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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q/A
Amendment No. 1
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period
ended July 31, 2023
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For the transition period from _______
to ________.
Commission file number:
0-9483
SPARTA
COMMERCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
30-0298178 |
(State
or other jurisdiction of |
|
(IRS
Employer |
incorporation
or organization) |
|
Identification
No.) |
555 Fifth Avenue, 14th Floor, New York, NY 10017
(Address of principal executive offices) (Zip Code)
(212)
239-2666
(Registrant’s
telephone number, including area code)
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common
stock, $0.001 par value |
|
SRCO |
|
OTC:PINK |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 504 of Regulation S-T (§229.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to file such files). ☒
Yes ☐ No
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company ☒ |
(Do not check if a smaller reporting company) |
Emerging growth company ☐ |
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of September 19, 2023, we had 23,951,111
shares of common stock issued and outstanding.
EXPLANATORY
NOTE
This
Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the three months ended July 31, 2023 as originally filed with the
Securities and Exchange Commission (the “SEC”) on September 19, 2023 (the “Original Filing”). Rule 10-01(d) of Regulation
S-X requires that interim financial statements included in quarterly reports on Form 10-Q be reviewed by an independent public accountant.
The Company was unable to obtain a review by its independent public accountant of its financial statements before the Original Filing.
Consequently, the consolidated financial statements in the Original Filing were not reviewed by an independent public accountant
in accordance with Statement of Auditing Standards No. 100, Interim Financial Information (“SAS100”). The financial
statements included herein have now been reviewed in accordance with SAS100 and the Company is filing this amended Form 10-Q/A. This
Form 10-Q/A amends the Company’s Condensed Consolidated Financial Statements and related disclosures in Item 1 for the three months
ended July 31, 2023, as well as Management’s Discussion and Analysis in Item 2.
Item
6 of Part II of this Amendment has been amended to include currently-dated certifications from our principal executive officer and principal
financial officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101
provides the financial statements and related notes from the Original Filing formatted in XBRL (eXtensible Business Reporting Language).
This
Form 10-Q/A continues to describe conditions as of the date of the Original Filing and the Company has not modified or updated other
disclosures presented in the Original Filing. This Form 10-Q/A does not reflect events occurring after the date of the Original Filing
nor does it modify or update disclosures affected by subsequent events occurring after the date of the Original Filing nor does it modify
or update disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s Form
10-K for the fiscal year ended April 30, 2023.
SPARTA
COMMERCIAL SERVICES, INC.
FORM 10-Q/A
FOR THE QUARTER ENDED July 31, 2023
TABLE OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SPARTA COMMERCIAL
SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JULY 31, 2023, AND APRIL 30, 2023
(Unaudited)
| |
July 31, 2023 | | |
April 30, 2023 | |
ASSETS | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
| 9,598 | | |
| 4,028 | |
Accounts Receivable | |
| 149 | | |
| | |
Inventory | |
| 3,737 | | |
| | |
Other Current Assets | |
| - | | |
| | |
TOTAL CURRENT ASSETS | |
| 13,484 | | |
| 4,028 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
Rent Deposit | |
| 9,000 | | |
| 9,000 | |
Property and equipment, net of accumulated depreciation and amortization | |
| - | | |
| - | |
TOTAL NON-CURRENT ASSETS | |
| 9,000 | | |
| 9,000 | |
TOTAL ASSETS | |
| 22,484 | | |
| 13,028 | |
| |
| | | |
| | |
LIABILITIES AND DEFICIT | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Bank Overdraft | |
| 13,523 | | |
| 54,410 | |
Short Term Loan | |
| 1,585 | | |
| 1,585 | |
Accounts Payable and Accrued expenses | |
| 1,500,238 | | |
| 1,698,457 | |
Derivative Liability | |
| 1,222,488 | | |
| 1,375,767 | |
Notes Payable | |
| 6,950,251 | | |
| 6,694,245 | |
TOTAL CURRENT LIABILITIES | |
| 9,688,086 | | |
| 9,824,463 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Loans Payable – Related Parties | |
| 609,078 | | |
| 435,753 | |
Other Non-Current Liabilities | |
| - | | |
| - | |
TOTAL NON-CURRENT LIABILITIES | |
| 609,078 | | |
| 435,753 | |
TOTAL LIABILITIES | |
| 10,297,163 | | |
| 10,260,216 | |
| |
| | | |
| | |
STOCKHOLDER’S DEFICIT: | |
| | | |
| | |
Preferred
stock, $0.001 par value; 10,000,000 shares authorized of which 35,850 shares have been designated as Series A convertible preferred
stock, with a stated value of $100 per share, 125 and 125 shares issued and outstanding as of July 31, 2023 and April 30, 2023 respectively | |
| 12,500 | | |
| 12,500 | |
Preferred
stock C, 4,200,000
shares have been designated as Series C redeemable, convertible preferred, $0.001
par value, with a liquidation and redemption value of $1.00
per share, 1,979,157
and 1,979,157
shares issued and outstanding as of July 31, 2023 and April 30,2023 respectively | |
| 1,979 | | |
| 1,979 | |
Preferred
stock D, 2,000,000 shares have been designated as Series D redeemable, convertible preferred, $0.001 par value, with a liquidation
and redemption value of $1.00 per share, 937,754 and 937,754 shares issued and outstanding as of July 31, 2023 and April 30, 2023,
respectively | |
| 938 | | |
| 938 | |
Preferred stock value | |
| | | |
| | |
Common
stock, $0.001 par value; 750,000,000 shares authorized, and 23,951,111 and 23,045,205 shares issued and outstanding as of July
31, 2023 and April 30, 2023, respectively | |
| 23,951 | | |
| 23,045 | |
Common
stock to be issued 24,006,792 and 23,704,788 respectively | |
| 24,007 | | |
| 23,705 | |
Additional paid-in-capital | |
| 55,052,143 | | |
| 54,872,206 | |
Accumulated deficit | |
| (66,362,200 | ) | |
| (66,150,857 | ) |
TOTAL DEFICIENCY IN STOCKHOLDER’S EQUITY | |
| (11,246,683 | ) | |
| (11,216,484 | ) |
Non-Controlling Interest | |
| 972,004 | | |
| 969,295 | |
TOTAL DEFICIT | |
| (10,274,679 | ) | |
| (10,247,189 | ) |
TOTAL LIABILITIES AND EQUITY | |
| 22,484 | | |
| 13,028 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
SPARTA COMMERCIAL
SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JULY 31,
2023 AND 2022
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the three months ended July 31, | |
| |
2023 | | |
2022 | |
Revenue | |
| | | |
| | |
Information Technology | |
| 55,196 | | |
| 63,467 | |
New World Health Brands | |
| 7,083 | | |
| 5,486 | |
Total Revenue | |
| 62,279 | | |
| 68,953 | |
Less: Cost of goods sold | |
| 8,924 | | |
| 11,043 | |
Gross Profit | |
| 53,355 | | |
| 57,910 | |
| |
| | | |
| | |
Operating Expenses | |
| | | |
| | |
Compensation and related cost | |
| 161,095 | | |
| 167,830 | |
Consulting fee | |
| 20,490 | | |
| 280,006 | |
Rent and lease | |
| 18,000 | | |
| 16,250 | |
Accounting and legal fees | |
| 1,140 | | |
| 9,901 | |
General office expenses | |
| 114,311 | | |
| 98,895 | |
Total Operating Expenses | |
| 315,036 | | |
| 572,882 | |
Income/(Loss) from Operations | |
| (261,682 | ) | |
| (514,972 | ) |
| |
| | | |
| | |
Other Income/(Expense) | |
| | | |
| | |
Commission on municipal bonds | |
| 731 | | |
| - | |
Financing cost | |
| (140,386 | ) | |
| (1,025 | ) |
Write off convertible notes | |
| 39,425 | | |
| - | |
Gain/(Loss) in changes in fair value of derivative liability | |
| 153,279 | | |
| 1,621,272 | |
Total Other Income/(Expense) | |
| 53,048 | | |
| 1,620,247 | |
Net Income (Loss) | |
| (208,634 | ) | |
| 1,105,275 | |
| |
| | | |
| | |
Net income (loss) attributable to minority shareholders | |
| (2,709 | ) | |
| (3,924 | ) |
Net income (loss) attributed to common stockholders | |
| (211,343 | ) | |
| 1,101,351 | |
| |
| | | |
| | |
Net Income (loss) per share - Sparta Common shareholder | |
| (0.009 | ) | |
| 0.067 | |
Weighted average shares outstanding | |
| 23,168,129 | | |
| 16,340,345 | |
See accompanying notes to unaudited condensed consolidated
financial statements.
SPARTA COMMERCIAL
SERVICES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICITS
FOR THE THREE MONTHS ENDED JULY 31,
2023 and 2022
(unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
Total | |
| |
Series A | | |
Series C | | |
Series D | | |
| | |
Common Stock | | |
Additional | | |
| | |
Non | | |
| |
| |
Preferred
Stock | | |
Preferred
Stock | | |
Preferred
Stock | | |
Common
Stock | | |
to
be issued | | |
Paid
in | | |
Accumulated | | |
controlling | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
Total | |
Balance April
30, 2023 | |
| 125 | | |
$ | 12,500 | | |
| 1,979,157 | | |
$ | 1,979 | | |
| 937,701 | | |
$ | 938 | | |
| 23,045,205 | | |
$ | 23,045 | | |
| 23,704,788 | | |
$ | 23,705 | | |
$ | 54,872,206 | | |
$ | (66,150,857 | ) | |
$ | 969,295 | | |
$ | (10,247,189 | ) |
Conversion of Preferred to
common shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Preferred to common shares, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common shares
for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,132,910 | | |
| 1,133 | | |
| 103,867 | | |
| | | |
| | | |
| 105,000 | |
Issuance of shares for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares for services, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stocks issued as a note holder
incentive | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 75,000 | | |
| 75 | | |
| - | | |
| - | | |
| 6,900 | | |
| | | |
| - | | |
| 6,975 | |
Issuance of shares for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 830,906 | | |
| 831 | | |
| (830,906 | ) | |
| (831 | ) | |
| 69,169 | | |
| | | |
| | | |
| 69,169 | |
Net
income for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (211,343 | ) | |
| 2,709 | | |
| (208,634 | ) |
Balance
July 31, 2023 | |
| 125 | | |
$ | 12,500 | | |
| 1,979,157 | | |
$ | 1,979 | | |
| 937,701 | | |
$ | 938 | | |
| 23,951,111 | | |
$ | 23,951 | | |
| 24,006,792 | | |
$ | 24,007 | | |
$ | 55,052,142 | | |
$ | (66,362,200 | ) | |
$ | 972,004 | | |
$ | (10,274,679 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance April 30, 2022 | |
| 125 | | |
$ | 12,500 | | |
| 2,163,000 | | |
$ | 2,363 | | |
| 618,411 | | |
$ | 618 | | |
| 15,128,005 | | |
$ | 15,128 | | |
| 8,916,805 | | |
$ | 8,292 | | |
$ | 53,210,921 | | |
$ | (73,984,686 | ) | |
$ | 984,175 | | |
$ | (19,750,689 | ) |
Balance, value | |
| 125 | | |
$ | 12,500 | | |
| 2,163,000 | | |
$ | 2,363 | | |
| 618,411 | | |
$ | 618 | | |
| 15,128,005 | | |
$ | 15,128 | | |
| 8,916,805 | | |
$ | 8,292 | | |
$ | 53,210,921 | | |
$ | (73,984,686 | ) | |
$ | 984,175 | | |
$ | (19,750,689.00 | ) |
Conversion of Preferred to
common shares | |
| | | |
| | | |
| (60,000 | ) | |
| (60 | ) | |
| | | |
| | | |
| 60,000 | | |
| 60 | | |
| | | |
| | | |
| 9,940 | | |
| | | |
| | | |
| 9,940 | |
Issuance of common shares
for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,824,771 | | |
| 1,824 | | |
| 93,175 | | |
| | | |
| | | |
| 94,999 | |
Issuance of shares for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,594,960 | | |
| 1,595 | | |
| | | |
| | | |
| 243,786 | | |
| | | |
| | | |
| 245,381 | |
Stocks issued for equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 518,333 | | |
| 518 | | |
| | | |
| | | |
| 44,128 | | |
| | | |
| | | |
| 44,646 | |
Net
Income for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,101,351 | | |
| 3,924 | | |
| 1,105,275 | |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,101,351 | | |
| 3,924 | | |
| 1,105,275 | |
Balance
July 31, 2022 | |
| 125 | | |
$ | 12,500 | | |
| 2,103,000 | | |
$ | 2,303 | | |
| 618,411 | | |
$ | 618 | | |
| 17,301,298 | | |
$ | 17,301 | | |
| 10,741,576 | | |
$ | 10,116 | | |
$ | 53,601,950 | | |
$ | (72,883,335 | ) | |
$ | 988,099 | | |
$ | (18,250,448 | ) |
Balance, value | |
| 125 | | |
$ | 12,500 | | |
| 2,103,000 | | |
$ | 2,303 | | |
| 618,411 | | |
$ | 618 | | |
| 17,301,298 | | |
$ | 17,301 | | |
| 10,741,576 | | |
$ | 10,116 | | |
$ | 53,601,950 | | |
$ | (72,883,335 | ) | |
$ | 988,099 | | |
$ | (18,250,448 | ) |
See accompanying notes to unaudited condensed consolidated
financial statements.
SPARTA COMMERCIAL
SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS CASH FLOWS
FOR THE THREE
ENDED JULY 31, 2023 AND 2022 (UNAUDITED)
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net Income (loss) | |
| (208,634 | ) | |
| 1,105,275 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Loss (Gain) from change in fair value of derivative liabilities | |
| (153,279 | ) | |
| (1,621,272 | ) |
Non-cash financing cost | |
| 140,386 | | |
| 518 | |
Stock based compensation | |
| | | |
| 242,448 | |
Accrued interest on notes payable | |
| 173,945 | | |
| | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (149 | ) | |
| (45,320 | ) |
Inventory | |
| (3,737 | ) | |
| 306 | |
Accounts payable and accrued expenses | |
| (198,218 | ) | |
| 70,016 | |
Net cash used in operating activities | |
| (249,686 | ) | |
| (248,029 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Bank overdraft | |
| (40,887 | ) | |
| 36,582 | |
Stocks issued for equity | |
| 76,144 | | |
| | |
Proceeds from sale of stock | |
| 105,000 | | |
| 152,000 | |
Net Proceeds from notes payable | |
| 115,000 | | |
| 60,000 | |
Net cash provided by financing activities | |
| 255,257 | | |
| 248,582 | |
| |
| | | |
| | |
Net (decrease) increase in cash | |
| 5,570 | | |
| 553 | |
Cash and cash equivalents, beginning of period | |
| 4,028 | | |
| 317 | |
Cash and cash equivalents, end of period | |
| 9,598 | | |
| 870 | |
| |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
| - | | |
| | |
Income taxes | |
| - | | |
| | |
See accompanying notes to unaudited condensed consolidated
financial statements.
SPARTA COMMERCIAL
SERVICES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JULY 31, 2023
(UNAUDITED)
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
A summary of the significant accounting
policies applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows.
Business
General Overview
Sparta Commercial Services, Inc. (“Sparta,”
“we,” “us,” or the “Company”) is a Nevada corporation with headquarters in New York City. We are
a multi-disciplined parent corporation operating across three business sectors – Financial Services, E-Commerce & Mobile Technology,
and Health and Wellness.
Sparta’s roots are in the
Powersports industry. The Company provided retail installment loans and leases through authorized motorcycle dealerships in 33
states, with financing lines of credit provided by institutional lenders. In 2007, the Company introduced a Municipal Financing
program which has financed over 100 jurisdictions to date.
Vehicle History Reports are a staple
of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is intended for business or recreational
use, Sparta’s Vehicle History Reports are highly regarded for accuracy and completeness and have been sold across all 50 states
and in 62 countries worldwide.
With iMobile App, the Company provides
mobile technology services, including web and mobile application creation, development and management, text messaging services, CRM (Customer
Relationship Management) tools, and custom kitchen ordering systems for a wide range of businesses to increase revenue, build brand recognition,
and improve customer engagement.
Sparta’s subsidiary, New World
Health Brands, Inc., offers high quality dietary supplements
Sparta’s subsidiary, Sparta Crypto,
Inc., is in the process of completing a proprietary state-of-the-art
platform designed to connect users of widely adopted digital currencies with sellers of various goods and services; and has completed
and tested a cryptocurrency payment gateway called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”). Agoge was formed as a subsidiary
of Sparta Crypto, Inc. in December 2022 and entered in to a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border
transactions between importers and exporters of goods from the U.S. and Brazil.
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements as of July 31, 2023 and for the three months ended July 31, 2023 and 2022 have been prepared by the Company pursuant
to the rules and regulations of the Securities and Exchange Commission, including Form 10-Q and Regulation S-K. The information furnished
herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary
to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual
financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted
pursuant to such rules and regulations. The Company believes that the disclosures provided are adequate to make the information presented
not misleading.
These unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended April
30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the Securities and Exchange Commission on August 15,
2023. The results of operations for the three months ended July 31, 2023 are not necessarily indicative of the results to be expected
for any other interim period or the full year ending April 30, 2023.
Principles of Consolidation
The consolidated financial statements include
the accounts of the Company and its majority owned subsidiaries. All material intercompany transactions and balances have been eliminated
in consolidation. The third-party ownership of the Company’s subsidiary is accounted for as non-controlling interest in the consolidated
financial statements. Changes in the non-controlling interest are reported in the statement of changes in deficit.
Estimates
These financial statements have been prepared
in accordance with accounting principles generally accepted in United States of America which require management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, and the disclosures of revenues and expenses for the reported period.
Accordingly, actual results could differ from those estimates.
Revenue
Recognition
The Company
adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The standard requires
an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for those goods or services.
The Company acts as a principal in its revenue
transactions as the Company is the primary obligor in the transactions.
Revenues from mobile app products and New
World Health Brands products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery
/ download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery.
The Company records deferred revenues when cash payments are received or due in advance of our performance, including amounts which are
refundable.
Cash
Equivalents
For the purpose of the accompanying financial
statements, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents.
Fair
Value Measurements
The Company has adopted ASC 820, “Fair
Value Measurements (“ASC 820”).” ASC 820 establishes a three-level fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets the lowest priority to unobservable inputs to fair value measurements of certain assets and Liabilities. The three levels
of the fair value hierarchy under ASC 820 are described below:
● |
Level 1 — Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets. |
● |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
|
● |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation. |
This hierarchy requires the Company to use
observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. For some products
or in certain market conditions, observable inputs may not always be available.
Income Taxes
We utilize ASC 740 “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 year-end based
on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
The Company recognizes the impact of a tax
position in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities,
based on the technical merits of the position. Our practice is to recognize interest and/or penalties related to income tax matters in
income tax expense.
Stock Based Compensation
We account for our stock-based compensation
under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation
cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting
period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for
goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based
on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
We use the fair value method for equity
instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value
compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement
date) and is recognized over the vesting periods.
Inventories
The Company’s inventories represent
finished goods, consist of products available for sale and are accounted for using the first-in, first-out (FIFO) method and valued at
the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New World Health business.
Property
and Equipment
Property and equipment are recorded at cost.
Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their
estimated useful lives. Depreciation is calculated using the straight-line method over the estimated useful lives. Estimated useful lives
of major depreciable assets are as follows:
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
|
|
|
Leasehold improvements |
|
3 years |
Furniture and fixtures |
|
7 years |
Website costs |
|
3 years |
Computer Equipment |
|
5 years |
Concentrations
of Credit Risk
Financial instruments and related items,
which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and receivables. The
Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess
of the FDIC insurance limit.
Net
Loss Per Share
The Company uses ASC 260-10, “Earnings
Per Share” for calculating the basic and diluted loss per share. The Company computes basic loss per share by dividing net loss
and net loss attributable to common shareholders by the weighted average number of common shares outstanding. Common equivalent shares
are excluded from the computation of net loss per share if their effect is anti-dilutive.
As of July 31, 2023 and 2022, approximately
4,200,000 potential shares (including 1,979,157 shares to be issued on the balance sheet), respectively, were excluded from the shares
used to calculate diluted earnings per share as their inclusion would reduce net loss per share.
Derivative Liabilities
The Company assessed the classification
of its derivative financial instruments as of July 31, 2023 and April 30, 2023, which consist of convertible instruments and rights to
shares of the Company’s common stock and determined that such derivatives meet the criteria for liability classification under ASC
815.
ASC 815 generally provides three criteria
that, if met, require companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative
financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded
derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid
instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise
applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC
815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described.
Convertible
Instruments
The Company evaluates and accounts for conversion
options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments
and Hedging Activities”.
The Company accounts for convertible instruments
(when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with
professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional
standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible
notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of
the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt
discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also
records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences
between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price
embedded in the note. ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could
or require net cash settlement, then the contract shall be classified as an asset or a liability.
Reclassifications
Certain reclassifications have been made
to conform to prior periods’ data to the current presentation. These reclassifications had no effect on reported losses.
Recent
Accounting Pronouncements
No recent pronouncements have been made or adopted
in the quarter ended July 31, 2023. All of the pronouncements that affect our business have been adopted.
NOTE B – GOING CONCERN MATTERS
The accompanying unaudited condensed consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements, the
Company has incurred recurring losses and generated negative cash flows from operating activities since inception. As of July 31, 2023,
the Company had an accumulated deficit of $66,362,200 and a working capital deficit (total current liabilities exceeded total current
assets) of $9,674,601. The Company’s cash balance and revenues generated are not currently sufficient and cannot be projected to
cover its operating expenses for the next twelve months from the filing date of this report. These factors among others raise substantial
doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
The Company’s existence is dependent
upon management’s ability to develop profitable operations. Management is devoting substantially all of its efforts to developing
its business and raising capital and there can be no assurance that the Company’s efforts will be successful. No assurance can be
given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying
unaudited condensed consolidated financial statements do not include any adjustments that might result should the Company be unable to
continue as a going concern.
In order to improve the Company’s
liquidity, the Company’s management is actively pursuing additional equity financing through discussions with investment bankers
and private investors. There can be no assurance that the Company will be successful in its effort to secure additional equity financing.
NOTE C – NOTES PAYABLE AND DERIVATIVES
The Company has outstanding numerous notes
payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized as follows:
SCHEDULE OF NOTES PAYABLE
Notes Payable | |
July 31, 2023 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,485,832 | | |
$ | 3,112,734 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,341,519 | | |
| 1,861,650 | |
Subtotal | |
| 5,163,051 | | |
| 5,310,084 | |
Debt discount | |
| - | | |
| - | |
Total | |
$ | 5,163,051 | | |
$ | 5,310,084 | |
Certain of the notes payable contain variable
conversion rates and the conversion features are classified as derivative liabilities. The conversion prices are based on the market price
of the Company’s common stock, at discounts of 30% - 48% to market value.
The Company’s derivative financial
instruments consist of embedded derivatives related to the outstanding short term Convertible Notes Payable. These embedded derivatives
include certain conversion features indexed to the Company’s common stock. The accounting treatment of derivative financial instruments
requires that the Company record the derivatives and related items at their fair values as of the inception date of the Convertible Notes
Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions of Accounting Standards Codification
subtopic 815-40, Derivatives and Hedging; Contracts in Entity’s Own Equity (“ASC 815-40”), as a result of entering into
the Convertible Notes Payable, the Company is required to classify all other non-employee stock options and warrants as derivative liabilities
and mark them to market at each reporting date. Any change in fair value inclusive of modifications of terms will be recorded as non-operating,
non-cash income or expense at each reporting date. If the fair value of the derivatives is higher at the subsequent balance sheet date,
the Company will record a non-operating, non-cash charge. If the fair value of the derivatives is lower at the subsequent balance sheet
date, the Company will record non-operating, non-cash income.
The change in fair value of the derivative
liabilities at July 31, 2023 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as
follows:
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| |
| |
| |
| |
Risk free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Changes in derivative liability during the
three months ended July 31, 2023 and 2022 were:
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES
| |
2023 | | |
2022 | |
| |
July 31, | |
| |
2023 | | |
2022 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (76,144 | ) | |
| (54,586 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (77,135 | ) | |
| (1,621,272 | ) |
Balance, end of period | |
| 1,222,488 | | |
$ | 7,873,782 | |
NOTE D – LOANS PAYABLE TO RELATED PARTIES
As of July 31, 2023,
and April 30, 2023, aggregated loans and notes payable, without demand and with no interest, to officers, directors, and other related parties were $609,078 and
$435,753, respectively.
NOTE E –
EQUITY TRANSACTIONS
Preferred Stock
The Company is authorized to issue 10,000,000
shares of preferred stock with $0.001 par value per share, of which 35,850 shares have been designated as Series A convertible preferred
stock with a $100 stated value per share; 1,000 shares have been designated as Series B Preferred Stock with a $10,000 per share liquidation
value; 4,200,000 shares have been designated as Series C Preferred Stock with a $1.00 per share liquidation value, and 2,000,000 shares
have been designated as Series D Preferred Stock with a $1 per share liquidation value.
Common Stock
The Company is authorized to issue 750,000,000
shares of common stock, $0.001 par value. As of July 31, and April 30, 2023 the Company’s issued and outstanding shares are 23,951,111
and 23,045,205 respectively.
During the three months ended July 31, 2023,
the Company:
|
● |
Issued 830,906 shares valued at $70,000 to three accredited investors related to equity investments and note conversions |
|
● |
Issued 75,000 shares valued at $6,975 to accredited investor related to promissory note. |
|
● |
Sold to three accredited investors 432,733 shares of common stock for cash of $40,000, actual shares were not issued yet and recorded as common stock to be issued. |
During the three months ended July 31, 2022,
the Company:
|
● |
Issued 1,594,960 shares valued at $245,381 issued for services rendered. |
|
● |
Issued 60,000 shares upon the conversion of 20,000 shares of Series C Convertible Preferred Stock. |
|
● |
Sold to four accredited investors 1,824,771 shares of common stock for cash of $95,000 and a $57,000 conversion of prior equity investments in iMobile Solutions, Inc., actual shares were not issued yet and recorded as common stock to be issued. |
|
● |
Issued 518,333 shares valued at $44,647 to accredited investors related to promissory notes. |
NOTE F – FAIR VALUE MEASUREMENTS
The Company follows the guidance established
pursuant to ASC 820 which established a framework for measuring fair value and expands disclosure about fair value measurements. ASC 820
defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use
of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used:
Level 1: Quoted prices (unadjusted) in active
markets that are accessible at the measurement date for identical assets and liabilities. The fair value hierarchy gives the highest priority
to Level 1 inputs.
Level 2: Observable prices that are based
on inputs not quoted on active markets but corroborated by market data.
Level 3: Unobservable inputs when there
is little or no market data available, thereby requiring an entity to develop its own assumptions. The fair value hierarchy gives the
lowest priority to Level 3 inputs.
The table below summarizes the fair values of financial
liabilities as of July 31, 2023:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
July 31, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,222,488 | | |
| - | | |
| - | | |
$ | 1,222,488 | |
Fair values of financial liabilities as of April 30,
2023 are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
The following is a description of the valuation
methodologies used for these items:
Derivative liabilities — these
instruments consist of certain variable conversion features related to notes payable obligations and certain outstanding warrants. These
instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend
rate and estimated life.
The Company did not identify any other non-recurring
assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC Topic 825 “The
Fair Value Option for Financial Issuances”.
NOTE
G – PROPERTY AND EQUIPMENT
Major
classes of property and equipment at July 31, 2023 and April 30, 2023 consist of the followings:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
July 31, 2023 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 224,303 | | |
$ | 224,303 | |
Less: accumulated depreciation | |
| (224,303 | ) | |
| (224,303 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
All
equipment are fully depreciated as of July 31, 2023 and 2022. No additional investment in equipment for both fiscal year.
NOTE
H – WARRANTS:
No
warrants were issued to employees and or service. As of July 31, 2023, 3,801,657 warrants were vested. Computed fair value was $228,099.
NOTE
I – COMMITMENTS AND CONTINGENCIES
Operating
Lease Commitments
Our
executive offices are located in New York, NY. We have an agreement for use of office space at this location under a sub-lease which
expired on July 31, 2018 and continues a month-to-month basis thereafter. The monthly base rent is $5,100.
Rent
expense was $18,000 and 16,200 for the Three months period ending July 31, 2023 and 2022, respectively.
Litigation
The
Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Sparta can make no representations
about the potential outcome of such proceedings.
As
of July 31, 2023, we have not been named as parties to any further legal proceedings. The two litigations disclosed prior are updated
below. From time to time, of course, we may become involved in further legal proceedings, which sometimes arise due to the very nature
of and in the ordinary course of this business.
By
way of background, the Company had received notices dated April 1, 2016 and May 13, 2016, from a lender claiming defaults relating to
conversion requests totaling $8,365.00 in principal, plus interest, attorney fees and also seeking stock conversions aside from the stated
principal and interest concerning the notes in the total amount of $55,125.00, which the Company had declined to process and believes
it has valid, meritorious defenses in that regard. Company believes these claims are contingent and unliquidated and disputed same. While
there can be no absolute assurances that the Company will prevail in the litigation concerning allegations brought against the Company,
these potential liabilities have been recorded in the unaudited condensed consolidated financial statements.
Concerning
the above, on September 22, 2016, a motion for summary judgment in lieu of complaint was filed in the Supreme Court in the State of New
York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest, plus
fees and costs. Plaintiff’s motion for summary judgment in lieu of complaint was denied on May 5, 2017. Thereafter, on August 22,
2018, Plaintiff brought a second motion seeking summary judgment on the liability issue, which again was denied by the Court on March
14, 2019. The most recent appearance in this matter had scheduled for March 13, 2020, at which time the Court marked the case “adjourned
without a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since determined such notes to be criminally usurious and, therefore, unenforceable. Since identical affirmative
defenses were raised on behalf of the Company, the pending action is expected to be discontinued by plaintiff, with prejudice. Counsel
for the parties have been working on a stipulation of discontinuance to that effect.
On
October 26, 2018, a second lender commenced an action in the Supreme Court of the State of New York: New York County alleging damages
from unpaid principal arising from a promissory note dated February 26, 2015, in the amount of $50,000.00 plus damages including interest
and stock conversions, costs and fees. The Company disputed the enforceability of such claims for similar reasons, as stated above, based
on the Court of Appeals ruling regarding the unenforceable nature of such claims demanding usurious interest rates. On November 9, 2022
the court rendered a decision on the cross motions for summary judgment in favor of the Company granting full dismissal of all causes
of action and awarded costs in favor of the Company. The time within which for plaintiff to appeal the decision has since expired. As
such, the claim has been fully resolved.
NOTE
J – SUBSEQUENT EVENTS
The
Company has evaluated subsequent events for recognition and disclosure as of September 26, 2023 which is the date the financial statements
were available to be issued. No other matters were identified affecting the accompanying financial statements and related disclosures.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
The
following discussion of our financial condition and results of operations should be read in conjunction with (1) our interim unaudited
condensed consolidated financial statements and their explanatory notes included as part of this quarterly report, and (2) our annual
audited consolidated financial statements and explanatory notes for the year ended April 30, 2023 as disclosed in our annual report on
Form 10-K for that year as filed with the SEC.
“Forward-Looking”
Information
This
report on Form 10-Q contains various statements that may constitute “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, Rule 175 promulgated thereunder, Section 21E of the Securities Exchange Act of 1934, as
amended, and Rule 3b-6 promulgated thereunder which represent our expectations and beliefs, including, but not limited to statements
concerning the Company’s business and financial plans and prospects and are intended to be covered by the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, objectives, assumptions
or future events or performance are not historical facts and may be forward-looking. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” and other similar expressions can, but not always, identify
forward-looking statements, which speak only as of the date such statement was made. We base these forward-looking statements on our
current expectations and projections about future events, our assumptions regarding these events and our knowledge of facts at the time
the statements are made. These statements by their nature involve substantial risks and uncertainties, certain of which are beyond our
control, and actual results may differ materially depending on a variety of important factors. Risks and uncertainties that could cause
our financial performance to differ materially from our goals, plans, expectations and projections expressed in forward-looking statements
include those set forth in our filings with the Securities and Exchange Commission (“SEC”), including Item 1A of the Company’s
Annual Report of Form 10-K for the year ended April 30, 2023. Forward-looking statements speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking
statements are made or to reflect the occurrence of unanticipated events. You should consider any forward-looking statements in light
of this explanation, and we caution you about relying on forward-looking statements.
General
Overview
Sparta
Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation
with headquarters in New York City, www.spartacommercial.com. We are a multi-disciplined parent corporation operating across three
business sectors – Financial Services, E-Commerce & Mobile Technology, and Health and Wellness, (www.spartacommercial.com).
Sparta’s
roots are in the Powersports industry. The Company provided retail installment loans and leases through authorized motorcycle dealerships
in 33 states, with financing lines of credit provided by institutional lenders. The Company also created and maintained a full underwriting
and servicing platform for its portfolio. Notwithstanding the discontinuance of our initial focus on consumer loans and leases post Lehman
and during the 2008 financial crisis; in 2007, the Company had introduced a new initiative which continued without interruption, Municipal
Financing, (www.spartamunicipal.com), which has financed over 100 jurisdictions to date. Sparta’s Municipal Finance program
is also currently available to all nonprofit organizations, institutions and entities. All nonprofit organizations which adhere to IRS
guidelines, including 501 (c) 3 of the Internal Revenue Code, are eligible. Both public nonprofits, also known as public charities supported
with publicly collected funds, and private nonprofits, also known as private foundations supported by an individual or business entity,
qualify for the program.
Vehicle
History Reports are a staple of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is
intended for business or recreational use, Sparta’s Vehicle History Reports are highly regarded for accuracy and completeness
and have been sold across all 50 states and in 62 countries worldwide. They provide a trusted layer of assurance to vehicle buyers
and are available online and at a range of various dealership websites and showrooms. They include Cyclechex (Motorcycle History
Reports at www.cyclechex.com), RVchex (Recreational Vehicle History Reports at www.rvchex.com), and Truckchex (Heavy
Duty Truck History Reports at www.truckchex.com). Consumers, retailers, auction houses, banks and insurance companies alike
scrutinize title history reports for the vital information needed and factored into crucial business decisions that affect the
bottom line.
The
Company’s E-Commerce and Mobile Technology subsidiary name change to iMobile Solutions, Inc., from Specialty Reports, Inc., in
2016, signifies its ever-broadening service offerings in the evolving technology landscape. With iMobile App (www.imobileapp.com),
the Company provides mobile technology services, including web and mobile application creation, development and management for a wide
range of businesses to increase revenue, build brand recognition, and improve customer engagement. Our ever-broadening business base
of mobile application includes vehicle dealerships and racetracks, private clubs and country clubs, schools and entertainment venues,
restaurants and grocery stores, as well as various other merchant types. (www.imobileapp.com/app-gallery). The Company also designs,
launches, maintains and hosts websites for businesses incorporating SEO (search engine optimization), social media marketing, and online
reviews to improve their presence online. We provide specific, tailored action plans for our clients’ websites that include services
such as eCommerce, CRM (Customer Relationship Management) development and integration. This custom software not only helps businesses
communicate with customers but can also be inward-facing used for employees to communicate internally. The CRM software can be web based,
integrated with a mobile app, or both. We work with clients to understand their unique needs and incorporate the features and requirements
that are most important to them and will facilitate their business growth and success. Correspondingly, the Company designs and builds
custom kitchen ordering software for independent grocery stores, delicatessens, and other customer-facing food service businesses. The
software can be designed for use in a combination of ways including mobile devices and in-store ordering. The kitchen ordering software
is enabled with payment integration, text messaging notification, wireless printing, and other features. iMobile Solutions, Inc. provides
a turn-key solution for any business looking to simplify or streamline their kitchen ordering process. Additionally, we offer text messaging
services, which supplement business marketing strategies both to gain and retain brand loyalty among its clients, customers and investors.
Our text messaging platform allows our clients to easily manage, schedule and analyze text message performance.
Sparta created its subsidiary, New World Health Brands, Inc., in April
2019, initially offering cannabidiol products which we ceased offering effective March 31, 2023. Sparta’s
response to the onset of the COVID 19 pandemic in early 2020 quickly took shape with thorough investigations into evolving customer
trends in health and wellness. As a result, we expanded New World Health Brands and developed a new product line of natural dietary
supplements. In August 2020, we launched an online B to C website: www.newworldhealthbrands.com, featuring high quality
dietary supplements, including vitamins and minerals, such as, Iodine for children and adults, Boron, copper/Zinc/Selenium,
Magnesium, Spermidine, Vitamin B Complex, Vitamin C and PQQ. We continue to study the market as we consider new products to add to
our offerings. To ensure the safety and quality of our products, all health and wellness offerings are exclusively sourced and
manufactured in the United States and adhere to strict U.S standards and guidelines. Sparta’s commitment to high standards and
transparency are tantamount to being a trusted brand.
Sparta’s
subsidiary, Sparta Crypto, Inc., www.SpartaCrypto.com, was established in September 2020 and is in the process of completing a
proprietary state-of-the-art platform designed to connect users of widely adopted digital currencies with sellers of various goods and
services. The platform is scheduled to launch in 2023 and the Company can make no assurances that the described plan will reach implementation.
In addition, the Company has completed and tested a cryptocurrency payment gateway called SpartaPayIQ, www.SpartaPayIQ.com, which
is functional and was formally announced on March 3, 2022. Subsequently, SpartaPayIQ is the transactional engine behind Sparta Crypto
and Agoge Global USA, Inc. (“Agoge”). Agoge was formed as a subsidiary of Sparta Crypto, Inc. in December 2022 and entered
in to a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border transactions between importers and exporters of
goods from the U.S. and Brazil. In addition, Agoge Global USA provides business intermediary services to global importers and exporters
of goods and services. These business-to-business services provided through our joint venture agreement with WeDev include, but are not
limited to, industry introductions, providing tax and regulatory compliance guidance, import and export documentation assistance, reselling
services in other jurisdictions, and facilitation of cross-border transactions.
RESULTS
OF OPERATIONS
Comparison
of the three Months Ended July 31, 2023 and 2022
For
the three months ended July 31, 2023 and 2022, we have generated limited sales revenues, have incurred significant expenses, and have
sustained significant losses.
Revenues
Revenues
totaled $62,279 during the three months ended July 31, 2023 as compared to $68,953 during the three months ended July 31, 2022, a decrease
of $6,674 or 9.68%, primarily due to decreased in Revenues from our Information Technology products.
Cost
of Revenue
Cost
of revenue consists of costs and fees paid to third parties to construct and maintain mobile apps, as well as fees for subscription services
related to vehicle history reports.
Operating
Expenses
Operating expenses were $315,036 during the three months ended July 31,
2023, compared to $572,882 during the three months ended July 31, 2022, a decrease of $257,846 or 45%, primarily due to decreased legal
and professional fees and bad debt expense in the current period.
Expenses
incurred during the current three months period consisted primarily of the following expenses:
| |
Increase | | |
| |
| |
2023 | | |
2022 | | |
(Decrease) | | |
% | |
Salaries and related Expenses | |
| 161,095 | | |
| 167,830 | | |
| (6,735 | ) | |
| (4.01 | ) |
Advertising and Marketing | |
| 3,290 | | |
| 3,431 | | |
| (141 | ) | |
| (4.11 | ) |
General office Expenses | |
| 73,160 | | |
| 41,788 | | |
| (31,372 | ) | |
| (75.07 | ) |
Legal and Professional Fees | |
| 21,630 | | |
| 289,907 | | |
| (268,277 | ) | |
| (92.54 | ) |
Taxes and Licenses | |
| 1,082 | | |
| 4,692 | | |
| (3,610 | ) | |
| (76.94 | ) |
SEC related Expenses | |
| 2,727 | | |
| 5,515 | | |
| (2,788 | ) | |
| (50.55 | ) |
Office Rent | |
| 18,000 | | |
| 16,250 | | |
| 1,750 | | |
| 10.77 | |
Software Development Cost | |
| 7,552 | | |
| 1,500 | | |
| 6,052 | | |
| 403.47 | |
Bad Debts | |
| 26,500 | | |
| 41,969 | | |
| (15,469 | ) | |
| (36.86 | ) |
Non-cash expenses | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| 315,036 | | |
| 572,882 | | |
| (257,846 | ) | |
| (45.01 | ) |
Other
(income) expense
Other
(income) expense is comprised primarily of interest and financing costs $140,386 and $1,025 and income related to the change in fair value
of our derivative liabilities $153,279 and $1,621,272 for the three months ended July 31, 2023 and 2022, respectively. The decrease results
were from the change in the fair value of our derivative liabilities.
Net
income (loss)
Our
net income (loss) attributable to common stockholders for the three months ended July 31, 2023 ($208,634) compared to income of
$1,105,275 primarily due to gain valuation of derivative liabilities.
LIQUIDITY
AND CAPITAL RESOURCES
As
of July 31, 2023, we had an accumulated deficit of $66,362,200 and an operating loss for the three months of $208,634. We generated
a deficit in cash flow from operations of $249,686 for the three months ended July 31, 2023. This deficit results primarily from our
net loss of $208,634, offset by a gain in fair value valuation of derivative liabilities of $153,279, non-financing cost of $140,386 and
a decrease of $198,218 in accounts payables and accrued expenses.
We
met our cash requirements during the period through proceeds from the sale of stock $105,000, promissory notes of $115,000 and bank
overdraft $13,523.
We
do not anticipate incurring significant research and development expenditures, and we do not anticipate the sale or acquisition of any
significant property, plant or equipment, during the next twelve months. At July 31, 2023, we had 6 full-time employees, 1 part-time
employees, and 2 full-time consultants. If we fully implement our business plan, we anticipate our employment base may increase during the next twelve
months. As we continue to expand, we will incur additional cost for personnel. This potential increase in personnel is dependent upon
our generating increased revenues and obtaining sources of financing. There is no guarantee that we will be successful in raising the
funds required or generating revenues sufficient to fund the potential increase in the number of employees. Our employees are not represented
by a union.
While
we have raised capital to meet our working capital and financing needs in the past, additional financing is required in order to meet
our current and potential future cash flow deficits from operations.
We
continue to seek additional financing, which may be in the form of senior debt, subordinated debt or equity. We currently have no commitments
for financing that are not at the investor’s election. There is no guarantee that we will be successful in raising the funds required
to support our operations.
We
estimate that we will need approximately $1,000,000 in addition to our normal operating cash flow to conduct operations during the next
twelve months. However, there can be no assurance that additional private or public financing, including debt or equity financing, will
be available as needed, or, if available, on terms favorable to us. Any additional equity financing may be dilutive to stockholders and
such additional equity securities may have rights, preferences or privileges that are senior to those of our existing common or preferred
stock. Furthermore, debt financing, if available, will require payment of interest and may involve restrictive covenants that could impose
limitations on our operating flexibility. However, if we are not successful in generating sufficient liquidity from operations or in
raising sufficient capital resources, on terms acceptable to us, this could have a material adverse effect on our business, results of
operations, liquidity and financial condition, and we will have to adjust our planned operations and development on a more limited scale.
The
effect of inflation on our revenue and operating results was not significant. Our operations are located in North America and there are
no seasonal aspects that would have a material effect on our financial condition or results of operations.
GOING
CONCERN ISSUES
The
Company’s historical losses and the lack of revenues raise substantial doubts about the Company’s ability to continue as
a going concern. If we are unable to develop our business, we have to discontinue operations or cease to exist, which would be detrimental
to the value of the Company’s common stock. We can make no assurances that our business operations will develop and provide us
with significant cash to continue operations.
In
order to improve the Company’s liquidity, the Company’s management is actively pursuing additional financing through discussions
with investment bankers, financial institutions and private investors. There can be no assurance the Company will be successful in its
effort to secure additional financing.
We
continue to experience net operating losses. Our ability to continue as a going concern is subject to our ability to develop profitable
operations. We are devoting substantially all of our efforts to developing our business and raising capital. Our net operating losses
increase the difficulty in meeting such goals and there can be no assurances that such methods will prove successful.
The
primary issues management will focus on in the immediate future to address this matter include: seeking additional credit facilities
from institutional lenders; seeking institutional investors for debt or equity investments in our Company; short term interim debt financing:
and private placements of debt and equity securities with accredited investors.
To
address these issues, we have engaged a financial advisory firm to advise and assist us in negotiating and raising capital.
INFLATION
The
impact of inflation on the costs of the Company, and the ability to pass on cost increases to its customers over time is dependent upon
market conditions. The Company is not aware of any inflationary pressures that have had any significant impact on the Company’s
operations over the past quarter, and the Company does not anticipate that inflationary factors will have a significant impact on future
operations.
OFF-BALANCE
SHEET ARRANGEMENTS
The
Company does not maintain off-balance sheet arrangements, nor does it participate in non-exchange traded contracts requiring fair value
accounting treatment.
CRITICAL
ACCOUNTING POLICIES
The
preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us
to make estimates and judgments that affect our reported assets, liabilities, revenues, and expenses, and the disclosure of contingent
assets and liabilities. We base our estimates and judgments on historical experience and on various other assumptions, we believe to
be reasonable under the circumstances. Future events, however, may differ markedly from our current expectations and assumptions. While
there are a number of significant accounting policies affecting our financial statements, we believe the following critical accounting
policy involves the most complex, difficult and subjective estimates and judgments.
Revenue
Recognition
During
the first quarter of 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), using the cumulative-effect
method. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption did
not have an impact in our consolidated financial statements, other than the enhancement of our disclosures related to our revenue-generating
activities.
The
Company acts as a principal in its revenue transactions as the Company is the primary obligor in the transactions.
Revenues
from mobile app products and New World Health Brands products are generally recognized upon delivery. Revenues from History Reports are
generally recognized upon delivery / download. Prepayments received from customers before delivery (if any) are recognized as deferred
revenue and recognized upon delivery. The Company records deferred revenues when cash payments are received or due in advance of our
performance, including amounts which are refundable.
Information
Technology:
The
Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, no significant Company
obligations remain, collection of the related receivable is reasonably assured, and the fees are fixed or determinable. The Company acts
as a principal in its revenue transactions as the Company is the primary obligor in the transactions.
Revenues
from mobile app products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery
/ download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery.
New
World Health Brands:
Revenues
from New World Health Brands products are generally recognized upon delivery.
Stock-Based
Compensation
The
Company adopted Financial Accounting Standards Board Accounting Standard Codification Topic 718 (“ASC 718-10”), which
records compensation expense on a straight-line basis, generally over the explicit service period of three to five years.
ASC
718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model.
The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods
in the Company’s Consolidated Statement of Operations. The Company is using the Black-Scholes option-pricing model as its method
of valuation for share-based awards. The Company’s determination of fair value of share-based payment awards on the date of grant
using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex
and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the
term of the awards, and certain other market variables such as the risk free interest rate.
Inventories
The
Company’s inventories represent finished goods, consist of products available for sale and are accounted for using the first-in,
first-out (FIFO) method and valued at the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s
New World Health Brands business.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards
for “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815-40”).
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial
Conversion Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly,
the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt
to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion
options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment
date of the note transaction and the effective conversion price embedded in the note. ASC 815-40 provides that, among other things, generally,
if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an
asset or a liability.
Derivative
Liabilities
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed to be conventional, as described.
RECENT
ACCOUNTING PRONOUNCEMENTS
For
information regarding recent accounting pronouncements and their effect on the Company, see “Recent Accounting Pronouncements”
in Note A of the Notes to Consolidated Financial Statements contained herein.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act that are designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated
and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely
decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our management,
including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures
as of July 31, 2023. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found
in our internal controls, the Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures
were not effective.
Management
Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
of the Exchange Act. Under the supervision and with the participation of our Chief Executive Officer and Principal Financial Officer,
we conducted an evaluation of the effectiveness of our internal control over financial reporting as of April 30, 2023 using the criteria
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).
A
material weakness is a deficiency, or 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. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting
that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the Company’s
financial reporting. In our assessment of the effectiveness of internal control over financial reporting as of April 30, 2023, we determined
that control deficiencies existed that constituted material weaknesses, as described below:
● | lack
of documented policies and procedures; |
● | we
have no audit committee; |
● | there
is a risk of management override given that our officers have a high degree of involvement
in our day-to-day operations; |
● | there
is no effective separation of duties, which includes monitoring controls, between the members
of management. |
Due
to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. As a result,
we have not been able to take steps to improve our internal controls over financial reporting during the year ended April 30, 2023. However,
to the extent possible, we will implement procedures to assure that the initiation of transactions, the custody of assets and the recording
of transactions will be performed by separate individuals. Management is currently evaluating what steps can be taken in order to address
these material weaknesses.
Accordingly,
we concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim
financial statements will not be prevented or detected on a timely basis by our internal controls.
As
a result of the material weaknesses described above, management has concluded that we did not maintain effective internal control over
financial reporting as of July 31, 2023 based on criteria established in Internal Control—Integrated Framework issued by COSO.
In
light of these significant deficiencies, we performed additional analyses and procedures in order to conclude that our consolidated financial
statements for the year ended July 31, 2023 included in this quarterly report on Form 10-Q were fairly stated in accordance with U.S.
GAAP. Accordingly, management believes that despite our significant deficiency, our consolidated financial statements for the three months
ended July 31, 2023 are fairly stated, in all material respects, in accordance with U.S. GAAP.
This
annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting
firm pursuant to rules of the Securities and Exchange Commission that permit a smaller reporting company to provide only management’s
report in its annual report.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
As
of July 31, 2023, we have not been named as parties to any further legal proceedings. The two litigations disclosed prior are updated
below. From time to time, of course, we may become involved in further legal proceedings, which sometimes arise due to the very nature
of and in the ordinary course of this business.
By
way of background, the Company had received notices dated April 1, 2016 and May 13, 2016, from a lender claiming defaults relating to
conversion requests totaling $8,365.00 in principal, plus interest, attorney fees and also seeking stock conversions aside from the stated
principal and interest concerning the notes in the total amount of $55,125.00, which the Company had declined to process and believes
it has valid, meritorious defenses in that regard. Company believes these claims are contingent and unliquidated and disputed same. While
there can be no absolute assurances that the Company will prevail in the litigation concerning allegations brought against the Company,
these potential liabilities have been recorded in the unaudited condensed consolidated financial statements.
Concerning
the above, on September 22, 2016, a motion for summary judgment in lieu of complaint was filed in the Supreme Court in the State of New
York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest, plus
fees and costs. Plaintiff’s motion for summary judgment in lieu of complaint was denied on May 5, 2017. Thereafter, on August 22,
2018, Plaintiff brought a second motion seeking summary judgment on the liability issue, which again was denied by the Court on March
14, 2019. The most recent appearance in this matter had scheduled for March 13, 2020, at which time the Court marked the case “adjourned
without a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since determined such notes to be criminally usurious and, therefore, unenforceable. Since identical affirmative
defenses were raised on behalf of the Company, the pending action is expected to be discontinued by plaintiff, with prejudice. Counsel
for the parties have been working on a stipulation of discontinuance to that effect.
On
October 26, 2018, a second lender commenced an action in the Supreme Court of the State of New York: New York County alleging damages
from unpaid principal arising from a promissory note dated February 26, 2015, in the amount of $50,000.00 plus damages including interest
and stock conversions, costs and fees. The Company disputed the enforceability of such claims for similar reasons, as stated above, based
on the Court of Appeals ruling regarding the unenforceable nature of such claims demanding usurious interest rates. On November 9, 2022
the court rendered a decision on the cross motions for summary judgment in favor of the Company granting full dismissal of all causes
of action and awarded costs in favor of the Company. The time within which for plaintiff to appeal the decision has since expired. As
such, the claim has been fully resolved.
ITEM
1A. RISK FACTORS
We
are subject to certain risks and uncertainties in our business operations including those which are described below. The risks and uncertainties
described below are not the only risks we face. Additional risks and uncertainties not presently known or which are currently deemed
immaterial may also impair our business operations. A description of factors that could materially affect our business, financial condition
or operating results were included in Item 1A “Risk Factors” of our Form 10-K for the year ended April 30, 2023, and is incorporated
herein by reference.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Each
of the issuance and sale of securities described below was deemed to be exempt from registration under the Securities Act in reliance
on Section 4(a)(2) of the Securities Act of 1933, as amended, as transactions by an issuer not involving a public offering. No advertising
or general solicitation was employed in offering the securities. Each purchaser is a sophisticated investor (as described in Rule 506(b)
(2) (ii) of Regulation D) or an accredited investor (as defined in Rule 501 of Regulation D), and each received adequate information
about the Company or had access to such information, through employment or other relationships, to such information.
Sales
of Preferred Stock, Common Stock and Warrants:
During
the three months ended July 31, 2023, the Company:
| ● | Sold to six accredited investors 1,132,910 shares of common stock for cash of $105,000: 700,174 shares were issued, and 432,733 shares
were not issued yet and recorded as common stock to be issued. |
| ● | Entered into six promissory notes with accredited investors totaling $115,000. |
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
5. OTHER INFORMATION
Not
applicable.
ITEM
6. EXHIBITS
The
following exhibits are filed with this report:
*Filed
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
SPARTA COMMERCIAL SERVICES, INC. |
|
|
Date:
September 26, 2023 |
By:
|
/s/
Anthony L. Havens |
|
|
Anthony L. Havens, Chief Executive Officer,
Principal financial and accounting officer |
EXHIBIT
31.1
CERTIFICATIONS
I,
Anthony L. Havens, certify that:
1. I have reviewed this report on Form 10-Q/A for the period ended July 31, 2023 of Sparta Commercial Services, 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.
As the registrant’s sole certifying officer, 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 my
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to me 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 my 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 my 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. As
the registrant’s sole certifying officer, I have disclosed, based on my 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:
September 26, 2023
|
/s/
Anthony L. Havens |
|
Anthony L. Havens |
|
Chief Executive Officer, principal executive officer |
EXHIBIT
31.2
CERTIFICATIONS
I,
Anthony L. Havens, certify that:
1. I have reviewed this report on Form 10-Q/A for the period ended July 31, 2023 of Sparta Commercial Services, 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. As
the registrant’s sole certifying officer, 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 my supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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. As
the registrant’s sole certifying officer, I have disclosed, based on my 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:
September 26, 2023
|
/s/ Anthony L. Havens |
|
Anthony L. Havens |
|
Principal financial and accounting officer |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350
In
connection with the Quarterly Report of Sparta Commercial Services, Inc. (the “Company”) on Form 10-Q/A for the period ended
July 31, 2023, as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Anthony
L. Havens, Chief Executive Officer and principal financial and accounting officer of the Company, do hereby certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to § 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, as amended and
(2) The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company.
Date:
September 26, 2023
|
/s/ Anthony L. Havens |
|
Anthony L. Havens, Chief Executive Officer, |
|
Principal executive officer, principal financial and accounting
officer |
v3.23.3
Cover - shares
|
3 Months Ended |
|
Jul. 31, 2023 |
Sep. 19, 2023 |
Cover [Abstract] |
|
|
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|
|
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true
|
|
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This
Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the three months ended July 31, 2023 as originally filed with the
Securities and Exchange Commission (the “SEC”) on September 19, 2023 (the “Original Filing”). Rule 10-01(d) of Regulation
S-X requires that interim financial statements included in quarterly reports on Form 10-Q be reviewed by an independent public accountant.
The Company was unable to obtain a review by its independent public accountant of its financial statements before the Original Filing.
Consequently, the consolidated financial statements in the Original Filing were not reviewed by an independent public accountant
in accordance with Statement of Auditing Standards No. 100, Interim Financial Information (“SAS100”). The financial
statements included herein have now been reviewed in accordance with SAS100 and the Company is filing this amended Form 10-Q/A. This
Form 10-Q/A amends the Company’s Condensed Consolidated Financial Statements and related disclosures in Item 1 for the three months
ended July 31, 2023, as well as Management’s Discussion and Analysis in Item 2.
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|
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--04-30
|
|
Entity File Number |
0-9483
|
|
Entity Registrant Name |
SPARTA
COMMERCIAL SERVICES, INC.
|
|
Entity Central Index Key |
0000318299
|
|
Entity Tax Identification Number |
30-0298178
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
555 Fifth Avenue
|
|
Entity Address, Address Line Two |
14th Floor
|
|
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New York
|
|
Entity Address, State or Province |
NY
|
|
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10017
|
|
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(212)
|
|
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239-2666
|
|
Title of 12(b) Security |
Common
stock, $0.001 par value
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SRCO
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jul. 31, 2023 |
Apr. 30, 2023 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 9,598
|
$ 4,028
|
Accounts Receivable |
149
|
|
Inventory |
3,737
|
|
Other Current Assets |
|
|
TOTAL CURRENT ASSETS |
13,484
|
4,028
|
NON-CURRENT ASSETS |
|
|
Rent Deposit |
9,000
|
9,000
|
Property and equipment, net of accumulated depreciation and amortization |
|
|
TOTAL NON-CURRENT ASSETS |
9,000
|
9,000
|
TOTAL ASSETS |
22,484
|
13,028
|
CURRENT LIABILITIES |
|
|
Bank Overdraft |
13,523
|
54,410
|
Short Term Loan |
1,585
|
1,585
|
Accounts Payable and Accrued expenses |
1,500,238
|
1,698,457
|
Derivative Liability |
1,222,488
|
1,375,767
|
Notes Payable |
6,950,251
|
6,694,245
|
TOTAL CURRENT LIABILITIES |
9,688,086
|
9,824,463
|
Other Non-Current Liabilities |
|
|
TOTAL NON-CURRENT LIABILITIES |
609,078
|
435,753
|
TOTAL LIABILITIES |
10,297,163
|
10,260,216
|
STOCKHOLDER’S DEFICIT: |
|
|
Common stock, $0.001 par value; 750,000,000 shares authorized, and 23,951,111 and 23,045,205 shares issued and outstanding as of July 31, 2023 and April 30, 2023, respectively |
23,951
|
23,045
|
Common stock to be issued 24,006,792 and 23,704,788 respectively |
24,007
|
23,705
|
Additional paid-in-capital |
55,052,143
|
54,872,206
|
Accumulated deficit |
(66,362,200)
|
(66,150,857)
|
TOTAL DEFICIENCY IN STOCKHOLDER’S EQUITY |
(11,246,683)
|
(11,216,484)
|
Non-Controlling Interest |
972,004
|
969,295
|
TOTAL DEFICIT |
(10,274,679)
|
(10,247,189)
|
TOTAL LIABILITIES AND EQUITY |
22,484
|
13,028
|
Series A Convertible Preferred Stock [Member] |
|
|
STOCKHOLDER’S DEFICIT: |
|
|
Preferred stock value |
12,500
|
12,500
|
Series C Preferred Stock [Member] |
|
|
STOCKHOLDER’S DEFICIT: |
|
|
Preferred stock value |
1,979
|
1,979
|
Series D Preferred Stock [Member] |
|
|
STOCKHOLDER’S DEFICIT: |
|
|
Preferred stock value |
938
|
938
|
Related Party [Member] |
|
|
CURRENT LIABILITIES |
|
|
Loans Payable – Related Parties |
$ 609,078
|
$ 435,753
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jul. 31, 2023 |
Apr. 30, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares designated |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
Common stock shares issued |
23,951,111
|
23,045,205
|
Common stock shares outstanding |
23,951,111
|
23,045,205
|
Common stock to be issued |
24,006,792
|
23,704,788
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 100
|
$ 100
|
Preferred stock, shares designated |
35,850
|
35,850
|
Preferred stock, shares issued |
125
|
125
|
Preferred stock, shares outstanding |
125
|
125
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares designated |
4,200,000
|
4,200,000
|
Preferred stock, shares issued |
1,979,157
|
1,979,157
|
Preferred stock, shares outstanding |
1,979,157
|
1,979,157
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
$ 1.00
|
Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares designated |
2,000,000
|
2,000,000
|
Preferred stock, shares issued |
937,754
|
937,754
|
Preferred stock, shares outstanding |
937,754
|
937,754
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
$ 1.00
|
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Revenue |
|
|
Total Revenue |
$ 62,279
|
$ 68,953
|
Less: Cost of goods sold |
8,924
|
11,043
|
Gross Profit |
53,355
|
57,910
|
Operating Expenses |
|
|
Compensation and related cost |
161,095
|
167,830
|
Consulting fee |
20,490
|
280,006
|
Rent and lease |
18,000
|
16,250
|
Accounting and legal fees |
1,140
|
9,901
|
General office expenses |
114,311
|
98,895
|
Total Operating Expenses |
315,036
|
572,882
|
Income/(Loss) from Operations |
(261,682)
|
(514,972)
|
Other Income/(Expense) |
|
|
Commission on municipal bonds |
731
|
|
Financing cost |
(140,386)
|
(1,025)
|
Write off convertible notes |
39,425
|
|
Gain/(Loss) in changes in fair value of derivative liability |
153,279
|
1,621,272
|
Total Other Income/(Expense) |
53,048
|
1,620,247
|
Net Income (Loss) |
(208,634)
|
1,105,275
|
Net income (loss) attributable to minority shareholders |
(2,709)
|
(3,924)
|
Net income (loss) attributed to common stockholders |
$ (211,343)
|
$ 1,101,351
|
Net Income (loss) per share - Sparta Common shareholder, basic |
$ (0.009)
|
$ 0.067
|
Net Income (loss) per share - Sparta Common shareholder, diluted |
$ (0.009)
|
$ 0.067
|
Weighted average shares outstanding, basic |
23,168,129
|
16,340,345
|
Weighted average shares outstanding, diluted |
23,168,129
|
16,340,345
|
Information Technology [Member] |
|
|
Revenue |
|
|
Total Revenue |
$ 55,196
|
$ 63,467
|
New World Health Brands [Member] |
|
|
Revenue |
|
|
Total Revenue |
$ 7,083
|
$ 5,486
|
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Deficits (Unaudited) - USD ($)
|
Series A Preferred Stock [Member]
Preferred Stock [Member]
|
Series C Preferred Stock [Member]
Preferred Stock [Member]
|
Series D Preferred Stock [Member]
Preferred Stock [Member]
|
Common Stock [Member] |
Common Stock to be Issued [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Balance, value at Apr. 30, 2022 |
$ 12,500
|
$ 2,363
|
$ 618
|
$ 15,128
|
$ 8,292
|
$ 53,210,921
|
$ (73,984,686)
|
$ 984,175
|
$ (19,750,689)
|
Balance, shares at Apr. 30, 2022 |
125
|
2,163,000
|
618,411
|
15,128,005
|
8,916,805
|
|
|
|
|
Conversion of Preferred to common shares |
|
$ (60)
|
|
$ 60
|
|
9,940
|
|
|
9,940
|
Conversion of Preferred to common shares, shares |
|
(60,000)
|
|
60,000
|
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
|
$ 1,824
|
93,175
|
|
|
94,999
|
Issuance of common shares for cash, shares |
|
|
|
|
1,824,771
|
|
|
|
|
Issuance of shares for services |
|
|
|
$ 1,595
|
|
243,786
|
|
|
$ 245,381
|
Issuance of shares for services, shares |
|
|
|
1,594,960
|
|
|
|
|
1,594,960
|
Stocks issued for equity |
|
|
|
$ 518
|
|
44,128
|
|
|
$ 44,646
|
Stocks issued for equity, shares |
|
|
|
518,333
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
1,101,351
|
3,924
|
1,105,275
|
Balance, value at Jul. 31, 2022 |
$ 12,500
|
$ 2,303
|
$ 618
|
$ 17,301
|
$ 10,116
|
53,601,950
|
(72,883,335)
|
988,099
|
(18,250,448)
|
Balance, shares at Jul. 31, 2022 |
125
|
2,103,000
|
618,411
|
17,301,298
|
10,741,576
|
|
|
|
|
Balance, value at Apr. 30, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,045
|
$ 23,705
|
54,872,206
|
(66,150,857)
|
969,295
|
(10,247,189)
|
Balance, shares at Apr. 30, 2023 |
125
|
1,979,157
|
937,701
|
23,045,205
|
23,704,788
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
|
$ 1,133
|
103,867
|
|
|
105,000
|
Issuance of common shares for cash, shares |
|
|
|
|
1,132,910
|
|
|
|
|
Stocks issued as a note holder incentive |
|
|
|
$ 75
|
|
6,900
|
|
|
6,975
|
Stocks issued as a note holder incentive, shares |
|
|
|
75,000
|
|
|
|
|
|
Stocks issued for equity |
|
|
|
$ 831
|
$ (831)
|
69,169
|
|
|
69,169
|
Stocks issued for equity, shares |
|
|
|
830,906
|
(830,906)
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
(211,343)
|
2,709
|
(208,634)
|
Balance, value at Jul. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,951
|
$ 24,007
|
$ 55,052,142
|
$ (66,362,200)
|
$ 972,004
|
$ (10,274,679)
|
Balance, shares at Jul. 31, 2023 |
125
|
1,979,157
|
937,701
|
23,951,111
|
24,006,792
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Income (loss) |
$ (208,634)
|
$ 1,105,275
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Loss (Gain) from change in fair value of derivative liabilities |
(153,279)
|
(1,621,272)
|
Non-cash financing cost |
140,386
|
518
|
Stock based compensation |
|
242,448
|
Accrued interest on notes payable |
173,945
|
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
(149)
|
(45,320)
|
Inventory |
(3,737)
|
306
|
Accounts payable and accrued expenses |
(198,218)
|
70,016
|
Net cash used in operating activities |
(249,686)
|
(248,029)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Bank overdraft |
(40,887)
|
36,582
|
Stocks issued for equity |
76,144
|
|
Proceeds from sale of stock |
105,000
|
152,000
|
Net Proceeds from notes payable |
115,000
|
60,000
|
Net cash provided by financing activities |
255,257
|
248,582
|
Net (decrease) increase in cash |
5,570
|
553
|
Cash and cash equivalents, beginning of period |
4,028
|
317
|
Cash and cash equivalents, end of period |
9,598
|
$ 870
|
Cash paid for: |
|
|
Interest |
|
|
Income taxes |
|
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
A summary of the significant accounting
policies applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows.
Business
General Overview
Sparta Commercial Services, Inc. (“Sparta,”
“we,” “us,” or the “Company”) is a Nevada corporation with headquarters in New York City. We are
a multi-disciplined parent corporation operating across three business sectors – Financial Services, E-Commerce & Mobile Technology,
and Health and Wellness.
Sparta’s roots are in the
Powersports industry. The Company provided retail installment loans and leases through authorized motorcycle dealerships in 33
states, with financing lines of credit provided by institutional lenders. In 2007, the Company introduced a Municipal Financing
program which has financed over 100 jurisdictions to date.
Vehicle History Reports are a staple
of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is intended for business or recreational
use, Sparta’s Vehicle History Reports are highly regarded for accuracy and completeness and have been sold across all 50 states
and in 62 countries worldwide.
With iMobile App, the Company provides
mobile technology services, including web and mobile application creation, development and management, text messaging services, CRM (Customer
Relationship Management) tools, and custom kitchen ordering systems for a wide range of businesses to increase revenue, build brand recognition,
and improve customer engagement.
Sparta’s subsidiary, New World
Health Brands, Inc., offers high quality dietary supplements
Sparta’s subsidiary, Sparta Crypto,
Inc., is in the process of completing a proprietary state-of-the-art
platform designed to connect users of widely adopted digital currencies with sellers of various goods and services; and has completed
and tested a cryptocurrency payment gateway called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”). Agoge was formed as a subsidiary
of Sparta Crypto, Inc. in December 2022 and entered in to a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border
transactions between importers and exporters of goods from the U.S. and Brazil.
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements as of July 31, 2023 and for the three months ended July 31, 2023 and 2022 have been prepared by the Company pursuant
to the rules and regulations of the Securities and Exchange Commission, including Form 10-Q and Regulation S-K. The information furnished
herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary
to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual
financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted
pursuant to such rules and regulations. The Company believes that the disclosures provided are adequate to make the information presented
not misleading.
These unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended April
30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the Securities and Exchange Commission on August 15,
2023. The results of operations for the three months ended July 31, 2023 are not necessarily indicative of the results to be expected
for any other interim period or the full year ending April 30, 2023.
Principles of Consolidation
The consolidated financial statements include
the accounts of the Company and its majority owned subsidiaries. All material intercompany transactions and balances have been eliminated
in consolidation. The third-party ownership of the Company’s subsidiary is accounted for as non-controlling interest in the consolidated
financial statements. Changes in the non-controlling interest are reported in the statement of changes in deficit.
Estimates
These financial statements have been prepared
in accordance with accounting principles generally accepted in United States of America which require management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, and the disclosures of revenues and expenses for the reported period.
Accordingly, actual results could differ from those estimates.
Revenue
Recognition
The Company
adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The standard requires
an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for those goods or services.
The Company acts as a principal in its revenue
transactions as the Company is the primary obligor in the transactions.
Revenues from mobile app products and New
World Health Brands products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery
/ download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery.
The Company records deferred revenues when cash payments are received or due in advance of our performance, including amounts which are
refundable.
Cash
Equivalents
For the purpose of the accompanying financial
statements, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents.
Fair
Value Measurements
The Company has adopted ASC 820, “Fair
Value Measurements (“ASC 820”).” ASC 820 establishes a three-level fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets the lowest priority to unobservable inputs to fair value measurements of certain assets and Liabilities. The three levels
of the fair value hierarchy under ASC 820 are described below:
● |
Level 1 — Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets. |
● |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
|
● |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation. |
This hierarchy requires the Company to use
observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. For some products
or in certain market conditions, observable inputs may not always be available.
Income Taxes
We utilize ASC 740 “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 year-end based
on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
The Company recognizes the impact of a tax
position in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities,
based on the technical merits of the position. Our practice is to recognize interest and/or penalties related to income tax matters in
income tax expense.
Stock Based Compensation
We account for our stock-based compensation
under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation
cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting
period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for
goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based
on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
We use the fair value method for equity
instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value
compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement
date) and is recognized over the vesting periods.
Inventories
The Company’s inventories represent
finished goods, consist of products available for sale and are accounted for using the first-in, first-out (FIFO) method and valued at
the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New World Health business.
Property
and Equipment
Property and equipment are recorded at cost.
Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their
estimated useful lives. Depreciation is calculated using the straight-line method over the estimated useful lives. Estimated useful lives
of major depreciable assets are as follows:
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
|
|
|
Leasehold improvements |
|
3 years |
Furniture and fixtures |
|
7 years |
Website costs |
|
3 years |
Computer Equipment |
|
5 years |
Concentrations
of Credit Risk
Financial instruments and related items,
which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and receivables. The
Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess
of the FDIC insurance limit.
Net
Loss Per Share
The Company uses ASC 260-10, “Earnings
Per Share” for calculating the basic and diluted loss per share. The Company computes basic loss per share by dividing net loss
and net loss attributable to common shareholders by the weighted average number of common shares outstanding. Common equivalent shares
are excluded from the computation of net loss per share if their effect is anti-dilutive.
As of July 31, 2023 and 2022, approximately
4,200,000 potential shares (including 1,979,157 shares to be issued on the balance sheet), respectively, were excluded from the shares
used to calculate diluted earnings per share as their inclusion would reduce net loss per share.
Derivative Liabilities
The Company assessed the classification
of its derivative financial instruments as of July 31, 2023 and April 30, 2023, which consist of convertible instruments and rights to
shares of the Company’s common stock and determined that such derivatives meet the criteria for liability classification under ASC
815.
ASC 815 generally provides three criteria
that, if met, require companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative
financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded
derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid
instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise
applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC
815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described.
Convertible
Instruments
The Company evaluates and accounts for conversion
options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments
and Hedging Activities”.
The Company accounts for convertible instruments
(when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with
professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional
standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible
notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of
the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt
discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also
records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences
between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price
embedded in the note. ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could
or require net cash settlement, then the contract shall be classified as an asset or a liability.
Reclassifications
Certain reclassifications have been made
to conform to prior periods’ data to the current presentation. These reclassifications had no effect on reported losses.
Recent
Accounting Pronouncements
No recent pronouncements have been made or adopted
in the quarter ended July 31, 2023. All of the pronouncements that affect our business have been adopted.
|
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v3.23.3
GOING CONCERN MATTERS
|
3 Months Ended |
Jul. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN MATTERS |
NOTE B – GOING CONCERN MATTERS
The accompanying unaudited condensed consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements, the
Company has incurred recurring losses and generated negative cash flows from operating activities since inception. As of July 31, 2023,
the Company had an accumulated deficit of $66,362,200 and a working capital deficit (total current liabilities exceeded total current
assets) of $9,674,601. The Company’s cash balance and revenues generated are not currently sufficient and cannot be projected to
cover its operating expenses for the next twelve months from the filing date of this report. These factors among others raise substantial
doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
The Company’s existence is dependent
upon management’s ability to develop profitable operations. Management is devoting substantially all of its efforts to developing
its business and raising capital and there can be no assurance that the Company’s efforts will be successful. No assurance can be
given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying
unaudited condensed consolidated financial statements do not include any adjustments that might result should the Company be unable to
continue as a going concern.
In order to improve the Company’s
liquidity, the Company’s management is actively pursuing additional equity financing through discussions with investment bankers
and private investors. There can be no assurance that the Company will be successful in its effort to secure additional equity financing.
|
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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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v3.23.3
NOTES PAYABLE AND DERIVATIVES
|
3 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE AND DERIVATIVES |
NOTE C – NOTES PAYABLE AND DERIVATIVES
The Company has outstanding numerous notes
payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized as follows:
SCHEDULE OF NOTES PAYABLE
Notes Payable | |
July 31, 2023 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,485,832 | | |
$ | 3,112,734 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,341,519 | | |
| 1,861,650 | |
Subtotal | |
| 5,163,051 | | |
| 5,310,084 | |
Debt discount | |
| - | | |
| - | |
Total | |
$ | 5,163,051 | | |
$ | 5,310,084 | |
Certain of the notes payable contain variable
conversion rates and the conversion features are classified as derivative liabilities. The conversion prices are based on the market price
of the Company’s common stock, at discounts of 30% - 48% to market value.
The Company’s derivative financial
instruments consist of embedded derivatives related to the outstanding short term Convertible Notes Payable. These embedded derivatives
include certain conversion features indexed to the Company’s common stock. The accounting treatment of derivative financial instruments
requires that the Company record the derivatives and related items at their fair values as of the inception date of the Convertible Notes
Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions of Accounting Standards Codification
subtopic 815-40, Derivatives and Hedging; Contracts in Entity’s Own Equity (“ASC 815-40”), as a result of entering into
the Convertible Notes Payable, the Company is required to classify all other non-employee stock options and warrants as derivative liabilities
and mark them to market at each reporting date. Any change in fair value inclusive of modifications of terms will be recorded as non-operating,
non-cash income or expense at each reporting date. If the fair value of the derivatives is higher at the subsequent balance sheet date,
the Company will record a non-operating, non-cash charge. If the fair value of the derivatives is lower at the subsequent balance sheet
date, the Company will record non-operating, non-cash income.
The change in fair value of the derivative
liabilities at July 31, 2023 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as
follows:
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| |
| |
| |
| |
Risk free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Changes in derivative liability during the
three months ended July 31, 2023 and 2022 were:
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES
| |
2023 | | |
2022 | |
| |
July 31, | |
| |
2023 | | |
2022 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (76,144 | ) | |
| (54,586 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (77,135 | ) | |
| (1,621,272 | ) |
Balance, end of period | |
| 1,222,488 | | |
$ | 7,873,782 | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
LOANS PAYABLE TO RELATED PARTIES
|
3 Months Ended |
Jul. 31, 2023 |
Related Party Transactions [Abstract] |
|
LOANS PAYABLE TO RELATED PARTIES |
NOTE D – LOANS PAYABLE TO RELATED PARTIES
As of July 31, 2023,
and April 30, 2023, aggregated loans and notes payable, without demand and with no interest, to officers, directors, and other related parties were $609,078 and
$435,753, respectively.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
EQUITY TRANSACTIONS
|
3 Months Ended |
Jul. 31, 2023 |
Equity [Abstract] |
|
EQUITY TRANSACTIONS |
NOTE E –
EQUITY TRANSACTIONS
Preferred Stock
The Company is authorized to issue 10,000,000
shares of preferred stock with $0.001 par value per share, of which 35,850 shares have been designated as Series A convertible preferred
stock with a $100 stated value per share; 1,000 shares have been designated as Series B Preferred Stock with a $10,000 per share liquidation
value; 4,200,000 shares have been designated as Series C Preferred Stock with a $1.00 per share liquidation value, and 2,000,000 shares
have been designated as Series D Preferred Stock with a $1 per share liquidation value.
Common Stock
The Company is authorized to issue 750,000,000
shares of common stock, $0.001 par value. As of July 31, and April 30, 2023 the Company’s issued and outstanding shares are 23,951,111
and 23,045,205 respectively.
During the three months ended July 31, 2023,
the Company:
|
● |
Issued 830,906 shares valued at $70,000 to three accredited investors related to equity investments and note conversions |
|
● |
Issued 75,000 shares valued at $6,975 to accredited investor related to promissory note. |
|
● |
Sold to three accredited investors 432,733 shares of common stock for cash of $40,000, actual shares were not issued yet and recorded as common stock to be issued. |
During the three months ended July 31, 2022,
the Company:
|
● |
Issued 1,594,960 shares valued at $245,381 issued for services rendered. |
|
● |
Issued 60,000 shares upon the conversion of 20,000 shares of Series C Convertible Preferred Stock. |
|
● |
Sold to four accredited investors 1,824,771 shares of common stock for cash of $95,000 and a $57,000 conversion of prior equity investments in iMobile Solutions, Inc., actual shares were not issued yet and recorded as common stock to be issued. |
|
● |
Issued 518,333 shares valued at $44,647 to accredited investors related to promissory notes. |
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v3.23.3
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Jul. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE F – FAIR VALUE MEASUREMENTS
The Company follows the guidance established
pursuant to ASC 820 which established a framework for measuring fair value and expands disclosure about fair value measurements. ASC 820
defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use
of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used:
Level 1: Quoted prices (unadjusted) in active
markets that are accessible at the measurement date for identical assets and liabilities. The fair value hierarchy gives the highest priority
to Level 1 inputs.
Level 2: Observable prices that are based
on inputs not quoted on active markets but corroborated by market data.
Level 3: Unobservable inputs when there
is little or no market data available, thereby requiring an entity to develop its own assumptions. The fair value hierarchy gives the
lowest priority to Level 3 inputs.
The table below summarizes the fair values of financial
liabilities as of July 31, 2023:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
July 31, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,222,488 | | |
| - | | |
| - | | |
$ | 1,222,488 | |
Fair values of financial liabilities as of April 30,
2023 are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
The following is a description of the valuation
methodologies used for these items:
Derivative liabilities — these
instruments consist of certain variable conversion features related to notes payable obligations and certain outstanding warrants. These
instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend
rate and estimated life.
The Company did not identify any other non-recurring
assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC Topic 825 “The
Fair Value Option for Financial Issuances”.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
G – PROPERTY AND EQUIPMENT
Major
classes of property and equipment at July 31, 2023 and April 30, 2023 consist of the followings:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
July 31, 2023 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 224,303 | | |
$ | 224,303 | |
Less: accumulated depreciation | |
| (224,303 | ) | |
| (224,303 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
All
equipment are fully depreciated as of July 31, 2023 and 2022. No additional investment in equipment for both fiscal year.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
WARRANTS
|
3 Months Ended |
Jul. 31, 2023 |
Warrants |
|
WARRANTS |
NOTE
H – WARRANTS:
No
warrants were issued to employees and or service. As of July 31, 2023, 3,801,657 warrants were vested. Computed fair value was $228,099.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Jul. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
I – COMMITMENTS AND CONTINGENCIES
Operating
Lease Commitments
Our
executive offices are located in New York, NY. We have an agreement for use of office space at this location under a sub-lease which
expired on July 31, 2018 and continues a month-to-month basis thereafter. The monthly base rent is $5,100.
Rent
expense was $18,000 and 16,200 for the Three months period ending July 31, 2023 and 2022, respectively.
Litigation
The
Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Sparta can make no representations
about the potential outcome of such proceedings.
As
of July 31, 2023, we have not been named as parties to any further legal proceedings. The two litigations disclosed prior are updated
below. From time to time, of course, we may become involved in further legal proceedings, which sometimes arise due to the very nature
of and in the ordinary course of this business.
By
way of background, the Company had received notices dated April 1, 2016 and May 13, 2016, from a lender claiming defaults relating to
conversion requests totaling $8,365.00 in principal, plus interest, attorney fees and also seeking stock conversions aside from the stated
principal and interest concerning the notes in the total amount of $55,125.00, which the Company had declined to process and believes
it has valid, meritorious defenses in that regard. Company believes these claims are contingent and unliquidated and disputed same. While
there can be no absolute assurances that the Company will prevail in the litigation concerning allegations brought against the Company,
these potential liabilities have been recorded in the unaudited condensed consolidated financial statements.
Concerning
the above, on September 22, 2016, a motion for summary judgment in lieu of complaint was filed in the Supreme Court in the State of New
York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest, plus
fees and costs. Plaintiff’s motion for summary judgment in lieu of complaint was denied on May 5, 2017. Thereafter, on August 22,
2018, Plaintiff brought a second motion seeking summary judgment on the liability issue, which again was denied by the Court on March
14, 2019. The most recent appearance in this matter had scheduled for March 13, 2020, at which time the Court marked the case “adjourned
without a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since determined such notes to be criminally usurious and, therefore, unenforceable. Since identical affirmative
defenses were raised on behalf of the Company, the pending action is expected to be discontinued by plaintiff, with prejudice. Counsel
for the parties have been working on a stipulation of discontinuance to that effect.
On
October 26, 2018, a second lender commenced an action in the Supreme Court of the State of New York: New York County alleging damages
from unpaid principal arising from a promissory note dated February 26, 2015, in the amount of $50,000.00 plus damages including interest
and stock conversions, costs and fees. The Company disputed the enforceability of such claims for similar reasons, as stated above, based
on the Court of Appeals ruling regarding the unenforceable nature of such claims demanding usurious interest rates. On November 9, 2022
the court rendered a decision on the cross motions for summary judgment in favor of the Company granting full dismissal of all causes
of action and awarded costs in favor of the Company. The time within which for plaintiff to appeal the decision has since expired. As
such, the claim has been fully resolved.
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Jul. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
J – SUBSEQUENT EVENTS
The
Company has evaluated subsequent events for recognition and disclosure as of September 26, 2023 which is the date the financial statements
were available to be issued. No other matters were identified affecting the accompanying financial statements and related disclosures.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Business |
Business
General Overview
Sparta Commercial Services, Inc. (“Sparta,”
“we,” “us,” or the “Company”) is a Nevada corporation with headquarters in New York City. We are
a multi-disciplined parent corporation operating across three business sectors – Financial Services, E-Commerce & Mobile Technology,
and Health and Wellness.
Sparta’s roots are in the
Powersports industry. The Company provided retail installment loans and leases through authorized motorcycle dealerships in 33
states, with financing lines of credit provided by institutional lenders. In 2007, the Company introduced a Municipal Financing
program which has financed over 100 jurisdictions to date.
Vehicle History Reports are a staple
of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is intended for business or recreational
use, Sparta’s Vehicle History Reports are highly regarded for accuracy and completeness and have been sold across all 50 states
and in 62 countries worldwide.
With iMobile App, the Company provides
mobile technology services, including web and mobile application creation, development and management, text messaging services, CRM (Customer
Relationship Management) tools, and custom kitchen ordering systems for a wide range of businesses to increase revenue, build brand recognition,
and improve customer engagement.
Sparta’s subsidiary, New World
Health Brands, Inc., offers high quality dietary supplements
Sparta’s subsidiary, Sparta Crypto,
Inc., is in the process of completing a proprietary state-of-the-art
platform designed to connect users of widely adopted digital currencies with sellers of various goods and services; and has completed
and tested a cryptocurrency payment gateway called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”). Agoge was formed as a subsidiary
of Sparta Crypto, Inc. in December 2022 and entered in to a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border
transactions between importers and exporters of goods from the U.S. and Brazil.
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements as of July 31, 2023 and for the three months ended July 31, 2023 and 2022 have been prepared by the Company pursuant
to the rules and regulations of the Securities and Exchange Commission, including Form 10-Q and Regulation S-K. The information furnished
herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary
to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual
financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted
pursuant to such rules and regulations. The Company believes that the disclosures provided are adequate to make the information presented
not misleading.
These unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended April
30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the Securities and Exchange Commission on August 15,
2023. The results of operations for the three months ended July 31, 2023 are not necessarily indicative of the results to be expected
for any other interim period or the full year ending April 30, 2023.
|
Principles of Consolidation |
Principles of Consolidation
The consolidated financial statements include
the accounts of the Company and its majority owned subsidiaries. All material intercompany transactions and balances have been eliminated
in consolidation. The third-party ownership of the Company’s subsidiary is accounted for as non-controlling interest in the consolidated
financial statements. Changes in the non-controlling interest are reported in the statement of changes in deficit.
|
Estimates |
Estimates
These financial statements have been prepared
in accordance with accounting principles generally accepted in United States of America which require management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, and the disclosures of revenues and expenses for the reported period.
Accordingly, actual results could differ from those estimates.
|
Revenue Recognition |
Revenue
Recognition
The Company
adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The standard requires
an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for those goods or services.
The Company acts as a principal in its revenue
transactions as the Company is the primary obligor in the transactions.
Revenues from mobile app products and New
World Health Brands products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery
/ download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery.
The Company records deferred revenues when cash payments are received or due in advance of our performance, including amounts which are
refundable.
|
Cash Equivalents |
Cash
Equivalents
For the purpose of the accompanying financial
statements, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents.
|
Fair Value Measurements |
Fair
Value Measurements
The Company has adopted ASC 820, “Fair
Value Measurements (“ASC 820”).” ASC 820 establishes a three-level fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets the lowest priority to unobservable inputs to fair value measurements of certain assets and Liabilities. The three levels
of the fair value hierarchy under ASC 820 are described below:
● |
Level 1 — Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets. |
● |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
|
● |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation. |
This hierarchy requires the Company to use
observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. For some products
or in certain market conditions, observable inputs may not always be available.
|
Income Taxes |
Income Taxes
We utilize ASC 740 “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 year-end based
on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
The Company recognizes the impact of a tax
position in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities,
based on the technical merits of the position. Our practice is to recognize interest and/or penalties related to income tax matters in
income tax expense.
|
Stock Based Compensation |
Stock Based Compensation
We account for our stock-based compensation
under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation
cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting
period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for
goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based
on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
We use the fair value method for equity
instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value
compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement
date) and is recognized over the vesting periods.
|
Inventories |
Inventories
The Company’s inventories represent
finished goods, consist of products available for sale and are accounted for using the first-in, first-out (FIFO) method and valued at
the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New World Health business.
|
Property and Equipment |
Property
and Equipment
Property and equipment are recorded at cost.
Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their
estimated useful lives. Depreciation is calculated using the straight-line method over the estimated useful lives. Estimated useful lives
of major depreciable assets are as follows:
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY AND EQUIPMENT
|
|
|
Leasehold improvements |
|
3 years |
Furniture and fixtures |
|
7 years |
Website costs |
|
3 years |
Computer Equipment |
|
5 years |
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
Financial instruments and related items,
which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and receivables. The
Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess
of the FDIC insurance limit.
|
Net Loss Per Share |
Net
Loss Per Share
The Company uses ASC 260-10, “Earnings
Per Share” for calculating the basic and diluted loss per share. The Company computes basic loss per share by dividing net loss
and net loss attributable to common shareholders by the weighted average number of common shares outstanding. Common equivalent shares
are excluded from the computation of net loss per share if their effect is anti-dilutive.
As of July 31, 2023 and 2022, approximately
4,200,000 potential shares (including 1,979,157 shares to be issued on the balance sheet), respectively, were excluded from the shares
used to calculate diluted earnings per share as their inclusion would reduce net loss per share.
|
Derivative Liabilities |
Derivative Liabilities
The Company assessed the classification
of its derivative financial instruments as of July 31, 2023 and April 30, 2023, which consist of convertible instruments and rights to
shares of the Company’s common stock and determined that such derivatives meet the criteria for liability classification under ASC
815.
ASC 815 generally provides three criteria
that, if met, require companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative
financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded
derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid
instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise
applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC
815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described.
|
Convertible Instruments |
Convertible
Instruments
The Company evaluates and accounts for conversion
options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments
and Hedging Activities”.
The Company accounts for convertible instruments
(when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with
professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional
standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible
notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of
the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt
discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also
records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences
between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price
embedded in the note. ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could
or require net cash settlement, then the contract shall be classified as an asset or a liability.
|
Reclassifications |
Reclassifications
Certain reclassifications have been made
to conform to prior periods’ data to the current presentation. These reclassifications had no effect on reported losses.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
No recent pronouncements have been made or adopted
in the quarter ended July 31, 2023. All of the pronouncements that affect our business have been adopted.
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v3.23.3
NOTES PAYABLE AND DERIVATIVES (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The Company has outstanding numerous notes
payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized as follows:
SCHEDULE OF NOTES PAYABLE
Notes Payable | |
July 31, 2023 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,485,832 | | |
$ | 3,112,734 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,341,519 | | |
| 1,861,650 | |
Subtotal | |
| 5,163,051 | | |
| 5,310,084 | |
Debt discount | |
| - | | |
| - | |
Total | |
$ | 5,163,051 | | |
$ | 5,310,084 | |
|
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION |
The change in fair value of the derivative
liabilities at July 31, 2023 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as
follows:
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| |
| |
| |
| |
Risk free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
|
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES |
Changes in derivative liability during the
three months ended July 31, 2023 and 2022 were:
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES
| |
2023 | | |
2022 | |
| |
July 31, | |
| |
2023 | | |
2022 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (76,144 | ) | |
| (54,586 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (77,135 | ) | |
| (1,621,272 | ) |
Balance, end of period | |
| 1,222,488 | | |
$ | 7,873,782 | |
|
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES |
The table below summarizes the fair values of financial
liabilities as of July 31, 2023:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
July 31, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,222,488 | | |
| - | | |
| - | | |
$ | 1,222,488 | |
Fair values of financial liabilities as of April 30,
2023 are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
|
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v3.23.3
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Major
classes of property and equipment at July 31, 2023 and April 30, 2023 consist of the followings:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
July 31, 2023 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 224,303 | | |
$ | 224,303 | |
Less: accumulated depreciation | |
| (224,303 | ) | |
| (224,303 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares
|
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
4,200,000
|
4,200,000
|
Shares to be Issued [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities excluded from computation of earnings per share, amount |
1,979,157
|
1,979,157
|
X |
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v3.23.3
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
|
Jul. 31, 2023 |
Apr. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
Subtotal |
$ 5,163,051
|
$ 5,310,084
|
Debt discount |
|
|
Total |
5,163,051
|
5,310,084
|
Notes Convertible at Holders Option [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Subtotal |
2,485,832
|
3,112,734
|
Notes Convertible at Company's Option [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Subtotal |
335,700
|
335,700
|
Non-convertible Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Subtotal |
$ 2,341,519
|
$ 1,861,650
|
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v3.23.3
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION (Details)
|
3 Months Ended |
Jul. 31, 2023 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0.16
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0.2
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
155
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
270
|
Measurement Input Dividend Payout [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0
|
Measurement Input, Expected Term [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected life |
3 months
|
Measurement Input, Expected Term [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected life |
3 years
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v3.23.3
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES (Details) - USD ($)
|
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Balance, beginning of year |
$ 1,375,767
|
$ 9,549,640
|
Derivative liability extinguished |
(76,144)
|
(54,586)
|
Derivative financial liability arising on the issuance of convertible notes and warrants |
|
|
Fair value adjustments |
(77,135)
|
(1,621,272)
|
Balance, end of period |
$ 1,222,488
|
$ 7,873,782
|
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v3.23.3
EQUITY TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jul. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2023 |
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
10,000,000
|
|
10,000,000
|
Preferred stock, par value |
$ 0.001
|
|
$ 0.001
|
Common stock, shares authorized |
750,000,000
|
|
750,000,000
|
Common stock, par value |
$ 0.001
|
|
$ 0.001
|
Common stock shares issued |
23,951,111
|
|
23,045,205
|
Common stock, shares, outstanding |
23,951,111
|
|
23,045,205
|
Stocks issued as note holder incentives, value |
|
$ (9,940)
|
|
Shares issued for services |
|
1,594,960
|
|
Shares issued for services value |
|
$ 245,381
|
|
Three Accredited Investors [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Stocks issued related to equity investment and note conversions |
830,906
|
|
|
Stocks issued related to equity investment and note conversions, value |
$ 70,000
|
|
|
Sale of stock |
432,733
|
|
|
Sale of stock value |
$ 40,000
|
|
|
Accredited Investors [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Stocks issued as note holder incentives, shares |
75,000
|
518,333
|
|
Stocks issued as note holder incentives, value |
$ 6,975
|
$ 44,647
|
|
Sale of stock |
|
1,824,771
|
|
Sale of stock value |
|
$ 95,000
|
|
Conversion of stock, amount |
|
$ 57,000
|
|
Post Split [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Common stock shares issued |
23,951,111
|
|
23,045,205
|
Common stock, shares, outstanding |
23,951,111
|
|
23,045,205
|
Series A Convertible Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
35,850
|
|
35,850
|
Preferred stock, par value |
$ 100
|
|
$ 100
|
Series B Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
1,000
|
|
|
Preferred stock, liquidation and redemption value per share |
$ 10,000
|
|
|
Series C Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
4,200,000
|
|
4,200,000
|
Preferred stock, par value |
$ 0.001
|
|
$ 0.001
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
|
$ 1.00
|
Series D Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
2,000,000
|
|
2,000,000
|
Preferred stock, par value |
$ 0.001
|
|
$ 0.001
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
|
$ 1.00
|
Series C Convertible Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Stocks issued as note holder incentives, shares |
|
60,000
|
|
Stocks issued as note holder incentives, value |
|
$ 20,000
|
|
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v3.23.3
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES (Details) - USD ($)
|
Jul. 31, 2023 |
Apr. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
$ 1,222,488
|
$ 1,375,767
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
$ 1,222,488
|
$ 1,375,767
|
X |
- DefinitionFair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
Oct. 26, 2018 |
Sep. 22, 2016 |
May 13, 2016 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Rent expenses |
|
|
|
$ 18,000
|
$ 16,200
|
Lender [Member] |
|
|
|
|
|
Lender claiming amount |
|
|
$ 8,365.00
|
|
|
Lender claiming total amount |
|
$ 102,170.82
|
$ 55,125.00
|
|
|
Second Lender [Member] |
|
|
|
|
|
Lender claiming total amount |
$ 50,000.00
|
|
|
|
|
Executive Office Space [Member] |
|
|
|
|
|
Rent expenses |
|
|
|
$ 5,100
|
|
X |
- DefinitionAmount of damages awarded to the plaintiff in the legal matter.
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Sparta Commercial Services (PK) (USOTC:SRCO)
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