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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
OR
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ________ to ________
Commission
file number: 001-38834
Verb
Technology Company, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
90-1118043 |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
3024
Sierra Juniper Court
Las Vegas, Nevada |
|
89138 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(855)
250-2300
(Registrant’s
telephone number, including area code)
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value |
|
VERB |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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
As
of August 9, 2024, there were 145,597,352 shares of common stock, $0.0001 par value per share, outstanding.
VERB
TECHNOLOGY COMPANY, INC.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q for the three months ended June 30, 2024 (this “Quarterly Report”), includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements are subject to considerable
risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not statements of historical
facts and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“projects,” “seeks,” “should,” “will,” “would” or similar expressions and
the negatives of those expressions. Forward-looking statements also include the assumptions underlying or relating to such statements.
Our
forward-looking statements are based on our management’s current beliefs, assumptions and expectations about future events and
trends, which affect or may affect our business, strategy, operations, financial performance or liquidity. Although we believe these
forward-looking statements are based upon reasonable assumptions, they are subject to numerous known and unknown risks and uncertainties
and are made in light of information currently available to us. Some of the risks and uncertainties that may impact our forward-looking
statements include, but are not limited to, the following factors:
●
our incursion of significant net losses and uncertainty whether we will achieve or maintain profitable operations;
●
our ability to grow and compete in the future, and to execute our business strategy;
●
our ability to maintain and expand our customer base and to convince our customers to increase the use of our services and/or platform;
●
the competitive market in which we operate;
●
our ability to increase the number of our strategic relationships or grow the revenues received from our current strategic relationships;
●
our ability to develop enhancements and new features to our existing service or acceptable new services that keep pace with technological
developments;
●
our ability to successfully launch new product platforms, including MARKET.live, the rate of adoption of these platforms and the revenue
generated from these platforms;
●
our ability to deliver our services, as we depend on third party Internet providers;
●
our ability to attract and retain qualified management personnel;
●
our susceptibility to security breaches and other disruptions;
●
our ability to maintain compliance with the listing requirements of the Nasdaq Capital Market; and
●
the impact of, and our ability to operate our business and effectively manage our growth under evolving and uncertain global economic,
political, and social trends, including legislation banning or otherwise hampering our strategic relationships such as TikTok, inflation,
rising interest rates, and recessionary concerns.
The
foregoing list may not include all of the factors that impact the forward-looking statements made in this Quarterly Report. Our
actual financial condition and results could differ materially from those expressed or implied by our forward-looking statements as a
result of various additional factors, including those discussed in the sections entitled “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and “Risk Factors” in this Quarterly Report and
in our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”), as well as in the other reports
we file with the Securities and Exchange Commission (the “SEC”). You should read this Quarterly Report, and the other documents
we file with the SEC, with the understanding that our actual future results may be materially different from the results expressed or
implied by our forward-looking statements.
We
operate in an evolving environment. New risks and uncertainties emerge from time to time and it is not possible for our management to
predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual future results to be materially different from those expressed or implied by any forward-looking
statements.
Forward-looking
statements speak only as of the date they were made, and, except to the extent required by law or the rules of the Nasdaq Capital Market,
we undertake no obligation to update or review any forward-looking statement because of new information, future events or other factors.
We
qualify all of our forward-looking statements by these cautionary statements.
PART
I — FINANCIAL INFORMATION
ITEM
1 – FINANCIAL STATEMENTS
VERB
TECHNOLOGY COMPANY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands, except share and per share data)
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 17,197 | | |
$ | 4,353 | |
Prepaid expenses and other current assets | |
| 375 | | |
| 331 | |
Total current assets | |
| 17,572 | | |
| 4,684 | |
| |
| | | |
| | |
Capitalized software development costs, net | |
| 3,491 | | |
| 3,990 | |
ERC receivable | |
| 2,263 | | |
| 1,528 | |
Property and equipment, net | |
| 102 | | |
| 43 | |
Operating lease right-of-use assets | |
| 190 | | |
| 218 | |
Intangible assets, net | |
| 155 | | |
| 117 | |
Other non-current assets | |
| 259 | | |
| 259 | |
| |
| | | |
| | |
Total assets | |
$ | 24,032 | | |
$ | 10,839 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 1,124 | | |
$ | 1,408 | |
Accrued expenses | |
| 2,180 | | |
| 2,324 | |
Accrued payroll | |
| 355 | | |
| 420 | |
Accrued officers’ compensation | |
| - | | |
| 648 | |
Notes payable, current | |
| 16 | | |
| 1,787 | |
Accrued interest | |
| - | | |
| 533 | |
Operating lease liabilities, current | |
| 72 | | |
| 67 | |
Preferred dividend payable | |
| 141 | | |
| - | |
Derivative liability | |
| - | | |
| 1 | |
| |
| | | |
| | |
Total current liabilities | |
| 3,888 | | |
| 7,188 | |
| |
| | | |
| | |
Long-term liabilities | |
| | | |
| | |
Notes payable, non-current | |
| 112 | | |
| 362 | |
Operating lease liabilities, non-current | |
| 123 | | |
| 164 | |
Total liabilities | |
| 4,123 | | |
| 7,714 | |
| |
| | | |
| | |
Commitments and contingencies (Note 12) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Series C Preferred Stock, $0.0001 par value, 5,000 shares authorized, 2,495 and 3,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | |
| 2,324 | | |
| 2,980 | |
Class A units, 3 shares issued and authorized as of June 30, 2024 and December 31, 2023 | |
| - | | |
| - | |
Common stock, $0.0001 par value, 400,000,000 shares authorized, 128,205,818 and 21,231,355 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | |
| 13 | | |
| 2 | |
Common stock, value | |
| 13 | | |
| 2 | |
Additional paid-in capital | |
| 198,511 | | |
| 175,765 | |
Accumulated deficit | |
| (180,939 | ) | |
| (175,622 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 19,909 | | |
| 3,125 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 24,032 | | |
$ | 10,839 | |
See
accompanying notes to the condensed consolidated financial statements
VERB
TECHNOLOGY COMPANY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands, except share and per share data)
(unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 37 | | |
$ | 3 | | |
$ | 44 | | |
$ | 5 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses | |
| | | |
| | | |
| | | |
| | |
Cost of revenue, exclusive of depreciation and amortization shown separately below | |
| 31 | | |
| 1 | | |
| 36 | | |
| 2 | |
Depreciation and amortization | |
| 269 | | |
| 583 | | |
| 525 | | |
| 1,166 | |
General and administrative | |
| 2,142 | | |
| 2,685 | | |
| 5,105 | | |
| 6,230 | |
Total costs and expenses | |
| 2,442 | | |
| 3,269 | | |
| 5,666 | | |
| 7,398 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss from continuing operations | |
| (2,405 | ) | |
| (3,266 | ) | |
| (5,622 | ) | |
| (7,393 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 168 | | |
| - | | |
| 168 | | |
| - | |
Interest expense | |
| (10 | ) | |
| (299 | ) | |
| (235 | ) | |
| (770 | ) |
Financing costs | |
| (90 | ) | |
| (1,239 | ) | |
| (90 | ) | |
| (1,239 | ) |
Other income, net | |
| 604 | | |
| 830 | | |
| 602 | | |
| 780 | |
Change in fair value of derivative liability | |
| 2 | | |
| 198 | | |
| 1 | | |
| 206 | |
Total other income (expense), net | |
| 674 | | |
| (510 | ) | |
| 446 | | |
| (1,023 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations | |
| (1,731 | ) | |
| (3,776 | ) | |
| (5,176 | ) | |
| (8,416 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations, net of tax | |
| - | | |
| (6,080 | ) | |
| - | | |
| (6,954 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (1,731 | ) | |
| (9,856 | ) | |
| (5,176 | ) | |
| (15,370 | ) |
| |
| | | |
| | | |
| | | |
| | |
Series C Preferred Stock dividend payable | |
| (66 | ) | |
| - | | |
| (141 | ) | |
| - | |
Deemed dividend due to warrant reset | |
| - | | |
| - | | |
| - | | |
| (164 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss to common stockholders | |
$ | (1,797 | ) | |
$ | (9,856 | ) | |
$ | (5,317 | ) | |
$ | (15,534 | ) |
Loss per share from continuing operations - basic and diluted | |
$ | (0.02 | ) | |
$ | (0.94 | ) | |
$ | (0.08 | ) | |
$ | (2.26 | ) |
Loss per share from discontinued operations - basic and diluted | |
$ | 0.00 | | |
$ | (1.51 | ) | |
$ | 0.00 | | |
$ | (1.83 | ) |
Weighted average number of common shares outstanding - basic and diluted | |
| 107,254,283 | | |
| 4,022,947 | | |
| 69,199,206 | | |
| 3,801,599 | |
See
accompanying notes to the condensed consolidated financial statements
VERB
TECHNOLOGY COMPANY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in
thousands, except share and per share data)
(unaudited)
For
the six months ended June 30, 2024
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
Preferred Stock | | |
Class A Units | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2023 | |
| 3,000 | | |
$ | 2,980 | | |
| 3 | | |
$ | - | | |
| 21,231,355 | | |
$ | 2 | | |
$ | 175,765 | | |
$ | (175,622 | ) | |
$ | 3,125 | |
Sale of common stock from public offerings | |
| - | | |
| - | | |
| - | | |
| - | | |
| 83,097,404 | | |
| 9 | | |
| 18,587 | | |
| - | | |
| 18,596 | |
Fair value of vested restricted stock awards, stock options and warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,139 | | |
| - | | |
| 638 | | |
| - | | |
| 638 | |
Fair value of common shares issued as payment on notes payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| 19,114,674 | | |
| 2 | | |
| 2,865 | | |
| - | | |
| 2,867 | |
Series C Preferred Shares redeemed in exchange for common shares | |
| (505 | ) | |
| (656 | ) | |
| - | | |
| - | | |
| 4,757,246 | | |
| - | | |
| 656 | | |
| - | | |
| - | |
Series C Preferred Stock dividend payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (141 | ) | |
| (141 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,176 | ) | |
| (5,176 | ) |
Balance at June 30, 2024 | |
| 2,495 | | |
$ | 2,324 | | |
| 3 | | |
$ | - | | |
| 128,205,818 | | |
$ | 13 | | |
$ | 198,511 | | |
$ | (180,939 | ) | |
$ | 19,909 | |
For
the six months ended June 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
Preferred Stock | | |
Class A Units | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2022 | |
| - | | |
$ | - | | |
| 3 | | |
$ | - | | |
| 2,918,017 | | |
$ | 1 | | |
$ | 158,629 | | |
$ | (153,464 | ) | |
$ | 5,166 | |
Balance | |
| - | | |
$ | - | | |
| 3 | | |
$ | - | | |
| 2,918,017 | | |
$ | 1 | | |
$ | 158,629 | | |
$ | (153,464 | ) | |
$ | 5,166 | |
Sale of common stock from public offering | |
| - | | |
| - | | |
| - | | |
| - | | |
| 901,275 | | |
| - | | |
| 6,578 | | |
| - | | |
| 6,578 | |
Fair value of vested restricted stock awards, stock options and warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 197,414 | | |
| - | | |
| 1,362 | | |
| - | | |
| 1,362 | |
Deemed dividend due to warrant reset | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 164 | | |
| (164 | ) | |
| - | |
Issuance of shares for fractional adjustments related to Reverse Stock Split | |
| - | | |
| - | | |
| - | | |
| - | | |
| 31,195 | | |
| - | | |
| - | | |
| - | | |
| - | |
Fair value of common shares issued to settle accrued expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| 93,190 | | |
| - | | |
| 146 | | |
| - | | |
| 146 | |
Fair value of common shares issued as payment on notes payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| 176,470 | | |
| - | | |
| 300 | | |
| - | | |
| 300 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (15,370 | ) | |
| (15,370 | ) |
Balance at June 30, 2023 | |
| - | | |
$ | - | | |
| 3 | | |
$ | - | | |
| 4,317,561 | | |
$ | 1 | | |
$ | 167,179 | | |
$ | (168,998 | ) | |
$ | (1,818 | ) |
Balance | |
| - | | |
$ | - | | |
| 3 | | |
$ | - | | |
| 4,317,561 | | |
$ | 1 | | |
$ | 167,179 | | |
$ | (168,998 | ) | |
$ | (1,818 | ) |
See
accompanying notes to the condensed consolidated financial statements
VERB
TECHNOLOGY COMPANY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
| |
| | |
| |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (5,176 | ) | |
$ | (15,370 | ) |
Loss from discontinued operations, net of tax | |
| - | | |
| 6,954 | |
Adjustments to reconcile net loss used in operating activities, net of discontinued operations: | |
| | | |
| | |
Depreciation and amortization | |
| 525 | | |
| 1,166 | |
Share-based compensation | |
| 738 | | |
| 1,402 | |
Amortization of debt discount | |
| 99 | | |
| 163 | |
Amortization of debt issuance costs | |
| 73 | | |
| 127 | |
Change in fair value of derivative liability | |
| (1 | ) | |
| (206 | ) |
Finance costs | |
| 90 | | |
| 1,239 | |
Effect of changes in assets and liabilities, net of discontinued operations: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (60 | ) | |
| 66 | |
Operating lease right-of-use assets | |
| 28 | | |
| 134 | |
ERC receivable | |
| (735 | ) | |
| - | |
Accounts payable, accrued expenses, and accrued interest | |
| (796 | ) | |
| (285 | ) |
Operating lease liabilities | |
| (35 | ) | |
| (75 | ) |
Net cash used in operating activities attributable to continuing operations | |
| (5,250 | ) | |
| (4,685 | ) |
Net cash used in operating activities attributable to discontinued operations | |
| - | | |
| (1,855 | ) |
| |
| | | |
| | |
Investing Activities: | |
| | | |
| | |
Capitalized software development costs | |
| - | | |
| (239 | ) |
Purchases of property and equipment | |
| (77 | ) | |
| (5 | ) |
Purchases of intangible assets | |
| (46 | ) | |
| - | |
Net cash used in investing activities attributable to continuing operations | |
| (123 | ) | |
| (244 | ) |
Net cash provided by investing activities attributable to discontinued operations | |
| - | | |
| 4,750 | |
| |
| | | |
| | |
Financing Activities: | |
| | | |
| | |
Proceeds from sale of common stock offerings | |
| 18,596 | | |
| 6,578 | |
Payments for accrued offering costs related to common stock offerings | |
| (105 | ) | |
| - | |
Payments for accrued offering costs related to preferred stock offering | |
| (180 | ) | |
| - | |
Payment of notes payable | |
| (9 | ) | |
| (375 | ) |
Payments for deferred offering costs | |
| (85 | ) | |
| - | |
Payment of convertible notes payable | |
| - | | |
| (1,350 | ) |
Net cash provided by financing activities attributable to continuing operations | |
| 18,217 | | |
| 4,853 | |
Net cash used in financing activities attributable to discontinued operations | |
| - | | |
| (1,722 | ) |
| |
| | | |
| | |
Net change in cash | |
| 12,844 | | |
| 1,097 | |
| |
| | | |
| | |
Cash - beginning of period | |
| 4,353 | | |
| 2,429 | |
Cash - end of period | |
$ | 17,197 | | |
$ | 3,526 | |
See
accompanying notes to the condensed consolidated financial statements
VERB
TECHNOLOGY COMPANY, INC.
Notes
to Condensed Consolidated Financial Statements
For
the Three and Six Months Ended June 30, 2024 and 2023
(in
thousands, except share and per share data)
(unaudited)
1.
DESCRIPTION OF BUSINESS
Our
Business
References
in this document to the “Company,” “Verb,” “we,” “us,” or “our” are intended
to mean Verb Technology Company, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated
basis.
On
October 18, 2021, the Company established verbMarketplace, LLC dba MARKET.live, a Nevada limited liability company. verbMarketplace LLC
is a wholly owned subsidiary of the Company established for the MARKET.live platform.
Through
June 13, 2023, the Company was a Software-as-a-Service (“SaaS”) applications platform developer that offered a SaaS platform
for the direct sales industry comprised of a suite of interactive video-based sales enablement business software products marketed on
a subscription basis, (the “SaaS Assets”).
On
June 13, 2023, the Company disposed of all of its operating SaaS Assets pursuant to an asset purchase agreement in consideration of the
sum of $6,500, $4,750 of which was paid in cash by the buyer at the closing of the transaction. Additional payments of $1,750 will be
paid by the buyer if certain profitability and revenue targets are met within the next two years as set forth more particularly in the
asset purchase agreement. The sale of the SaaS Assets was undertaken to allow the Company to focus its resources on MARKET.live, the
Company’s multi-vendor, multi-presenter, livestream social shopping platform, that combines ecommerce and entertainment. The Company
expects that its burgeoning MARKET.live business unit will, over time, create greater shareholder value than could have been created
through the continued operation of its SaaS Assets.
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course of business.
As
of June 30, 2024, the Company had cash of $17,197.
Equity
financing:
During
December 2023, the Company entered into a sales agreement with Ascendiant Capital Markets LLC (“Ascendiant Sales
Agreement”) to sell shares of its common stock pursuant to a prospectus supplement to the Company’s Registration
Statement on Form S-3 (File No. 333-264038). For the six months ended June 30, 2024, the Company has issued 55,700,146
shares of the Company’s common stock pursuant to the Ascendiant Sales Agreement and received net proceeds of $12,130,
net of offering costs of $136.
Pursuant
to a Regulation A offering of Form 1-A, the Company entered into subscription agreements with certain accredited investors, pursuant to which
the Company issued and sold to the investors 27,397,258
shares of its Common Stock, par value $0.0001
per share of the Company at a price of $0.24
per share for net proceeds to the Company of $6,466,
net of offering costs of $109.
The
shares that were offered and sold at-the-market under Nasdaq rules and pursuant to the Company’s Form 1-A, initially
filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on February 14, 2024 and
qualified on March 11, 2024.
The
Company filed a second Form 1-A on May 30, 2024, which was qualified on June 11, 2024. The Company has not sold any securities pursuant to this second Form 1-A.
Economic
Disruption
Our
business is dependent in part on general economic conditions. Many jurisdictions in which our customers are located and our products
are sold have experienced and could continue to experience unfavorable general economic conditions, such as inflation, increased interest
rates and recessionary concerns, which could negatively affect demand for our products. Under difficult economic conditions, customers
may seek to cease spending on our current products or fail to adopt our new products, which could negatively affect our financial performance.
We cannot predict the timing or magnitude of an economic slowdown or the timing or strength of any economic recovery. These and other
economic factors could have a material adverse effect on our business, financial condition, and results of operations.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed
or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The consolidated
balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date.
On
June 10, 2023, the board of directors approved the sale of the SaaS Assets to an unrelated third party, SW Direct Sales LLC (“SW
Sales” or the “buyer”), for $6,500 with $4,750 cash proceeds paid by buyer upon closing of the transaction. Additional
payments of $1,750 will be paid by the buyer if certain profitability and revenue targets are met within the next two years. The contingent
payments were not recorded at the closing date of the sale, rather will be recognized as the cash is received and the contingency resolved
pursuant to ASC 450-30.
Accordingly,
the Company’s consolidated financial statements are being presented pursuant to ASC 360-10-45-9 which requires that a disposal
group be classified as held for sale in the period in which all of the held for sale criteria are met. In addition to held for sale accounting,
the Company had also met the criterion pursuant to ASC 205-20, Discontinued Operations, as a strategic shift from operating and
managing a SaaS business to operating and managing a live streaming shopping platform has occurred because of the sale. The Company’s
consolidated results of operations and statements of cash flows have been reclassified to reflect the presentation of discontinued operations.
See Note 5 for details of the assets and liabilities related to the SaaS sale and discontinued operations.
In
the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to
fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all
adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not
necessarily indicative of fiscal year-end results.
Principles
of Consolidation
The
consolidated financial statements have been prepared in accordance with GAAP and include the accounts of Verb, Verb Direct, LLC, Verb
Acquisition Co., LLC, and verbMarketplace, LLC. All intercompany accounts have been eliminated in the consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the
reported periods. Significant estimates include assumptions made in analysis of assumptions made in purchase price allocations, impairment
testing of long-term assets, realization of deferred tax assets, determining fair value of derivative liabilities, and valuation of equity
instruments issued for services. Some of those assumptions can be subjective and complex, and therefore, actual results could differ
materially from those estimates under different assumptions or conditions.
Revenue
Recognition
The
Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC 606, Revenue from
Contracts with Customers (“ASC 606”). Revenue through June 13, 2023 was derived primarily from providing application
services through the SaaS application, digital marketing and sales support services. During that period, the Company also derived revenue
from the sale of customized print products and training materials, branded apparel, and digital tools, as demanded by its customers.
As a result of the sale of the SaaS business, revenue that was recorded historically from the SaaS business has been reclassified as
part of discontinued operations. See Note 5 for revenue disclosures related to the SaaS business.
A
description of our principal revenue generating activities is as follows:
MARKET.live
generates revenue through several sources as follows:
|
a. |
All
sales run through our ecommerce facility on MARKET.live from which we deduct a platform fee that ranges from 10% to 20% of gross
sales, with an average of approximately 15%, depending upon the pricing package the vendors select as well as the product category
and profit margins associated with such categories. The revenue is derived from sales generated during livestream events, from sales
realized through views of previously recorded live events available in each vendor’s store, as well as from sales of product
and merchandise displayed in the vendors’ online stores, all of which are shoppable 24/7. |
|
|
|
|
b. |
Produced
events. MARKET.live offers fee-based services that range from full production of livestream events, to providing professional hosts
and event consulting. |
|
|
|
|
c. |
Drop
Ship and Creator programs. MARKET.live is expected to generate recurring fee revenue from soon to be launched new drop ship programs
for entrepreneurs and its Creator program. |
|
|
|
|
d. |
The
Company’s TikTok Shop store and affiliate program. |
|
|
|
|
e. |
The
MARKET.live site is designed to incorporate sponsorships and other advertising based on typical industry rates. |
|
|
|
|
f. |
The
Company’s recently announced partnership with TikTok Shop. Pursuant to the terms of the partnership, MARKET.live has become
a service provider for TikTok Shop and is officially designated as a TikTok Shop Partner (TSP). Under the terms of the partnership,
TikTok Shop refers consumer brands, retailers, influencers and affiliates leads to MARKET.live for a menu of paid services that include,
among other things, assistance in onboarding to TikTok Shop and establishing a TikTok Shop store, hosting training sessions and webinars
for prospective TikTok Shop sellers, MARKET.live studio space rental in both the West Coast and East Coast MARKET.live studios, content
creation and production services, and TikTok Shop maintenance, including enhancements to existing TikTok Shop seller stores. The
partnership also contemplates TikTok Shop sponsored studio rentals, as well as a paid-for “day pass” for use of MARKET.live
studio services by TikTok creators, influencers and affiliates. It is expected that MARKET.live will generate revenue through fees,
including monthly recurring fees, paid directly to MARKET.live by the brands, retailers, influencers and affiliates referred to MARKET.live
by TikTok. In addition, it is contemplated that MARKET.live will receive a percentage of monthly revenue generated through the TikTok
Shop stores MARKET.live establishes for the brands, retailers, influencers and affiliates that TikTok Shop refers to MARKET.live. |
|
|
|
|
|
The
partnership also contemplates the use of MARKET.live studios as TikTok “Sample Centers” where TikTok creators will have
access to product samples for use in their TikTok Shop videos produced at MARKET.live studios. In addition to the compensation referenced
above, TikTok will compensate MARKET.live directly for the attainment of certain pre-established performance goals and objectives
agreed-to between the parties. |
A
performance obligation is a promise in a contract to transfer a distinct product. Performance obligations promised in a contract are
identified based on the goods that will be transferred that are both capable of being distinct and are distinct in the context of the
contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. Performance obligations include
establishing and maintaining customer online stores, providing access to the Company’s e-commerce platform and customer service
support.
The
Company’s revenue is comprised of commission fees derived from contractually committed gross revenue processed by customers on
the Company’s e-commerce platform as well as from services it provides as referenced above in sub-paragraph (f) of the Revenue
Recognition section concerning the TikTok Shop partnership. Customers do not have the contractual right to take possession of the Company’s
software. Revenue is recognized in an amount that reflects the consideration that the Company expects to ultimately receive in exchange
for those promised goods, net of expected discounts for sales promotions and customary allowances, and its services.
Revenue
is recognized on a net basis from maintaining e-commerce platforms and online orders, as the Company is engaged primarily in an agency
relationship with its customers and earns defined amounts based on the individual contractual terms for the customer and the Company
does not take possession of the customers’ inventory or any credit risks relating to the products sold.
Sales
taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded
from net sales in the consolidated statements of operations. Revenues during the three and six months ended June 30, 2024 and 2023, were
substantially all generated from clients and customers located within the United States of America.
Cost
of Revenue
Cost
of revenue primarily consists of processing fees associated with the MARKET.live platform.
Capitalized
Software Development Costs
The
Company capitalizes internal and external costs directly associated with developing internal-use software, and hosting arrangements that
include an internal-use software license, during the application development stage of its projects. The Company’s internal-use
software is reported at cost less accumulated amortization. Amortization begins once the project has been completed and is ready for
its intended use. The Company will amortize the asset on a straight-line basis over a period of three years, which is the estimated useful
life. Software maintenance activities or minor upgrades are expensed in the period performed.
Amortization
expense related to capitalized software development costs is recorded in depreciation and amortization in the condensed consolidated
statements of operations.
Preferred
Stock
The
Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement
of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at
fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. At all other times, preferred shares are classified as part of stockholders’ equity. Accordingly,
the Series C Preferred Stock offering on December 29, 2023 is classified as part of stockholders’ equity as of June 30, 2024 and
December 31, 2023.
Fair
Value of Financial Instruments
The
Company follows the guidance of FASB ASC 820 and ASC 825 for disclosure and measurement of the fair value of its financial instruments.
FASB ASC 820 establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, ASC 820 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 ASC 820 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 observable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalents, prepaid expenses, and accounts
payable and accrued expenses approximate their fair value due to their short-term nature. The carrying amount of notes payable approximates
the fair value due to the fact that the interest rates on these obligations are based on prevailing market interest rates. The Company
uses Level 2 inputs for its valuation methodology for the derivative liabilities.
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded
at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements
of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as
current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of
the balance sheet date.
The
Company uses Level 2 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
a Binomial pricing model. The Company’s derivative liabilities are adjusted to reflect fair value at each period end, with any
increase or decrease in the fair value being recorded in results of operations as adjusted to fair value of derivatives.
Share-Based
Compensation
The
Company issues stock options and warrants, shares of common stock and restricted stock units as share-based compensation to employees
and non-employees. The Company accounts for its share-based compensation in accordance with FASB ASC 718, Compensation – Stock
Compensation. Share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is
recognized as expense over the requisite service period. The fair value of restricted stock units is determined based on the number of
shares granted and the quoted price of our common stock and is recognized as expense over the service period. Forfeitures are accounted
for as they occur. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid
cash for services.
Net
Loss Per Share
Basic
net loss per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net loss
per share is computed giving effect to all dilutive potential shares of common stock that were outstanding during the period. Dilutive
potential shares of common stock consist of incremental shares of common stock issuable upon exercise of stock options. No dilutive potential
shares of common stock were included in the computation of diluted net loss per share because their impact was anti-dilutive.
As
of June 30, 2024, and 2023, the Company had total outstanding options of 2,038,965 and 1,099,523, respectively, and warrants of 740,368
and 951,804, respectively, and outstanding restricted stock awards of 148,227 and 21,535, respectively, and convertible notes issued
to a related party that were convertible into 0 and 21,874 shares at $41.20 per share, respectively, which were excluded from the computation
of net loss per share because they are anti-dilutive.
At
the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant
to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted
from Nasdaq.
Concentration
of Credit and Other Risks
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. Cash is deposited
with a limited number of financial institutions. The balances held at any one financial institution at times may be in excess of Federal
Deposit Insurance Corporation (“FDIC”) insurance limits of up to $250.
The
Company’s concentration of credit risk includes its concentrations from key customers and vendors. The details of these significant
customers and vendors are presented in the following table for the six months ended June 30, 2024 and 2023:
SCHEDULE
OF CONCENTRATION RISK
|
|
Six
Months Ended June 30, |
|
|
2024 |
|
2023 |
The
Company’s largest customers are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Revenues |
|
One
customer that accounted for 52% of revenues |
|
No
customers individually over 10% |
|
|
|
|
|
The
Company’s largest vendors are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Purchases |
|
One
vendor that accounted for 18% of its purchases individually and in the aggregate |
|
One
vendor that accounted for 32% of its purchases individually and in the aggregate |
Supplemental
Cash Flow Information
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 1 | | |
$ | 234 | |
Cash paid for income taxes | |
$ | 1 | | |
$ | 2 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities attributable to continuing operations: | |
| | | |
| | |
Fair value of common shares issued as payment on notes payable | |
$ | 2,777 | | |
$ | 300 | |
Fair value of common shares issued to redeem Series C preferred shares | |
| 656 | | |
| - | |
Fair value of common shares issued to settle accrued expenses | |
| - | | |
| 146 | |
Supplemental disclosure of non-cash investing and financing activities attributable to discontinued operations: | |
| | | |
| | |
Discount recognized from advances on future receipts | |
$ | - | | |
$ | 558 | |
Recent
Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”).
The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes
receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model,
under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s
provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance
is effective. The adoption of this standard did not have any material impact on the Company’s financial statements.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards
Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which
requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We
do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission (the “SEC”) did not or are not believed by management to have a material
impact on the Company’s present or future consolidated financial statements.
3.
CAPITALIZED SOFTWARE DEVELOPMENT COSTS
In
2020, the Company began developing MARKET.live, a livestream ecommerce platform, and has capitalized $7,131 of internal and external
development costs as of June 30, 2024 and December 31, 2023, respectively. In October 2021, the Company entered into a 10-year license
and services agreement with a third party (the “Primary Contractor”) to develop on a work-for-hire basis certain components
of MARKET.live. The Primary Contractor’s fees for developing such components, including the license fee, is $5,750. The Primary
Contractor was paid an additional $500 bonus in April 2022 for services rendered pursuant to the license and service agreement.
For
the three and six months ended June 30, 2024 and 2023, the Company amortized $250 and $539, respectively and $499 and $1,077, respectively.
Capitalized
software development costs, net consisted of the following:
SCHEDULE
OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Beginning balance | |
$ | 3,990 | | |
$ | 6,176 | |
| |
| | | |
| | |
Additions | |
| - | | |
| 23 | |
Amortization | |
| (499 | ) | |
| (2,209 | ) |
Ending balance | |
$ | 3,491 | | |
$ | 3,990 | |
The
expected future amortization expense for capitalized software development costs as of June 30, 2024, is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSE
Year ending | |
Amortization | |
2024 remaining | |
$ | 499 | |
2025 | |
| 998 | |
2026 | |
| 997 | |
2027 | |
| 997 | |
2028 and thereafter | |
| - | |
Total amortization | |
$ | 3,491 | |
Option
to Acquire Primary Contractor
In
August 2021, the Company entered into a term sheet that provided the Company the option to purchase the Primary Contractor provided certain
conditions are met. In November 2021, the Company exercised this option. The Company and the Primary Contractor subsequently reached
an agreement-in-principle on the terms for the Company’s acquisition of the Primary Contractor, the final consummation of which
is subject to the execution of a share purchase agreement (the “SPA”) and the completion of an audit of the Primary Contractor
that is satisfactory to the Company (the “Primary Contractor Audit”), as well as the fulfillment by the Primary Contractor
of certain other conditions set forth in the term sheet. The term sheet stipulates that if the Company had entered into the SPA and the
Primary Contractor had the Primary Contractor Audit successfully completed prior to May 15, 2022 (or a subsequent mutually agreed upon
date) and the Company thereafter determines not to consummate the acquisition of the Primary Contractor, the Company would have been
liable for a $1,000 break-up fee payable to the Primary Contractor. However, as of May 15, 2022, the SPA had not been executed and the
Primary Contractor Audit was not completed. The parties are still working together and in discussions regarding the transaction. Based
on the term sheet, the purchase price for the Primary Contractor would have been $12,000, which could be paid in cash and/or stock, although
the final terms of the acquisition if pursued will be set forth in the final executed SPA. There can be no assurance that the acquisition
will be completed on the terms set forth in the term sheet or at all.
4.
OPERATING LEASES
The
components of lease expense and supplemental cash flow information related to leases for the period are as follows:
SCHEDULE
OF LEASE COST
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost | |
| | | |
| | |
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations) | |
$ | 65 | | |
$ | 170 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 45 | | |
$ | 113 | |
Weighted average remaining lease term – operating leases (in years) | |
| 2.25 | | |
| 3.92 | |
Weighted average discount rate – operating leases | |
| 9.0 | % | |
| 4.0 | % |
SCHEDULE
OF OPERATING LEASES ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| | | |
| | |
Right-of-use assets | |
$ | 190 | | |
$ | 218 | |
| |
| | | |
| | |
Short-term operating lease liabilities | |
$ | 72 | | |
$ | 67 | |
Long-term operating lease liabilities | |
| 123 | | |
| 164 | |
Total operating lease liabilities | |
$ | 195 | | |
$ | 231 | |
SCHEDULE
OF PRESENT VALUE OF LEASE LIABILITIES
Year ending | |
Operating Leases | |
2024 remaining | |
$ | 46 | |
2025 | |
| 96 | |
2026 | |
| 75 | |
2027 | |
| - | |
2028 and thereafter | |
| - | |
Total lease payments | |
| 217 | |
Less: Imputed interest/present value discount | |
| (22 | ) |
Present value of lease liabilities | |
$ | 195 | |
5.
DISCONTINUED OPERATIONS
On
June 13, 2023, the Company entered into a definitive agreement to sell all of its SaaS operating assets and liabilities to SW Sales for
$6,500, including $4,750 of cash due upon closing. The operations of the SaaS business have been presented within discontinued operations.
Upon completion of the sale of assets to SW Sales, in which the buyer assumed all liabilities related to the SaaS business, the Company
recorded an impairment of $5,441 within loss from discontinued operations as the carrying amount of the net assets exceeded the sale
price, less selling costs.
The
following information presents the net revenues and net loss of the SaaS business for the three and six months ended June 30, 2024 and
2023:
SCHEDULE
OF NET REVENUES AND NET LOSS OF THE SAAS BUSINESS
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 1,601 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,080 | ) |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 3,814 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,954 | ) |
6.
NOTES PAYABLE
The
Company has the following outstanding notes payable as of June 30, 2024 and December 31, 2023:
SCHEDULE
OF NOTES PAYABLE
Note | |
Issuance Date | |
Maturity
Date | |
Interest
Rate | | |
Original
Borrowing | | |
Balance at June 30, 2024 | | |
Balance
at December 31, 2023 | |
Note payable (A) | |
May 15, 2020 | |
May 15, 2050 | |
| 3.75 | % | |
$ | 150 | | |
$ | 128 | | |
$ | 137 | |
Promissory note payable (B) | |
November 7, 2022 | |
May 7, 2024 | |
| 9.0 | % | |
| 5,470 | | |
| - | | |
| 1,179 | |
Promissory note payable (C) | |
October 11, 2023 | |
April 11, 2025 | |
| 9.0 | % | |
| 1,005 | | |
| - | | |
| 1,005 | |
Debt discount | |
| |
| |
| | | |
| | | |
| - | | |
| (99 | ) |
Debt issuance costs | |
| |
| |
| | | |
| | | |
| - | | |
| (73 | ) |
Total notes payable | |
| |
| |
| | | |
| | | |
| 128 | | |
| 2,149 | |
Non-current | |
| |
| |
| | | |
| | | |
| (112 | ) | |
| (362 | ) |
Current | |
| |
| |
| | | |
| | | |
$ | 16 | | |
$ | 1,787 | |
|
|
In
connection with the November Note Offering, the Company incurred $335 of debt issuance costs. The debt issuance costs and the debt
discount of $450 were being amortized over the term of the November Notes using the effective interest rate method. As of December
31, 2023, the amount of unamortized debt discount and debt issuance costs was $99 and $73, respectively. During the six months ended
June 30, 2024, the Company amortized the remaining amount of $99 of debt discount and $73 of debt issuance costs. |
|
|
|
|
|
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock
pursuant to an exchange agreement in exchange for a reduction of $1,720 on the outstanding
balance of the November Notes. The shares issued for the share exchange agreement were valued
based upon the Nasdaq at-the-market price and is being consistently applied for each share
exchange. As a result, there was no gain or loss on the transaction.
On
March 18, 2024, the Company paid the November Notes in full. |
|
|
|
|
(C) |
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock pursuant to an exchange agreement in
exchange for a reduction of $1,057 on the outstanding balance of the Note. The shares issued under the share exchange agreement were
valued based upon the Nasdaq at-the-market price and is being consistently applied for each share exchange. The shares issued for
the final share exchange agreement on May 3, 2024 were valued at a 10% discount resulting in a loss on this particular transaction
of $90. This amount has been recorded as a finance cost in the Company’s condensed consolidated statement of operations for
the three and six months ended June 30, 2024.
On
May 3, 2024, the Note was repaid in full. |
The
following table provides a breakdown of interest expense:
SCHEDULE
OF INTEREST EXPENSE
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | - | | |
$ | 77 | |
Interest expense – amortization of debt issuance costs | |
| - | | |
| 57 | |
Interest expense – other | |
| 10 | | |
| 165 | |
| |
| | | |
| | |
Total interest expense | |
$ | 10 | | |
$ | 299 | |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | 99 | | |
$ | 163 | |
Interest expense – amortization of debt issuance costs | |
| 73 | | |
| 127 | |
Interest expense | |
| 63 | | |
| 480 | |
| |
| | | |
| | |
Total interest expense | |
$ | 235 | | |
$ | 770 | |
Total
interest expense for notes payable to related parties was $0 and $46 for the six months ended June 30, 2024 and 2023, respectively. The
Company paid no interest to related parties for the six months ended June 30, 2024 and 2023, respectively.
7.
DERIVATIVE LIABILITY
Under
authoritative guidance used by the FASB on determining whether an instrument (or embedded feature) is indexed to an entity’s own
stock, instruments that do not have fixed settlement provisions are deemed to be derivative instruments. In prior years, the Company
granted certain warrants that included a fundamental transaction provision that could give rise to an obligation to pay cash to the warrant
holder. As a result, the fundamental transaction clause of these warrants are accounted for as a derivative liability in accordance with
ASC 815 and are being re-measured every reporting period with the change in value reported in the statement of operations.
The
derivative liabilities were valued using a Binomial pricing model with the following average assumptions:
SCHEDULE
OF DERIVATIVE LIABILITY USING BINOMIAL PRICING MODEL ASSUMPTIONS
| |
June 30, 2024 | | |
December 31, 2023 | |
Stock Price | |
$ | 0.12 | | |
$ | 0.17 | |
Exercise Price | |
$ | 8.00 | | |
$ | 8.00 | |
Expected Life | |
| 0.61 | | |
| 1.08 | |
Volatility | |
| 160 | % | |
| 202 | % |
Dividend Yield | |
| 0 | % | |
| 0 | % |
Risk-Free Interest Rate | |
| 5.19 | % | |
| 4.79 | % |
Total Fair Value | |
$ | - | | |
$ | 1 | |
The
expected life of the warrants was based on the remaining contractual term of the instruments. The Company uses the historical volatility
of its common stock to estimate the future volatility for its common stock. The expected dividend yield was based on the fact that the
Company has not paid dividends in the past and does not expect to pay dividends in the future. The risk-free interest rate was based
on rates established by the Federal Reserve Bank.
During
the six months ended June 30, 2024, the Company recorded income of $1 to account for the changes in the fair value of these derivative
liabilities during the period. At June 30, 2024, the fair value of the derivative liability was $0.
During
the six months ended June 30, 2023, the Company recorded income of $206 to account for the changes in the fair value of these derivative
liabilities during the period.
8.
CAPITAL STOCK
Common
Stock
The
Company’s common stock activity for the six months ended June 30, 2024 is as follows:
Shares
Issued as Part of ATM Offerings
During
the six months ended June 30, 2024, the Company issued 55,700,146 shares of its common stock and received net proceeds of $12,130, net
of offering costs of $136, resulting from ATM issuances. On March 19, 2024, the Ascendiant Sales Agreement was amended to increase the
amount available from $960 to $6,260. On March 29, 2024, the Ascendiant Sales Agreement was amended to increase the amount available
from $6,260 to $9,010. On May 10, 2024, the Ascendiant Sales Agreement was amended to increase the amount available from $9,010 to $12,765.
Regulation
A Public Offering
During
the six months ended June 30, 2024, the Company issued 27,397,258 shares of its common stock and received net proceeds of $6,466, net
of offering costs of $109, resulting from a Form 1-A public offering of its common stock pursuant to Regulation A.
Shares
Issued as Payment on Notes Payable
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock to Streeterville in exchange for a reduction
of $1,720 on the outstanding balance of the November Notes.
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock pursuant to an exchange agreement in exchange
for a reduction of $1,057 on the outstanding balance of the Note.
Shares
Issued for Services
During
the six months ended June 30, 2024, the Company issued 4,514
shares of common stock to its CEO, Rory Cutaia, associated with the vesting of Restricted Stock Units.
Series
C Preferred Shares Redeemed in Exchange for Common Shares
On
May 9, 2024, the Company redeemed 505 Series C Preferred Shares in exchange for 4,757,246 common shares in order to reduce the amount
of dividend to be accrued. See Note 13 – Subsequent Events.
Preferred
Stock
The
Company’s preferred stock activity for the six months ended June 30, 2024 was as follows:
Series
C
On
December 28, 2023, the Company filed a certificate of designation of preferences and rights (the “Certificate of Designation”)
of Series C Preferred Stock (the “Series C Preferred Stock”), with the Secretary of State of Nevada, designating 5,000 shares
of preferred stock, par value $0.0001 of the Company, as Series C Preferred Stock. Each share of Series C Preferred Stock shall have
a stated face value of $1,300.00 (“Stated Value”). The Series C Preferred Stock is not convertible into common shares of
capital stock of the Company and as such is non-dilutive to current stockholders.
Each
share of Series C Preferred Stock shall accrue a rate of return on the Stated Value at the rate of 10% per year, compounded annually
to the extent not paid as set forth in the Certificate of Designation, and to be determined pro rata for any fractional year periods (the
“Preferred Return”). The Preferred Return shall accrue on each share of Series C Preferred Stock from the date of its issuance
and shall be payable or otherwise settled as set forth in the Certificate of Designation.
Commencing
on the 1 year anniversary of the issuance date of each share of Series C Preferred Stock, each such share of Series C Preferred Stock
shall accrue an automatic quarterly dividend, based on three quarters of 91 days each and the last quarter of 92 days (or 93 days for
leap years), which shall be calculated on the Stated Value of such share of Series C Preferred Stock, and which shall be payable in additional
shares of Series C Preferred Stock, based on the Stated Value, or in cash as set forth in the Certificate of Designation (each, as applicable,
the “Quarterly Dividend”). For the period beginning on the 1 year anniversary of the issuance date of a share of Series C
Preferred Stock to the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the Quarterly Dividend shall be
2.5% per quarter, and for all periods following the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the
Quarterly Dividend shall be 5% per quarter.
Subject
to the terms and conditions set forth in the Certificate of Designation, at any time the Company may elect, in the sole discretion of
the Board of Directors, to redeem all, but not less than all, of the Series C Preferred Stock then issued and outstanding from all of
the Series C Preferred Stock Holders (a “Corporation Optional Redemption”) by paying to the applicable Series C Preferred
Stock Holders an amount in cash equal to the Series C Preferred Liquidation Amount (as defined in the Certificate of Designation) then
applicable to such shares of Series C Preferred Stock being redeemed in the Corporation Optional Conversion (the “Redemption Price”).
The
Series C Preferred Stock confers no voting rights on holders, except with respect to matters that materially and adversely affect the
voting powers, rights or preferences of the Series C Preferred Stock or as otherwise required by applicable law.
On
December 29, 2023, the Company entered into a Securities Purchase Agreement with Streeterville, pursuant to which the Company sold and
Streeterville purchased 3,000 shares of the Company’s newly designated non-convertible Series C Preferred Stock (the “Series
C Shares”) for a total purchase price of $3,000. The Shares have a 10% stated annual dividend, no voting rights and has a face
value of $1,300 per share. The sale of the Series C Shares was consummated on December 29, 2023.
On
May 9, 2024, the Company redeemed 505 Series C Preferred Shares in exchange for 4,757,246 common shares in order to reduce the amount
of dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and
no fees or commissions were paid or incurred by the Company. See Note 13 – Subsequent Events.
The
Company has accrued $141 in preferred stock dividend payable as of June 30, 2024.
9.
RESTRICTED STOCK UNITS
A
summary of restricted stock unit activity for the six months ended June 30, 2024 is presented below.
SUMMARY
OF RESTRICTED STOCK AWARD ACTIVITY
| |
| | |
Weighted- | |
| |
| | |
Average | |
| |
| | |
Grant Date | |
| |
Shares | | |
Fair Value | |
| |
| | |
| |
Non-vested at January 1, 2024 | |
| 153,366 | | |
$ | 5.88 | |
Granted | |
| - | | |
| - | |
Vested/deemed vested | |
| (5,139 | ) | |
| 52.60 | |
Forfeited | |
| - | | |
| - | |
Non-vested at June 30, 2024 | |
| 148,227 | | |
$ | 4.26 | |
The
total fair value of restricted stock units that vested or deemed vested during the six months ended June 30, 2024 was $270. The total
stock compensation expense recognized relating to the vesting of restricted stock units for the three and six months ended June 30, 2024
amounted to $104 and $209, respectively. As of June 30, 2024, the amount of unvested compensation related to issuances of restricted
stock units was $376 which will be recognized as an expense in future periods as the shares vest.
10.
STOCK OPTIONS
A
summary of option activity for the six months ended June 30, 2024 is presented below.
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Life (Years) | | |
Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 2,086,882 | | |
$ | 1.20 | | |
| 4.60 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (47,917 | ) | |
| 2.24 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024 | |
| 2,038,965 | | |
$ | 1.18 | | |
| 4.04 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
At
June 30, 2024, the intrinsic value of the outstanding options was $0.
The
total stock compensation expense recognized relating to the vesting of stock options for the three and six months ended June 30, 2024
amounted to $206 and $429. As of June 30, 2024, the total unrecognized share-based compensation expense was $1,023, which is expected
to be recognized as part of operating expense through September 2027.
The
fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions:
SCHEDULE
OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 4.62 | % | |
| 3.95 | % |
Average expected term | |
| 5 years | | |
| 5 years | |
Expected volatility | |
| 270.57 | % | |
| 127.5 | % |
Expected dividend yield | |
| - | | |
| - | |
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected
term of the share option award; the expected term represents the weighted-average period of time that share option awards granted are
expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility
is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the
Company has not paid dividends in the past and does not expect to pay dividends in the future.
11.
STOCK WARRANTS
The
Company has the following warrants outstanding as of June 30, 2024, all of which are exercisable:
SCHEDULE
OF WARRANTS OUTSTANDING
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 919,664 | | |
$ | 33.76 | | |
| 3.10 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (179,296 | ) | |
| 138.20 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024, all vested | |
| 740,368 | | |
$ | 8.47 | | |
| 3.29 | | |
$ | - | |
At
June 30, 2024 the intrinsic value of the outstanding warrants was $0.
On
January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale
of 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. As a result of this transaction,
certain warrants which previously had an exercise price of $13.60 per share, had the exercise price reduced to $8.00 per share, which
resulted in the Company recognizing a deemed dividend of $164.
At
the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant
to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted
from Nasdaq.
12.
COMMITMENTS AND CONTINGENCIES
Litigation
The
Company is currently in a dispute with a former employee of its predecessor bBooth, Inc. who has interposed a breach of contract claim
in which he alleges that in 2015 he was entitled to approximately $300 in unpaid bonus compensation. This former employee filed his complaint
in the Superior Court of California for the County of Los Angeles on November 20, 2019, styled Meyerson v. Verb Technology Company, Inc.,
et al. (Case No. 19STCV41816). The Company disputed the former employee’s claims and interposed several affirmative defenses, including
that the claims are contradicted by documentary evidence, barred by the applicable statute of limitations, and barred by a written, executed
release. On February 9, 2021, the former employee’s counsel filed a motion for summary judgment, or in the alternative, summary
adjudication against the Company. On October 13, 2021, the California court issued an order (i) denying the former employee’s motion
for summary judgment on his claims against the Company, but (ii) granting the former employee’s motion to dismiss the Company’s
affirmative defenses, which ruling the Company contends was in error. Under the rules, the Company is precluded from appealing the dismissal
of its affirmative defenses until after a trial. On August 29, 2023, after a bench trial at which the Company was precluded from introducing
evidence of its affirmative defenses, the court found in favor of Plaintiff Meyerson; and judgment was entered in Meyerson’s favor
in the amount of $584 which included interest. Meyerson’s counsel thereafter submitted an untimely request for attorney’s
fees and costs which the Company has opposed. As of this date, that motion has yet to be decided. After the trial, the Company filed
a timely appeal from the judgment (Meyerson v. Verb Technology Company, Inc. (2023 2nd Appellate District) Case No.: B334777, seeking
among other things, that the trial court’s finding be vacated and that the Company’s affirmative defenses be reinstated.
As of this date, the appeal has yet to be heard. The Company has accrued the liability at June 30, 2024 and believes the accrual is adequate
pending the outcome of the appeal process.
The
Company knows of no material proceedings in which any of its directors, officers, or affiliates, or any registered or beneficial stockholder
is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.
The
Company believes it has adequately reserved for all litigation within its financial statements.
Board
of Directors
The
Company has committed an aggregate of $598 in board fees to its three independent board members over the term of their appointment for
services to be rendered. This amount includes a one-time performance-based bonus payment to a board member that is non-recurring. The
Company’s CEO does not receive compensation for serving on the Board of Directors.
Board
fees are accrued and paid monthly. The members will serve on the board until the annual meeting for the year in which their term expires
or until their successors have been elected and qualified.
Total
board fees expensed during the six months ended June 30, 2024 was $403.
13.
SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through August 14, 2024, the date these financial statements are available to be issued. The
Company believes there were no material events or transactions discovered during this evaluation that requires recognition or disclosure
in the financial statements other than the items discussed below.
Series
C Preferred Shares Redeemed in Exchange for Common Shares
On
December 29, 2023, the Company issued 3,000 Series C Preferred Shares to an institutional investor pursuant to a securities purchase
agreement and certificate of designation previously filed. The Series C Preferred Shares carried a 10% annual dividend.
Subsequent
to June 30, 2024, the Company redeemed 1,300
Series C Preferred Shares in exchange for 17,391,534
common shares in order to reduce the amount of
dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and no
fees or commissions were paid or incurred by the Company.
Nasdaq Delisting Notice
On August 6, 2024,
the Company received notice from the Staff indicating that the bid price for the Company’s common stock had closed below $0.10 per
share for the 10-consecutive trading day period ended August 5, 2024 and, accordingly, the Company is subject to the provisions contemplated
under Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stock Rule”) and its securities are subject to delisting from
Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).
On August 12, 2024,
the Company timely requested a hearing before the Panel, which such request automatically stays any further action by Nasdaq at least
until the hearing is held and the expiration of any extension period that may be granted by the Panel. The Company’s common stock
will continue to trade on Nasdaq under the symbol “VERB” pending completion of the hearing process. There can be no assurance
that the Panel will grant the Company’s request for continued listing or that the Company will be able meet the continued listing
requirements during any compliance period that may be granted by the Panel.
On
August 2, 2024, the Company filed a preliminary proxy statement on Schedule 14A in connection with the Company’s annual
meeting of stockholders scheduled for September 26, 2024. On August 6, 2024, the Company filed an amended proxy statement on
Schedule PRER14A. In the event the Company does not regain compliance with the Bid Price Rule on or before September 26, 2024, then
at the annual meeting, the Company intends to seek the approval of its stockholders to implement a reverse
stock split in the range within a range of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200). Upon
receipt of the requisite approval of its stockholders, the Company intends to expeditiously implement the reverse stock split to
regain compliance with Nasdaq’s bid price requirement.
ITEM
2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking
Statements
The
following discussion and analysis of the results of operations and financial condition of our company for the three- and six-month
periods ended June 30, 2024 and 2023 should be read in conjunction with the financial statements and related notes and the other
financial information that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion includes forward-looking
statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and
intentions. Forward-looking statements are statements not based on historical fact and which relate to future operations,
strategies, financial results, or other developments. Forward-looking statements are based upon estimates, forecasts, and
assumptions that are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of
which are beyond our control and many of which, with respect to business decisions, are subject to change. These uncertainties and
contingencies can cause actual results to differ materially from those expressed in any forward-looking statements made by us, or on
our behalf. We disclaim any obligation to update forward-looking statements. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as
“anticipate,” “estimate,” “plan,” “project,” “continuing,”
“ongoing,” “expect,” “believe,” “intend,” “may,” “will,”
“should,” “could,” and similar expressions to identify forward-looking statements.
As
used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” and “Verb” refer
to Verb Technology Company, Inc., a Nevada corporation, individually, or as the context requires, collectively with its subsidiaries,
Verb Direct, LLC, or Verb Direct, Verb Acquisition Co., Inc., or Solofire, and verbMarketplace, LLC, dba MARKET.live, on a consolidated
basis, unless otherwise specified.
Overview
Through
June 13, 2023, we operated three distinct lines of business through separate wholly owned subsidiaries. Verb Direct, LLC, a sales Software-as-a-Service
(“SaaS”) platform for the direct sales industry; Verb Acquisition Co., LLC, which was a sales SaaS platform for the Life
Sciences industry and sports teams (collectively the ‘SaaS Assets”); and verbMarketplace, LLC dba MARKET.live, which is a
multi-vendor, multi-presenter, livestream social shopping platform that combines ecommerce and entertainment.
We
determined that by focusing all of our resources solely on the development and operation of MARKET.live, our livestream shopping platform,
over time we expect to generate greater shareholder value than we could through the continued operation of our SaaS Assets. Accordingly,
after an extensive, thorough seven-month process to identify a buyer willing to pay the highest price on the most favorable terms for
the SaaS Assets, managed by a prominent M&A advisory firm, on June 13, 2023 we disposed of all of the operating SaaS Assets pursuant
to an asset purchase agreement in consideration of the sum of $6.5 million, $4.75 million of which was paid in cash by the buyer at the
closing of the transaction.
Additional
payments in the aggregate of $1.75 million will be paid by the buyer if certain profitability and revenue targets are met within each
of the two-year periods following the closing date as set forth more particularly in the asset purchase agreement.
Our
MARKET.live Business
The
Company’s MARKET.live platform is a multi-vendor, multi-presenter, livestream social shopping destination the leverages the current
convergence of ecommerce and entertainment, where hundreds of retailers, brands, creators and influencers can monetize their base of
fans and followers across social media channels. Brands, retailers and creators that join MARKET.live have the ability to broadcast livestream
shopping events simultaneously on numerous social media channels, including TikTok, as well as on MARKET.live, reaching exponentially
larger audiences. The Company’s recent technological integrations with META, created a seamless, native, friction-free checkout
process for Facebook and Instagram users to purchase MARKET.live vendors’ products within each of those popular apps. This integration
allows Facebook and Instagram users to browse products featured in MARKET.live shoppable videos, place products in a native shopping
cart and checkout – all without leaving Facebook or Instagram.
On
September 5, 2023, the Company completed development work on a new MARKET.live capability that facilitated a deeper integration into
the TikTok social media platform, which could expose MARKET.live shoppable programming to tens of millions of potential viewers/purchasers.
This new capability allows shoppers watching a MARKET.live stream on TikTok to stay on that site and check out through that site, eliminating
the friction or reluctance of TikTok users to leave their TikTok feed in order to complete their purchase on MARKET.live. Our technology
integration allows the purchase data to flow back through MARKET.live and to the individual vendors and stores on MARKET.live seamlessly
for fulfillment of the orders.
On
March 27, 2024, the Company announced that it expanded its strategic relationship with TikTok and entered into a formal partnership with
TikTok Shop pursuant to which MARKET.live became a service provider for TikTok Shop and officially designated as a TikTok Shop Partner
(TSP) . Under the terms of the partnership, TikTok Shop refers consumer brands, retailers, influencers and affiliates leads to MARKET.live
for a menu of MARKET.live paid services that include, among other things, assistance in onboarding to TikTok and establishing a TikTok
store, hosting training sessions and webinars for prospective TikTok Shop sellers, studio space rental in both the West Coast and East
Coast MARKET.live studios, content creation and production services, and TikTok Shop maintenance and enhancements for existing TikTok
clients’ stores. The partnership also contemplates TikTok Shop sponsored studio rentals, as well as a paid-for “day pass”
for use of MARKET.live studio services by TikTok creators, influencers and affiliates. MARKET.live is expected to generate revenue through
fees, including monthly recurring fees, paid directly to MARKET.live by the brands, retailers, influencers and affiliates referred to
MARKET.live by TikTok. In addition, it is contemplated that MARKET.live will receive a percentage of monthly revenue generated through
the TikTok stores MARKET.live establishes for the brands, retailers, influencers and affiliates that TikTok Shop refers to MARKET.live.
The
partnership also contemplates the use of MARKET.live studios as TikTok “Sample Centers” where TikTok creators will have access
to product samples for use in their TikTok Shop videos produced at MARKET.live studios. In addition to the compensation referenced above,
TikTok will compensate MARKET.live directly for the attainment of certain pre-established performance goals and objectives agreed-to
between the parties.
The
Company’s recent drop ship and affiliate programs are currently being revised to incorporate the benefits and implications of the
recent META integrations as well as the new TikTok partnership. The Company is actively engaged in completing development on integrations
into additional large social media platforms, as well as developing partnerships and strategic alliances that it believes will help foster
the growth of the Company’s business.
Economic
Disruption
Our
business is dependent in part on general economic conditions. Many jurisdictions in which our customers are located and our products
are sold have experienced and could continue to experience unfavorable general economic conditions, such as inflation, increased interest
rates and recessionary concerns, which could negatively affect demand for our products. Under difficult economic conditions, customers
may seek to cease spending on our current products or fail to adopt our new products. We cannot predict the timing or impact of an economic
slowdown, or the timing or strength of any economic recovery. These and other economic factors could have a material adverse effect on
our business, financial condition, and results of operations.
Recent
Developments
Nasdaq
Deficiency Notices
August
18, 2023 Notice
On
August 18, 2023, the Company received a notice from The Nasdaq Stock Market LLC (“NASDAQ”) indicating that it did not meet
the minimum of $2.5 million in stockholders’ equity required by NASDAQ Listing Rule 5550(b)(1) (the “Listing Rule”)
for continued listing, or the alternatives of market value of listed securities or net income from continuing operations. The notice
was based upon the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, which reported that the
Company’s total stockholders’ equity as of June 30, 2023 was ($1.818 million).On October 9, 2023, the Company submitted a
plan to regain compliance with the Listing Rule and was given an extension until February 14, 2024 to evidence compliance through a public
filing.
On
February 5, 2024, the Company reported in a Current Report on Form 8-K (the “Form 8-K Filing”) that based on its unaudited
balance sheet as of December 31, 2023, it believed it had regained compliance with the stockholders’ equity requirement of NASDAQ
Listing Rule 5550(b)(1) for continued listing. On February 5, 2024, the Company was informed that based upon the Form 8-K Filing, the
Staff determined that the Company is in compliance with Listing Rule 550(b)(1).
November
2, 2023 Notice
On
November 2, 2023, the Company received a letter from The NASDAQ Stock Market advising that the Company did not meet the minimum $1.00
per share bid price requirement for continued inclusion on The NASDAQ Capital Market pursuant to NASDAQ Marketplace Listing Rule 5550(a)(2)
because the closing bid price per share for the Company’s common stock had closed below $1.00 for the previous 30 consecutive business
days (the “Bid Price Rule”). The Company was given until April 30, 2024, to regain compliance with the Bid Price Rule.
May
1, 2024 Notice
On
May 1, 2024, the Company received notice from Nasdaq that the Company has been granted an additional 180-day grace period, or until October
28, 2024, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule and qualify for continued listing
on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least
10 consecutive business days on or prior to October 28, 2024. If the Company fails to regain compliance during the additional compliance
period, then Nasdaq will notify the Company of its determination to delist the Company’s common stock, at which point the Company
would have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel.
August 6, 2024 Notice
On August 6, 2024, the Company
received notice from the Staff indicating that the bid price for the Company’s common stock had closed below $0.10 per share for
the 10-consecutive trading day period ended August 5, 2024 and, accordingly, the Company is subject to the provisions contemplated under
Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stock Rule”) and its securities are subject to delisting from Nasdaq
unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).
On August 12, 2024, the Company
timely requested a hearing before the Panel, which such request automatically stays any further action by Nasdaq at least until the hearing
is held and the expiration of any extension period that may be granted by the Panel. The Company’s common stock will continue to
trade on Nasdaq under the symbol “VERB” pending completion of the hearing process. There can be no assurance that the Panel
will grant the Company’s request for continued listing or that the Company will be able meet the continued listing requirements
during any compliance period that may be granted by the Panel.
On
August 2, 2024, the Company filed a preliminary proxy statement on Schedule 14A in connection with the Company’s annual
meeting of stockholders scheduled for September 26, 2024. On August 6, 2024, the Company filed an amended proxy statement on
Schedule PRER14A. In the event the Company does not regain compliance with the Bid Price Rule on or before September 26, 2024, then
at the annual meeting, the Company intends to seek the approval of its stockholders to implement a reverse stock split in the range
within a range of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200). Upon receipt of the requisite approval
of its stockholders, the Company intends to expeditiously implement the reverse stock split to regain compliance with Nasdaq’s
bid price requirement.
Series
C Preferred Stock Offering
On
December 29, 2023, the Company entered into a securities purchase agreement with Streeterville Capital, LLC (the “Streeterville
Purchase Agreement”), pursuant to which the Company sold 3,000 shares of the Company’s newly designated non-convertible Series
C Preferred Stock for proceeds of $3.0 million. The Series C Preferred Stock receives a 10% stated annual dividend, has no voting rights
and has a face value of $1,300 per share. The sale of the Series C Preferred Stock was consummated on December 29, 2023.
On
May 9, 2024, the Company redeemed 505 Series C Preferred Shares in exchange for 4,757,246 common shares in order to reduce the amount
of dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and
no fees or commissions were paid or incurred by the Company.
On
July 17, 2024, the Company redeemed 350 Series C Preferred Shares in exchange for 4,446,042 common shares in order to further reduce
the amount of dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction
and no fees or commissions were paid or incurred by the Company.
On July 25, 2024, the Company
redeemed 950 Series C Preferred Shares in exchange for 12,945,492 common shares in order to further reduce the amount of dividend to be
accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and no fees or commissions
were paid or incurred by the Company.
The
Company has accrued $0.14 million in preferred stock dividend payable as of June 30, 2024.
ATM
Offerings
On
December 15, 2023, the Company entered into an At-the-Market Issuance Sales Agreement (the “Ascendiant Sales Agreement”)
with Ascendiant Capital Markets, LLC, as sales agent, to sell, from time to time, shares of its common stock having an aggregate offering
price of up to $960 thousand, through an “at the market” offering pursuant to the Company’s Registration Statement
on Form S-3 (File No. 333-264038), as supplemented by a prospectus supplement. On March 19, 2024, the Ascendiant Sales Agreement was
amended to increase the amount available from $960 thousand to approximately $6.3 million. On March 29, 2024, the Ascendiant Sales Agreement
was amended to increase the amount available from approximately $6.3 million to approximately $9.0 million. On May 10, 2024, the Ascendiant
Sales Agreement was amended to increase the amount available from approximately $9.0 million to approximately $12.8 million. From December
15, 2023 to May 30, 2024, the Company issued 56,387,450 shares of its common stock and received $12.4 million of aggregate net proceeds
in “at the market” offerings under the Ascendiant Sales Agreement.
Public
Offering of Common Stock – Regulation A
During
the six months ended June 30, 2024, the Company entered into subscription agreements with certain accredited investors, pursuant to which
the Company issued and sold to the investors 27,397,258 shares of its Common Stock, par value $0.0001 per share of the Company
at a price of $0.24 per share for gross proceeds to the Company of $6.6 million.
The
Shares issued in the offering were offered at-the-market under Nasdaq rules and pursuant to the Company’s Form 1-A, initially
filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on February 14, 2024 and
qualified on March 11, 2024.
The
Company filed a second Form 1-A on May 30, 2024, which was qualified on June 11, 2024. The Company has not sold any securities pursuant to this second Form 1-A.
Issuance
of common shares as payment on notes payable
On
October 11, 2023, the Company entered into a note purchase agreement with Streeterville Capital, LLC, pursuant to which the Company sold
a promissory note in the aggregate principal amount of $1.0 million (the “Note”). The Note bears interest at 9.0% per annum
compounded daily. The maturity date of the Note is 18 months from the date of its issuance. In connection with the sale of the Note,
verbMarketplace, LLC, a wholly owned subsidiary of the Company, entered into a Guaranty, dated October 11, 2023, pursuant to which it
guaranteed the obligations of the Company under the Note in exchange for receiving a portion of the proceeds.
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock in exchange for a reduction of $1.1 million
on the outstanding balance of the Note. On May 3, 2024, the Company repaid the Note in full.
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock in exchange for a reduction of $1.7
million on the outstanding balance of the November Notes. On March 18, 2024, the Company repaid the November Notes in
full.
Results
of Operations
Three
Months Ended June 30, 2024 as Compared to the Three Months Ended June 30, 2023
The
following is a comparison of our results of operations for the three months ended June 30, 2024 and 2023 (in thousands):
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
Change | |
| |
| | |
| | |
| |
Revenue | |
$ | 37 | | |
$ | 3 | | |
$ | 34 | |
| |
| | | |
| | | |
| | |
Costs and expenses | |
| | | |
| | | |
| | |
Cost of revenue, exclusive of depreciation and amortization shown separately below | |
| 31 | | |
| 1 | | |
| 30 | |
Depreciation and amortization | |
| 269 | | |
| 583 | | |
| (314 | ) |
General and administrative | |
| 2,142 | | |
| 2,685 | | |
| (543 | ) |
Total costs and expenses | |
| 2,442 | | |
| 3,269 | | |
| (827 | ) |
| |
| | | |
| | | |
| | |
Operating loss from continuing operations | |
| (2,405 | ) | |
| (3,266 | ) | |
| 861 | |
| |
| | | |
| | | |
| | |
Other income (expense), net | |
| | | |
| | | |
| | |
Interest income | |
| 168 | | |
| - | | |
| 168 | |
Interest expense | |
| (10 | ) | |
| (299 | ) | |
| 289 | |
Financing costs | |
| (90 | ) | |
| (1,239 | ) | |
| 1,149 | |
Other income (expense), net | |
| 604 | | |
| 830 | | |
| (226 | ) |
Change in fair value of derivative liability | |
| 2 | | |
| 198 | | |
| (196 | ) |
Total other income (expense), net | |
| 674 | | |
| (510 | ) | |
| 1,184 | |
| |
| | | |
| | | |
| | |
Net loss from continuing operations | |
$ | (1,731 | ) | |
$ | (3,776 | ) | |
$ | 2,045 | |
Revenue
Our
primary focus is on the growth of our MARKET.live business. Currently, the business is generating minimal revenues.
Operating
Expenses
Depreciation
and amortization expenses were $0.3 million for the three months ended June 30, 2024, as compared to $0.6 million for the three months
ended June 30, 2023.
General
and administrative expenses including stock compensation expense were $2.1 million for the three months ended June 30, 2024, as compared
to $2.7 million for the three months ended June 30, 2023. The decrease of $0.6 million or 20%, in general and administrative expenses
including stock compensation expense is primarily due to decreased personnel expense associated with headcount reduction as compared
to the prior year comparable period.
Other
Income (Expense), net
Other
income, net, for the three months ended June 30, 2024 was $0.7 million, which was primarily attributable to interest income, net of $0.2
million, and other income, net of $0.6 million both offset by financing costs incurred of $0.1 million.
Six
Months Ended June 30, 2024 as Compared to the Six Months Ended June 30, 2023
The
following is a comparison of our results of operations for the six months ended June 30, 2024 and 2023 (in thousands):
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
Change | |
| |
| | |
| | |
| |
Revenue | |
$ | 44 | | |
$ | 5 | | |
$ | 39 | |
| |
| | | |
| | | |
| | |
Costs and expenses | |
| | | |
| | | |
| | |
Cost of revenue, exclusive of depreciation and amortization shown separately below | |
| 36 | | |
| 2 | | |
| 34 | |
Depreciation and amortization | |
| 525 | | |
| 1,166 | | |
| (641 | ) |
General and administrative | |
| 5,105 | | |
| 6,230 | | |
| (1,125 | ) |
Total costs and expenses | |
| 5,666 | | |
| 7,398 | | |
| (1,732 | ) |
| |
| | | |
| | | |
| | |
Operating loss from continuing operations | |
| (5,622 | ) | |
| (7,393 | ) | |
| 1,771 | |
| |
| | | |
| | | |
| | |
Other income (expense), net | |
| | | |
| | | |
| | |
Interest income | |
| 168 | | |
| - | | |
| 168 | |
Interest expense | |
| (235 | ) | |
| (770 | ) | |
| 535 | |
Financing costs | |
| (90 | ) | |
| (1,239 | ) | |
| 1,149 | |
Other income (expense), net | |
| 602 | | |
| 780 | | |
| (178 | ) |
Change in fair value of derivative liability | |
| 1 | | |
| 206 | | |
| (205 | ) |
Total other income (expense), net | |
| 446 | | |
| (1,023 | ) | |
| 1,469 | |
| |
| | | |
| | | |
| | |
Net loss from continuing operations | |
$ | (5,176 | ) | |
$ | (8,416 | ) | |
$ | 3,240 | |
Revenue
Our
primary focus is on the growth of our MARKET.live business. Currently, the business is generating minimal revenues.
Operating
Expenses
Depreciation
and amortization expenses were $0.5 million for the six months ended June 30, 2024, as compared to $1.2 million for the six months ended
June 30, 2023.
General
and administrative expenses including stock compensation expense were $5.1 million for the six months ended June 30, 2024, as compared
to $6.2 million for the six months ended June 30, 2023. The decrease of $1.1 million or 18%, in general and administrative expenses including
stock compensation expense is primarily due to decreased personnel expense associated with headcount reduction as compared to the prior
year comparable period.
Other
Income (Expense), net
Other
income, net, for the six months ended June 30, 2024 was $0.4 million, which was primarily attributable to other income, net of $0.6 million
offset by interest expense, net of $0.1 million and financing costs incurred of $0.1 million.
Use
of Non-GAAP Measures – Modified EBITDA
In
addition to our results under generally accepted accounting principles (“GAAP”), we present Modified EBITDA as a
supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be
considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP
or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income
(loss), plus depreciation and amortization, share-based compensation, interest (income) expense, financing costs, change in fair
value of derivative liability, other (income) expense, loss from discontinued operations, net of tax, and other non-recurring
charges.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations that period. Non-GAAP adjustments to our results prepared
in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate
for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are the same
as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference
that our future results will be unaffected by unusual or non-recurring items.
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
(in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Net loss | |
$ | (1,731 | ) | |
$ | (9,856 | ) | |
$ | (5,176 | ) | |
$ | (15,370 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 269 | | |
| 583 | | |
| 525 | | |
| 1,166 | |
Share-based compensation | |
| 360 | | |
| 430 | | |
| 738 | | |
| 1,402 | |
Other (income) expense, net | |
| (604 | ) | |
| (830 | ) | |
| (602 | ) | |
| (780 | ) |
Financing costs | |
| 90 | | |
| 1,239 | | |
| 90 | | |
| 1,239 | |
Interest income | |
| (168 | ) | |
| - | | |
| (168 | ) | |
| - | |
Interest expense | |
| 10 | | |
| 299 | | |
| 235 | | |
| 770 | |
Change in fair value of derivative liability | |
| (2 | ) | |
| (198 | ) | |
| (1 | ) | |
| (206 | ) |
Loss from discontinued operations, net of tax | |
| - | | |
| 6,080 | | |
| - | | |
| 6,954 | |
Other non-recurring costs (a) | |
| 13 | | |
| - | | |
| 97 | | |
| 185 | |
| |
| | | |
| | | |
| | | |
| | |
Total EBITDA adjustments | |
| (32 | ) | |
| 7,603 | | |
| 914 | | |
| 10,730 | |
Modified EBITDA | |
$ | (1,763 | ) | |
$ | (2,253 | ) | |
$ | (4,262 | ) | |
$ | (4,640 | ) |
(a)
Represents litigation and severance costs.
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; and in making compensation decisions and in communications with our board of directors concerning
our financial performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
● |
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Liquidity
and Capital Resources
Overview
As
of June 30, 2024, we had cash of $17.2 million.
The
following is a summary of our cash flows from operating, investing, and financing activities for the six months ended June 30, 2024 and
2023 (in thousands):
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash used in operating activities – continuing operations | |
$ | (5,250 | ) | |
$ | (4,685 | ) |
Cash used in operating activities – discontinued operations | |
| - | | |
| (1,855 | ) |
Cash used in investing activities – continuing operations | |
| (123 | ) | |
| (244 | ) |
Cash provided by investing activities – discontinued operations | |
| - | | |
| 4,750 | |
Cash provided by financing activities – continuing operations | |
| 18,217 | | |
| 4,853 | |
Cash used in financing activities – discontinued operations | |
| - | | |
| (1,722 | ) |
Increase in cash | |
$ | 12,844 | | |
$ | 1,097 | |
Cash
Flows – Operating
For
the six months ended June 30, 2024, our cash used in operating activities from continuing operations amounted to $5.3 million, compared
to cash used in operating activities from continuing operations for the six months ended June 30, 2023 of $4.7 million.
Cash
Flows – Investing
For
the six months ended June 30, 2024, our cash flows used in investing activities amounted to $0.1 million, primarily due to our investment
in long-lived assets.
Cash
Flows – Financing
For
the six months ended June 30, 2024, our cash flows provided by financing activities amounted to $18.2 million, which represented $18.6
million of net proceeds from the issuance of shares of our common stock, offset primarily by $0.2 million in offering costs paid in January
2024 related to our preferred stock offering in December 2023 and other offering costs paid of $0.2 million related to our common stock
offerings.
Notes
Payable
We
have the following outstanding note payable as of June 30, 2024 (in thousands):
Note | |
Issuance Date | |
Maturity Date | |
Interest Rate | | |
Original Borrowing | | |
Balance at June 30, 2024 | |
Note payable (A) | |
May 15, 2020 | |
May 15, 2050 | |
| 3.75 | % | |
$ | 150 | | |
$ | 128 | |
Non-current | |
| |
| |
| | | |
| | | |
| (112 | ) |
Current | |
| |
| |
| | | |
| | | |
$ | 16 | |
|
(A) |
On
May 15, 2020, we executed an unsecured loan with the U.S. Small Business Administration (SBA) under the Economic Injury Disaster
Loan program in the amount of $0.15 million. Monthly payments, including principal and interest, began October 26, 2022. As of June
30, 2024, the outstanding balance of the note amounted to $0.13 million. |
Critical
Accounting Policies and Estimates
Our
financial statements have been prepared in accordance with GAAP, which require that we make certain assumptions and estimates that affect
the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses
during each reporting period.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the
reported periods. Significant estimates include assumptions made for assumptions made in valuing assets acquired in business combinations,
impairment testing of long-lived assets, the valuation allowance for deferred tax assets, assumptions used in valuing derivative liabilities,
assumptions used in valuing share-based compensation, and accruals for contingent liabilities. Amounts could materially change in the
future.
Revenue
Recognition
The
Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC 606, Revenue from
Contracts with Customers (“ASC 606”). ASC 606 creates a five-step model that requires entities to exercise judgment when
considering the terms of contract(s), which includes (1) identifying the contract(s) or agreement(s) with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
A
description of our principal revenue generating activities is as follows:
MARKET.live
generates revenue through several sources as follows:
|
a. |
All
sales run through our ecommerce facility on MARKET.live from which we deduct a platform fee that ranges from 10% to 20% of gross
sales, with an average of approximately 15%, depending upon the pricing package the vendors select as well as the product category
and profit margins associated with such categories. The revenue is derived from sales generated during livestream events, from sales
realized through views of previously recorded live events available in each vendor’s store, as well as from sales of product
and merchandise displayed in the vendors’ online stores, all of which are shoppable 24/7. |
|
|
|
|
b. |
Produced
events. MARKET.live offers fee-based services that range from full production of livestream events, to providing professional hosts
and event consulting. |
|
|
|
|
c. |
Drop
Ship and Creator programs. MARKET.live is expected to generate recurring fee revenue from soon to be launched new drop ship programs
for entrepreneurs and its Creator program. |
|
|
|
|
d. |
The
Company’s TikTok Shop store and affiliate program. |
|
|
|
|
e. |
The
MARKET.live site is designed to incorporate sponsorships and other advertising based on typical industry rates. |
|
|
|
|
f. |
The
Company’s recently announced partnership with TikTok Shop. Pursuant to the terms of the partnership, MARKET.live has become
a service provider for TikTok Shop and is officially designated as a TikTok Shop Partner (TSP). Under the terms of the partnership,
TikTok Shop refers consumer brands, retailers, influencers and affiliates leads to MARKET.live for a menu of paid services that include,
among other things, assistance in onboarding to TikTok Shop and establishing a TikTok Shop store, hosting training sessions and webinars
for prospective TikTok Shop sellers, MARKET.live studio space rental in both the West Coast and East Coast MARKET.live studios, content
creation and production services, and TikTok Shop maintenance, including enhancements to existing TikTok Shop seller stores. The
partnership also contemplates TikTok Shop sponsored studio rentals, as well as a paid-for “day pass” for use of MARKET.live
studio services by TikTok creators, influencers and affiliates. It is expected that MARKET.live will generate revenue through fees,
including monthly recurring fees, paid directly to MARKET.live by the brands, retailers, influencers and affiliates referred to MARKET.live
by TikTok. In addition, it is contemplated that MARKET.live will receive a percentage of monthly revenue generated through the TikTok
Shop stores MARKET.live establishes for the brands, retailers, influencers and affiliates that TikTok Shop refers to MARKET.live. |
|
|
|
|
|
The
partnership also contemplates the use of MARKET.live studios as TikTok “Sample Centers” where TikTok creators will have
access to product samples for use in their TikTok Shop videos produced at MARKET.live studios. In addition to the compensation referenced
above, TikTok will compensate MARKET.live directly for the attainment of certain pre-established performance goals and objectives
agreed-to between the parties. |
A
performance obligation is a promise in a contract to transfer a distinct product. Performance obligations promised in a contract are
identified based on the goods that will be transferred that are both capable of being distinct and are distinct in the context of the
contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. Performance obligations include
establishing and maintaining customer online stores, providing access to the Company’s e-commerce platform and customer service
support.
The
Company’s revenue is comprised of commission fees derived from contractually committed gross revenue processed by customers on
the Company’s e-commerce platform as well as from services it provides as referenced above in sub-paragraph (f) of the Revenue
Recognition section concerning the TikTok Shop partnership. Customers do not have the contractual right to take possession of the Company’s
software. Revenue is recognized in an amount that reflects the consideration that the Company expects to ultimately receive in exchange
for those promised goods, net of expected discounts for sales promotions and customary allowances, and its services.
Revenue
is recognized on a net basis from maintaining e-commerce platforms and online orders, as the Company is engaged primarily in an agency
relationship with its customers and earns defined amounts based on the individual contractual terms for the customer and the Company
does not take possession of the customers’ inventory or any credit risks relating to the products sold.
Sales
taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded
from net sales in the consolidated statements of operations.
Derivative
Financial Instruments
We
evaluate our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives.
For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair
value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated
at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current
based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.
We
use Level 2 inputs for our valuation methodology for the derivative liabilities as their fair values were determined by using a Binomial
pricing model. Our derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the
fair value being recorded in the results of operations as adjustments to fair value of derivatives.
Share-Based
Compensation
The
Company issues stock options and warrants, shares of common stock and restricted stock units as share-based compensation to employees
and non-employees. The Company accounts for its share-based compensation in accordance with FASB ASC 718, Compensation – Stock
Compensation. Share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is
recognized as expense over the requisite service period. The fair value of restricted stock units is determined based on the number of
shares granted and the quoted price of our common stock and is recognized as expense over the service period. Forfeitures are accounted
for as they occur. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid
cash for services.
Intangible
Assets
We
have certain intangible assets that were initially recorded at their fair value at the time of acquisition. The finite-lived intangible
assets consist of developed technology and customer contracts. Indefinite-lived intangible assets consist of domain names. Intangible
assets with finite useful lives are amortized using the straight-line method over their estimated useful life of five years.
We
review all finite lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable.
If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess carrying value over the fair
value in our consolidated statements of operations.
Recently
Issued Accounting Pronouncements
For
a summary of our recent accounting policies, refer to Note 2 - Summary of Significant Accounting Policies, of our unaudited condensed
consolidated financial statements included under Item 1 – Financial Statements in this Form 10-Q.
ITEM
3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required
under this item.
ITEM
4 - CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to
ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized, and reported
within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our
management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure.
We
carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer
and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-
15(e) under the Exchange Act) as of June 30, 2024. Based on this evaluation, our principal executive officer and principal financial
officer concluded that our disclosure controls and procedures were effective as of June 30, 2024.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act) during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
Inherent
Limitations on the Effectiveness of Controls
Management
does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective
control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.
These
inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a
simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people,
or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become
inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
PART
II - OTHER INFORMATION
ITEM
1 - LEGAL PROCEEDINGS
For
information regarding legal proceedings, refer to Note 12 - Commitments and Contingencies of the Notes to our Condensed Consolidated
Financial Statements, which is incorporated herein by reference.
ITEM
1A. RISK FACTORS
Our
business, results of operations, and financial condition are subject to various risks. These risks are described elsewhere in this Quarterly
Report on Form 10-Q and our other filings with the SEC, including the 2023 Form 10-K filed on April 1, 2024. The risk factors identified
in our 2023 Form 10-K have not changed in any material respect.
ITEM
2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4 - MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5 - OTHER INFORMATION
Rule
10b5-1 Trading Arrangement
During
the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”
or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM
6 - EXHIBITS
Reference
is made to the exhibits listed on the Index to Exhibits.
INDEX
TO EXHIBITS
* |
Filed
herewith. |
|
|
** |
The
certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the registrant for purposes
of Section 18 of the Exchange Act and are not to be incorporated by reference into any of the registrant’s filings under the
Securities Act or the Exchange Act, irrespective of any general incorporation language contained in any such filing. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
VERB
TECHNOLOGY COMPANY, INC. |
|
|
|
Date:
August 14, 2024 |
By: |
/s/
Rory J. Cutaia |
|
|
Rory
J. Cutaia |
|
|
President,
Chief Executive Officer, |
|
|
Secretary,
Treasurer and Director |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 14, 2024 |
By:
|
/s/
Bill J. Rivard |
|
|
Bill
J. Rivard |
|
|
Interim
Chief Financial Officer |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Rory J. Cutaia, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Verb Technology Company, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such 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 officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal 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. |
August
14, 2024 |
|
|
|
/s/
Rory Cutaia |
|
Rory
Cutaia |
|
President,
Chief Executive Officer, Secretary, Treasurer, Director, and Principal Executive Officer |
|
Exhibit
31.2
CERTIFICATION
PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Bill J. Rivard, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Verb Technology Company, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such 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 officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal 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. |
August
14, 2024 |
|
|
|
/s/
Bill J. Rivard |
|
Bill
J. Rivard |
|
Interim
Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
SECTION
1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE
The
undersigned, Rory J. Cutaia, hereby certifies, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act
of 2002, that
1. |
The
Quarterly Report on Form 10-Q of Verb Technology Company, Inc. for the quarterly period ended June 30, 2024 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
2. |
The
information contained in the Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and
results of operations of Verb Technology Company, Inc. as of the dates and for the periods presented. |
August
14, 2024
|
/s/
Rory Cutaia |
|
Rory
J. Cutaia |
|
President,
Chief Executive Officer, Secretary, Treasurer, |
|
Director,
and Principal Executive Officer |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE
The
undersigned, Bill J. Rivard, hereby certifies, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act
of 2002, that
1. |
The
Quarterly Report on Form 10-Q of Verb Technology Company, Inc. for the quarterly period ended June 30, 2024 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and |
|
|
2. |
The
information contained in the Quarterly Report on Form on 10-Q fairly presents, in all material respects, the financial condition
and results of operations of Verb Technology Company, Inc. as of the dates and for the periods presented. |
August
14, 2024
|
/s/
Bill J. Rivard |
|
Bill
J. Rivard |
|
Interim
Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 09, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-38834
|
|
Entity Registrant Name |
Verb
Technology Company, Inc.
|
|
Entity Central Index Key |
0001566610
|
|
Entity Tax Identification Number |
90-1118043
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
3024
Sierra Juniper Court
|
|
Entity Address, City or Town |
Las Vegas
|
|
Entity Address, State or Province |
NV
|
|
Entity Address, Postal Zip Code |
89138
|
|
City Area Code |
(855)
|
|
Local Phone Number |
250-2300
|
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value
|
|
Trading Symbol |
VERB
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
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Yes
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Non-accelerated Filer
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true
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false
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 17,197
|
$ 4,353
|
Prepaid expenses and other current assets |
375
|
331
|
Total current assets |
17,572
|
4,684
|
Capitalized software development costs, net |
3,491
|
3,990
|
ERC receivable |
2,263
|
1,528
|
Property and equipment, net |
102
|
43
|
Operating lease right-of-use assets |
190
|
218
|
Intangible assets, net |
155
|
117
|
Other non-current assets |
259
|
259
|
Total assets |
24,032
|
10,839
|
Current liabilities |
|
|
Accounts payable |
1,124
|
1,408
|
Accrued expenses |
2,180
|
2,324
|
Accrued payroll |
355
|
420
|
Accrued officers’ compensation |
|
648
|
Notes payable, current |
16
|
1,787
|
Accrued interest |
|
533
|
Operating lease liabilities, current |
72
|
67
|
Preferred dividend payable |
141
|
|
Derivative liability |
|
1
|
Total current liabilities |
3,888
|
7,188
|
Long-term liabilities |
|
|
Notes payable, non-current |
112
|
362
|
Operating lease liabilities, non-current |
123
|
164
|
Total liabilities |
4,123
|
7,714
|
Commitments and contingencies (Note 12) |
|
|
Stockholders’ equity |
|
|
Common stock, value |
13
|
2
|
Additional paid-in capital |
198,511
|
175,765
|
Accumulated deficit |
(180,939)
|
(175,622)
|
Total stockholders’ equity |
19,909
|
3,125
|
Total liabilities and stockholders’ equity |
24,032
|
10,839
|
Series C Preferred Stock [Member] |
|
|
Stockholders’ equity |
|
|
Series C Preferred Stock, $0.0001 par value, 5,000 shares authorized, 2,495 and 3,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 |
2,324
|
2,980
|
Common Class A [Member] |
|
|
Stockholders’ equity |
|
|
Common stock, value |
|
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Common stock, shares issued |
128,205,818
|
21,231,355
|
Common stock, shares authorized |
400,000,000
|
400,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares outstanding |
128,205,818
|
21,231,355
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
5,000
|
5,000
|
Preferred stock, shares issued |
2,495
|
3,000
|
Preferred stock, shares outstanding |
2,495
|
3,000
|
Common Class A [Member] |
|
|
Common stock, shares issued |
3
|
3
|
Common stock, shares authorized |
3
|
3
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 37
|
$ 3
|
$ 44
|
$ 5
|
Costs and expenses |
|
|
|
|
Cost of revenue, exclusive of depreciation and amortization shown separately below |
31
|
1
|
36
|
2
|
Depreciation and amortization |
269
|
583
|
525
|
1,166
|
General and administrative |
2,142
|
2,685
|
5,105
|
6,230
|
Total costs and expenses |
2,442
|
3,269
|
5,666
|
7,398
|
Operating loss from continuing operations |
(2,405)
|
(3,266)
|
(5,622)
|
(7,393)
|
Other income (expense) |
|
|
|
|
Interest income |
168
|
|
168
|
|
Interest expense |
(10)
|
(299)
|
(235)
|
(770)
|
Financing costs |
(90)
|
(1,239)
|
(90)
|
(1,239)
|
Other income, net |
604
|
830
|
602
|
780
|
Change in fair value of derivative liability |
2
|
198
|
1
|
206
|
Total other income (expense), net |
674
|
(510)
|
446
|
(1,023)
|
Net loss from continuing operations |
(1,731)
|
(3,776)
|
(5,176)
|
(8,416)
|
Loss from discontinued operations, net of tax |
|
(6,080)
|
|
(6,954)
|
Net loss |
(1,731)
|
(9,856)
|
(5,176)
|
(15,370)
|
Series C Preferred Stock dividend payable |
(66)
|
|
(141)
|
|
Deemed dividend due to warrant reset |
|
|
|
(164)
|
Net loss to common stockholders |
$ (1,797)
|
$ (9,856)
|
$ (5,317)
|
$ (15,534)
|
Loss per share from continuing operations- basic |
$ (0.02)
|
$ (0.94)
|
$ (0.08)
|
$ (2.26)
|
Loss per share from continuing operations- diluted |
(0.02)
|
(0.94)
|
(0.08)
|
(2.26)
|
Loss per share from discontinuing operations- basic |
0.00
|
(1.51)
|
0.00
|
(1.83)
|
Loss per share from discontinuing operations- diluted |
$ 0.00
|
$ (1.51)
|
$ 0.00
|
$ (1.83)
|
Weighted average number of common shares outstanding - basic |
107,254,283
|
4,022,947
|
69,199,206
|
3,801,599
|
Weighted average number of common shares outstanding - diluted |
107,254,283
|
4,022,947
|
69,199,206
|
3,801,599
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member] |
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
|
$ 1
|
$ 158,629
|
$ (153,464)
|
$ 5,166
|
Balance, shares at Dec. 31, 2022 |
|
3
|
2,918,017
|
|
|
|
Sale of common stock from public offering |
|
|
|
6,578
|
|
6,578
|
Sale of common stock from public offering, shares |
|
|
901,275
|
|
|
|
Fair value of vested restricted stock awards, stock options and warrants |
|
|
|
1,362
|
|
1,362
|
Fair value of vested restricted stock awards, stock options and warrants, shares |
|
|
197,414
|
|
|
|
Fair value of common shares issued as payment on notes payable |
|
|
|
300
|
|
300
|
Fair value of common shares issued as payment on notes payable, shares |
|
|
176,470
|
|
|
|
Net loss |
|
|
|
|
(15,370)
|
(15,370)
|
Deemed dividend due to warrant reset |
|
|
|
164
|
(164)
|
|
Issuance of shares for fractional adjustments related to Reverse Stock Split |
|
|
|
|
|
|
Issuance of shares for fractional adjustments related to Reverse Stock Split, shares |
|
|
31,195
|
|
|
|
Fair value of common shares issued to settle accrued expenses |
|
|
|
146
|
|
146
|
Fair value of common shares issued to settle accrued expenses, shares |
|
|
93,190
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
$ 1
|
167,179
|
(168,998)
|
(1,818)
|
Balance, shares at Jun. 30, 2023 |
|
3
|
4,317,561
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,980
|
|
$ 2
|
175,765
|
(175,622)
|
3,125
|
Balance, shares at Dec. 31, 2023 |
3,000
|
3
|
21,231,355
|
|
|
|
Sale of common stock from public offering |
|
|
$ 9
|
18,587
|
|
18,596
|
Sale of common stock from public offering, shares |
|
|
83,097,404
|
|
|
|
Fair value of vested restricted stock awards, stock options and warrants |
|
|
|
638
|
|
638
|
Fair value of vested restricted stock awards, stock options and warrants, shares |
|
|
5,139
|
|
|
|
Fair value of common shares issued as payment on notes payable |
|
|
$ 2
|
2,865
|
|
2,867
|
Fair value of common shares issued as payment on notes payable, shares |
|
|
19,114,674
|
|
|
|
Series C Preferred Shares redeemed in exchange for common shares |
$ (656)
|
|
|
656
|
|
|
Series C Preferred Shares redeemed in exchange for common shares, shares |
(505)
|
|
4,757,246
|
|
|
|
Series C Preferred Stock dividend payable |
|
|
|
|
(141)
|
(141)
|
Net loss |
|
|
|
|
(5,176)
|
(5,176)
|
Balance at Jun. 30, 2024 |
$ 2,324
|
|
$ 13
|
$ 198,511
|
$ (180,939)
|
$ 19,909
|
Balance, shares at Jun. 30, 2024 |
2,495
|
3
|
128,205,818
|
|
|
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating Activities: |
|
|
Net loss |
$ (5,176)
|
$ (15,370)
|
Loss from discontinued operations, net of tax |
|
6,954
|
Adjustments to reconcile net loss used in operating activities, net of discontinued operations: |
|
|
Depreciation and amortization |
525
|
1,166
|
Share-based compensation |
738
|
1,402
|
Amortization of debt discount |
99
|
163
|
Amortization of debt issuance costs |
73
|
127
|
Change in fair value of derivative liability |
(1)
|
(206)
|
Finance costs |
90
|
1,239
|
Effect of changes in assets and liabilities, net of discontinued operations: |
|
|
Prepaid expenses and other current assets |
(60)
|
66
|
Operating lease right-of-use assets |
28
|
134
|
ERC receivable |
(735)
|
|
Accounts payable, accrued expenses, and accrued interest |
(796)
|
(285)
|
Operating lease liabilities |
(35)
|
(75)
|
Net cash used in operating activities attributable to continuing operations |
(5,250)
|
(4,685)
|
Net cash used in operating activities attributable to discontinued operations |
|
(1,855)
|
Investing Activities: |
|
|
Capitalized software development costs |
|
(239)
|
Purchases of property and equipment |
(77)
|
(5)
|
Purchases of intangible assets |
(46)
|
|
Net cash used in investing activities attributable to continuing operations |
(123)
|
(244)
|
Net cash provided by investing activities attributable to discontinued operations |
|
4,750
|
Financing Activities: |
|
|
Proceeds from sale of common stock offerings |
18,596
|
6,578
|
Payments for accrued offering costs related to common stock offerings |
(105)
|
|
Payments for accrued offering costs related to preferred stock offering |
(180)
|
|
Payment of notes payable |
(9)
|
(375)
|
Payments for deferred offering costs |
(85)
|
|
Payment of convertible notes payable |
|
(1,350)
|
Net cash provided by financing activities attributable to continuing operations |
18,217
|
4,853
|
Net cash used in financing activities attributable to discontinued operations |
|
(1,722)
|
Net change in cash |
12,844
|
1,097
|
Cash - beginning of period |
4,353
|
2,429
|
Cash - end of period |
$ 17,197
|
$ 3,526
|
X |
- DefinitionPayments for deferred offering costs.
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v3.24.2.u1
DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
DESCRIPTION OF BUSINESS |
1.
DESCRIPTION OF BUSINESS
Our
Business
References
in this document to the “Company,” “Verb,” “we,” “us,” or “our” are intended
to mean Verb Technology Company, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated
basis.
On
October 18, 2021, the Company established verbMarketplace, LLC dba MARKET.live, a Nevada limited liability company. verbMarketplace LLC
is a wholly owned subsidiary of the Company established for the MARKET.live platform.
Through
June 13, 2023, the Company was a Software-as-a-Service (“SaaS”) applications platform developer that offered a SaaS platform
for the direct sales industry comprised of a suite of interactive video-based sales enablement business software products marketed on
a subscription basis, (the “SaaS Assets”).
On
June 13, 2023, the Company disposed of all of its operating SaaS Assets pursuant to an asset purchase agreement in consideration of the
sum of $6,500, $4,750 of which was paid in cash by the buyer at the closing of the transaction. Additional payments of $1,750 will be
paid by the buyer if certain profitability and revenue targets are met within the next two years as set forth more particularly in the
asset purchase agreement. The sale of the SaaS Assets was undertaken to allow the Company to focus its resources on MARKET.live, the
Company’s multi-vendor, multi-presenter, livestream social shopping platform, that combines ecommerce and entertainment. The Company
expects that its burgeoning MARKET.live business unit will, over time, create greater shareholder value than could have been created
through the continued operation of its SaaS Assets.
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course of business.
As
of June 30, 2024, the Company had cash of $17,197.
Equity
financing:
During
December 2023, the Company entered into a sales agreement with Ascendiant Capital Markets LLC (“Ascendiant Sales
Agreement”) to sell shares of its common stock pursuant to a prospectus supplement to the Company’s Registration
Statement on Form S-3 (File No. 333-264038). For the six months ended June 30, 2024, the Company has issued 55,700,146
shares of the Company’s common stock pursuant to the Ascendiant Sales Agreement and received net proceeds of $12,130,
net of offering costs of $136.
Pursuant
to a Regulation A offering of Form 1-A, the Company entered into subscription agreements with certain accredited investors, pursuant to which
the Company issued and sold to the investors 27,397,258
shares of its Common Stock, par value $0.0001
per share of the Company at a price of $0.24
per share for net proceeds to the Company of $6,466,
net of offering costs of $109.
The
shares that were offered and sold at-the-market under Nasdaq rules and pursuant to the Company’s Form 1-A, initially
filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on February 14, 2024 and
qualified on March 11, 2024.
The
Company filed a second Form 1-A on May 30, 2024, which was qualified on June 11, 2024. The Company has not sold any securities pursuant to this second Form 1-A.
Economic
Disruption
Our
business is dependent in part on general economic conditions. Many jurisdictions in which our customers are located and our products
are sold have experienced and could continue to experience unfavorable general economic conditions, such as inflation, increased interest
rates and recessionary concerns, which could negatively affect demand for our products. Under difficult economic conditions, customers
may seek to cease spending on our current products or fail to adopt our new products, which could negatively affect our financial performance.
We cannot predict the timing or magnitude of an economic slowdown or the timing or strength of any economic recovery. These and other
economic factors could have a material adverse effect on our business, financial condition, and results of operations.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES |
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed
or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The consolidated
balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date.
On
June 10, 2023, the board of directors approved the sale of the SaaS Assets to an unrelated third party, SW Direct Sales LLC (“SW
Sales” or the “buyer”), for $6,500 with $4,750 cash proceeds paid by buyer upon closing of the transaction. Additional
payments of $1,750 will be paid by the buyer if certain profitability and revenue targets are met within the next two years. The contingent
payments were not recorded at the closing date of the sale, rather will be recognized as the cash is received and the contingency resolved
pursuant to ASC 450-30.
Accordingly,
the Company’s consolidated financial statements are being presented pursuant to ASC 360-10-45-9 which requires that a disposal
group be classified as held for sale in the period in which all of the held for sale criteria are met. In addition to held for sale accounting,
the Company had also met the criterion pursuant to ASC 205-20, Discontinued Operations, as a strategic shift from operating and
managing a SaaS business to operating and managing a live streaming shopping platform has occurred because of the sale. The Company’s
consolidated results of operations and statements of cash flows have been reclassified to reflect the presentation of discontinued operations.
See Note 5 for details of the assets and liabilities related to the SaaS sale and discontinued operations.
In
the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to
fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all
adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not
necessarily indicative of fiscal year-end results.
Principles
of Consolidation
The
consolidated financial statements have been prepared in accordance with GAAP and include the accounts of Verb, Verb Direct, LLC, Verb
Acquisition Co., LLC, and verbMarketplace, LLC. All intercompany accounts have been eliminated in the consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the
reported periods. Significant estimates include assumptions made in analysis of assumptions made in purchase price allocations, impairment
testing of long-term assets, realization of deferred tax assets, determining fair value of derivative liabilities, and valuation of equity
instruments issued for services. Some of those assumptions can be subjective and complex, and therefore, actual results could differ
materially from those estimates under different assumptions or conditions.
Revenue
Recognition
The
Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC 606, Revenue from
Contracts with Customers (“ASC 606”). Revenue through June 13, 2023 was derived primarily from providing application
services through the SaaS application, digital marketing and sales support services. During that period, the Company also derived revenue
from the sale of customized print products and training materials, branded apparel, and digital tools, as demanded by its customers.
As a result of the sale of the SaaS business, revenue that was recorded historically from the SaaS business has been reclassified as
part of discontinued operations. See Note 5 for revenue disclosures related to the SaaS business.
A
description of our principal revenue generating activities is as follows:
MARKET.live
generates revenue through several sources as follows:
|
a. |
All
sales run through our ecommerce facility on MARKET.live from which we deduct a platform fee that ranges from 10% to 20% of gross
sales, with an average of approximately 15%, depending upon the pricing package the vendors select as well as the product category
and profit margins associated with such categories. The revenue is derived from sales generated during livestream events, from sales
realized through views of previously recorded live events available in each vendor’s store, as well as from sales of product
and merchandise displayed in the vendors’ online stores, all of which are shoppable 24/7. |
|
|
|
|
b. |
Produced
events. MARKET.live offers fee-based services that range from full production of livestream events, to providing professional hosts
and event consulting. |
|
|
|
|
c. |
Drop
Ship and Creator programs. MARKET.live is expected to generate recurring fee revenue from soon to be launched new drop ship programs
for entrepreneurs and its Creator program. |
|
|
|
|
d. |
The
Company’s TikTok Shop store and affiliate program. |
|
|
|
|
e. |
The
MARKET.live site is designed to incorporate sponsorships and other advertising based on typical industry rates. |
|
|
|
|
f. |
The
Company’s recently announced partnership with TikTok Shop. Pursuant to the terms of the partnership, MARKET.live has become
a service provider for TikTok Shop and is officially designated as a TikTok Shop Partner (TSP). Under the terms of the partnership,
TikTok Shop refers consumer brands, retailers, influencers and affiliates leads to MARKET.live for a menu of paid services that include,
among other things, assistance in onboarding to TikTok Shop and establishing a TikTok Shop store, hosting training sessions and webinars
for prospective TikTok Shop sellers, MARKET.live studio space rental in both the West Coast and East Coast MARKET.live studios, content
creation and production services, and TikTok Shop maintenance, including enhancements to existing TikTok Shop seller stores. The
partnership also contemplates TikTok Shop sponsored studio rentals, as well as a paid-for “day pass” for use of MARKET.live
studio services by TikTok creators, influencers and affiliates. It is expected that MARKET.live will generate revenue through fees,
including monthly recurring fees, paid directly to MARKET.live by the brands, retailers, influencers and affiliates referred to MARKET.live
by TikTok. In addition, it is contemplated that MARKET.live will receive a percentage of monthly revenue generated through the TikTok
Shop stores MARKET.live establishes for the brands, retailers, influencers and affiliates that TikTok Shop refers to MARKET.live. |
|
|
|
|
|
The
partnership also contemplates the use of MARKET.live studios as TikTok “Sample Centers” where TikTok creators will have
access to product samples for use in their TikTok Shop videos produced at MARKET.live studios. In addition to the compensation referenced
above, TikTok will compensate MARKET.live directly for the attainment of certain pre-established performance goals and objectives
agreed-to between the parties. |
A
performance obligation is a promise in a contract to transfer a distinct product. Performance obligations promised in a contract are
identified based on the goods that will be transferred that are both capable of being distinct and are distinct in the context of the
contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. Performance obligations include
establishing and maintaining customer online stores, providing access to the Company’s e-commerce platform and customer service
support.
The
Company’s revenue is comprised of commission fees derived from contractually committed gross revenue processed by customers on
the Company’s e-commerce platform as well as from services it provides as referenced above in sub-paragraph (f) of the Revenue
Recognition section concerning the TikTok Shop partnership. Customers do not have the contractual right to take possession of the Company’s
software. Revenue is recognized in an amount that reflects the consideration that the Company expects to ultimately receive in exchange
for those promised goods, net of expected discounts for sales promotions and customary allowances, and its services.
Revenue
is recognized on a net basis from maintaining e-commerce platforms and online orders, as the Company is engaged primarily in an agency
relationship with its customers and earns defined amounts based on the individual contractual terms for the customer and the Company
does not take possession of the customers’ inventory or any credit risks relating to the products sold.
Sales
taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded
from net sales in the consolidated statements of operations. Revenues during the three and six months ended June 30, 2024 and 2023, were
substantially all generated from clients and customers located within the United States of America.
Cost
of Revenue
Cost
of revenue primarily consists of processing fees associated with the MARKET.live platform.
Capitalized
Software Development Costs
The
Company capitalizes internal and external costs directly associated with developing internal-use software, and hosting arrangements that
include an internal-use software license, during the application development stage of its projects. The Company’s internal-use
software is reported at cost less accumulated amortization. Amortization begins once the project has been completed and is ready for
its intended use. The Company will amortize the asset on a straight-line basis over a period of three years, which is the estimated useful
life. Software maintenance activities or minor upgrades are expensed in the period performed.
Amortization
expense related to capitalized software development costs is recorded in depreciation and amortization in the condensed consolidated
statements of operations.
Preferred
Stock
The
Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement
of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at
fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. At all other times, preferred shares are classified as part of stockholders’ equity. Accordingly,
the Series C Preferred Stock offering on December 29, 2023 is classified as part of stockholders’ equity as of June 30, 2024 and
December 31, 2023.
Fair
Value of Financial Instruments
The
Company follows the guidance of FASB ASC 820 and ASC 825 for disclosure and measurement of the fair value of its financial instruments.
FASB ASC 820 establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, ASC 820 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 ASC 820 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 observable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalents, prepaid expenses, and accounts
payable and accrued expenses approximate their fair value due to their short-term nature. The carrying amount of notes payable approximates
the fair value due to the fact that the interest rates on these obligations are based on prevailing market interest rates. The Company
uses Level 2 inputs for its valuation methodology for the derivative liabilities.
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded
at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements
of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as
current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of
the balance sheet date.
The
Company uses Level 2 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
a Binomial pricing model. The Company’s derivative liabilities are adjusted to reflect fair value at each period end, with any
increase or decrease in the fair value being recorded in results of operations as adjusted to fair value of derivatives.
Share-Based
Compensation
The
Company issues stock options and warrants, shares of common stock and restricted stock units as share-based compensation to employees
and non-employees. The Company accounts for its share-based compensation in accordance with FASB ASC 718, Compensation – Stock
Compensation. Share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is
recognized as expense over the requisite service period. The fair value of restricted stock units is determined based on the number of
shares granted and the quoted price of our common stock and is recognized as expense over the service period. Forfeitures are accounted
for as they occur. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid
cash for services.
Net
Loss Per Share
Basic
net loss per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net loss
per share is computed giving effect to all dilutive potential shares of common stock that were outstanding during the period. Dilutive
potential shares of common stock consist of incremental shares of common stock issuable upon exercise of stock options. No dilutive potential
shares of common stock were included in the computation of diluted net loss per share because their impact was anti-dilutive.
As
of June 30, 2024, and 2023, the Company had total outstanding options of 2,038,965 and 1,099,523, respectively, and warrants of 740,368
and 951,804, respectively, and outstanding restricted stock awards of 148,227 and 21,535, respectively, and convertible notes issued
to a related party that were convertible into 0 and 21,874 shares at $41.20 per share, respectively, which were excluded from the computation
of net loss per share because they are anti-dilutive.
At
the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant
to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted
from Nasdaq.
Concentration
of Credit and Other Risks
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. Cash is deposited
with a limited number of financial institutions. The balances held at any one financial institution at times may be in excess of Federal
Deposit Insurance Corporation (“FDIC”) insurance limits of up to $250.
The
Company’s concentration of credit risk includes its concentrations from key customers and vendors. The details of these significant
customers and vendors are presented in the following table for the six months ended June 30, 2024 and 2023:
SCHEDULE
OF CONCENTRATION RISK
|
|
Six
Months Ended June 30, |
|
|
2024 |
|
2023 |
The
Company’s largest customers are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Revenues |
|
One
customer that accounted for 52% of revenues |
|
No
customers individually over 10% |
|
|
|
|
|
The
Company’s largest vendors are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Purchases |
|
One
vendor that accounted for 18% of its purchases individually and in the aggregate |
|
One
vendor that accounted for 32% of its purchases individually and in the aggregate |
Supplemental
Cash Flow Information
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 1 | | |
$ | 234 | |
Cash paid for income taxes | |
$ | 1 | | |
$ | 2 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities attributable to continuing operations: | |
| | | |
| | |
Fair value of common shares issued as payment on notes payable | |
$ | 2,777 | | |
$ | 300 | |
Fair value of common shares issued to redeem Series C preferred shares | |
| 656 | | |
| - | |
Fair value of common shares issued to settle accrued expenses | |
| - | | |
| 146 | |
Supplemental disclosure of non-cash investing and financing activities attributable to discontinued operations: | |
| | | |
| | |
Discount recognized from advances on future receipts | |
$ | - | | |
$ | 558 | |
Recent
Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”).
The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes
receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model,
under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s
provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance
is effective. The adoption of this standard did not have any material impact on the Company’s financial statements.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards
Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which
requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We
do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission (the “SEC”) did not or are not believed by management to have a material
impact on the Company’s present or future consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
CAPITALIZED SOFTWARE DEVELOPMENT COSTS
|
6 Months Ended |
Jun. 30, 2024 |
Research and Development [Abstract] |
|
CAPITALIZED SOFTWARE DEVELOPMENT COSTS |
3.
CAPITALIZED SOFTWARE DEVELOPMENT COSTS
In
2020, the Company began developing MARKET.live, a livestream ecommerce platform, and has capitalized $7,131 of internal and external
development costs as of June 30, 2024 and December 31, 2023, respectively. In October 2021, the Company entered into a 10-year license
and services agreement with a third party (the “Primary Contractor”) to develop on a work-for-hire basis certain components
of MARKET.live. The Primary Contractor’s fees for developing such components, including the license fee, is $5,750. The Primary
Contractor was paid an additional $500 bonus in April 2022 for services rendered pursuant to the license and service agreement.
For
the three and six months ended June 30, 2024 and 2023, the Company amortized $250 and $539, respectively and $499 and $1,077, respectively.
Capitalized
software development costs, net consisted of the following:
SCHEDULE
OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Beginning balance | |
$ | 3,990 | | |
$ | 6,176 | |
| |
| | | |
| | |
Additions | |
| - | | |
| 23 | |
Amortization | |
| (499 | ) | |
| (2,209 | ) |
Ending balance | |
$ | 3,491 | | |
$ | 3,990 | |
The
expected future amortization expense for capitalized software development costs as of June 30, 2024, is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSE
Year ending | |
Amortization | |
2024 remaining | |
$ | 499 | |
2025 | |
| 998 | |
2026 | |
| 997 | |
2027 | |
| 997 | |
2028 and thereafter | |
| - | |
Total amortization | |
$ | 3,491 | |
Option
to Acquire Primary Contractor
In
August 2021, the Company entered into a term sheet that provided the Company the option to purchase the Primary Contractor provided certain
conditions are met. In November 2021, the Company exercised this option. The Company and the Primary Contractor subsequently reached
an agreement-in-principle on the terms for the Company’s acquisition of the Primary Contractor, the final consummation of which
is subject to the execution of a share purchase agreement (the “SPA”) and the completion of an audit of the Primary Contractor
that is satisfactory to the Company (the “Primary Contractor Audit”), as well as the fulfillment by the Primary Contractor
of certain other conditions set forth in the term sheet. The term sheet stipulates that if the Company had entered into the SPA and the
Primary Contractor had the Primary Contractor Audit successfully completed prior to May 15, 2022 (or a subsequent mutually agreed upon
date) and the Company thereafter determines not to consummate the acquisition of the Primary Contractor, the Company would have been
liable for a $1,000 break-up fee payable to the Primary Contractor. However, as of May 15, 2022, the SPA had not been executed and the
Primary Contractor Audit was not completed. The parties are still working together and in discussions regarding the transaction. Based
on the term sheet, the purchase price for the Primary Contractor would have been $12,000, which could be paid in cash and/or stock, although
the final terms of the acquisition if pursued will be set forth in the final executed SPA. There can be no assurance that the acquisition
will be completed on the terms set forth in the term sheet or at all.
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.
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v3.24.2.u1
OPERATING LEASES
|
6 Months Ended |
Jun. 30, 2024 |
Operating Leases |
|
OPERATING LEASES |
4.
OPERATING LEASES
The
components of lease expense and supplemental cash flow information related to leases for the period are as follows:
SCHEDULE
OF LEASE COST
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost | |
| | | |
| | |
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations) | |
$ | 65 | | |
$ | 170 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 45 | | |
$ | 113 | |
Weighted average remaining lease term – operating leases (in years) | |
| 2.25 | | |
| 3.92 | |
Weighted average discount rate – operating leases | |
| 9.0 | % | |
| 4.0 | % |
SCHEDULE
OF OPERATING LEASES ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| | | |
| | |
Right-of-use assets | |
$ | 190 | | |
$ | 218 | |
| |
| | | |
| | |
Short-term operating lease liabilities | |
$ | 72 | | |
$ | 67 | |
Long-term operating lease liabilities | |
| 123 | | |
| 164 | |
Total operating lease liabilities | |
$ | 195 | | |
$ | 231 | |
SCHEDULE
OF PRESENT VALUE OF LEASE LIABILITIES
Year ending | |
Operating Leases | |
2024 remaining | |
$ | 46 | |
2025 | |
| 96 | |
2026 | |
| 75 | |
2027 | |
| - | |
2028 and thereafter | |
| - | |
Total lease payments | |
| 217 | |
Less: Imputed interest/present value discount | |
| (22 | ) |
Present value of lease liabilities | |
$ | 195 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.2.u1
DISCONTINUED OPERATIONS
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
5.
DISCONTINUED OPERATIONS
On
June 13, 2023, the Company entered into a definitive agreement to sell all of its SaaS operating assets and liabilities to SW Sales for
$6,500, including $4,750 of cash due upon closing. The operations of the SaaS business have been presented within discontinued operations.
Upon completion of the sale of assets to SW Sales, in which the buyer assumed all liabilities related to the SaaS business, the Company
recorded an impairment of $5,441 within loss from discontinued operations as the carrying amount of the net assets exceeded the sale
price, less selling costs.
The
following information presents the net revenues and net loss of the SaaS business for the three and six months ended June 30, 2024 and
2023:
SCHEDULE
OF NET REVENUES AND NET LOSS OF THE SAAS BUSINESS
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 1,601 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,080 | ) |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 3,814 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,954 | ) |
|
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.24.2.u1
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
6.
NOTES PAYABLE
The
Company has the following outstanding notes payable as of June 30, 2024 and December 31, 2023:
SCHEDULE
OF NOTES PAYABLE
Note | |
Issuance Date | |
Maturity
Date | |
Interest
Rate | | |
Original
Borrowing | | |
Balance at June 30, 2024 | | |
Balance
at December 31, 2023 | |
Note payable (A) | |
May 15, 2020 | |
May 15, 2050 | |
| 3.75 | % | |
$ | 150 | | |
$ | 128 | | |
$ | 137 | |
Promissory note payable (B) | |
November 7, 2022 | |
May 7, 2024 | |
| 9.0 | % | |
| 5,470 | | |
| - | | |
| 1,179 | |
Promissory note payable (C) | |
October 11, 2023 | |
April 11, 2025 | |
| 9.0 | % | |
| 1,005 | | |
| - | | |
| 1,005 | |
Debt discount | |
| |
| |
| | | |
| | | |
| - | | |
| (99 | ) |
Debt issuance costs | |
| |
| |
| | | |
| | | |
| - | | |
| (73 | ) |
Total notes payable | |
| |
| |
| | | |
| | | |
| 128 | | |
| 2,149 | |
Non-current | |
| |
| |
| | | |
| | | |
| (112 | ) | |
| (362 | ) |
Current | |
| |
| |
| | | |
| | | |
$ | 16 | | |
$ | 1,787 | |
|
(A) |
On
May 15, 2020, the Company executed an unsecured loan with the SBA under the Economic Injury Disaster Loan program in the amount of
$150. Installment payments, including principal and interest, began on October 26, 2022. As of June 30, 2024 and December 31, 2023,
the outstanding principal and accrued interest balance due under the note was $128 and $137, respectively. |
|
|
|
|
(B) |
On
November 7, 2022, the Company entered into a note purchase agreement (the “November Note Purchase Agreement”) and promissory
note with an institutional investor (the “November Note Holder”) providing for the sale and issuance of an unsecured,
non-convertible promissory note in the original principal amount of $5,470, which has an original issue discount of $470, resulting
in gross proceeds to the Company of approximately $5,000 (the “November Note,” and such financing, the “November
Note Offering”). The November Note matures eighteen months following the date of issuance. Commencing six months from the date
of issuance, the Company is required to make monthly cash redemption payments in an amount not to exceed $600. The November Note
may be repaid in whole or in part prior to the maturity date for a 10% premium. The November Note requires the Company to use up
to 20% of the gross proceeds raised from future equity or debt financings, or the sale of any subsidiary or material asset, to prepay
the November Note, subject to a $2,000 cap on the aggregate prepayment amount. Until all obligations under the November Note have
been paid in full, the Company is not permitted to grant a security interest in any of its assets, or to issue securities convertible
into shares of common stock, subject in each case to certain exceptions. verbMarketplace, LLC entered into a guaranty, dated November
7, 2022, in connection with the November Note Offering, pursuant to which it guaranteed the obligations of the Company under the
November Note in exchange for receiving a portion of the loan proceeds. |
|
|
In
connection with the November Note Offering, the Company incurred $335 of debt issuance costs. The debt issuance costs and the debt
discount of $450 were being amortized over the term of the November Notes using the effective interest rate method. As of December
31, 2023, the amount of unamortized debt discount and debt issuance costs was $99 and $73, respectively. During the six months ended
June 30, 2024, the Company amortized the remaining amount of $99 of debt discount and $73 of debt issuance costs. |
|
|
|
|
|
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock
pursuant to an exchange agreement in exchange for a reduction of $1,720 on the outstanding
balance of the November Notes. The shares issued for the share exchange agreement were valued
based upon the Nasdaq at-the-market price and is being consistently applied for each share
exchange. As a result, there was no gain or loss on the transaction.
On
March 18, 2024, the Company paid the November Notes in full. |
|
|
|
|
(C) |
On
October 11, 2023, the Company entered into a note purchase agreement with Streeterville pursuant
to which Streeterville purchased the Note in the aggregate principal amount of $1,005. The
Note bears interest at 9.0% per annum compounded daily. The maturity date of the Note is
18 months from the date of its issuance.
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock pursuant to an exchange agreement in
exchange for a reduction of $1,057 on the outstanding balance of the Note. The shares issued under the share exchange agreement were
valued based upon the Nasdaq at-the-market price and is being consistently applied for each share exchange. The shares issued for
the final share exchange agreement on May 3, 2024 were valued at a 10% discount resulting in a loss on this particular transaction
of $90. This amount has been recorded as a finance cost in the Company’s condensed consolidated statement of operations for
the three and six months ended June 30, 2024.
On
May 3, 2024, the Note was repaid in full. |
The
following table provides a breakdown of interest expense:
SCHEDULE
OF INTEREST EXPENSE
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | - | | |
$ | 77 | |
Interest expense – amortization of debt issuance costs | |
| - | | |
| 57 | |
Interest expense – other | |
| 10 | | |
| 165 | |
| |
| | | |
| | |
Total interest expense | |
$ | 10 | | |
$ | 299 | |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | 99 | | |
$ | 163 | |
Interest expense – amortization of debt issuance costs | |
| 73 | | |
| 127 | |
Interest expense | |
| 63 | | |
| 480 | |
| |
| | | |
| | |
Total interest expense | |
$ | 235 | | |
$ | 770 | |
Total
interest expense for notes payable to related parties was $0 and $46 for the six months ended June 30, 2024 and 2023, respectively. The
Company paid no interest to related parties for the six months ended June 30, 2024 and 2023, respectively.
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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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v3.24.2.u1
DERIVATIVE LIABILITY
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE LIABILITY |
7.
DERIVATIVE LIABILITY
Under
authoritative guidance used by the FASB on determining whether an instrument (or embedded feature) is indexed to an entity’s own
stock, instruments that do not have fixed settlement provisions are deemed to be derivative instruments. In prior years, the Company
granted certain warrants that included a fundamental transaction provision that could give rise to an obligation to pay cash to the warrant
holder. As a result, the fundamental transaction clause of these warrants are accounted for as a derivative liability in accordance with
ASC 815 and are being re-measured every reporting period with the change in value reported in the statement of operations.
The
derivative liabilities were valued using a Binomial pricing model with the following average assumptions:
SCHEDULE
OF DERIVATIVE LIABILITY USING BINOMIAL PRICING MODEL ASSUMPTIONS
| |
June 30, 2024 | | |
December 31, 2023 | |
Stock Price | |
$ | 0.12 | | |
$ | 0.17 | |
Exercise Price | |
$ | 8.00 | | |
$ | 8.00 | |
Expected Life | |
| 0.61 | | |
| 1.08 | |
Volatility | |
| 160 | % | |
| 202 | % |
Dividend Yield | |
| 0 | % | |
| 0 | % |
Risk-Free Interest Rate | |
| 5.19 | % | |
| 4.79 | % |
Total Fair Value | |
$ | - | | |
$ | 1 | |
The
expected life of the warrants was based on the remaining contractual term of the instruments. The Company uses the historical volatility
of its common stock to estimate the future volatility for its common stock. The expected dividend yield was based on the fact that the
Company has not paid dividends in the past and does not expect to pay dividends in the future. The risk-free interest rate was based
on rates established by the Federal Reserve Bank.
During
the six months ended June 30, 2024, the Company recorded income of $1 to account for the changes in the fair value of these derivative
liabilities during the period. At June 30, 2024, the fair value of the derivative liability was $0.
During
the six months ended June 30, 2023, the Company recorded income of $206 to account for the changes in the fair value of these derivative
liabilities during the period.
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v3.24.2.u1
CAPITAL STOCK
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
CAPITAL STOCK |
8.
CAPITAL STOCK
Common
Stock
The
Company’s common stock activity for the six months ended June 30, 2024 is as follows:
Shares
Issued as Part of ATM Offerings
During
the six months ended June 30, 2024, the Company issued 55,700,146 shares of its common stock and received net proceeds of $12,130, net
of offering costs of $136, resulting from ATM issuances. On March 19, 2024, the Ascendiant Sales Agreement was amended to increase the
amount available from $960 to $6,260. On March 29, 2024, the Ascendiant Sales Agreement was amended to increase the amount available
from $6,260 to $9,010. On May 10, 2024, the Ascendiant Sales Agreement was amended to increase the amount available from $9,010 to $12,765.
Regulation
A Public Offering
During
the six months ended June 30, 2024, the Company issued 27,397,258 shares of its common stock and received net proceeds of $6,466, net
of offering costs of $109, resulting from a Form 1-A public offering of its common stock pursuant to Regulation A.
Shares
Issued as Payment on Notes Payable
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock to Streeterville in exchange for a reduction
of $1,720 on the outstanding balance of the November Notes.
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock pursuant to an exchange agreement in exchange
for a reduction of $1,057 on the outstanding balance of the Note.
Shares
Issued for Services
During
the six months ended June 30, 2024, the Company issued 4,514
shares of common stock to its CEO, Rory Cutaia, associated with the vesting of Restricted Stock Units.
Series
C Preferred Shares Redeemed in Exchange for Common Shares
On
May 9, 2024, the Company redeemed 505 Series C Preferred Shares in exchange for 4,757,246 common shares in order to reduce the amount
of dividend to be accrued. See Note 13 – Subsequent Events.
Preferred
Stock
The
Company’s preferred stock activity for the six months ended June 30, 2024 was as follows:
Series
C
On
December 28, 2023, the Company filed a certificate of designation of preferences and rights (the “Certificate of Designation”)
of Series C Preferred Stock (the “Series C Preferred Stock”), with the Secretary of State of Nevada, designating 5,000 shares
of preferred stock, par value $0.0001 of the Company, as Series C Preferred Stock. Each share of Series C Preferred Stock shall have
a stated face value of $1,300.00 (“Stated Value”). The Series C Preferred Stock is not convertible into common shares of
capital stock of the Company and as such is non-dilutive to current stockholders.
Each
share of Series C Preferred Stock shall accrue a rate of return on the Stated Value at the rate of 10% per year, compounded annually
to the extent not paid as set forth in the Certificate of Designation, and to be determined pro rata for any fractional year periods (the
“Preferred Return”). The Preferred Return shall accrue on each share of Series C Preferred Stock from the date of its issuance
and shall be payable or otherwise settled as set forth in the Certificate of Designation.
Commencing
on the 1 year anniversary of the issuance date of each share of Series C Preferred Stock, each such share of Series C Preferred Stock
shall accrue an automatic quarterly dividend, based on three quarters of 91 days each and the last quarter of 92 days (or 93 days for
leap years), which shall be calculated on the Stated Value of such share of Series C Preferred Stock, and which shall be payable in additional
shares of Series C Preferred Stock, based on the Stated Value, or in cash as set forth in the Certificate of Designation (each, as applicable,
the “Quarterly Dividend”). For the period beginning on the 1 year anniversary of the issuance date of a share of Series C
Preferred Stock to the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the Quarterly Dividend shall be
2.5% per quarter, and for all periods following the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the
Quarterly Dividend shall be 5% per quarter.
Subject
to the terms and conditions set forth in the Certificate of Designation, at any time the Company may elect, in the sole discretion of
the Board of Directors, to redeem all, but not less than all, of the Series C Preferred Stock then issued and outstanding from all of
the Series C Preferred Stock Holders (a “Corporation Optional Redemption”) by paying to the applicable Series C Preferred
Stock Holders an amount in cash equal to the Series C Preferred Liquidation Amount (as defined in the Certificate of Designation) then
applicable to such shares of Series C Preferred Stock being redeemed in the Corporation Optional Conversion (the “Redemption Price”).
The
Series C Preferred Stock confers no voting rights on holders, except with respect to matters that materially and adversely affect the
voting powers, rights or preferences of the Series C Preferred Stock or as otherwise required by applicable law.
On
December 29, 2023, the Company entered into a Securities Purchase Agreement with Streeterville, pursuant to which the Company sold and
Streeterville purchased 3,000 shares of the Company’s newly designated non-convertible Series C Preferred Stock (the “Series
C Shares”) for a total purchase price of $3,000. The Shares have a 10% stated annual dividend, no voting rights and has a face
value of $1,300 per share. The sale of the Series C Shares was consummated on December 29, 2023.
On
May 9, 2024, the Company redeemed 505 Series C Preferred Shares in exchange for 4,757,246 common shares in order to reduce the amount
of dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and
no fees or commissions were paid or incurred by the Company. See Note 13 – Subsequent Events.
The
Company has accrued $141 in preferred stock dividend payable as of June 30, 2024.
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v3.24.2.u1
RESTRICTED STOCK UNITS
|
6 Months Ended |
Jun. 30, 2024 |
Restricted Stock Units |
|
RESTRICTED STOCK UNITS |
9.
RESTRICTED STOCK UNITS
A
summary of restricted stock unit activity for the six months ended June 30, 2024 is presented below.
SUMMARY
OF RESTRICTED STOCK AWARD ACTIVITY
| |
| | |
Weighted- | |
| |
| | |
Average | |
| |
| | |
Grant Date | |
| |
Shares | | |
Fair Value | |
| |
| | |
| |
Non-vested at January 1, 2024 | |
| 153,366 | | |
$ | 5.88 | |
Granted | |
| - | | |
| - | |
Vested/deemed vested | |
| (5,139 | ) | |
| 52.60 | |
Forfeited | |
| - | | |
| - | |
Non-vested at June 30, 2024 | |
| 148,227 | | |
$ | 4.26 | |
The
total fair value of restricted stock units that vested or deemed vested during the six months ended June 30, 2024 was $270. The total
stock compensation expense recognized relating to the vesting of restricted stock units for the three and six months ended June 30, 2024
amounted to $104 and $209, respectively. As of June 30, 2024, the amount of unvested compensation related to issuances of restricted
stock units was $376 which will be recognized as an expense in future periods as the shares vest.
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v3.24.2.u1
STOCK OPTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTIONS |
10.
STOCK OPTIONS
A
summary of option activity for the six months ended June 30, 2024 is presented below.
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Life (Years) | | |
Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 2,086,882 | | |
$ | 1.20 | | |
| 4.60 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (47,917 | ) | |
| 2.24 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024 | |
| 2,038,965 | | |
$ | 1.18 | | |
| 4.04 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
At
June 30, 2024, the intrinsic value of the outstanding options was $0.
The
total stock compensation expense recognized relating to the vesting of stock options for the three and six months ended June 30, 2024
amounted to $206 and $429. As of June 30, 2024, the total unrecognized share-based compensation expense was $1,023, which is expected
to be recognized as part of operating expense through September 2027.
The
fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions:
SCHEDULE
OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 4.62 | % | |
| 3.95 | % |
Average expected term | |
| 5 years | | |
| 5 years | |
Expected volatility | |
| 270.57 | % | |
| 127.5 | % |
Expected dividend yield | |
| - | | |
| - | |
The
risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected
term of the share option award; the expected term represents the weighted-average period of time that share option awards granted are
expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility
is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the
Company has not paid dividends in the past and does not expect to pay dividends in the future.
|
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v3.24.2.u1
STOCK WARRANTS
|
6 Months Ended |
Jun. 30, 2024 |
Stock Warrants |
|
STOCK WARRANTS |
11.
STOCK WARRANTS
The
Company has the following warrants outstanding as of June 30, 2024, all of which are exercisable:
SCHEDULE
OF WARRANTS OUTSTANDING
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 919,664 | | |
$ | 33.76 | | |
| 3.10 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (179,296 | ) | |
| 138.20 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024, all vested | |
| 740,368 | | |
$ | 8.47 | | |
| 3.29 | | |
$ | - | |
At
June 30, 2024 the intrinsic value of the outstanding warrants was $0.
On
January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale
of 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. As a result of this transaction,
certain warrants which previously had an exercise price of $13.60 per share, had the exercise price reduced to $8.00 per share, which
resulted in the Company recognizing a deemed dividend of $164.
At
the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant
to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted
from Nasdaq.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
12.
COMMITMENTS AND CONTINGENCIES
Litigation
The
Company is currently in a dispute with a former employee of its predecessor bBooth, Inc. who has interposed a breach of contract claim
in which he alleges that in 2015 he was entitled to approximately $300 in unpaid bonus compensation. This former employee filed his complaint
in the Superior Court of California for the County of Los Angeles on November 20, 2019, styled Meyerson v. Verb Technology Company, Inc.,
et al. (Case No. 19STCV41816). The Company disputed the former employee’s claims and interposed several affirmative defenses, including
that the claims are contradicted by documentary evidence, barred by the applicable statute of limitations, and barred by a written, executed
release. On February 9, 2021, the former employee’s counsel filed a motion for summary judgment, or in the alternative, summary
adjudication against the Company. On October 13, 2021, the California court issued an order (i) denying the former employee’s motion
for summary judgment on his claims against the Company, but (ii) granting the former employee’s motion to dismiss the Company’s
affirmative defenses, which ruling the Company contends was in error. Under the rules, the Company is precluded from appealing the dismissal
of its affirmative defenses until after a trial. On August 29, 2023, after a bench trial at which the Company was precluded from introducing
evidence of its affirmative defenses, the court found in favor of Plaintiff Meyerson; and judgment was entered in Meyerson’s favor
in the amount of $584 which included interest. Meyerson’s counsel thereafter submitted an untimely request for attorney’s
fees and costs which the Company has opposed. As of this date, that motion has yet to be decided. After the trial, the Company filed
a timely appeal from the judgment (Meyerson v. Verb Technology Company, Inc. (2023 2nd Appellate District) Case No.: B334777, seeking
among other things, that the trial court’s finding be vacated and that the Company’s affirmative defenses be reinstated.
As of this date, the appeal has yet to be heard. The Company has accrued the liability at June 30, 2024 and believes the accrual is adequate
pending the outcome of the appeal process.
The
Company knows of no material proceedings in which any of its directors, officers, or affiliates, or any registered or beneficial stockholder
is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.
The
Company believes it has adequately reserved for all litigation within its financial statements.
Board
of Directors
The
Company has committed an aggregate of $598 in board fees to its three independent board members over the term of their appointment for
services to be rendered. This amount includes a one-time performance-based bonus payment to a board member that is non-recurring. The
Company’s CEO does not receive compensation for serving on the Board of Directors.
Board
fees are accrued and paid monthly. The members will serve on the board until the annual meeting for the year in which their term expires
or until their successors have been elected and qualified.
Total
board fees expensed during the six months ended June 30, 2024 was $403.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
13.
SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through August 14, 2024, the date these financial statements are available to be issued. The
Company believes there were no material events or transactions discovered during this evaluation that requires recognition or disclosure
in the financial statements other than the items discussed below.
Series
C Preferred Shares Redeemed in Exchange for Common Shares
On
December 29, 2023, the Company issued 3,000 Series C Preferred Shares to an institutional investor pursuant to a securities purchase
agreement and certificate of designation previously filed. The Series C Preferred Shares carried a 10% annual dividend.
Subsequent
to June 30, 2024, the Company redeemed 1,300
Series C Preferred Shares in exchange for 17,391,534
common shares in order to reduce the amount of
dividend to be accrued. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and no
fees or commissions were paid or incurred by the Company.
Nasdaq Delisting Notice
On August 6, 2024,
the Company received notice from the Staff indicating that the bid price for the Company’s common stock had closed below $0.10 per
share for the 10-consecutive trading day period ended August 5, 2024 and, accordingly, the Company is subject to the provisions contemplated
under Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stock Rule”) and its securities are subject to delisting from
Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).
On August 12, 2024,
the Company timely requested a hearing before the Panel, which such request automatically stays any further action by Nasdaq at least
until the hearing is held and the expiration of any extension period that may be granted by the Panel. The Company’s common stock
will continue to trade on Nasdaq under the symbol “VERB” pending completion of the hearing process. There can be no assurance
that the Panel will grant the Company’s request for continued listing or that the Company will be able meet the continued listing
requirements during any compliance period that may be granted by the Panel.
On
August 2, 2024, the Company filed a preliminary proxy statement on Schedule 14A in connection with the Company’s annual
meeting of stockholders scheduled for September 26, 2024. On August 6, 2024, the Company filed an amended proxy statement on
Schedule PRER14A. In the event the Company does not regain compliance with the Bid Price Rule on or before September 26, 2024, then
at the annual meeting, the Company intends to seek the approval of its stockholders to implement a reverse
stock split in the range within a range of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200). Upon
receipt of the requisite approval of its stockholders, the Company intends to expeditiously implement the reverse stock split to
regain compliance with Nasdaq’s bid price requirement.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed
or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 filed with the SEC on April 1, 2024 (the “2023 Annual Report”). The consolidated
balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date.
On
June 10, 2023, the board of directors approved the sale of the SaaS Assets to an unrelated third party, SW Direct Sales LLC (“SW
Sales” or the “buyer”), for $6,500 with $4,750 cash proceeds paid by buyer upon closing of the transaction. Additional
payments of $1,750 will be paid by the buyer if certain profitability and revenue targets are met within the next two years. The contingent
payments were not recorded at the closing date of the sale, rather will be recognized as the cash is received and the contingency resolved
pursuant to ASC 450-30.
Accordingly,
the Company’s consolidated financial statements are being presented pursuant to ASC 360-10-45-9 which requires that a disposal
group be classified as held for sale in the period in which all of the held for sale criteria are met. In addition to held for sale accounting,
the Company had also met the criterion pursuant to ASC 205-20, Discontinued Operations, as a strategic shift from operating and
managing a SaaS business to operating and managing a live streaming shopping platform has occurred because of the sale. The Company’s
consolidated results of operations and statements of cash flows have been reclassified to reflect the presentation of discontinued operations.
See Note 5 for details of the assets and liabilities related to the SaaS sale and discontinued operations.
In
the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to
fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all
adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not
necessarily indicative of fiscal year-end results.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements have been prepared in accordance with GAAP and include the accounts of Verb, Verb Direct, LLC, Verb
Acquisition Co., LLC, and verbMarketplace, LLC. All intercompany accounts have been eliminated in the consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the
reported periods. Significant estimates include assumptions made in analysis of assumptions made in purchase price allocations, impairment
testing of long-term assets, realization of deferred tax assets, determining fair value of derivative liabilities, and valuation of equity
instruments issued for services. Some of those assumptions can be subjective and complex, and therefore, actual results could differ
materially from those estimates under different assumptions or conditions.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) ASC 606, Revenue from
Contracts with Customers (“ASC 606”). Revenue through June 13, 2023 was derived primarily from providing application
services through the SaaS application, digital marketing and sales support services. During that period, the Company also derived revenue
from the sale of customized print products and training materials, branded apparel, and digital tools, as demanded by its customers.
As a result of the sale of the SaaS business, revenue that was recorded historically from the SaaS business has been reclassified as
part of discontinued operations. See Note 5 for revenue disclosures related to the SaaS business.
A
description of our principal revenue generating activities is as follows:
MARKET.live
generates revenue through several sources as follows:
|
a. |
All
sales run through our ecommerce facility on MARKET.live from which we deduct a platform fee that ranges from 10% to 20% of gross
sales, with an average of approximately 15%, depending upon the pricing package the vendors select as well as the product category
and profit margins associated with such categories. The revenue is derived from sales generated during livestream events, from sales
realized through views of previously recorded live events available in each vendor’s store, as well as from sales of product
and merchandise displayed in the vendors’ online stores, all of which are shoppable 24/7. |
|
|
|
|
b. |
Produced
events. MARKET.live offers fee-based services that range from full production of livestream events, to providing professional hosts
and event consulting. |
|
|
|
|
c. |
Drop
Ship and Creator programs. MARKET.live is expected to generate recurring fee revenue from soon to be launched new drop ship programs
for entrepreneurs and its Creator program. |
|
|
|
|
d. |
The
Company’s TikTok Shop store and affiliate program. |
|
|
|
|
e. |
The
MARKET.live site is designed to incorporate sponsorships and other advertising based on typical industry rates. |
|
|
|
|
f. |
The
Company’s recently announced partnership with TikTok Shop. Pursuant to the terms of the partnership, MARKET.live has become
a service provider for TikTok Shop and is officially designated as a TikTok Shop Partner (TSP). Under the terms of the partnership,
TikTok Shop refers consumer brands, retailers, influencers and affiliates leads to MARKET.live for a menu of paid services that include,
among other things, assistance in onboarding to TikTok Shop and establishing a TikTok Shop store, hosting training sessions and webinars
for prospective TikTok Shop sellers, MARKET.live studio space rental in both the West Coast and East Coast MARKET.live studios, content
creation and production services, and TikTok Shop maintenance, including enhancements to existing TikTok Shop seller stores. The
partnership also contemplates TikTok Shop sponsored studio rentals, as well as a paid-for “day pass” for use of MARKET.live
studio services by TikTok creators, influencers and affiliates. It is expected that MARKET.live will generate revenue through fees,
including monthly recurring fees, paid directly to MARKET.live by the brands, retailers, influencers and affiliates referred to MARKET.live
by TikTok. In addition, it is contemplated that MARKET.live will receive a percentage of monthly revenue generated through the TikTok
Shop stores MARKET.live establishes for the brands, retailers, influencers and affiliates that TikTok Shop refers to MARKET.live. |
|
|
|
|
|
The
partnership also contemplates the use of MARKET.live studios as TikTok “Sample Centers” where TikTok creators will have
access to product samples for use in their TikTok Shop videos produced at MARKET.live studios. In addition to the compensation referenced
above, TikTok will compensate MARKET.live directly for the attainment of certain pre-established performance goals and objectives
agreed-to between the parties. |
A
performance obligation is a promise in a contract to transfer a distinct product. Performance obligations promised in a contract are
identified based on the goods that will be transferred that are both capable of being distinct and are distinct in the context of the
contract, whereby the transfer of the goods is separately identifiable from other promises in the contract. Performance obligations include
establishing and maintaining customer online stores, providing access to the Company’s e-commerce platform and customer service
support.
The
Company’s revenue is comprised of commission fees derived from contractually committed gross revenue processed by customers on
the Company’s e-commerce platform as well as from services it provides as referenced above in sub-paragraph (f) of the Revenue
Recognition section concerning the TikTok Shop partnership. Customers do not have the contractual right to take possession of the Company’s
software. Revenue is recognized in an amount that reflects the consideration that the Company expects to ultimately receive in exchange
for those promised goods, net of expected discounts for sales promotions and customary allowances, and its services.
Revenue
is recognized on a net basis from maintaining e-commerce platforms and online orders, as the Company is engaged primarily in an agency
relationship with its customers and earns defined amounts based on the individual contractual terms for the customer and the Company
does not take possession of the customers’ inventory or any credit risks relating to the products sold.
Sales
taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded
from net sales in the consolidated statements of operations. Revenues during the three and six months ended June 30, 2024 and 2023, were
substantially all generated from clients and customers located within the United States of America.
|
Cost of Revenue |
Cost
of Revenue
Cost
of revenue primarily consists of processing fees associated with the MARKET.live platform.
|
Capitalized Software Development Costs |
Capitalized
Software Development Costs
The
Company capitalizes internal and external costs directly associated with developing internal-use software, and hosting arrangements that
include an internal-use software license, during the application development stage of its projects. The Company’s internal-use
software is reported at cost less accumulated amortization. Amortization begins once the project has been completed and is ready for
its intended use. The Company will amortize the asset on a straight-line basis over a period of three years, which is the estimated useful
life. Software maintenance activities or minor upgrades are expensed in the period performed.
Amortization
expense related to capitalized software development costs is recorded in depreciation and amortization in the condensed consolidated
statements of operations.
|
Preferred Stock |
Preferred
Stock
The
Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement
of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at
fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. At all other times, preferred shares are classified as part of stockholders’ equity. Accordingly,
the Series C Preferred Stock offering on December 29, 2023 is classified as part of stockholders’ equity as of June 30, 2024 and
December 31, 2023.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows the guidance of FASB ASC 820 and ASC 825 for disclosure and measurement of the fair value of its financial instruments.
FASB ASC 820 establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, ASC 820 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 ASC 820 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 observable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash and cash equivalents, prepaid expenses, and accounts
payable and accrued expenses approximate their fair value due to their short-term nature. The carrying amount of notes payable approximates
the fair value due to the fact that the interest rates on these obligations are based on prevailing market interest rates. The Company
uses Level 2 inputs for its valuation methodology for the derivative liabilities.
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded
at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements
of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as
current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of
the balance sheet date.
The
Company uses Level 2 inputs for its valuation methodology for the derivative liabilities as their fair values were determined by using
a Binomial pricing model. The Company’s derivative liabilities are adjusted to reflect fair value at each period end, with any
increase or decrease in the fair value being recorded in results of operations as adjusted to fair value of derivatives.
|
Share-Based Compensation |
Share-Based
Compensation
The
Company issues stock options and warrants, shares of common stock and restricted stock units as share-based compensation to employees
and non-employees. The Company accounts for its share-based compensation in accordance with FASB ASC 718, Compensation – Stock
Compensation. Share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is
recognized as expense over the requisite service period. The fair value of restricted stock units is determined based on the number of
shares granted and the quoted price of our common stock and is recognized as expense over the service period. Forfeitures are accounted
for as they occur. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid
cash for services.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
net loss per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net loss
per share is computed giving effect to all dilutive potential shares of common stock that were outstanding during the period. Dilutive
potential shares of common stock consist of incremental shares of common stock issuable upon exercise of stock options. No dilutive potential
shares of common stock were included in the computation of diluted net loss per share because their impact was anti-dilutive.
As
of June 30, 2024, and 2023, the Company had total outstanding options of 2,038,965 and 1,099,523, respectively, and warrants of 740,368
and 951,804, respectively, and outstanding restricted stock awards of 148,227 and 21,535, respectively, and convertible notes issued
to a related party that were convertible into 0 and 21,874 shares at $41.20 per share, respectively, which were excluded from the computation
of net loss per share because they are anti-dilutive.
At
the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant
to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted
from Nasdaq.
|
Concentration of Credit and Other Risks |
Concentration
of Credit and Other Risks
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. Cash is deposited
with a limited number of financial institutions. The balances held at any one financial institution at times may be in excess of Federal
Deposit Insurance Corporation (“FDIC”) insurance limits of up to $250.
The
Company’s concentration of credit risk includes its concentrations from key customers and vendors. The details of these significant
customers and vendors are presented in the following table for the six months ended June 30, 2024 and 2023:
SCHEDULE
OF CONCENTRATION RISK
|
|
Six
Months Ended June 30, |
|
|
2024 |
|
2023 |
The
Company’s largest customers are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Revenues |
|
One
customer that accounted for 52% of revenues |
|
No
customers individually over 10% |
|
|
|
|
|
The
Company’s largest vendors are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Purchases |
|
One
vendor that accounted for 18% of its purchases individually and in the aggregate |
|
One
vendor that accounted for 32% of its purchases individually and in the aggregate |
|
Supplemental Cash Flow Information |
Supplemental
Cash Flow Information
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 1 | | |
$ | 234 | |
Cash paid for income taxes | |
$ | 1 | | |
$ | 2 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities attributable to continuing operations: | |
| | | |
| | |
Fair value of common shares issued as payment on notes payable | |
$ | 2,777 | | |
$ | 300 | |
Fair value of common shares issued to redeem Series C preferred shares | |
| 656 | | |
| - | |
Fair value of common shares issued to settle accrued expenses | |
| - | | |
| 146 | |
Supplemental disclosure of non-cash investing and financing activities attributable to discontinued operations: | |
| | | |
| | |
Discount recognized from advances on future receipts | |
$ | - | | |
$ | 558 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”).
The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes
receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model,
under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s
provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance
is effective. The adoption of this standard did not have any material impact on the Company’s financial statements.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards
Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which
requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is
permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We
do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission (the “SEC”) did not or are not believed by management to have a material
impact on the Company’s present or future consolidated financial statements.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CONCENTRATION RISK |
SCHEDULE
OF CONCENTRATION RISK
|
|
Six
Months Ended June 30, |
|
|
2024 |
|
2023 |
The
Company’s largest customers are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Revenues |
|
One
customer that accounted for 52% of revenues |
|
No
customers individually over 10% |
|
|
|
|
|
The
Company’s largest vendors are presented below as a percentage of the aggregate |
|
|
|
|
|
|
|
|
|
Purchases |
|
One
vendor that accounted for 18% of its purchases individually and in the aggregate |
|
One
vendor that accounted for 32% of its purchases individually and in the aggregate |
|
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION |
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 1 | | |
$ | 234 | |
Cash paid for income taxes | |
$ | 1 | | |
$ | 2 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities attributable to continuing operations: | |
| | | |
| | |
Fair value of common shares issued as payment on notes payable | |
$ | 2,777 | | |
$ | 300 | |
Fair value of common shares issued to redeem Series C preferred shares | |
| 656 | | |
| - | |
Fair value of common shares issued to settle accrued expenses | |
| - | | |
| 146 | |
Supplemental disclosure of non-cash investing and financing activities attributable to discontinued operations: | |
| | | |
| | |
Discount recognized from advances on future receipts | |
$ | - | | |
$ | 558 | |
|
X |
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v3.24.2.u1
CAPITALIZED SOFTWARE DEVELOPMENT COSTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Research and Development [Abstract] |
|
SCHEDULE OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS |
Capitalized
software development costs, net consisted of the following:
SCHEDULE
OF CAPITALIZED SOFTWARE DEVELOPMENT COSTS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Beginning balance | |
$ | 3,990 | | |
$ | 6,176 | |
| |
| | | |
| | |
Additions | |
| - | | |
| 23 | |
Amortization | |
| (499 | ) | |
| (2,209 | ) |
Ending balance | |
$ | 3,491 | | |
$ | 3,990 | |
|
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE |
The
expected future amortization expense for capitalized software development costs as of June 30, 2024, is as follows:
SCHEDULE
OF ESTIMATED AMORTIZATION EXPENSE
Year ending | |
Amortization | |
2024 remaining | |
$ | 499 | |
2025 | |
| 998 | |
2026 | |
| 997 | |
2027 | |
| 997 | |
2028 and thereafter | |
| - | |
Total amortization | |
$ | 3,491 | |
|
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v3.24.2.u1
OPERATING LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Operating Leases |
|
SCHEDULE OF LEASE COST |
The
components of lease expense and supplemental cash flow information related to leases for the period are as follows:
SCHEDULE
OF LEASE COST
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Lease cost | |
| | | |
| | |
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations) | |
$ | 65 | | |
$ | 170 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
$ | 45 | | |
$ | 113 | |
Weighted average remaining lease term – operating leases (in years) | |
| 2.25 | | |
| 3.92 | |
Weighted average discount rate – operating leases | |
| 9.0 | % | |
| 4.0 | % |
|
SCHEDULE OF OPERATING LEASES ASSETS AND LIABILITIES |
SCHEDULE
OF OPERATING LEASES ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| | | |
| | |
Right-of-use assets | |
$ | 190 | | |
$ | 218 | |
| |
| | | |
| | |
Short-term operating lease liabilities | |
$ | 72 | | |
$ | 67 | |
Long-term operating lease liabilities | |
| 123 | | |
| 164 | |
Total operating lease liabilities | |
$ | 195 | | |
$ | 231 | |
|
SCHEDULE OF PRESENT VALUE OF LEASE LIABILITIES |
SCHEDULE
OF PRESENT VALUE OF LEASE LIABILITIES
Year ending | |
Operating Leases | |
2024 remaining | |
$ | 46 | |
2025 | |
| 96 | |
2026 | |
| 75 | |
2027 | |
| - | |
2028 and thereafter | |
| - | |
Total lease payments | |
| 217 | |
Less: Imputed interest/present value discount | |
| (22 | ) |
Present value of lease liabilities | |
$ | 195 | |
|
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v3.24.2.u1
DISCONTINUED OPERATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SCHEDULE OF NET REVENUES AND NET LOSS OF THE SAAS BUSINESS |
The
following information presents the net revenues and net loss of the SaaS business for the three and six months ended June 30, 2024 and
2023:
SCHEDULE
OF NET REVENUES AND NET LOSS OF THE SAAS BUSINESS
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 1,601 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,080 | ) |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Net revenues | |
$ | - | | |
$ | 3,814 | |
| |
| | | |
| | |
Net loss | |
$ | - | | |
$ | (6,954 | ) |
|
X |
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v3.24.2.u1
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The
Company has the following outstanding notes payable as of June 30, 2024 and December 31, 2023:
SCHEDULE
OF NOTES PAYABLE
Note | |
Issuance Date | |
Maturity
Date | |
Interest
Rate | | |
Original
Borrowing | | |
Balance at June 30, 2024 | | |
Balance
at December 31, 2023 | |
Note payable (A) | |
May 15, 2020 | |
May 15, 2050 | |
| 3.75 | % | |
$ | 150 | | |
$ | 128 | | |
$ | 137 | |
Promissory note payable (B) | |
November 7, 2022 | |
May 7, 2024 | |
| 9.0 | % | |
| 5,470 | | |
| - | | |
| 1,179 | |
Promissory note payable (C) | |
October 11, 2023 | |
April 11, 2025 | |
| 9.0 | % | |
| 1,005 | | |
| - | | |
| 1,005 | |
Debt discount | |
| |
| |
| | | |
| | | |
| - | | |
| (99 | ) |
Debt issuance costs | |
| |
| |
| | | |
| | | |
| - | | |
| (73 | ) |
Total notes payable | |
| |
| |
| | | |
| | | |
| 128 | | |
| 2,149 | |
Non-current | |
| |
| |
| | | |
| | | |
| (112 | ) | |
| (362 | ) |
Current | |
| |
| |
| | | |
| | | |
$ | 16 | | |
$ | 1,787 | |
|
(A) |
On
May 15, 2020, the Company executed an unsecured loan with the SBA under the Economic Injury Disaster Loan program in the amount of
$150. Installment payments, including principal and interest, began on October 26, 2022. As of June 30, 2024 and December 31, 2023,
the outstanding principal and accrued interest balance due under the note was $128 and $137, respectively. |
|
|
|
|
(B) |
On
November 7, 2022, the Company entered into a note purchase agreement (the “November Note Purchase Agreement”) and promissory
note with an institutional investor (the “November Note Holder”) providing for the sale and issuance of an unsecured,
non-convertible promissory note in the original principal amount of $5,470, which has an original issue discount of $470, resulting
in gross proceeds to the Company of approximately $5,000 (the “November Note,” and such financing, the “November
Note Offering”). The November Note matures eighteen months following the date of issuance. Commencing six months from the date
of issuance, the Company is required to make monthly cash redemption payments in an amount not to exceed $600. The November Note
may be repaid in whole or in part prior to the maturity date for a 10% premium. The November Note requires the Company to use up
to 20% of the gross proceeds raised from future equity or debt financings, or the sale of any subsidiary or material asset, to prepay
the November Note, subject to a $2,000 cap on the aggregate prepayment amount. Until all obligations under the November Note have
been paid in full, the Company is not permitted to grant a security interest in any of its assets, or to issue securities convertible
into shares of common stock, subject in each case to certain exceptions. verbMarketplace, LLC entered into a guaranty, dated November
7, 2022, in connection with the November Note Offering, pursuant to which it guaranteed the obligations of the Company under the
November Note in exchange for receiving a portion of the loan proceeds. |
|
|
In
connection with the November Note Offering, the Company incurred $335 of debt issuance costs. The debt issuance costs and the debt
discount of $450 were being amortized over the term of the November Notes using the effective interest rate method. As of December
31, 2023, the amount of unamortized debt discount and debt issuance costs was $99 and $73, respectively. During the six months ended
June 30, 2024, the Company amortized the remaining amount of $99 of debt discount and $73 of debt issuance costs. |
|
|
|
|
|
During
the six months ended June 30, 2024, the Company issued 11,484,403 shares of its common stock
pursuant to an exchange agreement in exchange for a reduction of $1,720 on the outstanding
balance of the November Notes. The shares issued for the share exchange agreement were valued
based upon the Nasdaq at-the-market price and is being consistently applied for each share
exchange. As a result, there was no gain or loss on the transaction.
On
March 18, 2024, the Company paid the November Notes in full. |
|
|
|
|
(C) |
On
October 11, 2023, the Company entered into a note purchase agreement with Streeterville pursuant
to which Streeterville purchased the Note in the aggregate principal amount of $1,005. The
Note bears interest at 9.0% per annum compounded daily. The maturity date of the Note is
18 months from the date of its issuance.
During
the six months ended June 30, 2024, the Company issued 7,630,271 shares of its common stock pursuant to an exchange agreement in
exchange for a reduction of $1,057 on the outstanding balance of the Note. The shares issued under the share exchange agreement were
valued based upon the Nasdaq at-the-market price and is being consistently applied for each share exchange. The shares issued for
the final share exchange agreement on May 3, 2024 were valued at a 10% discount resulting in a loss on this particular transaction
of $90. This amount has been recorded as a finance cost in the Company’s condensed consolidated statement of operations for
the three and six months ended June 30, 2024.
On
May 3, 2024, the Note was repaid in full. |
|
SCHEDULE OF INTEREST EXPENSE |
The
following table provides a breakdown of interest expense:
SCHEDULE
OF INTEREST EXPENSE
| |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | - | | |
$ | 77 | |
Interest expense – amortization of debt issuance costs | |
| - | | |
| 57 | |
Interest expense – other | |
| 10 | | |
| 165 | |
| |
| | | |
| | |
Total interest expense | |
$ | 10 | | |
$ | 299 | |
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Interest expense – amortization of debt discount | |
$ | 99 | | |
$ | 163 | |
Interest expense – amortization of debt issuance costs | |
| 73 | | |
| 127 | |
Interest expense | |
| 63 | | |
| 480 | |
| |
| | | |
| | |
Total interest expense | |
$ | 235 | | |
$ | 770 | |
|
X |
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v3.24.2.u1
RESTRICTED STOCK UNITS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Restricted Stock Units |
|
SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY |
A
summary of restricted stock unit activity for the six months ended June 30, 2024 is presented below.
SUMMARY
OF RESTRICTED STOCK AWARD ACTIVITY
| |
| | |
Weighted- | |
| |
| | |
Average | |
| |
| | |
Grant Date | |
| |
Shares | | |
Fair Value | |
| |
| | |
| |
Non-vested at January 1, 2024 | |
| 153,366 | | |
$ | 5.88 | |
Granted | |
| - | | |
| - | |
Vested/deemed vested | |
| (5,139 | ) | |
| 52.60 | |
Forfeited | |
| - | | |
| - | |
Non-vested at June 30, 2024 | |
| 148,227 | | |
$ | 4.26 | |
|
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v3.24.2.u1
STOCK OPTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of option activity for the six months ended June 30, 2024 is presented below.
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Life (Years) | | |
Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 2,086,882 | | |
$ | 1.20 | | |
| 4.60 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (47,917 | ) | |
| 2.24 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024 | |
| 2,038,965 | | |
$ | 1.18 | | |
| 4.04 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2024 | |
| 1,033,579 | | |
$ | 1.34 | | |
| - | | |
$ | - | |
|
SCHEDULE OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD |
The
fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions:
SCHEDULE
OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 4.62 | % | |
| 3.95 | % |
Average expected term | |
| 5 years | | |
| 5 years | |
Expected volatility | |
| 270.57 | % | |
| 127.5 | % |
Expected dividend yield | |
| - | | |
| - | |
|
X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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v3.24.2.u1
STOCK WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Stock Warrants |
|
SCHEDULE OF WARRANTS OUTSTANDING |
The
Company has the following warrants outstanding as of June 30, 2024, all of which are exercisable:
SCHEDULE
OF WARRANTS OUTSTANDING
| |
Warrants | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 919,664 | | |
$ | 33.76 | | |
| 3.10 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| (179,296 | ) | |
| 138.20 | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at June 30, 2024, all vested | |
| 740,368 | | |
$ | 8.47 | | |
| 3.29 | | |
$ | - | |
|
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v3.24.2.u1
DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
6 Months Ended |
|
Jun. 13, 2023 |
Jun. 10, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Disposal Group, Including Discontinued Operation, Consideration |
$ 6,500
|
$ 6,500
|
|
|
|
Proceeds from Sale of Other Productive Assets |
4,750
|
4,750
|
|
|
|
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining |
$ 1,750
|
$ 1,750
|
|
|
|
Cash |
|
|
$ 17,197
|
|
$ 4,353
|
Proceeds from Issuance of Common Stock |
|
|
$ 18,596
|
$ 6,578
|
|
Common stock, par value |
|
|
$ 0.0001
|
|
$ 0.0001
|
Sale of common stock from public offering |
|
|
$ 18,596
|
$ 6,578
|
|
Ascendiant Sales Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
55,700,146
|
|
|
Proceeds from Issuance of Common Stock |
|
|
$ 12,130
|
|
|
Offering cost |
|
|
$ 136
|
|
|
Subscription Agreements [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Sale of common stock from public offering, shares |
|
|
27,397,258
|
|
|
Common stock, par value |
|
|
$ 0.0001
|
|
|
Sale of stock, price per share |
|
|
$ 0.24
|
|
|
Sale of common stock from public offering |
|
|
$ 6,466
|
|
|
Offering costs |
|
|
$ 109
|
|
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
6 Months Ended |
|
Jun. 13, 2023 |
Jun. 10, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Apr. 05, 2024 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Disposal of assets consideration |
$ 6,500
|
$ 6,500
|
|
|
|
Cash proceeds to disposal of assets |
4,750
|
4,750
|
|
|
|
Additional contingent payment due from buyer |
$ 1,750
|
$ 1,750
|
|
|
|
Platform fee description |
|
|
All
sales run through our ecommerce facility on MARKET.live from which we deduct a platform fee that ranges from 10% to 20% of gross
sales, with an average of approximately 15
|
|
|
Remaining warrants shares delisted |
|
|
|
|
175,823
|
Cash FDIC |
|
|
$ 250
|
|
|
Related Party [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Debt converted instrument, amount |
|
|
0
|
21,874
|
|
Debt converted instrument, price per share |
|
|
$ 41.20
|
$ 41.20
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Stock option outstanding shares |
|
|
2,038,965
|
1,099,523
|
|
Warrant [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Warrant outstanding shares |
|
|
740,368
|
951,804
|
|
Restricted Stock [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Restricted stock units |
|
|
148,227
|
21,535
|
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v3.24.2.u1
CAPITALIZED SOFTWARE DEVELOPMENT COSTS (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Oct. 31, 2021 |
Aug. 31, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Amortization expense of software development costs |
|
|
|
|
$ 499
|
|
$ 2,209
|
|
Break up fee payable |
|
$ 1,000
|
|
|
|
|
|
|
Consideration transfer assumption, description |
|
the purchase price for the Primary Contractor would have been $12,000, which could be paid in cash and/or stock, although
the final terms of the acquisition if pursued will be set forth in the final executed SPA
|
|
|
|
|
|
|
Primary Contractor [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Accrued bonuses current |
|
|
|
|
|
|
|
$ 500
|
License and Services Agreement [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument term |
10 years
|
|
|
|
|
|
|
|
Software and Software Development Costs [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Capitalized contract cost net |
|
|
$ 7,131
|
|
7,131
|
|
$ 7,131
|
|
License fee |
$ 5,750
|
|
|
|
|
|
|
|
Software Development [Member] |
|
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
|
Amortization expense of software development costs |
|
|
$ 250
|
$ 539
|
$ 499
|
$ 1,077
|
|
|
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SCHEDULE OF NOTES PAYABLE (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Oct. 11, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Note payable |
|
$ 128
|
|
$ 2,149
|
|
Note payable |
[1] |
|
|
(99)
|
|
Note payable |
[1] |
|
|
(73)
|
|
Note payable |
|
(112)
|
|
(362)
|
|
Note payable |
|
$ 16
|
|
1,787
|
|
Note One [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Issuance Date |
[2] |
May 15, 2020
|
|
|
|
Maturity Date |
[2] |
May 15, 2050
|
|
|
|
Interest Rate |
[2] |
3.75%
|
|
|
|
Original Borrowing |
[2] |
$ 150
|
|
|
|
Note payable |
[2] |
$ 128
|
|
137
|
|
Note Two [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Issuance Date |
[3] |
Nov. 07, 2022
|
|
|
|
Maturity Date |
[3] |
May 07, 2024
|
|
|
|
Interest Rate |
[3] |
9.00%
|
|
|
|
Original Borrowing |
[3] |
$ 5,470
|
|
|
|
Note payable |
[3] |
|
|
1,179
|
|
Note Three [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Issuance Date |
[1] |
Oct. 11, 2023
|
|
|
|
Maturity Date |
[1] |
Apr. 11, 2025
|
|
|
|
Interest Rate |
|
9.00%
|
[1] |
|
9.00%
|
Original Borrowing |
[1] |
$ 1,005
|
|
|
|
Note payable |
[1] |
|
|
$ 1,005
|
|
|
|
X |
- DefinitionThe amount of the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.24.2.u1
SCHEDULE OF NOTES PAYABLE (Details) (Parenthetical) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Nov. 07, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 03, 2024 |
Dec. 31, 2023 |
Oct. 11, 2023 |
May 15, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
$ 128
|
|
|
$ 128
|
|
|
|
$ 2,149
|
|
|
Amortization of debt discount |
|
|
|
|
$ (77)
|
$ 99
|
|
$ 163
|
|
|
|
|
Shares issued at a discount stated percentage |
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
Loss on issue of shares at discount |
|
|
|
|
|
|
|
|
$ 90
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
|
55,700,146
|
|
|
|
|
|
|
November Note Purchase Agreement [Member] | November Note Holder [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Description |
|
The November Note matures eighteen months following the date of issuance. Commencing six months from the date
of issuance, the Company is required to make monthly cash redemption payments in an amount not to exceed $600. The November Note
may be repaid in whole or in part prior to the maturity date for a 10% premium. The November Note requires the Company to use up
to 20% of the gross proceeds raised from future equity or debt financings, or the sale of any subsidiary or material asset, to prepay
the November Note, subject to a $2,000 cap on the aggregate prepayment amount
|
|
|
|
|
|
|
|
|
|
|
Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Conversion of Convertible Securities |
|
|
|
|
|
$ 1,057
|
|
|
|
|
|
|
Exchange Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Convertible Securities |
|
|
|
|
|
7,630,271
|
|
|
|
|
|
|
Note One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
[1] |
|
$ 128
|
|
|
$ 128
|
|
|
|
137
|
|
|
Debt interest |
[1] |
|
3.75%
|
|
|
3.75%
|
|
|
|
|
|
|
Note One [Member] | U.S. Small Business Administration [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
$ 128
|
|
|
$ 128
|
|
|
|
137
|
|
$ 150
|
Note Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
[2] |
|
|
|
|
|
|
|
|
1,179
|
|
|
Principal amount of convertible notes |
|
$ 5,470
|
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
470
|
|
|
|
|
|
|
|
|
|
|
Debt gross proceeds |
|
5,000
|
|
|
|
|
|
|
|
|
|
|
Payment of debt issuance costs |
|
335
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
$ 450
|
|
|
|
99
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
|
|
|
|
|
|
|
99
|
|
|
Debt issuance costs |
|
|
|
|
|
|
|
|
|
73
|
|
|
Amortization of debt discount |
|
|
|
|
|
$ 73
|
|
|
|
|
|
|
Debt interest |
[2] |
|
9.00%
|
|
|
9.00%
|
|
|
|
|
|
|
Note Two [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Conversion of Convertible Securities |
|
|
|
|
|
$ 1,720
|
|
|
|
|
|
|
Note Two [Member] | Exchange Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
|
11,484,403
|
|
|
|
|
|
|
Note Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
[3] |
|
|
|
|
|
|
|
|
$ 1,005
|
|
|
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SCHEDULE OF DERIVATIVE LIABILITY USING BINOMIAL PRICING MODEL ASSUMPTIONS (Details) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, measurement input | $ |
|
$ 1
|
Measurement Input, Share Price [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, measurement input |
0.12
|
0.17
|
Measurement Input, Exercise Price [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, measurement input |
8.00
|
8.00
|
Measurement Input, Expected Term [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, Expected Life |
7 months 9 days
|
1 year 29 days
|
Measurement Input, Price Volatility [Member] |
|
|
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|
|
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160
|
202
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, measurement input |
0
|
0
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Derivative liability, measurement input |
5.19
|
4.79
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v3.24.2.u1
CAPITAL STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
6 Months Ended |
|
|
Jun. 30, 2024 |
May 10, 2024 |
Mar. 29, 2024 |
Mar. 19, 2024 |
Dec. 29, 2023 |
Dec. 28, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 09, 2024 |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Procceds from net |
|
|
|
|
|
|
$ 18,596,000
|
$ 6,578,000
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
18,596,000
|
$ 6,578,000
|
|
|
Dividends payable |
$ 141,000
|
|
|
|
|
|
$ 141,000
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred Stock converted into common stock |
|
|
|
|
|
|
|
|
4,757,246
|
|
Preferred stock, shares authorized |
5,000
|
|
|
|
|
5,000
|
5,000
|
|
|
5,000
|
Preferred stock, par value |
$ 0.0001
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
$ 0.0001
|
Share price |
|
|
|
|
|
$ 1,300.00
|
|
|
|
|
Annual dividend percentage |
|
|
|
|
|
10.00%
|
|
|
|
|
Preferred stock, dividend payment terms |
|
|
|
|
|
Commencing
on the 1 year anniversary of the issuance date of each share of Series C Preferred Stock, each such share of Series C Preferred Stock
shall accrue an automatic quarterly dividend, based on three quarters of 91 days each and the last quarter of 92 days (or 93 days for
leap years), which shall be calculated on the Stated Value of such share of Series C Preferred Stock, and which shall be payable in additional
shares of Series C Preferred Stock, based on the Stated Value, or in cash as set forth in the Certificate of Designation (each, as applicable,
the “Quarterly Dividend”). For the period beginning on the 1 year anniversary of the issuance date of a share of Series C
Preferred Stock to the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the Quarterly Dividend shall be
2.5% per quarter, and for all periods following the 2 year anniversary of the issuance date of a share of Series C Preferred Stock, the
Quarterly Dividend shall be 5% per quarter
|
|
|
|
|
Subscription Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering costs |
$ 109,000
|
|
|
|
|
|
$ 109,000
|
|
|
|
Sale of common stock from public offering, shares |
|
|
|
|
|
|
27,397,258
|
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
$ 6,466,000
|
|
|
|
Securities Purchase Agreement [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock offerings |
17,391,534
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 1,300
|
|
|
|
|
|
Annual dividend percentage |
|
|
|
|
10.00%
|
|
|
|
|
|
Shares purchased |
|
|
|
|
3,000
|
|
|
|
|
|
Total purchase price |
|
|
|
|
$ 3,000,000
|
|
|
|
|
|
Dividends payable |
$ 141,000
|
|
|
|
|
|
$ 141,000
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock offerings |
|
|
|
|
|
|
55,700,146
|
|
|
|
Procceds from net |
|
|
|
|
|
|
$ 12,130,000
|
|
|
|
Offering costs |
136,000
|
|
|
|
|
|
$ 136,000
|
|
|
|
Sale of common stock from public offering, shares |
|
|
|
|
|
|
83,097,404
|
901,275
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
$ 9,000
|
|
|
|
Common Stock [Member] | Rory Cutaia [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued for service |
|
|
|
|
|
|
4,514
|
|
|
|
Common Stock [Member] | Subscription Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Offering costs |
$ 109,000
|
|
|
|
|
|
$ 109,000
|
|
|
|
Sale of common stock from public offering, shares |
|
|
|
|
|
|
27,397,258
|
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
$ 6,466,000
|
|
|
|
Common Stock [Member] | Streeterville Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of common stock from public offering, shares |
|
|
|
|
|
|
11,484,403
|
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
$ 1,720,000
|
|
|
|
Common Stock [Member] | Exchange Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of common stock from public offering, shares |
|
|
|
|
|
|
7,630,271
|
|
|
|
Sale of common stock from public offering |
|
|
|
|
|
|
$ 1,057,000
|
|
|
|
Common Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock new value issues |
|
$ 9,010
|
$ 6,260
|
$ 960
|
|
|
|
|
|
|
Common Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock new value issues |
|
$ 12,765
|
$ 9,010
|
$ 6,260
|
|
|
|
|
|
|
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SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY (Details)
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Restricted Stock Units |
|
Number of Non-vested Shares, Outstanding Beginning | shares |
153,366
|
Weighted Average Grant Date Fair Value, Outstanding Beginning | $ / shares |
$ 5.88
|
Number of Non-vested Shares, Granted | shares |
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
|
Number of Non-vested Shares, Vested/deemed vested | shares |
(5,139)
|
Weighted Average Grant Date Fair Value, Vested/deemed vested | $ / shares |
$ 52.60
|
Number of Non-vested Shares, Forfeited | shares |
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
|
Number of Non-vested Shares, Outstanding Ending | shares |
148,227
|
Weighted Average Grant Date Fair Value, Outstanding Ending | $ / shares |
$ 4.26
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Number of options outstanding beginning balance |
2,086,882
|
|
Weighted average exercise price outstanding beginning balance |
$ 1.20
|
|
Weighted average remaining contractual life |
4 years 14 days
|
4 years 7 months 6 days
|
Aggregate intrinsic value beginning balance |
|
|
Number of options, granted |
|
|
Weighted average exercise price, granted |
|
|
Number of options, forfeited |
(47,917)
|
|
Weighted average exercise price, forfeited |
$ 2.24
|
|
Number of options, exercised |
|
|
Weighted average exercise price, exercised |
|
|
Number of options outstanding ending balance |
2,038,965
|
2,086,882
|
Weighted average exercise price outstanding ending balance |
$ 1.18
|
$ 1.20
|
Aggregate intrinsic value ending balance |
|
|
Number of options outstanding vested |
1,033,579
|
|
Weighted average exercise price, vested |
$ 1.34
|
|
Number of options outstanding exercisable |
1,033,579
|
|
Weighted average exercise price, exercisable |
$ 1.34
|
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SCHEDULE OF WARRANTS OUTSTANDING (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Stock Warrants |
|
|
Number of Shares, Warrants Outstanding Beginning |
919,664
|
|
Weighted-Average Exercise Price, Outstanding Beginning |
$ 33.76
|
|
Weighted Average Remaining Contractual Life (Years), Outstanding, Beginning |
3 years 3 months 14 days
|
3 years 1 month 6 days
|
Aggregate Intrinsic Value Outstanding Beginning |
|
|
Number of Shares, Warrants Granted |
|
|
Weighted-Average Exercise Price, Granted |
|
|
Number of Shares, Warrants Forfeited |
(179,296)
|
|
Weighted-Average Exercise Price, Forfeited |
$ 138.20
|
|
Number of Shares, Warrants Exercised |
|
|
Weighted-Average Exercise Price, Exercised |
|
|
Number of Shares, Warrants Outstanding Ending |
740,368
|
919,664
|
Weighted-Average Exercise Price, Outstanding Ending |
$ 8.47
|
$ 33.76
|
Aggregate Intrinsic Value Outstanding Beginning |
|
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SUBSEQUENT EVENTS (Details Narrative) - $ / shares
|
|
|
|
|
6 Months Ended |
|
Aug. 02, 2024 |
Jun. 30, 2024 |
Dec. 29, 2023 |
Dec. 28, 2023 |
Jun. 30, 2024 |
Aug. 06, 2024 |
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Reverse stock split |
reverse
stock split in the range within a range of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200)
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
55,700,146
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Bid price |
|
|
|
|
|
$ 0.10
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Annual dividend percentage |
|
|
|
10.00%
|
|
|
Securities Purchase Agreement [Member] | Series C Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Shares purchased |
|
|
3,000
|
|
|
|
Annual dividend percentage |
|
|
10.00%
|
|
|
|
Stock Redeemed or Called During Period, Shares |
|
1,300
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
17,391,534
|
|
|
|
|
X |
- DefinitionThe percentage rate used to calculate dividend payments on preferred stock.
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Verb Technology (NASDAQ:VERB)
過去 株価チャート
から 7 2024 まで 8 2024
Verb Technology (NASDAQ:VERB)
過去 株価チャート
から 8 2023 まで 8 2024