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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended: June 30, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT |
For
the transition period from ________ to _________
Commission
File Number: 000-55889
NETBRANDS
CORP.
(Exact
name of registrant as specified in its charter)
Delaware |
|
82-3707673 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
4042
Austin Boulevard, Suite B
Island
Park, New York |
|
11558 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: 800-550-5996
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 |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by 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 August 12, 2023, the registrant had 16,860,756 shares of its common stock issued and outstanding.
NETBRANDS
CORP.
QUARTERLY
REPORT ON FORM 10-Q
June
30, 2023
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
ITEM
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
The
following unaudited interim condensed consolidated financial statements of NetBrands Corp. (referred to herein as the “Company,”
“we,” “us” or “our”) are included in this Quarterly Report on Form 10-Q (the “Quarterly Report”).
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States and the rules of the Securities and Exchange Commission (the “SEC”), and should be read in
conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, which we filed with the SEC on March 23, 2023 (the “Annual Report”), as updated in subsequent
filings we have made with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary
for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The
results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Condensed
Consolidated Financial Statements for the Six Months Ended June 30, 2023
Index
to the Unaudited Condensed Consolidated Financial Statements
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Consolidated
Balance Sheets
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,652 | | |
$ | 54,185 | |
Accounts receivable | |
| 47,108 | | |
| 63,904 | |
Prepaid expenses | |
| 51,500 | | |
| 51,500 | |
Inventory | |
| 109,382 | | |
| 237,523 | |
Other assets | |
| 3,817 | | |
| 999 | |
Total current assets | |
| 217,459 | | |
| 408,111 | |
Property and equipment, net | |
| - | | |
| 277 | |
Operating lease right of use assets | |
| 521,444 | | |
| 570,446 | |
Other assets-security deposit | |
| 1,600 | | |
| 1,600 | |
Total assets | |
$ | 740,502 | | |
$ | 980,434 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expense | |
$ | 425,737 | | |
$ | 325,374 | |
Current portion of operating lease payable | |
| 112,666 | | |
| 112,666 | |
Notes payable -related party | |
| 124,000 | | |
| - | |
Loans payable | |
| 488,935 | | |
| 271,096 | |
Total current liabilities | |
| 1,151,337 | | |
| 709,135 | |
Loans payable | |
| 500,000 | | |
| 524,033 | |
Lease liabilities | |
| 414,444 | | |
| 458,218 | |
Total liabilities | |
| 2,065,782 | | |
| 1,691,386 | |
| |
| | | |
| | |
Stockholders’ (Deficit): | |
| | | |
| | |
| |
| | | |
| | |
Preferred stock, Series A $0.0001 par value, 1,000,000 shares authorized, 1,000 issued and outstanding | |
| - | | |
| - | |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,110,756 and 15,635,756 issued and outstanding as of June 30,
2023 and December 31, 2022, respectively | |
| 1,611 | | |
| 1,564 | |
Additional paid-in capital | |
| 28,019,361 | | |
| 27,915,909 | |
Accumulated deficit | |
| (29,348,147 | ) | |
| (28,630,321 | ) |
Accumulated other comprehensive income | |
| 1,895 | | |
| 1,895 | |
Total stockholders’ (deficit) | |
| (1,325,280 | ) | |
| (710,953 | ) |
Total liabilities and (deficit) | |
$ | 740,502 | | |
$ | 980,434 | |
The
accompanying notes are an integral part of these unaudited consolidated condensed financial statements.
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Consolidated
Statements of Operations
(Unaudited)
| |
Three Months Ended | | |
Three Months Ended | |
|
Six Months Ended |
|
|
Six Months Ended | |
| |
June 30, | | |
June 30, | |
|
June 30, |
|
|
June 30, |
|
| |
2023 | | |
2022 | |
|
2023 |
|
|
2022 |
|
Sales, net | |
$ | 194,383 | | |
$ | 560,724 | |
|
$ |
512,066 |
|
|
$ |
893,608 |
|
Cost of goods sold | |
| 134,395 | | |
| 411,065 | |
|
|
344,155 |
|
|
|
635,617 |
|
Gross margin | |
| 59,987 | | |
| 149,659 | |
|
|
167,911 |
|
|
|
257,991 |
|
Operating expenses: | |
| | | |
| | |
|
|
|
|
|
|
|
|
Payroll and taxes | |
| 238,285 | | |
| 204,047 | |
|
|
403,365 |
|
|
|
356,496 |
|
Legal and professional fees | |
| 71,829 | | |
| 96,195 | |
|
|
128,643 |
|
|
|
139,411 |
|
Rent | |
| 45,435 | | |
| 35,764 | |
|
|
89,892 |
|
|
|
41,009 |
|
Selling, general and administrative and expenses | |
| 53,871 | | |
| 96,583 | |
|
|
161,979 |
|
|
|
206,720 |
|
Total operating expenses | |
| 409,420 | | |
| 432,589 | |
|
|
783,879 |
|
|
|
743,636 |
|
Income (loss) from operations | |
| (349,433 | ) | |
| (282,930 | ) |
|
|
(615,969 |
) |
|
|
(485,645 |
) |
Other (expense) | |
| | | |
| | |
|
|
|
|
|
|
|
|
Interest expense | |
| (76,374 | ) | |
| (5,531 | ) |
|
|
(103,615 |
) |
|
|
(6,611 |
) |
Total other (expense) | |
| (76,374 | ) | |
| (5,531 | ) |
|
|
(103,615 |
) |
|
|
(6,611 |
) |
Provision for income taxes (benefit) | |
| - | | |
| - | |
|
|
- |
|
|
|
- |
|
Net loss | |
$ | (425,807 | ) | |
$ | (288,462 | ) |
|
$ |
(719,584 |
) |
|
$ |
(492,256 |
) |
| |
| | | |
| | |
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per common share | |
$ | (0.03 | ) | |
$ | (0.02 | ) |
|
$ |
(0.05 |
) |
|
$ |
(0.03 |
) |
| |
| | | |
| | |
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding: | |
| | | |
| | |
|
|
|
|
|
|
|
|
Basic and diluted | |
| 16,008,009 | | |
| 15,030,014 | |
|
|
15,822,911 |
|
|
|
14,759,554 |
|
The
accompanying notes are an integral part of these unaudited consolidated condensed financial statements.
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Consolidated
Statements of Changes in Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Value | | |
Shares | | |
Value | | |
Capital | | |
Deficit | | |
Income(Loss) | | |
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Accumulated
Other Comprehensive | | |
Total
Stockholders’ | |
| |
Shares | | |
Value | | |
Shares | | |
Value | | |
Capital | | |
Deficit | | |
Income(Loss) | | |
Equity | |
Balance, December 31, 2021 | |
| 1,000 | | |
$ | - | | |
| 14,473,256 | | |
$ | 1,447 | | |
$ | 27,688,665 | | |
$ | (27,543,659 | ) | |
$ | 1,895 | | |
$ | 148,349 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services | |
| | | |
| - | | |
| 15,000 | | |
| 2 | | |
| 4,514 | | |
| | | |
| - | | |
| 4,515 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| (203,794 | ) | |
| | | |
| (203,794 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2022 | |
| 1,000 | | |
$ | - | | |
| 14,488,256 | | |
$ | 1,449 | | |
$ | 27,693,179 | | |
$ | (27,747,454 | ) | |
$ | 1,895 | | |
$ | (50,930 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services | |
| | | |
| - | | |
| 620,000 | | |
| 62 | | |
| 120,558 | | |
| | | |
| - | | |
| 120,620 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| (288,462 | ) | |
| | | |
| (288,462 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 1,000 | | |
$ | - | | |
| 15,108,256 | | |
$ | 1,511 | | |
$ | 27,813,737 | | |
$ | (28,035,916 | ) | |
$ | 1,895 | | |
$ | (218,772 | ) |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Accumulated
Other
Comprehensive | | |
Total
Stockholders’ | |
| |
Shares | | |
Value | | |
Shares | | |
Value | | |
Capital | | |
Deficit | | |
Income(Loss) | | |
Equity | |
Balance, December 31, 2022 | |
| 1,000 | | |
$ | - | | |
| 15,635,756 | | |
$ | 1,564 | | |
$ | 27,915,909 | | |
$ | (28,630,321 | ) | |
$ | 1,895 | | |
$ | (710,953 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| (292,020 | ) | |
| - | | |
| (292,020 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 1,000 | | |
$ | - | | |
| 15,635,756 | | |
$ | 1,564 | | |
$ | 27,915,909 | | |
$ | (28,922,340 | ) | |
$ | 1,895 | | |
$ | (1,002,973 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services | |
| | | |
| - | | |
| 475,000 | | |
| 48 | | |
| 103,453 | | |
| | | |
| - | | |
| 103,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| (425,807 | ) | |
| - | | |
| (425,807 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 1,000 | | |
$ | - | | |
| 16,110,756 | | |
$ | 1,611 | | |
$ | 28,019,361 | | |
$ | (29,348,147 | ) | |
$ | 1,895 | | |
$ | (1,325,280 | ) |
The
accompanying notes are an integral part of these unaudited consolidated condensed financial statements.
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Consolidated
Statements of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
Six
Months Ended | | |
Six
Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Cash
flows from operating activities | |
| | | |
| | |
Net
(loss) | |
$ | (719,584 | ) | |
$ | (492,256 | ) |
Adjustments
to reconcile net loss to cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 277 | | |
| 864 | |
Stock
based compensation | |
| 103,500 | | |
| 125,135 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| 16,796 | | |
| (66,092 | ) |
Prepaid
expenses | |
| - | | |
| 484 | |
Right
of use assets | |
| 50,759 | | |
| (28,603 | ) |
Inventory | |
| 128,141 | | |
| 348,891 | |
Other
assets | |
| (2,818 | ) | |
| - | |
Operating
lease payable | |
| (43,774 | ) | |
| 28,165 | |
Accounts
payable and accrued expenses | |
| 100,364 | | |
| (263,104 | ) |
Net
cash provided by (used in) operating activities | |
| (366,339 | ) | |
| (346,516 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Net
cash used in investing activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Notes
payable related parties | |
| 124,000 | | |
| - | |
Increase
(decrease) in loans payable | |
| 217,838 | | |
| 96,898 | |
Government
loans | |
| (24,033 | ) | |
| - | |
Net
cash provided by (used in) financing activities | |
| 317,805 | | |
| 96,898 | |
| |
| | | |
| | |
Net
increase (decrease) in cash and cash equivalents | |
| (48,534 | ) | |
| (249,618 | ) |
Cash
and cash equivalents at beginning of period | |
| 54,185 | | |
| 312,574 | |
Cash
and cash equivalents at end of period | |
$ | 5,652 | | |
$ | 62,956 | |
| |
| | | |
| | |
Supplemental
disclosure of cash flow information: | |
| | | |
| | |
Cash
paid for interest | |
$ | 103,615 | | |
$ | 6,611 | |
Cash
paid for income taxes | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited consolidated condensed financial statements.
NETBRANDS
CORP.
(Formerly
Known as Global Diversified Marketing Group Inc.)
Notes
To Unaudited Condensed Financial Statements For The Periods
Ended
June 30, 2023 and 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Business
NetBrands
Corp., formerly known as Global Diversified Marketing Group Inc. (“NetBrands” or the “Company”), was incorporated
as Dense Forest Acquisition Corporation, in Delaware on December 1, 2017, and changed its name on June 13, 2018, as part of a change
in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000
shares of the 20,000,000 outstanding shares of its common stock, and appointed new officers and directors. On June 14, 2018, the new
management of the Company issued 12,500,000 shares of its common stock to Paul Adler, the then president of the Company.
On
November 26, 2018, the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York
company owned by the Company’s president, with the issuance of 200 shares of the Company’s common stock in exchange for all
of the outstanding shares of GDHI. GDHI became a wholly-owned subsidiary of the Company, and its activity for the years 2022 and 2021
is reflected in these condensed financial statements along with the expenses of the Company.
Prior
to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations
and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer,
and the equity is presented as if the business combination had occurred on January 1, 2017.
On
August 31, 2022, the Company entered into an Asset Purchase Agreement with InPlay Capital Inc., a Delaware corporation (“InPlay”),
pursuant to which, on the same date, the Company purchased from InPlay all of the assets used in the operation and conduct of its business
relating to the online home fitness store known as “The Hula Fit”, including the Shopify Store and the TikTok, Facebook and
Google ad accounts, for a purchase price of $50,000. Paul Adler, the sole executive officer and a director of the Company, and the Company’s
majority stockholder, is also the sole officer, director, and 100% stockholder of InPlay.
On
March 29, 2023, the Company filed an Amendment to its Certificate of Incorporation effecting the change
of the Company’s name to NetBrands Corp., a name that reflects the planned expansion of the Company’s digital
business. On July 31, 2023, the Company’s common stock began trading on the
OTC Pink marketplace under its new name, NetBrands Corp., and its new trading symbol “NBND.”
Basis
of Presentation
The
condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting
principles in the United States of America and are presented in US dollars. Certain prior year amounts have been reclassified to
conform to the presentation in the current year. The Company has adopted a December 31 year-end.
Management’s
Representation of Interim Condensed Financial Statements
The
accompanying unaudited consolidated condensed financial statements have been prepared by the Company without audit pursuant to the rules
and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing
quarterly and annual condensed financial statements. Certain information and footnote disclosures normally included in condensed financial
statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed
or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information
presented not misleading. These condensed consolidated condensed financial statements include all of the adjustments, which in the opinion
of management are necessary for a fair presentation of financial position and results of operations. All such adjustments are of a normal
and recurring nature. Interim results are not necessarily indicative of results for a full year.
Principles
of Consolidation
The
accompanying consolidated condensed financial statements include the accounts of the Company and its wholly-owned subsidiary, Global
Diversified Holdings, Inc. All intercompany accounts and transactions have been eliminated in consolidation.
Fair
Value of Financial Instruments
The
Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying
amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these condensed financial statements.
Use
of Estimates
The
preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance
sheet. Actual results could differ from those estimates.
Stock-Based
Compensation
The
Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the
FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to
measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of
the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide
service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service. During the six months ended June 30, 2023 and June 30,
2022, stock-based compensation was $103,500
and $125,135,
respectively.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. On June 30,
2023, and December 31, 2022, the Company had $5,652 and $54,185 of cash and cash equivalents, respectively.
Accounts
Receivable
Accounts
receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing
credit evaluations of its customers and adjusts credit limits based on customer payment and current creditworthiness, as determined by
review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision
for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance
for doubtful accounts are provided against accounts receivable for amounts management believes may be uncollectible. The Company historically
has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve
its cash flow.
Bad
debt expense for the three months ended June 30, 2023 and 2022, was $-0-
and $-0-,
respectively. The allowance for doubtful accounts on the same dates were $-0-
and $-0-,
respectively.
Inventory
Inventory,
which is comprised of snack food products and packaging supplies is charged to inventory when purchased, is stated at the lower of cost
or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. The Company does not carry any
raw materials.
The
Company evaluates inventory levels quarterly value based upon assumptions about future demand and market conditions. Any inventory that
has a cost basis in excess of its expected net realizable value, inventory that becomes obsolete, inventory in excess of expected sales
requirements, inventory that fails to meet commercial sale specifications or is otherwise impaired are written down with a corresponding
charge to the statement of operations in the period that the impairment is first identified. The Company performed its evaluation on
June 30, 2023 and December 30, 2022, and determined that no write-down was required.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor
appreciably prolong its useful life are charged to expense as incurred.
Revenue
Recognition
The
Company recognizes revenue from product sales when control of the promised goods are transferred to our clients in an amount that reflects
the consideration to which the Company expects to be entitled in exchange for those goods and services. To achieve this core principle, the Company applies
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. Typically, the Company receives a detailed purchase order from large retailers that specify the goods
ordered, their price, payment terms and the required delivery date. Once the delivery of items on the purchase order is made to the client
and title passes, the Company has met its performance obligation and recognizes revenue.
Advertising
and Marketing Costs
The
Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and
marketing expenses of $74,935 and $23,520 during the six months ended June 30, 2023 and 2022, respectively.
Impairment
of Long-Lived Assets
The
Company continually monitors events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not
be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets
by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total
of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess
of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or
the fair value less costs to sell.
Intangible
Assets
Intangible
assets have either an identifiable or indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight-line
basis over their economic or legal life, whichever is shorter.
The Company
performs an annual impairment assessment for intangible assets during the fourth quarter of each year and more frequently whenever events
or changes in circumstances indicate that the fair value of the asset may be less than the carrying amount.
Determining
the fair value of intangible assets is judgmental in nature and requires the use of significant estimates and assumptions.
On
September 30, 2022, the Company conducted an impairment analysis and determined that our purchase of Hula Fit was fully impaired.
As a result, the Company recorded an impairment loss of $50,000
for the year ended December 31, 2022.
Income
Taxes
Income
taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities
are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using
the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available
evidence, are not expected to be realized.
The
Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are
no tax returns currently under examination.
Leases
The
majority of our lease obligations are real estate operating leases from which the Company conducts its business. For any lease with an initial
term in excess of 12 months, the related lease assets and liabilities are recognized on the Consolidated Balance Sheets as either operating
or finance leases at the inception of an agreement where it is determined that a lease exists. Leases with an initial term of 12 months
or less are not recorded on our Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over
the lease term.
Leases
with an initial term of 12 months or less, or that are on a month-to-month basis are not recorded on our Consolidated Balance Sheets.
The Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Operating
lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments
over the lease term at commencement date. The Company uses a collateralized incremental borrowing rate based on the information available at commencement
date, including lease term, in determining the present value of future payments. Our lease terms generally do not include options to
extend or terminate the lease unless it is reasonably certain that the option will be exercised. Fixed payments may contain predetermined
fixed rent escalations. The Company recognizes the related rent expense on a straight-line basis from the commencement date to the end of the lease
term.
As
of June 30, 2023, the Company had $521,444 in right of use assets, $112,666 in short term operating lease payables and $414,444 in long term lease
liabilities with an average remaining life of approximately 3.50 years.
Comprehensive
Income
The
Company has established standards for reporting and displaying comprehensive income, its components, and accumulated balances. When applicable,
the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except
those resulting from investments by owners and distributions to owners. During the periods ended June 30, 2023 and December 31, 2022,
the Company had a balance of $1,895 in accumulated other comprehensive income on its balance sheet which arose from an unrealized gain
due to foreign currency fluctuations in prior years.
Basic
Income (Loss) Per Share
Basic
income (loss) per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.
As of June 30, 2023, the Company had no dilutive instruments that could increase the number of shares if exercised or converted.
Recent
Accounting Pronouncements
The
Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s
results of operations, financial position, or cash flow.
NOTE
2 – GOING CONCERN
As
of June 30, 2023, the Company had cash and cash equivalents of $5,652, negative working capital of $933,879, and had an accumulated deficit
of $29,348,147. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated
financials have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments
that might result from the outcome of this uncertainty. If the Company is, in fact, unable to continue as a going concern, the shareholders
may lose some or all of their investment in the Company.
NOTE
3 – CAPITAL STOCK
The
Company has authorized 100,000,000
shares of common stock, $0.0001
par value per share. The Company had 16,110,756
and 15,635,756
shares of common stock issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.
2023
Common Stock Issuances for Services
During
the six months ended June 30, 2023, the Company issued 475,000 shares for services valued at $103,500, or $0.22 per share. The share
price was determined based on the trading price of the Company’s common stock on the date of issuance.
2022
Common Stock Issuances for Services
During
the three months ended March 31, 2022, the Company issued 15,000 shares of its common stock for services, which were valued at $4,515.
All issuances made by the Company are valued based upon the closing trading price of the Company’s common stock on the date when
the board of directors authorizes and approves the issuance of such shares.
During
the three months ended June 30, 2022, the Company issued an aggregate of (a) 250,000 shares of common stock to the members of the Company’s
board of directors, valued at $0.18 per share, and (b) 350,000 shares of common stock to the members of its board of directors in lieu
of cash payments, valued at $0.21 per share. The Company also issued 20,000 shares of common stock to a service provider, valued at $0.106
per share.
During
the three months ended September 30, 2022, the Company issued an aggregate of 427,500
shares of common stock to consultants and to an investor relations firm, valued at an average of approximately $0.20
per share.
During
the three months ended December 31, 2022, the Company issued 100,000 shares of common stock to a member of the Company’s board
of directors valued at $0.151 per share.
Preferred
Stock
The
Company has 20,000,000 shares of $.0001 par value preferred stock authorized. On February 24, 2020, the Company filed a Certificate of
Designation for a class of preferred stock designated Class A Super Voting Preferred Stock (“A Stock”). There are 1,000,000
shares of A Stock designated. Each share of such stock shall vote with the common stock and have 100,000 votes. The A Stock has no conversion,
dividend, or liquidation rights. Accordingly, the holders of A Stock will, by reason of their voting power, be able to control the affairs
of the Company. The Company has issued 1,000 shares of A Stock to Paul Adler, the Company’s Chief Executive Officer, and majority
shareholder giving him effective voting control over the Company’s affairs for the foreseeable future.
As
a result of the issuance of the A Stock with super-voting rights giving him an aggregate of 100,000,000 votes, combined with the shares
of common stock he holds, Mr. Adler has effective voting control of approximately 97% of the Company.
Warrants
On November 14, 2022 (the “Execution
Date”), the “Company, entered into an engagement agreement (“Engagement Agreement”) with Spencer Clarke, LLC
(“Spencer Clarke”), pursuant to which the Company engaged Spencer Clarke to serve as its exclusive investment banking
firm (the “Services”).
In consideration for Spencer Clarke providing
the Services, (a) upon execution of the Engagement Agreement, the Company issued Spencer Clarke warrants to purchase 310,715
shares of the Company’s common stock, par value $0.0001
per share, and (b) upon the closing of a financing of over $1,000,000
in value, which has not occurred as of the date of this Quarterly Report, the Company will issue to Spencer Clarke additional
warrants to purchase shares of the Company’s common stock representing 3% of the Company’s total issued and
outstanding shares of common stock as of the Execution Date.
The 310,715 warrants outstanding as of June 30, 2023
are exercisable for a term of five years from the date of issuance and have an exercise price of $0.001 per share, subject to adjustment.
As of June 30, 2023, these warrants had an intrinsic value of $65,250.
NOTE
4 – RELATED PARTY TRANSACTIONS
On
August 31, 2022, the Company entered into an Asset Purchase Agreement with InPlay Capital Inc., a Delaware corporation (“InPlay”),
pursuant to which the Company purchased from InPlay all of the assets used in the operation its business relating to the online home
fitness store known as “The Hula Fit”, including the Shopify Store and the TikTok, Facebook and Google ad accounts, for a
purchase price of $50,000. Paul Adler, the sole executive officer and a director of the Company, and the Company’s majority stockholder,
is also the sole officer, director, and 100% stockholder of InPlay. The assets were recorded as intangible assets on the Company’s
balance sheet then impaired for the full amount of $50,000.
On
April 10, 2023, Paul Adler, the President and a director of the Company, made a loan to the Company in the amount of $124,000, at an
interest rate of 14.9% per annum. The principal amount of the loan, and any accrued and unpaid interest thereon, were due and payable
on July 9. 2023, which date has been extended to October 9, 2023, in cash or shares of the Company’s common stock, at Mr. Adler’s
sole discretion. If repaid in shares of common stock, the number of shares to be issued were to be calculated using the closing sale
price of the Company’s common stock on the OTC Pink marketplace on the payment date. In addition to providing additional financing
to the Company, Mr. Adler has foregone his biweekly salary for the last eight pay periods. The Company has accrued this amount due to
Mr. Adler.
NOTE
5 – COMMITMENTS AND CONTINGENCIES
The
Company has two primary leases. The Company leases approximately 1,500 square feet of office space at 4042 Austin Boulevard, Suite B,
Island Park, New York 11558. On October 1, 2021, the Company entered into a 60-month lease for $20,976 per year for the first two years,
with 3% annual escalation clauses for the last three years of the lease. The lease contains one five-year renewal option. Management
believes that its present office facilities are adequate for its corporate needs.
In
March 2022, the Company transitioned from the use of a public warehouse and entered a lease for 8,500 square feet of warehouse space
for 60 months at 78 Henry Street Secaucus, NJ 07094, at the rate of $132,896 per year, with annual 3% escalation clauses.
Future
minimum lease payments due under these operating leases, including renewal periods, are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY
| |
| | |
December 31, 2023 | |
| 157,014 | |
December 31, 2024 | |
| 161,724 | |
December 31, 2025 | |
| 166,576 | |
December 31, 2026 | |
| 171,573 | |
December 31, 2027 | |
| 37,392 | |
Total | |
$ | 694,279 | |
NOTE
6 – LOANS PAYABLE
The
Company had various loans outstanding on June 30, 2023 and December 31, 2022. All of these loans were short-term in nature, with varying
rates of interest and fees, and no set minimum monthly payments, as follows:
SCHEDULE
OF DEBT
| |
| | | |
| | |
Fund box (c) | |
$ | 61,097 | | |
$ | 50,964 | |
Diagonal Lending (e) | |
| 117,320 | | |
| - | |
Can Capital (d) | |
| 134,819 | | |
| - | |
Credit Line – Loan Builder(b) | |
| 75,699 | | |
| 144,746 | |
Credit Line – Webster Bank(a) | |
| 100,000 | | |
| 75,656 | |
Total loans payable | |
$ | 488,935 | | |
$ | 271,096 | |
The
Note has a principal balance of $117,320,
and a stated maturity date of April
15, 2024. A one-time interest charge of 13%,
or $15,251,
was applied on the date of issuance and was immediately expensed. Interest and outstanding principal shall be paid in nine payments, each in the amount of
$14,730.11
(a total payback to 1800 Diagonal of $132,571). The
first payment was due July 15, 2023, with eight subsequent payments due each month thereafter. The Note may not otherwise be prepaid
in whole or in part. In the event the Company fails to pay any amount when due under the Note, the interest rate will increase to
22%. Upon the occurrence and during the continuation of any event of default under the Note (“Event of Default”), the
Note will become immediately due and payable and the Company is required to pay to 1800 Diagonal an amount equal to 150% times the
sum of (a) the then outstanding principal amount of the Note, plus (b) any accrued and unpaid interest on the unpaid principal
amount of this Note, plus (c) default interest, if any, plus (d) any other amounts owed to the 1800 Diagonal pursuant to the Note.
Following any Event of Default, 1800 Diagonal may convert any amount due under the Note into shares of the Company’s common
stock (the “Conversion Shares”) at a conversion price equal to 75% multiplied by the lowest trading price for the
Company’s common stock during the ten trading days prior to the conversion date (representing a discount rate of 25% to
market); provided, however, that 1800 Diagonal may not convert any portion of the Note that would cause it, together
with its affiliates, to beneficially own in excess of 4.99% of the Company’s common stock. The Company has agreed to reserve
from its authorized and unissued common stock four times the number of shares that are actually issuable upon full conversion of the
Note to provide for the issuance of the Conversion Shares. The conversion price and number of shares of the Company’s common
stock issuable upon conversion of the Note will be subject to adjustment from time to time in the event of any combinations,
recapitalization, reclassifications, extraordinary distribution, or similar event.
This
Note was treated as a Promissory Note and no derivative liability was recorded because the conversion feature of the Note only is effective
in the event of a default. Since the Company has never defaulted on a liability that conversion was not deemed to probable.
Government
loans payable
As
of June 30, 2022 and December 31, 2022, the Company had $500,000 and $524,033, respectively, in government EIDL loans outstanding related
to Covid-19. These loans are repayable over a 30-year period with an interest rate of 3.75%.
NOTE
7 – CONCENTRATIONS
The
Company does substantially all of its business with five customers. These customers accounted for 100% and 91% of revenues for the six
months ended June 30, 2022, and 2022, respectively.
SCHEDULE
OF CONCENTRATION OF RISK
| |
June 30, 2023 | | |
June 30, 2022 | |
Customer A | |
| 30 | % | |
| 36 | % |
Customer B | |
| 29 | % | |
| 29 | % |
Customer C | |
| 20 | % | |
| 15 | % |
Customer D | |
| 11 | % | |
| 11 | % |
Customer E | |
| 10 | % | |
| - | |
Total | |
| 100 | % | |
| 91 | % |
At June 30, 2023 the Company had $47,108 in accounts
receivable. One customer accounted for approximately 90% of that total.
NOTE
8 – SUBSEQUENT EVENTS
In
accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2023, to the date these condensed financial
statements were issued, and has determined that it does not have any other material subsequent events to disclose in these condensed
financial statements except as follows:
On July 9, 2023, Paul Adler, the Company’s
President, extended the July 9, 2023 repayment date of the $124,000
loan he made to the Company, at an interest rate of 14.9%,
to October 9, 2023.
On August 1, 2023, the Company issued 750,000 shares
to Beyond Media, a digital marketing agency designed to bring awareness to clients’ products and services.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The
information set forth in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)
contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including,
among others (I) increase in our revenue and profitability, (ii) prospective business opportunities and (iii) our strategy for financing
our business. Forward-looking statements are statements other than historical information or statements of current condition. Some forward-looking
statements may be identified by use of terms such as “believes”, “anticipates”, “intends” or “expects”.
These forward-looking statements relate to our plans, liquidity, ability to complete financing, to enter into future agreements with
companies, and plans to successfully expand our business operations and the sale of our products. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs.
Although
we believe that our expectations with respect to the forward-looking statements are based upon reasonable assumptions within the bounds
of our knowledge of our business and operations, in light of the risks and uncertainties inherent in all future projections, the inclusion
of forward-looking statements in this Quarterly Report should not be regarded as a representation by us or any other person that our
objectives or plans will be achieved. All forward-looking statements speak only as of the date of this Quarterly Report. Except to the
extent required by law, we undertake no obligation to update or revise any forward-looking statements, or other information contained
herein, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying
such statements, or otherwise. We caution you therefore that you should not rely on any of these forward-looking statements as statements
of historical fact or as guarantees or assurances of future performance.
Basis
of Presentation
The
following discussion highlights our results of operations and the principal factors that have affected our financial condition as well
as our liquidity and capital resources for the periods described, and provides information that management believes is relevant for an
assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion
and analysis are based on our unaudited condensed financial statements contained in this Quarterly Report, which we have prepared in
accordance with United States generally accepted accounting principles. You should read the discussion and analysis together with such
condensed financial statements and the related notes thereto.
The
audited condensed financial statements for our fiscal year ended December 31, 2022, contained in our Annual Report, include a summary
of our significant accounting policies and should be read in conjunction with the discussion below. In the opinion of management, all
material adjustments necessary to present fairly the results of operations for such periods have been included in these audited condensed
financial statements. All such adjustments are of a normal recurring nature.
References
in this section to “NetBrands,” “we,” “us,” “our,” “the Company” and “our
Company” refer to NetBrands Corp. (formerly known as Global Diversified Marketing Group Inc.), and its consolidated subsidiary.
Overview
The
Company was incorporated in the State of Delaware on December 1, 2017, under the name “Dense Forest Acquisition Corporation.”
On
June 13, 2018, in anticipation of its acquisition of Global Diversified Holdings, Inc., a private New York snack and gourmet food company
(“GDHI”), the Company changed its to “Global Diversified Marketing Group Inc.”
On
November 26, 2018, the Company consummated the acquisition of GDHI. As a result of the acquisition, GDHI became our wholly owned operating
subsidiary, and we changed our business focus to the business of GDHI, which was to develop and market healthy snack foods.
Historically,
the Company has been focused on developing and marketing products in the United States, Canada, and Europe that appeal to consumers’
growing preference for healthy snack food. The Company operates through snacks segments offering Italian Wafers, French Madeleines, Italian
Croissants, Macaron Cookies, Wafer Pralines, and other wholesome snacks. The Company sells its food and snack products through various
distribution channels comprising specialty, grocery retailers, food-service distributors and direct store delivery, as well as the vending,
pantry, and micro-market segment. Our buyers typically represent recognized large retail chain stores. The products are then distributed
by the chains to their local outlets. We intend to develop additional gourmet foods and snack products under our trademarked brands and
to expand the Company’s offering portfolio by identifying, producing and marketing new products.
The
Company’s management believes that the strategy of acquiring small brands regional distribution brands and acquiring more e-commerce
brand assets will diversify its current business and increase its business operation results.
On
March 29, 2023, the Company filed an Amendment to its Certificate of Incorporation with the Secretary of State of Delaware effecting
the change of the Company’s name to “NetBrands Corp.,” a name that reflects the planned expansion of the Company’s
digital business.
Recent
Developments
Loan
from President
On
April 10, 2023, Paul Adler, the President and a director of the Company, made a loan to the Company in the amount of $124,000, at an
interest rate of 14.9% per annum. The principal amount of the loan, and any accrued and unpaid interest thereon, were due and payable
on July 9. 2023, in cash or shares of the Company’s common stock, at Mr. Adler’s sole discretion. If repaid in shares of
common stock, the number of shares to be issued were to be calculated using the closing sale price of the Company’s common stock
on the OTC Pink marketplace on the payment date. The due date of this loan has been extended to October 9, 2023.
Loan
from 1800 Diagonal LLC
On
June 6, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with 1800 Diagonal Lending
LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company issued to 1800 Diagonal an unsecured
promissory note in the principal amount of $117,320 (the “Note”). The net proceeds received by the Company were $100,000,
after deducting an original issue discount in the amount of $12,570 and $4,750 for 1800 Diagonal’s legal fees. The Company intends
to use the net proceeds for working capital and general corporate purposes.
The
Note has a principal balance of $117,320, and a stated maturity date of April 15, 2024. A one-time interest charge of 13%, or $15,251,
was applied on the date of issuance. Interest and outstanding principal shall be paid in nine payments, each in the amount of $14,730.11
(a total payback to 1800 Diagonal of $132,571). The first payment was due July 15, 2023, with eight subsequent payments due each month
thereafter. The Note may not otherwise be prepaid in whole or in part. In the event the Company fails to pay any amount when due under
the Note, the interest rate will increase to 22%. Upon the occurrence and during the continuation of any event of default under the Note
(“Event of Default”), the Note will become immediately due and payable and the Company is required to pay to 1800 Diagonal
an amount equal to 150% times the sum of (a) the then outstanding principal amount of the Note, plus (b) any accrued and unpaid interest
on the unpaid principal amount of this Note, plus (c) default interest, if any, plus (d) any other amounts owed to the 1800 Diagonal
pursuant to the Note. Following any Event of Default, 1800 Diagonal may convert any amount due under the Note into shares of the Company’s
common stock (the “Conversion Shares”) at a conversion price equal to 75% multiplied by the lowest trading price for the
Company’s common stock during the ten trading days prior to the conversion date (representing a discount rate of 25% to market);
provided, however, that 1800 Diagonal may not convert any portion of the Note that would cause it, together with its affiliates,
to beneficially own in excess of 4.99% of the Company’s common stock. The Company has agreed to reserve from its authorized and
unissued common stock four times the number of shares that are actually issuable upon full conversion of the Note to provide for the
issuance of the Conversion Shares. The conversion price and number of shares of the Company’s common stock issuable upon conversion
of the Note will be subject to adjustment from time to time in the event of any combinations, recapitalization, reclassifications, extraordinary
distribution, or similar event.
Change
of Name and Trading Symbol on OTC Pink Marketplace
On
July 31, 2023, the Company’s common stock began trading on the OTC Pink marketplace under its new name, NetBrands Corp., and its
new trading symbol “NBND.”
Results
of Operations
The
information set forth below should be read in conjunction with the financial statements and accompanying notes elsewhere in this Quarterly
Report.
Comparison
of Results of Operations for the Three Months Ended June 30, 2023 and 2022
Revenue
and Cost of Sales
During
the three months ended June 30, 2023, our revenues were $194,383, compared to $560,724 during the three-month period ended June 30, 2022,
a decrease of $366,341 or 65.3%. The primary reason for this significant decrease was due to the lack of availability of funding for
the Company on reasonable terms and due to general economic conditions.
Cost
of sales was $134,395 for the three months ended June 30, 2023, compared to $411,065 for the three months ended June 30, 2022, or a decrease
of $276,670. The decrease in the cost of sales is due to lower sales volumes. Gross profit margin
percentage for the three months ended June 30, 2023 was 30.9%, compared to 26.7% during the same three-month period in 2022. The increase
in gross profit margin percentage in 2023 is attributable to margins based on lower sales volumes.
Operating
expenses
During
the three months ended June 30, 2023, our operating expenses were $409,420, compared to $432,589 during the three months ended June 30,
2022, a decrease of $23,169, or 5.4%. Excluding stock-based compensation in both periods, the expenses
in 2023 are approximately the same as 2022.
Other
Income (Expense)
Other
expenses were comprised solely of interest expense, which amounted to $76,374
during the three-month period ended June 30, 2023, compared to $5,531 during the three-month period
ended June 30, 2022. The significant increase in interest expenses is due to higher levels of debt and borrowing in 2023 due to lower
profitability.
Net
loss
As
a result of the foregoing, the net loss for the three months ended June 30, 2023 was $425,807, compared to a net loss of $288,462 for
the three months ended June 30, 2022.
Comparison
of Results of Operations for the Six Months Ended June 30, 2023 and 2022.
Revenue
and Cost of Sales
During
the six months ended June 30, 2023, our revenues were $512,066, compared to $893,608 during the six-month period ended June 30, 2022,
a decrease of $381,542 or 57.3%. The primary reason for this significant decrease was due to the lack of availability of funding for
the Company on reasonable terms, and due to general economic conditions. We are in the process of seeking new financing and believe we
will be successful in obtaining this financing which will enable us to generate revenues at historical levels. However, there can be
no assurance that we will be successful in raising this financing, and if we are successful that we can generate revenues at a historical
level. If we fail to obtain this financing it could have a material negative impact on the Company.
Cost
of sales was $344,155 for the six months ended June 30, 2023, compared to $635,617 for the six months ended June 30, 2022, or a decrease
of $291,462. The decrease in the cost of sales is due to lower sales volumes. Gross profit margin
percentage for the six months ended June 30, 2023 was 33%, compared to 29% during the same three-month period in 2022. The increase in
gross profit margin percentage in 2023 is attributable to margins based on lower sales volumes.
For
the six months ended June 30, 2023, we had five customers that represented 100% of our business, compared to four customers that represented
91% of our business during the six months ended June 30, 2022. The loss of any of these customers could have a material adverse impact
on our business.
Operating
expenses
During
the six months ended June 30, 2023, our operating expenses were $783,879 compared to $743,636 during the six months ended June 30, 2022.
Excluding stock-based compensation in both periods the expenses in 2023 are approximately the same
as 2022. In July 2023, the Company eliminated a Vice President’s position paying $175,000 plus benefits to help reduce its expenses
going forward.
Other
Income (Expense)
Other
expenses were comprised solely of interest expense, which amounted to $103,615
during the six-month period ended June 30, 2023, compared to $6,611 during the three-month period
ended June 30, 2022. The significant increase in interest expenses is due to higher levels of debt and borrowing in 2023 due to lower
profitability.
Net
loss
As
a result of the foregoing, the net loss for the six months ended June 30, 2023 was $719,584, compared to a net loss of $492,256
for the six months ended June 30, 2022.
Liquidity
and Capital Resources
As
of June 30, 2023, we had $5,652 in cash, compared to
$54,185 in cash as of December 31, 2022.
Net
cash used in operating activities was $366,339 in the six months ended June 30, 2023, compared to $346,516 during the same period in
2022. The increase in cash used in operating is primarily due to a reduction of inventory of $220,750, an increase in accounts payable
of $100,364 offset by decreased profitability of approximately $250,000, net of non-cash stock-based compensation in the 2023 period.
Net
cash provided by financing activities was $317,805 during the six months ended June 30, 2023, compared to $96,898 during the six-month
period ended June 30, 2022. The increase in net cash provided by financing activities in 2023 is primarily due to a related party loan
of $124,000 from the Company’s President, and additional funding from various lenders of $120,940, offset by payments on government EIDL
loans of $24,033.
The
Company has historically financed its operations through the cash flow generated from operations, capital investment, notes payable and
factoring, and has recently financed its operations through SBA COVID-19 loans, capital investment, notes payable, and factoring.
In
the event continuing decreased sales and profits continue, our ability to obtain additional financing or factoring for our receivables
could be negatively impacted which could have a material adverse impact on our liquidity or our ability to remain as a going concern.
Going
Concern
The
accompanying consolidated condensed financial statements have been prepared assuming we will continue as a going concern, which contemplates
realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the
date of these condensed financial statements. On a consolidated basis, we have incurred significant operating losses since inception.
The Company’s independent auditor has indicated substantial doubt about the Company continuing as a going concern based on the
Company’s accumulated deficit and accrued liabilities. Our ability to continue our operations as a going concern, realize the carrying
value of our assets, and discharge our liabilities in the normal course of business is dependent upon our ability to raise capital sufficient
to fund our commitments and ongoing losses, and ultimately generate profitable operations. If we cannot obtain needed funds, we may be
forced to reduce or cease our activities with a consequent loss to investors. In addition, should we incur significant presently unforeseen
expenses or delays, we may not be able to accomplish our goals. These factors, among others, raise substantial doubt about the Company’s
ability to continue as a going concern.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
Critical
Accounting Estimates
Our
condensed financial statements and accompanying notes have been prepared in accordance with GAAP. The preparation of these condensed
financial statements requires management to make estimates, judgments, and assumptions that affect reported amounts of assets, liabilities,
revenues and expenses. We continually evaluate the accounting policies and estimates used to prepare our condensed financial statements.
The estimates are based on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual
amounts and results could differ from these estimates made by management. Certain accounting policies that require significant management
estimates and are deemed critical to our results of our operations or financial position. Our critical accounting estimates are more
fully discussed in Note 2 to our unaudited condensed financial statements contained herein.
Item
3. Quantitative and Qualitative Disclosures about Market Risk.
Not
applicable because we are an emerging growth company.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our President (principal executive officer) and Chief Financial
Officer (principal financial and accounting officer), who is directly involved in the day-to-day operations of the Company, as of June
30, 2023, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule
15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer
and principal financial and accounting officer concluded that our disclosure controls and procedures were effective as of June 30, 2023
to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange Act were recorded,
processed, summarized, and reported within the time periods specified in the Securities and Exchange Act Commission’s rules and
forms and that our disclosure controls are effectively designed to ensure that information required to be disclosed by us in the reports
that we file or submit under the Securities Exchange Act is accumulated and communicated to management, including our principal executive
officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding
required disclosure.
Our
management, including our President and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent
all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. The design of any system of controls is based in part upon certain assumptions about
the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential
future conditions. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits
of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of
controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdown can occur because
of simple error or mistake. In particular, many of our current processes rely upon manual reviews and processes to ensure that neither
human error nor system weakness has resulted in erroneous reporting of financial data.
As
of June 30, 2023, our disclosure controls and procedures were determined to be effective.
Changes
in Internal Control over Financial Reporting
During
the period covered by this Quarterly Report, there were no changes in our internal controls over financial reporting that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings.
We
know of no active or pending legal proceedings against us, nor are we involved as a plaintiff in any proceedings or pending litigation.
There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder, are an adverse party or
have a material interest adverse to us.
Item
1A. Risk Factors.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Except
as set forth below, there were no sales of equity securities
sold during the period covered by this Report that were not registered under the Securities Act and were not previously reported in a
Current Report on Form 8-K filed by the Company.
On
April 17, 2023, the Company issued 125,000 shares of common stock to its legal counsel in consideration for legal services provided to
the Company.
On
April 21, 2023, the Company issued 250,000 shares of common stock to Sergey Kats, the Company’s Director of Operations, as a bonus.
On
April 21, 2023, the Company issued 100,000 shares of common stock to David Natan, an independent director of the Corporation, in consideration
for services Mr. Natan provided the Company.
These
issuances were exempt from registration under Section 4(a)(2) of the Securities Act as not involving any public offering.
Item
3. Defaults upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
Code
of Ethics
On
April 21, 2023, the Company’s board of directors adopted a Code of Business Conduct and Ethics (the “Code of Ethics”)
that applies to the directors, officers, and employees of the Company. The Company has filed a copy of the Code of Ethics as an exhibit
to this Quarterly Report. The Code of Ethics may be reviewed by accessing the Company’s public filings at the SEC’s website
at www.sec.gov. In addition, a copy of the Code of Ethics will be provided without charge upon request.
Item
6. Exhibits.
*Filed
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
NETBRANDS
CORP. |
|
|
|
Date:
August 15, 2023 |
By: |
/s/
Paul Adler |
|
Name:
|
Paul
Adler |
|
Title: |
Chief
Financial Officer, President, Secretary and Treasurer
(Principal
Executive Officer and Principal Financial and Accounting Officer) |
Exhibit
4.1
PROMISSORY
NOTE
Face
Amount: $124,000.00 |
As
of April 10, 2023 |
FOR
VALUE RECEIVED, the undersigned, NETBRANDS CORP., a Delaware corporation, or its permitted assigns (the “Maker”),
hereby promises to pay to the order of PAUL ADLER, a New York resident, or his permitted assigns (the “Holder”),
the principal sum of One Hundred Twenty Four Thousand and 00/100 Dollars ($124,000.00) (the “Principal”), together
with interest thereon from the date hereof until paid at the rate of 14.9% per annum (“Interest”), payable
as set forth below in this promissory note (this “Note”). Interest shall be computed on the basis of a 365-day
year and the actual number of days elapsed and shall be payable at the Maturity Date (as defined below). The payment of the Principal
and Interest shall be made in currency of the United States of America, which at the time of payment shall be legal tender therein for
the payment of public and private debts.
This
Note shall be subject to the following additional terms and conditions:
|
1. |
Payment.
Principal and Interest due on this Note is payable no later than July 9, 2023 (90 days from the date of issuance of this Note) (the
“Maturity Date”); provided, however, that the parties hereto may mutually agree to extend the Maturity
Date. In the event that any payment to be made hereunder shall be or become due on Saturday, Sunday or any other day which is a legal
bank holiday under the laws of the United States of America, such payment shall be or become due on the next succeeding business
day and Interest shall accrue during such extension of time. Any amounts of Principal and Interest due under this Note may be repaid
in cash or shares of the Maker’s common stock, at the Holder’s sole discretion. If repaid in shares of the Maker’s
common stock, the number of shares to be issued will be calculated using the closing sale price of the Maker’s common stock
on the payment date on the principal market on which it is then traded. Any amount of Principal or Interest which is not paid when
due shall bear interest at the rate of 17.9% per annum from the due date thereof until the same is paid (“Default Interest”). |
|
|
|
|
2. |
Prepayment.
The Maker and the Holder understand and agree that the Principal and any Interest thereon may be prepaid at any time without penalty.
|
|
|
|
|
3. |
No
Waiver. No failure or delay by the Holder in exercising any right, power or privilege under this Note shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law. No course of dealing between the Maker and the Holder shall operate as a waiver of any rights by the Maker. |
|
|
|
|
4. |
Place
of Payment. All payments by the Maker of Principal and Interest due hereunder shall be made at such place as the Holder may from
time to time designate in writing. |
|
|
|
|
5. |
Manner
of Payment. All payments by the Maker of Principal and Interest due hereunder shall be by personal check or wire transfer of
immediately available funds pursuant to wire instruction provided by the Holder. |
|
|
|
|
6. |
Event
of Default. Failure to make any payments when due hereunder shall constitute an event of default (“Event of Default”).
Upon occurrence and continuation of an Event of Default, Holder shall be entitled to all legal remedies available to it to pursue
collections, and Maker shall bear all reasonable costs of collection, including but not limited to necessary attorney’s fees. |
|
|
|
|
7. |
Successors
and Assigns. The provisions hereof shall be binding upon and shall insure to the benefit of Maker and Holder and their respective
successors and assigns. The Maker may assign or transfer any portion of this Note, or its rights hereunder, without the prior written
consent of the Holder. |
|
8. |
Waiver
of Demand and Presentment. Maker, and all other makers, sureties, guarantors, and endorsers, hereby waive demand, presentment,
notice of dishonor and protest, in connection with the delivery, acceptance, performance or enforcement of this Note. This Note shall
be the joint and several obligation of Maker and all other makers, sureties, guarantors and endorsers, and their successors and assigns. |
|
|
|
|
9. |
Severability.
In the event that one or more of the provisions of this Note shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Note, but this Note shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein. If it shall be found that any Interest,
Default Interest, or other amount due hereunder violates the applicable law governing usury, the applicable rate of interest due
hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. |
|
|
|
|
10. |
Governing
Law; Jurisdiction; Jury Trial. This Note and the rights and obligations of the Maker and Holder shall be governed by and construed
in accordance with the laws of the State of New York, and shall be governed and construed in accordance with the laws of said state
without giving effect to principles of conflicts of law. Each party agrees that all legal proceedings concerning the interpretation,
enforcement and defense of this Note (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
“New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New
York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for
such proceeding. Each party hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions
contemplated hereby. |
[SIGNATURE
PAGE FOLLOWS]
IN
WITNESS WHEREOF, the Maker has signed this Note this 10th day of April, 2023.
|
MAKER: |
|
|
|
NETBRANDS
CORP. |
|
|
|
|
By: |
/s/
Paul Adler |
|
Name: |
Paul
Adler |
|
Title: |
Chief
Executive Officer |
Exhibit
14.1
NETBRANDS
CORP.
Code
of Business Conduct and Ethics
A. INTRODUCTION
The
purpose of this Code of Business Conduct and Ethics (this “Code”) is to describe standards of conduct and business
expected of directors, officers, and employees (the “Covered Persons”) of NetBrands Corp., a Delaware corporation
(the “Company”). All Covered Persons will be required to attest annually to their awareness and acceptance
of the provisions of the Code and to affirm their compliance with such provisions.
The
Company has formulated this Code to help to ensure that Covered Persons act in accordance with applicable laws and observe the highest
ethical standards in their business dealings. The Company is keenly aware of the importance of maintaining its corporate reputation for
integrity. It is the responsibility of each Covered Person to create and maintain a fair, honest and professional workplace. The Company
believes that honesty is the essential standard of integrity and expects Covered Persons to deal with others in a manner that absolutely
excludes any consideration of personal or private benefit. It is, therefore, fundamental to the reputation and continuing success of
the Company that Covered Persons adhere to the rules and procedures set forth in this Code.
While
this Code is intended to provide guidelines for ethical and professional conduct, ultimately, Covered Persons must exercise good judgment
and common sense in interpreting and applying these procedures in any given situation. In cases of doubt, Covered Persons should consult
with the Chief Executive Officer (the “Chief Executive Officer”) of the Company.
B. GENERAL
BUSINESS PRINCIPLES
1. Observance
of Highest Ethical Standards
All
Covered Persons must observe the highest ethical standards of business conduct in their dealings with the Company’s stockholders,
employees, service providers, customers, suppliers, landlords, lessees and competitors. No Covered Person should engage in dishonest
and unethical behavior affecting such persons, including manipulation, concealment, abuse of privileged information, misrepresentation
or any other unfair dealing.
2. Compliance
with Laws
All
Covered Persons must fully comply with all applicable foreign and United States laws, rules and regulations. No Covered Person should
at any time take any action on behalf of the Company which violates such laws, rules, or regulations. Ignorance of the applicable laws,
rules or regulations will not serve as a defense should such laws, rules or regulations be contravened. Covered Persons should always,
including in situations where applicable legal standards are conflicting or unclear, conduct the Company’s business in such a manner
that will not embarrass the Company should the full facts be disclosed.
3. Relationships
with Public Officials - Political Contributions
The
Company’s policy is to develop and maintain good relationships and effective communications at all levels of domestic and foreign
governments having authority over the areas in which we do business. Contacts with governmental officials both in this country and abroad,
whether direct or indirect, shall at all times be maintained as proper business relationships. These contacts must never suggest a compromise
of the objectivity of such persons or cast doubt on the Company’s integrity. No corporate funds, property of any kind or services
shall be used directly or indirectly to influence the nomination or election of any candidate to public office, if such use is in violation
of applicable law. This restriction is not intended to discourage Covered Persons from making proper political contributions to the candidates,
parties or committees of their choice.
4. Employment
Relationships
The
Company is committed to the recruitment, training, development and retention of competent staff. All employment decisions, including
selection for employment, promotion and transfer, must be made solely on merit, experience and other work-related criteria.
The
employment relationship established with the Company is terminable at will, either by the employee or the Company, at any time, for any
reason, and with or without cause. The provisions of this Code should not be construed as creating a right to employment for any person
or for any specific period of time. Exceptions to the at-will employment relationship are only permitted when authorized in writing by
the Board of Directors or Chief Executive Officer.
5. Truth
in Communications
The
Chief Executive Officer is responsible for making public communications about the financial and business condition of the Company and
is to cause full, fair, accurate, timely and understandable disclosure in reports and documents filed with the Securities and Exchange
Commission and in other public communications about the Company.
C. COMPANY
FUNDS AND ASSETS
Covered
Persons are charged with safeguarding the Company’s assets and property and ensuring their efficient and proper use. Covered Persons
having authority to handle the Company’s funds or assets are placed in a position of trust with respect to the Company. A Covered
Person must at all times maintain in good working order and safeguard from harm, theft or loss all tangible and intangible assets of
the Company, whether on the Company’s property or in the possession of the Covered Person. Assets of the Company may be used only
for their intended use and only for Company business even though incidental personal use may be permitted. Any assets of the Company
in the possession of a Covered Person must be returned to the Company upon the termination of such Covered Person’s employment
or association with the Company.
Neither
the Company nor the Board of Directors will engage in offering or making available credit or loan arrangements to any member of the Board
of Directors or the Company’s executive management.
Any
discovery, improvement, or invention made or conceived by an officer or employee, either solely or jointly with others, during the time
he or she is employed by the Company which pertains or relates to the products or business in which the Company is engaged shall be the
exclusive property of the Company whether or not patentable or copyrightable.
D. CONFLICTS
OF INTEREST
A
“conflict of interest” exists when a person’s private interest interferes in any way with the interests of the Company.
When a conflict of interest arises, others may question the Company’s integrity. Therefore, all Covered Persons must conduct themselves
in accordance with the highest ethical standards of honesty and fair dealing and should, in pursuit of their business duties, avoid actions
that may create a conflict of interest and be adverse to the best interests of the Company and its stockholders.
Covered
Persons must report in writing to the Chief Executive Officer the existence or discovery of any circumstances, relating to such Covered
Person, or other Covered Persons, which constitute a conflict of interest or could create a potential conflict of interest, including
any financial or other business relationships, transactions, arrangements or other interests or activities with the Company’s suppliers,
customers, competitors or other persons that could create a potential conflict of interest.
If
a potential conflict of interest would constitute a “related party transaction” that would be required to be disclosed pursuant
to the securities laws, the terms of the proposed transaction must be reported in writing to the Company’s Chief Executive Officer
who will refer the matter, if necessary, to the Audit Committee, or, if there is no Audit Committee, to the full Board of Directors,
for approval. Generally, a related party transaction is a transaction that includes a director or executive officer, directly or indirectly,
and the Company, that exceeds $120,000 in amount. If a Covered Person has any questions as to whether a proposed transaction is a “related
party transaction,” the Covered Person should contact the Chief Executive Officer for clarification.
1. Gifts
and Entertainment
Gifts
and entertainment can easily be misunderstood and can appear to be an attempt to bribe our employees or the employees of another company.
Generally, it is the Company’s policy that Covered Persons are prohibited from accepting gifts or favors (i.e., money, merchandise,
services, entertainment, travel, or other forms of benefit) from any person or business organization that does business with the Company,
seeks to do business with the Company, or is a competitor of the Company. Covered Persons may accept small gifts or favors that would
be considered common business courtesies, however, no Covered Person should accept a gift or favor that might be intended to influence,
or appears to influence, a business decision. Covered Persons must report to his or her supervisor the receipt of any gifts or favors.
In
general, Covered Persons should not solicit entertainment, but are allowed to accept entertainment if the following criteria are met:
| (a) | it
occurs infrequently; |
| (b) | it
arises in the normal course of business and would be considered a common business courtesy; |
| (c) | it
involves reasonable expenditures; and |
| (d) | it
takes place in settings that are appropriate and fitting. |
A
Covered Person shall not accept travel, vacation arrangements or similar favors or gratuities. Attending sports or theatrical events
with and as a guest of a supplier or receiving sports or theatre tickets for personal use is acceptable and considered a normal business
practice if kept within reasonable limits.
2. Certain
Interests
Each
Covered Person must report in writing to the Chief Executive Officer any service as an officer, director, member, manager, partner or
trustee of or any investment in a company that is a customer, supplier, contractor, competitor or any person or organization having dealings
with the Company where the Company’s relationship with such organization is significant. For the purposes of this Code, the term
“investment” means any investment beneficially owned by the Covered Person, his or her family member, nominee, or other person
through which the Covered Person derives an economic benefit; provided, however, the term “investment” shall
not mean any beneficial ownership of up to five percent (5%) of the outstanding securities of a publicly-held company that is a customer,
supplier, contractor, or competitor of the Company.
3. Corporate
Opportunity
Covered
Persons should not: (i) take for themselves personally opportunities that are discovered through the use of Company property, information
or position; (ii) use Company property, information, or position for personal gain; or (iii) directly compete with the Company. Covered
Persons owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.
4. Acting
as a Supplier
A
Covered Person may not enter into an agreement with the Company as a supplier of products and services to the Company unless he or she
receives prior written approval in accordance with this Code. This policy extends to any prospective supplier that is controlled or actively
influenced by a Covered Person. Selection of a supplier, including a Covered Person, must be made in accordance with the Company’s
procedures and policies.
5. Outside
Activities
Officers
and employees should avoid outside employment or activities that impair effective performance of their obligations to the Company, either
because of excessive demands on their time or because the outside commitments constitute a drain away from the Company of their talents
and creative energies.
Of
course, reasonable participation in the activities of a trade association, professional society or charitable institution on an uncompensated
basis will not be deemed to violate the Conflicts of Interest provisions of this Code.
E. COMPANY
INFORMATION
1. Integrity
of Records
The
Company requires honest and accurate recording and reporting of information at all times. It applies the highest ethical standards in
its financial and non-financial reporting and follows the Securities and Exchange Commission’s and other applicable rules regarding
financial reporting.
Covered
Persons may not manipulate financial accounts, records or reports or take any action or cause any person to take any action to influence,
coerce, manipulate or mislead auditors for the purpose of rendering financial statements misleading.
All
transactions must be approved and executed in accordance with internal control procedures established by the Company and must be recorded
in such a manner as to permit the preparation of accurate financial statements for the Company.
Covered
Persons may not knowingly alter, destroy, mutilate, conceal, cover up, falsify or make a false entry in any record, document or tangible
object with the intent either to impair the object’s integrity or availability for use in an official proceeding or to obstruct,
impede, direct or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency
of the United States or any bankruptcy case, or in relation to or contemplation of any such matter or case.
Covered
Persons who prepare, maintain or have custody of the Company’s records and reports should endeavor to ensure that these documents
are: (i) accurate and complete and clearly reflect the assets and transactions of the Company; (ii) safeguarded from loss or destruction;
(iii) retained for specified periods of time in accordance with the Company’s document retention policy; and (iv) maintained in
confidence.
2. Trade
Secrets/Confidential Information
In
general, a “trade secret” is any nonpublic information that affords a commercial advantage to its owner. Trade secrets may
take the form of a customer list, business plan and business strategy, terms and conditions of the Company’s contracts and agreements
or any number of other things which enhance the ability to compete for business. The Company possesses trade secrets and other confidential
information, many of which are the product of considerable investment by the Company.
Trade
secrets and other confidential information disclosed to or observed by Covered Persons should not be revealed at any time to any person
or firm or used at any time for any purpose other than the advancement of the Company’s business interests. The Company’s
policy is that all information developed or shared as the result of business processes is proprietary to the Company and an important
asset in the operation of the Company’s business, and the unauthorized use or disclosure of this information is prohibited.
All
information about the Company, its business, stockholders, customers, and suppliers should be considered confidential unless the information
is already known to the public. This includes, but is not limited to, confidential technology, proprietary information, trade secrets,
business plans, documents, pricing, and records. Covered Persons should not, without prior written authorization from the appropriate
authority, acquire, use, access, copy, remove, modify, alter, or disclose to any third parties, any confidential information for any
purpose other than to perform their job responsibilities or in furtherance of expressly stated Company-sponsored activities. Any such
materials must be returned to the Company prior to a Covered Person leaving the Company.
Similarly,
all Covered Persons must respect the confidentiality of their former employer’s trade secrets. As a result, Covered Persons should
not divulge such information to any of the Company’s personnel or use the information while associated with the Company, unless
explicit written permission by the former employer has been obtained.
Confidential
information or materials in the possession of a Covered Person must be returned to the Company upon termination of employment or association
with the Company. Since the Company views the protection of its confidential information as highly critical to its business, unauthorized
disclosure of such information by the Covered Persons will result in disciplinary action that may include termination of employment or
prosecution under applicable law.
3. Insider
Trading
It
is unlawful to buy or sell securities on the basis of material, non-public information (whether such information is gained in the course
of employment or otherwise) for Company-owned or managed accounts, for personal accounts, or for any accounts that associates may influence,
including, but not limited to, accounts of family members. This type of activity is known as “insider trading” and is prohibited
by securities laws and Company policy.
Information
may be material if there is a substantial likelihood that the information would affect the price of the security or that a reasonable
investor would consider the information significant in deciding whether to buy or sell a security. Information is considered to be non-public
if it has not been disclosed to the public. Generally, information is considered disclosed to the public if it has been published
in newspapers or other media, has been the subject of a press release or a public filing with the Securities and Exchange Commission
and, in all cases, at least 48 hours has passed since the publication, release or filing.
Substantial
penalties may be assessed against people who trade while in possession of material inside information and can also be imposed upon companies
and so-called controlling persons such as officers and directors, who fail to take appropriate steps to prevent or detect insider trading
violations by their employees or subordinates. Sanctions may be imposed by law enforcement officials for violating the insider trading
policy, as well as Company-imposed sanctions, up to and including termination of employment.
The
Company opposes the unauthorized disclosure of any non-public information acquired in the workplace and prevents the misuse of material
nonpublic information in securities trading. The Company has established procedures for releasing material information in a manner that
is designed to achieve broad public dissemination of the information immediately upon its release. Covered Persons may not, therefore,
disclose information to anyone outside the Company, including family members and friends, other than in accordance with those procedures.
Covered Persons also may not discuss the Company or its business in an internet “chat room” or similar internet-based forum.
The
Company has a separate, detailed Insider Trading Policy applicable to Covered Persons, which is incorporated herein by reference.
F. EMBEZZLEMENT,
THEFT, FRAUD AND NON-MONETARY IRREGULARITIES
The
Company expects all Covered Persons to continuously demonstrate honesty and integrity in their business activities and relationships.
Except for incidental personal use, all Company assets should be used for legitimate business purposes. Unacceptable conduct includes:
|
● |
conversion
to cash of any checks made payable to the Company or misappropriation of cash receipts, including delaying submission of cash receipts
so that they may be used on a temporary basis for personal reasons; |
|
● |
authorization
for payment of goods and services not received, or overpayment for goods or services; |
|
● |
acceptance
of kickbacks; |
|
● |
engaging
in any unethical act to entice a customer or potential customer to do business with the Company; |
|
● |
accepting,
soliciting or giving gifts, gratuities or any other personal benefit or favor from or to suppliers, potential suppliers or customers,
except as provided in this Code; |
|
● |
failure
to accurately report the proceeds from the disposal of assets; |
|
● |
misstatement
of travel or expense reports, including processing of non-business items for expense report reimbursement; |
|
● |
falsification
of any reports submitted to financial or operational management including but not limited to: |
|
|
○ |
misreporting
or manipulating revenue or expenses to enhance reported financial results, |
|
|
○ |
delay
in reporting revenues, |
|
|
○ |
delay
in reporting expenses, |
|
|
○ |
misstating
quantities of physical inventories or the cost basis of inventories, and |
|
|
○ |
submission
of inflated or fictitious inter-company expenses; |
|
● |
engaging
in any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified accountant engaged in
the performance of an audit of the Company’s financial statements for the purpose of rendering such financial statements materially
misleading; |
|
● |
misuse
of Company computer resources; |
|
● |
unauthorized
or improper access, misuse, modification, destruction or disclosure of Company data/software or non-Company data/software for which
the Company has been identified as accountable for processing, accessing and/or storing; |
|
● |
failure
to follow policies relating to capital expenditures; and |
|
● |
theft
of any nature (cash, equipment, parts, etc.). |
G. REPORTING
AND COMPLIANCE WITH THE CODE’S STANDARDS
1. Reporting
of Violations
Any
Covered Person having knowledge of any actions prohibited by this Code must report such activity immediately to his or her supervisor
or the Chief Executive Officer. Prohibited actions involving directors and executive officers should be reported to the Audit Committee,
or, if there is no Audit Committee, to the full Board of Directors. Suspected violations or good faith concerns regarding accounting,
internal accounting controls or auditing matters should be reported directly to the Audit Committee, or, if there is no Audit Committee,
to the full Board of Directors. Covered Persons are expected to cooperate in internal investigations of misconduct.
2. Prohibition
against Retaliation
It
is the Company’s policy not to allow retaliation against any Covered Person for reports of misconduct or suspected violation of
this Code by another person made in good faith, for providing to a law enforcement officer any truthful information relating to the commission
or possible commission of any federal offense, or for proving information on actions such Covered Person reasonably believes to be violations
of securities laws, rules of the Securities and Exchange Commission, or other federal laws relating to fraud against stockholders.
3. Enforcement
The
Company must ensure prompt and consistent action against violations of this Code and reporting of violators to the appropriate authorities.
All management personnel of the Company shall be responsible for the enforcement of this Code. The management shall periodically review
the rules and procedures contained herein with the Covered Persons to ensure that the Covered Persons understand and comply with this
Code.
In
some situations, it is difficult to determine if a violation occurred. In order to afford a fair process by which to determine violations
of the Code, the Covered Persons should keep the following in mind:
| (a) | make
sure that the reporting person has all the facts available to him or her; |
| (b) | use
judgment and common sense in determining whether an act seems unethical or improper; |
| (c) | discuss
the situation with the supervisor or manager; and |
| (d) | if
one is unsure of what to do in any situation, he or she should ask for a guidance before
acting. |
4. Waivers
Any
waiver of this Code for any director, executive officer or senior financial officer of the Company may be granted only upon approval
by the Board of Directors and disclosed in accordance with applicable exchange rules or securities laws. A waiver of this Code for other
directors, officers or employees of the Company may be granted only by the Chief Executive Officer in writing. For the purposes of this
Code, a “senior financial officer” means the Company’s principal financial officer, principal accounting officer, controller,
and other persons performing similar functions.
5. Sanctions
Any
Covered Person who is found to have violated this Code, or knowingly permits a Covered Person under his or her supervision to do so,
may be subject to immediate disciplinary action, including, but not limited to, reassignment, demotion, or, where appropriate, dismissal
and legal proceedings to recover the amount of any improper expenditures and any other losses that the Company may have incurred as a
result of such violation. Violations of this Code may also result in prosecution of the individual under applicable criminal law statutes.
6. Interpretation
All
questions regarding the interpretation, scope, and application of the policies set forth in this Code should be referred to the Chief
Executive Officer, who will consult with the outside legal counsel for resolution.
7. Acknowledgment
Each
Covered Person will be required to sign an acknowledgment annually certifying that he or she has read, understands and agrees to abide
by the policies set forth in this Code.
CODE
OF BUSINESS CONDUCT AND ETHICS ACKNOWLEDGMENT
By
signing below, I acknowledge and certify that I have received, read, and understand NetBrands Corp.’s (the “Company”)
Code of Business Conduct and Ethics (the “Code”).
I
acknowledge that my employment relationship with the Company is terminable at will, by the Company or me, at any time, for any reason,
with or without cause.
I
agree (i) to comply with the Code and conduct the business of the Company in keeping with the highest ethical standards and (ii) to comply
with international, federal, state, and local laws applicable to the Company’s businesses. I understand that failure to comply
with the Code will lead to disciplinary action by the Company, which may include termination of my employment and/or the reduction of
compensation or demotion.
(Please
Print)
Name______________________________________________________________
Business
Unit/Location ________________________________________________
Position/Title
________________________________________________________
Signature
___________________________________________________________
Date
_______________________________________________________________
Please
sign and return entire document to the Chief Executive Officer
Exhibit 31.1/31.2
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Paul Adler, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q
of NetBrands Corp.;
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 condensed financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) 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 condensed financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrants’ other certifying officer(s)
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 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 controls 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: August 15, 2023
|
/s/ Paul
Adler |
|
Paul Adler |
|
President, Chief Financial Officer, |
|
Treasurer, Secretary and Director |
|
(Principal Executive Officer and |
|
Principal Financial and Accounting Officer) |
Exhibit
32.1/32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED 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 officer of NetBrands Corp. (the “Company”), does hereby certify, in the capacities and on the date indicated
below, to the best of such officer’s knowledge, that:
|
1. |
The
Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Form 10-Q”) of the Company fully complies with
the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and |
|
|
|
|
2. |
The
information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations
of the Company as of, and for, the periods presented in the Form 10-Q. |
Date:
August 15, 2023
|
/s/
Paul Adler |
|
Paul
Adler |
|
President,
Chief Financial Officer, |
|
Treasurer,
Secretary and Director |
|
(Principal
Executive Officer and |
|
Principal
Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 12, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-55889
|
|
Entity Registrant Name |
NETBRANDS
CORP.
|
|
Entity Central Index Key |
0001725911
|
|
Entity Tax Identification Number |
82-3707673
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
4042
Austin Boulevard
|
|
Entity Address, Address Line Two |
Suite B
|
|
Entity Address, City or Town |
Island
Park
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
11558
|
|
City Area Code |
800
|
|
Local Phone Number |
550-5996
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
16,860,756
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 5,652
|
$ 54,185
|
Accounts receivable |
47,108
|
63,904
|
Prepaid expenses |
51,500
|
51,500
|
Inventory |
109,382
|
237,523
|
Other assets |
3,817
|
999
|
Total current assets |
217,459
|
408,111
|
Property and equipment, net |
|
277
|
Operating lease right of use assets |
521,444
|
570,446
|
Other assets-security deposit |
1,600
|
1,600
|
Total assets |
740,502
|
980,434
|
Current liabilities: |
|
|
Accounts payable and accrued expense |
425,737
|
325,374
|
Current portion of operating lease payable |
112,666
|
112,666
|
Loans payable |
488,935
|
271,096
|
Total current liabilities |
1,151,337
|
709,135
|
Loans payable |
500,000
|
524,033
|
Lease liabilities |
414,444
|
458,218
|
Total liabilities |
2,065,782
|
1,691,386
|
Stockholders’ (Deficit): |
|
|
Preferred stock, Series A $0.0001 par value, 1,000,000 shares authorized, 1,000 issued and outstanding |
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,110,756 and 15,635,756 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
1,611
|
1,564
|
Additional paid-in capital |
28,019,361
|
27,915,909
|
Accumulated deficit |
(29,348,147)
|
(28,630,321)
|
Accumulated other comprehensive income |
1,895
|
1,895
|
Total stockholders’ (deficit) |
(1,325,280)
|
(710,953)
|
Total liabilities and (deficit) |
740,502
|
980,434
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Notes payable -related party |
$ 124,000
|
|
X |
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.0001
|
|
Preferred stock, shares authorized |
20,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
16,110,756
|
15,635,756
|
Common stock, shares outstanding |
16,110,756
|
15,635,756
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
1,000
|
1,000
|
Preferred stock, shares outstanding |
1,000
|
1,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Sales, net |
$ 194,383
|
$ 560,724
|
$ 512,066
|
$ 893,608
|
Cost of goods sold |
134,395
|
411,065
|
344,155
|
635,617
|
Gross margin |
59,987
|
149,659
|
167,911
|
257,991
|
Operating expenses: |
|
|
|
|
Payroll and taxes |
238,285
|
204,047
|
403,365
|
356,496
|
Legal and professional fees |
71,829
|
96,195
|
128,643
|
139,411
|
Rent |
45,435
|
35,764
|
89,892
|
41,009
|
Selling, general and administrative and expenses |
53,871
|
96,583
|
161,979
|
206,720
|
Total operating expenses |
409,420
|
432,589
|
783,879
|
743,636
|
Income (loss) from operations |
(349,433)
|
(282,930)
|
(615,969)
|
(485,645)
|
Other (expense) |
|
|
|
|
Interest expense |
(76,374)
|
(5,531)
|
(103,615)
|
(6,611)
|
Total other (expense) |
(76,374)
|
(5,531)
|
(103,615)
|
(6,611)
|
Income (loss) before income taxes |
(425,807)
|
(288,462)
|
(719,584)
|
(492,256)
|
Provision for income taxes (benefit) |
|
|
|
|
Net loss |
$ (425,807)
|
$ (288,462)
|
$ (719,584)
|
$ (492,256)
|
Basic earnings (loss) per common share |
$ (0.03)
|
$ (0.02)
|
$ (0.05)
|
$ (0.03)
|
Diluted earnings (loss) per common share |
$ (0.03)
|
$ (0.02)
|
$ (0.05)
|
$ (0.03)
|
Weighted-average number of common shares outstanding: |
|
|
|
|
Weighted average number of common shares outstanding - basic |
16,008,009
|
15,030,014
|
15,822,911
|
14,759,554
|
Weighted average number of common shares outstanding - diluted |
16,008,009
|
15,030,014
|
15,822,911
|
14,759,554
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 1,447
|
$ 27,688,665
|
$ (27,543,659)
|
$ 1,895
|
$ 148,349
|
Beginning balance, shares at Dec. 31, 2021 |
1,000
|
14,473,256
|
|
|
|
|
Common stock issued for services |
|
$ 2
|
4,514
|
|
|
4,515
|
Common stock issued for services, shares |
|
15,000
|
|
|
|
|
Net loss |
|
|
|
(203,794)
|
|
(203,794)
|
Ending balance, value at Mar. 31, 2022 |
|
$ 1,449
|
27,693,179
|
(27,747,454)
|
1,895
|
(50,930)
|
Ending balance, shares at Mar. 31, 2022 |
1,000
|
14,488,256
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
|
$ 1,447
|
27,688,665
|
(27,543,659)
|
1,895
|
148,349
|
Beginning balance, shares at Dec. 31, 2021 |
1,000
|
14,473,256
|
|
|
|
|
Net loss |
|
|
|
|
|
(492,256)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 1,511
|
27,813,737
|
(28,035,916)
|
1,895
|
(218,772)
|
Ending balance, shares at Jun. 30, 2022 |
1,000
|
15,108,256
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 1,449
|
27,693,179
|
(27,747,454)
|
1,895
|
(50,930)
|
Beginning balance, shares at Mar. 31, 2022 |
1,000
|
14,488,256
|
|
|
|
|
Common stock issued for services |
|
$ 62
|
120,558
|
|
|
120,620
|
Common stock issued for services, shares |
|
620,000
|
|
|
|
|
Net loss |
|
|
|
(288,462)
|
|
(288,462)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 1,511
|
27,813,737
|
(28,035,916)
|
1,895
|
(218,772)
|
Ending balance, shares at Jun. 30, 2022 |
1,000
|
15,108,256
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 1,564
|
27,915,909
|
(28,630,321)
|
1,895
|
(710,953)
|
Beginning balance, shares at Dec. 31, 2022 |
1,000
|
15,635,756
|
|
|
|
|
Net loss |
|
|
|
(292,020)
|
|
(292,020)
|
Ending balance, value at Mar. 31, 2023 |
|
$ 1,564
|
27,915,909
|
(28,922,340)
|
1,895
|
(1,002,973)
|
Ending balance, shares at Mar. 31, 2023 |
1,000
|
15,635,756
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 1,564
|
27,915,909
|
(28,630,321)
|
1,895
|
(710,953)
|
Beginning balance, shares at Dec. 31, 2022 |
1,000
|
15,635,756
|
|
|
|
|
Net loss |
|
|
|
|
|
(719,584)
|
Ending balance, value at Jun. 30, 2023 |
|
$ 1,611
|
28,019,361
|
(29,348,147)
|
1,895
|
(1,325,280)
|
Ending balance, shares at Jun. 30, 2023 |
1,000
|
16,110,756
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 1,564
|
27,915,909
|
(28,922,340)
|
1,895
|
(1,002,973)
|
Beginning balance, shares at Mar. 31, 2023 |
1,000
|
15,635,756
|
|
|
|
|
Common stock issued for services |
|
$ 48
|
103,453
|
|
|
103,500
|
Common stock issued for services, shares |
|
475,000
|
|
|
|
|
Net loss |
|
|
|
(425,807)
|
|
(425,807)
|
Ending balance, value at Jun. 30, 2023 |
|
$ 1,611
|
$ 28,019,361
|
$ (29,348,147)
|
$ 1,895
|
$ (1,325,280)
|
Ending balance, shares at Jun. 30, 2023 |
1,000
|
16,110,756
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities |
|
|
Net (loss) |
$ (719,584)
|
$ (492,256)
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
Depreciation |
277
|
864
|
Stock based compensation |
103,500
|
125,135
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
16,796
|
(66,092)
|
Prepaid expenses |
|
484
|
Right of use assets |
50,759
|
(28,603)
|
Inventory |
128,141
|
348,891
|
Other assets |
(2,818)
|
|
Operating lease payable |
(43,774)
|
28,165
|
Accounts payable and accrued expenses |
100,364
|
(263,104)
|
Net cash provided by (used in) operating activities |
(366,339)
|
(346,516)
|
Cash flows from investing activities: |
|
|
Net cash used in investing activities |
|
|
Cash flows from financing activities: |
|
|
Notes payable related parties |
124,000
|
|
Increase (decrease) in loans payable |
217,838
|
96,898
|
Government loans |
(24,033)
|
|
Net cash provided by (used in) financing activities |
317,805
|
96,898
|
Net increase (decrease) in cash and cash equivalents |
(48,534)
|
(249,618)
|
Cash and cash equivalents at beginning of period |
54,185
|
312,574
|
Cash and cash equivalents at end of period |
5,652
|
62,956
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
103,615
|
6,611
|
Cash paid for income taxes |
|
|
X |
- DefinitionIncrease decrease in operating lease right of use assets.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Business
NetBrands
Corp., formerly known as Global Diversified Marketing Group Inc. (“NetBrands” or the “Company”), was incorporated
as Dense Forest Acquisition Corporation, in Delaware on December 1, 2017, and changed its name on June 13, 2018, as part of a change
in control. As part of the change in control, its then officers and directors resigned and contributed back to the Company 19,500,000
shares of the 20,000,000 outstanding shares of its common stock, and appointed new officers and directors. On June 14, 2018, the new
management of the Company issued 12,500,000 shares of its common stock to Paul Adler, the then president of the Company.
On
November 26, 2018, the Company effected the acquisition of Global Diversified Holdings, Inc. (“GDHI”), a private New York
company owned by the Company’s president, with the issuance of 200 shares of the Company’s common stock in exchange for all
of the outstanding shares of GDHI. GDHI became a wholly-owned subsidiary of the Company, and its activity for the years 2022 and 2021
is reflected in these condensed financial statements along with the expenses of the Company.
Prior
to the acquisition of GDHI, the Company had no business and no operations. Pursuant to the acquisition, the Company acquired the operations
and business plan of GDHI, which imports and sells snack food products. For accounting purposes, GDHI is considered to be the acquirer,
and the equity is presented as if the business combination had occurred on January 1, 2017.
On
August 31, 2022, the Company entered into an Asset Purchase Agreement with InPlay Capital Inc., a Delaware corporation (“InPlay”),
pursuant to which, on the same date, the Company purchased from InPlay all of the assets used in the operation and conduct of its business
relating to the online home fitness store known as “The Hula Fit”, including the Shopify Store and the TikTok, Facebook and
Google ad accounts, for a purchase price of $50,000. Paul Adler, the sole executive officer and a director of the Company, and the Company’s
majority stockholder, is also the sole officer, director, and 100% stockholder of InPlay.
On
March 29, 2023, the Company filed an Amendment to its Certificate of Incorporation effecting the change
of the Company’s name to NetBrands Corp., a name that reflects the planned expansion of the Company’s digital
business. On July 31, 2023, the Company’s common stock began trading on the
OTC Pink marketplace under its new name, NetBrands Corp., and its new trading symbol “NBND.”
Basis
of Presentation
The
condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting
principles in the United States of America and are presented in US dollars. Certain prior year amounts have been reclassified to
conform to the presentation in the current year. The Company has adopted a December 31 year-end.
Management’s
Representation of Interim Condensed Financial Statements
The
accompanying unaudited consolidated condensed financial statements have been prepared by the Company without audit pursuant to the rules
and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing
quarterly and annual condensed financial statements. Certain information and footnote disclosures normally included in condensed financial
statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed
or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information
presented not misleading. These condensed consolidated condensed financial statements include all of the adjustments, which in the opinion
of management are necessary for a fair presentation of financial position and results of operations. All such adjustments are of a normal
and recurring nature. Interim results are not necessarily indicative of results for a full year.
Principles
of Consolidation
The
accompanying consolidated condensed financial statements include the accounts of the Company and its wholly-owned subsidiary, Global
Diversified Holdings, Inc. All intercompany accounts and transactions have been eliminated in consolidation.
Fair
Value of Financial Instruments
The
Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying
amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these condensed financial statements.
Use
of Estimates
The
preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance
sheet. Actual results could differ from those estimates.
Stock-Based
Compensation
The
Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the
FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to
measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of
the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide
service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service. During the six months ended June 30, 2023 and June 30,
2022, stock-based compensation was $103,500
and $125,135,
respectively.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. On June 30,
2023, and December 31, 2022, the Company had $5,652 and $54,185 of cash and cash equivalents, respectively.
Accounts
Receivable
Accounts
receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing
credit evaluations of its customers and adjusts credit limits based on customer payment and current creditworthiness, as determined by
review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision
for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance
for doubtful accounts are provided against accounts receivable for amounts management believes may be uncollectible. The Company historically
has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve
its cash flow.
Bad
debt expense for the three months ended June 30, 2023 and 2022, was $-0-
and $-0-,
respectively. The allowance for doubtful accounts on the same dates were $-0-
and $-0-,
respectively.
Inventory
Inventory,
which is comprised of snack food products and packaging supplies is charged to inventory when purchased, is stated at the lower of cost
or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. The Company does not carry any
raw materials.
The
Company evaluates inventory levels quarterly value based upon assumptions about future demand and market conditions. Any inventory that
has a cost basis in excess of its expected net realizable value, inventory that becomes obsolete, inventory in excess of expected sales
requirements, inventory that fails to meet commercial sale specifications or is otherwise impaired are written down with a corresponding
charge to the statement of operations in the period that the impairment is first identified. The Company performed its evaluation on
June 30, 2023 and December 30, 2022, and determined that no write-down was required.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor
appreciably prolong its useful life are charged to expense as incurred.
Revenue
Recognition
The
Company recognizes revenue from product sales when control of the promised goods are transferred to our clients in an amount that reflects
the consideration to which the Company expects to be entitled in exchange for those goods and services. To achieve this core principle, the Company applies
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. Typically, the Company receives a detailed purchase order from large retailers that specify the goods
ordered, their price, payment terms and the required delivery date. Once the delivery of items on the purchase order is made to the client
and title passes, the Company has met its performance obligation and recognizes revenue.
Advertising
and Marketing Costs
The
Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and
marketing expenses of $74,935 and $23,520 during the six months ended June 30, 2023 and 2022, respectively.
Impairment
of Long-Lived Assets
The
Company continually monitors events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not
be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets
by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total
of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess
of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or
the fair value less costs to sell.
Intangible
Assets
Intangible
assets have either an identifiable or indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight-line
basis over their economic or legal life, whichever is shorter.
The Company
performs an annual impairment assessment for intangible assets during the fourth quarter of each year and more frequently whenever events
or changes in circumstances indicate that the fair value of the asset may be less than the carrying amount.
Determining
the fair value of intangible assets is judgmental in nature and requires the use of significant estimates and assumptions.
On
September 30, 2022, the Company conducted an impairment analysis and determined that our purchase of Hula Fit was fully impaired.
As a result, the Company recorded an impairment loss of $50,000
for the year ended December 31, 2022.
Income
Taxes
Income
taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities
are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using
the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available
evidence, are not expected to be realized.
The
Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are
no tax returns currently under examination.
Leases
The
majority of our lease obligations are real estate operating leases from which the Company conducts its business. For any lease with an initial
term in excess of 12 months, the related lease assets and liabilities are recognized on the Consolidated Balance Sheets as either operating
or finance leases at the inception of an agreement where it is determined that a lease exists. Leases with an initial term of 12 months
or less are not recorded on our Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over
the lease term.
Leases
with an initial term of 12 months or less, or that are on a month-to-month basis are not recorded on our Consolidated Balance Sheets.
The Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Operating
lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments
over the lease term at commencement date. The Company uses a collateralized incremental borrowing rate based on the information available at commencement
date, including lease term, in determining the present value of future payments. Our lease terms generally do not include options to
extend or terminate the lease unless it is reasonably certain that the option will be exercised. Fixed payments may contain predetermined
fixed rent escalations. The Company recognizes the related rent expense on a straight-line basis from the commencement date to the end of the lease
term.
As
of June 30, 2023, the Company had $521,444 in right of use assets, $112,666 in short term operating lease payables and $414,444 in long term lease
liabilities with an average remaining life of approximately 3.50 years.
Comprehensive
Income
The
Company has established standards for reporting and displaying comprehensive income, its components, and accumulated balances. When applicable,
the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except
those resulting from investments by owners and distributions to owners. During the periods ended June 30, 2023 and December 31, 2022,
the Company had a balance of $1,895 in accumulated other comprehensive income on its balance sheet which arose from an unrealized gain
due to foreign currency fluctuations in prior years.
Basic
Income (Loss) Per Share
Basic
income (loss) per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.
As of June 30, 2023, the Company had no dilutive instruments that could increase the number of shares if exercised or converted.
Recent
Accounting Pronouncements
The
Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s
results of operations, financial position, or cash flow.
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v3.23.2
GOING CONCERN
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 – GOING CONCERN
As
of June 30, 2023, the Company had cash and cash equivalents of $5,652, negative working capital of $933,879, and had an accumulated deficit
of $29,348,147. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated
financials have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments
that might result from the outcome of this uncertainty. If the Company is, in fact, unable to continue as a going concern, the shareholders
may lose some or all of their investment in the Company.
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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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v3.23.2
CAPITAL STOCK
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
CAPITAL STOCK |
NOTE
3 – CAPITAL STOCK
The
Company has authorized 100,000,000
shares of common stock, $0.0001
par value per share. The Company had 16,110,756
and 15,635,756
shares of common stock issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.
2023
Common Stock Issuances for Services
During
the six months ended June 30, 2023, the Company issued 475,000 shares for services valued at $103,500, or $0.22 per share. The share
price was determined based on the trading price of the Company’s common stock on the date of issuance.
2022
Common Stock Issuances for Services
During
the three months ended March 31, 2022, the Company issued 15,000 shares of its common stock for services, which were valued at $4,515.
All issuances made by the Company are valued based upon the closing trading price of the Company’s common stock on the date when
the board of directors authorizes and approves the issuance of such shares.
During
the three months ended June 30, 2022, the Company issued an aggregate of (a) 250,000 shares of common stock to the members of the Company’s
board of directors, valued at $0.18 per share, and (b) 350,000 shares of common stock to the members of its board of directors in lieu
of cash payments, valued at $0.21 per share. The Company also issued 20,000 shares of common stock to a service provider, valued at $0.106
per share.
During
the three months ended September 30, 2022, the Company issued an aggregate of 427,500
shares of common stock to consultants and to an investor relations firm, valued at an average of approximately $0.20
per share.
During
the three months ended December 31, 2022, the Company issued 100,000 shares of common stock to a member of the Company’s board
of directors valued at $0.151 per share.
Preferred
Stock
The
Company has 20,000,000 shares of $.0001 par value preferred stock authorized. On February 24, 2020, the Company filed a Certificate of
Designation for a class of preferred stock designated Class A Super Voting Preferred Stock (“A Stock”). There are 1,000,000
shares of A Stock designated. Each share of such stock shall vote with the common stock and have 100,000 votes. The A Stock has no conversion,
dividend, or liquidation rights. Accordingly, the holders of A Stock will, by reason of their voting power, be able to control the affairs
of the Company. The Company has issued 1,000 shares of A Stock to Paul Adler, the Company’s Chief Executive Officer, and majority
shareholder giving him effective voting control over the Company’s affairs for the foreseeable future.
As
a result of the issuance of the A Stock with super-voting rights giving him an aggregate of 100,000,000 votes, combined with the shares
of common stock he holds, Mr. Adler has effective voting control of approximately 97% of the Company.
Warrants
On November 14, 2022 (the “Execution
Date”), the “Company, entered into an engagement agreement (“Engagement Agreement”) with Spencer Clarke, LLC
(“Spencer Clarke”), pursuant to which the Company engaged Spencer Clarke to serve as its exclusive investment banking
firm (the “Services”).
In consideration for Spencer Clarke providing
the Services, (a) upon execution of the Engagement Agreement, the Company issued Spencer Clarke warrants to purchase 310,715
shares of the Company’s common stock, par value $0.0001
per share, and (b) upon the closing of a financing of over $1,000,000
in value, which has not occurred as of the date of this Quarterly Report, the Company will issue to Spencer Clarke additional
warrants to purchase shares of the Company’s common stock representing 3% of the Company’s total issued and
outstanding shares of common stock as of the Execution Date.
The 310,715 warrants outstanding as of June 30, 2023
are exercisable for a term of five years from the date of issuance and have an exercise price of $0.001 per share, subject to adjustment.
As of June 30, 2023, these warrants had an intrinsic value of $65,250.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
4 – RELATED PARTY TRANSACTIONS
On
August 31, 2022, the Company entered into an Asset Purchase Agreement with InPlay Capital Inc., a Delaware corporation (“InPlay”),
pursuant to which the Company purchased from InPlay all of the assets used in the operation its business relating to the online home
fitness store known as “The Hula Fit”, including the Shopify Store and the TikTok, Facebook and Google ad accounts, for a
purchase price of $50,000. Paul Adler, the sole executive officer and a director of the Company, and the Company’s majority stockholder,
is also the sole officer, director, and 100% stockholder of InPlay. The assets were recorded as intangible assets on the Company’s
balance sheet then impaired for the full amount of $50,000.
On
April 10, 2023, Paul Adler, the President and a director of the Company, made a loan to the Company in the amount of $124,000, at an
interest rate of 14.9% per annum. The principal amount of the loan, and any accrued and unpaid interest thereon, were due and payable
on July 9. 2023, which date has been extended to October 9, 2023, in cash or shares of the Company’s common stock, at Mr. Adler’s
sole discretion. If repaid in shares of common stock, the number of shares to be issued were to be calculated using the closing sale
price of the Company’s common stock on the OTC Pink marketplace on the payment date. In addition to providing additional financing
to the Company, Mr. Adler has foregone his biweekly salary for the last eight pay periods. The Company has accrued this amount due to
Mr. Adler.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
5 – COMMITMENTS AND CONTINGENCIES
The
Company has two primary leases. The Company leases approximately 1,500 square feet of office space at 4042 Austin Boulevard, Suite B,
Island Park, New York 11558. On October 1, 2021, the Company entered into a 60-month lease for $20,976 per year for the first two years,
with 3% annual escalation clauses for the last three years of the lease. The lease contains one five-year renewal option. Management
believes that its present office facilities are adequate for its corporate needs.
In
March 2022, the Company transitioned from the use of a public warehouse and entered a lease for 8,500 square feet of warehouse space
for 60 months at 78 Henry Street Secaucus, NJ 07094, at the rate of $132,896 per year, with annual 3% escalation clauses.
Future
minimum lease payments due under these operating leases, including renewal periods, are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY
| |
| | |
December 31, 2023 | |
| 157,014 | |
December 31, 2024 | |
| 161,724 | |
December 31, 2025 | |
| 166,576 | |
December 31, 2026 | |
| 171,573 | |
December 31, 2027 | |
| 37,392 | |
Total | |
$ | 694,279 | |
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
LOANS PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOANS PAYABLE |
NOTE
6 – LOANS PAYABLE
The
Company had various loans outstanding on June 30, 2023 and December 31, 2022. All of these loans were short-term in nature, with varying
rates of interest and fees, and no set minimum monthly payments, as follows:
SCHEDULE
OF DEBT
| |
| | | |
| | |
Fund box (c) | |
$ | 61,097 | | |
$ | 50,964 | |
Diagonal Lending (e) | |
| 117,320 | | |
| - | |
Can Capital (d) | |
| 134,819 | | |
| - | |
Credit Line – Loan Builder(b) | |
| 75,699 | | |
| 144,746 | |
Credit Line – Webster Bank(a) | |
| 100,000 | | |
| 75,656 | |
Total loans payable | |
$ | 488,935 | | |
$ | 271,096 | |
|
(a) |
The
maximum borrowing level under this unsecured facility is $100,000 at an interest rate of 2.5% over prime. This facility has no fixed
maturity date. |
|
(b) |
The
maximum borrowing level on this facility is $150,000 with a fixed interest rate of 10%. This facility has no fixed maturity date. |
|
(c) |
The
interest rate on this facility is 40% with a one-year maturity date of December 31, 2023. |
|
(d) |
The
principal loan is for $150,000 with weekly loan payments due of $2,558 over a 78-month period. The effective interest rate on this
loan amounts to approximately 67% |
|
(e) |
On
June 6, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with 1800 Diagonal
Lending LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company issued to 1800 Diagonal
an unsecured promissory note in the principal amount of $117,320 (the “Note”). The net proceeds received by the Company
were $100,000, after deducting an original issue discount in the amount of $12,570 and $4,750 for 1800 Diagonal’s legal fees, which were immediately expensed.
The Company intends to use the net proceeds for working capital and general corporate purposes. |
The
Note has a principal balance of $117,320,
and a stated maturity date of April
15, 2024. A one-time interest charge of 13%,
or $15,251,
was applied on the date of issuance and was immediately expensed. Interest and outstanding principal shall be paid in nine payments, each in the amount of
$14,730.11
(a total payback to 1800 Diagonal of $132,571). The
first payment was due July 15, 2023, with eight subsequent payments due each month thereafter. The Note may not otherwise be prepaid
in whole or in part. In the event the Company fails to pay any amount when due under the Note, the interest rate will increase to
22%. Upon the occurrence and during the continuation of any event of default under the Note (“Event of Default”), the
Note will become immediately due and payable and the Company is required to pay to 1800 Diagonal an amount equal to 150% times the
sum of (a) the then outstanding principal amount of the Note, plus (b) any accrued and unpaid interest on the unpaid principal
amount of this Note, plus (c) default interest, if any, plus (d) any other amounts owed to the 1800 Diagonal pursuant to the Note.
Following any Event of Default, 1800 Diagonal may convert any amount due under the Note into shares of the Company’s common
stock (the “Conversion Shares”) at a conversion price equal to 75% multiplied by the lowest trading price for the
Company’s common stock during the ten trading days prior to the conversion date (representing a discount rate of 25% to
market); provided, however, that 1800 Diagonal may not convert any portion of the Note that would cause it, together
with its affiliates, to beneficially own in excess of 4.99% of the Company’s common stock. The Company has agreed to reserve
from its authorized and unissued common stock four times the number of shares that are actually issuable upon full conversion of the
Note to provide for the issuance of the Conversion Shares. The conversion price and number of shares of the Company’s common
stock issuable upon conversion of the Note will be subject to adjustment from time to time in the event of any combinations,
recapitalization, reclassifications, extraordinary distribution, or similar event.
This
Note was treated as a Promissory Note and no derivative liability was recorded because the conversion feature of the Note only is effective
in the event of a default. Since the Company has never defaulted on a liability that conversion was not deemed to probable.
Government
loans payable
As
of June 30, 2022 and December 31, 2022, the Company had $500,000 and $524,033, respectively, in government EIDL loans outstanding related
to Covid-19. These loans are repayable over a 30-year period with an interest rate of 3.75%.
|
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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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v3.23.2
CONCENTRATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
7 – CONCENTRATIONS
The
Company does substantially all of its business with five customers. These customers accounted for 100% and 91% of revenues for the six
months ended June 30, 2022, and 2022, respectively.
SCHEDULE
OF CONCENTRATION OF RISK
| |
June 30, 2023 | | |
June 30, 2022 | |
Customer A | |
| 30 | % | |
| 36 | % |
Customer B | |
| 29 | % | |
| 29 | % |
Customer C | |
| 20 | % | |
| 15 | % |
Customer D | |
| 11 | % | |
| 11 | % |
Customer E | |
| 10 | % | |
| - | |
Total | |
| 100 | % | |
| 91 | % |
At June 30, 2023 the Company had $47,108 in accounts
receivable. One customer accounted for approximately 90% of that total.
|
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
8 – SUBSEQUENT EVENTS
In
accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2023, to the date these condensed financial
statements were issued, and has determined that it does not have any other material subsequent events to disclose in these condensed
financial statements except as follows:
On July 9, 2023, Paul Adler, the Company’s
President, extended the July 9, 2023 repayment date of the $124,000
loan he made to the Company, at an interest rate of 14.9%,
to October 9, 2023.
On August 1, 2023, the Company issued 750,000 shares
to Beyond Media, a digital marketing agency designed to bring awareness to clients’ products and services.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting
principles in the United States of America and are presented in US dollars. Certain prior year amounts have been reclassified to
conform to the presentation in the current year. The Company has adopted a December 31 year-end.
|
Management’s Representation of Interim Condensed Financial Statements |
Management’s
Representation of Interim Condensed Financial Statements
The
accompanying unaudited consolidated condensed financial statements have been prepared by the Company without audit pursuant to the rules
and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing
quarterly and annual condensed financial statements. Certain information and footnote disclosures normally included in condensed financial
statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed
or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information
presented not misleading. These condensed consolidated condensed financial statements include all of the adjustments, which in the opinion
of management are necessary for a fair presentation of financial position and results of operations. All such adjustments are of a normal
and recurring nature. Interim results are not necessarily indicative of results for a full year.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying consolidated condensed financial statements include the accounts of the Company and its wholly-owned subsidiary, Global
Diversified Holdings, Inc. All intercompany accounts and transactions have been eliminated in consolidation.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company’s financial instruments consist of cash, accounts receivable from customers, accounts payable, and loans payable. The carrying
amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these condensed financial statements.
|
Use of Estimates |
Use
of Estimates
The
preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance
sheet. Actual results could differ from those estimates.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the
FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This Section requires a public entity to
measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of
the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide
service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service. During the six months ended June 30, 2023 and June 30,
2022, stock-based compensation was $103,500
and $125,135,
respectively.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. On June 30,
2023, and December 31, 2022, the Company had $5,652 and $54,185 of cash and cash equivalents, respectively.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable are generated from sales of snack food products to retail outlets throughout the United States. The Company performs ongoing
credit evaluations of its customers and adjusts credit limits based on customer payment and current creditworthiness, as determined by
review of their current credit information. The Company continuously monitors credit limits for its customers and maintains a provision
for estimated credit losses based on its historical experience and any specific customer issues that have been identified. An allowance
for doubtful accounts are provided against accounts receivable for amounts management believes may be uncollectible. The Company historically
has not had issues collecting on its accounts receivable from its customers. The Company factors certain of its receivables to improve
its cash flow.
Bad
debt expense for the three months ended June 30, 2023 and 2022, was $-0-
and $-0-,
respectively. The allowance for doubtful accounts on the same dates were $-0-
and $-0-,
respectively.
|
Inventory |
Inventory
Inventory,
which is comprised of snack food products and packaging supplies is charged to inventory when purchased, is stated at the lower of cost
or net realizable value with cost determined under the first-in, first-out (“FIFO”) method. The Company does not carry any
raw materials.
The
Company evaluates inventory levels quarterly value based upon assumptions about future demand and market conditions. Any inventory that
has a cost basis in excess of its expected net realizable value, inventory that becomes obsolete, inventory in excess of expected sales
requirements, inventory that fails to meet commercial sale specifications or is otherwise impaired are written down with a corresponding
charge to the statement of operations in the period that the impairment is first identified. The Company performed its evaluation on
June 30, 2023 and December 30, 2022, and determined that no write-down was required.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful life of the assets. Maintenance, repairs, and renewals that do not materially add to the value of the equipment nor
appreciably prolong its useful life are charged to expense as incurred.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue from product sales when control of the promised goods are transferred to our clients in an amount that reflects
the consideration to which the Company expects to be entitled in exchange for those goods and services. To achieve this core principle, the Company applies
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. Typically, the Company receives a detailed purchase order from large retailers that specify the goods
ordered, their price, payment terms and the required delivery date. Once the delivery of items on the purchase order is made to the client
and title passes, the Company has met its performance obligation and recognizes revenue.
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs
The
Company’s policy regarding advertising and marketing is to record the expense when incurred. The Company incurred advertising and
marketing expenses of $74,935 and $23,520 during the six months ended June 30, 2023 and 2022, respectively.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The
Company continually monitors events and changes in circumstances that could indicate the carrying amounts of long-lived assets may not
be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets
by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total
of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess
of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or
the fair value less costs to sell.
|
Intangible Assets |
Intangible
Assets
Intangible
assets have either an identifiable or indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight-line
basis over their economic or legal life, whichever is shorter.
The Company
performs an annual impairment assessment for intangible assets during the fourth quarter of each year and more frequently whenever events
or changes in circumstances indicate that the fair value of the asset may be less than the carrying amount.
Determining
the fair value of intangible assets is judgmental in nature and requires the use of significant estimates and assumptions.
On
September 30, 2022, the Company conducted an impairment analysis and determined that our purchase of Hula Fit was fully impaired.
As a result, the Company recorded an impairment loss of $50,000
for the year ended December 31, 2022.
|
Income Taxes |
Income
Taxes
Income
taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities
are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using
the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available
evidence, are not expected to be realized.
The
Company’s income tax returns are open for examination for up to the past three years under the statute of limitations. There are
no tax returns currently under examination.
|
Leases |
Leases
The
majority of our lease obligations are real estate operating leases from which the Company conducts its business. For any lease with an initial
term in excess of 12 months, the related lease assets and liabilities are recognized on the Consolidated Balance Sheets as either operating
or finance leases at the inception of an agreement where it is determined that a lease exists. Leases with an initial term of 12 months
or less are not recorded on our Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over
the lease term.
Leases
with an initial term of 12 months or less, or that are on a month-to-month basis are not recorded on our Consolidated Balance Sheets.
The Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Operating
lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments
over the lease term at commencement date. The Company uses a collateralized incremental borrowing rate based on the information available at commencement
date, including lease term, in determining the present value of future payments. Our lease terms generally do not include options to
extend or terminate the lease unless it is reasonably certain that the option will be exercised. Fixed payments may contain predetermined
fixed rent escalations. The Company recognizes the related rent expense on a straight-line basis from the commencement date to the end of the lease
term.
As
of June 30, 2023, the Company had $521,444 in right of use assets, $112,666 in short term operating lease payables and $414,444 in long term lease
liabilities with an average remaining life of approximately 3.50 years.
|
Comprehensive Income |
Comprehensive
Income
The
Company has established standards for reporting and displaying comprehensive income, its components, and accumulated balances. When applicable,
the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except
those resulting from investments by owners and distributions to owners. During the periods ended June 30, 2023 and December 31, 2022,
the Company had a balance of $1,895 in accumulated other comprehensive income on its balance sheet which arose from an unrealized gain
due to foreign currency fluctuations in prior years.
|
Basic Income (Loss) Per Share |
Basic
Income (Loss) Per Share
Basic
income (loss) per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.
As of June 30, 2023, the Company had no dilutive instruments that could increase the number of shares if exercised or converted.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s
results of operations, financial position, or cash flow.
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY |
Future
minimum lease payments due under these operating leases, including renewal periods, are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY
| |
| | |
December 31, 2023 | |
| 157,014 | |
December 31, 2024 | |
| 161,724 | |
December 31, 2025 | |
| 166,576 | |
December 31, 2026 | |
| 171,573 | |
December 31, 2027 | |
| 37,392 | |
Total | |
$ | 694,279 | |
|
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v3.23.2
LOANS PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT |
The
Company had various loans outstanding on June 30, 2023 and December 31, 2022. All of these loans were short-term in nature, with varying
rates of interest and fees, and no set minimum monthly payments, as follows:
SCHEDULE
OF DEBT
| |
| | | |
| | |
Fund box (c) | |
$ | 61,097 | | |
$ | 50,964 | |
Diagonal Lending (e) | |
| 117,320 | | |
| - | |
Can Capital (d) | |
| 134,819 | | |
| - | |
Credit Line – Loan Builder(b) | |
| 75,699 | | |
| 144,746 | |
Credit Line – Webster Bank(a) | |
| 100,000 | | |
| 75,656 | |
Total loans payable | |
$ | 488,935 | | |
$ | 271,096 | |
|
(a) |
The
maximum borrowing level under this unsecured facility is $100,000 at an interest rate of 2.5% over prime. This facility has no fixed
maturity date. |
|
(b) |
The
maximum borrowing level on this facility is $150,000 with a fixed interest rate of 10%. This facility has no fixed maturity date. |
|
(c) |
The
interest rate on this facility is 40% with a one-year maturity date of December 31, 2023. |
|
(d) |
The
principal loan is for $150,000 with weekly loan payments due of $2,558 over a 78-month period. The effective interest rate on this
loan amounts to approximately 67% |
|
(e) |
On
June 6, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with 1800 Diagonal
Lending LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company issued to 1800 Diagonal
an unsecured promissory note in the principal amount of $117,320 (the “Note”). The net proceeds received by the Company
were $100,000, after deducting an original issue discount in the amount of $12,570 and $4,750 for 1800 Diagonal’s legal fees, which were immediately expensed.
The Company intends to use the net proceeds for working capital and general corporate purposes. |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Aug. 31, 2022 |
Nov. 26, 2018 |
Jun. 14, 2018 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
State or country of incorporation |
|
|
|
|
|
DE
|
|
|
Date of incorporation |
|
|
|
|
|
Dec. 01, 2017
|
|
|
Common stock, shares outstanding |
|
|
|
16,110,756
|
|
16,110,756
|
|
15,635,756
|
Purchase of assets |
$ 50,000
|
|
|
|
|
|
|
|
Purchase of assets, percentage |
100.00%
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
$ 103,500
|
$ 125,135
|
|
Cash |
|
|
|
$ 5,652
|
|
5,652
|
|
$ 54,185
|
Bad debt expense |
|
|
|
0
|
$ 0
|
|
|
|
Allowance for doubtful accounts |
|
|
|
0
|
$ 0
|
0
|
0
|
|
Advertising and marketing expenses |
|
|
|
|
|
74,935
|
$ 23,520
|
|
Impairment loss |
|
|
|
|
|
50,000
|
|
50,000
|
Right of use of assets |
|
|
|
521,444
|
|
521,444
|
|
570,446
|
Short term operating lease payables |
|
|
|
112,666
|
|
112,666
|
|
112,666
|
Long term lease liabilities |
|
|
|
$ 414,444
|
|
$ 414,444
|
|
458,218
|
Average remaining life |
|
|
|
3 years 6 months
|
|
3 years 6 months
|
|
|
Unrealized gain due to foreign currency fluctuations |
|
|
|
|
|
$ 1,895
|
|
$ 1,895
|
Officers and Directors [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Number of shares redeemed |
|
|
|
|
|
19,500,000
|
|
|
Common stock, shares outstanding |
|
|
|
20,000,000
|
|
20,000,000
|
|
|
Paul Adler [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Issuance of stock |
|
|
12,500,000
|
|
|
|
|
|
President [Member] | Global Diversified Holdings, Inc. [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Issuance of stock for acquisitions |
|
200
|
|
|
|
|
|
|
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v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Cash and cash equivalents |
$ 5,652
|
$ 54,185
|
Working capital |
933,879
|
|
Accumulated deficit |
$ 29,348,147
|
$ 28,630,321
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.2
CAPITAL STOCK (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
Feb. 24, 2020 |
Jun. 14, 2018 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Nov. 14, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
100,000,000
|
100,000,000
|
|
|
|
100,000,000
|
|
Common stock, par value |
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
Common stock, shares issued |
|
|
16,110,756
|
15,635,756
|
|
|
|
16,110,756
|
|
Common stock, shares outstanding |
|
|
16,110,756
|
15,635,756
|
|
|
|
16,110,756
|
|
Issuance of stock for service, value |
|
|
$ 103,500
|
|
|
$ 120,620
|
$ 4,515
|
|
|
Preferred stock, shares authorized |
|
|
20,000,000
|
|
|
|
|
20,000,000
|
|
Preferred stock, par value |
|
|
$ 0.0001
|
|
|
|
|
$ 0.0001
|
|
Service Provider [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares price |
|
|
|
|
|
$ 0.106
|
|
|
|
Paul Adler [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
12,500,000
|
|
|
|
|
|
|
|
Preferred stock voting rights |
|
|
|
|
|
|
|
the issuance of the A Stock with super-voting rights giving him an aggregate of 100,000,000 votes, combined with the shares
of common stock he holds, Mr. Adler has effective voting control of approximately 97% of the Company
|
|
Spencer Clarke [Member] | Engagement Agreement [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
$ 0.0001
|
Class of Warrant or Right, Outstanding |
|
|
|
|
|
|
|
|
310,715
|
Warrants and Rights Outstanding |
|
|
$ 310,715
|
|
|
|
|
$ 310,715
|
$ 1,000,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term |
|
|
|
|
|
|
|
5 years
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price |
|
|
$ 0.001
|
|
|
|
|
$ 0.001
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value |
|
|
$ 65,250
|
|
|
|
|
$ 65,250
|
|
Two Thousand Twenty Three Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued to consultants |
|
|
|
|
|
|
|
475,000
|
|
Issuance of stock for service, value |
|
|
|
|
|
|
|
$ 103,500
|
|
Shares price |
|
|
$ 0.22
|
|
|
|
|
$ 0.22
|
|
2022 Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares price |
|
|
|
|
|
$ 0.21
|
|
|
|
Issuance of shares |
|
|
|
|
|
250,000
|
|
|
|
2022 Common Stock [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued to consultants |
|
|
|
100,000
|
|
|
15,000
|
|
|
Issuance of stock for service, value |
|
|
|
|
|
|
$ 4,515
|
|
|
Shares price |
|
|
|
$ 0.151
|
|
$ 0.18
|
|
|
|
Issuance of shares |
|
|
|
|
|
350,000
|
|
|
|
2022 Common Stock [Member] | Service Provider [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued to consultants |
|
|
|
|
|
20,000
|
|
|
|
2022 Common Stock [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued to consultants |
|
|
|
|
427,500
|
|
|
|
|
Shares price |
|
|
|
|
$ 0.20
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
1,000,000
|
|
1,000,000
|
1,000,000
|
|
|
|
1,000,000
|
|
Preferred stock, par value |
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
Common stock, voting rights |
Each share of such stock shall vote with the common stock and have 100,000 votes
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] | Paul Adler [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Issuance of super voting preferred stock, shares |
1,000
|
|
|
|
|
|
|
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
|
Aug. 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 10, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
Purchase of assets |
$ 50,000
|
|
|
|
Purchase of assets, percentage |
100.00%
|
|
|
|
Impairment loss |
|
$ 50,000
|
$ 50,000
|
|
In Play Capital Inc [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Purchase of assets |
$ 50,000
|
|
|
|
Purchase of assets, percentage |
100.00%
|
|
|
|
President And Director [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Notes payable |
|
|
|
$ 124,000
|
Interest rate |
|
|
|
14.90%
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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v3.23.2
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE LIABILITY (Details)
|
Jun. 30, 2023
USD ($)
|
Commitments and Contingencies Disclosure [Abstract] |
|
December 31, 2023 |
$ 157,014
|
December 31, 2024 |
161,724
|
December 31, 2025 |
166,576
|
December 31, 2026 |
171,573
|
December 31, 2027 |
37,392
|
Total |
$ 694,279
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
1 Months Ended |
Oct. 01, 2021
USD ($)
ft²
|
Mar. 31, 2022
USD ($)
ft²
|
Commitments and Contingencies Disclosure [Abstract] |
|
|
Area of land | ft² |
1,500
|
8,500
|
Lease description |
the Company entered into a 60-month lease for $20,976 per year for the first two years,
with 3% annual escalation clauses for the last three years of the lease. The lease contains one five-year renewal option
|
the Company transitioned from the use of a public warehouse and entered a lease for 8,500 square feet of warehouse space
for 60 months at 78 Henry Street Secaucus, NJ 07094, at the rate of $132,896 per year, with annual 3% escalation clauses.
|
Lessee, operating lease, term of contract |
5 months
|
60 months
|
Payments for rent | $ |
$ 20,976
|
$ 132,896
|
Lease renewal term |
5 years
|
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v3.23.2
SCHEDULE OF DEBT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Total loans payable |
|
$ 488,935
|
$ 271,096
|
Fund Box [Member] |
|
|
|
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|
|
|
Total loans payable |
[1] |
61,097
|
50,964
|
Diagonal Lending [Member] |
|
|
|
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|
|
|
Total loans payable |
[2] |
117,320
|
|
Can Capital [Member] |
|
|
|
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|
|
|
Total loans payable |
[3] |
134,819
|
|
Credit Line Blue Loan Builder [Member] |
|
|
|
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|
|
|
Total loans payable |
[4] |
75,699
|
144,746
|
Webster Bank [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Total loans payable |
[5] |
$ 100,000
|
$ 75,656
|
|
|
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v3.23.2
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Debt Instrument Interest Rate |
Apr. 15, 2024
|
|
Securities Purchase Agreement [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt Instrument Interest Rate |
13.00%
|
|
Debt instrument face amount |
$ 117,320
|
|
Debt instrument carrying amount |
100,000
|
|
Debt instrument unamortized discount |
12,570
|
|
Legal fees |
4,750
|
|
Credit Line Sterling [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
$ 100,000
|
|
Debt Instrument Interest Rate |
2.50%
|
|
Credit Line Loan Builder [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
$ 150,000
|
|
Debt Instrument Interest Rate |
10.00%
|
|
Fund Box [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt Instrument Interest Rate |
4000.00%
|
|
Debt Instrument Interest Rate |
Dec. 31, 2023
|
|
Principal Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
$ 150,000
|
|
Debt Instrument Interest Rate |
|
67.00%
|
Payments of Loan Costs |
$ 2,558
|
|
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v3.23.2
LOANS PAYABLE (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Debt instrument maturity date |
Apr. 15, 2024
|
|
Debt instrument periodic payment |
$ 132,571
|
|
Government loans payable |
$ 500,000
|
$ 524,033
|
Government Loans Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt Instrument Interest Rate |
|
3.75%
|
Common Stock [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument description |
The
first payment was due July 15, 2023, with eight subsequent payments due each month thereafter. The Note may not otherwise be prepaid
in whole or in part. In the event the Company fails to pay any amount when due under the Note, the interest rate will increase to
22%. Upon the occurrence and during the continuation of any event of default under the Note (“Event of Default”), the
Note will become immediately due and payable and the Company is required to pay to 1800 Diagonal an amount equal to 150% times the
sum of (a) the then outstanding principal amount of the Note, plus (b) any accrued and unpaid interest on the unpaid principal
amount of this Note, plus (c) default interest, if any, plus (d) any other amounts owed to the 1800 Diagonal pursuant to the Note.
Following any Event of Default, 1800 Diagonal may convert any amount due under the Note into shares of the Company’s common
stock (the “Conversion Shares”) at a conversion price equal to 75% multiplied by the lowest trading price for the
Company’s common stock during the ten trading days prior to the conversion date (representing a discount rate of 25% to
market)
|
|
Securities Purchase Agreement [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument face amount |
$ 117,320
|
|
Debt Instrument Interest Rate |
13.00%
|
|
Proceeds from issuance of debt |
$ 15,251
|
|
Securities Purchase Agreement [Member] | Diagonal LLC [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument face amount |
$ 14,730.11
|
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