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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
☐ TRANSITION REPORT UNDER SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-51074
BIOFORCE NANOSCIENCES HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Commission file number: 000-53505
Nevada |
74-3078125 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
2020 General Booth Blvd., Unit 230
Virginia Beach, VA
(principal executive offices) |
23454
(Zip Code) |
Registrant’s telephone number, including area code: (757)
306-6090
Securities registered under Section 12(b) of the Exchange Act: |
None |
|
|
Securities registered under Section 12(g) of the Exchange Act: |
Common stock, par value $0.001 per share |
|
(Title of class) |
Indicate by check mark whether the registrant (1)
filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post 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 ☐
Non-accelerated filer ☒
Emerging growth company ☐ |
Accelerated filer ☐
Smaller reporting 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 ☒
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
NONE |
|
NONE |
|
NONE |
State the number of shares outstanding of each of
the issuer’s classes of common equity, as of the latest practicable date: At August 5, 2024 the registrant had outstanding 29,271,755
shares of common stock, par value $0.001 per share.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BIOFORCE NANOSCIENCES HOLDINGS, INC.
|
FINANCIAL REPORTS |
AT |
JUNE 30, 2024 |
INDEX TO FINANCIAL STATEMENTS
BioForce Nanosciences Holdings, Inc., and Subsidiary
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
| |
| | | |
| | |
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 667 | | |
$ | 638 | |
| |
| | | |
| | |
Total Current Assets | |
| 667 | | |
| 638 | |
| |
| | | |
| | |
Total Assets | |
$ | 667 | | |
$ | 638 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts Payable and Accrued Expenses | |
$ | 5,429 | | |
$ | 2,649 | |
Accrued Board of Directors Compensation | |
| 1,808,017 | | |
| 1,596,517 | |
Due to Related Parties | |
| 251,629 | | |
| 220,702 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 2,065,075 | | |
| 1,819,868 | |
| |
| | | |
| | |
Total Liabilities | |
| 2,065,075 | | |
| 1,819,868 | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
Common Stock - $0.001 Par; 900,000,000 Shares Authorized, 29,271,755 Issued and Outstanding,
Respectively | |
| 29,272 | | |
| 29,272 | |
Additional Paid-In-Capital | |
| 158,781,302 | | |
| 158,781,227 | |
Accumulated Deficit | |
| (160,874,982 | ) | |
| (160,629,729 | ) |
| |
| | | |
| | |
Total Stockholders’ Deficit | |
| (2,064,408 | ) | |
| (1,819,230 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Deficit | |
$ | 667 | | |
$ | 638 | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
BioForce Nanosciences Holdings, Inc., and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
- UNAUDITED
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Sales | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Sales | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Board of Directors Compensation | |
| 105,750 | | |
| 105,750 | | |
| 211,500 | | |
| 211,500 | |
General and Administrative | |
| 8,690 | | |
| 8,181 | | |
| 33,753 | | |
| 32,436 | |
| |
| | | |
| | | |
| | | |
| | |
Total Expenses | |
| 114,440 | | |
| 113,931 | | |
| 245,253 | | |
| 243,936 | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
$ | (114,440 | ) | |
$ | (113,931 | ) | |
$ | (245,253 | ) | |
$ | (243,936 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares - Basic and Diluted | |
| 29,271,755 | | |
| 29,271,755 | | |
| 29,271,755 | | |
| 29,271,755 | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period Per Common Shares - Basic and Diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
BioForce Nanosciences Holdings, Inc., and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
- UNAUDITED
| |
| | | |
| | |
For the Six Months Ended June 30, | |
2024 | | |
2023 | |
| |
| | |
| |
Cash Flows from Operating Activities | |
| | | |
| | |
| |
| | | |
| | |
Net Loss for the Period | |
$ | (245,253 | ) | |
$ | (243,936 | ) |
| |
| | | |
| | |
Changes in Assets and Liabilities: | |
| | | |
| | |
Accounts Payable and Accrued Expenses | |
| 2,780 | | |
| 737 | |
Accrued Board of Directors Compensation | |
| 211,500 | | |
| 211,500 | |
| |
| | | |
| | |
Net Cash Flows Used In Operating Activities | |
| (30,973 | ) | |
| (31,699 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash Flows from Financing Activities | |
| | | |
| | |
Captial Contributions | |
| 75 | | |
| - | |
Proceeds from Related Parties | |
| 30,927 | | |
| 31,619 | |
| |
| | | |
| | |
Net Cash Flows Provided by Financing Activities | |
| 31,002 | | |
| 31,619 | |
| |
| | | |
| | |
Net Change in Cash | |
| 29 | | |
| (80 | ) |
| |
| | | |
| | |
Cash - Beginning of Period | |
| 638 | | |
| 734 | |
| |
| | | |
| | |
Cash - End of Period | |
$ | 667 | | |
$ | 654 | |
| |
| | | |
| | |
Cash Paid During the Period for: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
Income Taxes | |
$ | - | | |
$ | - | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
BioForce Nanosciences Holdings, Inc., and Subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
DEFICIT
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024
AND 2023
UNAUDITED
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
$ 0.001 Par | | |
Paid-In | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance - January 1, 2023 | |
| 29,271,755 | | |
$ | 29,272 | | |
$ | 158,781,227 | | |
$ | (160,157,776 | ) | |
$ | (1,347,277 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (130,005 | ) | |
| (130,005 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2023 | |
| 29,271,755 | | |
| 29,272 | | |
| 158,781,227 | | |
| (160,287,781 | ) | |
| (1,477,282 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (113,931 | ) | |
| (113,931 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2023 | |
| 29,271,755 | | |
$ | 29,272 | | |
$ | 158,781,227 | | |
$ | (160,401,712 | ) | |
$ | (1,591,213 | ) |
| |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
$ 0.001 Par | | |
Paid-In | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance - January 1, 2024 | |
| 29,271,755 | | |
$ | 29,272 | | |
$ | 158,781,227 | | |
$ | (160,629,729 | ) | |
$ | (1,819,230 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (130,813 | ) | |
| (130,813 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2024 | |
| 29,271,755 | | |
$ | 29,272 | | |
$ | 158,781,227 | | |
$ | (160,760,542 | ) | |
$ | (1,950,043 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Captial Contributions | |
| - | | |
| - | | |
| 75 | | |
| - | | |
| 75 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss for the Period | |
| - | | |
| - | | |
| - | | |
| (114,440 | ) | |
| (114,440 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2024 | |
| 29,271,755 | | |
$ | 29,272 | | |
$ | 158,781,302 | | |
$ | (160,874,982 | ) | |
$ | (2,064,408 | ) |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL
STATEMENTS
NOTE 1 – Organization & Description of Business
The Company was incorporated in the State of Nevada
on December 10, 1999 as Silver River Ventures, Inc. On February 24, 2006, the Company completed the acquisition of BioForce Nanosciences
Holdings Inc. (“BioForce”), a Delaware corporation, and changed the corporate name at that time. On May 6, 2020, the Company
purchased 100,000 shares of Element Acquisition Corporation for $1,000 which then became a wholly owned subsidiary. On October 15, 2020,
the Company’s wholly-owned subsidiary changed its name from Element Acquisition Corporation, a Wyoming corporation, to BioForce
Nanosciences Holdings, Inc, a Wyoming corporation. On December 14, 2021, the Company’s wholly-owned subsidiary changed its name
from BioForce Nanosciences Holdings, Inc., a Wyoming corporation to Element Global Inc., a Wyoming corporation. The Company’s mission
is to become a leading provider of vitamin, mineral and other nutritional supplements, powders and beverages, formulated to promote a
healthier lifestyle for active individuals in all age ranges.
NOTE 2 – Summary of Significant Accounting
Policies
Basis of Presentation
The accompanying condensed consolidated balance sheet
has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements
as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the
United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements
and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K
for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”).
It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made
which are necessary for fair condensed consolidated financial statements presentation. Operating results for the three and six months
ended June 30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2024.
Principles of Consolidation
The unaudited condensed consolidated financial statements
include the accounts of Bioforce Nanosciences Holdings, Inc., and its wholly owned subsidiary, Element Global, Inc., a Wyoming corporation,
(the “Company”). All significant inter-company balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing
income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted
earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially
dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded
from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share.
BIOFORCE NANOSCIENCES HOLDINGS, INC., AND SUBSIDIARY
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL
STATEMENTS
NOTE 2 – Summary of Significant Accounting Policies - continued
Stock-Based Compensation
We account for employee and non-employee stock-based
compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires
all share-based payments, including grants of stock options, to be recognized in the financial statements based on their fair values.
The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the
period during which services are rendered.
Fair Value of Financial Instruments
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable and accrued liabilities approximate fair value given their short-term nature
or effective interest rates.
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
NOTE 3 – Recently Issued Accounting Standards
The Company has implemented all new accounting pronouncements
that are in effect and is evaluating any that may impact its financial statements, including the new lease standard. The Company
does not have any leases and does not believe that there are any other new accounting pronouncements that have been issued that might
have a material impact on its financial position or results of operations.
NOTE 4 – Going Concern
The Company’s consolidated financial statements
have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities and an accumulated
deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.
While the Company is attempting to continue operations
and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.
Management believes that the actions presently being taken to further implement the Company’s business plan; to expand sales
with a dynamic marketing campaign and generate revenues provide the opportunity for the Company to continue as a going concern. While
the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be
no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability
to further implement its business plan and generate revenues. During the six months ended June 30, 2024 due to lack of revenues the officers
of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.
BIOFORCE NANOSCIENCES HOLDINGS, INC., AND SUBSIDIARY
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL
STATEMENTS
NOTE 5 – Related Party Transactions
The Company’s Director, Secretary and CFO, Richard
Kaiser, is the operator of Yes International, a full-service investor relations firm. He handles duties of the Company regarding
his officer capacities as the Secretary and Acting CFO, but also provides investor relations services through Yes International for the
Company at no charge.
During the six months ended June 30, 2024 and 2023,
two board of directors paid expenses of the Company in the amount of $30,927 and $31,619, respectively. Due to related parties was
$251,629 and $197,102 at June 30, 2024 and 2023, respectively.
NOTE 6 – Stock
Preferred Stock
Preferred stock consists of 100,000,000 shares authorized
at $0.001 par value. 10,000,000 of these preferred shares have been separately allocated to Series A Preferred. Preferred stock
can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares
of common stock. At June 30, 2024 and December 31, 2023, there were -0- Series A Preferred shares issued and outstanding.
Common Stock
Common stock consists of 900,000,000 shares authorized
at $0.001 par value. On November 25, 2019, the board of directors approved a 5 to 1 reverse split. At June 30, 2024 and December
31, 2023, there were 29,271,755 shares issued and outstanding, respectively.
ITEM 2. MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following information should be read in conjunction
with our financial statements and related notes thereto included in Part I, Item 1, above.
Forward Looking Statements
Certain matters discussed herein are forward-looking
statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:
·
our future strategic plans
·
our future operating results;
·
our business prospects;
·
our contractual arrangements and relationships with third parties;
·
the dependence of our future success on the general economy;
·
our possible future financing; and
·
the adequacy of our cash resources and working capital.
From time to time, we or our representatives have
made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited
to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the
Securities and Exchange Commission. Words or phrases “will likely result”, “are expected to”, “will continue”,
“is anticipated”, “estimate”, “project or projected”, or similar expressions are intended to identify “forward-looking
statements”. Such statements are qualified in their entirety by reference to and are accompanied by the above discussion of certain
important factors that could cause actual results to differ materially from such forward-looking statements.
The risks identified here are not all inclusive. New
risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the
impact of all such risk factors on the company’s business or the extent to which any factor or combination of factors may cause actual
results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not
be relied upon as a prediction of actual results.
The financial information set forth in the following
discussion should be read with the financial statements of BioForce NanoSciences Holdings, Inc. included elsewhere herein.
Business
BioForce Nanosciences Holdings, Inc. (“BioForce
or the “Company”) was previously in the business of manufacturing nano-particular measurement devices and molecular printers,
but due to a lack of profitability, the subsidiary of the company that owned that technology filed for bankruptcy. That subsidiary
and related technology was later bought out of bankruptcy by an unrelated third party. Subsequently, new management came into the
Company to pursue a better business model and now the Company’s mission is to become a leading provider of natural vitamins, minerals
and other nutritional supplements, powders and beverages, formulated to promote a healthier lifestyle for active individuals in all age
ranges. The Company private labels products with key distributors and manufacturing providers.
BioForce entered into the supplement business in or
about 2015. These supplements, powders and beverages offer vitamins and minerals to complement a healthy intake of protein and carbohydrates
for active individuals and participants in sports.
BioForce recently changed its business plan and it
is in the process of establishing a dynamic marketing campaign to achieve brand awareness of its product offerings to drive business growth
through sales of nutrition supplements to retailers, sporting goods retailers, supermarkets, mass merchandisers, and online. BioForce
currently markets its products through social media and telemarketing. The Company plans to expand marketing efforts with a direct marketing
and B2B (Business to Business) sales campaign, with the eventual expectation to expand throughout the entire United States.
The Company proactively seeks to expand its “BioForce
Eclipse” nutritional powder for use into households throughout the U.S., and the Company will approach retail stores, including
health food and sporting goods stores to create a vendor relationship. During this phase, the Company will continue to try to advance
its social media platform with direct online and targeted advertisements to health conscience individuals.
Nutrition retailers, grocery stores, retail pharmacies,
and online stores, like Amazon, will be important channels for the Company’s Eclipse product-lines. In The USA, there are thousands
of direct outlets like grocery stores, pharmacies, hospitals, department stores, medical clinics, surgery clinics, universities, nursing
homes, prisons, and other facilities which are all targets of potential sales of the vitamin and mineral supplemental products.
BioForce Nanosciences Holdings, Inc. sells the BioForce
Eclipse powder multivitamin and mineral supplement without non-compete and non-disclosure agreements. The Company currently private labels
the powder through a manufacturer located in Virginia. The Company has a Supplier Agreement with this manufacturer that gives the Company
non-exclusion rights to market the product. The distributor owns the rights to the formula for this product. If the Company
can source product in a more cost-effective way without diminished quality, the Company would evaluate such opportunities when presented.
Currently, the distributor who provides the private label powder provides “Consignment Terms,” which allows us to only
pay for the product when it is sold.
The FDA has rules regarding the fitness for consumption
of foods as well as vitamins and supplements sold to the public, and those laws apply to our product. However, our product does
not require pre-clearance like a drug in order to be sold into the marketplace.
The Company in May 2020, formed a wholly-owned subsidiary,
Element Acquisition Corporation, a Wyoming corporation,with unlimited common shares authorized, par value $0.001. Element Acquisition
Corporation was formed to pursue potential acquisitions in the media, entertainment, media technology and sports sectors.
The Company on October 15, 2020 changed the name of
its wholly-owned subsidiary Element Acquisition Corporation, a Wyoming corporation, to BioForce Nanosciences Holdings, Inc., a Wyoming
corporation. Management intends to redomicile BioForce Nanosciences Holdings, Inc., a Nevada corporation, into a Wyoming corporation using
its wholly-owned BioForce Nanosciences Holdings, Inc., a Wyoming corporation as the entity for the redomicile corporate action.
On December 14, 2021, the Company changed the name
of its wholly-owned subsidiary, BioForce Nanosciences Holdings, Inc., a Wyoming corporation, to its new name, Element Global, Inc.
Memorandum of Understanding (“MOU”)
June 02, 2021, Bioforce Nanosciences Holdings, Inc.
entered into another Memorandum of Understanding (MOU) with Element Global, Inc. (ELGL), a Utah Corporation. This MOU contemplates a proposed
transaction between the entities that provides for BFNH to acquire all of the assets controlled by ELGL. The closing of the transaction
is subject to due diligence and the execution of a definitive agreement. As of the date of this filing the MOU is still active.
Business Advisory Committee
The Company’s Business Advisory Committee (“Committee”)
comprised of leading executives with extensive experience in the media, entertainment and sports sectors. The Committee was established
to oversee a strategy aimed at acquiring and investing in companies across these industries.
The Committee members are the following individuals:
- Mark Greenberg is CEO of Element Media Group
Inc., and Director of Element Global, Inc. (OTC: ELGL). He served as the Founder and Chief Executive Officer of EPIX from 2009 to 2017
and was previously Executive Vice President for Showtime Networks, Inc., and Director of Direct Marketing at HBO (Home Box Office).
- Neil Davis is the Chief Business Development
Officer in Element Media Group. Mr. Davis is a seasoned digital executive who has created well over $2 billion of revenue for various
companies including, AOL, Blockbuster, Dish Network and Qello Media, where he served as Chief Business Officer. He was previously CEO
at Monetize, where he consulted for the media and entertainment industries. Prior to that, he was Head of Corporate and Digital Development
at Blockbuster-Dish Digital.
- Stephen Scheffer has served almost 30 years
at HBO (Home Box Office) as President of Film Programming, Video and Enterprises. Mr. Scheffer was responsible for overseeing all motion
picture programming for HBO. As President of HBO Pictures, he was responsible for the financing and production of HBO’s Silver Screen
Partners and Cinema Plus theatrical movie ventures. Prior to HBO, Mr. Scheffer held executive positions at Time Life Films, Allied Artists,
Polydor Records, MGM and Columbia Pictures.
Transfer Agent
Our transfer agent is Transfer Online, Inc. whose
address is 512 SE Salmon Street, Portland, Oregon 97214, and telephone number (503) 227-2950.
Company Contact Information
Our principal executive and subsidiary offices are
located at 2020 General Booth Blvd., Unit 230, Virginia Beach, VA 23454, telephone (757) 306-6090. The information to be contained in
our Internet website, www.bioforceeclipse.com, shall not constitute part of this report.
Current Directors
The following table provides information concerning
our officers and directors. All directors hold office until the next annual meeting of stockholders or until their successors have been
elected and qualified.
Merle Ferguson |
Director |
Richard Kaiser |
Director/CFO/Secretary |
|
|
Steve Gagnon |
Co-CEO |
John LaViolette |
Co-CEO |
Sasha Shapiro |
President |
Management’s Discussion and Analysis of Financial Condition and
Results of Operations
Overall Operating Results:
Three Months – June 30, 2024 and 2023 Statements
The Sales Revenue from the Company’s BioForce
Eclipse vitamin supplements for the three months ended June 30, 2024 and for the three months ended June 30, 2023 were $-0- and $-0-,
respectively. During the three months ended June 30, 2024 and 2023 the Company received no orders, -0- units of its Bioforce Eclipse
supplement product.
The Cost of Goods Sold for the three months ended
June 30, 2024 and 2023 was $-0- .
Gross Margins for the three months ended June 30,
2024 and 2023 was 0% from the sale of -0- units of the BioForce Eclipse supplement product.
Gross Profit for the three months ended June 30, 2024
and 2023 was $-0- .
Operating expenses for three months ended June 30,
2024 totaled $114,440 from Board of Director compensation and General and Administrative Expenses, compared to $113,931 for the three
months ended June 30, 2023. The increase in the three months ended June 30, 2024 compared to the same period ended June 30, 2023 was attributed
to higher expenses from professional services rendered.
Six Months – June 30, 2024 and 2023 Statements
The Sales Revenue from the Company’s “BioForce
Eclipse” vitamin supplement for the six months ended June 30, 2024 and 2023 were $-0-, Company sold no units of its Bioforce Eclipse”
vitamin supplement.
The Cost of Sales for the six months ended June 30,
2024 and 2023 were $-0-.
Gross Margins for the six months ended June 30, 2024
and 2023 were 0% from the sale of -0- units of the “BioForce Eclipse” supplement product.
Gross Profit for the six months ended June 30, 2024
and 2023 were $-0-.
Operating expenses for six months ended June 30, 2024,
totaled $245,253 for Board of Director Compensation and General and Administrative Expenses, compared to $243,936 for the six months ended
June 30, 2023. The increase in the six months ended June 30, 2024 compared to the same period ended June 30, 2023 was attributed to higher
expenses from professional services rendered.
Net Loss:
Net loss for the three months ended June 30, 2024
and 2023 were $114,440 and $113,931, respectively. Net loss for the six months ended June 30, 2024 and 2023 were $245,253 and $243,936
, respectively.
Liquidity and Capital Resources:
As of June 30, 2024, the Company’s assets totaled
$667, which consisted of cash. Our total liabilities were $2,065,075 from accounts payable and accrued expenses, accrued director compensation
expenses and amounts due to related parties. As of June 30, 2024, the Company had an accumulated deficit of $160,874,982 and working capital
deficit $2,064,408.
As indicated herein, we need capital for the implementation
of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay
our operating expenses at this time. Unless the company is able to raise working capital, it is likely that the Company will either have
to cease operations or substantially change its methods of operations or change its business plan (See Note 4 in Financial Statements).
For the next 12 months the Company has a written commitment from its CEO in Mr. Merle Ferguson’s employment contract to advance funds
as necessary in meeting the Company’s operating requirements.
BioForce NanoSciences Holdings, Inc. does not expect
the adoption of recently issued accounting pronouncements to have a significant impact on the Company, or any of its subsidiaries’
operating results, financial position, or cash flow.
Cash Provided by (Used in) Operating Activities
Net cash used in operating activities for the six
months ended June 30, 2024 and 2023 were $30,973 and $31,699, respectively.
Cash Flows from Investing Activities
Net cash used in investing activities was $-0- for
both the six month periods ended June 30, 2024 and 2023.
Cash Provided by Financing Activities
Net cash provided by financing activities was $31,002
for six months ended June 30, 2024 from capital contributions and proceeds from related parties, and was $31,619 for six months ended
June 30, 2023 from proceeds from Related Parties.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
New Accounting Pronouncements
BioForce Nanosciences Holdings, Inc. does not expect
the adoption of recently issued accounting pronouncements to have a significant impact on the Company, or any of its subsidiaries’ operating
results, financial position, or cash flow.
Accounting Principals
Our consolidated financial statements and accompanying
notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires
management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates
and assumptions are affected by management’s application of accounting policies. Critical accounting policies include revenue recognition
and impairment of long-lived assets.
Revenue Recognition
In accordance with ASC Topic 606, Revenue from
Contracts with Customers (“ASC 606”), revenues are recognized when control of the promised goods or services is transferred
to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services.
To achieve this core principle, we apply the following five steps: (1) Identify the contract with a client; (2) Identify the performance
obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the
contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.
We adopted this ASU on January 1, 2018. Although the
new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes
related to revenue recognition and the control activities within them.
Reverse Stock Split
We were authorized to issue 900,000,000 shares of
our common stock, of which 15,270,588 shares were outstanding taking into account the one-for-five (1-for-5) reverse stock split effective
February 28, 2020. Our shares of common stock are held by approximately 230 stockholders of record. The number of record holders
was determined from the records of our transfer agent and does not include beneficial owners of our common stock whose shares are held
in the names of various securities brokers, dealers, and registered clearing agencies. In addition to our authorized common stock,
BioForce Nanosciences Holdings, Inc. is authorized to issue 100,000,000 shares of preferred stock, par value at $0.001 per share. Based
on the amended Articles of Incorporation the Company has 10,000,000 Series ‘A’ Preferred which have voting and conversion rights of 100
common shares, par value $0.001; leaving a balance of 90,000,000 “Blank Check” Preferred. There are no Series ‘A’ Preferred
shares issued or outstanding.
Going Concern
We have incurred net losses since our inception. We
anticipate incurring additional losses before realizing growth in revenue and we will depend on additional financing in order to meet
our continuing obligations and ultimately to attain profitability. Our ability to obtain additional financing, whether through the issuance
of additional equity or through the assumption of debt, is uncertain. Accordingly, our independent auditors’ report on our financial statements
for the year ended December 31, 2023 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern,
including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure.
The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Not applicable
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Principal
Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in
the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form
10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Based on our evaluation, our Principal Executive Officer
and Principal Financial Officer, after considering the existence of material weaknesses identified, determined that our internal control
over financial reporting disclosure controls and procedures were not effective as of June 30, 2024.
Evaluation of Internal Control over Financial Reporting
Our management is responsible for establishing and
maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange
Act of 1934, as amended. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles.
Our internal control over financial reporting includes
those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures
are being made only in accordance with the authorization of our management and directors, and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our
financial statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Management, including our Principal Executive Officer
and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting as of June 30, 2024. In making
this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”)
in Internal Control – Integrated Framework (2013).
We identified the following deficiencies which together
constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of June 30, 2024:
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The Company has inadequate segregation of duties within its cash disbursement control design. |
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During the period ended June 30, 2024, the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. |
It should be noted that any system of controls, however
well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition,
the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and
other inherent limitations of control system, there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions.
This 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
us to provide only management’s report in this annual report.
We regularly review our system of internal control
over financial reporting to ensure that we maintain an effective internal control environment. If deficiencies appear in our internal
controls, management will make changes that address those deficiencies.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal
control over financial reporting that occurred during the reporeting period ended June 30, 2024 that have materially affected, or are
reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
At this time, there are no materials pending legal
proceedings to which the Company is a party or as to which any of its property and products are subject, and no such proceedings are known
to the Company to be threatened or contemplated against it.
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule
12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINING SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS
Index to Exhibits.
+ filed herewith
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this Amended report to be signed on its behalf by the undersigned, thereunto duly authorized.
BIOFORCE NANOSCIENCES HOLDINGS, INC.
|
By: |
/s/Steve Gagnon |
|
Dated: August 7, 2024 |
|
Steve Gagnon
Chief Executive Officer |
|
|
|
|
|
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By: |
/s/Richard Kaiser |
|
|
|
Richard Kaiser
Chief Financial Officer, Principal Accounting Officer and Secretary |
|
Exhibit 31.1
CHIEF EXECUTIVE OFFICER
I, Steven Gagon, hereby certify that:
(1) I have reviewed this quarterly report on Form 10-Q of Bioforce Nanosciences Holdings, Inc..;
(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
(5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies 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.
| |
| |
Dated: August 7, 2024
| /s/Steven Gagnon
Steven Gagnon
Chief Executive Officer
|
Exhibit 31.2
CHIEF FINANCIAL OFFICER
I, Richard Kaiser, hereby certify that:
(1) I have reviewed this quarterly report on Form 10-Q of BioForce Nanosciences Holdings, Inc..;
(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
(5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies 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.
| |
| |
|
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Dated: August 7, 2024
| /s/Richard Kaiser
Richard Kaiser
Chief Financial Officer
|
Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officers of Bioforce Nanosciences Holdings, Inc., a Nevada corporation (the "Company"), do hereby certify, to the best of their knowledge, that:
1. The Quarterly Report on Form 10-Q for the period ending June 30, 2024 (the "Report") of the Company complies in all material respects 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 condition and results of operations of the Company.
| |
Dated: August 7, 2024
| /s/Steven Gagnon
Steve Gagon
Chief Executive Officer
|
Exhibit 32.2
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officers of Bioforce Nanosciences Holdings, Inc., a Nevada corporation (the "Company"), do hereby certify, to the best of their knowledge, that:
1. The Quarterly Report on Form 10-Q for the period ending June 30, 2024 (the "Report") of the Company complies in all material respects 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 condition and results of operations of the Company.
| |
Dated: August 7, 2024
| /s/Richard Kaiser
Richard Kaiser
Chief Financial Officer
|
v3.24.2.u1
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Jun. 30, 2024 |
Aug. 05, 2024 |
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2024
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Current Fiscal Year End Date |
--12-31
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Entity File Number |
000-51074
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Entity Registrant Name |
BIOFORCE NANOSCIENCES HOLDINGS, INC.
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Entity Central Index Key |
0001310488
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Entity Tax Identification Number |
74-3078125
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Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
2020 General Booth Blvd
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Entity Address, Address Line Two |
Unit 230
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City Area Code |
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306-6090
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash |
$ 667
|
$ 638
|
Total Current Assets |
667
|
638
|
Total Assets |
667
|
638
|
Current Liabilities |
|
|
Accounts Payable and Accrued Expenses |
5,429
|
2,649
|
Accrued Board of Directors Compensation |
1,808,017
|
1,596,517
|
Due to Related Parties |
251,629
|
220,702
|
Total Current Liabilities |
2,065,075
|
1,819,868
|
Total Liabilities |
2,065,075
|
1,819,868
|
Stockholders’ Deficit |
|
|
Common Stock - $0.001 Par; 900,000,000 Shares Authorized, 29,271,755 Issued and Outstanding, Respectively |
29,272
|
29,272
|
Additional Paid-In-Capital |
158,781,302
|
158,781,227
|
Accumulated Deficit |
(160,874,982)
|
(160,629,729)
|
Total Stockholders’ Deficit |
(2,064,408)
|
(1,819,230)
|
Total Liabilities and Stockholders’ Deficit |
$ 667
|
$ 638
|
X |
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
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$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
900,000,000
|
900,000,000
|
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29,271,755
|
29,271,755
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29,271,755
|
29,271,755
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Sales |
|
|
|
|
Cost of Sales |
|
|
|
|
Gross Profit |
|
|
|
|
Operating Expenses |
|
|
|
|
Board of Directors Compensation |
105,750
|
105,750
|
211,500
|
211,500
|
General and Administrative |
8,690
|
8,181
|
33,753
|
32,436
|
Total Expenses |
114,440
|
113,931
|
245,253
|
243,936
|
Net Loss for the Period |
$ (114,440)
|
$ (113,931)
|
$ (245,253)
|
$ (243,936)
|
Weighted Average Number of Common Shares - Basic |
29,271,755
|
29,271,755
|
29,271,755
|
29,271,755
|
Weighted Average Number of Common Shares - Diluted |
29,271,755
|
29,271,755
|
29,271,755
|
29,271,755
|
Net Loss for the Period Per Common Shares - Basic |
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
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$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.01)
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows from Operating Activities |
|
|
Net Loss for the Period |
$ (245,253)
|
$ (243,936)
|
Changes in Assets and Liabilities: |
|
|
Accounts Payable and Accrued Expenses |
2,780
|
737
|
Accrued Board of Directors Compensation |
211,500
|
211,500
|
Net Cash Flows Used In Operating Activities |
(30,973)
|
(31,699)
|
Cash Flows from Investing Activities |
|
|
Cash Flows from Financing Activities |
|
|
Captial Contributions |
75
|
|
Proceeds from Related Parties |
30,927
|
31,619
|
Net Cash Flows Provided by Financing Activities |
31,002
|
31,619
|
Net Change in Cash |
29
|
(80)
|
Cash - Beginning of Period |
638
|
734
|
Cash - End of Period |
667
|
654
|
Cash Paid During the Period for: |
|
|
Interest |
|
|
Income Taxes |
|
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT UNAUDITED - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance - March 31, 2024 at Dec. 31, 2022 |
$ 29,272
|
$ 158,781,227
|
$ (160,157,776)
|
$ (1,347,277)
|
Beginning balance, shares at Dec. 31, 2022 |
29,271,755
|
|
|
|
Net Loss for the Period |
|
|
(130,005)
|
(130,005)
|
Balance - June 30, 2024 at Mar. 31, 2023 |
$ 29,272
|
158,781,227
|
(160,287,781)
|
(1,477,282)
|
Ending balance, shares at Mar. 31, 2023 |
29,271,755
|
|
|
|
Net Loss for the Period |
|
|
(113,931)
|
(113,931)
|
Balance - June 30, 2024 at Jun. 30, 2023 |
$ 29,272
|
158,781,227
|
(160,401,712)
|
(1,591,213)
|
Ending balance, shares at Jun. 30, 2023 |
29,271,755
|
|
|
|
Balance - March 31, 2024 at Dec. 31, 2023 |
$ 29,272
|
158,781,227
|
(160,629,729)
|
(1,819,230)
|
Beginning balance, shares at Dec. 31, 2023 |
29,271,755
|
|
|
|
Net Loss for the Period |
|
|
(130,813)
|
(130,813)
|
Balance - June 30, 2024 at Mar. 31, 2024 |
$ 29,272
|
158,781,227
|
(160,760,542)
|
(1,950,043)
|
Ending balance, shares at Mar. 31, 2024 |
29,271,755
|
|
|
|
Captial Contributions |
|
75
|
|
75
|
Net Loss for the Period |
|
|
(114,440)
|
(114,440)
|
Balance - June 30, 2024 at Jun. 30, 2024 |
$ 29,272
|
$ 158,781,302
|
$ (160,874,982)
|
$ (2,064,408)
|
Ending balance, shares at Jun. 30, 2024 |
29,271,755
|
|
|
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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v3.24.2.u1
Organization & Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Organization & Description of Business |
NOTE 1 – Organization & Description of Business
The Company was incorporated in the State of Nevada
on December 10, 1999 as Silver River Ventures, Inc. On February 24, 2006, the Company completed the acquisition of BioForce Nanosciences
Holdings Inc. (“BioForce”), a Delaware corporation, and changed the corporate name at that time. On May 6, 2020, the Company
purchased 100,000 shares of Element Acquisition Corporation for $1,000 which then became a wholly owned subsidiary. On October 15, 2020,
the Company’s wholly-owned subsidiary changed its name from Element Acquisition Corporation, a Wyoming corporation, to BioForce
Nanosciences Holdings, Inc, a Wyoming corporation. On December 14, 2021, the Company’s wholly-owned subsidiary changed its name
from BioForce Nanosciences Holdings, Inc., a Wyoming corporation to Element Global Inc., a Wyoming corporation. The Company’s mission
is to become a leading provider of vitamin, mineral and other nutritional supplements, powders and beverages, formulated to promote a
healthier lifestyle for active individuals in all age ranges.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE 2 – Summary of Significant Accounting
Policies
Basis of Presentation
The accompanying condensed consolidated balance sheet
has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements
as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the
United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements
and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K
for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”).
It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made
which are necessary for fair condensed consolidated financial statements presentation. Operating results for the three and six months
ended June 30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2024.
Principles of Consolidation
The unaudited condensed consolidated financial statements
include the accounts of Bioforce Nanosciences Holdings, Inc., and its wholly owned subsidiary, Element Global, Inc., a Wyoming corporation,
(the “Company”). All significant inter-company balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing
income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted
earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially
dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded
from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share.
Stock-Based Compensation
We account for employee and non-employee stock-based
compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires
all share-based payments, including grants of stock options, to be recognized in the financial statements based on their fair values.
The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the
period during which services are rendered.
Fair Value of Financial Instruments
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable and accrued liabilities approximate fair value given their short-term nature
or effective interest rates.
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
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v3.24.2.u1
Recently Issued Accounting Standards
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Issued Accounting Standards |
NOTE 3 – Recently Issued Accounting Standards
The Company has implemented all new accounting pronouncements
that are in effect and is evaluating any that may impact its financial statements, including the new lease standard. The Company
does not have any leases and does not believe that there are any other new accounting pronouncements that have been issued that might
have a material impact on its financial position or results of operations.
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v3.24.2.u1
Going Concern
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
NOTE 4 – Going Concern
The Company’s consolidated financial statements
have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities and an accumulated
deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.
While the Company is attempting to continue operations
and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.
Management believes that the actions presently being taken to further implement the Company’s business plan; to expand sales
with a dynamic marketing campaign and generate revenues provide the opportunity for the Company to continue as a going concern. While
the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be
no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability
to further implement its business plan and generate revenues. During the six months ended June 30, 2024 due to lack of revenues the officers
of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE 5 – Related Party Transactions
The Company’s Director, Secretary and CFO, Richard
Kaiser, is the operator of Yes International, a full-service investor relations firm. He handles duties of the Company regarding
his officer capacities as the Secretary and Acting CFO, but also provides investor relations services through Yes International for the
Company at no charge.
During the six months ended June 30, 2024 and 2023,
two board of directors paid expenses of the Company in the amount of $30,927 and $31,619, respectively. Due to related parties was
$251,629 and $197,102 at June 30, 2024 and 2023, respectively.
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v3.24.2.u1
Stock
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stock |
NOTE 6 – Stock
Preferred Stock
Preferred stock consists of 100,000,000 shares authorized
at $0.001 par value. 10,000,000 of these preferred shares have been separately allocated to Series A Preferred. Preferred stock
can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares
of common stock. At June 30, 2024 and December 31, 2023, there were -0- Series A Preferred shares issued and outstanding.
Common Stock
Common stock consists of 900,000,000 shares authorized
at $0.001 par value. On November 25, 2019, the board of directors approved a 5 to 1 reverse split. At June 30, 2024 and December
31, 2023, there were 29,271,755 shares issued and outstanding, respectively.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying condensed consolidated balance sheet
has been derived from the December 31, 2023 audited financial statements and the unaudited condensed consolidated financial statements
as of June 30, 2024 and 2023, have been prepared in accordance with generally accepted accounting principles generally accepted in the
United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements
and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K
for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”).
It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made
which are necessary for fair condensed consolidated financial statements presentation. Operating results for the three and six months
ended June 30, 2024, are not necessarily indicative of the results of operations expected for the year ending December 31, 2024.
|
Principles of Consolidation |
Principles of Consolidation
The unaudited condensed consolidated financial statements
include the accounts of Bioforce Nanosciences Holdings, Inc., and its wholly owned subsidiary, Element Global, Inc., a Wyoming corporation,
(the “Company”). All significant inter-company balances have been eliminated in consolidation.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
|
Earnings (Loss) per Share |
Earnings (Loss) per Share
Earnings (loss) per share of common stock are computed
in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing
income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted
earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially
dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded
from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share.
|
Stock-Based Compensation |
Stock-Based Compensation
We account for employee and non-employee stock-based
compensation in accordance with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation, which requires
all share-based payments, including grants of stock options, to be recognized in the financial statements based on their fair values.
The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the
period during which services are rendered.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The estimated fair values for financial instruments
are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined
with precision. The carrying amounts of accounts payable and accrued liabilities approximate fair value given their short-term nature
or effective interest rates.
|
Revenue Recognition |
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts
with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard,
ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold
from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the
consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
|
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Stock (Details Narrative) - $ / shares
|
1 Months Ended |
6 Months Ended |
|
Nov. 25, 2019 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
|
100,000,000
|
100,000,000
|
Preferred stock, par value |
|
$ 0.001
|
$ 0.001
|
Preferred stock conversion basis |
|
Preferred stock
can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares
of common stock.
|
|
Common stock, shares authorized |
|
900,000,000
|
900,000,000
|
Common stock, par or stated value per share |
|
$ 0.001
|
$ 0.001
|
Reverse stock split |
5 to 1 reverse split.
|
|
|
Common stock, shares, issued |
|
29,271,755
|
29,271,755
|
Common stock, shares, outstanding |
|
29,271,755
|
29,271,755
|
Series A Preferred Stock [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
|
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
|
0
|
0
|
Preferred stock, shares outstanding |
|
0
|
0
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BioForce Nanosciences (PK) (USOTC:BFNH)
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