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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number 000-54892
STARCO
BRANDS, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
27-1781753 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
706
N Citrus Ave, Los Angeles, CA |
|
90038 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(323)
266-7111
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A Common Stock |
|
STCB |
|
OTC
Markets Group OTCQB Tier |
Securities
registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐
No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date: As of May 14, 2024, there were 643,303,526 shares of the registrant’s Class A common stock and zero shares of the registrant’s Class
B common stock outstanding. On February 9, 2023, the registrant’s “common stock” was renamed “Class A common
stock” and a new class of common stock was created which was referred to as “Class B common stock”. Throughout this
report, any reference to common stock prior to February 9, 2023, shall represent the same number of Class A common stock following February
9, 2023.
STARCO
BRANDS, INC. AND SUBSIDIARIES
FORM
10-Q
FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2024
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
STARCO
BRANDS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,766,960 | | |
$ | 1,761,225 | |
Accounts receivable, net of allowance for credit losses of $431,380
and $350,112, respectively | |
| 5,265,063 | | |
| 7,034,950 | |
Accounts receivable, related party | |
| 2,417,096 | | |
| 2,625,713 | |
Prepaid expenses and other assets | |
| 2,547,286 | | |
| 3,138,162 | |
Inventory | |
| 11,260,668 | | |
| 10,675,540 | |
Total Current Assets | |
| 23,257,073 | | |
| 25,235,590 | |
| |
| | | |
| | |
Property and equipment, net | |
| 80,343 | | |
| 58,159 | |
Intangibles, net | |
| 30,687,433 | | |
| 31,362,388 | |
Goodwill | |
| 26,689,391 | | |
| 26,689,391 | |
| |
| | | |
| | |
Total Assets | |
$ | 80,714,240 | | |
$ | 83,345,528 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 10,626,732 | | |
$ | 9,799,040 | |
Other payables and accrued liabilities | |
| 1,651,247 | | |
| 2,476,186 | |
Accrued interest, related party | |
| - | | |
| 5,681 | |
Fair value of Share Adjustment | |
| 20,753,328 | | |
| 36,931,330 | |
Treasury stock payable, current | |
| - | | |
| 65,700 | |
Notes payable, $4,472,500 and $4,472,500 from related party, respectively | |
| 4,567,252 | | |
| 4,559,219 | |
Line of Credit | |
| 3,063,995 | | |
| 3,835,247 | |
Total Current Liabilities | |
| 40,662,554 | | |
| 57,672,403 | |
| |
| | | |
| | |
Total Liabilities | |
| 40,662,554 | | |
| 57,672,403 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 7) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $.001
par value; 40,000,000
shares authorized; no
shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively | |
| - | | |
| - | |
Class A common stock, $.001
par value; 1,700,000,000
shares authorized; 643,303,526
and 488,926,717
shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively | |
| 643,303 | | |
| 488,926 | |
Class B common stock, $.001
par value; 300,000,000
shares authorized no
shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively | |
| - | | |
| - | |
Common stock | |
| - | | |
| - | |
Additional paid in capital | |
| 96,951,792 | | |
| 75,130,223 | |
Treasury stock at cost | |
| (328,500 | ) | |
| (394,200 | ) |
Equity consideration payable | |
| 2,314,732 | | |
| 5,707,261 | |
Accumulated deficit | |
| (68,232,147 | ) | |
| (63,769,469 | ) |
Total Starco Brands’ Stockholders’ Equity | |
| 31,349,180 | | |
| 17,162,741 | |
| |
| | | |
| | |
Non-controlling interest | |
| 8,702,506 | | |
| 8,510,384 | |
Total Stockholders’ Equity | |
| 40,051,686 | | |
| 25,673,125 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 80,714,240 | | |
$ | 83,345,528 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STARCO
BRANDS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the Three Months Ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
| |
| | |
| |
Revenue, $2,310,196 and $2,787,485 from related parties, respectively, net | |
$ | 15,490,681 | | |
$ | 11,143,801 | |
| |
| | | |
| | |
Cost of goods sold | |
| 8,476,537 | | |
| 5,440,251 | |
| |
| | | |
| | |
Gross profit | |
$ | 7,014,144 | | |
$ | 5,703,550 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Compensation expense | |
$ | 2,574,728 | | |
$ | 1,425,617 | |
Professional fees | |
| 1,196,118 | | |
| 1,399,302 | |
Marketing, general and administrative | |
| 5,315,953 | | |
| 3,332,165 | |
Fair value share adjustment loss | |
| 1,921,949 | | |
| 1,179,154 | |
Total operating expenses | |
| 11,008,748 | | |
| 7,336,238 | |
| |
| | | |
| | |
Loss from operations | |
| (3,994,604 | ) | |
| (1,632,688 | ) |
| |
| | | |
| | |
Other Expense (Income): | |
| | | |
| | |
Interest expense | |
| 199,173 | | |
| 97,313 | |
Other expense (income) | |
| 76,779 | | |
| (66,871 | ) |
Total other expense, net | |
| 275,952 | | |
| 30,442 | |
| |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
$ | (4,270,556 | ) | |
$ | (1,663,130 | ) |
Net income attributable to non-controlling interest | |
| 192,122 | | |
$ | 58,416 | |
| |
| | | |
| | |
Net loss attributable to Starco Brands | |
$ | (4,462,678 | ) | |
$ | (1,721,546 | ) |
| |
| | | |
| | |
Loss per share, basic and diluted | |
$ | (0.01 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | |
Weighted Average Shares Outstanding – Basic and Diluted | |
| 565,485,843 | | |
| 378,433,304 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STARCO
BRANDS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Payable | | |
Deficit | | |
Interest | | |
Payable | | |
(Deficit) | |
| |
Class A Common Stock | | |
Additional Paid-in | | |
Treasury
Stock | | |
Accumulated | | |
Non-
controlling | | |
Equity
Consideration | | |
Stockholders’
Equity | |
| |
Shares | | |
Amount | | |
Capital | | |
Payable | | |
Deficit | | |
Interest | | |
Payable | | |
(Deficit) | |
Balance at December 31, 2022 | |
| 291,433,430 | | |
$ | 291,433 | | |
$ | 43,332,886 | | |
$ | (394,200 | ) | |
$ | (17,578,219 | ) | |
$ | 93,982 | | |
$ | 7,114,513 | | |
$ | 32,860,395 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Estimated fair value of contributed services and stock-based compensation | |
| 81,249 | | |
| 81 | | |
| 480,718 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 480,799 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares from Soylent acquisition | |
| 177,954,287 | | |
| 177,955 | | |
| 26,515,189 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 26,693,144 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity payable from Soylent acquisition | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,785,714 | | |
| 2,785,714 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Skylar purchase price acquisition adjustments | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (482,380 | ) | |
| (482,380 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,721,546 | ) | |
| 58,416 | | |
| - | | |
| (1,663,130 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2023 | |
| 469,468,966 | | |
$ | 469,469 | | |
$ | 70,328,793 | | |
$ | - | | |
$ | (19,299,765 | ) | |
$ | 152,398 | | |
$ | 9,417,847 | | |
$ | 60,674,542 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2023 | |
| 488,926,717 | | |
$ | 488,926 | | |
$ | 75,130,223 | | |
$ | (394,200 | ) | |
$ | (63,769,469 | ) | |
$ | 8,510,384 | | |
$ | 5,707,261 | | |
$ | 25,673,125 | |
Balance | |
| 488,926,717 | | |
$ | 488,926 | | |
$ | 75,130,223 | | |
$ | (394,200 | ) | |
$ | (63,769,469 | ) | |
$ | 8,510,384 | | |
$ | 5,707,261 | | |
$ | 25,673,125 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 483,466 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 483,466 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Soylent Share Adjustment | |
| 133,087,875 | | |
| 133,088 | | |
| 17,966,863 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 18,099,951 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity payable related to Soylent acquisition | |
| 16,309,203 | | |
| 16,309 | | |
| 2,430,071 | | |
| - | | |
| - | | |
| - | | |
| (2,446,380 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity payable related to AOS acquisition | |
| 4,979,731 | | |
| 4,980 | | |
| 941,169 | | |
| - | | |
| - | | |
| - | | |
| (946,149 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share repurchase | |
| | | |
| | | |
| - | | |
| 65,700 | | |
| - | | |
| - | | |
| - | | |
| 65,700 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,462,678 | ) | |
| 192,122 | | |
| - | | |
| (4,270,556 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,462,678 | ) | |
| 192,122 | | |
| - | | |
| (4,270,556 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
| 643,303,526 | | |
$ | 643,303 | | |
$ | 96,951,792 | | |
$ | (328,500 | ) | |
$ | (68,232,147 | ) | |
$ | 8,702,506 | | |
$ | 2,314,732 | | |
$ | 40,051,686 | |
Balance | |
| 643,303,526 | | |
$ | 643,303 | | |
$ | 96,951,792 | | |
$ | (328,500 | ) | |
$ | (68,232,147 | ) | |
$ | 8,702,506 | | |
$ | 2,314,732 | | |
$ | 40,051,686 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STARCO
BRANDS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Unaudited)
| |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the Three Months Ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (4,270,556 | ) | |
$ | (1,663,130 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | |
Common stock payable for services | |
| - | | |
| 81,249 | |
Contributed services | |
| - | | |
| 24,049 | |
Stock-based compensation | |
| 483,466 | | |
| 375,501 | |
Depreciation | |
| 4,666 | | |
| 3,719 | |
Amortization of intangible assets | |
| 701,604 | | |
| 3,742 | |
Amortization of debt discount | |
| - | | |
| 25,733 | |
Loss on stock payable share adjustment | |
| 1,921,949 | | |
| 1,179,154 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, related party | |
| 208,617 | | |
| 109 | |
Accounts receivable | |
| 1,769,887 | | |
| (418,176 | ) |
Prepaid expenses and other assets | |
| 590,876 | | |
| 515,963 | |
Inventory | |
| (585,128 | ) | |
| (2,005,702 | ) |
Operating lease right of use asset | |
| - | | |
| 19,327 | |
Accounts payable | |
| 827,692 | | |
| 1,819,071 | |
Other payables and accrued liabilities, related party | |
| (5,681 | ) | |
| 25,479 | |
Other payables and accrued liabilities | |
| (824,939 | ) | |
| (87,232 | ) |
Operating lease liability | |
| - | | |
| (20,667 | ) |
| |
| | | |
| | |
Net Cash Provided By (Used In) Operating Activities | |
| 822,453 | | |
| (121,811 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities: | |
| | | |
| | |
Cash acquired in Acquisition of Business, net of cash paid | |
| - | | |
| 172,423 | |
Purchases of intangibles | |
| (26,649 | ) | |
| (38,620 | ) |
Purchases of property & equipment | |
| (26,850 | ) | |
| - | |
| |
| | | |
| | |
Net Cash (Used In) Provided By Investing Activities | |
| (53,499 | ) | |
| 133,803 | |
| |
| | | |
| | |
Cash Flows From Financing Activities: | |
| | | |
| | |
Advances / loans from related parties | |
| - | | |
| 800,000 | |
Proceeds from notes payable | |
| 113,138 | | |
| - | |
Payments on notes payable | |
| (105,105 | ) | |
| (1,162,276 | ) |
Payment on Line of Credit | |
| (771,252 | ) | |
| - | |
Repurchase of common stock | |
| - | | |
| (32,850 | ) |
| |
| | | |
| | |
Net Cash Used In Financing Activities | |
| (763,219 | ) | |
| (395,126 | ) |
| |
| | | |
| | |
Net Increase (Decrease) In Cash | |
| 5,735 | | |
| (383,134 | ) |
| |
| | | |
| | |
Cash - Beginning of Period | |
| 1,761,225 | | |
| 1,480,371 | |
| |
| | | |
| | |
Cash - End of Period | |
$ | 1,766,960 | | |
$ | 1,097,237 | |
| |
| | | |
| | |
Supplemental Cash Flow Information: | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest paid | |
$ | 199,179 | | |
$ | 74,523 | |
Income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Noncash investing and financing activities: | |
| | | |
| | |
Settlement of Soylent share adjustment | |
$ | 18,099,951 | | |
$ | - | |
Equity payable related to Soylent acquisition | |
$ | 2,446,380 | | |
$ | - | |
Equity payable related to AOS acquisition | |
$ | 946,149 | | |
$ | - | |
Estimated fair value of shares issued in acquisitions | |
$ | - | | |
$ | 26,693,143 | |
Estimated fair value of shares payable to be issued for acquisitions | |
$ | - | | |
$ | 39,446,695 | |
Debt discount on notes payable issued with warrants | |
$ | - | | |
$ | 18,282 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STARCO
BRANDS, INC. AND SUBSIDIARIES
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE
MONTHS ENDED MARCH 31, 2024 AND 2023
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Starco
Brands, Inc. (STCB) was incorporated in the State of Nevada on January 26, 2010, under the name Insynergy, Inc. On September 7, 2017,
STCB filed an Amendment to the Articles of Incorporation to change the corporate name to Starco Brands, Inc. The Board determined the
change of STCB’s name was in the best interests of the Company due to changes in its current and anticipated business operations.
In July 2017, STCB entered into a licensing agreement with The Starco Group (“TSG”), located in Los Angeles, California.
The companies pivoted to commercializing novel consumer products manufactured by TSG. TSG is a private label and branded aerosol and
liquid fill manufacturer with manufacturing assets in the following verticals: DIY/Hardware, paints, coatings and adhesives, household,
hair care, disinfectants, automotive, motorcycle, arts & crafts, personal care cosmetics, personal care FDA, sun care, food, cooking
oils, beverages, and spirits and wine.
During
the third quarter of 2021, STCB formed two subsidiaries, Whipshots, LLC, a Wyoming limited liability company (“Whipshots
LLC”) and Whipshots, LLC, a Delaware limited liability company that was subsequently renamed Whipshots Holdings, LLC (“Whipshots
Holdings”). Whipshots LLC was a wholly-owned subsidiary of STCB at formation which was subsequently contributed to Whipshots Holdings.
Whipshots Holdings is a majority-owned subsidiary of STCB in which STCB owns 85% of the vested voting interests. There are vested interests
not owned by the Company for an additional 15% of the equity which has been issued.
On
September 12, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub Inc. (“Merger Sub”), completed its acquisition
(the “AOS Acquisition”) of The AOS Group Inc., a Delaware corporation (“AOS”). The AOS Acquisition consisted
of Merger Sub merging with and into AOS, with AOS being the surviving corporation. AOS is a wholly-owned subsidiary of STCB.
On
December 29, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub II. Inc. (“First Merger Sub”) completed its
acquisition (the “Skylar Acquisition”) of Skylar Body, Inc. (“Skylar Inc.”). The Skylar Acquisition consisted
of First Merger Sub merging with and into Skylar Inc. (“First Merger”) with Skylar Inc. being the surviving corporation,
and immediately following the First Merger, and as part of the same overall transaction as the First Merger, Skylar Inc. merged with
and into Second Merger Sub (the “Second Merger”) with the Second Merger Sub being the surviving entity Skylar Body, LLC (“Skylar”).
Skylar is a wholly-owned subsidiary of STCB.
On
February 15, 2023, the Company, through its wholly-owned subsidiary Starco Merger Sub I, Inc. (“Starco Merger Sub I”), completed
its acquisition (the “Soylent Acquisition”) of Soylent Nutrition, Inc., a Delaware corporation (“Soylent”). The
Soylent Acquisition consisted of Starco Merger Sub I merging with and into Soylent, with Soylent being the surviving corporation. Soylent
is a wholly-owned subsidiary of STCB.
The
accompanying consolidated financial statements are of STCB and its subsidiaries AOS, Skylar, Soylent, Whipshots Holdings and its wholly
owned subsidiary Whipshots LLC (collectively, the “Company”).
On
January 3, 2023, the board of directors of the Company approved the Amended and Restated Articles of Incorporation of Starco Brands,
Inc. (the “Amended and Restated Articles). On January 6, 2023, the stockholders of the Company representing 53.47% of the Company’s
outstanding common stock adopted the Amended and Restated Articles. On February 9, 2023, the Company filed the Amended and Restated Articles,
which, among other things, (i) increased the authorized shares of common stock, par value $0.001 per share, from 300,000,000 shares (the
“Old Common Stock”) to 2,000,000,000 shares, (ii) established two classes of Common Stock, consisting of (y) 1,700,000,000
shares of Class A common stock, par value $0.001 per share (“Class A common stock”), and (z) 300,000,000 shares of Class
B common stock, par value $0.001 per share and (iii) reclassified all issued, outstanding or authorized Old Common Stock of the Company
into Class A common stock on a one-for-one basis. As a result, following the filing of the Amended and Restated Articles with the Nevada
Secretary of State, the Company’s prior “common stock” was renamed Class A common stock on its trading symbol.
NOTE
2 – GOING CONCERN
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the normal course of business. The Company identified that a
substantial doubt exists related to the Company’s ability to meet its obligations as they become due within one year of the
date of the financial statements being issued. Principal conditions that gave rise to this substantial doubt include historical net
losses as indicated by the Company’s accumulated deficit of approximately $68,000,000 at
March 31, 2024, which includes the impact of its net loss of $4,270,556 for
the three months ended March 31, 2024, and total debt on the balance sheet of $7,631,247 as
of March 31, 2024, with all debt coming due within one year of the date of the financial statements being issued. Management
evaluated the principal conditions that initially give rise to the substantial doubt and note that the historical net losses and
accumulated deficit impact are justified as they are primarily made up of non-cash expenses or one-time non-recurring expenses, such
as goodwill impairment, stock-based compensation expense, fair value share adjustment loss and acquisition transaction expenses.
Total debt of $7,631,247 on the balance sheet as of March
31, 2024 includes $4,472,500 of
notes payable to Ross Sklar (“Sklar”), who has a large minority ownership of the Company that provides incentive for Mr. Sklar to extend or
refinance the notes before the notes become due, as seen historically (see Note 8). Management plans include (i) continuing to
increase net cash provided by operating activities, which was $822,453 for
the three months ended March 31, 2024, while decreasing net cash provided by financing activities, and (ii) obtaining an alternative
financing source to pay off all current debt outstanding and to provide additional working capital, if needed. To achieve these
objectives, management has proposed and approved plans to increase top line revenue for each segment while decreasing overall
expenses as a percentage of revenue, as a result of realizing synergies from the acquisitions of AOS, Skylar and Soylent, and
utilizing the Company’s back-end shared service model to reduce expenses. The Company is in ongoing negotiations to obtain
additional financing to repay historical debt and provide additional working capital. These conditions and the ability to
successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The
condensed consolidated financial statements of the Company do not include any adjustments that may result from the outcome of the
aforementioned uncertainties.
NOTE
3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Consolidation
The
condensed consolidated financial statements of Starco Brands, Inc. include the accounts of STCB, our wholly owned subsidiary AOS,
our wholly owned subsidiary Skylar, our wholly owned subsidiary Soylent, and our 85%
owned subsidiary Whipshots Holdings and its wholly owned subsidiary, which are comprised of voting interest entities in which we
have a controlling financial interest in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. All significant intercompany profits, losses,
transactions and balances have been eliminated in consolidation in the condensed consolidated financial statements.
Our
consolidated subsidiaries at March 31, 2024 include: AOS, Skylar, Soylent, Whipshots Holdings and its wholly owned subsidiary Whipshots
LLC. Intercompany accounts and transactions have been eliminated upon consolidation.
Basis
of Presentation
The
condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q
are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the condensed consolidated financial
statements have been included. Such adjustments are of a normal, recurring nature. The condensed consolidated financial statements, and
the accompanying notes, are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and do not contain certain information included in the Company’s Annual Report and Form 10-K for the year ended December
31, 2023. Therefore, the interim condensed consolidated financial statements should be read in conjunction with that Annual Report on
Form 10-K.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the
preparation of the condensed consolidated financial statements. Significant estimates include the timing for revenue recognition,
testing goodwill for impairment, recoverability of long-lived assets, income taxes and related valuation allowances, fair value of contributed services, and
assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free interest rate and expected dividend
rate.
Concentrations
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents as of March 31, 2024 or December 31, 2023.
Accounts
Receivable
We
measure accounts receivable at net realizable value. This value includes an appropriate allowance for credit losses to present the
net amount expected to be collected on the financial asset. We calculate the allowance for credit losses based on available relevant
information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the
receivables, reasonable and supportable forecasts, and our relationships with, and the economic status of, our partners and
customers. The allowance for credit losses is evaluated quarterly, which is $431,380
and $350,112
as of March 31, 2024 and December 31, 2023.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level
1: |
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
Level
3: |
Pricing
inputs that are generally unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s condensed consolidated financial assets and liabilities, such as cash and cash equivalents, accounts
receivable, accounts payable, prepaid expenses, and accrued expenses approximate their fair value because of the short maturity of those
instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate
of interest rates that would be available to the Company for similar financial arrangements at March 31, 2024 and December 31, 2023.
The
following table summarizes the financial instruments of the Company at fair value based on the valuation approach applied to each class
of security as of March 31, 2024:
SCHEDULE OF FAIR VALUE MEASUREMENTS
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
| |
| | |
Fair Value Measurement at Reporting Date Using | |
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Fair Value of potential Share Adjustment | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Total Liabilities | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Pursuant
to the Soylent acquisition, the Company may be required to issue the Share Adjustment (as defined in Note 5) to the former owners of
Soylent based upon the stock price of the Company on the Adjustment Date (as defined in Note 5). The Company engaged a third-party
valuation firm to estimate the fair value of this contingent liability by performing a Monte Carlo simulation to forecast the value
of the Company’s stock and the implied value of the Share Adjustment. See NOTE 5 – ACQUISITIONS for further discussion.
The fair value of the share adjustment on the Soylent acquisition date was $36,715,800. The inputs to estimate the fair value of the share adjustment
were the market price of the Company’s common stock, the option expected term, the volatility of the Company’s common stock
price and the risk-free interest rate. Significant changes to any unobservable input may result in a significant change in the fair value
measurement.
The following table presents a reconciliation of the opening and closing
balances of the Fair Value of Share Adjustment for the three months ended March 31, 2024:
SCHEDULE
OF FAIR VALUE OF SHARE ADJUSTMENT
| |
Fair Value of Share Adjustment | |
| |
| |
Balance at December 31, 2023 | |
$ | 36,931,130 | |
Fair Value of Shares Issued | |
| (18,099,951 | ) |
Loss on Fair Value of Share Adjustment | |
| 1,921,949 | |
Balance at March 31, 2024 | |
$ | 20,753,328 | |
Property
and Equipment, net
Property
and equipment is recorded at historical cost, net of depreciation. All property and equipment with a cost of $2,000 or greater are capitalized.
Depreciation is computed using straight-line over the estimated useful lives of the related assets. Expenditures that enhance the useful
lives of the assets are capitalized and depreciated. Maintenance and repairs are expensed as incurred. When assets are sold or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations.
Revenue
Recognition
STCB,
excluding its subsidiaries, earns a majority of its revenue as royalties from the licensing agreements it has with TSG, a related entity,
and other related parties. STCB licenses the right for TSG to manufacture and sell certain Starco Brands products. The amount of the
licensing revenue received varies depending upon the product and the royalty percentage is determined beforehand in each agreement. The
Company recognizes its revenue under these licensing agreements only when sales are made by TSG or other related parties to a third party.
AOS,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of premium body and skincare products. Revenue from
retail sales is recognized at shipment to the retailer. Revenue from eCommerce sales, including Amazon Fulfillment by Amazon (“Amazon
FBA”), is recognized upon shipment of merchandise.
Skylar,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of fragrances. Revenue from retail sales is recognized
at shipment to the retailer. Revenue from eCommerce sales, including Amazon FBA, is recognized upon shipment of merchandise.
Soylent,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of nutritional drinks. Revenue from retail sales is
recognized at shipment to the retailer. Revenue from eCommerce sales, is recognized upon shipment of merchandise.
Whipshots
Holdings, an 85%
owned subsidiary, earns its revenues as royalties from the licensing agreements it has with Temperance, a related entity. STCB
licenses the right for Temperance to manufacture and sell vodka infused whipped cream. The amount of the licensing revenue received
varies depending upon the product and the royalty percentage is based on contractual terms. The Company recognizes its revenue under
these licensing agreements only when sales are made by Temperance to a third party.
The
Company applies the requirements of ASC 606, Revenue from Contracts with Customers, which includes the following five-step model
in order to determine the recognition of revenue: (i) Identify the contract with a customer; (ii) Identify the performance obligation
in the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
The
Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled
to in exchange for the licensee transferring goods or services to the customer. Once a contract is determined to be within the scope
of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company’s licensee
must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction
price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied.
Generally, the Company’s licensee’s performance obligations are transferred to customers at a point in time, typically upon
delivery.
Income
Taxes
The
Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements
or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and
tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse.
Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in
the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty
income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return
should be recorded in the condensed consolidated financial statements. Under Section 740-10-25, the Company may recognize the tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing
authorities, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being
realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties
on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities
for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Stock-based
Compensation
The
Company accounts for stock-based compensation per the provisions of ASC 718, Share-based Compensation (“ASC 718”), which
requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive
shares of stock or equity instruments (warrants, options, and restricted stock units). The fair value of each warrant and option is estimated
on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends,
expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the
future. Expected volatilities are based on the volatility of comparable companies’ common stock. The expected term of awards granted
is derived using estimates based on the specific terms of each award. The risk-free rate is based on the U.S. Treasury yield curve in
effect at the time of grant for the period of the expected term. The grant date fair value of a restricted stock unit equals the closing
price of our common stock on the trading day of the grant date.
Net
Income (Loss) Per Common Share
Net
income (loss) per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock
outstanding during the year. All outstanding options are considered potential common stock. The dilutive effect, if any, of stock payable
and warrants are calculated using the treasury stock method. All outstanding convertible notes are considered common stock at the beginning
of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect of common stock equivalents
is anti-dilutive with respect to losses, outstanding warrants have been excluded from the Company’s computation of net loss per
share of common stock for the three months ended March 31, 2024 and 2023.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 39,350,000 | | |
| 41,200,000 | |
Stock options | |
| 4,660,000 | | |
| - | |
Stock Options [Member] | |
| 4,660,000 | | |
| - | |
Acquisition Stock Consideration Payable | |
| 142,146,084 | | |
| 283,063,583 | |
Total | |
| 181,156,084 | | |
| 324,263,583 | |
Antidilutive securities | |
| 181,156,084 | | |
| 324,263,583 | |
Intangible
Assets
Definite-lived
intangible assets consist of certain domain names. Definite-lived intangible assets are amortized utilizing the straight-line method
over the assets’ estimated useful lives, which approximate 10-16 years.
Indefinite-lived
intangible assets consist of certain trademarks and formula lists. These intangible assets are not amortized but are tested for impairment
annually or whenever impairment indicators exist.
The
Company assesses potential impairment of its long-lived assets whenever events or changes in circumstances indicate that an asset or
asset group’s carrying value may not be recoverable. Factors that are considered important that could trigger an impairment review
include a current period operating or cash flow loss combined with a history of operating or cash flow losses and a projection or forecast
that demonstrates continuing losses or insufficient income associated with the use of a long-lived asset or asset group. Other factors
include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation
is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related
assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference
between the carrying value, and the estimated fair value of the assets, with such estimated fair values determined using the best information
available and in accordance with FASB ASC Topic 820, Fair Value Measurements. During the three months ended March 31, 2024 and 2023,
the Company did not record asset impairment charges related to its intangible assets.
Royalties
and Licenses
Royalty-based
obligations with content licensors are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently
paid. These royalty-based obligations are generally expensed to cost of revenue generally at the greater of the contractual rate or an
effective royalty rate based on the total projected net revenue for contracts with guaranteed minimums. Prepayments made are generally
made in connection with the development of a particular product, and therefore, we are generally subject to risk during the product phase.
Payments earned after completion of the product (primarily royalty-based in nature) are generally expensed as cost of revenue.
Our
contracts with some licensors include minimum guaranteed royalty payments, which are initially recorded as an asset and as a liability
at the contractual amount when no performance remains with the licensor. When performance remains with the licensor, we record guarantee
payments as an asset when actually paid and as a liability when incurred, rather than recording the asset and liability upon execution
of the contract.
Each
quarter, we also evaluate the expected future realization of our royalty-based assets, as well as any unrecognized minimum commitments
not yet paid to determine amounts we deem unlikely to be realized through future revenue. Impairments or losses determined post-launch
are charged to cost of revenue. We evaluate long-lived royalty-based assets for impairment using undiscounted cash flows when impairment
indicators exist. If an impairment exists, then the related assets are written down to fair value. Unrecognized minimum royalty-based
commitments are accounted for as executory contracts, and therefore, any losses on these commitments are recognized when the underlying
intellectual property is abandoned (i.e., cease use) or the contractual rights to use the intellectual property are terminated.
Our
minimum contractual royalty-based obligations remaining as of March 31, 2024 are approximately $1,257,500, $20,000 and $0 for the years
ending December 31, 2024, 2025, and 2026, respectively.
Leases
With
the adoption of ASC 842, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use (“ROU”)
assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial
direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease
terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.
AOS,
the Company’s wholly owned subsidiary leased its corporate office (“AOS Lease”). The AOS Lease was classified as an
operating lease and had a term of 2 years, for approximately 1,372 square feet of office space located in West Hollywood, California.
The lease expired in September 2023 and had a monthly base rental of $7,564 which increased 4% each year. At the end of the lease term
in September 2023, the Company did not renew the lease. In March 2022, AOS entered into a sublease, whereby, the sublessor took over
the entire AOS Lease office space and the lease payment until the completion of the original AOS Lease term.
In
accordance with ASC 842, Leases, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance
sheet for long-term office leases. See Note 11 – Leases for further discussion, including the impact on the condensed consolidated
financial statements and related disclosures.
Inventory
Inventory
consists of premium body and skincare products, fragrances and nutritional products. Inventory is measured using the first-in, first-out
method and stated at average cost as of March 31, 2024. The value of inventories is reduced for excess and obsolete inventories.
We monitor inventory to identify events that would require impairment due to obsolete inventory and adjust the value of inventory when
required. We did not record any inventory impairment losses for the three months ended March 31, 2024 and 2023.
Acquisitions,
Intangible Assets and Goodwill
The
condensed consolidated financial statements reflect the operations of an acquired business beginning as of the date of acquisition. Assets
acquired and liabilities assumed are recorded at their fair values at the date of acquisition; goodwill is recorded for any excess of
the purchase price over the fair values of the net assets acquired. Significant judgment is required to determine the fair value of certain
tangible and intangible assets and in assigning their respective useful lives. Accordingly, we typically obtain the assistance of third-party
valuation specialists for significant tangible and intangible assets. The fair values are based on available historical information and
on future expectations and assumptions deemed reasonable by management but are inherently uncertain. The Company typically employs an
income method to measure the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable
to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace
participants and include the amount and timing of future cash flows (including expected growth rates and profitability), the underlying
product or technology life cycles, economic barriers to entry and the discount rate applied to the cash flows. Unanticipated market or
macroeconomic events and circumstances could affect the accuracy or validity of the estimates and assumptions. Determining the useful
life of an intangible asset also requires judgment. Intangible assets are amortized over their estimated lives. Any intangible assets
associated with acquired in-process research and development activities (“IPR&D”) are not amortized until a product is
available for sale.
Goodwill
as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of
the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired
and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement.
We
review goodwill for impairment at least annually or more frequently if indicators of impairment exist. Our goodwill impairment test may
require the use of qualitative judgements and fair-value techniques, which are inherently subjective. Impairment loss, if any, is recorded
when the fair value of a reporting unit’s goodwill is less than its carrying value.
No
impairment losses related to goodwill were recognized for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December
31, 2023 goodwill was $26,689,391 and $26,689,391, respectively.
Segments
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s
Chief Executive Officer (“CEO”) is the Company’s chief operating decision maker (“CODM”) and views the
Company’s operations and manages its business in three reportable operating segments: (i) Starco Brands, which includes AOS, Whipshots
Holdings and Whipshots LLC, (ii) Skylar, and (iii) Soylent. The CODM assesses performance of operating segments and determines the allocation
of resources based primarily on gross profit as a whole.
Recently
Issued Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
NOTE
4 – SEGMENTS
The
Company has the following reportable segments:
Starco
Brands. The Starco Brands segments generate revenue through the development and sales of consumer good products. The Starco Brands
segment includes STCB, AOS, Whipshots Holdings and Whipshots LLC.
Skylar.
The Skylar segment generates revenue through the sale of fragrances.
Soylent.
The Soylent segment generates revenue through the sale of nutritional products, mainly drinks.
Balance
sheet data are reviewed by the CODM on a consolidated basis; therefore, disaggregated balance sheet data are not presented.
The
following tables present gross profit by reporting segment:
SCHEDULE OF GROSS PROFIT REPORTING SEGMENT
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
| |
Three Months Ended March 31, 2024 | |
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
Gross revenues | |
$ | 3,984,086 | | |
$ | 2,075,125 | | |
$ | 9,431,470 | | |
$ | 15,490,681 | |
Cost of revenues | |
| 1,376,925 | | |
| 843,068 | | |
| 6,256,544 | | |
| 8,476,537 | |
Gross profit | |
$ | 2,607,161 | | |
$ | 1,232,057 | | |
$ | 3,174,926 | | |
$ | 7,014,144 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
| |
Three Months Ended March 31, 2023 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
Gross revenues | |
$ | 3,513,316 | | |
$ | 1,914,182 | | |
$ | 5,716,303 | | |
$ | 11,143,801 | |
Cost of revenues | |
| 586,343 | | |
| 840,965 | | |
| 4,012,943 | | |
| 5,440,251 | |
Gross profit | |
$ | 2,926,973 | | |
$ | 1,073,217 | | |
$ | 1,703,360 | | |
$ | 5,703,550 | |
Depreciation
expense allocated to the Starco Brands, Skylar and Soylent segments was $0, 3,611 and $1,055, respectively, for the three months ended
March 31, 2024. Depreciation expense allocated to the Starco Brands, Skylar and Soylent segments was $0, 3,079 and $640, respectively,
for the three months ended March 31, 2023.
NOTE
5 – ACQUISITIONS
Soylent
Acquisition
On
February 15, 2023, the Company, through its wholly-owned subsidiary Starco Merger Sub I completed the Soylent Acquisition. The Soylent
Acquisition consisted of Starco Merger Sub I merging with and into Soylent, with Soylent being the surviving corporation. Soylent is
the maker of a wide range of plant-based “complete nutrition” and “functional food” products with a lineup of
plant-based convenience shakes, powders and bars that contain proteins, healthy fats, functional amino acids and essential nutrients.
Through its relationship with TSG and other strong partners, the Company has access to intellectual property that will allow Soylent
to vertically integrate manufacturing and expand, positioning Soylent to be the future of nutritional products. The Soylent Acquisition
was completed through a cash and stock deal, where the Company paid $200,000 in cash as reimbursement of Soylent’s closing expenses
and the Company’s shares were issued at $0.15 per share, which amount was equal to the fair value of the stock on the acquisition
date. As consideration for the Soylent Acquisition, the Company reserved an (a) aggregate of up to 165,336,430 restricted shares of Class
A common stock to Soylent shareholders, (b) 12,617,857 restricted shares of Class A common to satisfy existing Soylent change in control
obligations, (c) up to 18,571,429 additional restricted shares of Class A common stock based on final determination of calculations of
Soylent’s working capital, cash at closing, indebtedness at closing and certain unpaid transaction expenses in excess of the amount
reimbursed by the Company (the “Opening Balance Holdback”), and (d) an adjustment to the shares of Class A common stock received
by the Company Holders (as defined in the agreement) in the event that the trading price for STCB’s Class A common stock price
per share on the first anniversary of the closing date (February 14, 2024, or the “Adjustment Date”) is below $0.35 per share
of Class A common stock. If, on the Adjustment Date, STCB’s Class A common stock is trading below $0.35 per share of Class A common
stock, STCB shall issue additional shares of Class A common stock based on the Closing Merger Consideration (as defined in the agreement)
after adjustments divided by the trading price (which must be below $0.35 per share for any additional shares to be issued) minus the
total share issuance after adjustments (such additional shares, the “Share Adjustment”).
On
March 15, 2024, the Company and certain former stockholders of Soylent and current stockholders of the Company’s Class A common
stock (the “Consenting Stockholders”), entered into a stockholder agreement (“Stockholder Agreement”) with the
Company, which modified the treatment of certain terms of the Soylent Acquisition merger agreement with respect to the Consenting Stockholders.
The Stockholder Agreement (i) revises the calculation for the Consenting Stockholders’ respective pro rata share of the Share Adjustment
(as defined in the Soylent Acquisition merger agreement) to utilize a customary 30-day moving volume weighted trading average (“vwap”)
in calculating the price per share of the Class A common stock at each adjustment date, and (ii) bifurcates the calculation for Consenting
Stockholders’ respective pro rata share of the Share Adjustment into two adjustments, the first adjustment calculable based on
the vwap ending February 14, 2024 (“First Adjustment Date”), and the second adjustment calculable based on the vwap
ending May 15, 2025 (“Second Adjustment Date”). Generally, if the trading price of the Acquiror Common Stock (as defined
in the Soylent Acquisition merger agreement) based on the vwap, is below $0.35 per share on each of February 14, 2024 and May 15, 2025,
then, at no additional cost to the Consenting Stockholders, additional shares of Acquiror Common Stock are issuable based on the calculation
methodology set forth in the Stockholder Agreement. As of the date of this filing, the Consenting Stockholders represent approximately
% of the total shares held by all former stockholders of Soylent issued pursuant to the Soylent Acquisition merger agreement. Certain
other former stockholders of Soylent may sign joinders to the Stockholder Agreement following the date of this filing.
The
fair value of the rights to receive these shares were estimated by a third-party valuation firm to be $0.189 per share on the acquisition
date or an approximate share adjustment value of $36,715,800. For the former Soylent shareholders (the “Soylent Shareholders”)
that did not join the Stockholder Agreement, the fair value of the rights to receive these shares were $0.136 per share on December 31,
2023, or the Company’s stock price as of February 14, 2024, the “Adjustment Date”, or a share adjustment value of $6,101,455.
For the Consenting Stockholders, the fair value of the rights to receive these shares were estimated by a third-party valuation firm
to be $0.186 per share on December 31, 2023 or an approximate share adjustment value of $30,829,876. Included in the Consenting Stockholders
approximate share adjustment value of $30,829,876, are the fair value rights to receive shares on the First Adjustment Date in the Stockholder
Agreement of $15,506,101, or $0.16 per share, the 30-day wvap of the Company’s stock price as of February 14, 2024.
Effective
February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding on
December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger
agreement and Stockholders Agreement, as applicable. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement
amount of $18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent
to December 31, 2023. As a result, approximately 7.0 million shares were returned to the Company and the liability amount as of December
31, 2023 was amended.
Effective
February 14, 2024, the Company settled the Soylent Opening Balance Holdback by issuing 16,309,203 shares of Class A common stock to the
Soylent Shareholders as outlined in the Soylent merger agreement. The Soylent Opening Balance Holdback was recorded as equity consideration
payable on the December 31, 2023 balance sheet in the amount of $2,446,380.
The
Soylent Acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations.
NOTE
6 – NOTES PAYABLE
In
September 2022, the Company received a second financing loan in the amount of $92,334 for its Directors and Officers Insurance (“D&O
Loan #2”). D&O Loan #2 bore interest at 5.82% and required monthly payments through June 2023. D&O Loan #2 was paid off
in its entirety in June 2023.
In
September 2023, the Company received a third financing loan in the amount of $98,039 for its Directors and Officers Insurance (“D&O
Loan #3”, and together with D&O Loan #1 and D&O Loan #2 the “D&O Loans”). D&O Loan #3 bears interest
at 9.3% and required monthly payments through July 2024. As of March 31, 2024 the remaining balance of the D&O Loan #3 was $40,126.
For
the three months ended March 31, 2024 and 2023, the D&O Loans incurred approximately $1,388 and $756, respectively, of interest expense.
On
February 10, 2023 the Company’s subsidiary Soylent entered into a line of credit with a revolving credit commitment of $5,000,000.
The revolving credit commitment bore interest at a rate per annum equal to the greater of (a) two and half percent (2.5%) and (b) prime
rate plus one percent (1%). The revolving credit commitment had a maturity date of February 10, 2024. If the Company defaults on the
revolving credit commitment, the default interest rate will bear an additional interest at a fluctuating rate equal to five percent (5%)
per annum higher than the applicable interest rate. As of March 31, 2024 the outstanding balance on the revolving line of credit is $3,063,995
and has accrued interest of $16,171. For the three months ended March 31, 2024, the revolving line of credit incurred $86,904 of interest
expense.
The
Soylent Line of Credit matured on February 10, 2024 and is in default under the Soylent Line of Credit loan documents for failing
to pay off the Soylent Line of Credit balance at maturity. The Company entered into an agreement with the bank to forbear the banks rights
to exercise its rights and remedies under the Soylent Line of Credit loan documents until June 10, 2024, for a forbearance fee of $57,590
and payment of accrued interest of $10,009.
In
December 2023, the Company received a financing loan in the amount of $29,109 for its General Liability Insurance (“G&A Loan
#1”). G&A Loan #1 bears interest at 9.3% and requires monthly payments through July 2024. As of March 31, 2024 the remaining
balance of the G&A Loan #1 was $14,797.
In
February 2024, the Company received a second financing loan in the amount of $20,983
for its General Liability Insurance (“G&A
Loan #2, and together with G&A Loan #1 the “G&A Loans”). G&A Loan #2 bears interest at 9.3%
and requires monthly payments through July 2024. As of March 31, 2024 the remaining balance of the G&A Loan #2 was $14,204.
For
the three months ended March 31, 2024 and 2023 the G&A Loan #1 incurred approximately $509 and zero, respectively, of interest expense.
See
Note 8 - Related Party Transactions for loans to STCB from the Company’s CEO.
NOTE
7– COMMITMENTS & CONTINGENCIES
Whipshots
On
September 8, 2021, Whipshots LLC, a Wyoming limited liability company (“Whipshots LLC”) entered into an Intellectual Property
Purchase Agreement, effective August 24, 2021, with Penguins Fly, LLC, a Pennsylvania limited liability company (“Penguins”).
The agreement provided that Penguins would sell the trademarks “Whipshotz” and “Whipshots”, the accompanying domain
and social media handles of the same nomenclature, and certain intellectual property, documents, digital assets, customer data and other
transferable rights under non-disclosure, non-compete, non-solicitation and confidentiality contracts benefiting the purchased intellectual
property and documents (collectively, the “Acquired Assets”) to Whipshots LLC. The purchase price for the Acquired Assets
will be payable to Penguins, over the course of seven years, based on a sliding scale percentage of gross revenues actually received by
the Company solely from the sale of Whipshots/Whipshotz Products. The payment are subject to a minimum amount in each contract year and
a maximum aggregate amount. In connection with this agreement the Company paid $20,000 during 2021, zero in 2022 and $38,620 in 2023
and the Company has accrued $318,050 to be paid pursuant to this agreement in 2024, all of which has been recorded as an indefinite-lived
intangible asset.
On
September 14, 2021, Whipshots Holdings, LLC (formerly Whipshots, LLC) a Delaware limited liability company (“Whipshots Holdings”),
entered into a License Agreement (the “Washpoppin License Agreement”) with Washpoppin Inc., a New York corporation (“Washpoppin”).
Pursuant to the Washpoppin License Agreement, Washpoppin licensed certain Licensed Property (as defined therein) of the recording artist
professionally known as “Cardi B” (the “Artist”) to us. Whipshots Holdings and Washpoppin entered into an amended
and restated Washpoppin License Agreement (“A&R Washpoppin License Agreement”), with an effective date of November 27,
2023. As part of the A&R Washpoppin License Agreement, in exchange for royalty rates based on Net Sales (as defined therein) during
each applicable contract period, the Washpoppin warrants to cause the Artist to attend certain in person events, media interviews, participate
in the development of the Licensed Products (as defined therein), and promote the Licensed Products through social media posts on the
Artist’s social media platforms. We have committed to a minimum royalty payment under the A&R Washpoppin License Agreement
of an aggregate of $3,300,000 subject to Washpoppin’s satisfaction of its obligations. During the three months ended March 31,
2024 and 2023, the Company incurred expenses related to this agreement of approximately $412,500 and $275,000, respectively.
Skylar
Acquisition
Following
the 18-month holdback period from the date of the Skylar Acquisition on December 29, 2022, the Company expects to issue former Skylar
shareholders up to an aggregate amount of 11,573,660 shares of Class A common stock, for which it has recorded $2,314,732 equity consideration
payable on the balance sheet as of March 31, 2024.
NOTE
8 – RELATED PARTY TRANSACTIONS
During
the year ended December 31, 2017, Sanford Lang, the Company’s former Chairman and CEO, advanced STCB $289,821 to pay for general
operating expenses. The advance required a monthly interest payment of $2,545 and was due on demand. In June 2021, Mr. Lang and Mr. Goldrod
executed agreements with STCB whereby the advance from Mr. Lang and all other amounts owed to each were repaid and both Mr. Lang and
Mr. Goldrod resigned from the Board of Directors. Further, for a period of 36 months beginning in July 2021, STCB will repurchase an
aggregate of $10,950 worth of shares each month from Mr. Lang and Mr. Goldrod, with the share price for each purchase to be set according
to the volume weighted average trading price of the common stock over the last 10 days of the month. In the three months ended March
31, 2024 and March 31, 2023 STCB paid an aggregate of zero and $32,850, respectively, to Mr. Lang and Mr. Goldrod. As
of March 31, 2024, the Company settled final repurchase transfers of 1,862,154 shares in the amount of $328,500. The share repurchases
are recorded as treasury stock payable on the balance sheet. The foregoing agreements terminated and are of no further force or effect.
Ross
Sklar, CEO Notes
On
August 11, 2023, the Company issued to Sklar a consolidated secured promissory note (the “Consolidated Secured Promissory
Note”) in the principal sum of $4,000,000,
with a maturity date of December 31, 2023. The Consolidated Secured Promissory Note carries a floating interest rate comprised of
the Wall Street Journal Prime Rate (re-assessed on the first date of each month (plus 2%), and is secured by an amended and restated
consolidated security agreement (the “Amended and Restated Consolidated Security Agreement”), by and between the Company
and Sklar, dated August 11, 2023, The Consolidated Secured Promissory Note consolidated the outstanding loan obligations of the
Company to Sklar evidenced pursuant to (i) the January 24, 2020 Amended Note, (ii) the June 28, 2021 Note, (iii) the September 17,
2021 Note, (iv) the December 13, 2021 Note, (v) the December 29, 2022 Note, and (vi) the March 3, 2023 Note, as summarized in the table below. The Amended and
Restated Consolidated Security Agreement merged and integrated the December 29, 2022 Security Agreement and the March 3, 2023
Security Agreement, and provides a security interest in the Collateral (as defined in the Amended and Restated Consolidated Security
Agreement) to secure the repayment of all principal, interest, costs, expenses and other amounts then or thereafter due under the
Consolidated Secured Promissory Note until by the maturity date. Sklar was authorized to file financing statements to perfect the
security interest in the Collateral without authentication by the Company. The following table represents Prior Notes that were part
of the restructuring and related prior and updated terms (under the Consolidated Secured Promissory Note):
SCHEDULE
OF DEBT
| |
Outstanding | | |
Original | |
Original | | |
Revised | |
Revised | |
| |
Balance | | |
maturity | |
rate | | |
maturity | |
rate | |
January 24, 2020 Amended Note | |
| 100,000 | | |
7/19/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
June 28, 2021 Note | |
| 100,000 | | |
6/28/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
September 17, 2021 Note | |
| 500,000 | | |
9/17/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 13, 2021 Note | |
| 500,000 | | |
12/13/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 29, 2022 Note | |
| 2,000,000 | | |
8/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
March 3, 2023 Note | |
| 800,000 | | |
7/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
| |
| 4,000,000 | | |
| |
| | | |
| |
| | |
The
Company did not include the February 14, 2022 Note in the principal amount of $472,500 in
the note consolidation. The restructuring is accounted for as a debt modification.
The February 14,
2022 Note bears interest at 4%
per annum, is unsecured, and matured two years from the original date of issuance. This note may also convert into shares of Company
common stock at the 10-day volume weighted average trading price of the Company common stock for the 10-day period prior to the
issuance of the Note, which was calculated as $0.29
per share. On May 10, 2024, the Company and Sklar entered into an amendment to the February 14, 2022 Note to extend the maturity
date of the February 14, 2022 Note to December 31, 2024.
As
of March 31, 2024 and December 31, 2023, the outstanding principal due to Mr. Sklar under outstanding notes was $4,472,500.
As of March 31, 2024 and 2023, there was zero
and $32,439
of accrued interest due on these notes, respectively.
For
the three months ended March 31, 2024 and 2023 the notes to Mr. Sklar incurred interest expense of approximately $109,528 and $80,456,
respectively.
Other
Related Party Transactions
During
the three months ended March 31, 2024 and 2023, the Company recognized revenue from related parties of $2,310,196 and $2,787,485, respectively.
There were $2,417,096 and $2,742,508 of accounts receivable and accrued accounts receivable from TSG and Temperance Distilling Company
(“Temperance”) as of March 31, 2024 and December 31, 2023, respectively. All revenues earned in relation to these accounts
receivable is from related parties, TSG and Temperance. Sklar serves as the Chairman of Temperance.
During
the three months ended March 31, 2024 and 2023, the Company received contributed services at a value of approximately zero and $24,049,
respectively. Such costs have been expensed and recorded as additional paid-in capital in the period the services were provided.
NOTE
9 – STOCK WARRANTS
On
each of September 12, 2022, November 1, 2022, November 3, 2022, and June 1, 2023, the Company entered into agreements with members
of the Board and consultants for services to be performed. As consideration therefore, the Company granted those individuals stock
warrants to purchase an aggregate of 38,400,000
shares of common stock. The warrants vest over various terms for periods from one to five
years. The warrants were valued using the Black-Scholes option pricing model under the assumptions as found in the table
below.
On
December 29, 2022 and March 3, 2023, the Company entered into agreements with Sklar, for warrants to purchase shares of common stock
to be issued as a funding fee for an aggregate principal amount of $2,800,000 in secured promissory notes (see Note 7). The warrants
were valued using the Black-Scholes option pricing model under the following assumptions as found in the table below.
The
table below summarizes the grants of stock warrants and includes the assumptions used for valuation under the Black-Scholes option
pricing model.
FAIR
VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES
Date | |
Number of Stock Warrants | | |
Stock Price | | |
Strike Price | | |
Expected Volatility | | |
Interest Rate | | |
Warrants and Rights Outstanding, Measurement Input | | |
Expected Term | | |
Fair Value | |
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
Expected | | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Term | | |
Fair | |
Date | |
Warrants | | |
Price | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
(years) | | |
Value | |
9/12/2022 | |
| 33,150,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 103.09 | % | |
| 3.47 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 4,088,769 | |
11/1/2022 | |
| 100,000 | | |
$ | 0.20 | | |
$ | 0.20 | | |
| 102.86 | % | |
| 4.27 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 8,116 | |
11/3/2022 | |
| 5,000,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 102.84 | % | |
| 4.36 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 618,176 | |
12/29/2022 | |
| 285,714 | | |
$ | 0.20 | | |
$ | 0.01 | | |
| 103.49 | % | |
| 3.94 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 54,401 | |
3/3/2023 | |
| 114,286 | | |
$ | 0.17 | | |
$ | 0.01 | | |
| 137.62 | % | |
| 4.26 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 18,710 | |
6/1/2023 | |
| 150,000 | | |
$ | 0.12 | | |
$ | 0.19 | | |
| 150.24 | % | |
| 3.70 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 14,013 | |
A
summary of the status of the Company’s outstanding stock warrants and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING STOCK WARRANTS AND CHANGES
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with warrants | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 17,449,989 | | |
$ | 0.20 | | |
| 3.41 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding, December 31, 2022 | |
| 41,085,714 | | |
$ | 0.24 | | |
| 4.64 | | |
$ | 45,714 | |
Issued | |
| 114,286 | | |
| 0.01 | | |
| 4.93 | | |
| 52,000 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2023 | |
| 41,200,000 | | |
$ | 0.19 | | |
| 4.65 | | |
$ | 97,714 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 4,681,943 | | |
$ | 0.24 | | |
| 4.4 | | |
$ | 52,000 | |
The
fair value of stock warrants granted and vested during the three months ended March 31, 2024 was zero and $241,359, respectively.
The
fair value of stock warrants granted and vested during the three months ended March 31, 2023 was $18,710 and $278,649 respectively.
The
following table summarizes information about stock warrants to purchase shares of the Company’s Class A common stock outstanding
and exercisable as of March 31, 2024:
SCHEDULE
OF EXERCISABLE WARRANTS
|
|
|
|
|
|
Weighted- |
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
Range
of |
|
|
Outstanding |
|
|
Remaining
Life |
|
|
Exercise |
|
|
Number |
|
exercise
prices |
|
|
Warrants |
|
|
In
Years |
|
|
Price |
|
|
Exercisable |
|
$ |
1.00 |
|
|
|
250,000 |
|
|
|
0.50 |
|
|
$ |
1.00 |
|
|
|
250,000 |
|
$ |
0.90 |
|
|
|
300,000 |
|
|
|
1.50 |
|
|
$ |
0.90 |
|
|
|
250,000 |
|
$ |
0.19 |
|
|
|
38,300,000 |
|
|
|
3.65 |
|
|
$ |
0.19 |
|
|
|
16,449,989 |
|
$ |
0.20 |
|
|
|
100,000 |
|
|
|
3.59 |
|
|
$ |
0.20 |
|
|
|
100,000 |
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
3.80 |
|
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,350,000 |
|
|
|
3.62 |
|
|
$ |
0.20 |
|
|
|
17,449,989 |
|
The
compensation expense attributed to the issuance of the stock warrants is recognized as they are vested.
Total
compensation expense related to the stock warrants was $390,747
and $375,501
for the three months ended March 31, 2024 and 2023, respectively, and was included in compensation expense on the statement of
operations. As of March 31, 2024, there was $2,364,196
in future compensation cost related to non-vested stock warrants.
The
aggregate intrinsic value as of March 31, 2024 is $50,800 for total outstanding and exercisable warrants, which was based on our estimated
fair value of the common stock of $0.14, had all warrant holders exercised their warrants as of that date, net of the aggregate exercise
price.
NOTE
10- STOCK OPTIONS
On November 27, 2023, the Company’s Board of Directors approved the
2023 Equity Incentive Plan (the “Equity Plan”). The Equity Plan provides for the grant of incentive stock options, nonqualified
stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards, collectively, the “Stock Awards”.
Stock Awards may be granted under the Equity Plan to the Company’s, and its subsidiaries’, employees, officers, directors
and consultants. The maximum number of shares of Class A common stock available for issuance under the Equity Plan is 100,000,000 shares.
On
January 1, 2024, the Company entered into agreements with employees and consultants for services to be performed. As consideration therefore,
the Company granted stock options (the “Options”) under the Company’s Equity Plan
to purchase up to 4,660,000 shares of Class A common stock. Options were valued using the Black-Scholes option pricing model under the
following assumptions as found in the table below. There were no stock options issued or outstanding for the three months ended March
31, 2023.
SCHEDULE
OF STOCK OPTIONS
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Expected | | |
Fair | |
Date | |
Options | | |
Price1 | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
Term (years)2 | | |
Value | |
1/1/2024 | |
| 4,660,000 | | |
$ | 0.16 | | |
$ | 0.17 | | |
| 134.97 | % | |
| 4.00 | % | |
| 0.00 | % | |
| 4.0 | | |
$ | 731,548 | |
A
summary of the status of the Company’s outstanding stock options and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING OPTIONS ACTIVITY
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with options | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| 4,660,000 | | |
| 0.17 | | |
| 9.76 | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 4,660,000 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 590,624 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
The
fair value of stock options granted and vested during the three months ended March 31, 2024 was $731,548 and zero, respectively.
The
compensation expense attributed to the issuance of the stock options is recognized as they are vested. Total compensation
expense related to the stock options was $92,719 and zero
for the three months ended March 31, 2024 and 2023, respectively, and was included in compensation expense on the statement of operations.
As of March 31, 2024, there was $638,829 in
future compensation cost related to non-vested stock warrants.
The
aggregate intrinsic value as of March 31, 2024 is zero for total outstanding and exercisable warrants, which was based on our estimated
fair value of the common stock of $0.14, had all option holders exercised their options as of that date, net of the aggregate exercise
price.
NOTE
11 – STOCKHOLDERS’ EQUITY
Common
Stock Issuances for the Three Months Ended March 31, 2024
Effective
February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding on
December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger
agreement and Stockholders Agreement, as applicable. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement
amount of $18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent
to December 31, 2023. As a result, approximately 7.0 million shares were returned to the Company and the liability amount as of December
31, 2023 was amended.
Effective
February 14, 2024, the Company settled the Soylent Opening Balance Holdback and $2,446,380 equity consideration payable by issuing 16,309,203
shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement.
On
March 12, 2024, the 18-month holdback period from the date of the AOS Acquisition was completed, the Company had no outstanding claims
and issued the former shareholders of AOS an aggregate of 4,979,731 shares of Class A common stock and $6,137 in cash that was being
held back on the December 31, 2023 balance sheet.
NOTE
12 – PROPERTY AND EQUIPMENT
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
3/31/2024 | | |
12/31/2023 | |
Computer equipment | |
| 154,348 | | |
| 127,497 | |
Tools and equipment | |
| 147,903 | | |
| 147,903 | |
Furniture and equipment | |
| 39,202 | | |
| 39,202 | |
Property and equipment, gross | |
| 341,453 | | |
| 314,602 | |
Less: Accumulated depreciation | |
| (261,110 | ) | |
| (256,443 | ) |
Property and equipment, net | |
| 80,343 | | |
| 58,159 | |
For
the three months ended March 31, 2024 and 2023, the Company incurred $4,666 and $3,719 of depreciation expense, respectively.
NOTE
13 – INTANGIBLE ASSETS
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
March 31, 2024 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 27,098,319 | | |
| 2,384,097 | | |
| 24,714,222 | |
Customer relationships | |
| 6,915,000 | | |
| 956,380 | | |
| 5,958,620 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 11,159 | | |
| 14,591 | |
Intangible Assets | |
$ | 34,039,069 | | |
$ | 3,351,636 | | |
$ | 30,687,433 | |
| |
December 31, 2023 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 26,937,670 | | |
| 1,885,389 | | |
| 25,052,281 | |
Customer relationships | |
| 7,049,000 | | |
| 753,914 | | |
| 6,295,086 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 10,729 | | |
| 15,021 | |
Intangible Assets | |
$ | 34,012,420 | | |
$ | 2,650,032 | | |
$ | 31,362,388 | |
For
the three months ended March 31, 2024 and 2023, the Company incurred $701,604 and $3,742 of amortization expense, respectively.
As
of March 31, 2024, future expected amortization expense of intangible assets was as follows:
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
| |
|
|
Fiscal period: | |
March 31, 2024 |
|
Remainder of 2024 | |
$ | 2,116,429 |
|
2025 | |
| 2,818,033 |
|
2026 | |
| 2,818,033 |
|
2027 | |
| 2,818,033 |
|
2028 | |
| 2,818,033 |
|
Thereafter | |
| 17,298,872 |
|
Total amortization remaining | |
$ | 30,687,433 |
|
NOTE
14 – INVENTORY
Inventory
by major class are as follows:
SCHEDULE
OF INVENTORY
| |
3/31/2024 | | |
12/31/2023 | |
Raw materials | |
$ | 1,004,469 | | |
$ | 1,283,992 | |
Finished goods | |
| 10,256,199 | | |
| 9,391,548 | |
Total inventory | |
$ | 11,260,668 | | |
$ | 10,675,540 | |
NOTE
15 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial
statements were issued, and has determined that the following subsequent event exists:
On May 10, 2024, the February 14, 2022 Note agreement between the Company and Sklar was amended to extend the
maturity date to December 31, 2024.
Amendment
to the Soylent Voting Agreement
On
February 15, 2023 in connection with the closing of the Soylent Acquisition, STCB entered into a Voting Agreement (the “Original
Soylent Voting Agreement”) with Mr. Sklar and certain other stockholders of STCB. Effective May 14, 2024, STCB, Mr. Sklar and certain
other stockholders holding a majority of the shares then held by such stockholders entered into an amendment to the Soylent Voting Agreement
(the “Soylent Voting Agreement Amendment” and together with the Original Soylent Voting Agreement, the “Soylent Voting
Agreement”). The Soylent Voting Agreement Amendment generally provides that (i) until February 15, 2025, the stockholders and
Mr. Sklar vote all shares such person has voting control over in favor of limited acquisitions, with the approval of the Stockholder Representative
(defined in the Soylent Merger Agreement); (ii) requires that until the termination of the Soylent Voting Agreement the stockholders
and Mr. Sklar shall vote all shares such person has voting control over in favor of the election of (a) a board of directors consisting
of seven (7) members, inclusive of (1) Sklar, (2) two such other person as may be designated by Mr. Sklar from time to time,
(3) three directors as designated by a majority of the former Soylent preferred stockholders party to the Soylent Voting Agreement
(the “Stockholder Directors”), and (4) an independent director designated by mutual agreement of Sklar and a majority
of the former Soylent preferred stockholders party to the Soylent Voting Agreement; and (iii) provides that the elected directors
adopt a Compensation Committee, Audit Committee and Governance Committee and customary charters. This description does not attempt to
be exhaustive and is qualified in its entirety by reference to the Soylent Voting Agreement Amendment which is an exhibit to this Quarterly
Report on Form 10-Q.
On February 15, 2023 in connection
with the closing of the Soylent Acquisition, STCB entered into a Registration Rights Agreement (the “Original Soylent RRA”)
with the Stockholder Representative. Effective May 14, 2024, STCB and the Stockholder Representative entered into an amendment to the
Soylent Voting Agreement (the “Soylent RRA Amendment” and together with the Original Soylent RRA. the “Soylent RRA”).
The Soylent RRA Amendment generally extended the Filing Date to May 15, 2025, and referenced the Second Share Adjustment to align with
the Stockholder Agreement. This description does not attempt to be exhaustive and is qualified in its entirety by reference to the Soylent
Voting Agreement Amendment which is an exhibit to this Quarterly Report on Form 10-Q.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CAUTIONARY
STATEMENT FOR FORWARD-LOOKING STATEMENTS
THIS
QUARTERLY REPORT ON FORM 10-Q INCLUDES 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 OTHER FEDERAL SECURITIES LAWS, PARTICULARLY THOSE ANTICIPATING
FUTURE FINANCIAL PERFORMANCE, BUSINESS PROSPECTS, GROWTH, OPERATING STRATEGIES AND SIMILAR MATTERS. WE HAVE BASED THESE FORWARD-LOOKING
STATEMENTS ON OUR CURRENT INTENT, EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS, AND THESE FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEED
TO OCCUR AND MAY NOT OCCUR. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND ASSUMPTIONS ABOUT
US THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS,
LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. IN SOME CASES, YOU CAN IDENTIFY
FORWARD-LOOKING STATEMENTS BY TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “COULD,” “WOULD,”
“INTEND,” “PROJECT,” “CONTEMPLATE,” “POTENTIAL,” “EXPECT,” “PLAN,”
“ANTICIPATE,” “BELIEVE,” “ESTIMATE,” “CONTINUE,” OR THE NEGATIVE OF SUCH TERMS OR OTHER
SIMILAR EXPRESSIONS. THESE STATEMENTS ARE ONLY PREDICTIONS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH A DISCREPANCY INCLUDE, BUT
ARE NOT LIMITED TO, THOSE DESCRIBED IN OUR OTHER SECURITIES AND EXCHANGE COMMISSION FILINGS.
THE
FOLLOWING DISCUSSION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND RELATED NOTES THERETO INCLUDED ELSEWHERE IN THIS
REPORT. ANY OF THE FORWARD-LOOKING STATEMENTS THAT WE MAKE IN THIS QUARTERLY REPORT ON FORM 10-Q AND IN OTHER PUBLIC REPORTS AND STATEMENTS
WE MAKE MAY TURN OUT TO BE INACCURATE AS A RESULT OF OUR BELIEFS AND ASSUMPTIONS WE MAKE IN CONNECTION WITH THE FACTORS SET FORTH ABOVE
OR BECAUSE OF OTHER UNIDENTIFIED AND UNPREDICTABLE FACTORS. IN ADDITION, OUR BUSINESS AND FUTURE RESULTS ARE SUBJECT TO A NUMBER OF OTHER
FACTORS, INCLUDING THOSE FACTORS SET FORTH IN THE “RISK FACTORS” SECTION OF OUR ANNUAL REPORT ON FORM 10-K FOR THE
FISCAL YEAR ENDED DECEMBER 31, 2023, AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) ON APRIL 3, 2024. BECAUSE
OF THESE AND OTHER UNCERTAINTIES, OUR ACTUAL FUTURE RESULTS MAY BE MATERIALLY DIFFERENT FROM THE RESULTS INDICATED BY THESE FORWARD-LOOKING
STATEMENTS, AND YOU SHOULD NOT RELY ON SUCH STATEMENTS. WE UNDERTAKE NO OBLIGATION TO PUBLISH REVISED FORWARD-LOOKING STATEMENTS TO REFLECT
THE OCCURRENCE OF UNANTICIPATED EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF. THESE RISKS COULD CAUSE OUR ACTUAL RESULTS FOR 2023 AND
BEYOND TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS BY OR ON BEHALF OF US, AND COULD NEGATIVELY AFFECT
OUR FINANCIAL CONDITION, LIQUIDITY AND OPERATING AND STOCK PRICE PERFORMANCE.
Business
Overview
Starco
Brands, Inc. (formerly Insynergy Products, Inc.), which we refer to as “the Company,” “our Company,” “STCB”,
“we,” “us” or “our,” was incorporated in the State of Nevada on January 26, 2010 under the name Insynergy,
Inc. On September 7, 2017, the Company filed an Amendment to the Articles of Incorporation to change the corporate name to Starco Brands,
Inc. The Board determined the change of the Company’s name was in the best interests of the Company due to changes in our current
and anticipated business operations at that time. In July 2017, the Company entered into a licensing agreement with The Starco Group
(“TSG”), located in Los Angeles, California. TSG is a private label and branded aerosol and liquid fill manufacturer with
manufacturing assets in the following verticals: DIY/Hardware, paints, coatings and adhesives, household, hair care, disinfectants, automotive,
motorcycle, arts & crafts, personal care cosmetics, personal care FDA, sun care, food, cooking oils, beverages, and spirits and wine.
Upon entering into the licensing agreement with TSG, the Company pivoted to commercializing novel consumer products manufactured by TSG.
In
2022, the Company embarked on a strategy to grow its consumer product line offerings through the acquisition of multiple subsidiaries
with established behavior changing products and brands. With an increased product line and its existing partner relationships, the Company
has continued expanding its vertical and consumer base through 2024.
Executive
Overview
In
July 2017, our Board of Directors entered into a licensing agreement with TSG to pursue a new strategic marketing plan involving commercializing
leading edge products with the intent to sell them through brick and mortar and online retailers. We are a company whose mission is to
create behavior-changing products and brands. Our core competency is inventing brands, marketing, building trends, pushing awareness
and social marketing. The licensing agreement with TSG provided STCB with certain products on an exclusive and royalty-free basis and
other products on a non-exclusive and royalty basis, in the categories of food, household cleaning, air care, spirits and personal care.
The
current CEO and owner of TSG, Ross Sklar, was named the CEO of STCB in August of 2017. Mr. Sklar has spent his career commercializing
technology in industrial and consumer markets. Mr. Sklar has built teams of manufacturing personnel, research and development, and sales
and marketing professionals over the last 20 years and has grown TSG into a successful and diversified manufacturer supplying a wide
range of products to some of the largest retailers in the United States. As the Company continues to grow the number of products and
brands under the STCB umbrella, it will continue to leverage its relationship with TSG to streamline its product manufacturing.
Product
Development
We
have conducted extensive research and have identified specific channels to penetrate with a portfolio of novel technologies. We are executing
on this vision and, since our inception, have launched and /or served as the marketer of record for various product lines.
Winona®
STCB
is the marketer of record, but not the owner of record of, the Winona® Butter Flavor Popcorn Spray. STCB provides marketing services
for Winona pursuant to a licensing agreement. Winona Popcorn Spray is also sold in H-E-B grocery stores. STCB also launched the Winona
Popcorn Spray on Amazon through our strategic partner Pattern (formally iServe), who is a stockholder in STCB. Sales grew significantly
in 2022 and 2023, the Company expects sales to continue to grow in this space as management plans to increase the Company’s sales
personnel in 2024 for this product line.
Whipshots®
In
December 2021, the Company launched a new product line consisting of vodka-infused, whipped-cream aerosols, under the brand name “Whipshots.”
The launch event was held at Art Basel in Miami and garnered over 1 billion impressions world-wide. The Company launched the product
on whipshots.com with a limited quantity of cans to be sold each day for the month of December. Whipshots® sold out every single
day of the month. The Company launched brick and mortar retail distribution in the first quarter of 2022, signed a distribution agreement
with RNDC, one of the largest spirits distributors in the nation, as distribution agreements with others. Whipshots® is currently
distributed in 41 of 50 states. The Company also signed distribution deals with GoPuff and BevMo. Initially the Company introduced three
flavors of Whipshots® to the market – Vanilla, Mocha and Caramel. Since the initial launch, the Company has introduced new
and Limited Time flavors such as Peppermint, Lime, Pumpkin Spice and Strawberry. We plan to continue to offer various additional Limited
Time flavors in 2024. Whipshots® is produced by Temperance Distilling Company (“Temperance”), of which Sklar is the majority
shareholder.
Whipshots®
and Whipshotz® Trademarks
On
September 8, 2021, Whipshots LLC, a Wyoming limited liability company (“Whipshots LLC”) entered into an Intellectual Property
Purchase Agreement, effective August 24, 2021, with Penguins Fly, LLC, a Pennsylvania limited liability company (“Penguins”).
The agreement provided that Penguins would sell the trademarks “Whipshotz” and “Whipshots”, the accompanying domain
and social media handles of the same nomenclature, and certain intellectual property, documents, digital assets, customer data and other
transferable rights under non-disclosure, non-compete, non-solicitation and confidentiality contracts benefiting the purchased intellectual
property and documents (collectively, the “Acquired Assets”) to Whipshots LLC. The purchase price for the Acquired Assets
will be payable to Penguins, over the course of seven years, based on a sliding scale percentage of gross revenues actually received by
us solely from our sale of Whipshots/Whipshotz Products. The payment are subject to a minimum amount in each contract year and a maximum
aggregate amount.
Whipshots®
Licensing/Marketing
On
September 14, 2021, Whipshots Holdings, LLC (formerly Whipshots, LLC) a Delaware limited liability company (“Whipshots Holdings”),
entered into a License Agreement (the “Washpoppin License Agreement”) with Washpoppin Inc., a New York corporation (“Washpoppin”).
Pursuant to the Washpoppin License Agreement, Washpoppin licensed certain Licensed Property (as defined therein) of the recording artist
professionally known as “Cardi B” (the “Artist”) to us. Whipshots Holdings and Washpoppin entered into an amended
and restated Washpoppin License Agreement (“A&R Washpoppin License Agreement”), with an effective date of November 27,
2023.
As
part of the A&R Washpoppin License Agreement, in exchange for royalty rates based on Net Sales (as defined therein) during each applicable
contract period, the Company granted Whipshots Holdings shares to Washpoppin to cause the Artist to attend certain in person events,
media interviews, participate in the development of the Licensed Products (as defined therein), and promote the Licensed Products through
social media posts on the Artist’s social media platforms. We have committed to a minimum royalty payment under the A&R Washpoppin
License Agreement of an aggregate of $3,300,000 through 2025, subject to Washpoppin’s satisfaction of its obligations.
The
Art of Sport® and AOS®
On
September 12, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub Inc. (“Merger Sub”), completed its acquisition
(the “AOS Acquisition”) of The AOS Group Inc., a Delaware corporation (“AOS”). The AOS Acquisition consisted
of Merger Sub merging with and into AOS, with AOS being the surviving corporation. AOS® is a wholly-owned subsidiary of STCB. AOS®
is the maker of Art of Sport® premium body and skincare products engineered to power and protect athletes and brings over the counter
respiratory, sun care, women and children, pain management, performance supplements, food, beverage and apparel product lines under STCB
auspices.
Skylar®
On
December 29, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub II, Inc. (“Merger Sub II”), completed its
acquisition (the “Skylar Acquisition”) of Skylar Body, Inc., a Delaware corporation (“Skylar Inc.”) through the
merger of Merger Sub II with and into Skylar Inc. Immediately following the Skylar Acquisition Skylar Inc. merged with and into Skylar
Body, LLC (“Skylar”) a wholly-owned subsidiary of STCB, with Skylar as the surviving entity. Skylar® is a wholly-owned
subsidiary of STCB. Skylar® is the maker of fragrances that are hypoallergenic and safe for sensitive skin.
Soylent®
On
February 15, 2023, STCB, through its wholly-owned subsidiary Starco Merger Sub I, Inc. (“Merger Sub I”), completed its acquisition
(the “Soylent Acquisition”) of Soylent Nutrition, Inc., a Delaware corporation (“Soylent”). The Soylent Acquisition
consisted of Merger Sub I merging with and into Soylent, with Soylent being the surviving corporation. Soylent® is a wholly-owned
subsidiary of STCB. Soylent® is the maker of a wide range of plant-based “complete nutrition” and “functional food”
products with a lineup of plant-based convenience shakes, powders and bars that contain proteins, healthy fats, functional amino acids
and essential nutrients.
Distribution
Agreements
In
November of 2021, we entered into separate Distribution Agreements (each a “Distribution Agreement” and, collectively, the
“Distribution Agreements”) with each of (i) National Distributing Company, Inc., a Georgia corporation, (ii) Republic National
Distributing Company, LLC, a Delaware limited liability company, and (iii) Young’s Market Company, LLC, a Delaware limited liability
company (each a “Distributor” and, collectively, the “Distributors”) each with an effective date as of November
1, 2021. Pursuant to the Distribution Agreements, the Distributors will act as the exclusive distributor for STCB in the Territories
set forth on Exhibit B for the Products set forth on Exhibit A, to each such Distribution Agreement, as amended from time
to time. The Distribution Agreements cover 41 U.S. States and the District of Columbia.
Pursuant
to the terms of the Distribution Agreements, the Distributors serve as the exclusive distributors in such Territories for Whipshots®.
The Distribution Agreements provide the Distributors rights to expand the Territories and Products covered under each such Distribution
Agreement as we expand our product lines and distribution channels. The expansion of Territories and Products may be exercised under
various rights, including rights of first refusal to serve as an exclusive distributor of new Products in new Territories. The Company
has also agreed to grant the Distributors “most favored nations” pricing providing for the lowest price available across
the United States and its territories and possessions (the “US Territory”), and to grant Distributors any volume or other
discounts that are offered to any other distributor in the US Territory by us, provided such action is not a violation of applicable
law.
Broker
Agreements
In
November of 2021, we entered into separate Broker Agreements (each a “Broker Agreement” and, collectively, the “Broker
Agreements”) with both Republic National Distributing Company, LLC, a Delaware limited liability company, and Young’s Market
Company, LLC, a Delaware limited liability company (each a “Broker” and, collectively, the “Brokers”) each with
an effective date as of November 1, 2021. Pursuant to the Broker Agreements, the Broker acts as the exclusive broker for us in the Territories
set forth on Exhibit B for the Products set forth on Exhibit A, to each such Broker Agreement, as amended from time to
time. Each Broker will receive a commission rate of 10%. The foregoing Broker Agreements now cover 9 U.S. States.
Competition
The
household, personal care and beverage consumer products market in the U.S. is mature and highly competitive. Our competitive set has
grown with our recent acquisitions and consists of consumer products companies, including large and well-established multinational companies
as well as smaller regional and local companies. These competitors include Johnson & Johnson, The Procter & Gamble Company, Unilever,
Diageo, CytoSport, Inc., Abbott Nutrition, Nestlé, Owyn, Clean Reserve, The 7 Virtues and others. Within each product category,
most of our products compete with other widely advertised brands and store brand products.
Competition
in our product categories is based on a number of factors including price, quality and brand recognition. We benefit from the strength
of our brands, a differentiated portfolio of quality branded and store brand products, as well as significant capital investment in our
manufacturing facilities. We believe the strong recognition of the Whipshots® and Soylent® brands among U.S. consumers, along
with the growing brand recognition of Skylar®, gives us a competitive advantage.
Growth
Strategy
As
long as the Company can raise capital, the Company plans to launch other products in spray foods and condiments, over the counter respiratory,
air care, skin care, sun care, hair care, personal care, pain management, performance supplements, plant-based convenience shakes, powders
and bars, apparel, fragrances, spirits and beverages over the next 36 months. Financing growth and launching of new products through
our key subsidiaries is key to the Company’s ability to raise further capital.
We
will need to rely on sales of our Class A common stock and other sources of financing to raise additional capital. The purchasers and
manner of any share issuance will be determined according to our financial needs and the available exemptions to the registration requirements
of the Securities Act. This provides significant support for our current retail and online distribution. We also plan to raise capital
in the future through a compliant offering.
We
continue to strive towards becoming a leading brand owner and third-party marketer of cutting edge technologies in the consumer products
marketplace whose success is expected to increase stockholder value. The Company will continue to evaluate this and other opportunities
to further set its strategy for 2024 and beyond.
For
more information and to view our products, you may visit our websites at www.starcobrands.com, www.breathecleaning.com, www.breathesanitizer.com,
www.whipshots.com, www.bingeworthyflavor.com, www.artofsport.com, www.skylar.com and www.soylent.com. Our internet website and the information contained therein or connected thereto are not intended to be incorporated
by reference into this Quarterly Report.
Offices
Our
principal executive offices are located at 706 N Citrus Ave, Los Angeles, California, 90038, and our telephone number is (323) 266-7111.
Our website is www.starcobrands.com and the Company makes its SEC reports available on the website. Our internet website and the information
contained therein or connected thereto are not intended to be incorporated by reference into this Quarterly Report.
Results
of Operations
Comparison
of the three months ended March 31, 2024 to the three months ended March 31, 2023
| |
March 31, | | |
March 31, | | |
| |
| |
2024 | | |
2023 | | |
Change | |
Revenues | |
$ | 15,490,681 | | |
$ | 11,143,801 | | |
$ | 4,346,880 | |
Cost of goods sold | |
| 8,476,537 | | |
| 5,440,251 | | |
| 3,036,286 | |
Gross profit | |
| 7,014,144 | | |
| 5,703,550 | | |
| 1,310,594 | |
Operating expenses: | |
| | | |
| | | |
| | |
Compensation expense | |
| 2,574,728 | | |
| 1,425,617 | | |
| 1,149,111 | |
Professional fees | |
| 1,196,118 | | |
| 1,399,302 | | |
| (203,184 | ) |
Marketing, general and administrative | |
| 5,315,953 | | |
| 3,332,165 | | |
| 1,983,788 | |
Fair value share adjustment loss | |
| 1,921,949 | | |
| 1,179,154 | | |
| 742,795 | |
Total operating expense | |
| 11,008,748 | | |
| 7,336,238 | | |
| 3,672,510 | |
Loss from operations | |
| (3,994,604 | ) | |
| (1,632,688 | ) | |
| (2,361,916 | ) |
Other expense (income): | |
| | | |
| | | |
| | |
Interest expense | |
| 199,173 | | |
| 97,313 | | |
| 101,860 | |
Other (income) | |
| 76,779 | | |
| (66,871 | ) | |
| 143,650 | |
Total other expense, net | |
| 275,952 | | |
| 1,209,596 | | |
| 245,510 | |
Loss before provisions for income taxes | |
| (4,270,556 | ) | |
| (1,663,130 | ) | |
| (2,607,426 | ) |
Provision for income taxes | |
| - | | |
| - | | |
| - | |
Net loss | |
| (4,270,556 | ) | |
| (1,663,130 | ) | |
| (2,607,426 | ) |
Net income attributable to non-controlling interest | |
| 192,122 | | |
| 58,416 | | |
| 133,706 | |
Net loss attributable to Starco Brands | |
$ | (4,462,678 | ) | |
$ | (1,721,546 | ) | |
$ | (2,741,132 | ) |
Revenues
For
the three months ended March 31, 2024, the Company recorded revenues of $15,490,681 compared to $11,143,801 for the three months ended
March 31, 2023, an increase of $4,346,880 or 39%. The increase in the current period was largely due to sales from Soylent for the full
quarter compared to prior year’s partial quarter from the date of acquisitions. Royalty revenue represented 15%, or $2.3 million.
The increase in royalty revenue in the current period was largely due to growth in royalties from sales of Whipshots® as its market
distribution and penetration continue to grow.
Operating
Expenses
For
the three months ended March 31, 2024, compensation expense increased $1,149,111, or 81% to $2,574,728 compared to $1,425,617 for the
three months ended March 31, 2023. The increase is a result of increases in warrant-based expense on independent contractors and the
addition of compensation costs from the acquisitions of AOS, Skylar and Soylent.
For
the three months ended March 31, 2024, the Company incurred $1,196,118 in professional fees compared to $1,399,302 in the prior period,
a decrease of $203,184, or 15%. Professional fees are mainly for contractors, accounting, auditing and legal services associated with
business operations, merger activity, and our quarterly filings as a public company, and advisory and valuation services. The increase
in the current period ended March 31, 2024 2023 is primarily due to an increase in contractor fees, banking, legal, and audit fees related
to the acquired businesses Soylent, Skylar, and AOS.
For
the three months ended March 31, 2024 the Company incurred $5,315,953 in marketing, general and administrative expense as compared to
$3,332,165 for the three months ended March 31, 2023, an increase of $1,983,788, or 60%. The increase can be attributed to addition of
the acquired businesses and an increase in spending on marketing and increased amortization expense.
For
the three months ended March 31, 2024, the Company incurred a fair value share adjustment loss of $1,921,949. This was due to an
increase in the fair value of the Soylent sellers’ rights to potentially receive additional Starco shares, increasing from
$0.136 per share as of December 31, 2023 to $0.204 per share as of March 31, 2024.
Other
Income and Expense
For
the three months ended March 31, 2024, we had total other expense of $275,952 compared to total other expense of $30,442 for the
three months ended March 31, 2023. For the three months ended March 31, 2024, the Company had interest expense of $199,173 compared
to interest expense of $97,313 for the three months ended March 31, 2023. For the three months ended March 31, 2024, the Company had
other expense of $76,779 compared to $66,871 of other income for the three months ended March 31, 2023.
Net
Income (Loss)
For
the three months ended March 31, 2024, the Company recorded net loss of $4,462,678 as compared to a net loss of $1,721,546 for the three
months ended March 31, 2023. The increase in net loss to net income is primarily due to a loss on the change in fair value of the stock
payable for shares due to Soylent Stockholders, in addition to increases in expenses from the acquired businesses AOS, Skylar and Soylent.
Liquidity
and Capital Resources
As
reflected in the accompanying condensed consolidated financial statements, the Company has an accumulated deficit of $68.2 million
at March 31, 2024. Our net cash used in financing activities was $763,219 for the three months ended March 31 2024, due primarily to
payments on the line of credit and notes payable of approximately $876,000, offset by proceeds from notes payable of approximately $113,000. This compared to
net cash used in financing activities of $395,126, for the three months ended March 31, 2023, due primarily to $1.2 million of
repayments of notes payable and $800,000 of loan advances from Sklar.
Our
net cash provided by operating activities was $822,453 for the three months ended March 31, 2024. Operating expenses for the three months
ended March 31, 2024 totaling $11,202,903 include items such as marketing and administrative costs, consultant compensation, insurance,
legal and other professional fees, compliance, website maintenance and loss on share fair value adjustment.
On
January 24, 2020, STCB executed a promissory note for $100,000 with Sklar. The note bore interest at 4% per annum,
compounded monthly, was unsecured, and matured two years from the original date of issuance. This loan was subsequently amended to
mature on July 19, 2023. On June 28, 2021, STCB executed an additional promissory note with Sklar in the principal amount of
$100,000 with the same terms as the January 24, 2020 note and a maturity date of June 28, 2023. On September 17, 2021, STCB executed
a third promissory note with Sklar in the principal amount of $500,000 with the same terms as the prior notes and a maturity
date of September 17, 2023. On December 13, 2021, STCB executed a fourth promissory note with Sklar in the principal amount of
$500,000 with the same terms as the prior notes and a maturity date of December 12, 2023. On February 14, 2022, STCB executed a
fifth promissory note with Sklar in the principal amount of $472,500 with the same terms as the prior notes and a maturity date
of February 14, 2024. This note is also convertible into the Class A common stock at Sklar’s option with a conversion
price of $0.29 per share. On May 10, 2024, the maturity date of this note was extended to December 31, 2024. On December 29, 2022,
STCB executed a sixth promissory note with Sklar in the principal amount of $2,000,000. This note bore interest at Prime + 4%
per annum, compounds monthly, is secured, matures on August 1, 2023, and included warrants to purchase 285,714 shares of our common
stock at a price of $0.01 per share. On March 3, 2023, STCB executed a seventh promissory note with Sklar in the principal
amount of $800,000. This note bore interest at Prime + 4% per annum, compounds monthly, is secured, matures on July 1, 2023, and
included warrants to purchase 114,286 shares of our common stock at a price of $0.01 per share.
On
August 11, 2023, we issued to Sklar a consolidated secured promissory note (the “Consolidated Secured Promissory Note”)
in the principal sum of $4,000,000, with a maturity date of December 31, 2024. The Consolidated Secured Promissory Note carries a
floating interest rate comprised of the Wall Street Journal Prime Rate (re-assessed on the first date of each month (plus 2%), and
is secured by an amended and restated consolidated security agreement (the “Amended and Restated Consolidated Security
Agreement”), by and between the Company and Sklar, dated August 11, 2023, The Consolidated Secured Promissory Note
consolidated the outstanding loan obligations of the Company to Sklar evidenced pursuant to (i) the January 24, 2020 Amended Note,
(ii) the June 28, 2021 Note, (iii) the September 17, 2021 Note, (iv) the December 13, 2021 Note, (v) the December 29, 2022 Note, and
(vi) the March 3, 2023 Note. The Amended and Restated Consolidated Security Agreement merged and integrated the December 29, 2022
Security Agreement and the March 3, 2023 Security Agreement, and provides a security interest in the Collateral (as defined in the
Amended and Restated Consolidated Security Agreement) to secure the repayment of all principal, interest, costs, expenses and other
amounts then or thereafter due under the Consolidated Secured Promissory Note until by the maturity date. Sklar was authorized to
file financing statements to perfect the security interest in the Collateral without authentication by the Company. The following
table represents Prior Notes that were part of the restructuring and related prior and updated terms (under the Consolidated Secured
Promissory Note):
|
|
Outstanding
Balance |
|
|
Original
maturity |
|
Original
rate |
|
|
|
Revised
maturity |
|
Revised
rate |
|
January
24, 2020 Amended Note |
|
|
100,000 |
|
|
7/19/2023 |
|
|
4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
June
28, 2021 Note |
|
|
100,000 |
|
|
6/28/2023 |
|
|
4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
September
17, 2021 Note |
|
|
500,000 |
|
|
9/17/2023 |
|
|
4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
December
13, 2022 Note |
|
|
500,000 |
|
|
12/13/2023 |
|
|
4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
December
29, 2022 Note |
|
|
2,000,000 |
|
|
8/1/2023 |
|
|
Prime
+ 4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
March
3, 2023 Note |
|
|
800,000 |
|
|
7/1/2023 |
|
|
Prime
+ 4 |
% |
|
|
12/31/2024 |
|
Prime
+ 2 |
% |
|
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Company did not include the February 14, 2022 Note with the principal amount of $472,500 in the note consolidation. The restructuring is accounted for as a debt modification.
On
May 10, 2024, the Company and Sklar entered into an amendment to the February 14, 2022 Note to extend the maturity date of the
February 14, 2022 Note to December 31, 2024.
Going
Concern
The
unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared on a going
concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
The Company identified that a substantial doubt exists related to the Company’s ability to meet its obligations as they become
due within one year of the date of the financial statements being issued. Principal conditions that gave rise to this substantial
doubt include historical net losses as indicated by the Company’s accumulated deficit of approximately $68,000,000 at March
31, 2024, which includes the impact of its net loss of $4,270,556 for the three months ended March 31, 2024, and total debt on the
balance sheet of $7,631,247 as of March 31, 2024, with all debt coming due within one year of the date of the financial statements
being issued. Management evaluated the principal conditions that initially give rise to the substantial doubt and note that the
historical net losses and accumulated deficit impact are justified as they are primarily made up of non-cash expenses or one-time
non-recurring expenses, such as goodwill impairment, stock-based compensation expense, fair value share adjustment loss and
acquisition transaction expenses. Total debt of $7,631,247 on the balance sheet as of March 31, 2024 includes $4,472,500 of notes
payable to Ross Sklar (“Sklar”), who has a large minority ownership of the Company that provides incentive for Mr. Sklar to extend or
refinance the notes before the notes become due, as seen historically (see Note 8). Management plans include (i) continuing to
increase net cash provided by operating activities, which was $822,453 for the three months ended March 31, 2024, while decreasing
net cash provided by financing activities, and (ii) obtaining an alternative financing source to pay off all current debt
outstanding and to provide additional working capital, if needed. To achieve these objectives, management has proposed and approved
plans to increase top line revenue for each segment while decreasing overall expenses as a percentage of revenue, as a result of
realizing synergies from the acquisitions of AOS, Skylar and Soylent, and utilizing the Company’s back-end shared service
model to reduce expenses. The Company is in ongoing negotiations to obtain additional financing to repay historical debt and provide
additional working capital. These conditions and the ability to successfully resolve these factors raise substantial doubt about the
Company’s ability to continue as a going concern. The condensed consolidated financial statements of the Company do not
include any adjustments that may result from the outcome of the aforementioned uncertainties.
Working
Capital Surplus Deficit
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Current assets | |
$ | 23,257,073 | | |
$ | 25,235,590 | |
Current liabilities | |
| 40,662,554 | | |
| 57,672,403 | |
Working capital deficit | |
$ | (17,405,481 | ) | |
$ | (32,436,813 | ) |
The
decrease in current assets is primarily due to the decrease in accounts receivable of $1,978,504 and a decrease in prepaid expenses and
other assets of $590,876. The decrease in current liabilities is primarily a result of the decrease in the fair value of share adjustment
of $16,178,002.
Cash
Flows
|
|
Three
Months Ended
March
31, |
|
|
|
2024 |
|
|
2023 |
|
Net
cash provided by (used in) operating activities |
|
$ |
822,453 |
|
|
$ |
(121,811 |
) |
Net
cash (used in) provided by investing activities |
|
|
(53,499 |
) |
|
|
133,803 |
|
Net
cash used in financing activities |
|
|
(763,219 |
)
|
|
|
(395,126 |
)
|
Increase
(decrease) in cash |
|
$ |
5,735 |
|
|
$ |
(383,134 |
) |
Operating
Activities
Net
cash provided by operating activities was $822,453 for the three months ended March 31, 2024 and was primarily due to the loss on stock
payable share adjustment of $1,921,949, a decrease in accounts receivable of $1,769,887, an increase in accounts payable of $827,692,
and a decrease in prepaid expenses and other assets of $590,876, which was partially offset by an increase in inventory of $585,128 and
a decrease in other payables and accrued liabilities of $824,939.
Net
cash used in operating activities was $121,811 for the three months ended March 31, 2023 was primarily due to an increase of inventory
of $2,005,702, which was partially offset by a decrease of accounts payable of $1,891,071.
Investing
Activities
Net
cash used in investing activities was $53,499 for the three months ended March 31, 2024 and was due to the purchase of property and equipment
and intangibles.
Net
cash provided by investing activities was $133,803 for the three months ended March 31, 2023 and was primarily due to cash paid in acquisition
of business, net of $172,423 and was partially offset by the purchase of intangibles in the amount of $38,620.
Financing
Activities
For
the three months ended March 31, 2024 net cash used in financing activities was $763,219, which primarily includes payments of $876,357
on the line of credit and notes payable, which was partially offset by proceeds of $113,138 from notes payable.
For
the year three months ended March 31, 2023 net cash used by financing activities was $395,126, which primarily includes $1,162,276 of
repayments on notes payable and $800,000 from advances from related parties.
Off-Balance
Sheet Arrangements
We
have 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 and would be considered material to investors.
Effects
of Inflation
Inflationary
factors such as increases in the costs to acquire goods and overhead costs may adversely affect our operating results. Although we do
not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation
in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative
expenses as a percentage of revenues if the selling prices of our services do not increase with these increased costs.
Critical
Accounting Policies and Estimates
Our
Condensed Consolidated Financial Statements have been prepared in conformity with US GAAP. The preparation of our Condensed Consolidated
Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues,
costs, expense and related disclosures. These estimates and assumptions are often based on historical experience and judgements that
we believe to be reasonable under the circumstances at the time made. However, all such estimates and assumptions are inherently uncertain
and unpredictable, and actual results may differ. It is possible that other professionals, applying their own judgement to the same facts
and circumstances, could develop and support alternative estimates and assumptions that could result in material changes to our operating
results and financial condition. We evaluate our estimates and assumptions on an ongoing basis.
We
consider our critical accounting estimates to include the assumptions and estimates associated with timing for revenue recognition, testing
goodwill for impairment, recoverability of long-lived assets, income taxes, fair value of contributed services, and assumptions used
in the Black-Scholes valuation methods, such as expected volatility, risk-free interest rate and expected dividend rate. Our significant
accounting policies are more fully described in the notes to our Condensed Consolidated Financial Statements. We believe that the following
accounting policies and estimates are critical to our business operations and understanding our financial results.
Acquisition
Accounting
We
account for acquisitions in accordance with the acquisition method of accounting pursuant to ASC 805, Business Combinations. Accordingly,
for each acquisition, we record the fair value of the assets acquired and liabilities assumed as of the acquisition date and recognize
the excess of the consideration paid over the fair value of the net assets acquired as goodwill. For each acquisition, the fair value
of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use to value
the assets in the principal (or most advantageous) market.
In
determining the fair value of the assets acquired and the liabilities assumed in connection with acquisitions, management engages third-party
valuation experts. Management is responsible for these internal and third-party valuations and appraisals.
Revenue
Recognition
STCB,
excluding its subsidiaries, earns a majority of its revenues through the sale of food products, primarily through Winona. Revenue from
retail sales is recognized at shipment to the retailer.
AOS,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of premium body and skincare products. Revenue from
retail sales is recognized at shipment to the retailer. Revenue from eCommerce sales, including Amazon Fulfillment by Amazon (“Amazon
FBA”), is recognized upon shipment of merchandise or FOB destination.
Skylar,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of fragrances. Revenue from retail sales is recognized
at shipment to the retailer. Revenue from eCommerce sales, including Amazon FBA, is recognized either upon shipment of merchandise or
FOB destination.
Soylent,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of nutritional drinks. Revenue from retail sales is
recognized at shipment to the retailer. Revenue from eCommerce sales, is recognized upon shipment of merchandise.
Whipshots
Holdings, an 85% owned subsidiary, earns its revenues as royalties from the licensing agreements it has with Temperance , a related entity.
STCB licenses the right for Temperance to manufacture and sell vodka infused whipped cream. The amount of the licensing revenue
received varies depending upon the product and the royalty percentage is based on contractual terms. The Company recognizes its
revenue under these licensing agreements only when sales are made by Temperance to a third party.
The
Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract;
(ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the
contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
The
Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled
to in exchange for the licensee transferring goods or services to the customer. Once a contract is determined to be within the scope
of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company’s licensee
must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction
price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied.
Generally, the Company’s licensee’s performance obligations are transferred to customers at a point in time, typically upon
delivery.
Goodwill
Impairment
Goodwill
as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of
the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired
and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement.
We
review goodwill for impairment at least annually or more frequently if indicators of impairment exist. Our goodwill impairment test may
require the use of qualitative judgements and fair-value techniques, which are inherently subjective. Impairment loss, if any, is recorded
when the fair value of goodwill is less than its carrying value for each reporting unit.
No
impairment losses related to goodwill were recognized for the three months ended March 31, 2024 and 2023.
Recoverability
of Long-Lived Assets
We
review intangible assets, property, equipment and software with finite lives for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset or asset group to future undiscounted cash flows that the asset or asset group is expected to generate.
If assets are determined to be impaired, the impairment loss to be recognized equals the amount by which the carrying value of the asset
or group of assets exceeds its fair value. Significant estimates include but are not limited to future expected cash flows, replacement
cost and discount rates. There were no impairment losses related to long-lived assets for the three months ended March 31, 2024 and 2023.
Income
Taxes
The
Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements
or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and
tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse.
Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in
the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty
income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return
should be recorded in the condensed consolidated financial statements. Under Section 740-10-25, the Company may recognize the tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing
authorities, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being
realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties
on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities
for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Contributed
Services
The
Company uses contributed services from related parties on an as needed basis for a portion of Company operations. Depending on the amount
of time related parties spend working on STCB, the Company allocates a percentage of the related parties’ salaries to be accounted
for as contributed services expense. There was no contributed services expense for the three months ended March 31, 2024.
Recent
Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the condensed consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other
new accounting pronouncements that have been issued that might have a material impact on its condensed consolidated financial position
or results of operations.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable as we are a “smaller reporting company.”
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including the Chief Executive Officer and Interim Chief Financial Officer,
we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the
Exchange Act) and through the COSO 2013 framework as of the end of the period covered by this report. The disclosure controls and procedures
ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded,
processed, summarized and reported, within the time periods specified in the SEC’s rule and forms; and (ii) accumulated and communicated
to our management, including our Chief Executive Officer and Interim Chief Financial Officer as appropriate to allow timely decisions
regarding required disclosure. Based on that evaluation, the Chief Executive Officer and Interim Chief Financial Officer concluded that,
as of March 31, 2024, these disclosure controls and procedures were not effective.
A
material weakness, as defined in the standards established by the Sarbanes-Oxley, 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 our annual or
interim condensed consolidated financial statements will not be prevented or detected on a timely basis.
The
ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:
● |
Lack
of an audit committee |
|
|
● |
Lack
of corporate documentation |
Changes
in Internal Controls over Financial Reporting
There
were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2024 that have materially
affected, or reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
Reference
is made to that certain Agreement and Plan of Merger, (the “Soylent Merger Agreement”) by and among, Starco Brands, Inc.
(“Starco”), Starco Merger Sub I, Inc., Soylent Nutrition, Inc. (“Soylent”) and Hamilton Start, LLC (“Hamilton”)
in its capacity as the appointed stockholder representative of the former shareholders of Soylent. On November 7, 2023, Hamilton filed
a Complaint against Starco in the Delaware Court of Chancery, C.A. No. 2023-1129-PAF (the “Delaware Complaint”). Pursuant
to the Soylent Merger Agreement, certain shares of consideration were held back until a working capital true up calculation (the “Working
Capital True-up”) and relevant adjustments were made, prior to release and issuance of the holdback and certain conditions were
imposed with respect to employees in the months immediately following the Soylent Merger Agreement. Hamilton (whose managing member is
Demir Vangelov, a director of Starco) and Starco were obligated to resolve the Working Capital True-up and any Soylent Merger Agreement
disputes in good faith, or submit the disputes as stipulated in the Soylent Merger Agreement. No resolution was made between the parties
and the Delaware Complaint was filed by Hamilton. Starco disputed the allegations in the Delaware Complaint and the mechanisms for resolution
pursued by Hamilton.
On
February 8, 2024, Hamilton filed an amended version of the Delaware Complaint and alleged additional claims regarding a Share Adjustment
(as defined in the Soylent Merger Agreement) in respect to shares of Starco Class A common stock held by the former shareholders of Soylent
(the “Former Shareholders”). On February 29, 2024, the Former Shareholders voted to remove Hamilton as the stockholder representative
and appointed a new stockholder representative, YL Management LLC (the “Successor Stockholder Representative”). YL Management
LLC became the Successor Stockholder Representative effective March 11, 2024. On March 8, 2024, Hamilton’s legal counsel in Delaware
filed a Motion to Withdraw as counsel. On March 19, 2024, the Delaware Court of Chancery granted the Motion to Withdraw, and has indicated
that it would dismiss the action underlying the Delaware Complaint unless successor counsel and a plaintiff with standing appear by or
before April 9, 2024. On April 1, 2024, YL Management LLC filed an entry of appearance with the Delaware Court of Chancery as the new
stockholder representative along with new legal counsel and took over the Delaware Complaint. On March 15, 2024, Starco, the Successor
Stockholder Representative, and certain of the Former Shareholders accounting for approximately 88.9% of the total shares of Starco Class
A common stock held by all Former Shareholders (the “Consenting Stockholders”), entered into a Stockholder Agreement which
modifies certain terms of the Soylent Merger Agreement with respect to the Consenting Stockholders, including the Share Adjustment.
ITEM
1A. RISK FACTORS
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide
the information under this Item. For a list of risk factors, please refer to our Annual Report on Form 10-K for the year ended December
31, 2023, as filed with the SEC on April 3, 2024.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer
Purchase of Securities.
On
June 13, 2021, the Company entered into Separation Agreements (the “Separation Agreements”) with Sanford Lang (“Mr.
Lang”) and Martin Goldrod (“Mr. Goldrod”) whereas, effective as of June 16, 2021, Mr. Lang and Mr. Goldrod each resigned
from their positions as members of the Board of Directors in exchange for certain separation benefits (the “Separation Benefits”).
As consideration for the Separation Benefits, and not in addition to the same, the Company agreed to purchase an amount of the shares
of the Company per month from Mr. Lang and Mr. Goldrod at a price per share that when aggregated with all shares purchased in each month
would equal monthly Separation Benefit payments of $7,950 to Mr. Lang and monthly Separation Benefit payments of $3,000 to Mr. Goldrod
(the “Repurchases”). As of the date of this report, the Separation Agreements have terminated and the Repurchases have ceased.
Issuer
Sale of Securities.
On
January 1, 2024, the Company entered into agreements with employees and consultants for services to be performed. As consideration therefore,
the Company granted Options to purchase 4,660,000 shares of common stock. The Options expire ten years from the grant date and vest over
various time periods ranging from two to four years, with the majority vesting over a four year term.
Effective
February 14, 2024, the Soylent Share Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding
on December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger
agreement and Stockholders Agreement. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement amount of
$18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent to December
31, 2023. As a result, approximately 1.9 million shares were returned to the company and the liability amount as of December 31, 2023
was amended.
Effective
February 14, 2024, the Company settled the Soylent Opening Balance Holdback and $2,446,380 equity consideration payable by issuing 16,309,203
shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement.
On
March 12, 2024, the 18-month holdback period from the date of the AOS Acquisition was completed, the Company had no outstanding claims
and issued the former shareholders of AOS an aggregate 4,979,731 shares of Class A common stock and $6,137 in cash that was being held
back on the December 31, 2023 balance sheet.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINING SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION.
None
ITEM
6. EXHIBITS
EXHIBIT
INDEX
Exhibit
No. |
|
Exhibit
Description |
|
|
|
2.1
(*)† |
|
Agreement
and Plan of Merger, by and among (i) Starco Brands, Inc., a Nevada corporation, (ii) Starco Merger Sub Inc., a Delaware corporation,
(iii) The AOS Group Inc., a Delaware corporation, and (iv) Matthias Metternich, solely in his capacity as the Company Stockholder
Representative of The AOS Group stockholders, dated September 12, 2022, filed as Exhibit 2.1 to the Company’s Current Report
on Form 8-K filed with the Commission on September 15, 2022. |
|
|
|
2.2
(*)† |
|
Agreement
and Plan of Merger, by and among (i) Starco Brands, Inc., a Nevada corporation, (ii) Starco Merger Sub II, Inc., a Delaware corporation,
(iii) Skylar Body, LLC, a Delaware limited liability company, (iv) Skylar Body, Inc., a Delaware corporation, and (v) Shareholder
Representative Services LLC, solely in its capacity as the representative of the Company Holders, dated December 29, 2022, filed
as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Commission on January 4, 2023. |
|
|
|
2.3
(*)† |
|
Agreement
and Plan of Merger, by and among Starco Brands, Inc., Starco Merger Sub I Inc., Soylent Nutrition, Inc., and Hamilton Start, LLC,
solely in its capacity as stockholders’ representative and solely for purposes of Article IX, Article X, Section 2.08 and Section
6.11 therein, dated February 14, 2023, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Commission
on February 21, 2023. |
|
|
|
3.1
(*) |
|
Amended
and Restated Articles of Incorporation of Starco Brands, Inc., filed as Exhibit 3.1 to the Company’s Current Report on Form
10-K filed with the Commission on April 18, 2023. |
|
|
|
3.2
(*) |
|
Amended
and Restated Bylaws of Starco Brands, Inc., filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the
Commission on July 1, 2022. |
|
|
|
4.1
(*)† |
|
Registration
Rights Agreement, by and between Starco Brands, Inc., a Nevada corporation, and the Investors listed on Schedule A thereto, dated
September 12, 2022, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on September
15, 2022. |
|
|
|
4.2
(*)† |
|
Voting
Agreement, by and among Starco Brands, Inc., a Nevada corporation, and the stockholders listed on Schedule A thereto, dated September
12, 2022, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on September 15, 2022. |
|
|
|
4.3
(*)† |
|
Registration
Rights Agreement, by and between Starco Brands, Inc., a Nevada corporation, and the Investors listed on Schedule A thereto, dated
December 29, 2022, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on January 4,
2023. |
|
|
|
4.4
(*) |
|
Voting
Agreement, by and among Starco Brands, Inc., a Nevada corporation, and the stockholders listed on Schedule A thereto, dated December
29, 2022, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on January 4, 2023. |
|
|
|
4.5
(*) |
|
Registration
Rights Agreement, by and between Starco Brands, Inc., and Hamilton Start, LLC in its capacity as Stockholder Representative on behalf
of the Investors (as defined therein) dated February 15, 2023, filed as Exhibit 10.2 to the Company’s Current Report on Form
8-K filed with the Commission on February 21, 2023. |
|
|
|
4.6 (#) |
|
Amendment to Registration Rights Agreement, dated May 14, 2024, by and among Starco Brands, Inc. and YL Management LLC in its capacity as Stockholder Representative on behalf of the Investors (as defined in the Registration Rights Agreement, by and between Starco Brands, Inc. and Hamilton Start, LLC, dated February 15, 2023). |
4.7
(*) |
|
Voting
Agreement, by and among Starco Brands, Inc., Ross Sklar, and the stockholders of the Company listed on Schedule A thereto, dated February
15, 2023, filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Commission on February 21, 2023. |
|
|
|
4.8 (#) |
|
Amendment to Voting Agreement, dated May 14, 2024, by and among Starco Brands, Inc., Ross Sklar, and the stockholders of the Company listed on Schedule A to the Voting Agreement, by and between Starco Brands, Inc., Ross Sklar, and the stockholders of the Company listed on Schedule A thereto, dated February 15, 2023. |
10.1
(*) |
|
Form of Indemnification Agreement by and between Starco Brands, Inc. and each of its current directors, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on February 21, 2023. |
|
|
|
10.2
(*)(+) |
|
Brand License Agreement, by and between Starco Brands, Inc. and The Starco Group, effective as of July 12, 2017, filed as Exhibit 6.2 to the Company’s Regulation A+ offering statement filed with the Commission on August 31, 2021. |
|
|
|
10.3
(*)(+) |
|
License Agreement by and between Sklar Holdings, Inc., and Starco Brands, Inc. executed April 1, 2018, filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Commission on February 19, 2021. |
|
|
|
10.4
(*)(+) |
|
License Agreement by and between Winona Pure, Inc. and Starco Brands, Inc. executed April 1, 2018, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Commission on February 19, 2021 |
|
|
|
10.5
(*)(+) |
|
Amended and Restated License Agreement, by and between Whipshots Holdings LLC, Washpoppin Inc., and “Cardi B,” effective as of November 27, 2023, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on December 8, 20A |
|
|
|
10.6
(*)(+) |
|
Intellectual Property Purchase Agreement, by and between Whipshots LLC and PENGUINS FLY, LLC, dated as of August 24, 2021, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on September 14, 2021. |
|
|
|
10.7
(*) |
|
Form of Distribution Agreement, by and between Starco Brands, Inc. and “Distributor”, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on November 10, 2021. |
|
|
|
10.8
(*) |
|
Form of Broker Agreement, by and between Starco Brands, Inc. and “Broker”, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on November 10, 2021. |
|
|
|
10.9
(*) |
|
Convertible Promissory Note issued in favor of Ross Sklar, dated February 14, 2022, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on February 22, 2022. |
|
|
|
10.10 (#) |
|
Amendment to Convertible Promissory Note, by and between Starco Brands, Inc. and Ross Sklar, dated May 10, 2024. |
|
|
|
10.11
(*) |
|
Consolidated Secured Promissory Note of Starco Brands, Inc., issued in favor of Ross Sklar, dated August 11, 2023, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 11, 2023. |
|
|
|
10.12
(*) |
|
Amended and Restated Consolidated Security Agreement, by and between Starco Brands, Inc. and Ross Sklar, dated August 11, 2023, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on August 11, 2023. |
|
|
|
10.13
(*) |
|
Warrant to Purchase Common Stock, issued to Ross Sklar, dated December 29, 2022, filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on January 5, 2023. |
|
|
|
10.14
(*) |
|
Warrant to Purchase Class A Common Stock, issued to Ross Sklar, dated March 3, 2023, filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on March 9, 2023. |
|
|
|
10.15
(*) (+) |
|
License Agreement by and between Starco Brands, Inc. and Temperance Distilling Company, executed January 24, 2022, filed as Exhibit 10.25 to the Company’s Annual Report on Form 10-K filed with the Commission on April 18, 2023.
|
|
|
|
10.16
(*) |
|
Starco Brands, Inc. – 2023 Equity Incentive Plan, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on November 29, 2023. |
|
|
|
14.1
(*) |
|
Code of Business Conduct and Ethics of Starco Brands, Inc., filed as Exhibit 14.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 28, 2023. |
32.2
(#)(##) |
|
Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. |
|
|
|
101.INS |
|
Inline
XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within
the Inline XBRL document). |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document. |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Presentation Linkbase Document. |
|
|
|
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
(#) |
Filed
herewith. |
|
|
(*) |
Incorporated
by reference to the filing indicated. |
|
|
(+) |
In
accordance with Item 601(a)(5) of Regulation S-K, certain schedules (or similar attachments) to this exhibit may have been omitted
from this filing. The Registrant will provide a copy of any omitted schedule to the SEC or its staff upon request.
In
accordance with Item 601(b)(10)(iv) of Regulation S-K, certain provisions or terms of the Agreement may have been redacted. The Registrant
will provide an unredacted copy of the exhibit on a supplemental basis to the SEC or its staff upon request. |
|
|
† |
Certain
of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant
agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request. |
|
|
(##) |
The
certifications attached as Exhibits 32.1 and 32.2 that accompany this report, are not deemed filed with the SEC and are not to be
incorporated by reference into any filing of Starco Brands, Inc. under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, whether made before or after the date of this report irrespective of any general incorporation
language contained in such filing. |
SIGNATURES
Pursuant
to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
STARCO
BRANDS, INC |
|
(Registrant) |
|
|
|
By:
|
/s/
Kevin Zaccardi |
|
|
Kevin
Zaccardi |
|
|
Interim-Chief
Financial Officer and duly authorized officer |
|
|
(Principal
Financial and Accounting Officer) |
|
|
May
15, 2024 |
Exhibit
4.6
AMENDMENT
TO REGISTRATION RIGHTS AGREEMENT
This
Amendment (this “Amendment”) to the Registration Rights Agreement, dated as of February 15, 2023 (the “Registration
Rights Agreement”), by and between Starco Brands, Inc., a Nevada corporation (the “Acquiror”), and Hamilton
Start, LLC, in its capacity as the Stockholder Representative (“Hamilton”), on behalf of the Investors and any Transferee
thereof that becomes party to the Registration Rights Agreement, is made and entered into as of May 14, 2024. This Amendment shall form
a part of the Registration Rights Agreement for all purposes, and each party thereto shall be bound hereby. Except as otherwise indicated,
capitalized terms used but not defined herein shall have the meanings set forth in the Registration Rights Agreement.
RECITALS
WHEREAS,
on February 29, 2024, the Requisite Company Major Stockholders (as defined in the Merger Agreement) (i) removed the Stockholder Representative
as the representative of the former stockholders of Soylent in connection with the Merger Agreement and (ii) appointed YL Management
LLC as the “Successor Stockholder Representative”, and such appointment became effective on March 11, 2024, in accordance
with Section 10.01(c) of the Merger Agreement;
WHEREAS,
pursuant to such removal and appointment, the Successor Stockholder Representative shall assume, in all respects, the roles, duties,
powers and obligations of Hamilton as of March 11, 2024, including, without limitation, entering into amendments to the Registration
Rights Agreement;
WHEREAS,
each Investor is party to that certain Voting Agreement, dated as of February 15, 2023 (the “Voting Agreement”), by
and among Acquiror, Ross Sklar (“Sklar”) and the stockholders of the Company listed on Schedule A thereto,
and on or about the date hereof, stockholders holding a majority of the shares then held by all stockholders under the Voting Agreement
entered into an amendment of the Voting Agreement (the “Voting Agreement Amendment”);
WHEREAS,
pursuant to Section 4.03 of the Registration Rights Agreement, the Registration Rights Agreement may be amended by Acquiror and the Successor
Stockholder Representative; and
WHEREAS,
in connection with the Voting Agreement Amendment the Acquiror and Successor Stockholder Representative have determined that it is in
the best interests of the Acquiror and the Investors to amend the Registration Rights Agreement, and desire to amend the Registration
Rights Agreement on the terms and conditions as provided herein.
NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency is hereby acknowledged, and intending to be legally bound hereby, the parties hereto do hereby
agree as follows:
1.
Incorporation of Recitals. The foregoing recitals are true and correct and are incorporated herein by reference.
2.
Amendment of Section 1.01 of the Registration Rights Agreement. Section 1.01 of the Registration Rights Agreement is amended as
follows:
(a)
The definition of “Filing Date” shall be deleted in its entirety and replaced with the following:
““Filing
Date” means May 15, 2025.”
(b)
The definition of “Share Adjustment” shall be deleted and all prior references to Share Adjustment shall refer to
“Second Share Adjustment”.
(c)
The definition of “Second Share Adjustment” shall be inserted immediately following the definition of “Selling
Expenses”, and shall read as follows:
““Second
Share Adjustment” has the meaning set forth in that certain Stockholder Agreement, by and among Acquiror, Successor Stockholder
Representative, and certain holders of Acquiror Common Stock which are signatories to such agreement, dated on or around the date of
the Amendment.”
3.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law rules of such state.
4.
Counterparts. This Amendment may be executed in two or more counterparts for the convenience of the parties hereto, each of which
shall be deemed an original and all of which together will constitute one and the same instrument. Delivery of an executed counterpart
of a signature page, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, the Uniform Electronic Transactions
Act or other applicable law to this Amendment by facsimile or by e-mail in “portable document format” shall be effective
as delivery of a mutually executed counterpart to this Amendment.
5.
Remainder of the Registration Rights Agreement Unaffected. Except as expressly amended, modified or revised by this Amendment,
all terms and provisions of the Registration Rights Agreement shall be unchanged and remain in full force and effect. On and after the
date hereof, each reference to the Registration Rights Agreement shall mean and be a reference to the Registration Rights Agreement as
amended hereby, and this Amendment and the Registration Rights Agreement shall be read together and construed as a single instrument.
In the event of any conflict between the terms and conditions of the Registration Rights Agreement and the terms and conditions of this
Amendment, this Amendment shall be controlling with respect to the language set forth in Sections 1 and 2 of this Amendment.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized respective officers as of the
date first written above.
|
COMPANY:
|
|
|
|
|
STARCO
BRANDS, INC. |
|
|
|
|
By: |
/s/
Ross Sklar |
|
Name: |
Ross
Sklar |
|
Title: |
Chief
Executive Officer |
SUCCESSOR
STOCKHOLDER REPRESENTATIVE:
YL
MANAGEMENT LLC |
|
|
|
|
By: |
/s/
Bharat Vasan |
|
Name: |
Bharat
Vasan |
|
Title: |
Manager |
|
[Signature
Page to Amendment to Registration Rights Agreement]
Exhibit
4.8
AMENDMENT
TO VOTING AGREEMENT
This
Amendment (this “Amendment”) to the Voting Agreement, dated as of February 15, 2023 (the “Voting Agreement”),
by and among Starco Brands, Inc., a Nevada corporation (the “Company”), Ross Sklar (“Sklar”) and
the stockholders of the Company listed on Schedule A thereto (the “Stockholders” and each a “Stockholder”),
is made and entered into as of May 14, 2024. The Company, Sklar and Stockholders, the “Parties” and each a “Party”).
This Amendment shall form a part of the Voting Agreement for all purposes, and each Party shall be bound hereby. Except as otherwise
indicated, capitalized terms used but not defined herein shall have the meanings set forth in the Voting Agreement.
RECITALS
WHEREAS,
the Company, Sklar, and the Stockholders holding a majority of the Shares then held by all Stockholders under the Voting Agreement have
determined that it is in the best interests of the Company and the stockholders to amend the Voting Agreement, to provide for, among
other things, the extension of certain voting obligations, the modification of the composition of the Company’s board of directors,
and certain restrictive covenants;
WHEREAS,
on February 29, 2024, the Requisite Company Major Stockholders (as defined in the Merger Agreement) (i) removed the Stockholder Representative
as the representative of the former stockholders of Soylent in connection with the Merger Agreement and (ii) appointed YL Management
LLC as the “Successor Stockholder Representative”, and such appointment became effective on March 11, 2024, in accordance
with Section 10.01(c) of the Merger Agreement;
WHEREAS,
pursuant to Section 8.7 of the Voting Agreement, the Voting Agreement may be amended by the Company and the Stockholders holding a majority
of the Shares then held by the Stockholders, and such amendment shall be binding upon all Stockholders;
WHEREAS,
the undersigned Stockholders hold a majority of the Shares held by all Stockholders under the Voting Agreement; and
WHEREAS,
the Company, Sklar, and the Stockholders holding a majority of the Shares then held by all Stockholders under the Voting Agreement desire
to amend the Voting Agreement on the terms and conditions as provided herein.
NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency is hereby acknowledged, and intending to be legally bound hereby, the parties hereto do hereby
agree as follows:
1.
Incorporation of Recitals. The foregoing recitals are true and correct and are incorporated herein by reference.
2.
Amendment of Section 2.2 of the Voting Agreement. Section 2.2 of the Voting Agreement is hereby deleted in its entirety and restated
as follows:
“2.2
Voting. From the date hereof until February 15, 2025, each Stockholder agrees to vote or consent, or cause all Shares owned by
such Stockholder or over which such Stockholder has voting control, from time to time and at all times, to be voted or consent given
in the same manner as Sklar votes or gives his consent with respect to his shares of capital stock of the Company, and where the Successor
Stockholder Representative has separately approved or given its consent in writing to the manner in which Sklar proposes to vote or give
his consent with respect to his shares of capital stock of the Company, and which do not adversely affect the rights or obligations of
such Stockholder in a manner different from the rights or obligations of the other holders of the Class A Common Stock of the Company
in respect of such Class A Common Stock, with respect to any stockholder votes or approvals (if required) to enter into any acquisition,
merger or consolidation with an entity listed on the New York Stock Exchange (“NYSE”) or Nasdaq Stock Market (“NASDAQ”)
(a “Target Acquisition”). In addition, each Stockholder agrees to appear or not appear at each meeting or otherwise
cause all of such Stockholder’s Shares to be counted or not counted as present thereat for purposes of calculating a quorum and
responding to any other request by the Company for written consent, if any, in the same manner as Sklar with respect to a Target Acquisition.
Each Stockholder agrees to execute any written consents or other documents requested by Sklar which are required or appropriate to perform
the obligations set forth in this Section 2.2 with respect to a Target Acquisition for which the Successor Stockholder Representative
has separately approved or given its consent. Notwithstanding anything in this Section 2.2 to the contrary, the voting or consent
rights in favor of Sklar in this Section 2.2 may not be used to:
(a)
require any Stockholder to be bound by any restrictive covenant in connection with a Target Acquisition or any release of claims other
than a release in customary form of claims arising solely in such Stockholder’s capacity as a stockholder of the Company;
(b)
except as set forth in the Merger Agreement, require such Stockholder and its Affiliates to amend, extend or terminate any contractual
or other relationship with the Company or its Affiliates in connection with any such action, except that the Stockholder may be required
to agree to terminate the investment-related documents between or among such Stockholder, the Company and/or other stockholders of the
Company;
(c)
upon the consummation of any Target Acquisition, if the net proceeds therefrom are distributed to the Company’s stockholders, require
any Stockholder to receive a different amount of consideration per class of Share as is received by other holders in respect of their
same class of Shares;
(d)
waive, on behalf of any Stockholder, such Stockholder’s express rights under this Agreement, including the protective provisions
set forth in Section 4 and preemptive rights set forth in Section 5;
(e)
vote the Shares to approve any transaction with Sklar or the Company’s Affiliates, including with Sklar; provided, that this clause
(e) shall not apply with respect to approval of a Target Acquisition as a result of Sklar being party to a voting agreement, stockholders’
agreement or similar ancillary agreement in connection with such Target Acquisition; and
(f)
Approve any amendment, revision or other change, or waiver to this Agreement, including, but not limited to, the termination of this
Agreement.”
3.
Amendment of Section 2.3 of the Voting Agreement. Section 2.3 of the Voting Agreement is hereby deleted in its entirety and restated
as follows:
“2.3
Voting Provisions Regarding the Board.
(a)
Board Composition. As of the date of this Amendment, the Company has three (3) directors. One director is designated by the Stockholders
holding a majority of the Shares then held by all Stockholders (the “Initial Stockholder Director”), and on or about
the date hereof, the Stockholders holding a majority of the Shares held by all Stockholders voted, by written consent, to elect Bharat
Vasan as the Initial Stockholder Director, who may be replaced, from time to time, as set forth in this Agreement. Until the termination
of this Agreement, Sklar and each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Person, or over which such
Person has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that the Company’s
board of directors (the “Board”) be increased to, and at all times consist of, seven (7) members; three (3) members
as designated by Sklar (the “Company Directors”), three (3) members as designated by the Stockholders holding a majority
of the Shares then held by all Stockholders (the “Stockholder Directors”), and one (1) member (the “Independent
Director”) designated by mutual agreement of Sklar and the Stockholders holding a majority of the Shares then held by all Stockholders.
(b)
Board Expansion. Pursuant to Section 3.2 of the Company’s Amended and Restated Bylaws, dated June 28, 2022 (the “Bylaws”),
the number of directors constituting the Board may be fixed from time to time by the current directors of the Board, and pursuant to
Section 3.4 of the Bylaws, any newly created directorships resulting from any increase in the authorized number of directors may be filled
by a majority vote of the remaining directors then in office. Promptly following the date hereof, the Board shall increase the size of
the Board to seven (7) members, and the Board shall appoint new directors to the four (4) open directorships in the following order:
(i)
one (1) Stockholder Director as designated by the Initial Stockholder Director;
(ii)
the Independent Director, as designated by mutual agreement of Sklar and the Initial Stockholder Director (the appointment of a fifth
director to the Board, the “Initial Board Composition Event”); and
(iii)
simultaneously, one (1) Company Director as designated by Sklar and one (1) Stockholder Director as designated by the Initial Stockholder
Director.
(c)
Committees. Promptly following the date hereof, the Board will approve (i) a compensation committee (“Compensation Committee”),
(ii) an audit committee (“Audit Committee”), and (iii) a governance committee (“Governance Committee”
and collectively with the Compensation Committee and Audit Committee, the “Committees” and each a “Committee”).
Each Committee shall consist initially of the Initial Stockholder Director until the Initial Board Composition Event, at which time each
such Committee shall automatically increase to three (3) directors, and will adopt customary charters.
(i)
The Compensation Committee will be constituted by the Initial Stockholder Director, the Independent Director, and to the extent qualified,
a Company Director who is not a member of Company management. In the event that all Company Directors are management directors, the full
Board shall determine the member of the Compensation Committee who is not the Initial Stockholder Director or the Independent Director
(a “Compensation Designation” and a “Compensation Designee”). Notwithstanding the foregoing, if
at any time following a Compensation Designation, a Company Director becomes qualified to sit on the Compensation Committee, Sklar shall
have the right, but not the obligation, to replace the Compensation Designee with such qualified Company Director on the Compensation
Committee. In the event that any of the foregoing directors are unqualified, removed, resign or are otherwise unable to serve on the
Compensation Committee, then (i) in the event that the Initial Stockholder Director is unqualified, removed, resign or is otherwise unable
to serve on the Compensation Committee, Sklar shall designate a qualified director to the Compensation Committee, (ii) in the event that
the Independent Director is unqualified, removed, resigns or is otherwise unable to serve on the Compensation Committee, the Initial
Stockholder Director and Sklar shall designate a qualified director to the Compensation Committee, and (iii) in the event that the Company
Director serving on the Compensation Committee is unqualified, removed, resigns or is otherwise unable to serve on the Compensation Committee,
Sklar shall designate a qualified director who is not a member of Company management to the Compensation Committee.
1.
The Initial Stockholder Director, shall, no later than sixty (60) days from the establishment of the Compensation Committee, determine
and recommend for approval by the full Board a base salary and bonus compensation packages for Sklar and the Company’s COO, Darin
Brown, in conjunction with the Company’s Board-approved 2024 financial plan, in each case consistent with similarly-sized and profitable
companies listed on an OTC.
2.
Within ninety (90) days after the Initial Board Composition Event, the 3-member Compensation Committee shall recommend to the full Board
equity incentive packages for the Company’s executive management team as well as stock option grants to the Board.
(ii)
The Audit Committee will be constituted by (to the extent each is qualified to serve) the Initial Stockholder Director, the Independent
Director, and a Company Director who is not a member of management. In the event that all Company Directors are management directors,
the full Board shall determine the member of the Audit Committee who is not the Initial Stockholder Director or the Independent Director.
In the event that any of the foregoing directors are unqualified, removed, resign or are otherwise unable to serve on the Audit Committee,
then (i) in the event that the Initial Stockholder Director is unqualified, removed, resigns or is otherwise unable to serve on the Audit
Committee, the majority of the Stockholder Directors shall designate a qualified director to the Audit Committee, (ii) in the event that
the Independent Director is unqualified, removed, resigns or is otherwise unable to serve on the Audit Committee, the Initial Stockholder
Director and Sklar shall designate a qualified director to the Audit Committee, and (iii) in the event that the Company Director serving
on the Audit Committee is unqualified, removed, resigns or is otherwise unable to serve on the Audit Committee, Sklar shall designate
a qualified director who is not a member of Company management to the Audit Committee.
(iii)
The Governance Committee will initially be constituted by the Initial Stockholder Director, the Independent Director, and a Company Director
who is not a member of Company management. In the event that all Company Directors are management directors, the full Board shall determine
the member of the Governance Committee who is not the Initial Stockholder Director or the Independent Director. In the event that any
of the foregoing directors are unqualified, removed, resign or are otherwise unable to serve on the Governance Committee, then (i) in
the event that the Initial Stockholder Director is unqualified, removed, resigns or is otherwise unable to serve on the Governance Committee,
the majority of the Stockholder Directors shall designate a qualified director to the Governance Committee, (ii) in the event that the
Independent Director is unqualified, removed, resigns or is otherwise unable to serve on the Governance Committee, the Initial Stockholder
Director and Sklar shall designate a qualified director to the Governance Committee, and (iii) in the event that the Company Director
serving on the Governance Committee is unqualified, removed, resigns or is otherwise unable to serve on the Governance Committee, Sklar
shall designate a qualified director who is not a member of Company management to the Governance Committee.
(iv)
Following the March 18, 2025, the requirement of the Initial Stockholder Director constituting a member of the Committees will be replaced
with any Stockholder Director sitting on such Committee.
(d)
Initial Stockholder Director Approval. Until the Initial Board Composition Event, any Board approval for (i) any proposed material
acquisition of a company or an acquisition of or merger with the Company by or into a third party, or (ii) any uplisting to NASDAQ or
NYSE (via a de-SPAC transaction, merger or otherwise), shall require the approval of the Initial Stockholder Director. The Initial Stockholder
Director shall consult with Sklar on nominations for the Board and the Initial Stockholder Director will have the right to approve any
proposed members to the Committees to be nominated by Sklar or the Company Directors (such approval not to be unreasonably withheld),
until the occurrence of the Initial Board Composition Event.
(e)
Failure to Designate a Director. Until the termination of this Agreement, in the absence of any designation from Sklar, the Stockholders
or groups with the right to designate the a director as specified above, the director previously designated by them and then serving
shall be reelected if still eligible and willing to serve unless such individual has been removed as provided herein, and Sklar and each
of the Stockholders hereby agree not to vote for or nominate any other director to fill such vacant Board seat unless filled as provided
above.”
4.
Amendment of Section 3.1 of the Voting Agreement. Section 3.1 of the Voting Agreement is hereby deleted in its entirety and restated
as follows:
“3.1
Irrevocable Proxy and Power of Attorney. From the date hereof until February 15, 2025, each Stockholder hereby irrevocably constitutes
and appoints as the proxy of such Stockholder and hereby grants a power of attorney to Sklar (in his capacity as a shareholder of the
Company and not as a director or officer), with full power of substitution, with respect to the matters set forth in Section 2.2,
and hereby authorizes Sklar to represent and vote, and execute and deliver any written consent, on behalf of such Stockholder if and
only if such Stockholder (i) fails to vote all of such Stockholder’s Shares in accordance with Section 2.2 by the date specified
by Ross Sklar, (ii) fails to provide its written consent in accordance with Section 2.2 by the date specified by Ross Sklar, or
(iii) attempts to vote (whether by proxy, in person or by written consent) any of such Stockholder’s Shares in a manner which is
inconsistent with Section 2.2. Each of the proxy and power of attorney granted pursuant to this Section 3.1 is given in consideration
of the agreements and covenants of the Company and the parties in connection with the transactions contemplated by the Merger Agreement
and the Registration Rights Agreement and, as such, each is coupled with an interest and shall be irrevocable until February 15, 2024.
Each party hereto hereby revokes any and all previous proxies or powers of attorney with respect to the Shares and shall not hereafter,
unless and until this Agreement terminates or expires pursuant to Section 2 hereof, purport to grant any other proxy or power
of attorney with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any agreement (other than
this Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions
with respect to the voting of any of the Shares, in each case, with respect to any of the matters set forth herein. The power of attorney
granted by Stockholder herein is a durable power of attorney and shall survive the bankruptcy, death, or incapacity of Stockholder.”
5.
Amendment of Section 4 of the Voting Agreement. Section 4 of the Voting Agreement is hereby deleted in its entirety and restated
as follows:
“4
Company Covenants; Stockholders Protective Provisions. Until the occurrence of the Initial Board Composition Event, the Company
covenants that it will not, without the prior written consent of the Successor Stockholder Representative: (i) liquidate, dissolve or
wind-up the affairs of the Company; (ii) amend, alter, or repeal any provision of the Company’s certificate of incorporation or
bylaws in a manner that would adversely and disproportionately affect the Stockholders’ rights, preferences, privileges or protections
in respect of their Class A Common Stock compared to the other holders of Class A Common Stock; (iii) enter into, amend or terminate
any employment, severance, change of control, option or similar agreement with Sklar; (iv) (excluding existing agreements and arrangements,
and new agreements or arrangements entered into on arms’ length terms) enter into any transaction between the Company, on the one
hand, or any director, shareholder officer or employee of the Company or any family member or Affiliate of such director, shareholder
officer or employee or their respective family members, on the other hand; (v) issue any shares of the Company’s Class B Common
Stock, par value $0.001 per share, or Preferred Stock, par value $0.001 per share, to Sklar or any family member or any Affiliate of
Sklar or the Company; (vi) adopt, change (including the increase of option shares available) or terminate an equity (or equity-linked)
incentive plan, phantom stock plan, cash bonus plan or similar employee incentive plan of the Company or one of its subsidiaries; (vii)
assign, sell, offer to sell, pledge, mortgage, hypothecate, encumber, dispose of or any other like transfer or encumbering of any equity
interest in the Company by Sklar or any Affiliate of Sklar; or (viii) create, or authorize the creation of, or issue, or authorize the
issuance of any debt security or create any lien or security interest (except for purchase money liens or statutory liens of landlords,
mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business) or incur
other indebtedness for borrowed money, including but not limited to obligations and contingent obligations under guarantees, or permit
any subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money
with, or permit additional contributions by, Sklar or any Affiliate of Sklar, with respect to the Company or any of its subsidiaries.”
6.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law rules of such state.
7.
Counterparts. This Amendment may be executed in two or more counterparts for the convenience of the parties hereto, each of which
shall be deemed an original and all of which together will constitute one and the same instrument. Delivery of an executed counterpart
of a signature page, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, the Uniform Electronic Transactions
Act or other applicable law to this Amendment by facsimile or by e-mail in “portable document format” shall be effective
as delivery of a mutually executed counterpart to this Amendment.
8.
Remainder of the Voting Agreement Unaffected. Except as expressly amended, modified or revised by this Amendment, all terms and
provisions of the Voting Agreement shall be unchanged and remain in full force and effect. On and after the date hereof, each reference
to the Voting Agreement shall mean and be a reference to the Voting Agreement as amended hereby, and this Amendment and the Voting Agreement
shall be read together and construed as a single instrument. In the event of any conflict between the terms and conditions of the Voting
Agreement and the terms and conditions of this Amendment, this Amendment shall be controlling with respect to the language set forth
in Sections 1 through 5 of this Amendment.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized respective officers as of the
date first written above.
|
COMPANY:
|
|
|
|
|
STARCO
BRANDS, INC. |
|
|
|
|
By: |
/s/
Ross Sklar |
|
Name: |
Ross
Sklar |
|
Title: |
Chief
Executive Officer |
/s/
Ross Sklar |
|
Ross
Sklar |
|
[Signature
Page to Amendment to Voting Agreement]
IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized respective officers as of the
date first written above.
ANDREESSEN
HOROWITZ FUND IV, L.P.
for itself and as nominee for
Andreessen Horowitz Fund IV-A, L.P.,
Andreessen Horowitz Fund IV-B, L.P. and
Andreessen Horowitz Fund IV-Q, L.P.
|
AH
PARALLEL FUND III, L.P.
for itself and as nominee for
AH Parallel Fund III -A, L.P.,
AH Parallel Fund III -B, L.P. and
AH Parallel Fund III -Q, L.P.
|
By: |
AH Equity Partners
IV, L.L.C. |
|
By: |
AH Equity Partners
III, L.L.C. |
|
its general partner |
|
its general
partner |
|
|
|
|
|
By: |
/s/
Phil Hathaway |
|
By: |
/s/
Phil Hathaway |
Name: |
Phil Hathaway |
|
Name: |
Phil Hathaway |
Its: |
COO |
|
Its: |
COO |
Cc: |
Peter Blackwood |
|
Cc: |
Peter Blackwood |
AH
PARALLEL FUND IV, L.P.
for itself and as nominee for
AH Parallel Fund IV-A, L.P.,
AH Parallel Fund IV-B, L.P. and
AH Parallel Fund IV-Q, L.P.
By:
|
AH
Equity Partners IV (Parallel), L.L.C. |
|
a16z
Seed-III, LLC |
|
its
general partner |
|
(formerly
known as AH Fund III Seed, L.L.C) |
|
|
|
|
|
By:
|
/s/
Phil Hathaway |
|
By: |
/s/
Phil Hathaway |
Name: |
Phil
Hathaway |
|
Name: |
Phil
Hathaway |
Its: |
COO |
|
Its: |
COO |
Cc: |
Peter
Blackwood |
|
Cc: |
Peter
Blackwood |
[Signature
Page to Amendment to Voting Agreement]
IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized respective officers as of the
date first written above.
|
The
Production Board, LLC |
|
|
|
|
By:
|
/s/
David Friedberg |
|
Name: |
David
Friedberg |
|
Its: |
CEO |
[Signature
Page to Amendment to Voting Agreement]
IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized respective officers as of the
date first written above.
|
GV
2016, L.P. |
|
By:
|
GV
2016 G.P, L.P., its General Partner |
|
By: |
GV
2016 G.P, L.L.C., its General Partner |
|
By: |
/s/
Inga Goldbard |
|
Name: |
Inga
Goldbard |
|
Its: |
General
Counsel |
[Signature
Page to Amendment to Voting Agreement]
Exhibit 10.10
AMENDMENT TO CONVERTIBLE PROMISSORY NOTE
This Amendment to Promissory Note
(this “Amendment”) is entered into as of May 10, 2024, by and between Starco Brands, Inc., a Nevada corporation
(“Maker”), and Ross Sklar, an individual “Payee”). Capitalized terms used in this
Amendment without definition shall have the meanings given to them in the Note (as defined below).
A. Maker previously issued to
Payee a Convertible Promissory Note dated February 14, 2022 in the principal amount of $472,500.00 (the “Note”).
B. Maker has requested that Payee
extend the Maturity Date of the Note (the “Extension”).
C. Payee has agreed, subject to
the terms, amendments, conditions and understandings expressed in this Amendment, to grant the Extension.
NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Recitals. Each of the
parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and are hereby incorporated
into and made a part of this Amendment.
2. Maturity Date Extension.
The Maturity Date for the Note is hereby extended until December 31, 2024.
3. Representations and Warranties.
In order to induce Payee to enter into this Amendment, Maker, for itself, and for its affiliates, successors and assigns, hereby acknowledges,
represents, warrants and agrees as follows:
a. Maker has full power and authority
to enter into this Amendment and to incur and perform all obligations and covenants contained herein, all of which have been duly authorized
by all proper and necessary action. No consent, approval, filing or registration with or notice to any governmental authority is required
as a condition to the validity of this Amendment or the performance of any of the obligations of Maker hereunder.
b. There is no fact known to Maker
or which should be known to Maker which Maker has not disclosed to Payee on or prior to the date of this Amendment which would or could
materially and adversely affect the understanding of Payee expressed in this Amendment or any representation, warranty, or recital contained
in this Amendment.
c. Except as expressly set forth
in this Amendment, Maker acknowledges and agrees that neither the execution and delivery of this Amendment nor any of the terms, provisions,
covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen, modify, waive, or otherwise affect the
liability and obligations of Maker under the terms of any other agreement between Payee and Maker.
d. Maker has no defenses, affirmative
or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action of any kind or nature whatsoever
against Payee, directly or indirectly, arising out of, based upon, or in any manner connected with, the transactions contemplated hereby,
whether known or unknown, which occurred, existed, was taken, permitted, or begun prior to the execution of this Amendment and occurred,
existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of any of the terms or conditions of any agreements
between Payee and Maker. To the extent any such defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims,
actions or causes of action exist or existed, such defenses, rights, claims, counterclaims, actions and causes of action are hereby waived,
discharged and released. Maker hereby acknowledges and agrees that the execution of this Amendment by Payee shall not constitute an acknowledgment
of or admission by Payee of the existence of any claims or of liability for any matter or precedent upon which any claim or liability
may be asserted.
e. Maker represents and warrants
that as of the date hereof no events of default or other material breaches exist under any agreements between Payee and Maker, or have
occurred prior to the date hereof.
4. Certain Acknowledgements.
Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be given by
Maker to Payee in connection with the Extension or any other amendment to the Note granted herein.
5. Other Terms Unchanged.
The Note, as amended by this Amendment, remains and continues in full force and effect, constitutes legal, valid, and binding obligations
of each of the parties, and is in all respects agreed to, ratified, and confirmed. Any reference to the Note after the date of this Amendment
is deemed to be a reference to the Note as amended by this Amendment. If there is a conflict between the terms of this Amendment and the
Note, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment. Except as expressly set forth
herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment to, any right,
power, or remedy of Maker under the Note, as in effect prior to the date hereof. For the avoidance of doubt, this Amendment shall be subject
to the governing law and venue provisions, as set forth in the Note.
6. No Reliance. Maker acknowledges
and agrees that neither Payee nor any of its officers, directors, members, managers, equity holders, representatives or agents has made
any representations or warranties to Maker or any of its agents, representatives, officers, directors, or employees except as expressly
set forth in this Amendment and, in making its decision to enter into the transactions contemplated by this Amendment, Maker is not relying
on any representation, warranty, covenant or promise of Maker or its officers, directors, members, managers, equity holders, agents or
representatives other than as set forth in this Amendment.
7. Counterparts. This Amendment
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one
instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of this Amendment (or such
party’s signature page thereof) will be deemed to be an executed original thereof.
8. Further Assurances.
Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Amendment and the consummation of the transactions contemplated hereby.
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of the date set forth above.
|
“Maker” |
|
|
|
STARCO BRANDS, INC. |
|
|
|
By: |
/s/
Bharat Vasan |
|
Name: |
Bharat Vasan |
|
Title: |
Director |
Accepted on and as of the date of this Amendment:
/s/ Ross Sklar |
|
Ross Sklar |
|
Exhibit
21.1
Subsidiaries
of Starco Brands, Inc.
Subsidiary
Name |
|
Jurisdiction
of Incorporation |
Whipshots
Holdings, LLC |
|
Delaware |
Whipshots,
LLC |
|
Wyoming |
The
AOS Group Inc. |
|
Delaware |
Skylar
Body, LLC |
|
Delaware |
Soylent
Nutrition, Inc. |
|
Delaware |
Exhibit
31.1
CHIEF
EXECUTIVE OFFICER CERTIFICATION
I,
Ross Sklar, hereby certify that:
(1)
I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the “report”) of Starco Brands,
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 condensed consolidated 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 condensed 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 the condensed
consolidated financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
May 15, 2024
|
By: |
/s/
Ross Sklar |
|
|
Ross
Sklar, Chief Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CHIEF
FINANCIAL OFFICER CERTIFICATION
I,
Kevin Zaccardi, hereby certify that:
(1)
I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the “report”) of Starco Brands,
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 condensed consolidated 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 condensed 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 the condensed
consolidated financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Dated:
May 15, 2024
|
By: |
/s/
Kevin Zaccardi |
|
|
Kevin
Zaccardi, Interim Chief Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Starco Brands, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31,
2024 as filed with the Securities and Exchange Commission on or about the date hereof (the “report”), the undersigned, in
the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to his knowledge:
(1)
The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Dated:
May 15, 2024
|
By:
|
/s/
Ross Sklar |
|
|
Ross
Sklar, Chief Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Starco Brands, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31,
2024 as filed with the Securities and Exchange Commission on or about the date hereof (the “report”), the undersigned, in
the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to his knowledge:
(1)
The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Dated:
May 15, 2024
|
By: |
/s/
Kevin Zaccardi |
|
|
Kevin
Zaccardi, Interim Chief Financial Officer |
|
|
(Principal
Financial Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
|
Mar. 31, 2024 |
May 14, 2024 |
May 09, 2024 |
Document Type |
10-Q
|
|
|
Amendment Flag |
false
|
|
|
Document Quarterly Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Mar. 31, 2024
|
|
|
Document Fiscal Period Focus |
Q1
|
|
|
Document Fiscal Year Focus |
2024
|
|
|
Current Fiscal Year End Date |
--12-31
|
|
|
Entity File Number |
000-54892
|
|
|
Entity Registrant Name |
STARCO
BRANDS, INC.
|
|
|
Entity Central Index Key |
0001539850
|
|
|
Entity Tax Identification Number |
27-1781753
|
|
|
Entity Incorporation, State or Country Code |
NV
|
|
|
Entity Address, Address Line One |
706
N Citrus Ave
|
|
|
Entity Address, City or Town |
Los Angeles
|
|
|
Entity Address, State or Province |
CA
|
|
|
Entity Address, Postal Zip Code |
90038
|
|
|
City Area Code |
(323)
|
|
|
Local Phone Number |
266-7111
|
|
|
Title of 12(b) Security |
Class
A Common Stock
|
|
|
Trading Symbol |
STCB
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
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Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
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Entity Emerging Growth Company |
false
|
|
|
Entity Shell Company |
false
|
|
|
Common Class A [Member] |
|
|
|
Entity Common Stock, Shares Outstanding |
|
643,303,526
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|
Common Class B [Member] |
|
|
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Entity Common Stock, Shares Outstanding |
|
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0
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 1,766,960
|
$ 1,761,225
|
Prepaid expenses and other assets |
2,547,286
|
3,138,162
|
Inventory |
11,260,668
|
10,675,540
|
Total Current Assets |
23,257,073
|
25,235,590
|
Property and equipment, net |
80,343
|
58,159
|
Intangibles, net |
30,687,433
|
31,362,388
|
Goodwill |
26,689,391
|
26,689,391
|
Total Assets |
80,714,240
|
83,345,528
|
Current Liabilities: |
|
|
Accounts payable |
10,626,732
|
9,799,040
|
Other payables and accrued liabilities |
1,651,247
|
2,476,186
|
Accrued interest, related party |
|
5,681
|
Fair value of Share Adjustment |
20,753,328
|
36,931,330
|
Treasury stock payable, current |
|
65,700
|
Notes payable, $4,472,500 and $4,472,500 from related party, respectively |
4,567,252
|
4,559,219
|
Line of Credit |
3,063,995
|
3,835,247
|
Total Current Liabilities |
40,662,554
|
57,672,403
|
Total Liabilities |
40,662,554
|
57,672,403
|
Commitments and Contingencies (Note 7) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, $.001 par value; 40,000,000 shares authorized; no shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively |
|
|
Additional paid in capital |
96,951,792
|
75,130,223
|
Treasury stock at cost |
(328,500)
|
(394,200)
|
Equity consideration payable |
2,314,732
|
5,707,261
|
Accumulated deficit |
(68,232,147)
|
(63,769,469)
|
Total Starco Brands’ Stockholders’ Equity |
31,349,180
|
17,162,741
|
Non-controlling interest |
8,702,506
|
8,510,384
|
Total Stockholders’ Equity |
40,051,686
|
25,673,125
|
Total Liabilities and Stockholders’ Equity |
80,714,240
|
83,345,528
|
Common Class A [Member] |
|
|
Stockholders’ Equity: |
|
|
Common stock |
643,303
|
488,926
|
Common Class B [Member] |
|
|
Stockholders’ Equity: |
|
|
Common stock |
|
|
Nonrelated Party [Member] |
|
|
Current Assets: |
|
|
Accounts receivable, related party |
5,265,063
|
7,034,950
|
Related Party [Member] |
|
|
Current Assets: |
|
|
Accounts receivable, related party |
$ 2,417,096
|
$ 2,625,713
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounts receivable, related parties |
$ 431,380
|
$ 350,112
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
40,000,000
|
40,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
1,700,000,000
|
1,700,000,000
|
Common stock, shares issued |
643,303,526
|
488,926,717
|
Common stock, shares outstanding |
643,303,526
|
488,926,717
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
0
|
0
|
Common stock, shares outstanding |
0
|
0
|
Related Party [Member] |
|
|
Notes payable from related party |
$ 4,472,500
|
$ 4,472,500
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenue, $2,310,196 and $2,787,485 from related parties, respectively, net |
$ 15,490,681
|
$ 11,143,801
|
Cost of goods sold |
8,476,537
|
5,440,251
|
Gross profit |
7,014,144
|
5,703,550
|
Operating Expenses: |
|
|
Compensation expense |
2,574,728
|
1,425,617
|
Professional fees |
1,196,118
|
1,399,302
|
Marketing, general and administrative |
5,315,953
|
3,332,165
|
Fair value share adjustment loss |
1,921,949
|
1,179,154
|
Total operating expenses |
11,008,748
|
7,336,238
|
Loss from operations |
(3,994,604)
|
(1,632,688)
|
Other Expense (Income): |
|
|
Interest expense |
199,173
|
97,313
|
Other expense (income) |
76,779
|
(66,871)
|
Total other expense, net |
275,952
|
30,442
|
Loss before provision for income taxes |
(4,270,556)
|
(1,663,130)
|
Provision for income taxes |
|
|
Net loss |
(4,270,556)
|
(1,663,130)
|
Net income attributable to non-controlling interest |
192,122
|
58,416
|
Net loss attributable to Starco Brands |
$ (4,462,678)
|
$ (1,721,546)
|
Loss per share, basic |
$ (0.01)
|
$ (0.00)
|
Loss per share, diluted |
$ (0.01)
|
$ (0.00)
|
Weighted average shares outstanding - basic |
565,485,843
|
378,433,304
|
Weighted average shares outstanding - diluted |
565,485,843
|
378,433,304
|
X |
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Revenue from related parties |
$ 15,490,681
|
$ 11,143,801
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Revenue from related parties |
$ 2,310,196
|
$ 2,787,485
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.1.1.u2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Class A [Member]
Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Equity Consideration Payable [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 291,433
|
$ 43,332,886
|
$ (394,200)
|
$ (17,578,219)
|
$ 93,982
|
$ 7,114,513
|
$ 32,860,395
|
Balance, shares at Dec. 31, 2022 |
291,433,430
|
|
|
|
|
|
|
Stock-based compensation |
$ 81
|
480,718
|
|
|
|
|
480,799
|
Estimated fair value of contributed services and stock-based compensation, shares |
81,249
|
|
|
|
|
|
|
Issuance of shares from Soylent acquisition |
$ 177,955
|
26,515,189
|
|
|
|
|
26,693,144
|
Issuance of shares from Soylent acquisition, shares |
177,954,287
|
|
|
|
|
|
|
Equity payable related to Soylent acquisition |
|
|
|
|
|
2,785,714
|
2,785,714
|
Equity payable related to Soylent acquisition, shares |
|
|
|
|
|
|
|
Skylar purchase price acquisition adjustments |
|
|
|
|
|
(482,380)
|
(482,380)
|
Net income (loss) |
|
|
|
(1,721,546)
|
58,416
|
|
(1,663,130)
|
Balance at Mar. 31, 2023 |
$ 469,469
|
70,328,793
|
|
(19,299,765)
|
152,398
|
9,417,847
|
60,674,542
|
Balance, shares at Mar. 31, 2023 |
469,468,966
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 488,926
|
75,130,223
|
(394,200)
|
(63,769,469)
|
8,510,384
|
5,707,261
|
25,673,125
|
Balance, shares at Dec. 31, 2023 |
488,926,717
|
|
|
|
|
|
|
Stock-based compensation |
|
483,466
|
|
|
|
|
483,466
|
Equity payable related to Soylent acquisition |
$ 16,309
|
2,430,071
|
|
|
|
(2,446,380)
|
|
Equity payable related to Soylent acquisition, shares |
16,309,203
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
(4,462,678)
|
192,122
|
|
(4,270,556)
|
Soylent Share Adjustment |
$ 133,088
|
17,966,863
|
|
|
|
|
18,099,951
|
Soylent Share Adjustment, shares |
133,087,875
|
|
|
|
|
|
|
Equity payable related to AOS acquisition |
$ 4,980
|
941,169
|
|
|
|
(946,149)
|
|
Equity payable related to AOS acquisition, shares |
4,979,731
|
|
|
|
|
|
|
Share repurchase |
|
|
65,700
|
|
|
|
65,700
|
Balance at Mar. 31, 2024 |
$ 643,303
|
$ 96,951,792
|
$ (328,500)
|
$ (68,232,147)
|
$ 8,702,506
|
$ 2,314,732
|
$ 40,051,686
|
Balance, shares at Mar. 31, 2024 |
643,303,526
|
|
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Cash Flows From Operating Activities: |
|
|
|
Net loss |
$ (4,270,556)
|
$ (1,663,130)
|
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
Common stock payable for services |
|
81,249
|
|
Contributed services |
|
24,049
|
|
Stock-based compensation |
483,466
|
375,501
|
|
Depreciation |
4,666
|
3,719
|
|
Amortization of intangible assets |
701,604
|
3,742
|
|
Amortization of debt discount |
|
25,733
|
|
Loss on stock payable share adjustment |
1,921,949
|
1,179,154
|
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, related party |
208,617
|
109
|
|
Accounts receivable |
1,769,887
|
(418,176)
|
|
Prepaid expenses and other assets |
590,876
|
515,963
|
|
Inventory |
(585,128)
|
(2,005,702)
|
|
Operating lease right of use asset |
|
19,327
|
|
Accounts payable |
827,692
|
1,819,071
|
|
Other payables and accrued liabilities, related party |
(5,681)
|
25,479
|
|
Other payables and accrued liabilities |
(824,939)
|
(87,232)
|
|
Operating lease liability |
|
(20,667)
|
|
Net Cash Provided By (Used In) Operating Activities |
822,453
|
(121,811)
|
|
Cash Flows From Investing Activities: |
|
|
|
Cash acquired in Acquisition of Business, net of cash paid |
|
172,423
|
|
Purchases of intangibles |
(26,649)
|
(38,620)
|
|
Purchases of property & equipment |
(26,850)
|
|
|
Net Cash (Used In) Provided By Investing Activities |
(53,499)
|
133,803
|
|
Cash Flows From Financing Activities: |
|
|
|
Advances / loans from related parties |
|
800,000
|
|
Proceeds from notes payable |
113,138
|
|
|
Payments on notes payable |
(105,105)
|
(1,162,276)
|
|
Payment on Line of Credit |
(771,252)
|
|
|
Repurchase of common stock |
|
(32,850)
|
|
Net Cash Used In Financing Activities |
(763,219)
|
(395,126)
|
|
Net Increase (Decrease) In Cash |
5,735
|
(383,134)
|
|
Cash - Beginning of Period |
1,761,225
|
1,480,371
|
$ 1,480,371
|
Cash - End of Period |
1,766,960
|
1,097,237
|
$ 1,761,225
|
Supplemental Cash Flow Information: |
|
|
|
Interest paid |
199,179
|
74,523
|
|
Income taxes |
|
|
|
Noncash investing and financing activities: |
|
|
|
Settlement of Soylent share adjustment |
18,099,951
|
|
|
Equity payable related to Soylent acquisition |
2,446,380
|
|
|
Equity payable related to AOS acquisition |
946,149
|
|
|
Estimated fair value of shares issued in acquisitions |
|
26,693,143
|
|
Estimated fair value of shares payable to be issued for acquisitions |
|
39,446,695
|
|
Debt discount on notes payable issued with warrants |
|
$ 18,282
|
|
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v3.24.1.1.u2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Starco
Brands, Inc. (STCB) was incorporated in the State of Nevada on January 26, 2010, under the name Insynergy, Inc. On September 7, 2017,
STCB filed an Amendment to the Articles of Incorporation to change the corporate name to Starco Brands, Inc. The Board determined the
change of STCB’s name was in the best interests of the Company due to changes in its current and anticipated business operations.
In July 2017, STCB entered into a licensing agreement with The Starco Group (“TSG”), located in Los Angeles, California.
The companies pivoted to commercializing novel consumer products manufactured by TSG. TSG is a private label and branded aerosol and
liquid fill manufacturer with manufacturing assets in the following verticals: DIY/Hardware, paints, coatings and adhesives, household,
hair care, disinfectants, automotive, motorcycle, arts & crafts, personal care cosmetics, personal care FDA, sun care, food, cooking
oils, beverages, and spirits and wine.
During
the third quarter of 2021, STCB formed two subsidiaries, Whipshots, LLC, a Wyoming limited liability company (“Whipshots
LLC”) and Whipshots, LLC, a Delaware limited liability company that was subsequently renamed Whipshots Holdings, LLC (“Whipshots
Holdings”). Whipshots LLC was a wholly-owned subsidiary of STCB at formation which was subsequently contributed to Whipshots Holdings.
Whipshots Holdings is a majority-owned subsidiary of STCB in which STCB owns 85% of the vested voting interests. There are vested interests
not owned by the Company for an additional 15% of the equity which has been issued.
On
September 12, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub Inc. (“Merger Sub”), completed its acquisition
(the “AOS Acquisition”) of The AOS Group Inc., a Delaware corporation (“AOS”). The AOS Acquisition consisted
of Merger Sub merging with and into AOS, with AOS being the surviving corporation. AOS is a wholly-owned subsidiary of STCB.
On
December 29, 2022, STCB, through its wholly-owned subsidiary Starco Merger Sub II. Inc. (“First Merger Sub”) completed its
acquisition (the “Skylar Acquisition”) of Skylar Body, Inc. (“Skylar Inc.”). The Skylar Acquisition consisted
of First Merger Sub merging with and into Skylar Inc. (“First Merger”) with Skylar Inc. being the surviving corporation,
and immediately following the First Merger, and as part of the same overall transaction as the First Merger, Skylar Inc. merged with
and into Second Merger Sub (the “Second Merger”) with the Second Merger Sub being the surviving entity Skylar Body, LLC (“Skylar”).
Skylar is a wholly-owned subsidiary of STCB.
On
February 15, 2023, the Company, through its wholly-owned subsidiary Starco Merger Sub I, Inc. (“Starco Merger Sub I”), completed
its acquisition (the “Soylent Acquisition”) of Soylent Nutrition, Inc., a Delaware corporation (“Soylent”). The
Soylent Acquisition consisted of Starco Merger Sub I merging with and into Soylent, with Soylent being the surviving corporation. Soylent
is a wholly-owned subsidiary of STCB.
The
accompanying consolidated financial statements are of STCB and its subsidiaries AOS, Skylar, Soylent, Whipshots Holdings and its wholly
owned subsidiary Whipshots LLC (collectively, the “Company”).
On
January 3, 2023, the board of directors of the Company approved the Amended and Restated Articles of Incorporation of Starco Brands,
Inc. (the “Amended and Restated Articles). On January 6, 2023, the stockholders of the Company representing 53.47% of the Company’s
outstanding common stock adopted the Amended and Restated Articles. On February 9, 2023, the Company filed the Amended and Restated Articles,
which, among other things, (i) increased the authorized shares of common stock, par value $0.001 per share, from 300,000,000 shares (the
“Old Common Stock”) to 2,000,000,000 shares, (ii) established two classes of Common Stock, consisting of (y) 1,700,000,000
shares of Class A common stock, par value $0.001 per share (“Class A common stock”), and (z) 300,000,000 shares of Class
B common stock, par value $0.001 per share and (iii) reclassified all issued, outstanding or authorized Old Common Stock of the Company
into Class A common stock on a one-for-one basis. As a result, following the filing of the Amended and Restated Articles with the Nevada
Secretary of State, the Company’s prior “common stock” was renamed Class A common stock on its trading symbol.
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v3.24.1.1.u2
GOING CONCERN
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 – GOING CONCERN
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the normal course of business. The Company identified that a
substantial doubt exists related to the Company’s ability to meet its obligations as they become due within one year of the
date of the financial statements being issued. Principal conditions that gave rise to this substantial doubt include historical net
losses as indicated by the Company’s accumulated deficit of approximately $68,000,000 at
March 31, 2024, which includes the impact of its net loss of $4,270,556 for
the three months ended March 31, 2024, and total debt on the balance sheet of $7,631,247 as
of March 31, 2024, with all debt coming due within one year of the date of the financial statements being issued. Management
evaluated the principal conditions that initially give rise to the substantial doubt and note that the historical net losses and
accumulated deficit impact are justified as they are primarily made up of non-cash expenses or one-time non-recurring expenses, such
as goodwill impairment, stock-based compensation expense, fair value share adjustment loss and acquisition transaction expenses.
Total debt of $7,631,247 on the balance sheet as of March
31, 2024 includes $4,472,500 of
notes payable to Ross Sklar (“Sklar”), who has a large minority ownership of the Company that provides incentive for Mr. Sklar to extend or
refinance the notes before the notes become due, as seen historically (see Note 8). Management plans include (i) continuing to
increase net cash provided by operating activities, which was $822,453 for
the three months ended March 31, 2024, while decreasing net cash provided by financing activities, and (ii) obtaining an alternative
financing source to pay off all current debt outstanding and to provide additional working capital, if needed. To achieve these
objectives, management has proposed and approved plans to increase top line revenue for each segment while decreasing overall
expenses as a percentage of revenue, as a result of realizing synergies from the acquisitions of AOS, Skylar and Soylent, and
utilizing the Company’s back-end shared service model to reduce expenses. The Company is in ongoing negotiations to obtain
additional financing to repay historical debt and provide additional working capital. These conditions and the ability to
successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The
condensed consolidated financial statements of the Company do not include any adjustments that may result from the outcome of the
aforementioned uncertainties.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Consolidation
The
condensed consolidated financial statements of Starco Brands, Inc. include the accounts of STCB, our wholly owned subsidiary AOS,
our wholly owned subsidiary Skylar, our wholly owned subsidiary Soylent, and our 85%
owned subsidiary Whipshots Holdings and its wholly owned subsidiary, which are comprised of voting interest entities in which we
have a controlling financial interest in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. All significant intercompany profits, losses,
transactions and balances have been eliminated in consolidation in the condensed consolidated financial statements.
Our
consolidated subsidiaries at March 31, 2024 include: AOS, Skylar, Soylent, Whipshots Holdings and its wholly owned subsidiary Whipshots
LLC. Intercompany accounts and transactions have been eliminated upon consolidation.
Basis
of Presentation
The
condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q
are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the condensed consolidated financial
statements have been included. Such adjustments are of a normal, recurring nature. The condensed consolidated financial statements, and
the accompanying notes, are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and do not contain certain information included in the Company’s Annual Report and Form 10-K for the year ended December
31, 2023. Therefore, the interim condensed consolidated financial statements should be read in conjunction with that Annual Report on
Form 10-K.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the
preparation of the condensed consolidated financial statements. Significant estimates include the timing for revenue recognition,
testing goodwill for impairment, recoverability of long-lived assets, income taxes and related valuation allowances, fair value of contributed services, and
assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free interest rate and expected dividend
rate.
Concentrations
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents as of March 31, 2024 or December 31, 2023.
Accounts
Receivable
We
measure accounts receivable at net realizable value. This value includes an appropriate allowance for credit losses to present the
net amount expected to be collected on the financial asset. We calculate the allowance for credit losses based on available relevant
information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the
receivables, reasonable and supportable forecasts, and our relationships with, and the economic status of, our partners and
customers. The allowance for credit losses is evaluated quarterly, which is $431,380
and $350,112
as of March 31, 2024 and December 31, 2023.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level
1: |
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
Level
3: |
Pricing
inputs that are generally unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s condensed consolidated financial assets and liabilities, such as cash and cash equivalents, accounts
receivable, accounts payable, prepaid expenses, and accrued expenses approximate their fair value because of the short maturity of those
instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate
of interest rates that would be available to the Company for similar financial arrangements at March 31, 2024 and December 31, 2023.
The
following table summarizes the financial instruments of the Company at fair value based on the valuation approach applied to each class
of security as of March 31, 2024:
SCHEDULE OF FAIR VALUE MEASUREMENTS
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
| |
| | |
Fair Value Measurement at Reporting Date Using | |
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Fair Value of potential Share Adjustment | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Total Liabilities | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Pursuant
to the Soylent acquisition, the Company may be required to issue the Share Adjustment (as defined in Note 5) to the former owners of
Soylent based upon the stock price of the Company on the Adjustment Date (as defined in Note 5). The Company engaged a third-party
valuation firm to estimate the fair value of this contingent liability by performing a Monte Carlo simulation to forecast the value
of the Company’s stock and the implied value of the Share Adjustment. See NOTE 5 – ACQUISITIONS for further discussion.
The fair value of the share adjustment on the Soylent acquisition date was $36,715,800. The inputs to estimate the fair value of the share adjustment
were the market price of the Company’s common stock, the option expected term, the volatility of the Company’s common stock
price and the risk-free interest rate. Significant changes to any unobservable input may result in a significant change in the fair value
measurement.
The following table presents a reconciliation of the opening and closing
balances of the Fair Value of Share Adjustment for the three months ended March 31, 2024:
SCHEDULE
OF FAIR VALUE OF SHARE ADJUSTMENT
| |
Fair Value of Share Adjustment | |
| |
| |
Balance at December 31, 2023 | |
$ | 36,931,130 | |
Fair Value of Shares Issued | |
| (18,099,951 | ) |
Loss on Fair Value of Share Adjustment | |
| 1,921,949 | |
Balance at March 31, 2024 | |
$ | 20,753,328 | |
Property
and Equipment, net
Property
and equipment is recorded at historical cost, net of depreciation. All property and equipment with a cost of $2,000 or greater are capitalized.
Depreciation is computed using straight-line over the estimated useful lives of the related assets. Expenditures that enhance the useful
lives of the assets are capitalized and depreciated. Maintenance and repairs are expensed as incurred. When assets are sold or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations.
Revenue
Recognition
STCB,
excluding its subsidiaries, earns a majority of its revenue as royalties from the licensing agreements it has with TSG, a related entity,
and other related parties. STCB licenses the right for TSG to manufacture and sell certain Starco Brands products. The amount of the
licensing revenue received varies depending upon the product and the royalty percentage is determined beforehand in each agreement. The
Company recognizes its revenue under these licensing agreements only when sales are made by TSG or other related parties to a third party.
AOS,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of premium body and skincare products. Revenue from
retail sales is recognized at shipment to the retailer. Revenue from eCommerce sales, including Amazon Fulfillment by Amazon (“Amazon
FBA”), is recognized upon shipment of merchandise.
Skylar,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of fragrances. Revenue from retail sales is recognized
at shipment to the retailer. Revenue from eCommerce sales, including Amazon FBA, is recognized upon shipment of merchandise.
Soylent,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of nutritional drinks. Revenue from retail sales is
recognized at shipment to the retailer. Revenue from eCommerce sales, is recognized upon shipment of merchandise.
Whipshots
Holdings, an 85%
owned subsidiary, earns its revenues as royalties from the licensing agreements it has with Temperance, a related entity. STCB
licenses the right for Temperance to manufacture and sell vodka infused whipped cream. The amount of the licensing revenue received
varies depending upon the product and the royalty percentage is based on contractual terms. The Company recognizes its revenue under
these licensing agreements only when sales are made by Temperance to a third party.
The
Company applies the requirements of ASC 606, Revenue from Contracts with Customers, which includes the following five-step model
in order to determine the recognition of revenue: (i) Identify the contract with a customer; (ii) Identify the performance obligation
in the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
The
Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled
to in exchange for the licensee transferring goods or services to the customer. Once a contract is determined to be within the scope
of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company’s licensee
must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction
price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied.
Generally, the Company’s licensee’s performance obligations are transferred to customers at a point in time, typically upon
delivery.
Income
Taxes
The
Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements
or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and
tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse.
Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in
the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty
income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return
should be recorded in the condensed consolidated financial statements. Under Section 740-10-25, the Company may recognize the tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing
authorities, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being
realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties
on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities
for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Stock-based
Compensation
The
Company accounts for stock-based compensation per the provisions of ASC 718, Share-based Compensation (“ASC 718”), which
requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive
shares of stock or equity instruments (warrants, options, and restricted stock units). The fair value of each warrant and option is estimated
on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends,
expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the
future. Expected volatilities are based on the volatility of comparable companies’ common stock. The expected term of awards granted
is derived using estimates based on the specific terms of each award. The risk-free rate is based on the U.S. Treasury yield curve in
effect at the time of grant for the period of the expected term. The grant date fair value of a restricted stock unit equals the closing
price of our common stock on the trading day of the grant date.
Net
Income (Loss) Per Common Share
Net
income (loss) per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock
outstanding during the year. All outstanding options are considered potential common stock. The dilutive effect, if any, of stock payable
and warrants are calculated using the treasury stock method. All outstanding convertible notes are considered common stock at the beginning
of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect of common stock equivalents
is anti-dilutive with respect to losses, outstanding warrants have been excluded from the Company’s computation of net loss per
share of common stock for the three months ended March 31, 2024 and 2023.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 39,350,000 | | |
| 41,200,000 | |
Stock options | |
| 4,660,000 | | |
| - | |
Stock Options [Member] | |
| 4,660,000 | | |
| - | |
Acquisition Stock Consideration Payable | |
| 142,146,084 | | |
| 283,063,583 | |
Total | |
| 181,156,084 | | |
| 324,263,583 | |
Antidilutive securities | |
| 181,156,084 | | |
| 324,263,583 | |
Intangible
Assets
Definite-lived
intangible assets consist of certain domain names. Definite-lived intangible assets are amortized utilizing the straight-line method
over the assets’ estimated useful lives, which approximate 10-16 years.
Indefinite-lived
intangible assets consist of certain trademarks and formula lists. These intangible assets are not amortized but are tested for impairment
annually or whenever impairment indicators exist.
The
Company assesses potential impairment of its long-lived assets whenever events or changes in circumstances indicate that an asset or
asset group’s carrying value may not be recoverable. Factors that are considered important that could trigger an impairment review
include a current period operating or cash flow loss combined with a history of operating or cash flow losses and a projection or forecast
that demonstrates continuing losses or insufficient income associated with the use of a long-lived asset or asset group. Other factors
include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation
is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related
assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference
between the carrying value, and the estimated fair value of the assets, with such estimated fair values determined using the best information
available and in accordance with FASB ASC Topic 820, Fair Value Measurements. During the three months ended March 31, 2024 and 2023,
the Company did not record asset impairment charges related to its intangible assets.
Royalties
and Licenses
Royalty-based
obligations with content licensors are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently
paid. These royalty-based obligations are generally expensed to cost of revenue generally at the greater of the contractual rate or an
effective royalty rate based on the total projected net revenue for contracts with guaranteed minimums. Prepayments made are generally
made in connection with the development of a particular product, and therefore, we are generally subject to risk during the product phase.
Payments earned after completion of the product (primarily royalty-based in nature) are generally expensed as cost of revenue.
Our
contracts with some licensors include minimum guaranteed royalty payments, which are initially recorded as an asset and as a liability
at the contractual amount when no performance remains with the licensor. When performance remains with the licensor, we record guarantee
payments as an asset when actually paid and as a liability when incurred, rather than recording the asset and liability upon execution
of the contract.
Each
quarter, we also evaluate the expected future realization of our royalty-based assets, as well as any unrecognized minimum commitments
not yet paid to determine amounts we deem unlikely to be realized through future revenue. Impairments or losses determined post-launch
are charged to cost of revenue. We evaluate long-lived royalty-based assets for impairment using undiscounted cash flows when impairment
indicators exist. If an impairment exists, then the related assets are written down to fair value. Unrecognized minimum royalty-based
commitments are accounted for as executory contracts, and therefore, any losses on these commitments are recognized when the underlying
intellectual property is abandoned (i.e., cease use) or the contractual rights to use the intellectual property are terminated.
Our
minimum contractual royalty-based obligations remaining as of March 31, 2024 are approximately $1,257,500, $20,000 and $0 for the years
ending December 31, 2024, 2025, and 2026, respectively.
Leases
With
the adoption of ASC 842, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use (“ROU”)
assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial
direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease
terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.
AOS,
the Company’s wholly owned subsidiary leased its corporate office (“AOS Lease”). The AOS Lease was classified as an
operating lease and had a term of 2 years, for approximately 1,372 square feet of office space located in West Hollywood, California.
The lease expired in September 2023 and had a monthly base rental of $7,564 which increased 4% each year. At the end of the lease term
in September 2023, the Company did not renew the lease. In March 2022, AOS entered into a sublease, whereby, the sublessor took over
the entire AOS Lease office space and the lease payment until the completion of the original AOS Lease term.
In
accordance with ASC 842, Leases, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance
sheet for long-term office leases. See Note 11 – Leases for further discussion, including the impact on the condensed consolidated
financial statements and related disclosures.
Inventory
Inventory
consists of premium body and skincare products, fragrances and nutritional products. Inventory is measured using the first-in, first-out
method and stated at average cost as of March 31, 2024. The value of inventories is reduced for excess and obsolete inventories.
We monitor inventory to identify events that would require impairment due to obsolete inventory and adjust the value of inventory when
required. We did not record any inventory impairment losses for the three months ended March 31, 2024 and 2023.
Acquisitions,
Intangible Assets and Goodwill
The
condensed consolidated financial statements reflect the operations of an acquired business beginning as of the date of acquisition. Assets
acquired and liabilities assumed are recorded at their fair values at the date of acquisition; goodwill is recorded for any excess of
the purchase price over the fair values of the net assets acquired. Significant judgment is required to determine the fair value of certain
tangible and intangible assets and in assigning their respective useful lives. Accordingly, we typically obtain the assistance of third-party
valuation specialists for significant tangible and intangible assets. The fair values are based on available historical information and
on future expectations and assumptions deemed reasonable by management but are inherently uncertain. The Company typically employs an
income method to measure the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable
to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace
participants and include the amount and timing of future cash flows (including expected growth rates and profitability), the underlying
product or technology life cycles, economic barriers to entry and the discount rate applied to the cash flows. Unanticipated market or
macroeconomic events and circumstances could affect the accuracy or validity of the estimates and assumptions. Determining the useful
life of an intangible asset also requires judgment. Intangible assets are amortized over their estimated lives. Any intangible assets
associated with acquired in-process research and development activities (“IPR&D”) are not amortized until a product is
available for sale.
Goodwill
as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of
the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired
and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement.
We
review goodwill for impairment at least annually or more frequently if indicators of impairment exist. Our goodwill impairment test may
require the use of qualitative judgements and fair-value techniques, which are inherently subjective. Impairment loss, if any, is recorded
when the fair value of a reporting unit’s goodwill is less than its carrying value.
No
impairment losses related to goodwill were recognized for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December
31, 2023 goodwill was $26,689,391 and $26,689,391, respectively.
Segments
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s
Chief Executive Officer (“CEO”) is the Company’s chief operating decision maker (“CODM”) and views the
Company’s operations and manages its business in three reportable operating segments: (i) Starco Brands, which includes AOS, Whipshots
Holdings and Whipshots LLC, (ii) Skylar, and (iii) Soylent. The CODM assesses performance of operating segments and determines the allocation
of resources based primarily on gross profit as a whole.
Recently
Issued Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.1.1.u2
SEGMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SEGMENTS |
NOTE
4 – SEGMENTS
The
Company has the following reportable segments:
Starco
Brands. The Starco Brands segments generate revenue through the development and sales of consumer good products. The Starco Brands
segment includes STCB, AOS, Whipshots Holdings and Whipshots LLC.
Skylar.
The Skylar segment generates revenue through the sale of fragrances.
Soylent.
The Soylent segment generates revenue through the sale of nutritional products, mainly drinks.
Balance
sheet data are reviewed by the CODM on a consolidated basis; therefore, disaggregated balance sheet data are not presented.
The
following tables present gross profit by reporting segment:
SCHEDULE OF GROSS PROFIT REPORTING SEGMENT
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
| |
Three Months Ended March 31, 2024 | |
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
Gross revenues | |
$ | 3,984,086 | | |
$ | 2,075,125 | | |
$ | 9,431,470 | | |
$ | 15,490,681 | |
Cost of revenues | |
| 1,376,925 | | |
| 843,068 | | |
| 6,256,544 | | |
| 8,476,537 | |
Gross profit | |
$ | 2,607,161 | | |
$ | 1,232,057 | | |
$ | 3,174,926 | | |
$ | 7,014,144 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
| |
Three Months Ended March 31, 2023 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
Gross revenues | |
$ | 3,513,316 | | |
$ | 1,914,182 | | |
$ | 5,716,303 | | |
$ | 11,143,801 | |
Cost of revenues | |
| 586,343 | | |
| 840,965 | | |
| 4,012,943 | | |
| 5,440,251 | |
Gross profit | |
$ | 2,926,973 | | |
$ | 1,073,217 | | |
$ | 1,703,360 | | |
$ | 5,703,550 | |
1 |
The
Company does not report results for Soylent prior to the date of acquisition, February 15, 2023, as Soylent was not yet a subsidiary
of the Company. |
Depreciation
expense allocated to the Starco Brands, Skylar and Soylent segments was $0, 3,611 and $1,055, respectively, for the three months ended
March 31, 2024. Depreciation expense allocated to the Starco Brands, Skylar and Soylent segments was $0, 3,079 and $640, respectively,
for the three months ended March 31, 2023.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.1.1.u2
ACQUISITIONS
|
3 Months Ended |
Mar. 31, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
ACQUISITIONS |
NOTE
5 – ACQUISITIONS
Soylent
Acquisition
On
February 15, 2023, the Company, through its wholly-owned subsidiary Starco Merger Sub I completed the Soylent Acquisition. The Soylent
Acquisition consisted of Starco Merger Sub I merging with and into Soylent, with Soylent being the surviving corporation. Soylent is
the maker of a wide range of plant-based “complete nutrition” and “functional food” products with a lineup of
plant-based convenience shakes, powders and bars that contain proteins, healthy fats, functional amino acids and essential nutrients.
Through its relationship with TSG and other strong partners, the Company has access to intellectual property that will allow Soylent
to vertically integrate manufacturing and expand, positioning Soylent to be the future of nutritional products. The Soylent Acquisition
was completed through a cash and stock deal, where the Company paid $200,000 in cash as reimbursement of Soylent’s closing expenses
and the Company’s shares were issued at $0.15 per share, which amount was equal to the fair value of the stock on the acquisition
date. As consideration for the Soylent Acquisition, the Company reserved an (a) aggregate of up to 165,336,430 restricted shares of Class
A common stock to Soylent shareholders, (b) 12,617,857 restricted shares of Class A common to satisfy existing Soylent change in control
obligations, (c) up to 18,571,429 additional restricted shares of Class A common stock based on final determination of calculations of
Soylent’s working capital, cash at closing, indebtedness at closing and certain unpaid transaction expenses in excess of the amount
reimbursed by the Company (the “Opening Balance Holdback”), and (d) an adjustment to the shares of Class A common stock received
by the Company Holders (as defined in the agreement) in the event that the trading price for STCB’s Class A common stock price
per share on the first anniversary of the closing date (February 14, 2024, or the “Adjustment Date”) is below $0.35 per share
of Class A common stock. If, on the Adjustment Date, STCB’s Class A common stock is trading below $0.35 per share of Class A common
stock, STCB shall issue additional shares of Class A common stock based on the Closing Merger Consideration (as defined in the agreement)
after adjustments divided by the trading price (which must be below $0.35 per share for any additional shares to be issued) minus the
total share issuance after adjustments (such additional shares, the “Share Adjustment”).
On
March 15, 2024, the Company and certain former stockholders of Soylent and current stockholders of the Company’s Class A common
stock (the “Consenting Stockholders”), entered into a stockholder agreement (“Stockholder Agreement”) with the
Company, which modified the treatment of certain terms of the Soylent Acquisition merger agreement with respect to the Consenting Stockholders.
The Stockholder Agreement (i) revises the calculation for the Consenting Stockholders’ respective pro rata share of the Share Adjustment
(as defined in the Soylent Acquisition merger agreement) to utilize a customary 30-day moving volume weighted trading average (“vwap”)
in calculating the price per share of the Class A common stock at each adjustment date, and (ii) bifurcates the calculation for Consenting
Stockholders’ respective pro rata share of the Share Adjustment into two adjustments, the first adjustment calculable based on
the vwap ending February 14, 2024 (“First Adjustment Date”), and the second adjustment calculable based on the vwap
ending May 15, 2025 (“Second Adjustment Date”). Generally, if the trading price of the Acquiror Common Stock (as defined
in the Soylent Acquisition merger agreement) based on the vwap, is below $0.35 per share on each of February 14, 2024 and May 15, 2025,
then, at no additional cost to the Consenting Stockholders, additional shares of Acquiror Common Stock are issuable based on the calculation
methodology set forth in the Stockholder Agreement. As of the date of this filing, the Consenting Stockholders represent approximately
% of the total shares held by all former stockholders of Soylent issued pursuant to the Soylent Acquisition merger agreement. Certain
other former stockholders of Soylent may sign joinders to the Stockholder Agreement following the date of this filing.
The
fair value of the rights to receive these shares were estimated by a third-party valuation firm to be $0.189 per share on the acquisition
date or an approximate share adjustment value of $36,715,800. For the former Soylent shareholders (the “Soylent Shareholders”)
that did not join the Stockholder Agreement, the fair value of the rights to receive these shares were $0.136 per share on December 31,
2023, or the Company’s stock price as of February 14, 2024, the “Adjustment Date”, or a share adjustment value of $6,101,455.
For the Consenting Stockholders, the fair value of the rights to receive these shares were estimated by a third-party valuation firm
to be $0.186 per share on December 31, 2023 or an approximate share adjustment value of $30,829,876. Included in the Consenting Stockholders
approximate share adjustment value of $30,829,876, are the fair value rights to receive shares on the First Adjustment Date in the Stockholder
Agreement of $15,506,101, or $0.16 per share, the 30-day wvap of the Company’s stock price as of February 14, 2024.
Effective
February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding on
December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger
agreement and Stockholders Agreement, as applicable. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement
amount of $18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent
to December 31, 2023. As a result, approximately 7.0 million shares were returned to the Company and the liability amount as of December
31, 2023 was amended.
Effective
February 14, 2024, the Company settled the Soylent Opening Balance Holdback by issuing 16,309,203 shares of Class A common stock to the
Soylent Shareholders as outlined in the Soylent merger agreement. The Soylent Opening Balance Holdback was recorded as equity consideration
payable on the December 31, 2023 balance sheet in the amount of $2,446,380.
The
Soylent Acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations.
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v3.24.1.1.u2
NOTES PAYABLE
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
6 – NOTES PAYABLE
In
September 2022, the Company received a second financing loan in the amount of $92,334 for its Directors and Officers Insurance (“D&O
Loan #2”). D&O Loan #2 bore interest at 5.82% and required monthly payments through June 2023. D&O Loan #2 was paid off
in its entirety in June 2023.
In
September 2023, the Company received a third financing loan in the amount of $98,039 for its Directors and Officers Insurance (“D&O
Loan #3”, and together with D&O Loan #1 and D&O Loan #2 the “D&O Loans”). D&O Loan #3 bears interest
at 9.3% and required monthly payments through July 2024. As of March 31, 2024 the remaining balance of the D&O Loan #3 was $40,126.
For
the three months ended March 31, 2024 and 2023, the D&O Loans incurred approximately $1,388 and $756, respectively, of interest expense.
On
February 10, 2023 the Company’s subsidiary Soylent entered into a line of credit with a revolving credit commitment of $5,000,000.
The revolving credit commitment bore interest at a rate per annum equal to the greater of (a) two and half percent (2.5%) and (b) prime
rate plus one percent (1%). The revolving credit commitment had a maturity date of February 10, 2024. If the Company defaults on the
revolving credit commitment, the default interest rate will bear an additional interest at a fluctuating rate equal to five percent (5%)
per annum higher than the applicable interest rate. As of March 31, 2024 the outstanding balance on the revolving line of credit is $3,063,995
and has accrued interest of $16,171. For the three months ended March 31, 2024, the revolving line of credit incurred $86,904 of interest
expense.
The
Soylent Line of Credit matured on February 10, 2024 and is in default under the Soylent Line of Credit loan documents for failing
to pay off the Soylent Line of Credit balance at maturity. The Company entered into an agreement with the bank to forbear the banks rights
to exercise its rights and remedies under the Soylent Line of Credit loan documents until June 10, 2024, for a forbearance fee of $57,590
and payment of accrued interest of $10,009.
In
December 2023, the Company received a financing loan in the amount of $29,109 for its General Liability Insurance (“G&A Loan
#1”). G&A Loan #1 bears interest at 9.3% and requires monthly payments through July 2024. As of March 31, 2024 the remaining
balance of the G&A Loan #1 was $14,797.
In
February 2024, the Company received a second financing loan in the amount of $20,983
for its General Liability Insurance (“G&A
Loan #2, and together with G&A Loan #1 the “G&A Loans”). G&A Loan #2 bears interest at 9.3%
and requires monthly payments through July 2024. As of March 31, 2024 the remaining balance of the G&A Loan #2 was $14,204.
For
the three months ended March 31, 2024 and 2023 the G&A Loan #1 incurred approximately $509 and zero, respectively, of interest expense.
See
Note 8 - Related Party Transactions for loans to STCB from the Company’s CEO.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
COMMITMENTS & CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS & CONTINGENCIES |
NOTE
7– COMMITMENTS & CONTINGENCIES
Whipshots
On
September 8, 2021, Whipshots LLC, a Wyoming limited liability company (“Whipshots LLC”) entered into an Intellectual Property
Purchase Agreement, effective August 24, 2021, with Penguins Fly, LLC, a Pennsylvania limited liability company (“Penguins”).
The agreement provided that Penguins would sell the trademarks “Whipshotz” and “Whipshots”, the accompanying domain
and social media handles of the same nomenclature, and certain intellectual property, documents, digital assets, customer data and other
transferable rights under non-disclosure, non-compete, non-solicitation and confidentiality contracts benefiting the purchased intellectual
property and documents (collectively, the “Acquired Assets”) to Whipshots LLC. The purchase price for the Acquired Assets
will be payable to Penguins, over the course of seven years, based on a sliding scale percentage of gross revenues actually received by
the Company solely from the sale of Whipshots/Whipshotz Products. The payment are subject to a minimum amount in each contract year and
a maximum aggregate amount. In connection with this agreement the Company paid $20,000 during 2021, zero in 2022 and $38,620 in 2023
and the Company has accrued $318,050 to be paid pursuant to this agreement in 2024, all of which has been recorded as an indefinite-lived
intangible asset.
On
September 14, 2021, Whipshots Holdings, LLC (formerly Whipshots, LLC) a Delaware limited liability company (“Whipshots Holdings”),
entered into a License Agreement (the “Washpoppin License Agreement”) with Washpoppin Inc., a New York corporation (“Washpoppin”).
Pursuant to the Washpoppin License Agreement, Washpoppin licensed certain Licensed Property (as defined therein) of the recording artist
professionally known as “Cardi B” (the “Artist”) to us. Whipshots Holdings and Washpoppin entered into an amended
and restated Washpoppin License Agreement (“A&R Washpoppin License Agreement”), with an effective date of November 27,
2023. As part of the A&R Washpoppin License Agreement, in exchange for royalty rates based on Net Sales (as defined therein) during
each applicable contract period, the Washpoppin warrants to cause the Artist to attend certain in person events, media interviews, participate
in the development of the Licensed Products (as defined therein), and promote the Licensed Products through social media posts on the
Artist’s social media platforms. We have committed to a minimum royalty payment under the A&R Washpoppin License Agreement
of an aggregate of $3,300,000 subject to Washpoppin’s satisfaction of its obligations. During the three months ended March 31,
2024 and 2023, the Company incurred expenses related to this agreement of approximately $412,500 and $275,000, respectively.
Skylar
Acquisition
Following
the 18-month holdback period from the date of the Skylar Acquisition on December 29, 2022, the Company expects to issue former Skylar
shareholders up to an aggregate amount of 11,573,660 shares of Class A common stock, for which it has recorded $2,314,732 equity consideration
payable on the balance sheet as of March 31, 2024.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 – RELATED PARTY TRANSACTIONS
During
the year ended December 31, 2017, Sanford Lang, the Company’s former Chairman and CEO, advanced STCB $289,821 to pay for general
operating expenses. The advance required a monthly interest payment of $2,545 and was due on demand. In June 2021, Mr. Lang and Mr. Goldrod
executed agreements with STCB whereby the advance from Mr. Lang and all other amounts owed to each were repaid and both Mr. Lang and
Mr. Goldrod resigned from the Board of Directors. Further, for a period of 36 months beginning in July 2021, STCB will repurchase an
aggregate of $10,950 worth of shares each month from Mr. Lang and Mr. Goldrod, with the share price for each purchase to be set according
to the volume weighted average trading price of the common stock over the last 10 days of the month. In the three months ended March
31, 2024 and March 31, 2023 STCB paid an aggregate of zero and $32,850, respectively, to Mr. Lang and Mr. Goldrod. As
of March 31, 2024, the Company settled final repurchase transfers of 1,862,154 shares in the amount of $328,500. The share repurchases
are recorded as treasury stock payable on the balance sheet. The foregoing agreements terminated and are of no further force or effect.
Ross
Sklar, CEO Notes
On
August 11, 2023, the Company issued to Sklar a consolidated secured promissory note (the “Consolidated Secured Promissory
Note”) in the principal sum of $4,000,000,
with a maturity date of December 31, 2023. The Consolidated Secured Promissory Note carries a floating interest rate comprised of
the Wall Street Journal Prime Rate (re-assessed on the first date of each month (plus 2%), and is secured by an amended and restated
consolidated security agreement (the “Amended and Restated Consolidated Security Agreement”), by and between the Company
and Sklar, dated August 11, 2023, The Consolidated Secured Promissory Note consolidated the outstanding loan obligations of the
Company to Sklar evidenced pursuant to (i) the January 24, 2020 Amended Note, (ii) the June 28, 2021 Note, (iii) the September 17,
2021 Note, (iv) the December 13, 2021 Note, (v) the December 29, 2022 Note, and (vi) the March 3, 2023 Note, as summarized in the table below. The Amended and
Restated Consolidated Security Agreement merged and integrated the December 29, 2022 Security Agreement and the March 3, 2023
Security Agreement, and provides a security interest in the Collateral (as defined in the Amended and Restated Consolidated Security
Agreement) to secure the repayment of all principal, interest, costs, expenses and other amounts then or thereafter due under the
Consolidated Secured Promissory Note until by the maturity date. Sklar was authorized to file financing statements to perfect the
security interest in the Collateral without authentication by the Company. The following table represents Prior Notes that were part
of the restructuring and related prior and updated terms (under the Consolidated Secured Promissory Note):
SCHEDULE
OF DEBT
| |
Outstanding | | |
Original | |
Original | | |
Revised | |
Revised | |
| |
Balance | | |
maturity | |
rate | | |
maturity | |
rate | |
January 24, 2020 Amended Note | |
| 100,000 | | |
7/19/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
June 28, 2021 Note | |
| 100,000 | | |
6/28/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
September 17, 2021 Note | |
| 500,000 | | |
9/17/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 13, 2021 Note | |
| 500,000 | | |
12/13/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 29, 2022 Note | |
| 2,000,000 | | |
8/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
March 3, 2023 Note | |
| 800,000 | | |
7/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
| |
| 4,000,000 | | |
| |
| | | |
| |
| | |
The
Company did not include the February 14, 2022 Note in the principal amount of $472,500 in
the note consolidation. The restructuring is accounted for as a debt modification.
The February 14,
2022 Note bears interest at 4%
per annum, is unsecured, and matured two years from the original date of issuance. This note may also convert into shares of Company
common stock at the 10-day volume weighted average trading price of the Company common stock for the 10-day period prior to the
issuance of the Note, which was calculated as $0.29
per share. On May 10, 2024, the Company and Sklar entered into an amendment to the February 14, 2022 Note to extend the maturity
date of the February 14, 2022 Note to December 31, 2024.
As
of March 31, 2024 and December 31, 2023, the outstanding principal due to Mr. Sklar under outstanding notes was $4,472,500.
As of March 31, 2024 and 2023, there was zero
and $32,439
of accrued interest due on these notes, respectively.
For
the three months ended March 31, 2024 and 2023 the notes to Mr. Sklar incurred interest expense of approximately $109,528 and $80,456,
respectively.
Other
Related Party Transactions
During
the three months ended March 31, 2024 and 2023, the Company recognized revenue from related parties of $2,310,196 and $2,787,485, respectively.
There were $2,417,096 and $2,742,508 of accounts receivable and accrued accounts receivable from TSG and Temperance Distilling Company
(“Temperance”) as of March 31, 2024 and December 31, 2023, respectively. All revenues earned in relation to these accounts
receivable is from related parties, TSG and Temperance. Sklar serves as the Chairman of Temperance.
During
the three months ended March 31, 2024 and 2023, the Company received contributed services at a value of approximately zero and $24,049,
respectively. Such costs have been expensed and recorded as additional paid-in capital in the period the services were provided.
|
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v3.24.1.1.u2
STOCK WARRANTS
|
3 Months Ended |
Mar. 31, 2024 |
Stock Warrants |
|
STOCK WARRANTS |
NOTE
9 – STOCK WARRANTS
On
each of September 12, 2022, November 1, 2022, November 3, 2022, and June 1, 2023, the Company entered into agreements with members
of the Board and consultants for services to be performed. As consideration therefore, the Company granted those individuals stock
warrants to purchase an aggregate of 38,400,000
shares of common stock. The warrants vest over various terms for periods from one to five
years. The warrants were valued using the Black-Scholes option pricing model under the assumptions as found in the table
below.
On
December 29, 2022 and March 3, 2023, the Company entered into agreements with Sklar, for warrants to purchase shares of common stock
to be issued as a funding fee for an aggregate principal amount of $2,800,000 in secured promissory notes (see Note 7). The warrants
were valued using the Black-Scholes option pricing model under the following assumptions as found in the table below.
The
table below summarizes the grants of stock warrants and includes the assumptions used for valuation under the Black-Scholes option
pricing model.
FAIR
VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES
Date | |
Number of Stock Warrants | | |
Stock Price | | |
Strike Price | | |
Expected Volatility | | |
Interest Rate | | |
Warrants and Rights Outstanding, Measurement Input | | |
Expected Term | | |
Fair Value | |
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
Expected | | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Term | | |
Fair | |
Date | |
Warrants | | |
Price | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
(years) | | |
Value | |
9/12/2022 | |
| 33,150,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 103.09 | % | |
| 3.47 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 4,088,769 | |
11/1/2022 | |
| 100,000 | | |
$ | 0.20 | | |
$ | 0.20 | | |
| 102.86 | % | |
| 4.27 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 8,116 | |
11/3/2022 | |
| 5,000,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 102.84 | % | |
| 4.36 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 618,176 | |
12/29/2022 | |
| 285,714 | | |
$ | 0.20 | | |
$ | 0.01 | | |
| 103.49 | % | |
| 3.94 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 54,401 | |
3/3/2023 | |
| 114,286 | | |
$ | 0.17 | | |
$ | 0.01 | | |
| 137.62 | % | |
| 4.26 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 18,710 | |
6/1/2023 | |
| 150,000 | | |
$ | 0.12 | | |
$ | 0.19 | | |
| 150.24 | % | |
| 3.70 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 14,013 | |
A
summary of the status of the Company’s outstanding stock warrants and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING STOCK WARRANTS AND CHANGES
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with warrants | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 17,449,989 | | |
$ | 0.20 | | |
| 3.41 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding, December 31, 2022 | |
| 41,085,714 | | |
$ | 0.24 | | |
| 4.64 | | |
$ | 45,714 | |
Issued | |
| 114,286 | | |
| 0.01 | | |
| 4.93 | | |
| 52,000 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2023 | |
| 41,200,000 | | |
$ | 0.19 | | |
| 4.65 | | |
$ | 97,714 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 4,681,943 | | |
$ | 0.24 | | |
| 4.4 | | |
$ | 52,000 | |
The
fair value of stock warrants granted and vested during the three months ended March 31, 2024 was zero and $241,359, respectively.
The
fair value of stock warrants granted and vested during the three months ended March 31, 2023 was $18,710 and $278,649 respectively.
The
following table summarizes information about stock warrants to purchase shares of the Company’s Class A common stock outstanding
and exercisable as of March 31, 2024:
SCHEDULE
OF EXERCISABLE WARRANTS
|
|
|
|
|
|
Weighted- |
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
Range
of |
|
|
Outstanding |
|
|
Remaining
Life |
|
|
Exercise |
|
|
Number |
|
exercise
prices |
|
|
Warrants |
|
|
In
Years |
|
|
Price |
|
|
Exercisable |
|
$ |
1.00 |
|
|
|
250,000 |
|
|
|
0.50 |
|
|
$ |
1.00 |
|
|
|
250,000 |
|
$ |
0.90 |
|
|
|
300,000 |
|
|
|
1.50 |
|
|
$ |
0.90 |
|
|
|
250,000 |
|
$ |
0.19 |
|
|
|
38,300,000 |
|
|
|
3.65 |
|
|
$ |
0.19 |
|
|
|
16,449,989 |
|
$ |
0.20 |
|
|
|
100,000 |
|
|
|
3.59 |
|
|
$ |
0.20 |
|
|
|
100,000 |
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
3.80 |
|
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,350,000 |
|
|
|
3.62 |
|
|
$ |
0.20 |
|
|
|
17,449,989 |
|
The
compensation expense attributed to the issuance of the stock warrants is recognized as they are vested.
Total
compensation expense related to the stock warrants was $390,747
and $375,501
for the three months ended March 31, 2024 and 2023, respectively, and was included in compensation expense on the statement of
operations. As of March 31, 2024, there was $2,364,196
in future compensation cost related to non-vested stock warrants.
The
aggregate intrinsic value as of March 31, 2024 is $50,800 for total outstanding and exercisable warrants, which was based on our estimated
fair value of the common stock of $0.14, had all warrant holders exercised their warrants as of that date, net of the aggregate exercise
price.
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v3.24.1.1.u2
STOCK OPTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTIONS |
NOTE
10- STOCK OPTIONS
On November 27, 2023, the Company’s Board of Directors approved the
2023 Equity Incentive Plan (the “Equity Plan”). The Equity Plan provides for the grant of incentive stock options, nonqualified
stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards, collectively, the “Stock Awards”.
Stock Awards may be granted under the Equity Plan to the Company’s, and its subsidiaries’, employees, officers, directors
and consultants. The maximum number of shares of Class A common stock available for issuance under the Equity Plan is 100,000,000 shares.
On
January 1, 2024, the Company entered into agreements with employees and consultants for services to be performed. As consideration therefore,
the Company granted stock options (the “Options”) under the Company’s Equity Plan
to purchase up to 4,660,000 shares of Class A common stock. Options were valued using the Black-Scholes option pricing model under the
following assumptions as found in the table below. There were no stock options issued or outstanding for the three months ended March
31, 2023.
SCHEDULE
OF STOCK OPTIONS
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Expected | | |
Fair | |
Date | |
Options | | |
Price1 | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
Term (years)2 | | |
Value | |
1/1/2024 | |
| 4,660,000 | | |
$ | 0.16 | | |
$ | 0.17 | | |
| 134.97 | % | |
| 4.00 | % | |
| 0.00 | % | |
| 4.0 | | |
$ | 731,548 | |
1 | | Grant exercise price is based on the prior trading day’s closing price of $0.164. |
2 | | Options granted
vest over various time periods ranging from two to four years with the majority vesting over a four-year term. |
A
summary of the status of the Company’s outstanding stock options and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING OPTIONS ACTIVITY
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with options | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| 4,660,000 | | |
| 0.17 | | |
| 9.76 | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 4,660,000 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 590,624 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
The
fair value of stock options granted and vested during the three months ended March 31, 2024 was $731,548 and zero, respectively.
The
compensation expense attributed to the issuance of the stock options is recognized as they are vested. Total compensation
expense related to the stock options was $92,719 and zero
for the three months ended March 31, 2024 and 2023, respectively, and was included in compensation expense on the statement of operations.
As of March 31, 2024, there was $638,829 in
future compensation cost related to non-vested stock warrants.
The
aggregate intrinsic value as of March 31, 2024 is zero for total outstanding and exercisable warrants, which was based on our estimated
fair value of the common stock of $0.14, had all option holders exercised their options as of that date, net of the aggregate exercise
price.
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
11 – STOCKHOLDERS’ EQUITY
Common
Stock Issuances for the Three Months Ended March 31, 2024
Effective
February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding on
December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger
agreement and Stockholders Agreement, as applicable. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement
amount of $18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent
to December 31, 2023. As a result, approximately 7.0 million shares were returned to the Company and the liability amount as of December
31, 2023 was amended.
Effective
February 14, 2024, the Company settled the Soylent Opening Balance Holdback and $2,446,380 equity consideration payable by issuing 16,309,203
shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement.
On
March 12, 2024, the 18-month holdback period from the date of the AOS Acquisition was completed, the Company had no outstanding claims
and issued the former shareholders of AOS an aggregate of 4,979,731 shares of Class A common stock and $6,137 in cash that was being
held back on the December 31, 2023 balance sheet.
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
12 – PROPERTY AND EQUIPMENT
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
3/31/2024 | | |
12/31/2023 | |
Computer equipment | |
| 154,348 | | |
| 127,497 | |
Tools and equipment | |
| 147,903 | | |
| 147,903 | |
Furniture and equipment | |
| 39,202 | | |
| 39,202 | |
Property and equipment, gross | |
| 341,453 | | |
| 314,602 | |
Less: Accumulated depreciation | |
| (261,110 | ) | |
| (256,443 | ) |
Property and equipment, net | |
| 80,343 | | |
| 58,159 | |
For
the three months ended March 31, 2024 and 2023, the Company incurred $4,666 and $3,719 of depreciation expense, respectively.
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v3.24.1.1.u2
INTANGIBLE ASSETS
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
13 – INTANGIBLE ASSETS
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
March 31, 2024 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 27,098,319 | | |
| 2,384,097 | | |
| 24,714,222 | |
Customer relationships | |
| 6,915,000 | | |
| 956,380 | | |
| 5,958,620 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 11,159 | | |
| 14,591 | |
Intangible Assets | |
$ | 34,039,069 | | |
$ | 3,351,636 | | |
$ | 30,687,433 | |
| |
December 31, 2023 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 26,937,670 | | |
| 1,885,389 | | |
| 25,052,281 | |
Customer relationships | |
| 7,049,000 | | |
| 753,914 | | |
| 6,295,086 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 10,729 | | |
| 15,021 | |
Intangible Assets | |
$ | 34,012,420 | | |
$ | 2,650,032 | | |
$ | 31,362,388 | |
For
the three months ended March 31, 2024 and 2023, the Company incurred $701,604 and $3,742 of amortization expense, respectively.
As
of March 31, 2024, future expected amortization expense of intangible assets was as follows:
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
| |
|
|
Fiscal period: | |
March 31, 2024 |
|
Remainder of 2024 | |
$ | 2,116,429 |
|
2025 | |
| 2,818,033 |
|
2026 | |
| 2,818,033 |
|
2027 | |
| 2,818,033 |
|
2028 | |
| 2,818,033 |
|
Thereafter | |
| 17,298,872 |
|
Total amortization remaining | |
$ | 30,687,433 |
|
|
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v3.24.1.1.u2
INVENTORY
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
14 – INVENTORY
Inventory
by major class are as follows:
SCHEDULE
OF INVENTORY
| |
3/31/2024 | | |
12/31/2023 | |
Raw materials | |
$ | 1,004,469 | | |
$ | 1,283,992 | |
Finished goods | |
| 10,256,199 | | |
| 9,391,548 | |
Total inventory | |
$ | 11,260,668 | | |
$ | 10,675,540 | |
|
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial
statements were issued, and has determined that the following subsequent event exists:
On May 10, 2024, the February 14, 2022 Note agreement between the Company and Sklar was amended to extend the
maturity date to December 31, 2024.
Amendment
to the Soylent Voting Agreement
On
February 15, 2023 in connection with the closing of the Soylent Acquisition, STCB entered into a Voting Agreement (the “Original
Soylent Voting Agreement”) with Mr. Sklar and certain other stockholders of STCB. Effective May 14, 2024, STCB, Mr. Sklar and certain
other stockholders holding a majority of the shares then held by such stockholders entered into an amendment to the Soylent Voting Agreement
(the “Soylent Voting Agreement Amendment” and together with the Original Soylent Voting Agreement, the “Soylent Voting
Agreement”). The Soylent Voting Agreement Amendment generally provides that (i) until February 15, 2025, the stockholders and
Mr. Sklar vote all shares such person has voting control over in favor of limited acquisitions, with the approval of the Stockholder Representative
(defined in the Soylent Merger Agreement); (ii) requires that until the termination of the Soylent Voting Agreement the stockholders
and Mr. Sklar shall vote all shares such person has voting control over in favor of the election of (a) a board of directors consisting
of seven (7) members, inclusive of (1) Sklar, (2) two such other person as may be designated by Mr. Sklar from time to time,
(3) three directors as designated by a majority of the former Soylent preferred stockholders party to the Soylent Voting Agreement
(the “Stockholder Directors”), and (4) an independent director designated by mutual agreement of Sklar and a majority
of the former Soylent preferred stockholders party to the Soylent Voting Agreement; and (iii) provides that the elected directors
adopt a Compensation Committee, Audit Committee and Governance Committee and customary charters. This description does not attempt to
be exhaustive and is qualified in its entirety by reference to the Soylent Voting Agreement Amendment which is an exhibit to this Quarterly
Report on Form 10-Q.
On February 15, 2023 in connection
with the closing of the Soylent Acquisition, STCB entered into a Registration Rights Agreement (the “Original Soylent RRA”)
with the Stockholder Representative. Effective May 14, 2024, STCB and the Stockholder Representative entered into an amendment to the
Soylent Voting Agreement (the “Soylent RRA Amendment” and together with the Original Soylent RRA. the “Soylent RRA”).
The Soylent RRA Amendment generally extended the Filing Date to May 15, 2025, and referenced the Second Share Adjustment to align with
the Stockholder Agreement. This description does not attempt to be exhaustive and is qualified in its entirety by reference to the Soylent
Voting Agreement Amendment which is an exhibit to this Quarterly Report on Form 10-Q.
|
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Consolidation |
Basis
of Consolidation
The
condensed consolidated financial statements of Starco Brands, Inc. include the accounts of STCB, our wholly owned subsidiary AOS,
our wholly owned subsidiary Skylar, our wholly owned subsidiary Soylent, and our 85%
owned subsidiary Whipshots Holdings and its wholly owned subsidiary, which are comprised of voting interest entities in which we
have a controlling financial interest in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. All significant intercompany profits, losses,
transactions and balances have been eliminated in consolidation in the condensed consolidated financial statements.
Our
consolidated subsidiaries at March 31, 2024 include: AOS, Skylar, Soylent, Whipshots Holdings and its wholly owned subsidiary Whipshots
LLC. Intercompany accounts and transactions have been eliminated upon consolidation.
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q
are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the condensed consolidated financial
statements have been included. Such adjustments are of a normal, recurring nature. The condensed consolidated financial statements, and
the accompanying notes, are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and do not contain certain information included in the Company’s Annual Report and Form 10-K for the year ended December
31, 2023. Therefore, the interim condensed consolidated financial statements should be read in conjunction with that Annual Report on
Form 10-K.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and equity-based transactions at the date of the financial statements and the revenues and
expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various
other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.
The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there
are material differences between the estimates and the actual results, future results of operations will be affected.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the
preparation of the condensed consolidated financial statements. Significant estimates include the timing for revenue recognition,
testing goodwill for impairment, recoverability of long-lived assets, income taxes and related valuation allowances, fair value of contributed services, and
assumptions used in the Black-Scholes valuation methods, such as expected volatility, risk-free interest rate and expected dividend
rate.
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents as of March 31, 2024 or December 31, 2023.
|
Accounts Receivable |
Accounts
Receivable
We
measure accounts receivable at net realizable value. This value includes an appropriate allowance for credit losses to present the
net amount expected to be collected on the financial asset. We calculate the allowance for credit losses based on available relevant
information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the
receivables, reasonable and supportable forecasts, and our relationships with, and the economic status of, our partners and
customers. The allowance for credit losses is evaluated quarterly, which is $431,380
and $350,112
as of March 31, 2024 and December 31, 2023.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level
1: |
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2: |
Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
Level
3: |
Pricing
inputs that are generally unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s condensed consolidated financial assets and liabilities, such as cash and cash equivalents, accounts
receivable, accounts payable, prepaid expenses, and accrued expenses approximate their fair value because of the short maturity of those
instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate
of interest rates that would be available to the Company for similar financial arrangements at March 31, 2024 and December 31, 2023.
The
following table summarizes the financial instruments of the Company at fair value based on the valuation approach applied to each class
of security as of March 31, 2024:
SCHEDULE OF FAIR VALUE MEASUREMENTS
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
| |
| | |
Fair Value Measurement at Reporting Date Using | |
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Fair Value of potential Share Adjustment | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Total Liabilities | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Pursuant
to the Soylent acquisition, the Company may be required to issue the Share Adjustment (as defined in Note 5) to the former owners of
Soylent based upon the stock price of the Company on the Adjustment Date (as defined in Note 5). The Company engaged a third-party
valuation firm to estimate the fair value of this contingent liability by performing a Monte Carlo simulation to forecast the value
of the Company’s stock and the implied value of the Share Adjustment. See NOTE 5 – ACQUISITIONS for further discussion.
The fair value of the share adjustment on the Soylent acquisition date was $36,715,800. The inputs to estimate the fair value of the share adjustment
were the market price of the Company’s common stock, the option expected term, the volatility of the Company’s common stock
price and the risk-free interest rate. Significant changes to any unobservable input may result in a significant change in the fair value
measurement.
The following table presents a reconciliation of the opening and closing
balances of the Fair Value of Share Adjustment for the three months ended March 31, 2024:
SCHEDULE
OF FAIR VALUE OF SHARE ADJUSTMENT
| |
Fair Value of Share Adjustment | |
| |
| |
Balance at December 31, 2023 | |
$ | 36,931,130 | |
Fair Value of Shares Issued | |
| (18,099,951 | ) |
Loss on Fair Value of Share Adjustment | |
| 1,921,949 | |
Balance at March 31, 2024 | |
$ | 20,753,328 | |
|
Property and Equipment, net |
Property
and Equipment, net
Property
and equipment is recorded at historical cost, net of depreciation. All property and equipment with a cost of $2,000 or greater are capitalized.
Depreciation is computed using straight-line over the estimated useful lives of the related assets. Expenditures that enhance the useful
lives of the assets are capitalized and depreciated. Maintenance and repairs are expensed as incurred. When assets are sold or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations.
|
Revenue Recognition |
Revenue
Recognition
STCB,
excluding its subsidiaries, earns a majority of its revenue as royalties from the licensing agreements it has with TSG, a related entity,
and other related parties. STCB licenses the right for TSG to manufacture and sell certain Starco Brands products. The amount of the
licensing revenue received varies depending upon the product and the royalty percentage is determined beforehand in each agreement. The
Company recognizes its revenue under these licensing agreements only when sales are made by TSG or other related parties to a third party.
AOS,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of premium body and skincare products. Revenue from
retail sales is recognized at shipment to the retailer. Revenue from eCommerce sales, including Amazon Fulfillment by Amazon (“Amazon
FBA”), is recognized upon shipment of merchandise.
Skylar,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of fragrances. Revenue from retail sales is recognized
at shipment to the retailer. Revenue from eCommerce sales, including Amazon FBA, is recognized upon shipment of merchandise.
Soylent,
one of STCB’s wholly owned subsidiaries, earns its revenues through the sale of nutritional drinks. Revenue from retail sales is
recognized at shipment to the retailer. Revenue from eCommerce sales, is recognized upon shipment of merchandise.
Whipshots
Holdings, an 85%
owned subsidiary, earns its revenues as royalties from the licensing agreements it has with Temperance, a related entity. STCB
licenses the right for Temperance to manufacture and sell vodka infused whipped cream. The amount of the licensing revenue received
varies depending upon the product and the royalty percentage is based on contractual terms. The Company recognizes its revenue under
these licensing agreements only when sales are made by Temperance to a third party.
The
Company applies the requirements of ASC 606, Revenue from Contracts with Customers, which includes the following five-step model
in order to determine the recognition of revenue: (i) Identify the contract with a customer; (ii) Identify the performance obligation
in the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction
price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
The
Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled
to in exchange for the licensee transferring goods or services to the customer. Once a contract is determined to be within the scope
of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company’s licensee
must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction
price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied.
Generally, the Company’s licensee’s performance obligations are transferred to customers at a point in time, typically upon
delivery.
|
Income Taxes |
Income
Taxes
The
Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements
or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and
tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse.
Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in
the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty
income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return
should be recorded in the condensed consolidated financial statements. Under Section 740-10-25, the Company may recognize the tax benefit
from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing
authorities, based on the technical merits of the position. The tax benefits recognized in the condensed consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being
realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties
on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities
for unrecognized income tax benefits according to the provisions of Section 740-10-25.
|
Stock-based Compensation |
Stock-based
Compensation
The
Company accounts for stock-based compensation per the provisions of ASC 718, Share-based Compensation (“ASC 718”), which
requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive
shares of stock or equity instruments (warrants, options, and restricted stock units). The fair value of each warrant and option is estimated
on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends,
expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the
future. Expected volatilities are based on the volatility of comparable companies’ common stock. The expected term of awards granted
is derived using estimates based on the specific terms of each award. The risk-free rate is based on the U.S. Treasury yield curve in
effect at the time of grant for the period of the expected term. The grant date fair value of a restricted stock unit equals the closing
price of our common stock on the trading day of the grant date.
|
Net Income (Loss) Per Common Share |
Net
Income (Loss) Per Common Share
Net
income (loss) per share of common stock is computed by dividing the net loss by the weighted average number of shares of common stock
outstanding during the year. All outstanding options are considered potential common stock. The dilutive effect, if any, of stock payable
and warrants are calculated using the treasury stock method. All outstanding convertible notes are considered common stock at the beginning
of the period or at the time of issuance, if later, pursuant to the if-converted method. Since the effect of common stock equivalents
is anti-dilutive with respect to losses, outstanding warrants have been excluded from the Company’s computation of net loss per
share of common stock for the three months ended March 31, 2024 and 2023.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 39,350,000 | | |
| 41,200,000 | |
Stock options | |
| 4,660,000 | | |
| - | |
Stock Options [Member] | |
| 4,660,000 | | |
| - | |
Acquisition Stock Consideration Payable | |
| 142,146,084 | | |
| 283,063,583 | |
Total | |
| 181,156,084 | | |
| 324,263,583 | |
Antidilutive securities | |
| 181,156,084 | | |
| 324,263,583 | |
|
Intangible Assets |
Intangible
Assets
Definite-lived
intangible assets consist of certain domain names. Definite-lived intangible assets are amortized utilizing the straight-line method
over the assets’ estimated useful lives, which approximate 10-16 years.
Indefinite-lived
intangible assets consist of certain trademarks and formula lists. These intangible assets are not amortized but are tested for impairment
annually or whenever impairment indicators exist.
The
Company assesses potential impairment of its long-lived assets whenever events or changes in circumstances indicate that an asset or
asset group’s carrying value may not be recoverable. Factors that are considered important that could trigger an impairment review
include a current period operating or cash flow loss combined with a history of operating or cash flow losses and a projection or forecast
that demonstrates continuing losses or insufficient income associated with the use of a long-lived asset or asset group. Other factors
include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation
is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related
assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference
between the carrying value, and the estimated fair value of the assets, with such estimated fair values determined using the best information
available and in accordance with FASB ASC Topic 820, Fair Value Measurements. During the three months ended March 31, 2024 and 2023,
the Company did not record asset impairment charges related to its intangible assets.
|
Royalties and Licenses |
Royalties
and Licenses
Royalty-based
obligations with content licensors are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently
paid. These royalty-based obligations are generally expensed to cost of revenue generally at the greater of the contractual rate or an
effective royalty rate based on the total projected net revenue for contracts with guaranteed minimums. Prepayments made are generally
made in connection with the development of a particular product, and therefore, we are generally subject to risk during the product phase.
Payments earned after completion of the product (primarily royalty-based in nature) are generally expensed as cost of revenue.
Our
contracts with some licensors include minimum guaranteed royalty payments, which are initially recorded as an asset and as a liability
at the contractual amount when no performance remains with the licensor. When performance remains with the licensor, we record guarantee
payments as an asset when actually paid and as a liability when incurred, rather than recording the asset and liability upon execution
of the contract.
Each
quarter, we also evaluate the expected future realization of our royalty-based assets, as well as any unrecognized minimum commitments
not yet paid to determine amounts we deem unlikely to be realized through future revenue. Impairments or losses determined post-launch
are charged to cost of revenue. We evaluate long-lived royalty-based assets for impairment using undiscounted cash flows when impairment
indicators exist. If an impairment exists, then the related assets are written down to fair value. Unrecognized minimum royalty-based
commitments are accounted for as executory contracts, and therefore, any losses on these commitments are recognized when the underlying
intellectual property is abandoned (i.e., cease use) or the contractual rights to use the intellectual property are terminated.
Our
minimum contractual royalty-based obligations remaining as of March 31, 2024 are approximately $1,257,500, $20,000 and $0 for the years
ending December 31, 2024, 2025, and 2026, respectively.
|
Leases |
Leases
With
the adoption of ASC 842, operating lease agreements are required to be recognized on the balance sheet as Right-of-Use (“ROU”)
assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial
direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease
terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.
AOS,
the Company’s wholly owned subsidiary leased its corporate office (“AOS Lease”). The AOS Lease was classified as an
operating lease and had a term of 2 years, for approximately 1,372 square feet of office space located in West Hollywood, California.
The lease expired in September 2023 and had a monthly base rental of $7,564 which increased 4% each year. At the end of the lease term
in September 2023, the Company did not renew the lease. In March 2022, AOS entered into a sublease, whereby, the sublessor took over
the entire AOS Lease office space and the lease payment until the completion of the original AOS Lease term.
In
accordance with ASC 842, Leases, the Company recognized a ROU asset and corresponding lease liability on the condensed consolidated balance
sheet for long-term office leases. See Note 11 – Leases for further discussion, including the impact on the condensed consolidated
financial statements and related disclosures.
|
Inventory |
Inventory
Inventory
consists of premium body and skincare products, fragrances and nutritional products. Inventory is measured using the first-in, first-out
method and stated at average cost as of March 31, 2024. The value of inventories is reduced for excess and obsolete inventories.
We monitor inventory to identify events that would require impairment due to obsolete inventory and adjust the value of inventory when
required. We did not record any inventory impairment losses for the three months ended March 31, 2024 and 2023.
|
Acquisitions, Intangible Assets and Goodwill |
Acquisitions,
Intangible Assets and Goodwill
The
condensed consolidated financial statements reflect the operations of an acquired business beginning as of the date of acquisition. Assets
acquired and liabilities assumed are recorded at their fair values at the date of acquisition; goodwill is recorded for any excess of
the purchase price over the fair values of the net assets acquired. Significant judgment is required to determine the fair value of certain
tangible and intangible assets and in assigning their respective useful lives. Accordingly, we typically obtain the assistance of third-party
valuation specialists for significant tangible and intangible assets. The fair values are based on available historical information and
on future expectations and assumptions deemed reasonable by management but are inherently uncertain. The Company typically employs an
income method to measure the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable
to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace
participants and include the amount and timing of future cash flows (including expected growth rates and profitability), the underlying
product or technology life cycles, economic barriers to entry and the discount rate applied to the cash flows. Unanticipated market or
macroeconomic events and circumstances could affect the accuracy or validity of the estimates and assumptions. Determining the useful
life of an intangible asset also requires judgment. Intangible assets are amortized over their estimated lives. Any intangible assets
associated with acquired in-process research and development activities (“IPR&D”) are not amortized until a product is
available for sale.
Goodwill
as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of
the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired
and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement.
We
review goodwill for impairment at least annually or more frequently if indicators of impairment exist. Our goodwill impairment test may
require the use of qualitative judgements and fair-value techniques, which are inherently subjective. Impairment loss, if any, is recorded
when the fair value of a reporting unit’s goodwill is less than its carrying value.
No
impairment losses related to goodwill were recognized for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December
31, 2023 goodwill was $26,689,391 and $26,689,391, respectively.
|
Segments |
Segments
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s
Chief Executive Officer (“CEO”) is the Company’s chief operating decision maker (“CODM”) and views the
Company’s operations and manages its business in three reportable operating segments: (i) Starco Brands, which includes AOS, Whipshots
Holdings and Whipshots LLC, (ii) Skylar, and (iii) Soylent. The CODM assesses performance of operating segments and determines the allocation
of resources based primarily on gross profit as a whole.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
All
newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF FAIR VALUE MEASUREMENTS |
The
following table summarizes the financial instruments of the Company at fair value based on the valuation approach applied to each class
of security as of March 31, 2024:
SCHEDULE OF FAIR VALUE MEASUREMENTS
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
| |
| | |
Fair Value Measurement at Reporting Date Using | |
| |
Carrying Value at March 31, 2024 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Fair Value of potential Share Adjustment | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
Total Liabilities | |
$ | 20,753,328 | | |
$ | - | | |
$ | - | | |
$ | 20,753,328 | |
|
SCHEDULE OF FAIR VALUE OF SHARE ADJUSTMENT |
The following table presents a reconciliation of the opening and closing
balances of the Fair Value of Share Adjustment for the three months ended March 31, 2024:
SCHEDULE
OF FAIR VALUE OF SHARE ADJUSTMENT
| |
Fair Value of Share Adjustment | |
| |
| |
Balance at December 31, 2023 | |
$ | 36,931,130 | |
Fair Value of Shares Issued | |
| (18,099,951 | ) |
Loss on Fair Value of Share Adjustment | |
| 1,921,949 | |
Balance at March 31, 2024 | |
$ | 20,753,328 | |
|
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE |
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common stock:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 39,350,000 | | |
| 41,200,000 | |
Stock options | |
| 4,660,000 | | |
| - | |
Stock Options [Member] | |
| 4,660,000 | | |
| - | |
Acquisition Stock Consideration Payable | |
| 142,146,084 | | |
| 283,063,583 | |
Total | |
| 181,156,084 | | |
| 324,263,583 | |
Antidilutive securities | |
| 181,156,084 | | |
| 324,263,583 | |
|
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v3.24.1.1.u2
SEGMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SCHEDULE OF GROSS PROFIT REPORTING SEGMENT |
The
following tables present gross profit by reporting segment:
SCHEDULE OF GROSS PROFIT REPORTING SEGMENT
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
| |
Three Months Ended March 31, 2024 | |
| |
Starco Brands | | |
Skylar | | |
Soylent | | |
Total | |
Gross revenues | |
$ | 3,984,086 | | |
$ | 2,075,125 | | |
$ | 9,431,470 | | |
$ | 15,490,681 | |
Cost of revenues | |
| 1,376,925 | | |
| 843,068 | | |
| 6,256,544 | | |
| 8,476,537 | |
Gross profit | |
$ | 2,607,161 | | |
$ | 1,232,057 | | |
$ | 3,174,926 | | |
$ | 7,014,144 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
| |
Three Months Ended March 31, 2023 | |
| |
Starco Brands | | |
Skylar | | |
Soylent1 | | |
Total | |
Gross revenues | |
$ | 3,513,316 | | |
$ | 1,914,182 | | |
$ | 5,716,303 | | |
$ | 11,143,801 | |
Cost of revenues | |
| 586,343 | | |
| 840,965 | | |
| 4,012,943 | | |
| 5,440,251 | |
Gross profit | |
$ | 2,926,973 | | |
$ | 1,073,217 | | |
$ | 1,703,360 | | |
$ | 5,703,550 | |
1 |
The
Company does not report results for Soylent prior to the date of acquisition, February 15, 2023, as Soylent was not yet a subsidiary
of the Company. |
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF DEBT |
SCHEDULE
OF DEBT
| |
Outstanding | | |
Original | |
Original | | |
Revised | |
Revised | |
| |
Balance | | |
maturity | |
rate | | |
maturity | |
rate | |
January 24, 2020 Amended Note | |
| 100,000 | | |
7/19/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
June 28, 2021 Note | |
| 100,000 | | |
6/28/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
September 17, 2021 Note | |
| 500,000 | | |
9/17/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 13, 2021 Note | |
| 500,000 | | |
12/13/2023 | |
| 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
December 29, 2022 Note | |
| 2,000,000 | | |
8/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
March 3, 2023 Note | |
| 800,000 | | |
7/1/2023 | |
| Prime + 4 | % | |
12/31/2024 | |
| Prime + 2 | % |
| |
| 4,000,000 | | |
| |
| | | |
| |
| | |
|
X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
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v3.24.1.1.u2
STOCK WARRANTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Stock Warrants |
|
FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES |
FAIR
VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES
Date | |
Number of Stock Warrants | | |
Stock Price | | |
Strike Price | | |
Expected Volatility | | |
Interest Rate | | |
Warrants and Rights Outstanding, Measurement Input | | |
Expected Term | | |
Fair Value | |
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
Expected | | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Term | | |
Fair | |
Date | |
Warrants | | |
Price | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
(years) | | |
Value | |
9/12/2022 | |
| 33,150,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 103.09 | % | |
| 3.47 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 4,088,769 | |
11/1/2022 | |
| 100,000 | | |
$ | 0.20 | | |
$ | 0.20 | | |
| 102.86 | % | |
| 4.27 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 8,116 | |
11/3/2022 | |
| 5,000,000 | | |
$ | 0.19 | | |
$ | 0.19 | | |
| 102.84 | % | |
| 4.36 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 618,176 | |
12/29/2022 | |
| 285,714 | | |
$ | 0.20 | | |
$ | 0.01 | | |
| 103.49 | % | |
| 3.94 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 54,401 | |
3/3/2023 | |
| 114,286 | | |
$ | 0.17 | | |
$ | 0.01 | | |
| 137.62 | % | |
| 4.26 | % | |
| 0.00 | % | |
| 1.0 | | |
$ | 18,710 | |
6/1/2023 | |
| 150,000 | | |
$ | 0.12 | | |
$ | 0.19 | | |
| 150.24 | % | |
| 3.70 | % | |
| 0.00 | % | |
| 3.0 | | |
$ | 14,013 | |
|
SCHEDULE OF OUTSTANDING STOCK WARRANTS AND CHANGES |
A
summary of the status of the Company’s outstanding stock warrants and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING STOCK WARRANTS AND CHANGES
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with warrants | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
Issued | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 39,350,000 | | |
$ | 0.20 | | |
| 3.87 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 17,449,989 | | |
$ | 0.20 | | |
| 3.41 | | |
$ | 50,800 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding, December 31, 2022 | |
| 41,085,714 | | |
$ | 0.24 | | |
| 4.64 | | |
$ | 45,714 | |
Issued | |
| 114,286 | | |
| 0.01 | | |
| 4.93 | | |
| 52,000 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2023 | |
| 41,200,000 | | |
$ | 0.19 | | |
| 4.65 | | |
$ | 97,714 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 4,681,943 | | |
$ | 0.24 | | |
| 4.4 | | |
$ | 52,000 | |
|
SCHEDULE OF EXERCISABLE WARRANTS |
The
following table summarizes information about stock warrants to purchase shares of the Company’s Class A common stock outstanding
and exercisable as of March 31, 2024:
SCHEDULE
OF EXERCISABLE WARRANTS
|
|
|
|
|
|
Weighted- |
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
Range
of |
|
|
Outstanding |
|
|
Remaining
Life |
|
|
Exercise |
|
|
Number |
|
exercise
prices |
|
|
Warrants |
|
|
In
Years |
|
|
Price |
|
|
Exercisable |
|
$ |
1.00 |
|
|
|
250,000 |
|
|
|
0.50 |
|
|
$ |
1.00 |
|
|
|
250,000 |
|
$ |
0.90 |
|
|
|
300,000 |
|
|
|
1.50 |
|
|
$ |
0.90 |
|
|
|
250,000 |
|
$ |
0.19 |
|
|
|
38,300,000 |
|
|
|
3.65 |
|
|
$ |
0.19 |
|
|
|
16,449,989 |
|
$ |
0.20 |
|
|
|
100,000 |
|
|
|
3.59 |
|
|
$ |
0.20 |
|
|
|
100,000 |
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
3.80 |
|
|
$ |
0.01 |
|
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,350,000 |
|
|
|
3.62 |
|
|
$ |
0.20 |
|
|
|
17,449,989 |
|
|
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v3.24.1.1.u2
STOCK OPTIONS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTIONS |
SCHEDULE
OF STOCK OPTIONS
| |
Number of | | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Stock | | |
Stock | | |
Strike | | |
Expected | | |
Interest | | |
Dividend | | |
Expected | | |
Fair | |
Date | |
Options | | |
Price1 | | |
Price | | |
Volatility | | |
Rate | | |
Rate | | |
Term (years)2 | | |
Value | |
1/1/2024 | |
| 4,660,000 | | |
$ | 0.16 | | |
$ | 0.17 | | |
| 134.97 | % | |
| 4.00 | % | |
| 0.00 | % | |
| 4.0 | | |
$ | 731,548 | |
1 | | Grant exercise price is based on the prior trading day’s closing price of $0.164. |
2 | | Options granted
vest over various time periods ranging from two to four years with the majority vesting over a four-year term. |
|
SCHEDULE OF OUTSTANDING OPTIONS ACTIVITY |
A
summary of the status of the Company’s outstanding stock options and changes during the periods is presented below:
SCHEDULE
OF OUTSTANDING OPTIONS ACTIVITY
| |
Shares available to purchase | | |
Weighted Average | | |
Weighted Average Remaining Contractual | | |
Aggregate | |
| |
with options | | |
Exercise Price | | |
Term (in years) | | |
Intrinsic Value | |
Outstanding, December 31, 2023 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Issued | |
| 4,660,000 | | |
| 0.17 | | |
| 9.76 | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding, March 31, 2024 | |
| 4,660,000 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 590,624 | | |
$ | 0.17 | | |
| 9.76 | | |
$ | - | |
|
X |
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment, net consist of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
3/31/2024 | | |
12/31/2023 | |
Computer equipment | |
| 154,348 | | |
| 127,497 | |
Tools and equipment | |
| 147,903 | | |
| 147,903 | |
Furniture and equipment | |
| 39,202 | | |
| 39,202 | |
Property and equipment, gross | |
| 341,453 | | |
| 314,602 | |
Less: Accumulated depreciation | |
| (261,110 | ) | |
| (256,443 | ) |
Property and equipment, net | |
| 80,343 | | |
| 58,159 | |
|
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v3.24.1.1.u2
INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL |
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
March 31, 2024 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 27,098,319 | | |
| 2,384,097 | | |
| 24,714,222 | |
Customer relationships | |
| 6,915,000 | | |
| 956,380 | | |
| 5,958,620 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 11,159 | | |
| 14,591 | |
Intangible Assets | |
$ | 34,039,069 | | |
$ | 3,351,636 | | |
$ | 30,687,433 | |
| |
December 31, 2023 | |
| |
Gross | | |
Accumulated | | |
| |
| |
Carrying Amount | | |
Amortization | | |
Net | |
Trade names and trademarks | |
| 26,937,670 | | |
| 1,885,389 | | |
| 25,052,281 | |
Customer relationships | |
| 7,049,000 | | |
| 753,914 | | |
| 6,295,086 | |
Formulas (indefinite life) | |
| - | | |
| - | | |
| - | |
Domain names | |
| 25,750 | | |
| 10,729 | | |
| 15,021 | |
Intangible Assets | |
$ | 34,012,420 | | |
$ | 2,650,032 | | |
$ | 31,362,388 | |
|
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS |
As
of March 31, 2024, future expected amortization expense of intangible assets was as follows:
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
| |
|
|
Fiscal period: | |
March 31, 2024 |
|
Remainder of 2024 | |
$ | 2,116,429 |
|
2025 | |
| 2,818,033 |
|
2026 | |
| 2,818,033 |
|
2027 | |
| 2,818,033 |
|
2028 | |
| 2,818,033 |
|
Thereafter | |
| 17,298,872 |
|
Total amortization remaining | |
$ | 30,687,433 |
|
|
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v3.24.1.1.u2
INVENTORY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Inventory
by major class are as follows:
SCHEDULE
OF INVENTORY
| |
3/31/2024 | | |
12/31/2023 | |
Raw materials | |
$ | 1,004,469 | | |
$ | 1,283,992 | |
Finished goods | |
| 10,256,199 | | |
| 9,391,548 | |
Total inventory | |
$ | 11,260,668 | | |
$ | 10,675,540 | |
|
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v3.24.1.1.u2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Feb. 09, 2023 |
Feb. 08, 2023 |
Jan. 06, 2023 |
Common stock, par value |
|
|
$ 0.001
|
|
|
Common stock, shares authorized |
|
|
2,000,000,000
|
300,000,000
|
|
Common Class A [Member] |
|
|
|
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
Common stock, shares authorized |
1,700,000,000
|
1,700,000,000
|
1,700,000,000
|
|
|
Common Class B [Member] |
|
|
|
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
300,000,000
|
|
|
Amended and Restated Articles [Member] |
|
|
|
|
|
Common stock outstanding percentage |
|
|
|
|
53.47%
|
Whipshotsde [Member] |
|
|
|
|
|
Noncontrolling interest, ownership percentage by parent |
85.00%
|
|
|
|
|
Percentage of equity issued subject to vesting requirements |
15.00%
|
|
|
|
|
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v3.24.1.1.u2
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Retained Earnings (Accumulated Deficit) |
$ 68,232,147
|
|
$ 63,769,469
|
Net loss |
4,270,556
|
$ 1,663,130
|
|
Debt, Current |
7,631,247
|
|
|
Net Cash Provided by (Used in) Operating Activities |
822,453
|
$ (121,811)
|
|
Ross Sklar [Member] |
|
|
|
Debt, Current |
$ 4,472,500
|
|
|
X |
- DefinitionAmount of debt and lease obligation, classified as current.
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SCHEDULE OF FAIR VALUE MEASUREMENTS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Platform Operator, Crypto Asset [Line Items] |
|
|
Fair Value of potential Share Adjustment |
$ 20,753,328
|
$ 36,931,130
|
Total Liabilities |
20,753,328
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Fair Value of potential Share Adjustment |
|
|
Total Liabilities |
|
|
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|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Fair Value of potential Share Adjustment |
|
|
Total Liabilities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Fair Value of potential Share Adjustment |
20,753,328
|
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$ 20,753,328
|
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SCHEDULE OF FAIR VALUE OF SHARE ADJUSTMENT (Details) - USD ($)
|
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Mar. 31, 2024 |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
|
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$ 36,931,130
|
|
Fair Value of Shares Issued |
(18,099,951)
|
|
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1,921,949
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$ 1,179,154
|
Fair Value of Share Adjustment, Balance |
$ 20,753,328
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|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities |
181,156,084
|
324,263,583
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive securities |
39,350,000
|
41,200,000
|
Stock Options [Member] |
|
|
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|
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4,660,000
|
|
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|
|
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|
|
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142,146,084
|
283,063,583
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|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024
USD ($)
a
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
|
|
Cash equivalents |
$ 0
|
|
$ 0
|
Allowance for uncollectible amounts |
431,380
|
|
350,112
|
Fair value of share adjustment |
20,753,328
|
|
36,931,130
|
Contractual obligation, December 31, 2024 |
1,257,500
|
|
|
Contractual obligation, December 31, 2025 |
20,000
|
|
|
Contractual obligation, December 31, 2026 |
0
|
|
|
Goodwill, impairment loss |
|
|
|
Goodwill |
$ 26,689,391
|
|
$ 26,689,391
|
AOS Lease [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Operating lease term of contract |
2 years
|
|
|
Square feet of office space | a |
1,372
|
|
|
Monthly base rent amount |
$ 7,564
|
|
|
Operating lease yearly rate increase |
4.00%
|
|
|
Minimum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
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Property and equipment, capitalization threshold |
$ 2,000
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10 years
|
|
|
Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
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Estimated useful lives |
16 years
|
|
|
Soylent Acquisition [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Fair value of share adjustment |
$ 36,715,800
|
|
|
Whipshotsde [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
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v3.24.1.1.u2
SCHEDULE OF GROSS PROFIT REPORTING SEGMENT (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
Gross revenues |
$ 15,490,681
|
$ 11,143,801
|
|
Cost of revenues |
8,476,537
|
5,440,251
|
|
Gross profit |
7,014,144
|
5,703,550
|
|
Starco Brands [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Gross revenues |
3,984,086
|
3,513,316
|
|
Cost of revenues |
1,376,925
|
586,343
|
|
Gross profit |
2,607,161
|
2,926,973
|
|
Skylar [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Gross revenues |
2,075,125
|
1,914,182
|
|
Cost of revenues |
843,068
|
840,965
|
|
Gross profit |
1,232,057
|
1,073,217
|
|
Soylent [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Gross revenues |
9,431,470
|
5,716,303
|
[1] |
Cost of revenues |
6,256,544
|
4,012,943
|
[1] |
Gross profit |
$ 3,174,926
|
$ 1,703,360
|
[1] |
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.1.u2
ACQUISITIONS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
12 Months Ended |
|
Feb. 14, 2024 |
Feb. 15, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jan. 01, 2024 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Share price |
[1] |
|
|
|
|
$ 0.16
|
Business combination contingent liability shares |
|
7,000,000.0
|
|
|
|
|
Third Party Valuation [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
$ 0.186
|
|
Soylent Acquisition [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, paid in cash to settle debt |
|
|
$ 200,000
|
|
|
|
Business acquisition, share price per share |
|
|
$ 0.15
|
|
|
|
Number of shares issued |
|
|
165,336,430
|
|
|
|
Number of shares, issued |
|
|
12,617,857
|
|
|
|
Shares issued, price per share |
|
|
|
|
$ 0.136
|
|
Fair value of share adjustment |
|
|
|
|
$ 6,101,455
|
|
Total share adjustment value |
|
|
|
$ 20,753,328
|
|
|
Soylent Acquisition [Member] | Third-party [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Share price |
|
$ 0.16
|
$ 0.189
|
|
|
|
Assets, fair value adjustment |
|
$ 15,506,101
|
$ 36,715,800
|
|
|
|
Stock issued during period shares new issues, value |
|
|
|
|
30,829,876
|
|
Equity fair value adjustment |
|
|
|
|
$ 30,829,876
|
|
Total share adjustment value |
|
|
|
$ 20,753,328
|
|
|
Soylent Acquisition [Member] | Common Class A [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
16,309,203
|
|
|
|
|
Number of restricted stock issued |
|
|
18,571,429
|
|
|
|
Shares issued, price per share |
|
|
$ 0.35
|
|
|
|
Settlement amount |
|
$ 18,099,951
|
|
|
|
|
Amount of acquisition adjustments in share value |
|
$ 36,931,130
|
|
|
|
|
Additional share issued |
|
133,087,875
|
|
|
|
|
Business combination contingent liability shares |
|
7,000,000.0
|
|
|
|
|
Equity consideration payable |
|
$ 2,446,380
|
|
|
|
|
Soylent Acquisition [Member] | Common Class A [Member] | Stockholder Agreement [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 0.35
|
|
|
|
Stockholders shares held percentage |
|
|
88.90%
|
|
|
|
Soylent Acquisition [Member] | Common Class A [Member] | Maximum [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 0.35
|
|
|
|
|
|
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v3.24.1.1.u2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
|
|
Feb. 10, 2023 |
Feb. 10, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Feb. 29, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Short term borrowings |
|
|
$ 4,567,252
|
|
|
$ 4,559,219
|
|
|
Interest rate stated percentage |
2.50%
|
2.50%
|
|
|
|
|
|
|
Line of Credit, Current |
$ 5,000,000
|
$ 5,000,000
|
3,063,995
|
|
|
3,835,247
|
|
|
[custom:RevolvingCeditPercentage-0] |
1.00%
|
1.00%
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
|
Feb. 10, 2024
|
|
|
|
|
|
|
Interest fluctuating percentage |
5.00%
|
5.00%
|
|
|
|
|
|
|
Interest Payable, Current |
|
|
|
|
|
5,681
|
|
|
Forbearance fee |
$ 57,590
|
$ 57,590
|
|
|
|
|
|
|
Accrued interest |
$ 10,009
|
|
|
|
|
|
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Long-Term Line of Credit |
|
|
3,063,995
|
|
|
|
|
|
Interest Payable, Current |
|
|
16,171
|
|
|
|
|
|
Interest Expense, Debt |
|
|
86,904
|
|
|
|
|
|
Second Financing Loan [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Short term borrowings |
|
|
|
|
|
|
|
$ 92,334
|
Second financing Loan for Director and Officer Insurance Policy [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Interest rate stated percentage |
|
|
|
|
|
|
|
5.82%
|
Third Financing Loan [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Short term borrowings |
|
|
40,126
|
|
|
|
$ 98,039
|
|
Third Financing Loan For Director And Officer Insurance Policy [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Interest rate stated percentage |
|
|
|
|
|
|
9.30%
|
|
Financing Loan for Director and Officer Insurance Policy [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,388
|
$ 756
|
|
|
|
|
First Financing Loan For General Liability Insurance [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Short term borrowings |
|
|
|
|
|
$ 29,109
|
|
|
Interest rate stated percentage |
|
|
|
|
|
9.30%
|
|
|
Interest expense |
|
|
509
|
$ 0
|
|
|
|
|
Subordinated debt |
|
|
14,797
|
|
|
|
|
|
Second Financing Loan For General Liability Insurance [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Short term borrowings |
|
|
|
|
$ 20,983
|
|
|
|
Interest rate stated percentage |
|
|
|
|
9.30%
|
|
|
|
Subordinated debt |
|
|
$ 14,204
|
|
|
|
|
|
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v3.24.1.1.u2
COMMITMENTS & CONTINGENCIES (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 14, 2021 |
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Payments to acquire intangible assets |
$ 26,649
|
$ 38,620
|
|
|
|
|
|
Skylar Acquisition [Member] |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Equity consideration payable |
$ 2,314,732
|
|
|
|
|
|
|
Skylar Acquisition [Member] | Shares Issuable after Indemnification Period [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Number of shares issued |
11,573,660
|
|
|
|
|
|
|
Penguins Fly, LLC [Member] |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Payments to acquire intangible assets |
|
|
|
$ 38,620
|
|
$ 20,000
|
|
Penguins Fly, LLC [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Payments to acquire intangible assets |
|
|
$ 318,050
|
|
|
|
|
Washpoppin Inc. [Member] |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Minimum royalty payment |
|
|
|
|
|
|
$ 3,300,000
|
Royalty expense |
$ 412,500
|
$ 275,000
|
|
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF DEBT (Details) - USD ($)
|
Aug. 11, 2023 |
Feb. 10, 2023 |
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 4,000,000
|
|
Original rate |
|
2.50%
|
January 24, 2020 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 100,000
|
|
Original maturity |
Jul. 19, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
|
June 28, 2021 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 100,000
|
|
Original maturity |
Jun. 28, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
|
September 17, 2021 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 500,000
|
|
Original maturity |
Sep. 17, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
|
December 13, 2022 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 500,000
|
|
Original maturity |
Dec. 13, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
|
December 29, 2022 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 2,000,000
|
|
Original maturity |
Aug. 01, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
|
March 3, 2023 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Outstanding Balance |
$ 800,000
|
|
Original maturity |
Jul. 01, 2023
|
|
Original rate |
4.00%
|
|
Revised maturity |
Dec. 31, 2024
|
|
Revised rate |
2.00%
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
Feb. 14, 2022 |
Jul. 31, 2021 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2017 |
Dec. 31, 2023 |
Aug. 11, 2023 |
Feb. 10, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Stock repurchased during period, value |
|
|
$ 65,700
|
|
|
|
|
|
Settled repurchase, shares |
|
|
1,862,154
|
|
|
|
|
|
Settled repurchase, value |
|
|
$ 328,500
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 4,000,000
|
|
Interest rate |
|
|
|
|
|
|
|
2.50%
|
Accrued interest due |
|
|
|
|
|
$ 5,681
|
|
|
Revenue from related parties |
|
|
15,490,681
|
$ 11,143,801
|
|
|
|
|
Contributed Services [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Related party ttransaction amounts of transaction |
|
|
0
|
24,049
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
General operating expenses |
|
|
|
|
$ 289,821
|
|
|
|
Other Liabilities, Current |
|
|
4,472,500
|
|
|
4,472,500
|
|
|
Revenue from related parties |
|
|
2,310,196
|
2,787,485
|
|
|
|
|
Accounts receivable related parties |
|
|
2,417,096
|
2,742,508
|
|
|
|
|
Related Party [Member] | Secured Promissory Note [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Other Liabilities, Current |
|
|
|
|
|
472,500
|
|
|
Chairman and Former CEO [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Related party advance monthly interest payment |
|
|
|
|
$ 2,545
|
|
|
|
Sanford Lang and Martin Goldrod [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Monthly share repurchases from related parties value |
|
$ 10,950
|
|
|
|
|
|
|
Stock repurchased during period, value |
|
|
32,850
|
32,850
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Interest rate |
4.00%
|
|
|
|
|
|
|
|
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$ 0.29
|
|
|
|
|
|
|
|
Outstanding principal due |
|
|
4,472,500
|
|
|
$ 4,472,500
|
|
|
Accrued interest due |
|
|
0
|
32,439
|
|
|
|
|
Interest expense |
|
|
$ 109,528
|
$ 80,456
|
|
|
|
|
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v3.24.1.1.u2
FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES (Details)
|
Mar. 31, 2024 |
Jun. 01, 2023
USD ($)
$ / shares
shares
|
Mar. 03, 2023
USD ($)
$ / shares
shares
|
Dec. 29, 2022
USD ($)
$ / shares
shares
|
Nov. 03, 2022
USD ($)
$ / shares
shares
|
Nov. 01, 2022
USD ($)
$ / shares
shares
|
Sep. 12, 2022
USD ($)
$ / shares
shares
|
Expected Term |
3 years 7 months 13 days
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
Number of Stock Warrants | shares |
|
150,000
|
114,286
|
285,714
|
5,000,000
|
100,000
|
33,150,000
|
Fair Value | $ |
|
$ 14,013
|
$ 18,710
|
$ 54,401
|
$ 618,176
|
$ 8,116
|
$ 4,088,769
|
Chief Executive Officer [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input |
|
0.12
|
0.17
|
0.20
|
0.19
|
0.20
|
0.19
|
Chief Executive Officer [Member] | Measurement Input Strike Price [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input | $ / shares |
|
0.19
|
0.01
|
0.01
|
0.19
|
0.20
|
0.19
|
Chief Executive Officer [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input |
|
150.24
|
137.62
|
103.49
|
102.84
|
102.86
|
103.09
|
Chief Executive Officer [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input |
|
3.70
|
4.26
|
3.94
|
4.36
|
4.27
|
3.47
|
Chief Executive Officer [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input |
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
Chief Executive Officer [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
Expected Term |
|
3 years
|
1 year
|
1 year
|
3 years
|
1 year
|
3 years
|
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v3.24.1.1.u2
SCHEDULE OF OUTSTANDING STOCK WARRANTS AND CHANGES (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Shares available to purchase with warrants, Outstanding Balance |
4,660,000
|
|
|
|
Warrant [Member] |
|
|
|
|
Shares available to purchase with warrants, Outstanding Balance |
39,350,000
|
41,085,714
|
41,085,714
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.20
|
$ 0.24
|
$ 0.24
|
|
Weighted Average Remaining Contractual Term (in years), Outstanding |
3 years 10 months 13 days
|
4 years 7 months 24 days
|
3 years 10 months 13 days
|
4 years 7 months 20 days
|
Aggregate Intrinsic Value, Outstanding Balance |
$ 50,800
|
$ 45,714
|
$ 45,714
|
|
Shares available to purchase with warrants, Issued |
|
114,286
|
|
|
Weighted Average Exercise Price, Issued |
|
$ 0.01
|
|
|
Weighted Average Remaining Contractual Term (in years), Issued |
|
4 years 11 months 4 days
|
|
|
Aggregate Intrinsic Value, Issued |
|
$ 52,000
|
|
|
Shares available to purchase with warrants, Exercised |
|
|
|
|
Shares available to purchase with warrants, Cancelled |
|
|
|
|
Shares available to purchase with warrants, Expired |
|
|
|
|
Weighted Average Exercise Price, Expired |
|
|
|
|
Shares available to purchase with warrants, Outstanding Balance |
39,350,000
|
41,200,000
|
39,350,000
|
41,085,714
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.20
|
$ 0.19
|
$ 0.20
|
$ 0.24
|
Aggregate Intrinsic Value, Outstanding Balance |
$ 50,800
|
$ 97,714
|
$ 50,800
|
$ 45,714
|
Shares available to purchase with warrants, Exercisable Balance |
17,449,989
|
4,681,943
|
|
|
Weighted Average Exercise Price, Exercisable |
$ 0.20
|
$ 0.24
|
|
|
Weighted Average Remaining Contractual Term (in years), Exercisable |
3 years 4 months 28 days
|
4 years 4 months 24 days
|
|
|
Aggregate Intrinsic Value, Exercisable |
$ 50,800
|
$ 52,000
|
|
|
Shares available to purchase with warrants, Exercisable Balance |
17,449,989
|
4,681,943
|
|
|
Weighted Average Exercise Price, Exercisable |
$ 0.20
|
$ 0.24
|
|
|
Aggregate Intrinsic Value, Exercisable |
$ 50,800
|
$ 52,000
|
|
|
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v3.24.1.1.u2
SCHEDULE OF EXERCISABLE WARRANTS (Details)
|
Mar. 31, 2024
$ / shares
shares
|
Class of Warrant or Right [Line Items] |
|
Outstanding Warrants |
39,350,000
|
Weighted-Average Remaining Life In Years |
3 years 7 months 13 days
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.20
|
Number Exercisable |
17,449,989
|
Exercise Price One [Member] |
|
Class of Warrant or Right [Line Items] |
|
Weighted- Weighted Exercise Price | $ / shares |
$ 1.00
|
Outstanding Warrants |
250,000
|
Weighted-Average Remaining Life In Years |
6 months
|
Weighted- Weighted Exercise Price | $ / shares |
$ 1.00
|
Number Exercisable |
250,000
|
Exercise Price Two [Member] |
|
Class of Warrant or Right [Line Items] |
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.90
|
Outstanding Warrants |
300,000
|
Weighted-Average Remaining Life In Years |
1 year 6 months
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.90
|
Number Exercisable |
250,000
|
Exercise Price Three [Member] |
|
Class of Warrant or Right [Line Items] |
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.19
|
Outstanding Warrants |
38,300,000
|
Weighted-Average Remaining Life In Years |
3 years 7 months 24 days
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.19
|
Number Exercisable |
16,449,989
|
Exercise Price Four [Member] |
|
Class of Warrant or Right [Line Items] |
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.20
|
Outstanding Warrants |
100,000
|
Weighted-Average Remaining Life In Years |
3 years 7 months 2 days
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.20
|
Number Exercisable |
100,000
|
Exercise Price Five [Member] |
|
Class of Warrant or Right [Line Items] |
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.01
|
Outstanding Warrants |
400,000
|
Weighted-Average Remaining Life In Years |
3 years 9 months 18 days
|
Weighted- Weighted Exercise Price | $ / shares |
$ 0.01
|
Number Exercisable |
400,000
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v3.24.1.1.u2
STOCK WARRANTS (Details Narrative) - USD ($)
|
|
3 Months Ended |
Sep. 12, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Weighted average grant date fair value of stock warrants granted |
|
$ 0
|
$ 18,710
|
Weighted average grant date fair value of stock warrants vested |
|
241,359
|
278,649
|
Compensation expense |
|
92,719
|
0
|
Warrant [Member] |
|
|
|
Compensation expense |
|
390,747
|
$ 375,501
|
Future compensation cost |
|
2,364,196
|
|
Outstanding and exercisable warrants |
|
$ 50,800
|
|
Estimated fair value per share |
|
$ 0.14
|
|
Board Members and Consultants [Member] |
|
|
|
Number of securities called by warrants or rights |
38,400,000
|
|
|
Warrants and rights vesting period |
5 years
|
|
|
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SCHEDULE OF OUTSTANDING OPTIONS ACTIVITY (Details) - USD ($)
|
|
3 Months Ended |
12 Months Ended |
Jan. 01, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
Shares available to purchase with options, Balance |
|
|
|
Weighted average exercise price, Balance |
|
|
|
Weighted average remaining contract term , Outstanding Balance |
|
9 years 9 months 3 days
|
|
Aggregate Intrinsic Value, Balance |
|
|
|
Shares available to purchase with options, Issued |
4,660,000
|
4,660,000
|
|
Weighted average exercise price, Issued |
|
$ 0.17
|
|
Weighted average remaining contract term, Issued |
|
9 years 9 months 3 days
|
|
Shares available to purchase with options, Exercised |
|
|
|
Shares available to purchase with options, Cancelled |
|
|
|
Shares available to purchase with options, Expired |
|
|
|
Shares available to purchase with warrants, Outstanding Balance |
|
4,660,000
|
|
Weighted average exercise price, Outstanding Balance |
|
$ 0.17
|
|
Aggregate Intrinsic Value, Outstanding Balance |
|
|
|
Shares available to purchase with options, Exercisable Balance |
|
590,624
|
|
Weighted average exercise price, exercisable |
|
$ 0.17
|
|
Weighted Average Remaining Contractual Term (in years), Exercisable |
|
9 years 9 months 3 days
|
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|
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v3.24.1.1.u2
STOCK OPTIONS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
|
Jan. 01, 2024 |
Nov. 27, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Feb. 09, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of options granted |
4,660,000
|
|
4,660,000
|
|
|
|
Options, grants in period |
$ 731,548
|
|
|
|
|
|
Options, vested in period |
|
|
$ 0
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
$ 92,719
|
$ 0
|
|
|
Aggregate intrinsic value, outstanding |
|
|
39,350,000
|
|
|
|
Aggregate intrinsic value, exercisable |
|
|
17,449,989
|
|
|
|
Estimated fair value of common stock |
|
|
|
|
|
$ 0.001
|
Warrant [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
|
|
$ 638,829
|
|
|
|
Aggregate intrinsic value, outstanding |
|
|
0
|
|
|
|
Aggregate intrinsic value, exercisable |
|
|
0
|
|
|
|
Estimated fair value of common stock |
|
|
$ 0.14
|
|
|
|
Measurement Input Fair Vaue [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Options, grants in period |
|
|
$ 731,548
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Estimated fair value of common stock |
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
Common Class A [Member] | 2023 Equity Incentive Plan [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Maximum number of shares |
|
100,000,000
|
|
|
|
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
Mar. 12, 2024 |
Feb. 14, 2024 |
Feb. 15, 2023 |
Mar. 31, 2024 |
Class of Stock [Line Items] |
|
|
|
|
Business combination contingent liability shares |
|
7,000,000.0
|
|
|
Soylent Acquisition [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Share adjustment value |
|
|
|
$ 20,753,328
|
Number of shares issued |
|
|
165,336,430
|
|
AOS Acquisition [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Number of shares issued |
4,979,731
|
|
|
|
Cash |
$ 6,137
|
|
|
|
Common Class A [Member] | Soylent Acquisition [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Settlement amount |
|
$ 18,099,951
|
|
|
Amount of acquisition adjustments in share value |
|
$ 36,931,130
|
|
|
Additional share issued |
|
133,087,875
|
|
|
Business combination contingent liability shares |
|
7,000,000.0
|
|
|
Equity consideration payable |
|
$ 2,446,380
|
|
|
Number of shares issued |
|
16,309,203
|
|
|
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v3.24.1.1.u2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 341,453
|
$ 314,602
|
Less: Accumulated depreciation |
(261,110)
|
(256,443)
|
Property and equipment, net |
80,343
|
58,159
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
154,348
|
127,497
|
Tools And Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
147,903
|
147,903
|
Furniture And Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 39,202
|
$ 39,202
|
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v3.24.1.1.u2
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
$ 34,039,069
|
$ 34,012,420
|
Accumulated amortization |
3,351,636
|
2,650,032
|
Intangible Assets, Net |
30,687,433
|
31,362,388
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
27,098,319
|
26,937,670
|
Accumulated amortization |
2,384,097
|
1,885,389
|
Intangible Assets, Net |
24,714,222
|
25,052,281
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
6,915,000
|
7,049,000
|
Accumulated amortization |
956,380
|
753,914
|
Intangible Assets, Net |
5,958,620
|
6,295,086
|
Formulas [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
|
|
Accumulated amortization |
|
|
Intangible Assets, Net |
|
|
Internet Domain Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
25,750
|
25,750
|
Accumulated amortization |
11,159
|
10,729
|
Intangible Assets, Net |
$ 14,591
|
$ 15,021
|
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v3.24.1.1.u2
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS (Details)
|
Mar. 31, 2024
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Remainder of 2024 |
$ 2,116,429
|
2025 |
2,818,033
|
2026 |
2,818,033
|
2027 |
2,818,033
|
2028 |
2,818,033
|
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17,298,872
|
Total amortization remaining |
$ 30,687,433
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SCHEDULE OF INVENTORY (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 1,004,469
|
$ 1,283,992
|
Finished goods |
10,256,199
|
9,391,548
|
Total inventory |
$ 11,260,668
|
$ 10,675,540
|
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