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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _________________ to _________________
Commission
file number 000-54830
SUNSTOCK,
INC.
(Exact
Name of Registrant as Specified in its Charter)
SANDGATE
ACQUISITION CORPORATION
(Former
Name of Registrant as Specified in its Charter)
Delaware
|
|
46-1856372
|
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
111
Vista Creek Circle
Sacramento,
California 95835
(Address
of principal executive offices) (zip code)
916-860-9622
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Securities
registered pursuant to Section 12(g) of the Exchange Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock. |
|
SSOK. |
|
None |
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 and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐
No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
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
the number of shares outstanding of each of the issuer’s classes of stock, as of the latest practicable date.
Class |
|
Outstanding
at November 13, 2023 |
|
Common
Stock, par value $0.0001 |
|
|
5,021,857 |
|
|
|
|
|
|
Preferred
Stock, par value $0.0001 |
|
|
- |
|
Documents
incorporated by reference: None
TABLE
OF CONTENTS
PART
I — FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SUNSTOCK,
INC.
CONDENSED
AND CONSOLIDATED BALANCE SHEETS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(unaudited) | | |
(audited) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 18,081 | | |
$ | 16,691 | |
Inventory – coins | |
| 1,041,875 | | |
| 950,637 | |
Inventory – precious metals | |
| 753,490 | | |
| 801,022 | |
Prepaid expenses | |
| 15,373 | | |
| 5,155 | |
| |
| | | |
| | |
Total current assets | |
| 1,828,819 | | |
| 1,773,505 | |
| |
| | | |
| | |
Property and equipment, net | |
| 258 | | |
| 424 | |
Right of use lease asset | |
| 1,425 | | |
| 11,114 | |
| |
| | | |
| | |
Total assets | |
$ | 1,830,502 | | |
$ | 1,785,043 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 566,371 | | |
$ | 480,137 | |
Operating lease liability – current portion | |
| 1,425 | | |
| 11,114 | |
SBA loan – current | |
| 7,526 | | |
| 5,047 | |
Loans payable – related parties | |
| 12,204 | | |
| 6,000 | |
| |
| | | |
| | |
Total current liabilities | |
| 587,526 | | |
| 502,298 | |
| |
| | | |
| | |
SBA loan - net of current portion | |
| 142,474 | | |
| 144,953 | |
| |
| | | |
| | |
Total liabilities | |
| 730,000 | | |
| 647,251 | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock; $0.0001 par value, 20,000,000 shares authorized; 0 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 5,021,857 and 4,815,857 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| 502 | | |
| 481 | |
Additional paid – in capital | |
| 67,279,869 | | |
| 67,053,289 | |
Accumulated deficit | |
| (66,179,869 | ) | |
| (65,915,978 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 1,100,502 | | |
| 1,137,792 | |
Total liabilities, convertible preferred stock, and stockholders’ equity | |
$ | 1,830,502 | | |
$ | 1,785,043 | |
The
accompanying notes are an integral part of the unaudited condensed and consolidated financial statements
SUNSTOCK,
INC.
CONDENSED
AND CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended September 30, | | |
For the nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 3,003,336 | | |
$ | 3,287,179 | | |
$ | 9,501,467 | | |
$ | 9,807,089 | |
Cost of revenue | |
| 2,971,787 | | |
| 3,256,768 | | |
| 9,389,237 | | |
| 9,633,215 | |
Gross profit | |
| 31,549 | | |
| 30,411 | | |
| 112,230 | | |
| 173,874 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 15,353 | | |
| 12,793 | | |
| 97,634 | | |
| 98,806 | |
Compensation | |
| - | | |
| 182 | | |
| - | | |
| 738 | |
Lawsuit judgment | |
| 77,863 | | |
| - | | |
| 77,863 | | |
| - | |
Other operating expenses | |
| 6,907 | | |
| 7,979 | | |
| 23,388 | | |
| 26,319 | |
Total operating expenses | |
| 100,123 | | |
| 20,954 | | |
| 198,885 | | |
| 125,863 | |
| |
| | | |
| | | |
| | | |
| | |
Profit (loss) from operations | |
| (68,574 | ) | |
| 9,457 | | |
| (86,655 | ) | |
| 48,011 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Unrealized loss on investments in precious metals | |
| (21,556 | ) | |
| (62,779 | ) | |
| (47,532 | ) | |
| (113,775 | ) |
Interest expense | |
| (1,443 | ) | |
| (1,443 | ) | |
| (4,329 | ) | |
| (4,329 | ) |
Interest expense related party | |
| (161 | ) | |
| (4,637 | ) | |
| (1,775 | ) | |
| (11,221 | ) |
Gain on debt extinguishment | |
| - | | |
| - | | |
| - | | |
| 30,250 | |
Loss on settlement of related party debt | |
| - | | |
| - | | |
| (123,600 | ) | |
| - | |
Total other income (expense), net | |
| (23,160 | ) | |
| (68,859 | ) | |
| (177,236 | ) | |
| (99,075 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | (91,734 | ) | |
$ | (59,402 | ) | |
$ | (263,891 | ) | |
$ | (51,064 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share – basic and diluted | |
$ | (0.02 | ) | |
$ | (0.01 | ) | |
$ | (0.05 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| 5,021,857 | | |
| 4,126,387 | | |
| 4,892,069 | | |
| 4,126,387 | |
The
accompanying notes are an integral part of the unaudited condensed and consolidated financial statements
SUNSTOCK,
INC.
CONDENSED AND CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK
AND CHANGES IN STOCKHOLDERS’ EQUITY
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
In Capital | | |
Deficit | | |
Total | |
| |
Convertible Preferred Stock | | |
Common Stock | | |
Additional Paid- | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
In Capital | | |
Deficit | | |
Total | |
Balance at December 31. 2021 (audited) | |
| - | | |
$ | - | | |
| 4,126,387 | | |
$ | 412 | | |
$ | 62,778,644 | | |
$ | (62,264,145 | ) | |
$ | 514,911 | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 102,893 | | |
| 102,893 | |
Balance at March 31, 2022 (unaudited) | |
| - | | |
$ | - | | |
| 4,126,387 | | |
$ | 412 | | |
$ | 62,778,644 | | |
$ | (62,161,252 | ) | |
$ | 617,804 | |
Net loss | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| (94,555 | ) | |
| (94,555 | ) |
Balance at June 30, 2022 (unaudited) | |
| - | | |
$ | - | | |
| 4,126,387 | | |
$ | 412 | | |
$ | 62,778,644 | | |
$ | (62,255,807 | ) | |
$ | 523,249 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (59,402 | ) | |
| (59,402 | ) |
Balance at September 30, 2022 (unaudited) | |
| - | | |
$ | - | | |
| 4,126,387 | | |
$ | 412 | | |
$ | 62,778,644 | | |
$ | (62,315,209 | ) | |
$ | 463,847 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 (audited) | |
| - | | |
$ | - | | |
| 4,815,857 | | |
$ | 481 | | |
$ | 67,053,289 | | |
$ | (65,915,978 | ) | |
$ | 1,137,792 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,646 | ) | |
| (11,646 | ) |
Balance at March 31, 2023 (unaudited) | |
| - | | |
$ | - | | |
| 4,815,857 | | |
$ | 481 | | |
$ | 67,053,289 | | |
$ | (65,927,624 | ) | |
$ | 1,126,146 | |
Issuance of common stock for related party notes payable | |
| - | | |
| - | | |
| 206,000 | | |
| 21 | | |
| 226,580 | | |
| - | | |
| 226,601 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| (160,511 | ) | |
| (160,511 | ) |
Balance at June 30, 2023 (unaudited) | |
| - | | |
$ | - | | |
| 5,021,857 | | |
$ | 502 | | |
$ | 67,279,869 | | |
$ | (66,088,135 | ) | |
$ | 1,192,236 | |
Balance
,beginning value | |
| - | | |
$ | - | | |
| 5,021,857 | | |
$ | 502 | | |
$ | 67,279,869 | | |
$ | (66,088,135 | ) | |
$ | 1,192,236 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (91,734 | ) | |
| (91,734 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (91,734 | ) | |
| (91,734 | ) |
Balance at September 30, 2023 (unaudited) | |
| - | | |
$ | - | | |
| 5,021,857 | | |
$ | 502 | | |
$ | 67,279,869 | | |
$ | (66,179,869 | ) | |
$ | 1,100,502 | |
Balance
, Ending value | |
| - | | |
$ | - | | |
| 5,021,857 | | |
$ | 502 | | |
$ | 67,279,869 | | |
$ | (66,179,869 | ) | |
$ | 1,100,502 | |
The
accompanying notes are an integral part of the unaudited condensed and consolidated financial statements
SUNSTOCK,
INC.
CONDENSED
AND CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| |
2023 | | |
2022 | |
| |
For the nine months ended September30, | |
| |
2023 | | |
2022 | |
OPERATING ACTIVITIES | |
| | | |
| | |
Net income (loss) | |
$ | (263,891 | ) | |
$ | (51,064 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | | |
| | |
Unrealized (gain) loss on investment in precious metals | |
| 47,532 | | |
| 113,775 | |
Depreciation | |
| 166 | | |
| 806 | |
Loss on settlement of related party debt | |
| 123,600 | | |
| - | |
Gain on extinguishment of debt | |
| - | | |
| (30,250 | ) |
Changes in operating assets and liabilities | |
| | | |
| | |
Inventories – coins | |
| (91,238 | ) | |
| (160,162 | ) |
Prepaid expenses | |
| (10,218 | ) | |
| 419 | |
Accounts payable and accrued expenses | |
| 91,754 | | |
| (78,233 | ) |
Net cash used in operating activities | |
| (102,295 | ) | |
| (204,709 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES | |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| - | |
| |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from loan – related parties | |
| 103,685 | | |
| 207,687 | |
Net cash provided by financing activities | |
| 103,685 | | |
| 207,687 | |
| |
| | | |
| | |
Net change in cash | |
| 1,390 | | |
| 2,978 | |
Cash, beginning of period | |
| 16,691 | | |
| 30,168 | |
Cash, end of period | |
$ | 18,081 | | |
$ | 33,146 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW ACTIVITIES: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
Income taxes | |
$ | - | | |
$ | - | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Extinguishment of debt | |
$ | - | | |
$ | 30,250 | |
Shares issued in exchange for related party debt | |
$ | 103,000 | | |
$ | - | |
The
accompanying notes are an integral part of the unaudited condensed and consolidated financial statements
SUNSTOCK,
INC.
NOTES
TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE
1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE
OF OPERATIONS
Sunstock,
Inc. (“Sunstock” or “the Company”) was incorporated on July 23, 2012, as Sandgate Acquisition Corporation, under
the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and
acquisitions. In July 2013, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing
shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection
with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s
name from Sandgate Acquisition Corporation to Sunstock, Inc. On July 18, 2013, Jason Chang and Dr. Ramnik S Clair were named as directors
of the Company.
On
October 22, 2018, Sunstock, Inc. acquired all assets and liabilities of Mom’s Silver Shop, Inc. (the “Retail Store”)
located in Sacramento, California.
The
Company’s business plan includes the buying, selling and distribution of precious metals, primarily gold. The Company pursues a
“ground to coin” strategy, whereby it seeks to acquire mining assets as well as rights to purchase mining production and
to sell these metals primarily through retail channels including their own branded coins. The Company emphasizes investment in enduring
assets that we believe may provide ‘resource to retail’ conversion upside. Our goal is to provide our shareholders with an
exceptional opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with
actual mining operations.
BASIS
OF PRESENTATION
The
accompanying unaudited condensed and consolidated financial statements of Sunstock, Inc. were prepared in accordance with the instructions
to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with U.S. GAAP.
The
accompanying condensed and consolidated balance sheet at December 31, 2022, has been derived from audited consolidated financial statements,
but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The accompanying unaudited condensed and consolidated financial statements as of September 30, 2023 and for the three and
nine months ended September 30, 2023 and 2022, have been prepared in accordance with U.S. GAAP for interim financial information and
with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements, and should be read in conjunction with the audited consolidated financial statements
and related notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022 as filed with the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all material adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation have been made to the unaudited condensed and consolidated
financial statements. The unaudited condensed and consolidated financial statements include all material adjustments (consisting of all
normal accruals) necessary to make the condensed and consolidated financial statements not misleading as required by Regulation S-X Rule
10-01. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may
be expected for the year ended December 31, 2023 or any future periods.
USE
OF ESTIMATES
The
preparation of the unaudited condensed and consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made by the Company’s management include realizability and valuation of inventories
and value of stock-based transactions.
CONCENTRATION
OF RISK
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its
cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation
limit as of September 30, 2023 and December 31, 2022.
CASH
AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
INVENTORIES
INVENTORY
- COINS
The
Company acquires collectible coins from both companies and individuals and then marks them up for resale. The inventory is recorded at
lower of cost or market or net realizable value. Inventory can fluctuate in relation to when it is purchased and when it is sold. Collectible
coins inventory was $1,041,875 at September 30, 2023 compared to $950,637 at December 31, 2022.
At
each balance sheet date, the Company evaluates its ending inventory quantities on hand and on order and records a provision for excess
quantities and obsolescence. Among other factors, the Company considers historical demand and forecasted demand in relation to the inventory
on hand, competitiveness of product offerings, market conditions and product life cycles when determining obsolescence and net realizable
value. In addition, the Company considers changes in the market value of components in determining the net realizable value of its inventory.
Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs
are considered permanent adjustments to the cost basis of the excess or obsolete inventories.
INVENTORY
– PRECIOUS METALS
Inventories
of precious metals and coins held for investment at September 30, 2023 include $753,490 of gold and silver bullion and bullion coins
and $801,022 at December 31, 2022 and are acquired and initially recorded at fair market value. The fair market value of the bullion
and bullion coins is comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and
2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished
goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable
sources such as Kitco and Apmex. The Company’s inventory is subsequently recorded at fair market values on a quarterly basis. The
fair value of the inventory is determined using pricing and data derived from the markets on which the underlying commodities are traded.
Precious metals commodities inventories are classified in Level 1 of the valuation hierarchy as defined later in this section. The Company
has continuously experienced a shortage of cash and has had significantly past due obligations. While the Company’s preference
is to hold the silver and gold bullion to achieve long-term gains, the bullion is available to pay current obligations should the Company
not be able to raise cash through issuance of stock or notes payable. Thus, the Company believes that including the gold and silver bullion
in current assets under inventory is appropriate.
INVENTORY
– PRECIOUS METALS (CONTINUED)
The
change in fair value of the precious metals was included in the financial statements herein as recorded on the Company’s Statements
of Operations as an unrealized loss in precious metal of $21,556 for the three months ended September 30, 2023, an unrealized loss in
precious metals of $62,779 for the three months ended September 30, 2022, an unrealized loss in precious metals of $47,532 for the nine
months ended September 30, 2023, and an unrealized loss of $113,775 for the nine months ended September 30, 2022.
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of 3 to 5 years.
Any leasehold improvements are amortized at the lesser of the useful life of the asset or the lease term.
LONG-LIVED
ASSETS
The
Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. If the expected future cash flow from the use of the asset and its eventual disposition
is less than the carrying amount of the asset, an impairment loss is recognized and measured using the fair value of the related asset.
No impairment charges were incurred during the nine months ended September 30, 2023 and 2022. There can be no assurance, however, that
market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived
assets in the future.
REVENUE
RECOGNITION
The
Company’s principal activities from which it generates revenue are product sales. Revenue is measured based on considerations specified
in a contract with a customer. A contract exists when it becomes a legally enforceable agreement with a customer. These contracts define
each party’s rights, payment terms and other contractual terms and conditions of the sale. Consideration is typically paid at time
of sale via credit card, check, or cash when products are sold direct to consumers.
A
performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of
a product to customers. Performance obligations promised in a contract are identified based on the goods that will be transferred to
the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the goods
is separately identifiable from other promises in the contract. The Company has concluded the sale of product and related shipping and
handling are accounted for as the single performance obligation.
The
transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer
receives the benefit of the performance obligation. The transaction price is determined based on the consideration to which the Company
will be entitled to receive in exchange for transferring goods to the customer. We do not issue refunds.
The
Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer
when product is shipped based on fulfillment by the Company or when a point-of-sale transaction is completed. Taxes assessed by a governmental
authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from
a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has
transferred to a customer are accounted for as a fulfillment cost and are included in cost of product sales. The Company does not accept
returns.
INCOME
TAXES
The
Company accounts for income taxes and the related accounts under the liability method. Deferred tax assets and liabilities are determined
based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities. A valuation
allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all
of the deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred
tax assets. The Company’s income tax provision consists of state minimum taxes.
The
Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be
sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a
50% likelihood of being sustained.
There
are no unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate.
The
Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had
$0 accrued for interest and penalties on each of the Company’s balance sheets at September 30, 2023 and December 31, 2022.
INCOME
(LOSS) PER COMMON SHARE
Basic
income (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares
outstanding during the period. Diluted income (loss) per share reflects additional common shares that would have been outstanding if
dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance.
The Company had no potential common shares as of September 30, 2023 and September 30, 2022.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
The
Company measures the fair value of certain of its financial assets on a recurring basis. A fair value hierarchy is used to rank the quality
and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified
and disclosed in one of the following three categories:
Level
1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar
assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities; and
Level
3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities, such as derivative liabilities in relation to the conversion feature of notes payable.
At
September 30, 2023 and December 31, 2022, the Company’s financial instruments include cash, precious metals inventory, coins inventory,
SBA loan, and accounts payable and accrued expenses. The carrying amount of cash, precious metals inventory, coins inventory, SBA loan,
and accounts payable and accrued expenses approximates fair value due to the short-term maturities of these instruments. Inventory –
precious metals is at fair value measured under the Level 1 category.
PRINCIPLES
OF CONSOLIDATION
We
consolidate entities that we control due to ownership of a majority voting interest. All intercompany balances and transactions have
been eliminated in consolidation.
NOTE
2 - GOING CONCERN
The
Company has not posted annual operating income since inception. It has an accumulated deficit of $66,179,869 as of September 30, 2023.
The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to
meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or
other third parties. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.
These
unaudited condensed and consolidated financial statements have been prepared on a going concern basis, which implies the Company will
continue is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to
continue operations, successfully locating and negotiate with a business entity for the combination of that target company with the Company.
There
is no assurance that the Company will ever be profitable. The unaudited condensed and consolidated financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications
of liabilities that may result should the Company be unable to continue as a going concern.
The
Company intends to initiate discussions with an undetermined third party in regards to raising funds through a private placement of equity
which, if it occurs, will provide the Company with funds to expand its operations and likely eliminate the going concern issue.
NOTE
3 – PROPERTY AND EQUIPMENT
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
September 30, 2023 | | |
December 31, 2022 | |
Furniture and equipment | |
$ | 58,460 | | |
$ | 58,460 | |
Less – accumulated depreciation | |
| (58,202 | ) | |
| (58,036 | ) |
Total property and equipment | |
$ | 258 | | |
$ | 424 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 was $55 and $211, respectively, and for the nine months ended September
30, 2023 and 2022 was $166 and $805, respectively.
NOTE
4 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued court decision | |
$ | 338,171 | | |
$ | 260,308 | |
Accrued consultant fees | |
| 133,691 | | |
| 131,500 | |
Accrued audit fees | |
| 14,520 | | |
| 8,089 | |
Accrued dividends – preferred stock | |
| 36,326 | | |
| 36,326 | |
Expenses owed related party | |
| - | | |
| 4,631 | |
Accrued interest payable | |
| 18,765 | | |
| 14,436 | |
Accrued interest payable related party | |
| 12,431 | | |
| 16,176 | |
Other accrued expenses | |
| 12,467 | | |
| 8,671 | |
Total | |
$ | 566,371 | | |
$ | 480,137 | |
NOTE
5 - RELATED PARTY ACTIVITY
During
the nine months ended September 30, 2023, the Company was provided loans totaling $103,685 by the Company’s chief executive officer.
The loans bear interest at 6% per annum. There was $12,431 in accrued interest at September 30, 2023.
During
the nine months ended September 30, 2023, the Company issued 206,000 shares of common stock to the Company’s chief executive officer
in exchange for $97,480 in loan principal and $5,520 in accrued interest.
During
the nine months ended September 30, 2022, the Company was provided loans totaling $207,687 by the Company’s chief executive officer.
The loans bear interest at 6% per annum. There was $13,292 in accrued interest at September 30, 2022.
As
of September 30, 2023, the Company had $36,326 in accrued dividends on preferred stock, of which $19,141 was due to the Company’s
chief executive officer.
The
following table is a summary of the activity for Loans payable- related parties principal for the nine months ended September 30, 2023
and September 30, 2022:
SUMMARY OF ACTIVITY FOR LOANS PAYABLE - RELATED PARTIES
Balance at 12/31/2021 | |
$ | 153,100 | |
Loan advances | |
| 207,687 | |
| |
| - | |
Balance at 09/30/2022 | |
$ | 360,787 | |
| |
| | |
Balance at 12/31/2022 | |
$ | 6,000 | |
Loan advances | |
| 103,685 | |
Loan principal converted to common stock | |
| (97,480 | ) |
Balance at 09/30/2023 | |
$ | 12,205 | |
NOTE
6 – COMMITMENTS AND CONTINGENCIES
The
Company leases space for the Retail Store. The lease is for five years and runs through September 2023. The lease calls for payments
of $1,305.60 per month for the first year, with a 3% increase per year for years two through five.
As
of September 30, 2023, the lease term had expired and the Company was on a month-to-month rent. The Company is currently working on a
new lease agreement.
LITIGATION
On
August 21, 2020, Boustead Securities, LLC (“Boustead”) filed suit against Sunstock, Inc. (“Sunstock”) in the
County of Orange, California. Boustead is an investment banking firm engaged by Sunstock on September 19, 2019 to raise equity.
Boustead maintained that Sunstock owed it 87,179
shares of Preferred Stock Warrants and 9,231
shares of Common Stock Warrants. Boustead also sought general damages, interest, and costs of the suit. Sunstock believed that
Boustead had not fulfilled its obligations in raising equity and vigorously contested the suit. Sunstock hired an arbitrator but
there was no resolution between Sunstock and Boustead. The matter went to trial in September 2021 and on November 2, 2021 the Court
determined that Sunstock owed Boustead $260,308
for warrants issued that Sunstock did not honor. $260,308
was accrued and is shown as part of accounts payable and accrued expenses in the balance sheet. See detail in Note 4 above. The
warrants are no longer outstanding (see Note 9). All other monetary claims by Boustead were dismissed by the Court. The $260,308
is to be paid in cash. The Company filed an appeal of the judgment on December 9, 2021. On August 17, 2023, the Court found that
Sunstock owed Boustead $338,170.87
for damages, attorneys’ fees and costs. Sunstock has accrued an additional $77,863
in the period ended September 30, 2023. $77,863
shows in the statement of operations under lawsuit judgment in operating expenses.
In
December 2020, a former employee of Sunstock filed a claim with the California Labor Commission regarding claimed back pay owed. A preliminary
hearing was held on January 4, 2021 and the Company is currently awaiting the next step.
INDEMNITIES
AND GUARANTEES
The
Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party,
in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under
the laws of the State of Delaware. In connection with its facility leases, the Company has agreed to indemnify its lessors for certain
claims arising from the use of the facilities. The duration of the guarantees and indemnities varies, and is generally tied to the life
of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company
could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore,
no liabilities have been recorded for these indemnities and guarantees in the accompanying balance sheets.
CONTINGENCIES
The
full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management is actively monitoring the global
situation on its financial condition, liquidity operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19
outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its
results of operations, financial condition or liquidity for the fiscal year 2023. However, to date there has not been a decrease in sales.
The Company believes that in this time of uncertainty, individuals are buying collectible coins as a safe haven. The Company is unable
to predict if such buying will continue during this time of uncertainty or if the buying will decrease as events change and evolve.
NOTE
7 – SBA LOAN
In
June 2020, the Company received a $150,000 loan (less $100 expense) from the Small Business Administration (“SBA”). The loan
is for thirty years, interest is 3.75% per annum, and payments of $731 are monthly beginning twenty-four months after closing.
SCHEDULE OF FUTURE PAYMENTS OF DEBT
| |
Remaining Loan Payments | |
2023 | |
$ | 14,155 | |
2024 | |
| 8,940 | |
2025 | |
| 8,940 | |
2026 | |
| 8,940 | |
2027 | |
| 8,940 | |
thereafter | |
| 200,405 | |
Total remaining loan payments | |
| 250,320 | |
Less: imputed interest | |
| (100,320 | ) |
Total loan liability | |
| 150,000 | |
Less: current portion | |
| (7,526 | ) |
Long term loan liability | |
$ | 142,474 | |
| |
| | |
Weighted average remaining lease term | |
| 26.7
years | |
NOTE
8 – PPP LOAN
In
February and May 2021, the Company received a $15,125 loan and a $15,125 loan from the federal Paycheck Protection Program (“PPP”),
respectively. The loans are for five years, interest is 1.0% per annum, and no payments are due until maturity. The loans were forgiven
in the first three months of 2022.
NOTE
9- STOCKHOLDERS’ EQUITY
COMMON
STOCK
The
Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 of preferred stock.
During
the nine months ended September 30, 2023, the Company issued 206,000 shares of its common stock to its chief executive officer for the
conversion of $97,480 of related party notes payable and $5,520 of accrued interest related party.
During
the nine months ended September 30, 2022, the Company issued no shares of its common stock.
NOTE
10 – SUBSEQUENT EVENTS
The
Company follows the guidance in FASB ASC Topic 855, Subsequent Events (“ASC 855”), which provides guidance to establish
general standards of accounting for and disclosures of events that occur after the balance sheet date but before the consolidated financial
statements are issued or are available to be issued. ASC 855 sets forth (i) the period after the balance sheet date during which management
of a reporting entity evaluates events or transactions that may occur for potential recognition or disclosure in the unaudited condensed
and consolidated financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring
after the balance sheet date in its condensed and consolidated financial statements, and (iii) the disclosures that an entity should
make about events or transactions that occurred after the balance sheet date. The Company has no subsequent events as of the date of this
report.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following information should be read in conjunction with the unaudited condensed and consolidated financial statements and notes thereto
appearing elsewhere in this report. For additional context with which to understand our financial condition and results of operations,
see the discussion and analysis included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022, filed
with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as well as the unaudited condensed and consolidated
financial statements and related notes contained therein.
Forward
Looking Statements
Certain
statements in this report, including information incorporated by reference, are “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, as amended. Forward-looking statements reflect current views about future events and financial
performance based on certain assumptions. They include opinions, forecasts, intentions, plans, goals, projections, guidance, expectations,
beliefs or other statements that are not statements of historical fact. Words such as “may,” “should,” “could,”
“would,” “expects,” “plans,” “believes,” “anticipates,” “intends,”
“estimates,” “approximates,” “predicts,” or “projects,” or the negative or other variation
of such words, and similar expressions may identify a statement as a forward-looking statement. Any statements that refer to projections
of our future financial performance, our anticipated growth and trends in our business, our goals, strategies, focus and plans, and other
characterizations of future events or circumstances, including statements expressing general optimism about future operating results
and the development of our products, are forward-looking statements.
Although
forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can
only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and
uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the
forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation,
those discussed elsewhere in this Quarterly Report on Form 10-Q. Readers are urged not to place undue reliance on these forward-looking
statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We file reports with the SEC. You can read and copy
any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain
additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains
an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC, including us.
Overview
Sunstock,
Inc. (“Sunstock” or “the Company”) was incorporated on July 23, 2012, as Sandgate Acquisition Corporation, under
the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and
acquisitions.
On
July 18, 2013, the Company changed its name from Sandgate Acquisition Corporation to Sunstock, Inc. On the same date, Jason Chang
and Dr. Ramnik S Clair were named as directors of the Company.
On
October 22, 2018, the Company acquired all assets and liabilities of the Retail Store of Sacramento, California. The Retail Store specializes
in buying and selling gold, silver, and rare coins, and is one of the leading precious metals retailers in the greater Sacramento metropolitan
area.
Going
Concern
The
Company has not posted operating income and has not generated cash from operations since inception. It has an accumulated deficit of
$66,179,869 as of September 30, 2023. The Company did not generate cash flow from operations for the nine months ended September 30,
2023 and the year ended December 31, 2022. Therefore, there is substantial doubt about the Company’s ability to continue as a going
concern. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations
to meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders
and/or other third parties.
These
unaudited condensed and consolidated financial statements have been prepared on a going concern basis, which implies the Company will
continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern
is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue
operations, successfully locating and negotiate with a business entity for the combination of that target company with the Company.
There
is no assurance that the Company will ever be profitable. The consolidated financial statements do not include any adjustments to reflect
the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that
may result should the Company be unable to continue as a going concern.
The
Company intends to initiate discussions with an undetermined third party in regards to raising funds through a private placement of equity
which, if it occurs, will provide the Company with funds to expand its operations and likely eliminate the going concern issue.
Critical
Accounting Policies
There
have been no material changes from the critical accounting policies as previously discussed in our Annual Report on Form 10-K for the
year ended December 31, 2022.
Results
of Operations
Discussion
of the Three Months ended September 30, 2023 and 2022
The
Company generated revenues during the three months ended September 30, 2023 of $3,003,336 as compared to $3,287,179 in revenues posted
for the three months ended September 30, 2022. The decrease in revenues is due to lower than expected sales in September 2023.
For
the three months ended September 30, 2023 and 2022, cost of sales were $2,971,787 and $3,256,768, respectively, which decrease was driven
by the decrease in revenues as disclosed above. Professional fees increased to $15,353 from $12,793 for the three months ended September
30, 2023 and 2022, respectively. Compensation decreased to $0 from $182 for the three months ended September 30, 2023 and 2022, respectively.
Lawsuit judgment increased to $77,863 from $0 for the three months ended September 30, 2023 and 2022, respectively, due to a final judgment
in relation to the Boustead lawsuit. Other operating expenses decreased to $6,907 from $7,979 for the three months ended September 30,
2023 and 2022, respectively.
Interest
expense was $1,443 and $1,443 for the three months ended September 30, 2023 and 2022, respectively. Interest expense related party decreased
to $161 for the three months ended September 30, 2023 from $4,637 for the three months ended September 30, 2022.
Unrealized
loss on investments in precious metals was $21,556 for the three months ended September 30, 2023 compared to an unrealized loss of $62,779
for the three months ended September 30, 2022 due to a lesser decrease in the price of bullion.
During
the three months ended September 30, 2023, the Company posted a net loss of $91,734 as compared to a net loss of $59,402 for the three
months ended September 30, 2022. Such change is primarily related to lawsuit judgment in 2023 partially offset by lower unrealized loss
on investments in precious metals in 2023 and lower interest expense related party in 2023.
Discussion
of the Nine Months ended September 30, 2023 and 2022
The
Company generated revenues during the nine months ended September 30, 2023 of $9,501,467 as compared to $9,807,089 in revenues posted
for the nine months ended September 30, 2022. The decrease in revenues is due to lower than expected sales in September and June 2023.
For
the nine months ended September 30, 2023 and 2022, cost of sales were $9,389,237 and $9,633,215, respectively, which decrease was driven
by the decrease in revenues as disclosed above. Professional fees decreased to $97,634 from $98,806 for the nine months ended September
30, 2023 and 2022, respectively. Compensation decreased to $0 from $738 for the nine months ended September 30, 2023 and 2022, respectively.
Lawsuit judgement increased to $77,863 from $0 for the nine months ended September 30, 2023 and 2022, respectively, due to a final judgment
in relation to the Boustead lawsuit. Other operating expenses decreased to $23,388 from $26,319 for the nine months ended September 30,
2023 and 2022, respectively.
Interest
expense was $4,329 and $4,329 for the nine months ended September 30, 2023 and 2022, respectively. Interest expense related party decreased
to $1,775 for the nine months ended September 30, 2023 from $11,221 for the nine months ended September 30, 2022.
Unrealized
loss on investments in precious metals was $47,532 for the nine months ended September 30, 2023 compared to an unrealized loss of $113,775
for the nine months ended September 30, 2022 due to a lesser decrease in the price of bullion.
During
the nine months ended September 30, 2023, the Company posted a net loss of $263,891 as compared to a net loss of $51,064 for the nine
months ended September 30, 2022. Such change is primarily related to lower gross profit in 2023, lawsuit judgment in 2023, loss on settlement
of related party debt in 2023, and gain on debt extinguishment in 2022 compared to none in 2023, offset by lower unrealized loss in precious
metals in 2023 and lower interest expense related party in 2023.
Liquidity
and Capital Resources
As
of September 30, 2023, the Company had $18,081 in cash and $1,795,365 in inventory of precious metals and coins compared to $16,691 in
cash and $1,751,659 in inventory of precious metals and coins at December 31, 2022.
Net
cash used in operating activities totaled $102,295 during the nine months ended September 30, 2023 as compared to net cash used in operating
activities of $204,709 during the nine months ended September 30, 2022. Consolidated net loss was $263,891 for the nine months ended
September 30, 2023 as compared to consolidated net loss of $51,064 for the nine months ended September 30, 2022. Explanation of the difference
between these nine months of 2023 and 2022 are explained above in the results of operations of the Company.
Changes
in the adjustments to reconcile net income (net loss) for the nine months ended September 30, 2023 and 2022, respectively, consist of
unrealized gain or loss on investment in precious metals, depreciation, and gain on extinguishment of debt.
Unrealized
loss on investment in precious metals was $47,532 for the nine months ended September 30, 2023 and unrealized loss on investment in precious
metals was $113,775 for the nine months ended September 30, 2022. Deprecation was $166 and $806, respectively, for the nine months ended
September 30, 2023 and 2022. Gain on extinguishment of debt was $0 and $30,250, respectively, for the nine months ended September 30,
2023 and 2022. Loss on settlement of related party debt was $123,600 and $0, respectively, for the nine months ended September 30, 2023
and 2022.
Changes
in assets and liabilities for inventories, prepaid expenses, and accounts payable and accrued expenses totaled a decrease of $9,702 for
the nine months ended September 30, 2023 and a decrease of $237,976 for the nine months ended September 30, 2022.
No
cash was used in investing activities for the nine months ended September 30, 2023 and 2022, respectively.
Net
cash provided by financing activities was $103,685 for the nine months ended September 30, 2023 and net cash provided by financing activities
was $207,687 for the nine months ended September 30, 2022, both from notes payable related party.
Off-Balance
Sheet Arrangements
The
Company has not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect
on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources that would be considered material to investors.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information
not required to be filed by Smaller reporting companies.
ITEM
4. CONTROLS AND PROCEDURES
The
management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Management
must evaluate its internal controls over financial reporting, as required by Sarbanes-Oxley Act, Section 404 (a). The Company’s
internal control over financial reporting is a process designed under the supervision of the Company’s Chief Executive Officer
and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the
Company’s financial statements for external purposes in accordance with U.S. generally accepted accounting principles or GAAP.
As
of September 30, 2023, management assessed the effectiveness of the Company’s internal control over financial reporting based on the
criteria for effective internal control over financial reporting established in the 2013 Internal Control Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission and SEC guidance on conducting such assessments. Based on that
evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to
detect the inappropriate application of GAAP rules as more fully described below. This was due to deficiencies that existed in the design
or operation of the Company’s internal controls over financial reporting that adversely affected its internal controls and that
may be considered to be material weaknesses.
Material
Weaknesses:
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented
or detected on a timely basis.
The
material weaknesses identified are:
1.
the Company does not have accounting personnel that have adequate technical accounting skills to identify terms in agreements that would
have material accounting implications on the Company’s consolidated financial statements in accordance with US GAAP, such as permanent
vs. temporary equity treatment of the Company’s preferred stock in accordance with ASC 480.
2.the
Company does not obtain and retain supporting documentation over the precious metal trade dates and quantities traded and does not properly
record the realized gain/loss on the trade according to the fair market value of the items traded on a given date.
3.the
Company has an inadequate number of personnel that could accurately and timely record and report the Company’s consolidated financial
statements in accordance with US GAAP.
ITEM
4. CONTROLS AND PROCEDURES (CONTINUED)
4.
the Company does not perform formal risk assessments over financial reporting and does not evaluate its internal control processes.
Notwithstanding
the existence of these material weaknesses in internal control over financial reporting, we believe that the financial statements in
this Quarterly on Form 10-Q fairly present, in all material respects, our financial condition in conformity with U.S. generally accepted
accounting principles (GAAP). Further, we do not believe the material weaknesses identified had an impact on prior financial statements.
Material
Weaknesses:
Remediation:
As
part of our ongoing remedial efforts, we have and will continue to, among other things:
1.
Expand our accounting policy and controls organization by hiring qualified accounting and finance personnel;
2.
Increase our efforts to educate both our existing and expanded accounting policy and control organization on the application of the internal
control structure;
3.
Emphasize with management the importance of our internal control structure;
4.
Seek outside consulting services where our existing accounting policy and control organization believes the complexity of the existing
exceeds our internal capabilities.
5.
Plan to implement improved accounting systems.
We
believe that the foregoing actions will improve our internal control over financial reporting, as well as our disclosure controls and
procedures. When funds permit, we intend to perform such procedures and commit such resources as necessary to continue to allow us to
overcome or mitigate these material weaknesses such that we can make timely and accurate quarterly and annual financial filings until
such time as those material weaknesses are fully addressed and remediated.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in the Company’s internal controls over financial reporting during its current fiscal quarter that have materially
affected, or are reasonably likely to materially affect, its internal control over financial reporting.
PART
II — OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
On
August 21, 2020, Boustead Securities, LLC (“Boustead”) filed suit against Sunstock, Inc. (“Sunstock”) in the
County of Orange, California. Boustead is an investment banking firm engaged by Sunstock on September 19, 2019 to raise equity.
Boustead maintained that Sunstock owed it 87,179 shares of Preferred Stock Warrants and 9,231 shares of Common Stock Warrants.
Boustead also sought seeking general damages, interest, and costs of the suit. Sunstock believed that Boustead had not fulfilled its
obligations in raising equity and vigorously contested the suit. Sunstock hired an arbitrator but there was no resolution between
Sunstock and Boustead. The matter went to trial in September 2021 and on November 2, 2021 the Court determined that Sunstock owed
Boustead $260,308 for warrants issued that Sunstock did not honor. $260,308 was accrued and is shown as part of accounts payable and
accrued expenses in the balance sheet. See detail in Note 4 above. The warrants are no longer outstanding. All other monetary claims
by Boustead were dismissed by the Court. The $260,308 is to be paid in cash. The Company filed an appeal of the judgment on December
9, 2021. On August 17, 2023, the Court found that Sunstock owed Boustead $338,170.87 for damages, attorneys’ fees and costs.
Sunstock has accrued an additional $77,863 in the period ended September 30, 2023. $77,863 shows in the statement of operations
under lawsuit judgment in operating expenses.
In
December 2020, a former employee of Sunstock filed a claim with the California Labor Commission regarding claimed back pay owed. A preliminary
hearing was held on January 4, 2021 and the Company is currently awaiting the next step.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this Item.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the nine months ended September 30, 2023, the Company issued 206,000 unregistered securities.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Not
applicable.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
(a)
Not applicable.
(b)
Item 407(c)(3) of Regulation S-K:
During
the nine months covered by this Report, there have not been any material changes to the procedures by which security holders may recommend
nominees to the Board of Directors.
ITEM
6. EXHIBITS
(a)
Exhibits
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.
|
SUNSTOCK,
INC. |
|
|
Dated
November 13, 2023 |
By:
|
/s/
Jason C. Chang |
|
|
Jason
C. Chang |
|
|
President,
Chief Executive Officer, Chief Financial Officer |
Dated
November 13, 2023 |
By: |
/s/
Ramnik Clair |
|
|
Ramnik
Clair |
|
|
Vice
President, Board Member |
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO SECTION 302
I,
Jason C. Chang, certify that:
1.
I have reviewed this Form 10-Q for the period ended September 30, 2023 of Sunstock, Inc.
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying 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)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such
evaluations; 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 registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
November 13, 2023 |
By: |
/s/
Jason C. Chang |
|
|
Jason
C. Chang |
|
|
President,
Chief Financial Officer |
|
|
(Principal
Executive and Accounting Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO SECTION 906
Pursuant
to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned officer of Sunstock
Inc. (the “Company”), hereby certify to my knowledge that:
The
Report on Form 10-Q for the period ended September 30, 2023 of the Company fully complies, in all material respects, with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Report fairly represents, in all
material respects, the financial condition and results of operations of the Company.
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
Dated:
November 13, 2023 |
By: |
/s/
Jason C. Chang |
|
|
Jason
C. Chang |
|
|
President,
Chief Financial Officer |
|
|
(Principal
Executive and Accounting Officer) |
v3.23.3
Cover - shares
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Nov. 13, 2023 |
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Entity Registrant Name |
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v3.23.3
Condensed and Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash |
$ 18,081
|
$ 16,691
|
Inventory – coins |
1,041,875
|
950,637
|
Inventory – precious metals |
753,490
|
801,022
|
Prepaid expenses |
15,373
|
5,155
|
Total current assets |
1,828,819
|
1,773,505
|
Property and equipment, net |
258
|
424
|
Right of use lease asset |
1,425
|
11,114
|
Total assets |
1,830,502
|
1,785,043
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
566,371
|
480,137
|
Operating lease liability – current portion |
1,425
|
11,114
|
SBA loan – current |
7,526
|
5,047
|
Total current liabilities |
587,526
|
502,298
|
SBA loan - net of current portion |
142,474
|
144,953
|
Total liabilities |
730,000
|
647,251
|
Stockholders’ equity |
|
|
Preferred stock; $0.0001 par value, 20,000,000 shares authorized; 0 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized; 5,021,857 and 4,815,857 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
502
|
481
|
Additional paid – in capital |
67,279,869
|
67,053,289
|
Accumulated deficit |
(66,179,869)
|
(65,915,978)
|
Total stockholders’ equity |
1,100,502
|
1,137,792
|
Total liabilities, convertible preferred stock, and stockholders’ equity |
1,830,502
|
1,785,043
|
Related Party [Member] |
|
|
Current liabilities |
|
|
Loans payable – related parties |
$ 12,204
|
$ 6,000
|
X |
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v3.23.3
Condensed and Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
5,021,857
|
4,815,857
|
Common stock, shares outstanding |
5,021,857
|
4,815,857
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed and Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Revenues |
$ 3,003,336
|
$ 3,287,179
|
$ 9,501,467
|
$ 9,807,089
|
Cost of revenue |
2,971,787
|
3,256,768
|
9,389,237
|
9,633,215
|
Gross profit |
31,549
|
30,411
|
112,230
|
173,874
|
Operating expenses |
|
|
|
|
Professional fees |
15,353
|
12,793
|
97,634
|
98,806
|
Compensation |
|
182
|
|
738
|
Lawsuit judgment |
77,863
|
|
77,863
|
|
Other operating expenses |
6,907
|
7,979
|
23,388
|
26,319
|
Total operating expenses |
100,123
|
20,954
|
198,885
|
125,863
|
Profit (loss) from operations |
(68,574)
|
9,457
|
(86,655)
|
48,011
|
Other income (expense) |
|
|
|
|
Unrealized loss on investments in precious metals |
(21,556)
|
(62,779)
|
(47,532)
|
(113,775)
|
Gain on debt extinguishment |
|
|
|
30,250
|
Loss on settlement of related party debt |
|
|
(123,600)
|
|
Total other income (expense), net |
(23,160)
|
(68,859)
|
(177,236)
|
(99,075)
|
Income (loss) before provision for income taxes |
(91,734)
|
(59,402)
|
(263,891)
|
(51,064)
|
Provision for income taxes |
|
|
|
|
Net income (loss) |
$ (91,734)
|
$ (59,402)
|
$ (263,891)
|
$ (51,064)
|
Income (loss) per share - basic |
$ (0.02)
|
$ (0.01)
|
$ (0.05)
|
$ (0.01)
|
Income (loss) per share - diluted |
$ (0.02)
|
$ (0.01)
|
$ (0.05)
|
$ (0.01)
|
Weighted average number of common shares outstanding - basic |
5,021,857
|
4,126,387
|
4,892,069
|
4,126,387
|
Weighted average number of common shares outstanding - diluted |
5,021,857
|
4,126,387
|
4,892,069
|
4,126,387
|
Nonrelated Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense related party |
$ (1,443)
|
$ (1,443)
|
$ (4,329)
|
$ (4,329)
|
Related Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense related party |
$ (161)
|
$ (4,637)
|
$ (1,775)
|
$ (11,221)
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.3
Condensed Consolidated Statements of Convertible Preferred Stock and Changes in Stockholders' Equity - USD ($)
|
Convertible Preferred Stock [Member]
Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance ,beginning value at Dec. 31, 2021 |
|
$ 412
|
$ 62,778,644
|
$ (62,264,145)
|
$ 514,911
|
Beginning balance, shares at Dec. 31, 2021 |
|
4,126,387
|
|
|
|
Net income (loss) |
|
|
|
102,893
|
102,893
|
Balance , Ending value at Mar. 31, 2022 |
|
$ 412
|
62,778,644
|
(62,161,252)
|
617,804
|
End balance, shares at Mar. 31, 2022 |
|
4,126,387
|
|
|
|
Balance ,beginning value at Dec. 31, 2021 |
|
$ 412
|
62,778,644
|
(62,264,145)
|
514,911
|
Beginning balance, shares at Dec. 31, 2021 |
|
4,126,387
|
|
|
|
Net income (loss) |
|
|
|
|
(51,064)
|
Balance , Ending value at Sep. 30, 2022 |
|
$ 412
|
62,778,644
|
(62,315,209)
|
463,847
|
End balance, shares at Sep. 30, 2022 |
|
4,126,387
|
|
|
|
Balance ,beginning value at Mar. 31, 2022 |
|
$ 412
|
62,778,644
|
(62,161,252)
|
617,804
|
Beginning balance, shares at Mar. 31, 2022 |
|
4,126,387
|
|
|
|
Net income (loss) |
|
|
|
(94,555)
|
(94,555)
|
Balance , Ending value at Jun. 30, 2022 |
|
$ 412
|
62,778,644
|
(62,255,807)
|
523,249
|
End balance, shares at Jun. 30, 2022 |
|
4,126,387
|
|
|
|
Net income (loss) |
|
|
|
(59,402)
|
(59,402)
|
Balance , Ending value at Sep. 30, 2022 |
|
$ 412
|
62,778,644
|
(62,315,209)
|
463,847
|
End balance, shares at Sep. 30, 2022 |
|
4,126,387
|
|
|
|
Balance ,beginning value at Dec. 31, 2022 |
|
$ 481
|
67,053,289
|
(65,915,978)
|
1,137,792
|
Beginning balance, shares at Dec. 31, 2022 |
|
4,815,857
|
|
|
|
Net income (loss) |
|
|
|
(11,646)
|
(11,646)
|
Balance , Ending value at Mar. 31, 2023 |
|
$ 481
|
67,053,289
|
(65,927,624)
|
1,126,146
|
End balance, shares at Mar. 31, 2023 |
|
4,815,857
|
|
|
|
Balance ,beginning value at Dec. 31, 2022 |
|
$ 481
|
67,053,289
|
(65,915,978)
|
1,137,792
|
Beginning balance, shares at Dec. 31, 2022 |
|
4,815,857
|
|
|
|
Net income (loss) |
|
|
|
|
(263,891)
|
Balance , Ending value at Sep. 30, 2023 |
|
$ 502
|
67,279,869
|
(66,179,869)
|
1,100,502
|
End balance, shares at Sep. 30, 2023 |
|
5,021,857
|
|
|
|
Balance ,beginning value at Mar. 31, 2023 |
|
$ 481
|
67,053,289
|
(65,927,624)
|
1,126,146
|
Beginning balance, shares at Mar. 31, 2023 |
|
4,815,857
|
|
|
|
Net income (loss) |
|
|
|
(160,511)
|
(160,511)
|
Issuance of common stock for related party notes payable |
|
$ 21
|
226,580
|
|
226,601
|
Issuance of common stock for related party notes payable, shares |
|
206,000
|
|
|
|
Balance , Ending value at Jun. 30, 2023 |
|
$ 502
|
67,279,869
|
(66,088,135)
|
1,192,236
|
End balance, shares at Jun. 30, 2023 |
|
5,021,857
|
|
|
|
Net income (loss) |
|
|
|
(91,734)
|
(91,734)
|
Balance , Ending value at Sep. 30, 2023 |
|
$ 502
|
$ 67,279,869
|
$ (66,179,869)
|
$ 1,100,502
|
End balance, shares at Sep. 30, 2023 |
|
5,021,857
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
Condensed and Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
OPERATING ACTIVITIES |
|
|
|
|
Net income (loss) |
$ (91,734)
|
$ (59,402)
|
$ (263,891)
|
$ (51,064)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities |
|
|
|
|
Unrealized (gain) loss on investment in precious metals |
21,556
|
62,779
|
47,532
|
113,775
|
Depreciation |
|
|
166
|
806
|
Loss on settlement of related party debt |
|
|
123,600
|
|
Gain on extinguishment of debt |
|
|
|
(30,250)
|
Changes in operating assets and liabilities |
|
|
|
|
Inventories – coins |
|
|
(91,238)
|
(160,162)
|
Prepaid expenses |
|
|
(10,218)
|
419
|
Accounts payable and accrued expenses |
|
|
91,754
|
(78,233)
|
Net cash used in operating activities |
|
|
(102,295)
|
(204,709)
|
INVESTING ACTIVITIES |
|
|
|
|
Net cash used in investing activities |
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Proceeds from loan – related parties |
|
|
103,685
|
207,687
|
Net cash provided by financing activities |
|
|
103,685
|
207,687
|
Net change in cash |
|
|
1,390
|
2,978
|
Cash, beginning of period |
|
|
16,691
|
30,168
|
Cash, end of period |
$ 18,081
|
$ 33,146
|
18,081
|
33,146
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW ACTIVITIES: |
|
|
|
|
Interest |
|
|
|
|
Income taxes |
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
Extinguishment of debt |
|
|
|
30,250
|
Shares issued in exchange for related party debt |
|
|
$ 103,000
|
|
X |
- DefinitionNoncash extinguishment of debt.
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE
OF OPERATIONS
Sunstock,
Inc. (“Sunstock” or “the Company”) was incorporated on July 23, 2012, as Sandgate Acquisition Corporation, under
the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and
acquisitions. In July 2013, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing
shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection
with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s
name from Sandgate Acquisition Corporation to Sunstock, Inc. On July 18, 2013, Jason Chang and Dr. Ramnik S Clair were named as directors
of the Company.
On
October 22, 2018, Sunstock, Inc. acquired all assets and liabilities of Mom’s Silver Shop, Inc. (the “Retail Store”)
located in Sacramento, California.
The
Company’s business plan includes the buying, selling and distribution of precious metals, primarily gold. The Company pursues a
“ground to coin” strategy, whereby it seeks to acquire mining assets as well as rights to purchase mining production and
to sell these metals primarily through retail channels including their own branded coins. The Company emphasizes investment in enduring
assets that we believe may provide ‘resource to retail’ conversion upside. Our goal is to provide our shareholders with an
exceptional opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with
actual mining operations.
BASIS
OF PRESENTATION
The
accompanying unaudited condensed and consolidated financial statements of Sunstock, Inc. were prepared in accordance with the instructions
to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with U.S. GAAP.
The
accompanying condensed and consolidated balance sheet at December 31, 2022, has been derived from audited consolidated financial statements,
but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The accompanying unaudited condensed and consolidated financial statements as of September 30, 2023 and for the three and
nine months ended September 30, 2023 and 2022, have been prepared in accordance with U.S. GAAP for interim financial information and
with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements, and should be read in conjunction with the audited consolidated financial statements
and related notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022 as filed with the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all material adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation have been made to the unaudited condensed and consolidated
financial statements. The unaudited condensed and consolidated financial statements include all material adjustments (consisting of all
normal accruals) necessary to make the condensed and consolidated financial statements not misleading as required by Regulation S-X Rule
10-01. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may
be expected for the year ended December 31, 2023 or any future periods.
USE
OF ESTIMATES
The
preparation of the unaudited condensed and consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made by the Company’s management include realizability and valuation of inventories
and value of stock-based transactions.
CONCENTRATION
OF RISK
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its
cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation
limit as of September 30, 2023 and December 31, 2022.
CASH
AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
INVENTORIES
INVENTORY
- COINS
The
Company acquires collectible coins from both companies and individuals and then marks them up for resale. The inventory is recorded at
lower of cost or market or net realizable value. Inventory can fluctuate in relation to when it is purchased and when it is sold. Collectible
coins inventory was $1,041,875 at September 30, 2023 compared to $950,637 at December 31, 2022.
At
each balance sheet date, the Company evaluates its ending inventory quantities on hand and on order and records a provision for excess
quantities and obsolescence. Among other factors, the Company considers historical demand and forecasted demand in relation to the inventory
on hand, competitiveness of product offerings, market conditions and product life cycles when determining obsolescence and net realizable
value. In addition, the Company considers changes in the market value of components in determining the net realizable value of its inventory.
Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs
are considered permanent adjustments to the cost basis of the excess or obsolete inventories.
INVENTORY
– PRECIOUS METALS
Inventories
of precious metals and coins held for investment at September 30, 2023 include $753,490 of gold and silver bullion and bullion coins
and $801,022 at December 31, 2022 and are acquired and initially recorded at fair market value. The fair market value of the bullion
and bullion coins is comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and
2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished
goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable
sources such as Kitco and Apmex. The Company’s inventory is subsequently recorded at fair market values on a quarterly basis. The
fair value of the inventory is determined using pricing and data derived from the markets on which the underlying commodities are traded.
Precious metals commodities inventories are classified in Level 1 of the valuation hierarchy as defined later in this section. The Company
has continuously experienced a shortage of cash and has had significantly past due obligations. While the Company’s preference
is to hold the silver and gold bullion to achieve long-term gains, the bullion is available to pay current obligations should the Company
not be able to raise cash through issuance of stock or notes payable. Thus, the Company believes that including the gold and silver bullion
in current assets under inventory is appropriate.
INVENTORY
– PRECIOUS METALS (CONTINUED)
The
change in fair value of the precious metals was included in the financial statements herein as recorded on the Company’s Statements
of Operations as an unrealized loss in precious metal of $21,556 for the three months ended September 30, 2023, an unrealized loss in
precious metals of $62,779 for the three months ended September 30, 2022, an unrealized loss in precious metals of $47,532 for the nine
months ended September 30, 2023, and an unrealized loss of $113,775 for the nine months ended September 30, 2022.
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of 3 to 5 years.
Any leasehold improvements are amortized at the lesser of the useful life of the asset or the lease term.
LONG-LIVED
ASSETS
The
Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. If the expected future cash flow from the use of the asset and its eventual disposition
is less than the carrying amount of the asset, an impairment loss is recognized and measured using the fair value of the related asset.
No impairment charges were incurred during the nine months ended September 30, 2023 and 2022. There can be no assurance, however, that
market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived
assets in the future.
REVENUE
RECOGNITION
The
Company’s principal activities from which it generates revenue are product sales. Revenue is measured based on considerations specified
in a contract with a customer. A contract exists when it becomes a legally enforceable agreement with a customer. These contracts define
each party’s rights, payment terms and other contractual terms and conditions of the sale. Consideration is typically paid at time
of sale via credit card, check, or cash when products are sold direct to consumers.
A
performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of
a product to customers. Performance obligations promised in a contract are identified based on the goods that will be transferred to
the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the goods
is separately identifiable from other promises in the contract. The Company has concluded the sale of product and related shipping and
handling are accounted for as the single performance obligation.
The
transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer
receives the benefit of the performance obligation. The transaction price is determined based on the consideration to which the Company
will be entitled to receive in exchange for transferring goods to the customer. We do not issue refunds.
The
Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer
when product is shipped based on fulfillment by the Company or when a point-of-sale transaction is completed. Taxes assessed by a governmental
authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from
a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has
transferred to a customer are accounted for as a fulfillment cost and are included in cost of product sales. The Company does not accept
returns.
INCOME
TAXES
The
Company accounts for income taxes and the related accounts under the liability method. Deferred tax assets and liabilities are determined
based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities. A valuation
allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all
of the deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred
tax assets. The Company’s income tax provision consists of state minimum taxes.
The
Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be
sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a
50% likelihood of being sustained.
There
are no unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate.
The
Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had
$0 accrued for interest and penalties on each of the Company’s balance sheets at September 30, 2023 and December 31, 2022.
INCOME
(LOSS) PER COMMON SHARE
Basic
income (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares
outstanding during the period. Diluted income (loss) per share reflects additional common shares that would have been outstanding if
dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance.
The Company had no potential common shares as of September 30, 2023 and September 30, 2022.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
The
Company measures the fair value of certain of its financial assets on a recurring basis. A fair value hierarchy is used to rank the quality
and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified
and disclosed in one of the following three categories:
Level
1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar
assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities; and
Level
3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities, such as derivative liabilities in relation to the conversion feature of notes payable.
At
September 30, 2023 and December 31, 2022, the Company’s financial instruments include cash, precious metals inventory, coins inventory,
SBA loan, and accounts payable and accrued expenses. The carrying amount of cash, precious metals inventory, coins inventory, SBA loan,
and accounts payable and accrued expenses approximates fair value due to the short-term maturities of these instruments. Inventory –
precious metals is at fair value measured under the Level 1 category.
PRINCIPLES
OF CONSOLIDATION
We
consolidate entities that we control due to ownership of a majority voting interest. All intercompany balances and transactions have
been eliminated in consolidation.
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- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.23.3
GOING CONCERN
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 - GOING CONCERN
The
Company has not posted annual operating income since inception. It has an accumulated deficit of $66,179,869 as of September 30, 2023.
The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to
meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or
other third parties. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.
These
unaudited condensed and consolidated financial statements have been prepared on a going concern basis, which implies the Company will
continue is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to
continue operations, successfully locating and negotiate with a business entity for the combination of that target company with the Company.
There
is no assurance that the Company will ever be profitable. The unaudited condensed and consolidated financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications
of liabilities that may result should the Company be unable to continue as a going concern.
The
Company intends to initiate discussions with an undetermined third party in regards to raising funds through a private placement of equity
which, if it occurs, will provide the Company with funds to expand its operations and likely eliminate the going concern issue.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.3
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
3 – PROPERTY AND EQUIPMENT
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
September 30, 2023 | | |
December 31, 2022 | |
Furniture and equipment | |
$ | 58,460 | | |
$ | 58,460 | |
Less – accumulated depreciation | |
| (58,202 | ) | |
| (58,036 | ) |
Total property and equipment | |
$ | 258 | | |
$ | 424 | |
Depreciation
expense for the three months ended September 30, 2023 and 2022 was $55 and $211, respectively, and for the nine months ended September
30, 2023 and 2022 was $166 and $805, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
4 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued court decision | |
$ | 338,171 | | |
$ | 260,308 | |
Accrued consultant fees | |
| 133,691 | | |
| 131,500 | |
Accrued audit fees | |
| 14,520 | | |
| 8,089 | |
Accrued dividends – preferred stock | |
| 36,326 | | |
| 36,326 | |
Expenses owed related party | |
| - | | |
| 4,631 | |
Accrued interest payable | |
| 18,765 | | |
| 14,436 | |
Accrued interest payable related party | |
| 12,431 | | |
| 16,176 | |
Other accrued expenses | |
| 12,467 | | |
| 8,671 | |
Total | |
$ | 566,371 | | |
$ | 480,137 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
RELATED PARTY ACTIVITY
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY ACTIVITY |
NOTE
5 - RELATED PARTY ACTIVITY
During
the nine months ended September 30, 2023, the Company was provided loans totaling $103,685 by the Company’s chief executive officer.
The loans bear interest at 6% per annum. There was $12,431 in accrued interest at September 30, 2023.
During
the nine months ended September 30, 2023, the Company issued 206,000 shares of common stock to the Company’s chief executive officer
in exchange for $97,480 in loan principal and $5,520 in accrued interest.
During
the nine months ended September 30, 2022, the Company was provided loans totaling $207,687 by the Company’s chief executive officer.
The loans bear interest at 6% per annum. There was $13,292 in accrued interest at September 30, 2022.
As
of September 30, 2023, the Company had $36,326 in accrued dividends on preferred stock, of which $19,141 was due to the Company’s
chief executive officer.
The
following table is a summary of the activity for Loans payable- related parties principal for the nine months ended September 30, 2023
and September 30, 2022:
SUMMARY OF ACTIVITY FOR LOANS PAYABLE - RELATED PARTIES
Balance at 12/31/2021 | |
$ | 153,100 | |
Loan advances | |
| 207,687 | |
| |
| - | |
Balance at 09/30/2022 | |
$ | 360,787 | |
| |
| | |
Balance at 12/31/2022 | |
$ | 6,000 | |
Loan advances | |
| 103,685 | |
Loan principal converted to common stock | |
| (97,480 | ) |
Balance at 09/30/2023 | |
$ | 12,205 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6 – COMMITMENTS AND CONTINGENCIES
The
Company leases space for the Retail Store. The lease is for five years and runs through September 2023. The lease calls for payments
of $1,305.60 per month for the first year, with a 3% increase per year for years two through five.
As
of September 30, 2023, the lease term had expired and the Company was on a month-to-month rent. The Company is currently working on a
new lease agreement.
LITIGATION
On
August 21, 2020, Boustead Securities, LLC (“Boustead”) filed suit against Sunstock, Inc. (“Sunstock”) in the
County of Orange, California. Boustead is an investment banking firm engaged by Sunstock on September 19, 2019 to raise equity.
Boustead maintained that Sunstock owed it 87,179
shares of Preferred Stock Warrants and 9,231
shares of Common Stock Warrants. Boustead also sought general damages, interest, and costs of the suit. Sunstock believed that
Boustead had not fulfilled its obligations in raising equity and vigorously contested the suit. Sunstock hired an arbitrator but
there was no resolution between Sunstock and Boustead. The matter went to trial in September 2021 and on November 2, 2021 the Court
determined that Sunstock owed Boustead $260,308
for warrants issued that Sunstock did not honor. $260,308
was accrued and is shown as part of accounts payable and accrued expenses in the balance sheet. See detail in Note 4 above. The
warrants are no longer outstanding (see Note 9). All other monetary claims by Boustead were dismissed by the Court. The $260,308
is to be paid in cash. The Company filed an appeal of the judgment on December 9, 2021. On August 17, 2023, the Court found that
Sunstock owed Boustead $338,170.87
for damages, attorneys’ fees and costs. Sunstock has accrued an additional $77,863
in the period ended September 30, 2023. $77,863
shows in the statement of operations under lawsuit judgment in operating expenses.
In
December 2020, a former employee of Sunstock filed a claim with the California Labor Commission regarding claimed back pay owed. A preliminary
hearing was held on January 4, 2021 and the Company is currently awaiting the next step.
INDEMNITIES
AND GUARANTEES
The
Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party,
in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under
the laws of the State of Delaware. In connection with its facility leases, the Company has agreed to indemnify its lessors for certain
claims arising from the use of the facilities. The duration of the guarantees and indemnities varies, and is generally tied to the life
of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company
could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore,
no liabilities have been recorded for these indemnities and guarantees in the accompanying balance sheets.
CONTINGENCIES
The
full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management is actively monitoring the global
situation on its financial condition, liquidity operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19
outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its
results of operations, financial condition or liquidity for the fiscal year 2023. However, to date there has not been a decrease in sales.
The Company believes that in this time of uncertainty, individuals are buying collectible coins as a safe haven. The Company is unable
to predict if such buying will continue during this time of uncertainty or if the buying will decrease as events change and evolve.
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v3.23.3
SBA LOAN
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SBA LOAN |
NOTE
7 – SBA LOAN
In
June 2020, the Company received a $150,000 loan (less $100 expense) from the Small Business Administration (“SBA”). The loan
is for thirty years, interest is 3.75% per annum, and payments of $731 are monthly beginning twenty-four months after closing.
SCHEDULE OF FUTURE PAYMENTS OF DEBT
| |
Remaining Loan Payments | |
2023 | |
$ | 14,155 | |
2024 | |
| 8,940 | |
2025 | |
| 8,940 | |
2026 | |
| 8,940 | |
2027 | |
| 8,940 | |
thereafter | |
| 200,405 | |
Total remaining loan payments | |
| 250,320 | |
Less: imputed interest | |
| (100,320 | ) |
Total loan liability | |
| 150,000 | |
Less: current portion | |
| (7,526 | ) |
Long term loan liability | |
$ | 142,474 | |
| |
| | |
Weighted average remaining lease term | |
| 26.7
years | |
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v3.23.3
PPP LOAN
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
PPP LOAN |
NOTE
8 – PPP LOAN
In
February and May 2021, the Company received a $15,125 loan and a $15,125 loan from the federal Paycheck Protection Program (“PPP”),
respectively. The loans are for five years, interest is 1.0% per annum, and no payments are due until maturity. The loans were forgiven
in the first three months of 2022.
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v3.23.3
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
9- STOCKHOLDERS’ EQUITY
COMMON
STOCK
The
Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 of preferred stock.
During
the nine months ended September 30, 2023, the Company issued 206,000 shares of its common stock to its chief executive officer for the
conversion of $97,480 of related party notes payable and $5,520 of accrued interest related party.
During
the nine months ended September 30, 2022, the Company issued no shares of its common stock.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10 – SUBSEQUENT EVENTS
The
Company follows the guidance in FASB ASC Topic 855, Subsequent Events (“ASC 855”), which provides guidance to establish
general standards of accounting for and disclosures of events that occur after the balance sheet date but before the consolidated financial
statements are issued or are available to be issued. ASC 855 sets forth (i) the period after the balance sheet date during which management
of a reporting entity evaluates events or transactions that may occur for potential recognition or disclosure in the unaudited condensed
and consolidated financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring
after the balance sheet date in its condensed and consolidated financial statements, and (iii) the disclosures that an entity should
make about events or transactions that occurred after the balance sheet date. The Company has no subsequent events as of the date of this
report.
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS |
NATURE
OF OPERATIONS
Sunstock,
Inc. (“Sunstock” or “the Company”) was incorporated on July 23, 2012, as Sandgate Acquisition Corporation, under
the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and
acquisitions. In July 2013, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing
shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection
with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s
name from Sandgate Acquisition Corporation to Sunstock, Inc. On July 18, 2013, Jason Chang and Dr. Ramnik S Clair were named as directors
of the Company.
On
October 22, 2018, Sunstock, Inc. acquired all assets and liabilities of Mom’s Silver Shop, Inc. (the “Retail Store”)
located in Sacramento, California.
The
Company’s business plan includes the buying, selling and distribution of precious metals, primarily gold. The Company pursues a
“ground to coin” strategy, whereby it seeks to acquire mining assets as well as rights to purchase mining production and
to sell these metals primarily through retail channels including their own branded coins. The Company emphasizes investment in enduring
assets that we believe may provide ‘resource to retail’ conversion upside. Our goal is to provide our shareholders with an
exceptional opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with
actual mining operations.
|
BASIS OF PRESENTATION |
BASIS
OF PRESENTATION
The
accompanying unaudited condensed and consolidated financial statements of Sunstock, Inc. were prepared in accordance with the instructions
to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with U.S. GAAP.
The
accompanying condensed and consolidated balance sheet at December 31, 2022, has been derived from audited consolidated financial statements,
but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The accompanying unaudited condensed and consolidated financial statements as of September 30, 2023 and for the three and
nine months ended September 30, 2023 and 2022, have been prepared in accordance with U.S. GAAP for interim financial information and
with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements, and should be read in conjunction with the audited consolidated financial statements
and related notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022 as filed with the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all material adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation have been made to the unaudited condensed and consolidated
financial statements. The unaudited condensed and consolidated financial statements include all material adjustments (consisting of all
normal accruals) necessary to make the condensed and consolidated financial statements not misleading as required by Regulation S-X Rule
10-01. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may
be expected for the year ended December 31, 2023 or any future periods.
|
USE OF ESTIMATES |
USE
OF ESTIMATES
The
preparation of the unaudited condensed and consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates made by the Company’s management include realizability and valuation of inventories
and value of stock-based transactions.
|
CONCENTRATION OF RISK |
CONCENTRATION
OF RISK
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its
cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation
limit as of September 30, 2023 and December 31, 2022.
|
CASH AND CASH EQUIVALENTS |
CASH
AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
|
INVENTORIES |
INVENTORIES
INVENTORY
- COINS
The
Company acquires collectible coins from both companies and individuals and then marks them up for resale. The inventory is recorded at
lower of cost or market or net realizable value. Inventory can fluctuate in relation to when it is purchased and when it is sold. Collectible
coins inventory was $1,041,875 at September 30, 2023 compared to $950,637 at December 31, 2022.
At
each balance sheet date, the Company evaluates its ending inventory quantities on hand and on order and records a provision for excess
quantities and obsolescence. Among other factors, the Company considers historical demand and forecasted demand in relation to the inventory
on hand, competitiveness of product offerings, market conditions and product life cycles when determining obsolescence and net realizable
value. In addition, the Company considers changes in the market value of components in determining the net realizable value of its inventory.
Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Once established, write-downs
are considered permanent adjustments to the cost basis of the excess or obsolete inventories.
INVENTORY
– PRECIOUS METALS
Inventories
of precious metals and coins held for investment at September 30, 2023 include $753,490 of gold and silver bullion and bullion coins
and $801,022 at December 31, 2022 and are acquired and initially recorded at fair market value. The fair market value of the bullion
and bullion coins is comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and
2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished
goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable
sources such as Kitco and Apmex. The Company’s inventory is subsequently recorded at fair market values on a quarterly basis. The
fair value of the inventory is determined using pricing and data derived from the markets on which the underlying commodities are traded.
Precious metals commodities inventories are classified in Level 1 of the valuation hierarchy as defined later in this section. The Company
has continuously experienced a shortage of cash and has had significantly past due obligations. While the Company’s preference
is to hold the silver and gold bullion to achieve long-term gains, the bullion is available to pay current obligations should the Company
not be able to raise cash through issuance of stock or notes payable. Thus, the Company believes that including the gold and silver bullion
in current assets under inventory is appropriate.
INVENTORY
– PRECIOUS METALS (CONTINUED)
The
change in fair value of the precious metals was included in the financial statements herein as recorded on the Company’s Statements
of Operations as an unrealized loss in precious metal of $21,556 for the three months ended September 30, 2023, an unrealized loss in
precious metals of $62,779 for the three months ended September 30, 2022, an unrealized loss in precious metals of $47,532 for the nine
months ended September 30, 2023, and an unrealized loss of $113,775 for the nine months ended September 30, 2022.
|
PROPERTY AND EQUIPMENT |
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of 3 to 5 years.
Any leasehold improvements are amortized at the lesser of the useful life of the asset or the lease term.
|
LONG-LIVED ASSETS |
LONG-LIVED
ASSETS
The
Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. If the expected future cash flow from the use of the asset and its eventual disposition
is less than the carrying amount of the asset, an impairment loss is recognized and measured using the fair value of the related asset.
No impairment charges were incurred during the nine months ended September 30, 2023 and 2022. There can be no assurance, however, that
market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived
assets in the future.
|
REVENUE RECOGNITION |
REVENUE
RECOGNITION
The
Company’s principal activities from which it generates revenue are product sales. Revenue is measured based on considerations specified
in a contract with a customer. A contract exists when it becomes a legally enforceable agreement with a customer. These contracts define
each party’s rights, payment terms and other contractual terms and conditions of the sale. Consideration is typically paid at time
of sale via credit card, check, or cash when products are sold direct to consumers.
A
performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of
a product to customers. Performance obligations promised in a contract are identified based on the goods that will be transferred to
the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the goods
is separately identifiable from other promises in the contract. The Company has concluded the sale of product and related shipping and
handling are accounted for as the single performance obligation.
The
transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer
receives the benefit of the performance obligation. The transaction price is determined based on the consideration to which the Company
will be entitled to receive in exchange for transferring goods to the customer. We do not issue refunds.
The
Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer
when product is shipped based on fulfillment by the Company or when a point-of-sale transaction is completed. Taxes assessed by a governmental
authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from
a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has
transferred to a customer are accounted for as a fulfillment cost and are included in cost of product sales. The Company does not accept
returns.
|
INCOME TAXES |
INCOME
TAXES
The
Company accounts for income taxes and the related accounts under the liability method. Deferred tax assets and liabilities are determined
based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities. A valuation
allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all
of the deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred
tax assets. The Company’s income tax provision consists of state minimum taxes.
The
Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be
sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a
50% likelihood of being sustained.
There
are no unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate.
The
Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had
$0 accrued for interest and penalties on each of the Company’s balance sheets at September 30, 2023 and December 31, 2022.
|
INCOME (LOSS) PER COMMON SHARE |
INCOME
(LOSS) PER COMMON SHARE
Basic
income (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares
outstanding during the period. Diluted income (loss) per share reflects additional common shares that would have been outstanding if
dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance.
The Company had no potential common shares as of September 30, 2023 and September 30, 2022.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR
VALUE OF FINANCIAL INSTRUMENTS
The
Company measures the fair value of certain of its financial assets on a recurring basis. A fair value hierarchy is used to rank the quality
and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified
and disclosed in one of the following three categories:
Level
1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar
assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities; and
Level
3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities, such as derivative liabilities in relation to the conversion feature of notes payable.
At
September 30, 2023 and December 31, 2022, the Company’s financial instruments include cash, precious metals inventory, coins inventory,
SBA loan, and accounts payable and accrued expenses. The carrying amount of cash, precious metals inventory, coins inventory, SBA loan,
and accounts payable and accrued expenses approximates fair value due to the short-term maturities of these instruments. Inventory –
precious metals is at fair value measured under the Level 1 category.
|
PRINCIPLES OF CONSOLIDATION |
PRINCIPLES
OF CONSOLIDATION
We
consolidate entities that we control due to ownership of a majority voting interest. All intercompany balances and transactions have
been eliminated in consolidation.
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accrued court decision | |
$ | 338,171 | | |
$ | 260,308 | |
Accrued consultant fees | |
| 133,691 | | |
| 131,500 | |
Accrued audit fees | |
| 14,520 | | |
| 8,089 | |
Accrued dividends – preferred stock | |
| 36,326 | | |
| 36,326 | |
Expenses owed related party | |
| - | | |
| 4,631 | |
Accrued interest payable | |
| 18,765 | | |
| 14,436 | |
Accrued interest payable related party | |
| 12,431 | | |
| 16,176 | |
Other accrued expenses | |
| 12,467 | | |
| 8,671 | |
Total | |
$ | 566,371 | | |
$ | 480,137 | |
|
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v3.23.3
RELATED PARTY ACTIVITY (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
SUMMARY OF ACTIVITY FOR LOANS PAYABLE - RELATED PARTIES |
The
following table is a summary of the activity for Loans payable- related parties principal for the nine months ended September 30, 2023
and September 30, 2022:
SUMMARY OF ACTIVITY FOR LOANS PAYABLE - RELATED PARTIES
Balance at 12/31/2021 | |
$ | 153,100 | |
Loan advances | |
| 207,687 | |
| |
| - | |
Balance at 09/30/2022 | |
$ | 360,787 | |
| |
| | |
Balance at 12/31/2022 | |
$ | 6,000 | |
Loan advances | |
| 103,685 | |
Loan principal converted to common stock | |
| (97,480 | ) |
Balance at 09/30/2023 | |
$ | 12,205 | |
|
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SBA LOAN (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF FUTURE PAYMENTS OF DEBT |
SCHEDULE OF FUTURE PAYMENTS OF DEBT
| |
Remaining Loan Payments | |
2023 | |
$ | 14,155 | |
2024 | |
| 8,940 | |
2025 | |
| 8,940 | |
2026 | |
| 8,940 | |
2027 | |
| 8,940 | |
thereafter | |
| 200,405 | |
Total remaining loan payments | |
| 250,320 | |
Less: imputed interest | |
| (100,320 | ) |
Total loan liability | |
| 150,000 | |
Less: current portion | |
| (7,526 | ) |
Long term loan liability | |
$ | 142,474 | |
| |
| | |
Weighted average remaining lease term | |
| 26.7
years | |
|
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v3.23.3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Inventory [Line Items] |
|
|
|
|
|
Unrealized loss in precious metals |
$ 21,556
|
$ 62,779
|
$ 47,532
|
$ 113,775
|
|
Impairment charges |
|
|
0
|
$ 0
|
|
Accrued interest penalties |
$ 0
|
|
$ 0
|
|
$ 0
|
Minimum [Member] |
|
|
|
|
|
Inventory [Line Items] |
|
|
|
|
|
Property plant and equipment useful life |
3 years
|
|
3 years
|
|
|
Maximum [Member] |
|
|
|
|
|
Inventory [Line Items] |
|
|
|
|
|
Property plant and equipment useful life |
5 years
|
|
5 years
|
|
|
Coins [Member] |
|
|
|
|
|
Inventory [Line Items] |
|
|
|
|
|
Inventory |
$ 1,041,875
|
|
$ 1,041,875
|
|
950,637
|
Precious Metals and Coins [Member] |
|
|
|
|
|
Inventory [Line Items] |
|
|
|
|
|
Inventory |
$ 753,490
|
|
$ 753,490
|
|
$ 801,022
|
X |
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v3.23.3
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued court decision |
$ 338,171
|
$ 260,308
|
Accrued consultant fees |
133,691
|
131,500
|
Accrued audit fees |
14,520
|
8,089
|
Accrued dividends – preferred stock |
36,326
|
36,326
|
Expenses owed related party |
|
4,631
|
Accrued interest payable |
18,765
|
14,436
|
Accrued interest payable related party |
12,431
|
16,176
|
Other accrued expenses |
12,467
|
8,671
|
Total |
$ 566,371
|
$ 480,137
|
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v3.23.3
SUMMARY OF ACTIVITY FOR LOANS PAYABLE - RELATED PARTIES (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
Ending Balance |
$ 150,000
|
|
Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Beginning Balance |
6,000
|
$ 153,100
|
Loan advances |
103,685
|
207,687
|
Loan principal converted to common stock |
(97,480)
|
|
Ending Balance |
$ 12,205
|
$ 360,787
|
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RELATED PARTY ACTIVITY (Details Narrative) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Loan amount |
$ 103,685
|
$ 207,687
|
|
Interest payable |
18,765
|
|
$ 14,436
|
Accrued dividends |
36,326
|
|
$ 36,326
|
Chief Executive Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Loan amount |
$ 103,685
|
$ 207,687
|
|
Interest rate |
6.00%
|
6.00%
|
|
Interest payable |
$ 12,431
|
$ 13,292
|
|
Common stock shares issued |
206,000
|
|
|
Accrued dividends |
$ 19,141
|
|
|
Chief Executive Officer [Member] | Common Stock [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest payable |
$ 5,520
|
|
|
Common stock shares issued |
206,000
|
|
|
Loan principal amount |
$ 97,480
|
|
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
Aug. 17, 2023 |
Nov. 02, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Aug. 21, 2020 |
Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
Operating expenses |
|
|
$ 100,123
|
$ 20,954
|
$ 198,885
|
$ 125,863
|
|
Lawsuit judgement |
|
|
$ 77,863
|
|
$ 77,863
|
|
|
Boustead Securities, LLC [Member] |
|
|
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
Demages fee |
$ 33,817,087
|
|
|
|
|
|
|
Preferred Stock Warrants [Member] | Boustead Securities, LLC [Member] |
|
|
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
Warrant owed |
|
|
|
|
|
|
87,179
|
Common Stock Warrants [Member] | Boustead Securities, LLC [Member] |
|
|
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
Warrant owed |
|
|
|
|
|
|
9,231
|
Fair value adjustment of warrants |
|
$ 260,308
|
|
|
|
|
|
Operating expenses |
|
260,308
|
|
|
|
|
|
Cash |
|
$ 260,308
|
|
|
|
|
|
Retail Store [Member] |
|
|
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
Lessee, operating lease, description |
|
|
|
|
The lease is for five years and runs through September 2023. The lease calls for payments
of $1,305.60 per month for the first year, with a 3% increase per year for years two through five
|
|
|
Lessee, operating lease, term of contract |
|
|
5 years
|
|
5 years
|
|
|
Operating lease, payments |
|
|
|
|
$ 1,305.60
|
|
|
Percentage of lease |
|
|
3.00%
|
|
3.00%
|
|
|
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v3.23.3
SCHEDULE OF FUTURE PAYMENTS OF DEBT (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
2023 |
$ 14,155
|
|
2024 |
8,940
|
|
2025 |
8,940
|
|
2026 |
8,940
|
|
2027 |
8,940
|
|
thereafter |
200,405
|
|
Total remaining loan payments |
250,320
|
|
Less: imputed interest |
(100,320)
|
|
Total loan liability |
150,000
|
|
Less: current portion |
(7,526)
|
|
Long term loan liability |
$ 142,474
|
$ 144,953
|
Weighted average remaining lease term |
26 years 8 months 12 days
|
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Common stock shares authorized |
100,000,000
|
100,000,000
|
|
Preferred stock shares authorized |
20,000,000
|
20,000,000
|
|
Accrued interest related party |
$ 18,765
|
$ 14,436
|
|
Common stock issued |
5,021,857
|
4,815,857
|
0
|
Chief Executive Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Common stock shares issued |
206,000
|
|
|
Accrued interest related party |
$ 12,431
|
|
$ 13,292
|
Chief Executive Officer [Member] | Related Party [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Conversion of related party notes payable |
97,480
|
|
|
Accrued interest related party |
$ 5,520
|
|
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
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