent of stockholders, and shall otherwise have voting rights and powers equal to the voting rights and powers of common
stock. It has votes equal to the number of shares of common stock into which the Series E-1 Preferred Stock would be convertible
on the record date for the vote or consent of stockholders, and shall otherwise have voting rights and powers equal to the voting
rights and powers of Common Stock. To the extent that holders of shares of Series E-1 Preferred Stock voting separately as a class
or series, as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of the holders
of a majority of the shares of the outstanding Series E-1 Preferred Stock constitutes the approval of such action by both the
class or the series as applicable. To the extent that holders of Series E-1 Preferred Stock are entitled to vote on matters with
holders of shares of Common Stock and vote together as one class, each share of Series E-1 Preferred Stock entitles the holder
thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible
using the record date as of which the conversion rate is calculated. Holders of Series E-1 Preferred Stock are entitled to written
notice of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long as any shares
of Series E-1 Preferred Stock are outstanding, we cannot, without the affirmative vote of the Holders of all the then outstanding
shares of Series E-1 Preferred Stock, (a) alter or change adversely, the powers, preferences or rights given to the Series E-1
Preferred Stock or alter or amend the Series E-1 certificate of designations (the “Series E-1 Certificate”), (b) amend
our articles of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter
into any agreement with respect to any of the foregoing. On October 11, 2021, the Series E-1 shares were issued. At September 30, 2023
and December 31, 2022, 1,152,500 shares of Series E-1 Preferred Stock remain outstanding.
Each
share of Series E-1 Preferred Stock may be converted into 1,000 shares of Common Stock.
Series
F Preferred Stock
There
are 1,000 designated and authorized shares of Series F Preferred Stock, which have a stated value of $1.00 per share, subject
to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series F are issued. Shares of Series F Preferred Stock are pari passu
with the Series D Preferred Stock and Series F Preferred Stock and senior in dividend rights and liquidation preference to our
Common Stock and all other Common Stock Equivalents. It has voting rights equal to the number of shares of common stock into which
the Series F Preferred Stock would be convertible on the record date for the vote or consent of stockholders and shall otherwise
have voting rights and powers equal to the voting rights and powers of common stock. It has votes equal to the number of shares
of common stock into which the Series F Preferred Stock would be convertible on the record date for the vote or consent of stockholders
and shall otherwise have voting rights and powers equal to the voting rights and powers of common stock. To the extent that holders
of shares of Series F Preferred Stock voting separately as a class or series, as applicable, is required to authorize a given
action of the Company, the affirmative vote or consent of the holders of a majority of the shares of the outstanding Series F
Preferred Stock constitutes the approval of such action by both the class or the series as applicable. To the extent that holders
of shares of Series F Preferred Stock are entitled to vote on matters with holders of shares of Common Stock, voting together
as one class, each share of Series F Preferred Stock entitles the holder thereof to cast that number of votes per share as is
equal to the number of shares of Common Stock into which it is then convertible using the record date as of which the conversion
rate is calculated. Holders of Series F Preferred Stock are entitled to written notice of all stockholder meetings or written
consents with respect to which they would be entitled by vote. As long as any shares of Series F Preferred Stock are outstanding,
we cannot, without the affirmative vote of the holders of all the then outstanding shares of Series F Preferred Stock, (a) alter
or change adversely the powers, preferences or rights given to the Series F Preferred Stock or alter or amend the Series F certificate
of designations (the “Series F Certificate”), (b) amend our articles of incorporation or other charter documents in
any manner that adversely affects any rights of a holder, or (c) enter into any agreement with respect to any of the foregoing.
On
February 17, 2021, we issued to the Investors 1,000 shares of Series F Preferred Stock that convert into 192,073,017 shares of
Common Stock, which we valued at $864,000, based on the underlying value of shares our Common Stock that were $0.0045 per share
at the time.
On
September 16, 2021, the conversion rate for each share of Series F Preferred Stock was amended to equal (i)(a) 4.84% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series F Certificate), divided by (ii) the total
number of shares of Series F Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and can not change after the Approval Date. Based on the full-diluted shares outstanding, this equated to
192,073,017 shares of Common Stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number of shares of
Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents)
into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number of shares
of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date
of exercise, divided by 0.9516.
On
October 11, 2021, the 1,000 shares of Series F Preferred Stock were converted into 192,073,017 shares of Common Stock.
As
of September 30, 2023 and December 31, 2022, no shares of Series F Preferred Stock are outstanding.
Series
G Preferred Stock
On
August 20, 2021, the certificate of designation for the Series G Preferred Stock was amended. There are now 4,600 designated and
authorized Series G Preferred Stock, subject to a 4.99% conversion limitation, which may be increased to a maximum of 9.9% by
a holder by written notice to us. The Series G Preferred Stock has a stated value of $1,000 per share, subject to adjustment for
stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other similar
events occurring after the date which the Series G Preferred Stock are issued. The Series G Preferred Stock is ranked as a as
a series of junior Preferred Stock. It has voting rights equal to the number of shares of common stock into which the Series G
Preferred Stock would be convertible on the record date for the vote or consent of stockholders and shall otherwise have voting
rights and powers equal to the voting rights and powers of common stock. To the extent that holders of shares of Series G Preferred
Stock voting separately as a class or series, as applicable, is required to authorize a given action of the Company, the affirmative
vote or consent of the holders of a majority of the shares of the outstanding Series G Preferred Stock constitutes the approval
of such action by both the class or the series as applicable. To the extent that holders of shares of Series G Preferred Stock
are entitled to vote on matters with holders of shares of Common Stock, voting together as one class, each share of Series G Preferred
Stock entitles the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into
which it is then convertible using the record date as of which the conversion rate is calculated. Holders of Series G are entitled
to written notice of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long
as any shares of Series G Preferred Stock are outstanding, we cannot, without the affirmative vote of the holders of all the then
outstanding shares of Series G Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series
G Preferred Stock or alter or amend the Series G certificate of designations (the “Series G Certificate”), (b) amend
our articles of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter
into any agreement with respect to any of the foregoing.
On
September 16, 2021, the conversion rate for each share of Series G Preferred Stock was amended to equal (i)(a) 6.45% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series G Certificate, divided by (ii) the total
number of shares of Series G Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and does not change after the Approval Date. Based on the current fully-diluted shares outstanding, this
equated to 255,555,556 shares of common stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number
of shares of Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock
equivalents) into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number
of shares of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of
such date of exercise, divided by 0.9355.
We
received $4,600,000 in subscriptions for 4,600 of shares Series G Preferred Stock that we valued at $1,000 per share based on
the cash price. On November 2, 2021, all the 4,600 shares of Series G Preferred Stock were converted into 255,555,556 shares of
our Common Stock. At September 30, 2023, no shares of Series G Preferred Stock are outstanding.
Series
H Preferred Stock
On
November 5, 2021, we designated 39,895 shares of Series H Preferred Stock, which have a stated value of $1.00 per share, subject
to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series H are issued. Shares of Series H Preferred Stock have no voting
rights and are senior in dividend rights and liquidation preference to our Common Stock and all other Common Stock Equivalents.
Each share of Series H Preferred Stock may be converted into 1,000 shares of Common Stock, subject to a maximum ownership limit
of 9.99%.
On
November 11, 2021, pursuant to an exchange agreement that we entered into with the Investors, 39,895,000 of our shares of Common
Stock held by the Investors were exchanged for 39,895 shares of our Series H Preferred Stock and we cancelled the 39,895,000 shares.
We valued the 39,895,000 shares and 39,895 shares of Series H Preferred Stock at $3,989,500. At September 30, 2023 and December 31,
2022, 39,895 shares of Series H Preferred Stock remain outstanding.
Note
9 Shareholders’ Equity
Preferred
Stock
As
of September 30, 2023 and December 31, 2022, we are authorized to issue 50,000,000 shares of Preferred Stock, with designations, voting,
and other rights and preferences to be determined by our Board of Directors of which 48,617,400 remain available for designation
and issuance.
Series
B Preferred Stock
There
are 100 designated and authorized shares of Series B Preferred Stock. Holders of Series B Preferred Stock have the right to vote
on all shareholder matters equal to 51% of the total voting power of each class of stock outstanding. Holders of shares of Series
B Preferred are entitled to such 51% voting rights regardless of the number of voting shares issued by the company at any time.
On
July 17, 2020, 100 Series B Preferred Stock were issued to acquire the Casa Zeta-Jones Brand License Agreement (the “License
Agreement”) from Luxurie Legs, LLC, a limited liability company organized pursuant to the laws of the State of Delaware
(“LUXURIE”), pursuant to which, at the effective time, LUXURIE transferred all of its right, title and interest in
the License Agreement to Madison in exchange for a controlling interest in Madison represented by newly issued preferred stock.
Although the Series B Preferred Stock is entitled to 51% voting rights as described above, the stock has no dividend rate nor
conversion feature.
On
February 17, 2021, the 100 shares Series B Preferred Stock were transferred from Mr. Canouse (our former director and Chief Executive
Officer), to the FFO1 2021 Irrevocable Trust, a company Mr. Falcone (our director and CEO) is the trustee and has the voting and
dispositive power. The 100 shares of Series B Preferred are included in the Pledged Assets.
At
September 30, 2023 and December 31, 2022, there were 100 Series B Preferred shares outstanding, respectively.
Common
Stock
As
of September 30, 2023 and December 31, 2022 there were 1,603,095,243, shares outstanding.
Warrants
On
January 10, 2023, we issued two unsecured convertible subordinate notes totaling $220,000 and in connection with one of the notes
sold, we issued the noteholder a warrant to purchase up to 40,000,000 shares of our Common Stock at $0.02 per share starting January
10, 2023 and ending January 10, 2030.
The
Warrants issued were loan incentives. The value was allocated to the warrants based on its fair value on the date of the grant,
as determined using the Black-Scholes option pricing model.
For
the nine months ended September 30, 2023, a summary of our warrant activity is as follows:
| |
Number
of Warrants | | |
Weighted-
Average Exercise
Price | | |
Weighted-
Average Remaining
Contractual Term
(Years) | | |
Weighted-
Average
Grant-
Date Fair
Value | | |
Aggregate
Intrinsic Value | |
Outstanding and exercisable
at January 1, 2023 | |
| 246,173,016 | | |
$ | 0.021 | | |
| 3.69 | | |
$ | 399,783 | | |
$ | 4,431,114 | |
| |
| | | |
| | | |
| | | |
| | | |
| - | |
Issued | |
| 40,000,000 | | |
$ | 0.020 | | |
| 6.29 | | |
| — | | |
$ | — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Expired | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding and exercisable at September
30, 2023 | |
| 286,173,016 | | |
$ | 0.021 | | |
| 3.41 | | |
$ | 343,904 | | |
$ | 4,431,114 | |
Note
10 Discontinued Operations
In
the fourth quarter of 2022, management at that time determined that Sovryn’s television broadcast business was not an efficient
use of our resources to develop and launch BCTV, our core business, and management sought to exit Sovryn’s business and
pay down the Company’s senior debt associated with acquiring Sovryn’s assets and creating its business. As a result,
Sovryn is recognized as a discontinued operation in the accompanying condensed consolidated financial statements. Effective February
1, 2023, we assigned 100% ownership of Sovryn to the Investors. The previous year’s assets, liabilities and expenses have
been similarly classified for comparative purposes. The following is a summary of Sovryn for the nine months ended September 30, 2023
and 2022:
Schedule
of previous year assets liabilities and expenses
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Current
assets | |
$ | — | | |
$ | 92,970 | |
Property, equipment
and right-of-use assets | |
| — | | |
| 2,664,994 | |
Intangible assets | |
| — | | |
| 12,024,012 | |
Total Assets | |
| — | | |
| 14,781,976 | |
Liabilities | |
| | | |
| | |
Accounts payable
and accrued liabilities | |
| — | | |
| 1,025,720 | |
Lease liability obligations | |
| — | | |
| 1,465,584 | |
Total Liabilities | |
| — | | |
| 2,492,305 | |
| |
| | | |
| | |
Revenues | |
| 163,620 | | |
| 1,431,762 | |
Selling, general
and administrative | |
| (173,359 | ) | |
| (425,524 | ) |
Television operation | |
| — | | |
| (257,483 | ) |
Amortization | |
| — | | |
| (242,481 | ) |
Professional fees | |
| — | | |
| (1,072,374 | ) |
Interest expense | |
| — | | |
| (80,622 | ) |
Gain (loss) on asset
disposals | |
| 6,695,083 | | |
| (52,668 | ) |
Impairment loss | |
| — | | |
| — | |
| |
| | | |
| | |
Gain (loss) from discontinued operations | |
$ | 6,685,344 | | |
$ | (699,389 | ) |
Note
11 Income Taxes
Income
tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows:
| |
September
30,
2023 | | |
September
30, 2022 | |
Net loss for the nine-month
period | |
$ | (19,567,431 | ) | |
$ | (6,949,431 | ) |
Statutory and effective tax rates | |
| 21.0 | % | |
| 21.0 | % |
Income taxes expenses (recovery) at
the effective rate | |
$ | (4,109,161 | ) | |
$ | (1,459,380 | ) |
Effect of change in tax rates | |
| — | | |
| — | |
Permanent differences | |
| — | | |
| — | |
Valuation allowance | |
| 4,109,161 | | |
| 1,459,380 | |
Income tax expense and income tax liability | |
$ | — | | |
$ | — | |
As
of September 30, 2023 and December 31, 2022, the tax effect of the temporary timing differences that give rise to significant components
of deferred income tax asset are noted below. A valuation allowance has been recorded, as management believes it is more likely
than not that the deferred income tax asset will not be realized.
Schedule
of deferred income tax asset
| |
September
30,
2023 | | |
December
31, 2022 | |
Tax loss carried forward | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Deferred tax assets | |
$ | 6,868,521 | | |
$ | 2,759,360 | |
Valuation allowance | |
| (6,868,521 | ) | |
| (2,759,360 | ) |
Deferred taxes recognized | |
$ | — | | |
$ | — | |
Tax
losses of approximately $30 million will expire in 2039 and 2040.
Note
12 Subsequent Events
On
September 21, 2023, the Agent for the Investors delivered a notice to us that the Agent has exercised the Investors’ rights
to vote the Pledged Interests (as defined in such notice) and to exercise the Investors’ rights, powers and privileges,
to pass certain resolutions and to amend our bylaws then in effect to, among other things, (i) remove the board of directors of
the Company (the “Board of Directors”) and all officers of the Company, and (ii) reduce the number of the Board of
Directors from three to one director. As a result of the Agent delivering such notice and exercising its rights to vote the Pledged
Interests, a change of control of the Company occurred (the “Change of Control”).
On
the two-year anniversary of the October 11, 2021 issuance of the Series E-1 shares, the shares were to be automatically converted
into 1,152,500,000 shares of our Common Stock, however we did not process the conversion and have not to date.
On
November 6, 2023, the shareholders of the Company removed Philip Falcone and Warren Zenna as our directors and appointed Thomas
Amon as the sole member of our board of directors. Mr. Amon removed all Company officers and appointed himself as the Company’s
President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer, Principal Executive Officer and Principal Accounting
Officer.
On
November 10, 2023, Philip Falcone, individually and on behalf of the Company and other named defendants, filed a Confession of
Judgment affirming that a promissory note (the “Z4 Note”) had been issued by the Company, dated December 28, 2021,
by Z4 MGMT LLC (“Z4”), which was guaranteed by each of FFO1 2021 Irrevocable Trust and FFO2 2021 Irrevocable Trust.
The Z4 Note was initially payable on February 15, 2022, and had an original principal balance of $500,000 with an interest rate
of 12% per annum. The Z4 Note’s expiration date was extended to July 5, 2022, then further extended to March 31, 2023, and
as of October 1, 2023, the revised principal balance, along with interest accrued, totaled $581,304. On such date, Z4 filed an
Affidavit of Default affirming that the Z4 Note was in default and requesting a judgment in the amount of $581,304 against the
Company, FFO1 2021 Irrevocable Trust, FFO2 2021 Irrevocable Trust, and Mr. Falcone personally, in favor of Z4. On December 5,
2023, a judgement in favor Z4 Management in the sum of $581,304 was rendered against us, Mr. Falcone, FFO1 2021 Irrevocable Trust
and FFO2 2021 Irrevocable Trust.
On
February 18, 2024, Agile Capital Funding LLC (“Agile”) filed a Confession of Judgment executed by Philip Falcone with
the Supreme Court of the State of New York County of New York that affirmed that the Company owes Agile for funds received on
January 30, 2023, less funds the Company subsequently repaid, and for accrued interest and collection fees, which Agile determined
to be $190,444 as of February 18, 2024. To date, the liability for the judgment has not been satisfied.
Presently,
we are default on all of our outstanding promissory and convertible notes payable (See Notes 4, 5 and 6), which have $4.1 million
in aggregate principal outstanding plus accrued interest, penalties and fees.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking
Statements
The
following discussion and analysis of our financial condition and results of operations for the three and nine months ended September
30, 2023, should be read together with our condensed consolidated financial statements and related notes included elsewhere in
this Quarterly Report on Form 10-Q (this “Form 10-Q”). This Form 10-Q and such discussion contains forward-looking
statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain
assumptions made by management that may cause our or our industry’s actual results, levels of activity, performance, or
achievements to be materially different from any future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Forward-looking statements include our expectations regarding our capital needs,
future cash flows, financial results, business strategy, business plans and objectives, current and future operations, intentions,
expectations any statements concerning proposed new products, services or developments; any statements regarding future economic
conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. In some
cases, words such as “anticipates,” “expects,” “intends,” “plans,” “believes,”
“estimates,” variations of these words, and similar expressions are intended to identify forward-looking statements.
The statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that
are difficult to predict; therefore, actual results may differ materially from those expressed or forecasted in any forward-looking
statements. Risks and uncertainties of our business include those set forth in our Annual Report on Form 10-K for the year ended
December 31, 2022, as filed with the U.S. Securities and Exchange Commission (“SEC”) on January 25, 2024 (the “Annual
Report”), under “Item 1A. Risk Factors” as well as additional risks described in this Form 10-Q. Unless required
by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information,
future events, or otherwise. However, readers should carefully review the risk factors set forth in other reports or documents
that we file from time to time with the SEC, particularly the Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K.
Recent
Developments
On
September 21, 2023, the Agent delivered a notice to us that the Agent exercised the Investors’ rights to vote the Pledged
Interests and to exercise the Investors’ rights, powers and privileges, to pass certain resolutions and to amend our bylaws
then in effect to, among other things, (i) remove the Board of Directors and all Company officers, and (ii) reduce the number
of the Board of Directors from three directors to one director. As a result of the Agent sending such notice and exercising its
rights to vote the Pledged Interests, the Change of Control occurred.
On
the two-year anniversary of the October 11, 2021 issuance of the Series E-1 shares, the shares were to be automatically converted
into 1,152,500,000 shares of our Common Stock, however we did not process the conversion and have not to date.
In
addition to the defaults described above, as of the date of this Form 10-Q, and since the last day of the quarter ended September 30,
2023, we are in default under a certain loans payable for failure to pay principal and accrued interest on such loans, with an
aggregate of approximately $4.3 million and $3.8 million of principal, accrued interest and late fees, as of such date and as
of September 30, 2023 respectively. As a result of the Change of Control, we intend to strategize with the holders of such notes to
extend, modify or otherwise revisit the terms of such indebtedness in order to resolve such outstanding defaults.
On
November 6, 2023, the shareholders of the Company removed Philip Falcone and Warren Zenna as our directors and appointed Thomas
Amon as the sole member of our board of directors. Mr. Amon removed all our officers and was appointed as the Company’s
President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer.
On
November 10, 2023, Philip Falcone, individually and on behalf of the Company and other named defendants, filed a Confession of
Judgment affirming that the Z4 Note had been issued by the Company, dated December 28, 2021, by Z4, which was guaranteed by each
of FFO1 2021 Irrevocable Trust and FFO2 2021 Irrevocable Trust. The Z4 Note was initially payable on February 15, 2022, and had
an original principal balance of $500,000 with an interest rate of 12% per annum. The Z4 Note’s expiration date was extended
to July 5, 2022, then further extended to March 31, 2023, and as of October 1, 2023, the revised principal balance, along with
interest accrued, totaled $581,304. On such date, Z4 filed an Affidavit of Default affirming that the Z4 Note was in default and
requesting a judgment in the amount of $581,304 against the Company, FFO1 2021 Irrevocable Trust, FFO2 2021 Irrevocable Trust,
and Mr. Falcone personally, in favor of Z4. On December 5, 2023, a judgement in favor Z4 Management in the sum of $581,304 was
rendered against us, Mr. Falcone, FFO1 2021 Irrevocable Trust and FFO2 2021 Irrevocable Trust.
On
February 18, 2024, Agile Capital Funding LLC (“Agile”) filed a Confession of Judgment executed by Philip Falcone with
the Supreme Court of the State of New York County of New York that affirmed that the Company owes Agile for funds received on
January 30, 2023, less funds the Company subsequently repaid, and for accrued interest and collection fees, which Agile determined
to be $190,444 as of February 18, 2024. To date, the liability for the judgment has not been satisfied.
Since
October 2023, and as a result of the Change of Control, we have had minimal operations and nominal assets consisting almost entirely
of cash. However, in December 2023, we held discussions with the head of content production of BCTV regarding initial plans to
continue the Company’s business plans described above as intended prior to the Change of Control. However, we cannot make
any guarantee as of the date of the filing of this Form 10-Q as to the timing and success of these plans, business relationships
or reaching any self-imposed expectations, or that we will ultimately continue the Company’s business as so described. See
“Forward-Looking Statements” in this Item 2 above.
RESULTS
OF OPERATIONS
Our
condensed consolidated unaudited financial statements included herein have been prepared assuming that we will continue as a going
concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification
of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital
to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity
and/or debt securities.
Three
months ended September 30, 2023 and 2022
Selling,
general and administrative expenses
Selling, general and administrative expenses
decreased to $0 for the three months ended September 30, 2023 from $130,664 for the three months ended September 30, 2022 primarily
as a result of winding down operating activities due to a lack of funds.
Professional
Fees
Professional fees decreased to $0 for the
three months ended September 30, 2023, from $206,623 for the three months ended September 30, 2022 primarily as a result of winding
down operating activities due to a lack of funds.
Interest
Expense
Interest expense decreased to $1,034,496
for the three months ended September 30, 2023 from $1,450,495 for the three months ended September 30, 2022. The decrease resulted
primarily from the interest cost of our debt held the Investors that accrued interest at an 11% rate per annum for the three months
ended September 30, 2023 and did not include an assessment for default interest at 9% per annum that we accrued for the three months
ended September 30, 2022. In addition, the costs of other financings associated with the acquisitions of television stations and
development of BlockchainTV had amortization periods that expired prior to December 31, 2022.
Discontinued
Operations
Our loss from discontinued operations was
$0 and $101,525 for the three months ended September 30, 2023 and 2022, respectively. Effective February 1, 2023, we entered into
an agreement with the Investors in which we exchanged our ownership of the assets associated with Sovryn’s broadcast television
business in exchange for a $11,600,000 reduction in our obligation for the Notes. As a result, our discontinued operations terminated
on February 1, 2023.
Net
Loss
Net loss decreased to $1,034,496 for the
three months ended September 30, 2023, from $1,879,273 for the three months ended September 30, 2022. The decrease was primarily
the result of the decrease in operating and interest expenses and the termination of our discontinued operations. The net loss
per basic diluted share was $0.001 and $0.002, respectively, with basic and diluted weighted averages shares outstanding of 1,603,095,243
and 1,599,095,027 for the respective periods.
Nine
months ended September 30, 2023 and 2022
Selling,
general and administrative expenses
Selling, general and administrative expenses
increased to $351,022 for the nine months ended September 30, 2023 from $327,855 for the nine months ended September 30, 2022 primarily
as a result of a $145,000 increase BlockchainTV content development costs.
Professional
Fees
Professional fees decreased to $107,740
for the nine months ended September 30, 2023, from $1,484,393 for the nine months ended September 30, 2022 primarily as a result
of winding down operating activities in the three months ended September 30, 2023 due to a lack of funds.
Interest
Expense
Interest expense decreased to $3,248,679
for the nine months ended September 30, 2023 from $4,466,875 for the nine months ended September 30, 2022. The decrease resulted
primarily from the interest cost of our debt held the Investors that accrued interest at an 11% rate per annum for the nine months
ended September 30, 2023 and did not include an assessment for default interest at 9% per annum that we accrued for the nine months
ended September 30, 2022. In addition, the costs of other financings associated with the acquisitions of television stations and
development of BlockchainTV had amortization periods that expired prior to December 31, 2022.
Discontinued
Operations
Our gain from discontinued operations was $6,685,344 for the nine months ended September 30, 2023 as compared
to a loss of $597,864 for the nine months ended September 30, 2022. Effective February 1, 2023, we entered into an agreement with
the Investors in which we exchanged our ownership of the assets associated with Sovryn’s broadcast television business in
exchange for a $11,600,000 reduction in our obligation for the Notes. As a result, the revenues, expenses, assets and liabilities
of Sovryn are included as discontinued operations for the nine months ended September 30, 2023 and 2022. The increase in our gain
from discontinued operations resulted from Sovryn’s liabilities being transferred as part of the ownership transfer.
Loss
on Disposition of Assets
Sovryn
owed us $15,850,990 as of the Sovryn ownership transfer on February 1, 2023. The amount owed to us resulted primarily from funds
that we advanced to Sovryn in order to purchase the television station assets. We wrote off the amount owed and recognized the
loss, which is consistent with the terms of the ownership transfer.
Net
Loss
Net loss increased to $12,882,087 for the
nine months ended September 30, 2023, from $5,070,158 for the nine months ended September 30, 2022. The increase was primarily
the result of the $15,850,990 loss from the disposition of Sovryn in the nine months ended September 30, 2023, 2023 that was partially
offset by a $6,685,344 gain from the discontinued operations of Sovryn as described above. The net loss per basic diluted share
was $0.008 and $0.003, respectively, with basic and diluted weighted averages shares outstanding of 1,603,095,243 and 1,599,095,027
for the respective periods.
Liquidity
and Capital Resources
Cash
and Working Capital
As of September 30, 2023, we had $0 in cash and a $13,759,634 working capital deficit, compared to cash
of $0 and working capital deficit of $16,733,223 as at December 31, 2022. Our working capital deficit decreased primarily because
of transferring ownership of Sovryn on February 1, 2023.
We will require additional capital to meet
our long- and short-term operating requirements. For the year ended December 31, 2022 and nine months ended September 30, 2023,
our principal source of liquidity was our cash that we obtained from borrowings. Our principal use of cash was to fund operations.
We expect that the principal uses of cash in the future will be for continuing operations associated with rolling out the business
plan and repayment of notes payable that are not converted into our Common Stock or renegotiated.
Net
Cash Used in Operating Activities
We used $7,014,071 cash in operating activities
during the nine months ended September 30, 2023, compared to cash used of $2,256,779 in operating activities during the previous
year’s nine-month period. The increase was primarily the result of an increase in our operating loss.
Net
Cash Used in Investing Activities
We used cash of $0 in investing activities
during the nine months ended September 30, 2023, compared to cash used of $89,301 in investing activities during the previous year’s
nine-month period. The decrease was the result of the deferral of investing activities in the nine months ended September 30, 2023
due to cash constraints.
Net
Cash Provided by Financing Activities
Net cash provided by financing activities
of $328,726 for the nine months ended September 30, 2023 were from the proceeds of subordinated notes payable and Warrants that
we sold to investors, compared to $1,452,000 of cash provided by financing activities during the previous fiscal year that we generated
from proceeds of subordinated notes payable and warrants that we sold to investors.
Net
Cash from Discontinued Operations
For the nine
months ended September 30, 2023, we use $6,685,345 of cash from discontinued operations which ceased on February 1, 2023, as compared
to generating $611,388 of cash from discontinued operations in the nine months ended September 30, 2022.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk
support and credit risk support or other benefits.
Going
Concern
The
independent auditor’s report accompanying our December 31, 2022 and 2021 consolidated audited financial statements in the
Annual Report contain an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.
Such consolidated financial statements and the condensed consolidated financial statements in this Form 10-Q have been prepared
assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities
and commitments in the ordinary course of business.
Transactions
with Related Parties
Effective January 1, 2022, we entered into
a management consulting agreement with GreenRock LLC, a company controlled by Mr. Falcone, for a period of one year ending December
31, 2022, pursuant to which we provided monthly remuneration of $35,000, plus expenses in connection with his duties, responsibilities
and performance as our chief executive officer. In February 2021, Sovryn entered into a consulting agreement with GreenRock LLC
to provide us with chief executive officer services. The agreements expired on December 31, 2022 and were not renewed. In the nine
months ended September 30, 2023 and 2022, we paid GreenRock LLC $42,530 and $270,000 in fees, respectively. We paid GreenRock LLC
bonuses of $128,473 and $488,934 for the nine months ended September 30, 2023 and 2022, respectively.
On
February 1, 2023, we entered into the Partial Foreclosure Agreement with the Investors pursuant to which we transferred ownership
of our Federal Communications Commission (“FCC”) licenses and other broadcast television assets to a third-party entity
controlled by the Investors. In consideration therefor, the Investors agreed to reduce the indebtedness under the Notes by $11,600,000.
On September 21, 2023, the Agent for the Investors delivered to us a notice that the Agent has exercised the Investors’
rights to vote the Pledged Interests, including the 100 shares of our Series B Preferred Stock, and to exercise the Investors’
rights, powers and privileges to pass certain resolutions and to amend our bylaws then in effect to, among other things, (i) remove
the Board of Directors and all Company officers, and (ii) reduce the number of the Board of Directors from three directors to
one director. As a result of the Agent sending such notice and exercising its rights to vote the Pledged Interests, the Change
of Control occurred.
Material
Commitments for Capital Expenditures
We
had no contingencies or long-term commitments at September 30, 2023.
Critical
Accounting Policies
We
follow certain significant accounting policies when preparing our consolidated financial statements. A complete summary of these
policies is included in Note 1 of the Notes to the condensed consolidated financial statements included in this Form 10-Q. Certain
of the policies require management to make significant and subjective estimates or assumptions that may deviate from actual results.
In particular, management makes estimates regarding the useful life of long-lived assets related to depreciation and amortization
expense, estimates regarding fair value of our reporting units and future cash flows with respect to assessing potential impairment
of both long-lived assets and goodwill and estimates of expense related to our debt and equity instruments. Each of these estimates
is discussed in greater detail in the following discussion.
Derivative
Liabilities
We
have certain financial instruments that are derivatives or contain embedded derivatives. We evaluate all of our financial instruments
to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately
accounted for in accordance with ASC 810-10-05-4 and 815-40. This accounting treatment requires that the carrying amount of any
derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In the event that the fair
value is recorded as a liability, as is the case with us, the change in the fair value during the period is recorded as either
other income or expense. Upon conversion, exercise or repayment, the respective derivative liability is marked to fair value at
the conversion, repayment or exercise date and then the related fair value amount is reclassified to other income or expense as
part of gain or loss on extinguishment.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required
under this item.
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures
In
connection with the preparation of this Form 10-Q, an evaluation was carried out by our management, with the participation of
our Chief Executive Officer, who also serves as our Chief Financial and Chief Accounting Officer, of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as
amended (“Exchange Act”), as of September 30, 2023. Disclosure controls and procedures are designed to ensure that information
required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported
within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management,
including the Chief Executive Officer, to allow timely decisions regarding required disclosures.
Based
on that evaluation, our management concluded, as of the end of the period covered by this report, that our disclosure controls
and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within
the time periods specified in the SEC rules and forms and that such information was accumulated or communicated to management
to allow timely decisions regarding required disclosure. In particular, we identified material weaknesses in internal control
over financial reporting, as discussed below.
Management’s
Report on Internal Controls over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting, as required by Section 404
of the Sarbanes-Oxley Act. Our internal control framework over financial reporting is a process designed under the supervision
of our Chief Executive Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of our financial statements for external purposes in accordance with U.S. generally accepted accounting principles (“US
GAAP”). Internal control over financial reporting includes those policies and procedures that:
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pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; |
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provide reasonable
assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations
of management and the Board of Directors; and |
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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. |
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Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions or that the degree of compliance with the policies or procedures may deteriorate.
Management
conducted an assessment of the effectiveness of our internal control over financial reporting as of September 30, 2023, based on criteria
established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”). As a result of this assessment, management identified material weaknesses in internal control
over financial reporting.
A
material weakness is a control deficiency, or a combination of deficiencies, in internal control over financial reporting such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be
prevented or detected on a timely basis.
The
matters involving internal controls and procedures that management considered to be material weaknesses under the standards of
the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and no outside directors on our
Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
(2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for
accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements;
and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses
were identified and communicated to management in connection with the preparation and audit of our financial statements as of
December 31, 2022, and the preparation of this Form 10-Q.
As
a result of the material weakness in internal control over financial reporting described above, management has concluded that,
as of September 30, 2023, our internal control over financial reporting was not effective based on the criteria in Internal Control
– Integrated Framework issued by COSO.
Management
believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on our financial results.
However, management believes that the lack of a functioning audit committee and no outside directors on our Board of Directors
caused and continues to cause an ineffective oversight in the establishment and monitoring of the required internal controls over
financial reporting.
We
are committed to improving our financial organization. As part of this commitment and when funds are available, we will create
a position to segregate duties consistent with control objectives and will increase its personnel resources and technical accounting
expertise within the accounting function by: (i) appointing additional outside directors to its board of directors who will also
be appointed to our audit committee, resulting in a fully functioning audit committee that will undertake the oversight in the
establishment and monitoring of required internal controls over financial reporting; and (ii) preparing and implementing sufficient
written policies and checklists that will set forth procedures for accounting and financial reporting with respect to the requirements
and application of US GAAP and SEC disclosure requirements.
Management
believes that the appointment of additional outside directors, who will also be appointed to a fully functioning audit committee,
will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board. In addition,
management believes that preparing and implementing sufficient written policies and checklists will remedy the following material
weaknesses: (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and
reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and
knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel
will also provide the cross training needed to support our internal controls if personnel turn-over issues within the department
occur. This, coupled with the appointment of additional outside directors, is designed to greatly decrease any control and procedure
issues we may encounter in the future.
Management
will continue to monitor and evaluate the effectiveness of our internal controls over financial reporting on an ongoing basis
and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds
allow.
Our
independent auditors have not issued an attestation report on management’s assessment of our internal control over financial
reporting. As a result, this Quarterly Report does not include an attestation report of our independent registered public accounting
firm regarding internal control over financial reporting. We are not required to have, nor have we, engaged our independent registered
public accounting firm to perform an audit of internal control over financial reporting pursuant to the temporary rules of the
SEC that permit us to provide only management’s report in this Form 10-Q.
Changes
in Internal Controls over Financial Reporting
There
were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the
quarter ended September 30, 2023, that materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
Part
II – Other Information
ITEM
1. LEGAL PROCEEDINGS.
Other
than the following proceedings, we are not a party to any material pending legal proceedings and, to the best of our knowledge,
none of our property or assets are the subject of any material pending legal proceedings.
On
January 30, 2023, in the Supreme Court of the State of New York, Philip A. Falcone provided Agile Capital Funding LLC (“Agile”)
with an affidavit of confession of judgement for an obligation due to Agile from Sovryn and the Company’s failure to deliver
to Agile accounts receivable, which were purchased by Sovryn and the Company pursuant to the Agreement for the Purchase and Sale
of Future Receipts dated January 30, 2023. Agile filed an affidavit of facts in the Supreme Court in the State of New York on
February 18, 2024 requesting an entry of judgement against Sovryn and the Company in the sum of $190,443.62 less any payments
made in a timely manner. On January 30, 2023 the Supreme Court of the State of New York adjudged that Agile does recover the sum
of $190,443.62.
On
October 12, 2023, the Supreme Court of the State of New York in the County of Albany entered a final judgment against the Company
approving the request of the Workers’ Compensation Board of the State of New York, the plaintiff in the case, seeking recovery
of an outstanding assessment/award in the sum of $7,500.
On
November 10, 2023, Philip Falcone, individually and on behalf of Madison and other named defendants, filed a Confession of Judgment
affirming that the Z4 Note had been issued to the Company, dated December 28, 2021, by Z4 Management, which was guaranteed by
each of FFO1 and FFO2. The Z4 Note was initially payable on February 15, 2022, and had an original principal balance of $500,000.00
with an interest rate of 12% per annum. The Z4 Note’s expiration date was extended to July 5, 2022, then further extended
to March 31, 2023, and as of October 1, 2023, the revised principal balance, along with interest accrued, totaled $581,304. On
such date, Z4 Management filed an Affidavit of Default affirming that the Z4Note was in default and requesting a judgment in the
amount of $581,304 against Madison, FFO1, FFO2, and Mr. Falcone personally in favor of Z4 Management. On December 5, 2023, a judgement
in favor Z4 Management in the sum of $581,304 was rendered against Madison, Mr. Falcone, FFO1 and FFO2.
ITEM
1A. RISK FACTORS
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required
under this item.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
January 10, 2023, we sold a total of $220,000 of notes payable that may be converted into our Common Stock at fixed prices of
$0.02 per share, and we issued certain noteholders warrants to purchase an aggregate of 40,000,000 shares of our Common Stock,
exercisable for $0.02 per share.
The
sale and the issuance of such securities were offered and sold in reliance upon exemptions from registration pursuant to Section
4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Such determination was made based on the representations
of such investors which included, in pertinent part, that such investors were either (A) an “accredited investor”
within the meaning of Rule 501 of Regulation D or (B) a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act, and upon such further representations from each investor that (i) such investors acquired the securities
for its own account for investment and not for the account of any other person and not with a view to or for distribution, assignment
or resale in connection with any distribution within the meaning of the Securities Act, (ii) such investors agreed not to sell
or otherwise transfer the purchased securities unless they are registered under the Securities Act and any applicable state securities
laws, or an exemption or exemptions from such registration are available, (iii) such investors had knowledge and experience in
financial and business matters such that it was capable of evaluating the merits and risks of an investment in us, (iv) such investors
had access to all of our documents, records, and books pertaining to the investment and was provided the opportunity to ask questions
and receive answers regarding the terms and conditions of such offer and sale and to obtain any additional information which we
possessed or were able to acquire without unreasonable effort and expense, and (v) such investors had no need for the liquidity
in its investment in us and could afford the complete loss of such investment. In addition, there was no general solicitation
or advertising for such securities issued in reliance upon these exemptions.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
On
October 27, 2022, the Agent for the Investors notified us that certain Events of Default have occurred and are continuing under
the Notes. On November 21, 2022, we, the Investors and the Agent entered into a Forbearance Agreement, pursuant to which, among
other things, we acknowledged the outstanding principal balances of the Notes, that we have an obligation for interest, including
default interest, fees and expenses in connection with the Notes, that we have no rights of offset, defenses, claims or counterclaims
with respect to our obligations and pursuant to a side letter, dated as of November 21, 2022, we agreed to achieve certain milestones
by the dates as set forth therein. The Forbearance Agreement expired on December 30, 2022.
In
January 2023, outstanding principal amounts under the Notes of not less than $16.5 million were accelerated by Arena in its capacity
as Agent due to the occurrence of certain events of default under the Notes, which ultimately resulted in the Change of Control.
On
January 28, 2023, the Agent for the Investors sent us an Event of Default/Notice of Intention to Seek Appointment of Receiver (the
“Acceleration Notice”). The Acceleration Notice stated that the Agent and Investors (a) elected to cause the outstanding
principal amount of the Notes, plus accrued but unpaid interest, liquidated damages and other amounts owing in respect thereof
to become immediately due and payable in cash, (b) inform us of the Agent’s and Investors’ intent to commence legal
action to collect any or all of the obligations under the Notes, and (c) seek the appointment of a receiver or trustee as a means
of realizing proceeds on their collateral.
On
February 1, 2023, we entered into a partial strict foreclosure agreement with the Investors pursuant to which we transferred ownership
of our FCC licenses and other broadcast television assets to a third party entity controlled by the Investors and received $11,600,000
in credit toward our indebtedness to the Investors.
On
February 3, 2023, we entered into a securities purchase agreement with a third party lender pursuant to which we borrowed $88,760
that accrues interest a 12% per annum and is repayable in 10 monthly installments starting March 15, 2023.
On
September 21, 2023, the Agent for the Notes sent us a notice that the Agent has exercised the Investors’ rights to vote
the Pledged Assets and to exercise the rights, powers and privileges as Investors, to pass certain resolutions and to amend our
bylaws to, among other things, (i) remove the Board of Directors and all officers of the Company, and (ii) reduce the number of
the Board of Directors from three to one director. As a result of the Agent for the Notes sending such notice and exercising their
rights to vote the Pledged Assets and exercising their rights, powers and privileges as Investors, the Change of Control occurred.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
On
January 10, 2023, we entered into securities purchase agreements with two investors (the “January 10th SPAs”).
Pursuant to the January 10th SPAs, we sold a total of $220,000 of notes (the “January Notes”) that may
be converted into our Common Stock at fixed prices of $0.02 per share, and we issued such investors warrants (the “January
Warrants”) to purchase an aggregate of 40,000,000 shares of our Common Stock, exercisable for $0.02 per share. Copies of
the forms of the January 10th SPAs, January Notes and January Warrants are attached as Exhibit 10.4, 4.1 and 4.2, respectively,
to this Form 10-Q. The foregoing descriptions of the January 10th SPAs, the January Notes and the January Warrants
are summaries and do not purport to be complete and are qualified in their entirety by reference to Exhibits 10.4, 4.1 and 4.2,
respectively.
On
February 1, 2023, we entered into a partial strict foreclosure agreement with the Investors (the “Partial Strict Foreclosure
Agreement”) pursuant to which we transferred ownership of our FCC licenses and other broadcast television assets to a third
party entity controlled by the Investors and received $11,600,000 in credit toward our indebtedness to the Investors. Also on
February 1, 2023, the Company, Sovryn, Station Break Holdings, LLC, the Investors and several financial institutions who were
parties to a 2021 purchase agreement with the Company entered into a restructuring agreement (the “Restructuring Agreement”)
pursuant to which, among other things, in order to help address the continuing events of default under outstanding indebtedness
owed to the Investors, Station Break Holdings, LLC was formed in order to assume the right to certain transferred collateral previously
held by Sovryn and assumed the rights to certain obligations of the rights to such collateral held by the secured parties identified
in the Partial Strict Foreclosure Agreement, upon approval from the FCC. On February 1, 2022, Sovryn entered into a local marketing
agreement (the “Local Marketing Agreement”) with Station Break Operating, LLC, whereby Sovryn granted Station Break
Operating, LLC rights to utilize its broadcast transmission facilities and assets in exchange for the partial satisfaction of
certain existing loan obligations of the Company and Sovryn in connection with the Partial Strict Foreclosure Agreement. Copies
of the Partial Strict Foreclosure Agreement, the Restructuring Agreement and the Local Marketing Agreement are attached as Exhibits
10.1, 10.2 and 10.3, respectively, to this Form 10-Q. The foregoing descriptions of the Partial Strict Foreclosure Agreement the
Restructuring Agreement and Local Marketing Agreement are summaries and do not purport to be complete and are qualified in their
entirety by reference to Exhibits 10.1, 10.2 and 10.3, respectively.
On
February 3, 2023, we entered into a securities purchase agreement (the “February 2023 SPA”) with a third party lender
pursuant to which we borrowed $88,760 and issued a promissory note (the “February 2023 Note”) that accrues interest
a 12% per annum and is repayable in 10 monthly installments starting March 15, 2023. Copies of the February 2023 SPA and the February
2023 Note are attached as Exhibits 10.5 and 4.3, respectively, to this Form 10-Q. The foregoing descriptions of the February 2023
SPA and February 2023 Note are summaries and do not purport to be complete and are qualified in their entirety by reference to
Exhibits 10.5 and 4.3, respectively.
ITEM
6. EXHIBITS
(a) |
Index to and Description of Exhibits |
All
exhibits required to be filed with the Form 10-Q are included in this quarterly report or incorporated by reference to Madison’s
previous filings with the SEC, which can be found in their entirety at the SEC website at www.sec.gov under SEC File Number
000-51302.
Exhibit |
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Description |
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4.1 |
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Form of Note, dated
January 10, 2023 (filed
as Exhibit 4.1 to the Quarterly Report on Form 10-Q, filed by the Company with the SEC on March 28, 2024 and incorporated
by reference herein). |
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4.2 |
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Form of Warrant,
dated January 10, 2023 (filed
as Exhibit 4.2 to the Quarterly Report on Form 10-Q, filed by the Company with the SEC on March 28, 2024 and incorporated
by reference herein). |
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4.3 |
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Form of Note, dated
February 3, 2023 (filed
as Exhibit 4.3 to the Quarterly Report on Form 10-Q, filed by the Company with the SEC on March 28, 2024 and incorporated
by reference herein). |
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10.1 |
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Partial
Strict Foreclosure Agreement, dated February 1, 2023 (filed as Exhibit 10.20 to the Annual Report on Form 10-K, filed by the
Company with the SEC on January 25, 2024 and incorporated by reference herein). |
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10.2 |
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Restructuring
Agreement, dated February 1, 2023, by and between Madison Technologies Inc., SovRyn Holdings, Inc, Secured Partners and Arena
Investors, LP (filed as Exhibit 10.21 to the Annual Report on Form 10-K, filed by the Company with the SEC on January 25,
2024 and incorporated by reference herein). |
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10.3 |
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Local
Marketing Agreement, dated February 1, 2023, by and between SovRyn Holdings, Inc and Station Break Operating, LLC (filed as
Exhibit 10.22 to the Annual Report on Form 10-K, filed by the Company with the SEC on January 25, 2024 and incorporated by
reference herein). |
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10.4 |
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Form of Securities
Purchase Agreement, dated January 10, 2023 (filed
as Exhibit 10.4 to the Quarterly Report on Form 10-Q, filed by the Company with the SEC on March 28, 2024 and incorporated
by reference herein). |
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10.5 |
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Form of Securities
Purchase Agreement, dated February 3, 2023 (filed
as Exhibit 10.5 to the Quarterly Report on Form 10-Q, filed by the Company with the SEC on March 28, 2024 and incorporated
by reference herein). |
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31.1* |
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Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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32.1* |
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Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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101.INS |
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Inline XBRL Instance
Document |
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101.SCH |
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Inline XBRL Taxonomy
Extension Schema Document |
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101.CAL |
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Inline XBRL Taxonomy
Extension Calculation Linkbase Document |
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101.DEF |
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Inline XBRL Taxonomy
Extension Definition Linkbase Document |
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101.LAB |
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Inline XBRL Taxonomy
Extension Label Linkbase Document |
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101.PRE |
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Inline XBRL Taxonomy
Extension Presentation Linkbase Document |
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104 |
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Cover Page Interactive
Data File (embedded within the Inline XBRL document) |
*
Filed herewith.
Signatures
In
accordance with the requirements of the Securities Exchange Act of 1934, Madison Technologies Inc. has caused this report to be
signed on its behalf by the undersigned duly authorized person.
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Madison
Technologies Inc. |
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Dated: May 20, 2024 |
By: |
/s/
Thomas Amon |
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Name: |
Thomas Amon |
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Title: |
Chief Executive Officer and Chief Financial
Officer (Principal Executive Officer and Principal Financial Officer) |
Exhibit 31.1
madison
Technologies Inc.
CERTIFICATION OF PRINCIPAL EXECUTIVE
OFFICER
AND PRINCIPAL FINANCIAL OFFICER PURSUANT
TO
SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002
CERTIFICATION
I, Thomas Amon, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the quarter ended September 30, 2023 of Madison Technologies Inc.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any
change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: May 20, 2024 |
|
|
|
/s/ Thomas Amon |
|
Thomas Amon |
|
Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and Principal Financial
Officer) |
|
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE
OFFICER AND
OF PRINCIPAL FINANCIAL OFFICER PURSUANT
TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
of Madison Technologies Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the U.S.
Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Amon, Chief Executive Officer of the
Company and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Thomas Amon |
|
Thomas Amon |
|
Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and Principal Financial
Officer) |
|
May 20, 2024 |
|
v3.24.1.1.u2
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
May 14, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-51302
|
|
Entity Registrant Name |
Madison
Technologies Inc.
|
|
Entity Central Index Key |
0001318268
|
|
Entity Tax Identification Number |
85-2151785
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
2500
Westchester Avenue
|
|
Entity Address, City or Town |
Purchase
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10577
|
|
City Area Code |
(212)
|
|
Local Phone Number |
257-4193
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
No
|
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Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
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Entity Emerging Growth Company |
false
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1,603,095,243
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v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash |
|
|
Prepaid expenses |
|
12,722
|
Assets from discontinued operations |
|
11,726,332
|
Total Current Assets |
|
11,739,054
|
Investments |
|
100
|
Total Assets |
|
11,739,154
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued expenses |
1,129,692
|
741,399
|
Derivative liability |
4,429,329
|
4,429,329
|
Promissory notes |
1,067,947
|
936,112
|
Convertible notes |
2,472,417
|
1,883,295
|
Interest payable on senior secured notes |
4,661,250
|
3,300,000
|
Senior secured notes, net of discount |
15,855,675
|
14,599,240
|
Liabilities from discontinued operations |
|
2,582,902
|
Total current liabilities |
29,615,310
|
28,472,277
|
Capital Stock: |
|
|
Preferred Stock value |
|
|
Common Shares - $0.001 par value; 6,000,000,000 shares authorized, 1,603,095,243 shares issued and outstanding, September 30, 2023 and December 31, 2022, respectively |
1,603,095
|
1,603,095
|
Additional paid in capital |
10,549,165
|
10,549,265
|
Accumulated deficit |
(41,768,918)
|
(28,886,831)
|
Total stockholders’ deficit |
(29,616,658)
|
(16,734,471)
|
Total liabilities and stockholders’ deficit |
|
11,739,154
|
Series C Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
|
|
Series D Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
155
|
155
|
Series E Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
|
|
Series E-1 Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
1,153
|
1,153
|
Series F Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
|
|
Series G Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
|
|
Series H Preferred Stock [Member] |
|
|
CURRENT LIABILITIES |
|
|
Temporary equity value |
40
|
$ 40
|
Series A Preferred Stock [Member] |
|
|
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|
|
Preferred Stock value |
|
|
Series B Preferred Stock [Member] |
|
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|
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v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, at par value |
$ 0.001
|
$ 0.001
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
6,000,000,000
|
6,000,000,000
|
Common stock, shares outstanding |
1,603,095,243
|
1,603,095,243
|
Common stock, shares issued |
1,603,095,243
|
1,603,095,243
|
Series C Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, dividend rate percentage |
2.00%
|
2.00%
|
Temporary equity, stated value |
$ 100
|
$ 100
|
Temporary equity, shares authorized |
10,000
|
10,000
|
Temporary equity, shares issued |
0
|
0
|
Temporary equity, shares outstanding |
0
|
0
|
Series D Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 3.32
|
$ 3.32
|
Temporary equity, shares authorized |
230,000
|
230,000
|
Temporary equity, shares issued |
155,000
|
155,000
|
Temporary equity, shares outstanding |
155,000
|
155,000
|
Temporary equity, shares converted |
75,000
|
75,000
|
Series E Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 1,000
|
$ 1,000
|
Temporary equity, shares authorized |
1,000
|
1,000
|
Temporary equity, shares issued |
0
|
0
|
Temporary equity, shares outstanding |
0
|
0
|
Temporary equity, shares exchange |
1,000
|
1,000
|
Series E-1 Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 0.87
|
$ 0.87
|
Temporary equity, shares authorized |
1,152,500
|
1,152,500
|
Temporary equity, shares issued |
1,152,500
|
1,152,500
|
Temporary equity, shares outstanding |
1,152,500
|
1,152,500
|
Series F Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 1
|
$ 1
|
Temporary equity, shares authorized |
1,000
|
1,000
|
Temporary equity, shares issued |
0
|
0
|
Temporary equity, shares outstanding |
0
|
0
|
Temporary equity, shares converted |
1,000
|
1,000
|
Series G Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 1,000
|
$ 1,000
|
Temporary equity, shares authorized |
4,600
|
4,600
|
Temporary equity, shares issued |
0
|
0
|
Temporary equity, shares outstanding |
0
|
0
|
Temporary equity, shares converted |
4,600
|
4,600
|
Series H Preferred Stock [Member] |
|
|
Temporary equity, at par value |
$ 0.001
|
$ 0.001
|
Temporary equity, stated value |
$ 1
|
$ 1
|
Temporary equity, shares authorized |
39,895
|
39,895
|
Temporary equity, shares issued |
39,895
|
39,895
|
Temporary equity, shares outstanding |
39,895
|
39,895
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, at par value |
$ 0.001
|
$ 0.001
|
Preferred stock, dividend rate, percentage |
3.00%
|
3.00%
|
Preferred stock, stated value |
$ 100
|
$ 100
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
100
|
100
|
Preferred stock, at par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
100
|
100
|
Preferred stock, shares outstanding |
100
|
100
|
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
|
|
|
|
Operating Expenses |
|
|
|
|
Selling, general and administrative |
|
130,664
|
351,022
|
327,855
|
Professional fees |
|
206,623
|
107,740
|
1,484,393
|
Total operating expenses |
|
337,287
|
458,762
|
1,812,248
|
Loss before other expense |
|
(337,287)
|
(458,762)
|
(1,812,248)
|
Other income (expenses) |
|
|
|
|
Other income |
|
10,034
|
|
29,081
|
Loss on disposition of assets |
|
|
(15,859,990)
|
|
Interest expense |
(1,034,496)
|
(1,450,495)
|
(3,248,679)
|
(4,466,875)
|
Total other expense |
(1,034,496)
|
(1,440,461)
|
(19,108,669)
|
(4,437,794)
|
Loss from continuing operations |
(1,034,496)
|
(1,777,748)
|
(19,567,431)
|
(6,250,042)
|
Income (loss) from discontinued operations |
|
(101,525)
|
6,685,344
|
(699,389)
|
Net loss and comprehensive loss |
$ (1,034,496)
|
$ (1,879,273)
|
$ (12,882,087)
|
$ (6,949,431)
|
Net loss per share-Basic and diluted |
$ (0.001)
|
$ (0.002)
|
$ (0.008)
|
$ (0.003)
|
Average number of shares of common stock outstanding |
1,603,095,243
|
1,599,095,027
|
1,603,095,243
|
1,599,095,027
|
X |
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 1,599,095
|
$ 10,473,261
|
$ (15,747,021)
|
$ (3,674,665)
|
Beginning balance (in shares) at Dec. 31, 2021 |
1,599,095,027
|
|
|
|
Net loss for the period |
|
|
(6,949,431)
|
(6,949,431)
|
Ending balance, value at Sep. 30, 2022 |
$ 1,599,095
|
10,473,261
|
(22,696,452)
|
(10,652,096)
|
Ending balance (in shares) at Sep. 30, 2022 |
1,599,095,027
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 1,603,095
|
10,549,265
|
(28,886,831)
|
(16,734,471)
|
Beginning balance (in shares) at Dec. 31, 2022 |
1,603,095,243
|
|
|
|
Net loss for the period |
|
(100)
|
(12,882,087)
|
(12,882,187)
|
Ending balance, value at Sep. 30, 2023 |
$ 1,603,095
|
$ 10,549,165
|
$ (41,768,918)
|
$ (29,616,658)
|
Ending balance (in shares) at Sep. 30, 2023 |
1,603,095,243
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss from continuing operations for the period |
$ (19,567,431)
|
$ (6,250,042)
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
Amortized interest |
1,647,666
|
1,834,916
|
Accrued interest on notes receivable |
|
(23,810)
|
Fair value of Warrant issued for services |
|
9,000
|
Loss on disposal of assets |
9,143,430
|
|
Changes in assets and liabilities: |
|
|
Accounts payable and accruals |
1,749,542
|
138,591
|
Prepaid expenses |
12,722
|
13,318
|
Net cash used in operating activities |
(7,014,071)
|
(2,256,779)
|
Cash flows from investing activities: |
|
|
Purchases of equipment, intangible assets and goodwill |
|
(30,427)
|
Funds advanced for note receivable |
|
(58,874)
|
Net cash used in investing activities |
|
(89,301)
|
Cash flows from financing activities: |
|
|
Proceeds from convertible and subordinate notes sold, net |
328,726
|
1,452,000
|
Net cash provided by financing activities |
328,726
|
1,452,000
|
Cash flows used in continuing operations |
|
(894,081)
|
Cash flows from discontinued operations: |
|
|
Net cash (used in) provided by operating activities |
(6,685,345)
|
893,352
|
Cash flows from discontinued operations |
(6,685,345)
|
|
Net decrease in cash |
|
(729)
|
Cash, beginning of period |
|
729
|
Cash, end of period |
|
|
SUPPLEMENTAL DISCLOSURE |
|
|
Interest paid |
|
529,786
|
Taxes paid |
|
|
X |
- DefinitionThe element represents amortized interest occrued.
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v3.24.1.1.u2
Nature of Operations
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Note
1 Nature of Operations
Madison
Technologies Inc. (“Madison” or the “Company” or “we” or “us” or “our”)
was incorporated on June 15, 1998 in the State of Nevada, and our shares of common stock, par value $0.001 per share (“Common
Stock”), are quoted on the Experts Market tier of the over-the-counter market operated by OTC Markets, Inc.
We
are seeking to create, develop and launch BlockchainTV (“BCTV”), the first-to-market 24/7 television broadcast and
streaming communications network designed to bring the most up-to-date crypto information and entertainment to the masses in the
U.S. and around the world.
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.1.1.u2
Going Concern
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note
2 Going Concern
The
accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern, which
contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. For the year ended
December 31, 2022, we generated no revenues from continuing operations, incurred a net loss of $13,139,810 and as of December
31, 2022, had a working capital deficit and an accumulated deficit of $13,860,314 and $28,886,831, respectively. It is management’s
opinion that these matters raise substantial doubt about our ability to continue as a going concern for a period of twelve months
from the issuance date of this report. Our ability to continue as a going concern is dependent upon management’s ability
to raise additional capital as needed from the sales of stock or debt and further implement our business plan. The accompanying
condensed consolidated financial statements do not include any adjustments that might be required should we be unable to continue
as a going concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
3 Summary of Significant Accounting Policies
Use
of estimates
The
preparation of the condensed consolidated financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting
period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information
available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules
for the estimate, which is typically in the period when new information becomes available to management. Actual results could
differ from those estimates.
Consolidation
The
accompanying condensed consolidated financial statements include the accounts of our current and former wholly owned subsidiaries,
Blockchain.tv, Inc. and SovRryn Holdings Inc. (“Sovryn”). Sovryn is consolidated up until January 31, 2023 and recognized
as a discontinued operation. All the intercompany balances and transactions have been eliminated in the consolidation.
Interim
Reporting
While the information presented in the
accompanying interim three-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management,
necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance
with accounting principles generally accepted in the United States of America. These interim financial statements follow the same
accounting policies and methods of their application as the Company’s December 31, 2022 annual financial statements. All
adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with
the Company’s December 31, 2022 annual financial statements. Operating results for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that can be expected for the year ended December 31, 2023.
Segment
reporting
Our
chief operating decision maker is our chief executive officer, who reviews information on an aggregated basis.
Reclassifications
Certain
prior year amounts have been reclassified to conform to the current year presentation.
Revenue
recognition
We
adopted the ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). We recognize revenue when we transfer
promised services to the customer. The performance obligation is the monthly services rendered. We have one main revenue source
which is leasing of television station channels. Accordingly, we recognize revenue when services are provided as time passes the
customers have access to utilize the channel. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. For January 2023, we had one main revenue source, which is the leasing of television
channels, and no revenue source thereafter. Where there is a leasing contract for channels, we bill monthly for our services as
rendered. Where there is no contract, the revenue is recognized as provided.
We
recognize revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
● |
identify the contract
with a customer; |
● |
identify the performance
obligations in the contract; |
● |
determine the transaction
price; |
● |
allocate the transaction
price to performance obligations in the contract; and |
● |
recognize revenue
as the performance obligation is satisfied. |
Advances
from client deposits are contract liabilities with customers that represent our obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, we obtain retainers to lessen our risk of non-payment by our customers.
Advances from client deposits are recognized as revenue as we meet specified performance obligations as detailed in the contract.
Impairment
of Long-Lived Assets
In
accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived
assets such as plant and equipment and intangible assets we hold and use are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and
used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected
to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the
amount by which the carrying amounts of the assets exceed the fair value of the assets.
Financial
instruments
Our
financial instruments consist principally of accounts payable, accrued liabilities and notes payable. The carrying amounts of
such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term
nature or the underlying terms are consistent with market terms. It is the management’s opinion that we are not exposed
to any significant currency or credit risks arising from these financial instruments.
Fair
value measurements
We
follow the guidelines in ASC Topic 820 “Fair Value Measurements and Disclosures”. Fair value is defined as the price
that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded
at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements
or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions
and credit risk.
We
apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases
the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.
All financial instruments approximate their fair value.
|
Level 1 —
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. |
|
Level 2 —
Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities |
|
Level 3—inputs
are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option
pricing models and discounted cash flow models. |
Convertible
Notes with Fixed Rate Conversion Options
We
may enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding
principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the
common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount.
We record the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on
the note date with a charge to interest expense in accordance with ASC 480–- “Distinguishing Liabilities from Equity”.
Derivative
Liabilities
We
have certain financial instruments that are derivatives or contain embedded derivatives. We evaluate all of our financial instruments
to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately
accounted for in accordance with ASC 810-10-05-4 and 815-40. This accounting treatment requires that the carrying amount of any
derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In the event that the fair
value is recorded as a liability, as is the case with us, the change in the fair value during the period is recorded as either
other income or expense. Upon conversion, exercise or repayment, the respective derivative liability is marked to fair value at
the conversion, repayment or exercise date and then the related fair value amount is reclassified to other income or expense as
part of gain or loss on extinguishment.
Loss
per share
Net
Loss Per Share
Basic
loss per share is calculated by dividing the loss attributable to stockholders by the weighted-average number of shares outstanding
for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in our earnings
(loss). Diluted loss per share is computed by dividing the loss available to stockholders by the weighted average number of shares
outstanding for the period and dilutive potential shares outstanding unless such dilutive potential shares would result in anti-dilution.
As of September 30, 2023 and 2022, no options were outstanding and 286,173,016 and 231,173,016 warrants were outstanding and exercisable,
respectively. Additionally, as of September 30, 2023 and 2022, the outstanding principal balance, including accrued interest of the
third-party convertible debt, totaled $23,656,587 and $19,874,163, respectively, and was convertible into 1,212,624,000 and 1,014,123,286
shares of Common Stock, respectively. We issued shares of preferred stock (“Preferred Stock”) that may be converted
into our Common Stock. Of the outstanding shares of Preferred Stock as of September 30, 2023, as applicable, Series A Preferred Stock
was convertible into 318,056,580 shares of Common Stock, Series D Preferred Stock was convertible into 155,000,000 shares of Common
Stock, Series E-1 Preferred Stock was convertible into 1,152,500,000 shares of Common Stock and Series H Preferred Stock was convertible
into 39,895,000 shares of Common Stock. The total potentially dilutive shares calculated are 3,164,248,596 and 2,592,691,302 as
of September 30, 2023 and 2022, respectively. It should be noted that contractually the limitations on the third-party notes (and the
related warrants) limit the number of shares converted into either 4.99% or 9.99% of the then outstanding shares. As of September 30,
2023 and 2022, potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 286,173,016 | | |
| 231,173,016 | |
Convertible Preferred Stock | |
| 1,665,451,580 | | |
| 1,347,395,000 | |
Convertible debt | |
| 1,212,624,000 | | |
| 1,014,123,286 | |
Total | |
| 3,164,248,596 | | |
| 2,592,691,302 | |
Related
Party Transactions
We
follow FASB ASC subtopic 850-10, “Related Party Transactions”, for the identification of related parties and disclosure
of related party transactions.
Pursuant
to ASC 850-10-20, related parties include: (a) our affiliates; (b) entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15,
to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and
profit sharing trusts that are managed by or under the trusteeship of management; (d) our principal owners; ©) our management;
(f) other parties with which we may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests;
and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that
have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or
more of the transacting parties might be prevented from fully pursuing its own separate interests.
Material
related party transactions are required to be disclosed in the condensed consolidated financial statements, other than compensation
arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions
that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The
disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions
to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operation are presented,
and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects
of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related
parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Discontinued
operations
Discontinued
operations are components of an entity that either have been disposed or abandoned or is classified as held for sale. Additionally,
in order to qualify as a discontinued operation, the disposal or abandonment must represent a strategic shift that has or will
have a major effect on an entity’s operations and financial results.
Income
taxes
We
follow the guideline under ASC Topic 740 Income Taxes. “Accounting for Income Taxes” which requires the recognition
of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of
differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on
enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Due
to the uncertainty regarding our future profitability, the future tax benefits of its losses have been fully reserved.
Recently
Issued Accounting Pronouncements
We
adopt new pronouncements relating to generally accepted accounting principles applicable to us as they are issued, which may be
in advance of their effective date.
We
do not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying condensed consolidated financial statements.
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v3.24.1.1.u2
Accounts Payable and Accrued Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accounts Payable and Accrued Liabilities |
Note
2 Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities are summarized below:
| |
September 30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 390,737 | | |
$ | 371,987 | |
Accrued expenses | |
| 293,209 | | |
| 174,078 | |
Accrued interest | |
| 445,746 | | |
| 195,334 | |
| |
| | | |
| | |
| |
| | | |
| | |
Total | |
$ | 1,129,692 | | |
$ | 741,399 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.1.u2
Derivative Liability
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Liability |
Note
3 Derivative Liability
We
incur a derivative liability when we issue warrants in connection with the sale of notes payable. Management has determined that
the daily closing price of our Common Stock is not a reliable factor for determining the value of the warrants and corresponding
derivative liability on the basis that (i) the total volume of our Common Stock traded is approximately 3,700,000 shares since
January 1, 2023, representing 0.2% of our outstanding shares and (ii) since July 2022 through the date of this Quarterly Report
on form 10-Q, our Common Stock is listed on the OTC Expert Market that limits visibility of our Common Stock to investors. Valuation
methods such at Black-Scholes rely on daily closing prices and their volatility. As a better representation of value, management
used a share price of $0.018 per share to determine the derivative liability from warrants issued through December 31, 2022, which
was the per share price used in connection with the issuance of 255,555,556 shares of Common Stock issued upon conversion of the
Series G Preferred Stock on November 2, 2021. For warrants issued since January 1, 2023, management used a $0.000 price to determine
the derivative liability given the absence of trading volume and our financial condition.
For the nine months ended September 30, 2023, our derivative liability was as follows:
Schedule
of Derivative Liability
| |
September 30, 2023 | |
Balance at January 1, 2023 | |
$ | 4,429,329 | |
| |
| | |
Liability for Warrants issued | |
| — | |
| |
| | |
Balance at September 30, 2023 | |
$ | 4,429,329 | |
In
the nine months ended September 30, 2023, we issued warrants to purchase up to 40,000,000 shares of Common Stock at $0.02 per share.
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v3.24.1.1.u2
Promissory Notes
|
9 Months Ended |
Sep. 30, 2023 |
Promissory Notes |
|
Promissory Notes |
Note
4 Promissory Notes
On
December 28, 2021, we issued a $500,000 promissory note that bears interest at 12% per annum and matured on March 31, 2023. In
connection with such issuance, we issued 500,000 warrants that expire on December 31, 2023 and may be converted in shares of our
Common Stock on or after June 26, 2022 at a price of $0.025 per share. We estimate the value such warrant to be approximately
$9,000, based on a value of $0.018 per share of our Common Stock as of December 28, 2021. The promissory note is subordinate to
the convertible notes having an aggregate principal amount of $16.5 million (collectively,
the “Notes”), which we issued to funds affiliated with Arena Investors,
LP (collectively, the “Investors”). As of September 30, 2023, $500,000 in note principal is outstanding. We have
not yet repaid the noteholder and are in default.
On
January 14, 2022, we issued an unsecured $150,000 note payable with $15,000 in fees payable upon its April 5, 2022 maturity date,
which we treated as deferred financing fees and amortize over the term of the note. The obligation is subordinate to the Notes
we issued to the Investors. As of September 30, 2023, $120,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
On
January 14, 2022, we issued an unsecured $150,000 note payable with $15,000 in fees payable upon its April 5, 2022 maturity date,
which we treated as deferred financing fees and amortized over the term of the note. The obligation is subordinate to the Notes
we issued to the Investors. As of September 30, 2023, $135,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
On
April 27, 2022, we issued a $125,000 unsecured note payable that has a $12,500 original issue discount and matured on December
31, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up to 2,500,000 shares of our Common
Stock at $0.025 per share that is exercisable starting September 15, 2022 and until April 15, 2024. We estimate the total value
of such warrants to be $45,000, based on a $0.018 price per share of our Common Stock that we treat as a debt discount and amortize
over the term of the note. As of September 30, 2023, $125,000 in note principal is outstanding. We have not yet repaid the noteholder
and are in default.
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v3.24.1.1.u2
Convertible Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Notes Payable |
|
Convertible Notes Payable |
Note
5 Convertible Notes Payable
Our
convertible notes payable, all of which are current liabilities, are as follows as of:
Schedule
of Convertible Notes Payable
| |
| | |
September
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| | |
| |
Series 1 | |
| (a) | | |
| 1,050,000 | | |
| 1,050,000 | |
| |
| | | |
| | | |
| | |
Series 2 | |
| (b) | | |
| 470,000 | | |
| 250,000 | |
| |
| | | |
| | | |
| | |
Series 3 | |
| (c) | | |
| 208,000 | | |
| 208,000 | |
| |
| | | |
| | | |
| | |
Series 4 | |
| (d) | | |
| 220,000 | | |
| 550,000 | |
| |
| | | |
| | | |
| | |
Series 5 | |
| (e) | | |
| 542,500 | | |
| 192,500 | |
| |
| | | |
| | | |
| | |
Series 6 | |
| (f) | | |
| 55,000 | | |
| 55,000 | |
Principal outstanding | |
| | | |
| 2,545,500 | | |
| 2,305,500 | |
Less discount | |
| | | |
| 73,083 | | |
| 426,094 | |
| |
| | | |
| | | |
| | |
Principal outstanding, net | |
| | | |
$ | 2,472,417 | | |
$ | 1,879,406 | |
(a) |
Series
1:
We
issued a total of $1,050,000 in subordinated convertible notes that bear interest at 6% per annum, matured on December
31, 2022 and may be converted at the noteholder’s option at any time into shares of our Common Stock at a fixed
price of $0.021 per share. We have not yet repaid the noteholders and are in default. |
|
|
(b) |
Series
2:
On
January 6, 2022, we issued to one of our shareholders a $250,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 6,250,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024.
We estimate the value of the warrant to be $112,500, based on a $0.018 price per share of our Common Stock that is treated
as a debt discount to be amortized over the term of the note. We have not yet repaid the noteholder and are in default.
On
January 14, 2022, we issued to one of our shareholders a $25,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 600,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024. We
estimate the value of the warrant to be $10,800, based on a $0.018 price per share of our Common Stock that we treated
as a debt discount to be amortized over the term of the note. In May 2022, we repaid the note.
On
February 17, 2022, we issued a $50,000 unsecured note payable that bears interest at 12% per annum and matured on April
6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up to 1,250,000 shares of our
Common Stock at $0.021 per share at any time starting July 1, 2022, and ending July 1, 2024. We estimate the value of
the warrant to be $22,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount that
we amortized over the term of the note. In April 2022, we repaid the note. |
|
|
(c) |
Series
3:
On
February 15, 2022, we issued two $137,500 unsecured convertible notes payable bearing an 11.25% interest rate per annum
that matured on February 23, 2023 and have a $15,000 original issue discount. In connection with such issuances, we issued
the noteholders warrants to purchase up to 2,500,000 shares of our Common Stock at $0.10 per share that are exercisable
at any time until February 11, 2027. We estimate the total value of the warrants to be $90,000, based on a $0.018 price
per share of our Common Stock that we treat as a debt discount and amortize over the terms of the notes along with the
deferred financing fees. The notes’ principal and interest may be converted into our Common Stock at $0.02 per share.
On October 25, 2022, the noteholder converted $67,000 and $13,004 of note principal and interest, respectively. We have
not yet repaid the noteholders their outstanding principal and interest and are in default. |
|
|
(d) |
Series
4:
On
May 5, 2022, we issued a shareholder a convertible subordinate note totaling $110,000 that accrues interest at 12% per
annum and matured on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection
with such issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02
per share. We have not yet repaid the noteholders and are in default.
On
June 24, 2022, we issued a convertible subordinate note totaling $110,000 that accrues interest at 12% per annum and matured
on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection with such
issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02 per share.
We have not yet repaid the noteholders and are in default. |
(e) |
Series
5:
On
May 5, 2022, we issued an $82,500 note payable that has a $7,500 original issue discount, matured on May 5, 2023 and bears
interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to 3,750,000
shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate the total
value of the warrants to be $67,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount
and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $82,500 in note principal is outstanding.
We have not yet repaid the noteholders and are in default.
On
May 5, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on May 5, 2023 and
bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to
5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate
the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock that we treat as
a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000 in note principal
is outstanding. We have not yet repaid the noteholders and are in default.
On
October 14, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000
in note principal is outstanding. We have not yet repaid the noteholders and are in default.
On
December 2, 2022, we issued a $220,000 note payable that has a $20,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 10,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $180,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $220,000
in note principal is outstanding. We have not yet repaid the noteholder and are in default. |
|
|
(f) |
Series
6:
On
September 16, 2022, we issued a $55,000 note payable that has a $5,000 original issue discount and matured on September
16, 2023 and bears interest at 12% per annum. The note may be converted into shares of our Common Stock at the lesser
of $0.001 per share or at a 50% discount to the lowest closing price of our Common Stock within the past twenty days prior
to a conversion. As of September 30, 2023 and December 31, 2022, $55,000 in note principal is outstanding. We have not yet
repaid the noteholders and are in default. |
|
|
On
February 17, 2022, we issued a $50,000 unsecured note payable that bears interest at 12% per annum and matured on April 6, 2022.
In connection with the note sale, we issued the noteholder a Warrant to purchase 1,250,000 shares of our Common Stock at $0.021
per share at any time starting July 1, 2022 and ending July 1, 2024. We estimate the value of the Warrant to be $22,500, based
on a $0.018 price per share of our Common Stock that we treat as a debt discount that we amortized over the term of the note.
In April 2022, we repaid the note.
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v3.24.1.1.u2
Senior Secured Notes
|
9 Months Ended |
Sep. 30, 2023 |
Senior Secured Notes |
|
Senior Secured Notes |
Note
6 Senior Secured Notes
On
February 17, 2021, we entered into a securities purchase agreement with the Investors pursuant to which we issued the
Notes. The Notes are secured by a blanket lien on all of the Company’s assets and the shares of our Common Stock
and Preferred Stock (the “Pledged Assets”) held by Philip Falcone, FFO1 2021 Irrevocable Trust, FFO2 2021
Irrevocable Trust and Korr Value LP (the “Pledgors”), which shares may be voted by the Investors in the event
of default.
In
connection with the issuance of the Notes, we issued to the Investors warrants to purchase an aggregate of 192,073,017
shares of our Common Stock (collectively, the “Warrants”) and 1,000 shares of Series F Preferred Stock that
convert into 192,073,017 shares of our Common Stock (the “Series F Preferred Stock”). Such warrants and Series
F Preferred Stock were each valued at $864,000 based on a $0.0045 price per share of our Common Stock and treated as a
debt discount this is amortized over the term of the Notes.
|
The
Notes have a term of thirty-six months and mature on February 17, 2024, unless earlier converted. The Notes accrue interest at
a rate of 11% per annum, subject to increase to 20% per annum upon default. Interest is payable in cash on a quarterly basis beginning
on March 31, 2021. Notwithstanding the above, at our election, any interest payable on an applicable payment date may be paid
in registered shares of our Common Stock in an amount equal (A) the amount of the interest payment due on such date, divided by
(B) an amount equal to 80% of the average volume-weighted average price of our Common Stock for the five (5) days immediately
preceding the date of conversion. At September 30, 2023 and December 31, 2022, accrued and unpaid interest was $4,661,250 and $3,300,000,
respectively.
On
September 24, 2021, the Company and the Investors amended the Notes and related closing documents, by executing the Limited Waiver
and First Amendment the closing documents. Such amendment also waived specified events of default. The Notes were henceforth convertible
at any time, at the holder’s option, into shares of our Common Stock at a price of $0.02 per share, subject to an event
of default adjustment. Notwithstanding the foregoing, at any time during the continuance of any event of default, the conversion
price in effect equals the alternate conversion price provided in the Notes. If at any time the conversion price as determined
for any conversion would be less than the par share value of the Common Stock, then at the sole discretion of the Holder, such
conversion price equals such par value for such conversion and the conversion amount for such conversion may be increased to include
Additional Principal (defined as such additional amount to be added to the principal amount of the Note to the extent necessary
to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would
have been issued had the conversion price not been adjusted by the holder thereof to the par value price, subject to certain beneficial
ownership limitations (with a maximum ownership limit of 9.99%). The conversion price was also subject to adjustment due to certain
events, including stock dividends, stock splits and in connection with our issuance of our Common Stock or common stock equivalents
at an effective price per share lower than the conversion price then in effect. We did not have a right to redeem the Notes.
As
part of such purchase agreement with the Investors, we issued warrants to purchase up to 192,073,017 shares of Common Stock. On
September 24, 2021, we and the Investors amended the warrants such that each warrant became exercisable for a period of five (5)
years from the date of issuance at an initial exercise price equal to $0.025 per share, adjusted to $0.020 per share when interest
is paid late, subject to certain beneficial ownership limitations (with a maximum ownership limit of 9.99%). The exercise price
is also subject to adjustment due to certain events, including stock dividends, stock splits and recapitalizations. The Investors
could exercise the warrants on a cashless exercise basis.
The
Series F Preferred Stock has no voting rights and converts into 4.9% of our issued and outstanding shares of our Common Stock
on a fully diluted basis upon the date on which stockholder approval for such issuance is obtained. The Series F Preferred Stock
was subsequently converted and 192,073,017 shares of Common Stock, which were issued on October 11, 2021.
On
October 27, 2022, the agent (the “Agent”) for the Investors notified us that certain events of default have occurred
and were continuing under the Notes. On November 21, 2022, we, the Investors and the Agent entered into a Forbearance Agreement,
pursuant to which, among other things, we acknowledged the outstanding principal balances of the Notes, that we have an obligation
for interest, including default interest, fees and expenses in connection with the Notes, that we have no rights of offset, defenses,
claims or counterclaims with respect to our obligations and pursuant to a side letter, dated as of November 21, 2022, we agreed
to achieve certain milestones by the dates as set forth therein. The Forbearance Agreement expired on December 30, 2022.
As
of September 30, 2023 and December 31, 2022, the outstanding liability for the Notes is as follows:
Schedule
of senior secured Note
| |
September
30, 2023 | | |
December
31,
2022 | |
Principal | |
$ | 16,500,000 | | |
$ | 16,500,000 | |
| |
| | | |
| | |
Less discount | |
| 644,325 | | |
| 1,900,760 | |
| |
| | | |
| | |
Principal, net of discount | |
$ | 15,855,675 | | |
$ | 14,599,240 | |
As
of September 30, 2023 and December 31, 2022, accrued interest payable was $4,661,250 and $3,300,000, respectively, with interest accruing
at 11% per annum for the nine months ended September 30, 2023.
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v3.24.1.1.u2
Related Party
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party |
Note
7 Related Party
Effective
January 1, 2022, we entered into a management consulting agreement with GreenRock LLC, a company controlled by Philip Falcone,
for a period of one year ending December 31, 2022, under which we provided monthly remuneration of $35,000, plus expenses in connection
with his duties, responsibilities and performance as chief executive officer. In February 2021, Sovryn entered into consulting
agreement with GreenRock LLC to provide us with chief executive officer services. In the nine months ended September 30, 2023
and 2022, we paid GreenRock LLC $35,000 and $270,000 in fees, respectively. Mr. Falcone is the managing member of GreenRock LLC
and was our Chief Executive Officer until November 6, 2023. We paid GreenRock LLC bonuses of $0 and $163,473 for the three and
nine months ended September 30, 2023. We paid GreenRock LLC bonuses of $255,794 and $488,934 for the three and nine months
ended September 30, 2022.
During the three months ended September
30, 2022, our Chief Executive Officer advanced us funds for our operations and as of September 30, 2022, we owed $28,658 in
advances.
|
X |
- 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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v3.24.1.1.u2
Mezzanine Equity
|
9 Months Ended |
Sep. 30, 2023 |
Mezzanine Equity |
|
Mezzanine Equity |
Note
8 Mezzanine Equity
We
account for certain of our Preferred Stock in accordance with the guidance in ASC Topic 480, Distinguishing Liabilities from
Equity. Based on this guidance, preferred stock that is conditionally redeemable is classified as temporary or “mezzanine”
equity. Accordingly, the various series of our Preferred Stock, which is subject to conditional redemption, is presented at redemption
value as mezzanine equity outside of the stockholders’ equity section of the condensed consolidated balance sheets.
Preferred
Shares
Series
A Preferred Stock
There
are 100,000 designated and authorized shares of Series A Preferred Stock, subject to a 9.99% conversion limitation and anti-dilution
rights for 24 months from the time of issuance. Holders of Series A Preferred Stock are entitled to receive, when and as declared,
dividends equal to 3% per annum on the stated value, payable in additional shares of Series A Preferred Stock. Holders of Series
A Preferred Stock have the right to vote on any matter submitted to our shareholders for vote, on an as-converted basis. Each
share of Series A Preferred Stock may be convertible into 3,420 shares of Common Stock, or as adjusted to equal the conversion
ratio multiplied by a fraction, the numerator of which is the number of shares outstanding on a fully diluted basis after the
issuance of the dilution shares, and the denominator is 360,000,000.
On
July 17, 2020, we issued 92,999 Series A Preferred Stock at a value of $343,094, with the acquisition cost derived using the $0.04
market price on that date of $0.04 multiplied by 95% of the number of our issued and outstanding shares at the time (18,057,565)
and multiplied by 50% of that value.
As
of September 30, 2023, no shares of Series A Preferred Stock are outstanding.
Series
C Preferred Stock
There
are 10,000 designated and authorized shares of Series C Preferred Stock, containing a 9.99% conversion limitation. Holders of
Series C Preferred Stock are entitled to receive, when and as declared, dividends equal to 2% per annum on the stated value, payable
in additional shares of Series C Preferred Stock. So long as any shares of Series C Preferred Stock remain outstanding, without
the consent of the holders of 80% of the shares of Series C Preferred Stock then outstanding, we may not redeem, repurchase or
otherwise acquire directly or indirectly any securities deemed junior to such Series C Preferred Stock (“Junior Securities”)
nor may we directly or indirectly pay or declare or make any distribution upon, nor may any distribution be made in respect of,
any Junior Securities, nor may any monies be set aside for or applied to the purchase or redemption of any Junior Securities.
Each holder of the Series C Preferred Stock has the right to vote on any matter submitted to our shareholders for a vote, on an
as converted basis. Each share of Series C Preferred Stock may be convertible into 100 shares of our Common Stock. As of September
30, 2023, no shares of Series C Preferred Stock are outstanding.
Series
D Preferred Stock
There
are 230,000 designated and authorized shares of Series D Preferred Stock, subject to a 4.99% conversion limitation, which may
be increased to a maximum of 9.99% by a holder by written notice to us. There is a stated value of $3.32 per share, subject to
adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series D are issued. Series D are ranked as pari passu with the Series
E Preferred Stock and the Series F Preferred Stock and as senior to all previously issued series of Preferred Stock and the Common
Stock and have no voting rights. Each share of Series D Preferred Stock may be converted into 1,000 common shares.
On
February 16, 2021, we settled $1,028,000 in note payables, convertible notes payable and accrued interest for 230,000 shares of
our Series D Preferred Stock, of which 75,000 shares of Series D Preferred Stock were converted into 75,000,000 shares of our
Common Stock and 155,000 Series D Preferred shares remain unconverted and outstanding as of September 30, 2023.
Series
E Preferred Stock
There
are 1,000 designated and authorized shares of Series E Preferred Stock having a stated value of $1,000 per share, subject to adjustment
for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other
similar events occurring after the date which the Series E are issued. Series E are ranked pari passu with the Series D Preferred
Stock and Series F Preferred Stock and as senior to all previously issued series of Preferred Stock and the Common Stock. It has
voting rights equal to the number of shares of Common Stock into which the Series E Preferred Stock would be convertible on the
record date for the vote or consent of stockholders and shall otherwise have voting rights and powers equal to the voting rights
and powers of common stock. To the extent that holders of shares Series E Preferred Stock voting separately as a class or series,
as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of the holders of a majority
of the shares of the outstanding Series E Preferred Stock, constitutes the approval of such action by both the class or the series
as applicable. To the extent that holders of shares of Series E Preferred Stock are entitled to vote on matters with holders of
shares of Common Stock, voting together as one class, each share of Series E Preferred Stock entitles the holder thereof to cast
that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible using the
record date as of which the conversion rate is calculated. Holders of Series E Preferred Stock are entitled to written notice
of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long as any shares of
Series E Preferred Stock are outstanding, we may not, without the affirmative vote of the holders of all the then outstanding
shares of Series E Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred
Stock or alter or amend the Series E certificate of designations (the “Series E Certificate”), (b) amend our articles
of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter into any
agreement with respect to any of the foregoing.
On
September 16, 2021, the conversion rate for each share of Series E Preferred Stock was amended to equal (i)(a) 56.60% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series E Certificate), divided by (ii) the total
number of shares of Series E Preferred Stock, (iii) rounded to the nearest thousandth. The total number of Fully-Diluted Shares
is set as of, and cannot change after the Approval Date. Based on the current fully-diluted shares outstanding, this equated to
2,243,888,889 shares of Common Stock. Fully-Diluted means the aggregate of (A) the total number of shares of Common Stock outstanding
as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents) into which all Convertible
Securities outstanding as of such date could be converted or exercised, and (C) the number of shares of Common Stock (including
all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date of exercise, divided by 0.4340.
On
February 16, 2021, we issued 1,000 shares of Series E Preferred Stock to acquire Sovryn that we valued at $4,225,062 based on
a value of 100% of the per share price of Common Stock at the time.
On
September 16, 2021, the holders of our Series E Preferred Stock entered into an exchange agreement with us whereby on October
11, 2021, the 1,000 Series E Preferred shares were exchanged for 1,152,500 Series E-1 Preferred shares and 1,091,388,889 shares
of Common Stock. We valued the exchange at the same $4,225,062 value as was assigned to the 1,000 shares of Series E Preferred
Stock. As of September 30, 2023, no shares of Series E Preferred Stock are outstanding.
Series
E-1 Preferred Stock
There
are 1,152,500 designated and authorized shares of Series E-1 Preferred Stock, which have a stated value of $0.87 per share. Shares
of Series E-1 Preferred Stock are pari passu with the Series D Preferred Stock and Series F Preferred Stock and are senior in
dividend rights and liquidation preference to our Common Stock and all other Common Stock Equivalents. It has votes equal to the
number of shares of common stock into which the Series E-1 Preferred Stock would be convertible on the record date for the vote
or consent of stockholders, and shall otherwise have voting rights and powers equal to the voting rights and powers of common
stock. It has votes equal to the number of shares of common stock into which the Series E-1 Preferred Stock would be convertible
on the record date for the vote or consent of stockholders, and shall otherwise have voting rights and powers equal to the voting
rights and powers of Common Stock. To the extent that holders of shares of Series E-1 Preferred Stock voting separately as a class
or series, as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of the holders
of a majority of the shares of the outstanding Series E-1 Preferred Stock constitutes the approval of such action by both the
class or the series as applicable. To the extent that holders of Series E-1 Preferred Stock are entitled to vote on matters with
holders of shares of Common Stock and vote together as one class, each share of Series E-1 Preferred Stock entitles the holder
thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible
using the record date as of which the conversion rate is calculated. Holders of Series E-1 Preferred Stock are entitled to written
notice of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long as any shares
of Series E-1 Preferred Stock are outstanding, we cannot, without the affirmative vote of the Holders of all the then outstanding
shares of Series E-1 Preferred Stock, (a) alter or change adversely, the powers, preferences or rights given to the Series E-1
Preferred Stock or alter or amend the Series E-1 certificate of designations (the “Series E-1 Certificate”), (b) amend
our articles of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter
into any agreement with respect to any of the foregoing. On October 11, 2021, the Series E-1 shares were issued. At September 30, 2023
and December 31, 2022, 1,152,500 shares of Series E-1 Preferred Stock remain outstanding.
Each
share of Series E-1 Preferred Stock may be converted into 1,000 shares of Common Stock.
Series
F Preferred Stock
There
are 1,000 designated and authorized shares of Series F Preferred Stock, which have a stated value of $1.00 per share, subject
to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series F are issued. Shares of Series F Preferred Stock are pari passu
with the Series D Preferred Stock and Series F Preferred Stock and senior in dividend rights and liquidation preference to our
Common Stock and all other Common Stock Equivalents. It has voting rights equal to the number of shares of common stock into which
the Series F Preferred Stock would be convertible on the record date for the vote or consent of stockholders and shall otherwise
have voting rights and powers equal to the voting rights and powers of common stock. It has votes equal to the number of shares
of common stock into which the Series F Preferred Stock would be convertible on the record date for the vote or consent of stockholders
and shall otherwise have voting rights and powers equal to the voting rights and powers of common stock. To the extent that holders
of shares of Series F Preferred Stock voting separately as a class or series, as applicable, is required to authorize a given
action of the Company, the affirmative vote or consent of the holders of a majority of the shares of the outstanding Series F
Preferred Stock constitutes the approval of such action by both the class or the series as applicable. To the extent that holders
of shares of Series F Preferred Stock are entitled to vote on matters with holders of shares of Common Stock, voting together
as one class, each share of Series F Preferred Stock entitles the holder thereof to cast that number of votes per share as is
equal to the number of shares of Common Stock into which it is then convertible using the record date as of which the conversion
rate is calculated. Holders of Series F Preferred Stock are entitled to written notice of all stockholder meetings or written
consents with respect to which they would be entitled by vote. As long as any shares of Series F Preferred Stock are outstanding,
we cannot, without the affirmative vote of the holders of all the then outstanding shares of Series F Preferred Stock, (a) alter
or change adversely the powers, preferences or rights given to the Series F Preferred Stock or alter or amend the Series F certificate
of designations (the “Series F Certificate”), (b) amend our articles of incorporation or other charter documents in
any manner that adversely affects any rights of a holder, or (c) enter into any agreement with respect to any of the foregoing.
On
February 17, 2021, we issued to the Investors 1,000 shares of Series F Preferred Stock that convert into 192,073,017 shares of
Common Stock, which we valued at $864,000, based on the underlying value of shares our Common Stock that were $0.0045 per share
at the time.
On
September 16, 2021, the conversion rate for each share of Series F Preferred Stock was amended to equal (i)(a) 4.84% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series F Certificate), divided by (ii) the total
number of shares of Series F Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and can not change after the Approval Date. Based on the full-diluted shares outstanding, this equated to
192,073,017 shares of Common Stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number of shares of
Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents)
into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number of shares
of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date
of exercise, divided by 0.9516.
On
October 11, 2021, the 1,000 shares of Series F Preferred Stock were converted into 192,073,017 shares of Common Stock.
As
of September 30, 2023 and December 31, 2022, no shares of Series F Preferred Stock are outstanding.
Series
G Preferred Stock
On
August 20, 2021, the certificate of designation for the Series G Preferred Stock was amended. There are now 4,600 designated and
authorized Series G Preferred Stock, subject to a 4.99% conversion limitation, which may be increased to a maximum of 9.9% by
a holder by written notice to us. The Series G Preferred Stock has a stated value of $1,000 per share, subject to adjustment for
stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other similar
events occurring after the date which the Series G Preferred Stock are issued. The Series G Preferred Stock is ranked as a as
a series of junior Preferred Stock. It has voting rights equal to the number of shares of common stock into which the Series G
Preferred Stock would be convertible on the record date for the vote or consent of stockholders and shall otherwise have voting
rights and powers equal to the voting rights and powers of common stock. To the extent that holders of shares of Series G Preferred
Stock voting separately as a class or series, as applicable, is required to authorize a given action of the Company, the affirmative
vote or consent of the holders of a majority of the shares of the outstanding Series G Preferred Stock constitutes the approval
of such action by both the class or the series as applicable. To the extent that holders of shares of Series G Preferred Stock
are entitled to vote on matters with holders of shares of Common Stock, voting together as one class, each share of Series G Preferred
Stock entitles the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into
which it is then convertible using the record date as of which the conversion rate is calculated. Holders of Series G are entitled
to written notice of all stockholder meetings or written consents with respect to which they would be entitled by vote. As long
as any shares of Series G Preferred Stock are outstanding, we cannot, without the affirmative vote of the holders of all the then
outstanding shares of Series G Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series
G Preferred Stock or alter or amend the Series G certificate of designations (the “Series G Certificate”), (b) amend
our articles of incorporation or other charter documents in any manner that adversely affects any rights of a holder, or (c) enter
into any agreement with respect to any of the foregoing.
On
September 16, 2021, the conversion rate for each share of Series G Preferred Stock was amended to equal (i)(a) 6.45% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series G Certificate, divided by (ii) the total
number of shares of Series G Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and does not change after the Approval Date. Based on the current fully-diluted shares outstanding, this
equated to 255,555,556 shares of common stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number
of shares of Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock
equivalents) into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number
of shares of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of
such date of exercise, divided by 0.9355.
We
received $4,600,000 in subscriptions for 4,600 of shares Series G Preferred Stock that we valued at $1,000 per share based on
the cash price. On November 2, 2021, all the 4,600 shares of Series G Preferred Stock were converted into 255,555,556 shares of
our Common Stock. At September 30, 2023, no shares of Series G Preferred Stock are outstanding.
Series
H Preferred Stock
On
November 5, 2021, we designated 39,895 shares of Series H Preferred Stock, which have a stated value of $1.00 per share, subject
to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions
or other similar events occurring after the date which the Series H are issued. Shares of Series H Preferred Stock have no voting
rights and are senior in dividend rights and liquidation preference to our Common Stock and all other Common Stock Equivalents.
Each share of Series H Preferred Stock may be converted into 1,000 shares of Common Stock, subject to a maximum ownership limit
of 9.99%.
On
November 11, 2021, pursuant to an exchange agreement that we entered into with the Investors, 39,895,000 of our shares of Common
Stock held by the Investors were exchanged for 39,895 shares of our Series H Preferred Stock and we cancelled the 39,895,000 shares.
We valued the 39,895,000 shares and 39,895 shares of Series H Preferred Stock at $3,989,500. At September 30, 2023 and December 31,
2022, 39,895 shares of Series H Preferred Stock remain outstanding.
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v3.24.1.1.u2
Shareholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Shareholders’ Equity |
Note
9 Shareholders’ Equity
Preferred
Stock
As
of September 30, 2023 and December 31, 2022, we are authorized to issue 50,000,000 shares of Preferred Stock, with designations, voting,
and other rights and preferences to be determined by our Board of Directors of which 48,617,400 remain available for designation
and issuance.
Series
B Preferred Stock
There
are 100 designated and authorized shares of Series B Preferred Stock. Holders of Series B Preferred Stock have the right to vote
on all shareholder matters equal to 51% of the total voting power of each class of stock outstanding. Holders of shares of Series
B Preferred are entitled to such 51% voting rights regardless of the number of voting shares issued by the company at any time.
On
July 17, 2020, 100 Series B Preferred Stock were issued to acquire the Casa Zeta-Jones Brand License Agreement (the “License
Agreement”) from Luxurie Legs, LLC, a limited liability company organized pursuant to the laws of the State of Delaware
(“LUXURIE”), pursuant to which, at the effective time, LUXURIE transferred all of its right, title and interest in
the License Agreement to Madison in exchange for a controlling interest in Madison represented by newly issued preferred stock.
Although the Series B Preferred Stock is entitled to 51% voting rights as described above, the stock has no dividend rate nor
conversion feature.
On
February 17, 2021, the 100 shares Series B Preferred Stock were transferred from Mr. Canouse (our former director and Chief Executive
Officer), to the FFO1 2021 Irrevocable Trust, a company Mr. Falcone (our director and CEO) is the trustee and has the voting and
dispositive power. The 100 shares of Series B Preferred are included in the Pledged Assets.
At
September 30, 2023 and December 31, 2022, there were 100 Series B Preferred shares outstanding, respectively.
Common
Stock
As
of September 30, 2023 and December 31, 2022 there were 1,603,095,243, shares outstanding.
Warrants
On
January 10, 2023, we issued two unsecured convertible subordinate notes totaling $220,000 and in connection with one of the notes
sold, we issued the noteholder a warrant to purchase up to 40,000,000 shares of our Common Stock at $0.02 per share starting January
10, 2023 and ending January 10, 2030.
The
Warrants issued were loan incentives. The value was allocated to the warrants based on its fair value on the date of the grant,
as determined using the Black-Scholes option pricing model.
For
the nine months ended September 30, 2023, a summary of our warrant activity is as follows:
| |
Number
of Warrants | | |
Weighted-
Average Exercise
Price | | |
Weighted-
Average Remaining
Contractual Term
(Years) | | |
Weighted-
Average
Grant-
Date Fair
Value | | |
Aggregate
Intrinsic Value | |
Outstanding and exercisable
at January 1, 2023 | |
| 246,173,016 | | |
$ | 0.021 | | |
| 3.69 | | |
$ | 399,783 | | |
$ | 4,431,114 | |
| |
| | | |
| | | |
| | | |
| | | |
| - | |
Issued | |
| 40,000,000 | | |
$ | 0.020 | | |
| 6.29 | | |
| — | | |
$ | — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Expired | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding and exercisable at September
30, 2023 | |
| 286,173,016 | | |
$ | 0.021 | | |
| 3.41 | | |
$ | 343,904 | | |
$ | 4,431,114 | |
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v3.24.1.1.u2
Discontinued Operations
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
Note
10 Discontinued Operations
In
the fourth quarter of 2022, management at that time determined that Sovryn’s television broadcast business was not an efficient
use of our resources to develop and launch BCTV, our core business, and management sought to exit Sovryn’s business and
pay down the Company’s senior debt associated with acquiring Sovryn’s assets and creating its business. As a result,
Sovryn is recognized as a discontinued operation in the accompanying condensed consolidated financial statements. Effective February
1, 2023, we assigned 100% ownership of Sovryn to the Investors. The previous year’s assets, liabilities and expenses have
been similarly classified for comparative purposes. The following is a summary of Sovryn for the nine months ended September 30, 2023
and 2022:
Schedule
of previous year assets liabilities and expenses
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Current
assets | |
$ | — | | |
$ | 92,970 | |
Property, equipment
and right-of-use assets | |
| — | | |
| 2,664,994 | |
Intangible assets | |
| — | | |
| 12,024,012 | |
Total Assets | |
| — | | |
| 14,781,976 | |
Liabilities | |
| | | |
| | |
Accounts payable
and accrued liabilities | |
| — | | |
| 1,025,720 | |
Lease liability obligations | |
| — | | |
| 1,465,584 | |
Total Liabilities | |
| — | | |
| 2,492,305 | |
| |
| | | |
| | |
Revenues | |
| 163,620 | | |
| 1,431,762 | |
Selling, general
and administrative | |
| (173,359 | ) | |
| (425,524 | ) |
Television operation | |
| — | | |
| (257,483 | ) |
Amortization | |
| — | | |
| (242,481 | ) |
Professional fees | |
| — | | |
| (1,072,374 | ) |
Interest expense | |
| — | | |
| (80,622 | ) |
Gain (loss) on asset
disposals | |
| 6,695,083 | | |
| (52,668 | ) |
Impairment loss | |
| — | | |
| — | |
| |
| | | |
| | |
Gain (loss) from discontinued operations | |
$ | 6,685,344 | | |
$ | (699,389 | ) |
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v3.24.1.1.u2
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
11 Income Taxes
Income
tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows:
| |
September
30,
2023 | | |
September
30, 2022 | |
Net loss for the nine-month
period | |
$ | (19,567,431 | ) | |
$ | (6,949,431 | ) |
Statutory and effective tax rates | |
| 21.0 | % | |
| 21.0 | % |
Income taxes expenses (recovery) at
the effective rate | |
$ | (4,109,161 | ) | |
$ | (1,459,380 | ) |
Effect of change in tax rates | |
| — | | |
| — | |
Permanent differences | |
| — | | |
| — | |
Valuation allowance | |
| 4,109,161 | | |
| 1,459,380 | |
Income tax expense and income tax liability | |
$ | — | | |
$ | — | |
As
of September 30, 2023 and December 31, 2022, the tax effect of the temporary timing differences that give rise to significant components
of deferred income tax asset are noted below. A valuation allowance has been recorded, as management believes it is more likely
than not that the deferred income tax asset will not be realized.
Schedule
of deferred income tax asset
| |
September
30,
2023 | | |
December
31, 2022 | |
Tax loss carried forward | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Deferred tax assets | |
$ | 6,868,521 | | |
$ | 2,759,360 | |
Valuation allowance | |
| (6,868,521 | ) | |
| (2,759,360 | ) |
Deferred taxes recognized | |
$ | — | | |
$ | — | |
Tax
losses of approximately $30 million will expire in 2039 and 2040.
|
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v3.24.1.1.u2
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
12 Subsequent Events
On
September 21, 2023, the Agent for the Investors delivered a notice to us that the Agent has exercised the Investors’ rights
to vote the Pledged Interests (as defined in such notice) and to exercise the Investors’ rights, powers and privileges,
to pass certain resolutions and to amend our bylaws then in effect to, among other things, (i) remove the board of directors of
the Company (the “Board of Directors”) and all officers of the Company, and (ii) reduce the number of the Board of
Directors from three to one director. As a result of the Agent delivering such notice and exercising its rights to vote the Pledged
Interests, a change of control of the Company occurred (the “Change of Control”).
On
the two-year anniversary of the October 11, 2021 issuance of the Series E-1 shares, the shares were to be automatically converted
into 1,152,500,000 shares of our Common Stock, however we did not process the conversion and have not to date.
On
November 6, 2023, the shareholders of the Company removed Philip Falcone and Warren Zenna as our directors and appointed Thomas
Amon as the sole member of our board of directors. Mr. Amon removed all Company officers and appointed himself as the Company’s
President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer, Principal Executive Officer and Principal Accounting
Officer.
On
November 10, 2023, Philip Falcone, individually and on behalf of the Company and other named defendants, filed a Confession of
Judgment affirming that a promissory note (the “Z4 Note”) had been issued by the Company, dated December 28, 2021,
by Z4 MGMT LLC (“Z4”), which was guaranteed by each of FFO1 2021 Irrevocable Trust and FFO2 2021 Irrevocable Trust.
The Z4 Note was initially payable on February 15, 2022, and had an original principal balance of $500,000 with an interest rate
of 12% per annum. The Z4 Note’s expiration date was extended to July 5, 2022, then further extended to March 31, 2023, and
as of October 1, 2023, the revised principal balance, along with interest accrued, totaled $581,304. On such date, Z4 filed an
Affidavit of Default affirming that the Z4 Note was in default and requesting a judgment in the amount of $581,304 against the
Company, FFO1 2021 Irrevocable Trust, FFO2 2021 Irrevocable Trust, and Mr. Falcone personally, in favor of Z4. On December 5,
2023, a judgement in favor Z4 Management in the sum of $581,304 was rendered against us, Mr. Falcone, FFO1 2021 Irrevocable Trust
and FFO2 2021 Irrevocable Trust.
On
February 18, 2024, Agile Capital Funding LLC (“Agile”) filed a Confession of Judgment executed by Philip Falcone with
the Supreme Court of the State of New York County of New York that affirmed that the Company owes Agile for funds received on
January 30, 2023, less funds the Company subsequently repaid, and for accrued interest and collection fees, which Agile determined
to be $190,444 as of February 18, 2024. To date, the liability for the judgment has not been satisfied.
Presently,
we are default on all of our outstanding promissory and convertible notes payable (See Notes 4, 5 and 6), which have $4.1 million
in aggregate principal outstanding plus accrued interest, penalties and fees.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of estimates |
Use
of estimates
The
preparation of the condensed consolidated financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting
period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information
available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules
for the estimate, which is typically in the period when new information becomes available to management. Actual results could
differ from those estimates.
|
Consolidation |
Consolidation
The
accompanying condensed consolidated financial statements include the accounts of our current and former wholly owned subsidiaries,
Blockchain.tv, Inc. and SovRryn Holdings Inc. (“Sovryn”). Sovryn is consolidated up until January 31, 2023 and recognized
as a discontinued operation. All the intercompany balances and transactions have been eliminated in the consolidation.
|
Interim Reporting |
Interim
Reporting
While the information presented in the
accompanying interim three-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management,
necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance
with accounting principles generally accepted in the United States of America. These interim financial statements follow the same
accounting policies and methods of their application as the Company’s December 31, 2022 annual financial statements. All
adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with
the Company’s December 31, 2022 annual financial statements. Operating results for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that can be expected for the year ended December 31, 2023.
|
Segment reporting |
Segment
reporting
Our
chief operating decision maker is our chief executive officer, who reviews information on an aggregated basis.
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified to conform to the current year presentation.
|
Revenue recognition |
Revenue
recognition
We
adopted the ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). We recognize revenue when we transfer
promised services to the customer. The performance obligation is the monthly services rendered. We have one main revenue source
which is leasing of television station channels. Accordingly, we recognize revenue when services are provided as time passes the
customers have access to utilize the channel. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. For January 2023, we had one main revenue source, which is the leasing of television
channels, and no revenue source thereafter. Where there is a leasing contract for channels, we bill monthly for our services as
rendered. Where there is no contract, the revenue is recognized as provided.
We
recognize revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
● |
identify the contract
with a customer; |
● |
identify the performance
obligations in the contract; |
● |
determine the transaction
price; |
● |
allocate the transaction
price to performance obligations in the contract; and |
● |
recognize revenue
as the performance obligation is satisfied. |
Advances
from client deposits are contract liabilities with customers that represent our obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, we obtain retainers to lessen our risk of non-payment by our customers.
Advances from client deposits are recognized as revenue as we meet specified performance obligations as detailed in the contract.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
In
accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived
assets such as plant and equipment and intangible assets we hold and use are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and
used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected
to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the
amount by which the carrying amounts of the assets exceed the fair value of the assets.
|
Financial instruments |
Financial
instruments
Our
financial instruments consist principally of accounts payable, accrued liabilities and notes payable. The carrying amounts of
such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term
nature or the underlying terms are consistent with market terms. It is the management’s opinion that we are not exposed
to any significant currency or credit risks arising from these financial instruments.
|
Fair value measurements |
Fair
value measurements
We
follow the guidelines in ASC Topic 820 “Fair Value Measurements and Disclosures”. Fair value is defined as the price
that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded
at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements
or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions
and credit risk.
We
apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases
the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.
All financial instruments approximate their fair value.
|
Level 1 —
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. |
|
Level 2 —
Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities |
|
Level 3—inputs
are generally unobservable and typically reflect management’s estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option
pricing models and discounted cash flow models. |
|
Convertible Notes with Fixed Rate Conversion Options |
Convertible
Notes with Fixed Rate Conversion Options
We
may enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding
principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the
common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount.
We record the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on
the note date with a charge to interest expense in accordance with ASC 480–- “Distinguishing Liabilities from Equity”.
|
Derivative Liabilities |
Derivative
Liabilities
We
have certain financial instruments that are derivatives or contain embedded derivatives. We evaluate all of our financial instruments
to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately
accounted for in accordance with ASC 810-10-05-4 and 815-40. This accounting treatment requires that the carrying amount of any
derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In the event that the fair
value is recorded as a liability, as is the case with us, the change in the fair value during the period is recorded as either
other income or expense. Upon conversion, exercise or repayment, the respective derivative liability is marked to fair value at
the conversion, repayment or exercise date and then the related fair value amount is reclassified to other income or expense as
part of gain or loss on extinguishment.
|
Loss per share |
Loss
per share
Net
Loss Per Share
Basic
loss per share is calculated by dividing the loss attributable to stockholders by the weighted-average number of shares outstanding
for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in our earnings
(loss). Diluted loss per share is computed by dividing the loss available to stockholders by the weighted average number of shares
outstanding for the period and dilutive potential shares outstanding unless such dilutive potential shares would result in anti-dilution.
As of September 30, 2023 and 2022, no options were outstanding and 286,173,016 and 231,173,016 warrants were outstanding and exercisable,
respectively. Additionally, as of September 30, 2023 and 2022, the outstanding principal balance, including accrued interest of the
third-party convertible debt, totaled $23,656,587 and $19,874,163, respectively, and was convertible into 1,212,624,000 and 1,014,123,286
shares of Common Stock, respectively. We issued shares of preferred stock (“Preferred Stock”) that may be converted
into our Common Stock. Of the outstanding shares of Preferred Stock as of September 30, 2023, as applicable, Series A Preferred Stock
was convertible into 318,056,580 shares of Common Stock, Series D Preferred Stock was convertible into 155,000,000 shares of Common
Stock, Series E-1 Preferred Stock was convertible into 1,152,500,000 shares of Common Stock and Series H Preferred Stock was convertible
into 39,895,000 shares of Common Stock. The total potentially dilutive shares calculated are 3,164,248,596 and 2,592,691,302 as
of September 30, 2023 and 2022, respectively. It should be noted that contractually the limitations on the third-party notes (and the
related warrants) limit the number of shares converted into either 4.99% or 9.99% of the then outstanding shares. As of September 30,
2023 and 2022, potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 286,173,016 | | |
| 231,173,016 | |
Convertible Preferred Stock | |
| 1,665,451,580 | | |
| 1,347,395,000 | |
Convertible debt | |
| 1,212,624,000 | | |
| 1,014,123,286 | |
Total | |
| 3,164,248,596 | | |
| 2,592,691,302 | |
|
Related Party Transactions |
Related
Party Transactions
We
follow FASB ASC subtopic 850-10, “Related Party Transactions”, for the identification of related parties and disclosure
of related party transactions.
Pursuant
to ASC 850-10-20, related parties include: (a) our affiliates; (b) entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15,
to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and
profit sharing trusts that are managed by or under the trusteeship of management; (d) our principal owners; ©) our management;
(f) other parties with which we may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests;
and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that
have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or
more of the transacting parties might be prevented from fully pursuing its own separate interests.
Material
related party transactions are required to be disclosed in the condensed consolidated financial statements, other than compensation
arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions
that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The
disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions
to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operation are presented,
and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements;
(c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects
of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related
parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
|
Discontinued operations |
Discontinued
operations
Discontinued
operations are components of an entity that either have been disposed or abandoned or is classified as held for sale. Additionally,
in order to qualify as a discontinued operation, the disposal or abandonment must represent a strategic shift that has or will
have a major effect on an entity’s operations and financial results.
|
Income taxes |
Income
taxes
We
follow the guideline under ASC Topic 740 Income Taxes. “Accounting for Income Taxes” which requires the recognition
of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of
differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on
enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Due
to the uncertainty regarding our future profitability, the future tax benefits of its losses have been fully reserved.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
We
adopt new pronouncements relating to generally accepted accounting principles applicable to us as they are issued, which may be
in advance of their effective date.
We
do not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying condensed consolidated financial statements.
|
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Potentially Dilutive Securities |
Schedule
of Potentially Dilutive Securities
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 286,173,016 | | |
| 231,173,016 | |
Convertible Preferred Stock | |
| 1,665,451,580 | | |
| 1,347,395,000 | |
Convertible debt | |
| 1,212,624,000 | | |
| 1,014,123,286 | |
Total | |
| 3,164,248,596 | | |
| 2,592,691,302 | |
|
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v3.24.1.1.u2
Accounts Payable and Accrued Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accounts payable and accrued liabilities are summarized below: |
Accounts
payable and accrued liabilities are summarized below:
| |
September 30, 2023 | | |
December
31, 2022 | |
Accounts payable | |
$ | 390,737 | | |
$ | 371,987 | |
Accrued expenses | |
| 293,209 | | |
| 174,078 | |
Accrued interest | |
| 445,746 | | |
| 195,334 | |
| |
| | | |
| | |
| |
| | | |
| | |
Total | |
$ | 1,129,692 | | |
$ | 741,399 | |
|
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v3.24.1.1.u2
Derivative Liability (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Derivative Liability |
For the nine months ended September 30, 2023, our derivative liability was as follows:
Schedule
of Derivative Liability
| |
September 30, 2023 | |
Balance at January 1, 2023 | |
$ | 4,429,329 | |
| |
| | |
Liability for Warrants issued | |
| — | |
| |
| | |
Balance at September 30, 2023 | |
$ | 4,429,329 | |
|
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v3.24.1.1.u2
Convertible Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Notes Payable |
|
Schedule of Convertible Notes Payable |
Our
convertible notes payable, all of which are current liabilities, are as follows as of:
Schedule
of Convertible Notes Payable
| |
| | |
September
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| | |
| |
Series 1 | |
| (a) | | |
| 1,050,000 | | |
| 1,050,000 | |
| |
| | | |
| | | |
| | |
Series 2 | |
| (b) | | |
| 470,000 | | |
| 250,000 | |
| |
| | | |
| | | |
| | |
Series 3 | |
| (c) | | |
| 208,000 | | |
| 208,000 | |
| |
| | | |
| | | |
| | |
Series 4 | |
| (d) | | |
| 220,000 | | |
| 550,000 | |
| |
| | | |
| | | |
| | |
Series 5 | |
| (e) | | |
| 542,500 | | |
| 192,500 | |
| |
| | | |
| | | |
| | |
Series 6 | |
| (f) | | |
| 55,000 | | |
| 55,000 | |
Principal outstanding | |
| | | |
| 2,545,500 | | |
| 2,305,500 | |
Less discount | |
| | | |
| 73,083 | | |
| 426,094 | |
| |
| | | |
| | | |
| | |
Principal outstanding, net | |
| | | |
$ | 2,472,417 | | |
$ | 1,879,406 | |
(a) |
Series
1:
We
issued a total of $1,050,000 in subordinated convertible notes that bear interest at 6% per annum, matured on December
31, 2022 and may be converted at the noteholder’s option at any time into shares of our Common Stock at a fixed
price of $0.021 per share. We have not yet repaid the noteholders and are in default. |
|
|
(b) |
Series
2:
On
January 6, 2022, we issued to one of our shareholders a $250,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 6,250,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024.
We estimate the value of the warrant to be $112,500, based on a $0.018 price per share of our Common Stock that is treated
as a debt discount to be amortized over the term of the note. We have not yet repaid the noteholder and are in default.
On
January 14, 2022, we issued to one of our shareholders a $25,000 unsecured note payable that bears interest at 12% per
annum and matured on April 6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up
to 600,000 shares of our Common Stock at $0.021 per share at any time starting July 1, 2022 and ending July 1, 2024. We
estimate the value of the warrant to be $10,800, based on a $0.018 price per share of our Common Stock that we treated
as a debt discount to be amortized over the term of the note. In May 2022, we repaid the note.
On
February 17, 2022, we issued a $50,000 unsecured note payable that bears interest at 12% per annum and matured on April
6, 2022. In connection with such issuance, we issued the noteholder a warrant to purchase up to 1,250,000 shares of our
Common Stock at $0.021 per share at any time starting July 1, 2022, and ending July 1, 2024. We estimate the value of
the warrant to be $22,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount that
we amortized over the term of the note. In April 2022, we repaid the note. |
|
|
(c) |
Series
3:
On
February 15, 2022, we issued two $137,500 unsecured convertible notes payable bearing an 11.25% interest rate per annum
that matured on February 23, 2023 and have a $15,000 original issue discount. In connection with such issuances, we issued
the noteholders warrants to purchase up to 2,500,000 shares of our Common Stock at $0.10 per share that are exercisable
at any time until February 11, 2027. We estimate the total value of the warrants to be $90,000, based on a $0.018 price
per share of our Common Stock that we treat as a debt discount and amortize over the terms of the notes along with the
deferred financing fees. The notes’ principal and interest may be converted into our Common Stock at $0.02 per share.
On October 25, 2022, the noteholder converted $67,000 and $13,004 of note principal and interest, respectively. We have
not yet repaid the noteholders their outstanding principal and interest and are in default. |
|
|
(d) |
Series
4:
On
May 5, 2022, we issued a shareholder a convertible subordinate note totaling $110,000 that accrues interest at 12% per
annum and matured on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection
with such issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02
per share. We have not yet repaid the noteholders and are in default.
On
June 24, 2022, we issued a convertible subordinate note totaling $110,000 that accrues interest at 12% per annum and matured
on May 5, 2023. The note may be converted into shares of our Common Stock at $0.02 per share. In connection with such
issuance, we issued the noteholder a warrant to purchase up to 5,000,000 shares of our Common Stock at $0.02 per share.
We have not yet repaid the noteholders and are in default. |
(e) |
Series
5:
On
May 5, 2022, we issued an $82,500 note payable that has a $7,500 original issue discount, matured on May 5, 2023 and bears
interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to 3,750,000
shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate the total
value of the warrants to be $67,500, based on a $0.018 price per share of our Common Stock that we treat as a debt discount
and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $82,500 in note principal is outstanding.
We have not yet repaid the noteholders and are in default.
On
May 5, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on May 5, 2023 and
bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to purchase up to
5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5, 2029. We estimate
the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock that we treat as
a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000 in note principal
is outstanding. We have not yet repaid the noteholders and are in default.
On
October 14, 2022, we issued a $110,000 note payable that has a $10,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 5,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $90,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $110,000
in note principal is outstanding. We have not yet repaid the noteholders and are in default.
On
December 2, 2022, we issued a $220,000 note payable that has a $20,000 original issue discount and matured on October
14, 2023 and bears interest at 12% per annum. In connection with such issuance, we issued the noteholder a warrant to
purchase up to 10,000,000 shares of our Common Stock at $0.02 per share that is exercisable upon issuance until May 5,
2029. We estimate the total value of the warrants to be $180,000, based on a $0.018 price per share of our Common Stock
that we treat as a debt discount and amortize over the term of the note. As of September 30, 2023 and December 31, 2022, $220,000
in note principal is outstanding. We have not yet repaid the noteholder and are in default. |
|
|
(f) |
Series
6:
On
September 16, 2022, we issued a $55,000 note payable that has a $5,000 original issue discount and matured on September
16, 2023 and bears interest at 12% per annum. The note may be converted into shares of our Common Stock at the lesser
of $0.001 per share or at a 50% discount to the lowest closing price of our Common Stock within the past twenty days prior
to a conversion. As of September 30, 2023 and December 31, 2022, $55,000 in note principal is outstanding. We have not yet
repaid the noteholders and are in default. |
|
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v3.24.1.1.u2
Senior Secured Notes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Senior Secured Notes |
|
Schedule of senior secured Note |
As
of September 30, 2023 and December 31, 2022, the outstanding liability for the Notes is as follows:
Schedule
of senior secured Note
| |
September
30, 2023 | | |
December
31,
2022 | |
Principal | |
$ | 16,500,000 | | |
$ | 16,500,000 | |
| |
| | | |
| | |
Less discount | |
| 644,325 | | |
| 1,900,760 | |
| |
| | | |
| | |
Principal, net of discount | |
$ | 15,855,675 | | |
$ | 14,599,240 | |
|
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v3.24.1.1.u2
Shareholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
For the nine months ended September 30, 2023, a summary of our warrant activity is as follows: |
For
the nine months ended September 30, 2023, a summary of our warrant activity is as follows:
| |
Number
of Warrants | | |
Weighted-
Average Exercise
Price | | |
Weighted-
Average Remaining
Contractual Term
(Years) | | |
Weighted-
Average
Grant-
Date Fair
Value | | |
Aggregate
Intrinsic Value | |
Outstanding and exercisable
at January 1, 2023 | |
| 246,173,016 | | |
$ | 0.021 | | |
| 3.69 | | |
$ | 399,783 | | |
$ | 4,431,114 | |
| |
| | | |
| | | |
| | | |
| | | |
| - | |
Issued | |
| 40,000,000 | | |
$ | 0.020 | | |
| 6.29 | | |
| — | | |
$ | — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Expired | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding and exercisable at September
30, 2023 | |
| 286,173,016 | | |
$ | 0.021 | | |
| 3.41 | | |
$ | 343,904 | | |
$ | 4,431,114 | |
|
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v3.24.1.1.u2
Discontinued Operations (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of previous year assets liabilities and expenses |
Schedule
of previous year assets liabilities and expenses
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Current
assets | |
$ | — | | |
$ | 92,970 | |
Property, equipment
and right-of-use assets | |
| — | | |
| 2,664,994 | |
Intangible assets | |
| — | | |
| 12,024,012 | |
Total Assets | |
| — | | |
| 14,781,976 | |
Liabilities | |
| | | |
| | |
Accounts payable
and accrued liabilities | |
| — | | |
| 1,025,720 | |
Lease liability obligations | |
| — | | |
| 1,465,584 | |
Total Liabilities | |
| — | | |
| 2,492,305 | |
| |
| | | |
| | |
Revenues | |
| 163,620 | | |
| 1,431,762 | |
Selling, general
and administrative | |
| (173,359 | ) | |
| (425,524 | ) |
Television operation | |
| — | | |
| (257,483 | ) |
Amortization | |
| — | | |
| (242,481 | ) |
Professional fees | |
| — | | |
| (1,072,374 | ) |
Interest expense | |
| — | | |
| (80,622 | ) |
Gain (loss) on asset
disposals | |
| 6,695,083 | | |
| (52,668 | ) |
Impairment loss | |
| — | | |
| — | |
| |
| | | |
| | |
Gain (loss) from discontinued operations | |
$ | 6,685,344 | | |
$ | (699,389 | ) |
|
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v3.24.1.1.u2
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows: |
Income
tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows:
| |
September
30,
2023 | | |
September
30, 2022 | |
Net loss for the nine-month
period | |
$ | (19,567,431 | ) | |
$ | (6,949,431 | ) |
Statutory and effective tax rates | |
| 21.0 | % | |
| 21.0 | % |
Income taxes expenses (recovery) at
the effective rate | |
$ | (4,109,161 | ) | |
$ | (1,459,380 | ) |
Effect of change in tax rates | |
| — | | |
| — | |
Permanent differences | |
| — | | |
| — | |
Valuation allowance | |
| 4,109,161 | | |
| 1,459,380 | |
Income tax expense and income tax liability | |
$ | — | | |
$ | — | |
|
Schedule of deferred income tax asset |
Schedule
of deferred income tax asset
| |
September
30,
2023 | | |
December
31, 2022 | |
Tax loss carried forward | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Deferred tax assets | |
$ | 6,868,521 | | |
$ | 2,759,360 | |
Valuation allowance | |
| (6,868,521 | ) | |
| (2,759,360 | ) |
Deferred taxes recognized | |
$ | — | | |
$ | — | |
|
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v3.24.1.1.u2
Going Concern (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 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Net income loss |
$ (1,034,496)
|
$ (1,879,273)
|
$ (12,882,087)
|
$ (6,949,431)
|
$ 13,139,810
|
Working capital deficit |
|
|
|
|
13,860,314
|
Accumulated deficit |
$ 41,768,918
|
|
$ 41,768,918
|
|
$ 28,886,831
|
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v3.24.1.1.u2
Schedule of Potentially Dilutive Securities (Details) - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,164,248,596
|
2,592,691,302
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
286,173,016
|
231,173,016
|
Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,665,451,580
|
1,347,395,000
|
Convertible Debt [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,212,624,000
|
1,014,123,286
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
3,164,248,596
|
2,592,691,302
|
Interest on convertible debt, net of tax |
$ 23,656,587
|
$ 19,874,163
|
Debt conversion into stock |
1,212,624,000
|
1,014,123,286
|
Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Common stock, conversion basis |
4.99
|
|
Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Common stock, conversion basis |
9.99
|
|
Series A Preferred Stock [Member] | Common Stock [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
318,056,580
|
|
Series D Preferred Stock [Member] | Common Stock [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
155,000,000
|
|
Series E-1 Preferred Stock [Member] | Common Stock [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
1,152,500,000
|
|
Series H Preferred Stock [Member] | Common Stock [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
39,895,000
|
|
Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Conversion of shares, stock converted |
286,173,016
|
231,173,016
|
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v3.24.1.1.u2
Promissory Notes (Details Narrative) - USD ($)
|
Apr. 27, 2022 |
Jan. 14, 2022 |
Dec. 28, 2021 |
Jan. 10, 2024 |
Sep. 30, 2023 |
Jun. 26, 2022 |
Share issued price per share |
|
|
|
|
$ 0.02
|
|
Common Stock [Member] |
|
|
|
|
|
|
Share issued price per share |
$ 0.018
|
|
|
$ 0.02
|
|
|
Warrants and rights outstanding |
$ 45,000
|
|
|
|
|
|
Unsecured Debt [Member] |
|
|
|
|
|
|
Sale of notes payable |
|
$ 150,000
|
|
|
|
|
Debt fees payable |
|
$ 15,000
|
|
|
|
|
Debt instrument, maturity date |
|
Apr. 05, 2022
|
|
|
|
|
Unsecured Debt One [Member] |
|
|
|
|
|
|
Sale of notes payable |
|
$ 150,000
|
|
|
|
|
Debt fees payable |
|
$ 15,000
|
|
|
|
|
Debt instrument, maturity date |
|
Apr. 05, 2022
|
|
|
|
|
January 14, 2022 [Member] | Unsecured Debt [Member] |
|
|
|
|
|
|
Notes payable, outstanding |
|
|
|
|
$ 120,000
|
|
Promissory Note [Member] | December 28, 2022 [Member] |
|
|
|
|
|
|
Notes payable, outstanding |
|
|
|
|
500,000
|
|
Unsecured Notes Payable One [Member] |
|
|
|
|
|
|
Sale of notes payable |
$ 125,000
|
|
|
|
|
|
Debt instrument, maturity date |
Dec. 31, 2022
|
|
|
|
|
|
Debt original discount |
$ 12,500
|
|
|
|
|
|
Unsecured Notes Payable One [Member] | January 14, 2022 [Member] |
|
|
|
|
|
|
Notes payable, outstanding |
|
|
|
|
135,000
|
|
Unsecured Notes Payable One [Member] | April 27, 2022 [Member] |
|
|
|
|
|
|
Notes payable, outstanding |
|
|
|
|
$ 125,000
|
|
Unsecured Notes PayableTwo [Member] | Common Stock [Member] |
|
|
|
|
|
|
Purchase of warrants |
2,500,000
|
|
|
|
|
|
Warrant exercise price |
$ 0.025
|
|
|
|
|
|
Z4 Management LLC [Member] |
|
|
|
|
|
|
Sale of notes payable |
|
|
$ 500,000
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
12.00%
|
|
|
|
Warrants shares issued |
|
|
500,000
|
|
|
|
Warrant maturity date |
|
|
Dec. 31, 2023
|
|
|
|
Share issued price per share |
|
|
$ 0.018
|
|
|
$ 0.025
|
Warrants and rights outstanding |
|
|
$ 9,000
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.24.1.1.u2
Schedule of Convertible Notes Payable (Details) - USD ($)
|
|
12 Months Ended |
|
|
Apr. 27, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Oct. 25, 2022 |
Principal outstanding |
|
|
$ 2,305,500
|
$ 2,545,500
|
|
Less discount |
|
|
426,094
|
73,083
|
|
Principal outstanding, net |
|
|
1,879,406
|
$ 2,472,417
|
|
Fixed price per share |
|
|
|
$ 0.02
|
|
Convertible notes |
|
|
|
|
$ 67,000
|
Principal and interest |
|
|
|
|
$ 13,004
|
Unsecured Notes Payable One [Member] |
|
|
|
|
|
Maturity date |
|
Dec. 31, 2022
|
|
|
|
Series 1 [Member] |
|
|
|
|
|
Principal outstanding |
[1] |
|
1,050,000
|
$ 1,050,000
|
|
Series 1 [Member] | Unsecured Notes Payable One [Member] |
|
|
|
|
|
Principal outstanding |
|
|
$ 1,050,000
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
6.00%
|
|
|
Maturity date |
|
|
Dec. 31, 2022
|
|
|
Fixed price per share |
|
|
$ 0.021
|
|
|
Series 2 [Member] |
|
|
|
|
|
Principal outstanding |
[2] |
|
$ 250,000
|
470,000
|
|
Series 3 [Member] |
|
|
|
|
|
Principal outstanding |
[3] |
|
208,000
|
208,000
|
|
Series 4 [Member] |
|
|
|
|
|
Principal outstanding |
[4] |
|
550,000
|
220,000
|
|
Series 5 [Member] |
|
|
|
|
|
Principal outstanding |
[5] |
|
192,500
|
542,500
|
|
Series Six [Member] |
|
|
|
|
|
Principal outstanding |
[6] |
|
$ 55,000
|
$ 55,000
|
|
|
|
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v3.24.1.1.u2
Schedule of Convertible Notes payable (Details) (Parenthetical) - USD ($)
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
9 Months Ended |
|
|
|
|
|
|
Dec. 02, 2022 |
Oct. 14, 2022 |
Oct. 14, 2022 |
Sep. 16, 2022 |
Sep. 16, 2022 |
Jun. 24, 2022 |
May 05, 2022 |
May 05, 2022 |
Feb. 17, 2022 |
Jan. 14, 2022 |
Jan. 06, 2022 |
Feb. 17, 2021 |
Feb. 15, 2022 |
Sep. 30, 2022 |
Jan. 10, 2024 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Apr. 27, 2022 |
Oct. 11, 2021 |
Sep. 24, 2021 |
Common stock per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.02
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
|
|
|
Adjustment of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 9,000
|
|
|
|
|
|
|
Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0045
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
|
|
|
|
|
|
|
|
11.00%
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
|
|
|
192,073,017
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Investors [Member] | Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
|
|
|
192,073,017
|
192,073,017
|
Adjustment of warrants |
|
|
|
|
|
|
|
|
|
|
|
$ 864,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 45,000
|
|
|
Common stock per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.02
|
|
|
$ 0.018
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.02
|
|
|
|
|
|
|
|
Common Stock [Member] | Securities Purchase Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
|
|
|
192,073,017
|
|
|
|
|
|
|
|
|
Common stock per share |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0045
|
|
|
|
|
|
|
|
$ 0.02
|
Series 4 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock per share |
|
|
|
|
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes PayableTwo [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.025
|
|
|
Unsecured Notes PayableTwo [Member] | Series 2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
$ 50,000
|
$ 25,000
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
|
|
|
|
|
12.00%
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
|
Apr. 06, 2022
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
|
$ 0.021
|
$ 0.021
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes PayableTwo [Member] | Series 2 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
1,250,000
|
600,000
|
6,250,000
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
|
|
|
$ 0.021
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
|
|
$ 22,500
|
$ 10,800
|
$ 112,500
|
|
|
|
|
|
|
|
|
|
Common stock per share |
|
|
|
|
|
|
|
|
$ 0.018
|
|
$ 0.018
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
$ 90,000
|
|
|
|
|
|
|
|
Unsecured Notes Payable Three [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.018
|
|
|
|
|
|
|
|
Unsecured Notes Payable Three [Member] | Series 3 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
$ 137,500
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
|
|
|
|
|
|
|
|
|
11.25%
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
Feb. 23, 2023
|
|
|
|
|
|
|
|
Issue discount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,000
|
|
|
|
|
|
|
|
Unsecured Notes Payable Three [Member] | Series 3 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
Unsecured Notes Payable Four [Member] | Series 4 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
$ 110,000
|
$ 110,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
May 05, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Four [Member] | Series 4 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument convertible |
|
|
|
|
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Five [Member] | Series 5 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
$ 82,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
|
|
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
May 05, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
|
|
|
|
3,750,000
|
3,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
$ 0.02
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue discount |
|
|
|
|
|
|
$ 7,500
|
$ 7,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
82,500
|
82,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Five [Member] | Series 5 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
$ 67,500
|
$ 67,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
$ 0.018
|
$ 0.018
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Six [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 55,000
|
|
|
|
Unsecured Notes Payable Six [Member] | Series 5 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
$ 220,000
|
$ 110,000
|
|
|
|
|
|
$ 110,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
12.00%
|
12.00%
|
|
|
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
Oct. 14, 2023
|
|
|
|
May 05, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
10,000,000
|
5,000,000
|
5,000,000
|
|
|
|
5,000,000
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 0.02
|
$ 0.02
|
|
|
|
$ 0.02
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
$ 180,000
|
$ 90,000
|
$ 90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue discount |
$ 20,000
|
$ 10,000
|
$ 10,000
|
|
|
|
$ 10,000
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
$ 0.018
|
$ 0.018
|
$ 0.018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
$ 110,000
|
$ 110,000
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 220,000
|
|
|
|
|
Unsecured Notes Payable Six [Member] | Series 5 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
$ 90,000
|
$ 90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
|
$ 0.018
|
$ 0.018
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Six [Member] | Series Six [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
$ 55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, percentage |
|
|
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
Sep. 16, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue discount |
|
|
|
$ 5,000
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Notes Payable Six [Member] | Series Six [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
Convertible Notes Payable (Details Narrative) - USD ($)
|
Feb. 17, 2022 |
Oct. 11, 2021 |
Feb. 17, 2021 |
Jan. 10, 2024 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Apr. 27, 2022 |
Sep. 24, 2021 |
Common stock per share |
|
|
|
|
$ 0.02
|
|
|
|
Securities Purchase Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
11.00%
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
192,073,017
|
|
|
|
|
|
Debt conversion description |
|
|
The
Notes have a term of thirty-six months and mature on February 17, 2024, unless earlier converted. The Notes accrue interest at
a rate of 11% per annum, subject to increase to 20% per annum upon default. Interest is payable in cash on a quarterly basis beginning
on March 31, 2021. Notwithstanding the above, at our election, any interest payable on an applicable payment date may be paid
in registered shares of our Common Stock in an amount equal (A) the amount of the interest payment due on such date, divided by
(B) an amount equal to 80% of the average volume-weighted average price of our Common Stock for the five (5) days immediately
preceding the date of conversion.
|
|
|
|
|
|
Interest payable current and noncurrent |
|
|
|
|
$ 4,661,250
|
$ 3,300,000
|
|
|
Securities Purchase Agreement [Member] | Investors [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Common stock per share |
|
|
|
|
|
|
|
$ 0.025
|
Securities Purchase Agreement [Member] | Investors [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
Common stock per share |
|
|
|
|
|
|
|
$ 0.020
|
Securities Purchase Agreement [Member] | Investors [Member] | Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
192,073,017
|
1,000
|
|
|
|
|
192,073,017
|
Voting rights description |
|
The
Series F Preferred Stock has no voting rights and converts into 4.9% of our issued and outstanding shares of our Common Stock
on a fully diluted basis upon the date on which stockholder approval for such issuance is obtained
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
|
|
|
|
|
|
$ 45,000
|
|
Common stock per share |
|
|
|
$ 0.02
|
|
|
$ 0.018
|
|
Common Stock [Member] | Securities Purchase Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
|
|
192,073,017
|
|
|
|
|
|
Common stock per share |
|
|
$ 0.0045
|
|
|
|
|
$ 0.02
|
Unsecured Notes Payable [Member] |
|
|
|
|
|
|
|
|
Proceeds from unsecured note payable |
$ 50,000
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
12.00%
|
|
|
|
|
|
|
|
Maturity date |
Apr. 06, 2022
|
|
|
|
|
|
|
|
Warrants and rights outstanding |
$ 22,500
|
|
|
|
|
|
|
|
Unsecured Notes Payable [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Class of warrant or right number of securities called by warrants or right |
1,250,000
|
|
|
|
|
|
|
|
Warrant exercise price |
$ 0.021
|
|
|
|
|
|
|
|
Common stock per share |
$ 0.018
|
|
|
|
|
|
|
|
X |
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v3.24.1.1.u2
Schedule of senior secured Note (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Senior Secured Notes |
|
|
Principal |
$ 16,500,000
|
$ 16,500,000
|
Less discount |
644,325
|
1,900,760
|
Principal, net of discount |
$ 15,855,675
|
$ 14,599,240
|
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v3.24.1.1.u2
Related Party (Details Narrative) - Chief Executive Officer [Member] - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Advance funds |
|
$ 28,658
|
|
|
Green Rock L L C [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Consulting fees |
|
|
$ 35,000
|
$ 270,000
|
Payment for bonus |
$ 0
|
$ 255,794
|
$ 163,473
|
$ 488,934
|
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v3.24.1.1.u2
Mezzanine Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
9 Months Ended |
|
|
Nov. 11, 2021 |
Nov. 05, 2021 |
Nov. 02, 2021 |
Oct. 11, 2021 |
Sep. 16, 2021 |
Aug. 20, 2021 |
Feb. 17, 2021 |
Feb. 16, 2021 |
Jul. 17, 2020 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Feb. 15, 2022 |
Debt instrument converted shares |
|
|
|
|
|
|
|
|
|
1,212,624,000
|
1,014,123,286
|
|
|
Convertible note spayable |
|
|
|
|
|
|
|
|
|
$ 2,545,500
|
|
$ 2,305,500
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of convertible shares |
|
|
255,555,556
|
|
|
|
192,073,017
|
75,000,000
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.02
|
Common Stock [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of shares |
39,895,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
1,091,388,889
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
|
|
|
|
9.99%
|
|
|
|
Debt instrument converted shares |
|
|
|
|
|
|
|
|
|
3,420
|
|
|
|
Diluted shares |
|
|
|
|
|
|
|
|
|
360,000,000
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
92,999
|
|
|
|
|
Shares issued for license |
|
|
|
|
|
|
|
|
$ 343,094
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
|
|
|
|
9.99%
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
10,000
|
|
10,000
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 100
|
|
$ 100
|
|
Series C Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument converted shares |
|
|
|
|
|
|
|
|
|
100
|
|
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
230,000
|
|
230,000
|
|
Temporary equity stated value per share |
|
|
|
|
|
|
|
|
|
$ 3.32
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
$ 1,028,000
|
|
|
|
|
|
Convertible note spayable |
|
|
|
|
|
|
|
$ 230,000
|
|
|
|
|
|
Conversion of convertible shares |
|
|
|
|
|
|
|
75,000
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
155,000
|
|
|
|
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
155,000
|
|
155,000
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 3.32
|
|
$ 3.32
|
|
Series D Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
|
|
|
|
4.99%
|
|
|
|
Series D Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
|
|
|
|
9.99%
|
|
|
|
Series D Preferred Stock [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument converted shares |
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
1,000
|
|
1,000
|
|
Temporary equity stated value per share |
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
Temporary equity description |
|
|
|
|
the conversion rate for each share of Series E Preferred Stock was amended to equal (i)(a) 56.60% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series E Certificate), divided by (ii) the total
number of shares of Series E Preferred Stock, (iii) rounded to the nearest thousandth. The total number of Fully-Diluted Shares
is set as of, and cannot change after the Approval Date. Based on the current fully-diluted shares outstanding, this equated to
2,243,888,889 shares of Common Stock. Fully-Diluted means the aggregate of (A) the total number of shares of Common Stock outstanding
as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents) into which all Convertible
Securities outstanding as of such date could be converted or exercised, and (C) the number of shares of Common Stock (including
all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date of exercise, divided by 0.4340
|
|
|
|
|
|
|
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
Series E Preferred Stock [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of convertible shares |
|
|
|
|
1,000
|
|
|
|
|
|
|
|
|
Conversion of shares |
|
|
|
|
1,000
|
|
|
|
|
|
|
|
|
Conversion of convertible securities |
|
|
|
|
$ 4,225,062
|
|
|
|
|
|
|
|
|
Series E Preferred Stock [Member] | Sovryn Holdings, Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued on acquisition, shares |
|
|
|
|
|
|
|
1,000
|
|
|
|
|
|
Number of shares issued on acquisition |
|
|
|
|
|
|
|
$ 4,225,062
|
|
|
|
|
|
Series E-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
1,152,500
|
|
1,152,500
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
1,152,500
|
|
1,152,500
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.87
|
|
$ 0.87
|
|
Series E-1 Preferred Stock [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
1,152,500
|
|
|
|
|
|
|
|
|
Series E One Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
1,152,500
|
|
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
1,152,500
|
|
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.87
|
|
|
|
Shares converted into common stock |
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for license |
|
|
|
|
|
|
$ 864,000
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
|
|
|
|
1,000
|
|
1,000
|
|
Conversion of convertible shares |
|
|
|
|
|
|
1,000
|
|
|
|
|
|
|
Temporary equity description |
|
|
|
|
the conversion rate for each share of Series F Preferred Stock was amended to equal (i)(a) 4.84% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series F Certificate), divided by (ii) the total
number of shares of Series F Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and can not change after the Approval Date. Based on the full-diluted shares outstanding, this equated to
192,073,017 shares of Common Stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number of shares of
Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock equivalents)
into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number of shares
of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of such date
of exercise, divided by 0.9516.
|
|
|
|
|
|
|
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 1
|
|
$ 1
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.0045
|
|
|
|
|
|
|
Series F Preferred Stock [Member] | Sovryn Holdings, Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued on acquisition, shares |
|
|
|
1,000
|
|
|
|
|
|
|
|
|
|
Number of shares issued on acquisition |
|
|
|
$ 192,073,017
|
|
|
|
|
|
|
|
|
|
Series G Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
4,600
|
|
|
|
Shares issued for license |
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
|
4,600
|
|
|
|
4,600
|
|
4,600
|
|
Conversion of convertible shares |
|
|
4,600
|
|
|
|
|
|
|
|
|
|
|
Temporary equity description |
|
|
|
|
the conversion rate for each share of Series G Preferred Stock was amended to equal (i)(a) 6.45% multiplied
by, (b) the Fully-Diluted shares as of the Approval Date (each as defined in the Series G Certificate, divided by (ii) the total
number of shares of Series G Preferred Stock, (iii) rounded to the nearest thousandths place. The total number of Fully-Diluted
Shares is set as of, and does not change after the Approval Date. Based on the current fully-diluted shares outstanding, this
equated to 255,555,556 shares of common stock on the Approval Date. Fully-Diluted means the aggregate of (A) the total number
of shares of Common Stock outstanding as of such date, (B) the number of shares of Common Stock (including all such Common Stock
equivalents) into which all Convertible Securities outstanding as of such date could be converted or exercised, and (C) the number
of shares of Common Stock (including all such Common Stock equivalents) issuable upon exercise of all options outstanding as of
such date of exercise, divided by 0.9355.
|
|
|
|
|
|
|
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
0
|
|
0
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 1,000
|
|
$ 1,000
|
|
Temporary equity, value, subscriptions |
|
|
|
|
|
|
|
|
|
$ 4,600,000
|
|
|
|
Series G Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
4.99%
|
|
|
|
|
|
|
|
Series G Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion percentage |
|
|
|
|
|
9.90%
|
|
|
|
|
|
|
|
Series H Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary equity, shares authorized |
|
39,895
|
|
|
|
|
|
|
|
39,895
|
|
39,895
|
|
Temporary equity, shares outstanding |
|
|
|
|
|
|
|
|
|
39,895
|
|
39,895
|
|
Temporary equity, stated value |
|
$ 1.00
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Temporary equity, stated value |
|
|
|
|
|
|
|
|
|
$ 1
|
|
$ 1
|
|
Voting rights, description |
|
Shares of Series H Preferred Stock have no voting
rights and are senior in dividend rights and liquidation preference to our Common Stock and all other Common Stock Equivalents.
Each share of Series H Preferred Stock may be converted into 1,000 shares of Common Stock, subject to a maximum ownership limit
of 9.99%
|
|
|
|
|
|
|
|
|
|
|
|
Series H Preferred Stock [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of shares |
39,895
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
39,895
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of shares |
$ 3,989,500
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.24.1.1.u2
For the nine months ended September 30, 2023, a summary of our warrant activity is as follows: (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Aggregate intrinsic value, issued |
|
Warrant [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Number of warrants, balance, beginning of year | shares |
246,173,016
|
Weighted average exercise price, beginning of year | $ / shares |
$ 0.021
|
Weighted average life excercised (in years) |
4 years 1 month 16 days
|
Weighted average grant date fair value, beginning of period |
$ 399,783
|
Aggregate intrinsic value , beginning balance |
$ 4,431,114
|
Weighted average exercise price, issued | $ / shares |
$ 0.020
|
Weighted average life (years), issued |
4 years 1 month 16 days
|
Weighted average grant date fair value, issued |
|
Aggregate intrinsic value, issued |
|
Number of warrants, balance, end of period | shares |
286,173,016
|
Weighted average exercise price, ending of year | $ / shares |
$ 0.021
|
Weighted average life excercised (in years) |
4 years 1 month 16 days
|
Weighted average grant date fair value, end of period |
$ 343,904
|
Aggregate intrinsic value, ending balance |
$ 4,431,114
|
Warrant [Member] | February Seventeen Twenty Twenty One [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Number of warrants, issued | shares |
40,000,000
|
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v3.24.1.1.u2
Shareholders’ Equity (Details Narrative) - USD ($)
|
|
|
9 Months Ended |
12 Months Ended |
|
|
Jan. 10, 2024 |
Jul. 17, 2020 |
Sep. 30, 2023 |
Feb. 17, 2022 |
Dec. 31, 2022 |
Apr. 27, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
50,000,000
|
|
50,000,000
|
|
Preferred stock, shares designated |
|
|
48,617,400
|
|
48,617,400
|
|
Common stock, shares outstanding |
|
|
1,603,095,243
|
|
1,603,095,243
|
|
Common stock per share |
|
|
$ 0.02
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Common stock per share |
$ 0.02
|
|
|
|
|
$ 0.018
|
Unsecured Convertible Notes Payable [Member] | Warrant [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Proceeds from unsecured notes payable |
$ 220,000
|
|
|
|
|
|
Unsecured Convertible Notes Payable [Member] | Common Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Warrants purchase |
40,000,000
|
|
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
100
|
|
100
|
|
Preferred stock, voting rights |
|
Although the Series B Preferred Stock is entitled to 51% voting rights as described above, the stock has no dividend rate nor
conversion feature.
|
Holders of Series B Preferred Stock have the right to vote
on all shareholder matters equal to 51% of the total voting power of each class of stock outstanding. Holders of shares of Series
B Preferred are entitled to such 51% voting rights regardless of the number of voting shares issued by the company at any time.
|
|
|
|
Preferred stock, shares outstanding |
|
|
100
|
|
100
|
|
Series B Preferred Stock [Member] | Mr. Canouse [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Conversion of shares |
|
|
|
100
|
|
|
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|
|
|
|
|
|
Class of Stock [Line Items] |
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|
|
|
|
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v3.24.1.1.u2
Schedule of previous year assets liabilities and expenses (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Mar. 31, 2022 |
Sep. 30, 2023 |
Assets |
|
|
Current assets |
$ 92,970
|
|
Property, equipment and right-of-use assets |
2,664,994
|
|
Intangible assets |
12,024,012
|
|
Total Assets |
14,781,976
|
|
Liabilities |
|
|
Accounts payable and accrued liabilities |
1,025,720
|
|
Lease liability obligations |
1,465,584
|
|
Total Liabilities |
2,492,305
|
|
Revenues |
1,431,762
|
163,620
|
Selling, general and administrative |
(425,524)
|
(173,359)
|
Television operation |
(257,483)
|
|
Amortization |
(242,481)
|
|
Professional fees |
(1,072,374)
|
|
Interest expense |
(80,622)
|
|
Gain (loss) on asset disposals |
(52,668)
|
6,695,083
|
Impairment loss |
|
|
Gain (loss) from discontinued operations |
$ (699,389)
|
$ 6,685,344
|
X |
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v3.24.1.1.u2
Income tax recovery differs from that which would be expected from applying the effective tax rates to the net income (loss) as follows: (Details) - 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 |
Income Tax Disclosure [Abstract] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 1,034,496
|
$ 1,879,273
|
$ 12,882,087
|
$ 6,949,431
|
$ (13,139,810)
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ (1,034,496)
|
$ (1,879,273)
|
$ (12,882,087)
|
$ (6,949,431)
|
$ 13,139,810
|
Statutory and effective tax rates |
|
|
21.00%
|
21.00%
|
|
Income taxes expenses (recovery) at the effective rate |
|
|
$ (4,109,161)
|
$ (1,459,380)
|
|
Effect of change in tax rates |
|
|
|
|
|
Permanent differences |
|
|
|
|
|
Valuation allowance |
|
|
4,109,161
|
1,459,380
|
|
Income tax expense and income tax liability |
|
|
|
|
|
X |
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|
Sep. 30, 2023 |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Tax loss carried forward |
|
|
Deferred tax assets |
6,868,521
|
2,759,360
|
Valuation allowance |
(6,868,521)
|
(2,759,360)
|
Deferred taxes recognized |
|
|
X |
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v3.24.1.1.u2
Subsequent Events (Details Narrative) - USD ($)
|
Nov. 10, 2023 |
Sep. 21, 2023 |
Feb. 18, 2024 |
Subsequent Event [Line Items] |
|
|
|
Other subsequent description |
On
November 10, 2023, Philip Falcone, individually and on behalf of the Company and other named defendants, filed a Confession of
Judgment affirming that a promissory note (the “Z4 Note”) had been issued by the Company, dated December 28, 2021,
by Z4 MGMT LLC (“Z4”), which was guaranteed by each of FFO1 2021 Irrevocable Trust and FFO2 2021 Irrevocable Trust.
The Z4 Note was initially payable on February 15, 2022, and had an original principal balance of $500,000 with an interest rate
of 12% per annum. The Z4 Note’s expiration date was extended to July 5, 2022, then further extended to March 31, 2023, and
as of October 1, 2023, the revised principal balance, along with interest accrued, totaled $581,304. On such date, Z4 filed an
Affidavit of Default affirming that the Z4 Note was in default and requesting a judgment in the amount of $581,304 against the
Company, FFO1 2021 Irrevocable Trust, FFO2 2021 Irrevocable Trust, and Mr. Falcone personally, in favor of Z4
|
|
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Accrued interest and collection fees |
|
|
$ 190,444
|
Accrued interest, penalties and fees |
|
|
$ 4,100,000
|
Common Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Shares converted |
|
1,152,500,000
|
|
X |
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Madison Technologies (CE) (USOTC:MDEX)
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