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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒ |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR
THE FISCAL YEAR ENDED JUNE 30, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number: 811-08387
METAVESCO,
INC.
(Exact
name of registrant as specified in its charter)
nevada |
|
54-1694665 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(IRS
Employer
Identification
Number) |
410
Peachtree Pkwy, Suite 4245, Cumming, GA 30041
(Address of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (678) 241-5898
Securities
registered under Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Securities
registered pursuant to section 12(g) of the Act:
None
Title
of Class
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES
☒ NO ☐
Indicate
by check mark whether the registrant (1) 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 (ss. 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. YES ☒ NO ☐
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 has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If securities are registered pursuant to Section 12(b)
of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of
an effort to previously issued financial statements. ☐
Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s
executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒
The
aggregate market value of the registrant’s voting stock held by non-affiliates, computed on the basis of the closing price of the
registrant’s common stock on the OTC Pink on December 31, 2022, was approximately $2,633,599 (60,822,140 shares at $0.0433 per
share).
As
of October 13, 2023, there were 66,322,140 shares of the registrant’s common stock, $0.0001 par value per share, outstanding.
DOCUMENTS
INCORPORATED BY REFERENCE
None.
OTHER
INFORMATION
As
used in this Annual Report on Form 10-K, the terms “we”, “us”, “our”, “Metavesco” and
the “Company” refer to Metavesco, Inc., a Nevada corporation, unless otherwise stated. “SEC” refers to the Securities
and Exchange Commission.
TABLE
OF CONTENTS
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Except
for historical information, this Annual Report contains forward-looking statements within the meaning of the federal securities laws.
Such forward-looking statements are based on management’s current expectations, assumptions, and beliefs concerning future developments
and their potential effect on our business, and are subject to risks and uncertainties that could negatively affect our business, operating
results, financial condition, and stock price. We have attempted to identify forward-looking statements by terminology including “anticipates,”
“believes,” “can,” “continue,” “could,” “estimates,” “expects,”
“intends,” “may,” “plans,” “potential,” “predicts,” “should,”
“will,” “would”, “if, “shall”, “might”, “will likely result, “projects”,
“goal”, “objective”, or “continues”, or the negative of these terms or other comparable terminology,
although the absence of these words does not necessarily mean that a statement is not forward-looking. Additionally, statements concerning
future matters such as our business strategy, development of new products, sales levels, expense levels, cash flows, future commercial
and financing matters, future partnering opportunities and other statements regarding matters that are not historical are forward-looking
statements.
Although
the forward-looking statements in this Annual Report reflect our good faith judgment, based on currently available information, they
involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied
by these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions,
including those described in the section titled “Risk Factors.” It is not possible for our management to predict all risks,
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
results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties
and assumptions, the forward-looking events and circumstances discussed in this Annual Report may not occur and actual results could
differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the
forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking
statements for any reason after the date of this Annual Report to conform these statements to actual results or to changes in our expectations.
You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date
we file this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report.
CERTAIN
REFERENCES AND NAMES OF OTHERS USED HEREIN
This
Annual Report may contain additional trade names, trademarks, and service marks of others, which are the property of their respective
owners. We do not intend our use or display of other companies’ trade names, trademarks, or service marks to imply a relationship
with, or endorsement or sponsorship of us by, these other companies.
PART
I
ITEM
1. BUSINESS
The
Company was incorporated in the Commonwealth of Virginia on July 13, 1993, and was a closed-end investment company licensed by the Small
Business Administration (the “SBA”) as a Small Business Investment Company (“SBIC”). The Company previously made
equity investments in and provided loans to small businesses to finance their growth, expansion, and development. Under applicable SBA
regulations, the Company was restricted to investing only in qualified small businesses as contemplated by the Small Business Investment
Act of 1958. As a registered investment company under the Act, the Company’s investment objective was to provide its shareholders
with a high level of income, with capital appreciation as a secondary objective. The Company made its first investment in a small business
in October 1996.
On
March 30, 2010, the SBA notified the Company that its account had been transferred to liquidation status and that the outstanding debentures
of $16.1 million-plus accrued interest (the “Debentures”) were due and payable within fifteen days of the date of the letter.
The Company did not possess adequate liquid assets to make this payment. The Company negotiated terms of a settlement agreement with
the SBA effective September 1, 2010. The Debentures were repurchased by the SBA in September 2010, represented by a Note Agreement between
the SBA and the Company. The Note Agreement had a maturity of March 31, 2013. In the event of a default, the SBA had the ability to seek
receivership.
On
May 24, 2012, the SBA delivered to the Company a notice of an event of default for failure to meet the principal repayment schedule under
the Note Agreement (the “Notice”). Under the terms of the Notice and the Note Agreement, the SBA maintained a continuing
right to terminate the Note Agreement and appoint a receiver to manage the Company’s assets.
On
November 20, 2013, the SBA filed a complaint in the United States District Court for the Eastern District of Virginia (the “District
Court”) seeking, among other things, receivership for the Company and judgment in the amount outstanding under the Note Agreement
plus continuing interest. The complaint alleged that as of October 31, 2013, there remained an outstanding balance of $11,762,634.58
under the Note Agreement, including interest, which continued to accrue at the rate of $2,021.93 per day. In filing the complaint, the
SBA requested that the District Court take exclusive jurisdiction of the Company and all of its assets wherever located and appoint the
SBA as permanent receiver of the Company to liquidate all of the Company’s assets and satisfy the claims of its creditors in the
order of priority as determined by the District Court.
On
May 28, 2014, the District Court entered a Consent Order and Judgment Dismissing Counterclaim, Appointing Receiver, Granting Permanent
Injunctive Relief and Granting Money Judgment (the “Order”). The Order appointed the SBA as receiver of the Company,
and the SBA designated Charles Fulford as its principal agent to act on its behalf as the receiver (the “Receiver”). The
Order authorized the Receiver to marshal and liquidate all of the Company’s assets in an orderly manner. The Order also served
to enter judgment in favor of the United States of America, on behalf of the SBA, against the Company for $11,770,722. Such amount represented
$11,700,000 in principal and $70,722 in accrued interest. The District Court assumed jurisdiction over the Company, and the SBA was appointed
Receiver effective May 28, 2014.
The
Company effectively stopped conducting an active business upon the appointment of the SBA as Receiver and the commencement of the receivership
ordered by the District Court (the “Receivership”). Over the course of the Receivership, the activity of the Company
was limited to the liquidation of the Company’s assets by the Receiver and the payment of the proceeds therefrom to the SBA and
for the expenses of the Receivership.
The
SBIC license granted to the Company by the SBA was revoked by the SBA effective March 20, 2017, in conjunction with the entry by the
District Court of the Order Approving the Procedures for Winding Up and Terminating the Receivership Estate. On June 28, 2017, the Receivership
was terminated pursuant to the entry of a Final Order by the District Court, further discharged all claims and obligations of the Company
other than the judgment held by SBA (the “Final Order”). Prior to the Final Order, the Receiver provided notice to
all shareholders of the Company. The Receiver also initiated separate contact with the largest shareholders of the Company in an attempt
to identify a shareholder willing to assume responsibility for the control of the Company on behalf of the Company’s shareholders.
Roran Capital, LLC (“Roran”), was the only shareholder willing to assume such control. As such, at the direction of the Receiver,
paragraph 4 of the Final Order specifically stated that “Control of Waterside shall be unconditionally transferred and returned
to its shareholders c/o Roran Capital, LLC (“Roran”) upon notification of entry of this Order”. At that time Roran
owned 510,000 shares of the Company which represented 2.7% of the issued and outstanding common stock at that time (and owns 42,476,660
shares currently which represents 64.05% of the issued and outstanding shares of the Company at this time). 99% of the equity interests
in Roran were at the time, and remain, beneficially owned by Yitzhak Zelmanovitch. At the time of the Final Order, the Company had no
assets, and a sole remaining liability owed to the SBA in an amount exceeding $10,000,000.
Upon
termination of the Receivership, Roran took possession of all books and records made available to it by the Receiver. The termination
of the Receivership, and the termination of the power and authority of the Receiver, left the Company with no Board of Directors and
no officers. It was impossible to convene a shareholders meeting as there were no corporate officers or directors to provide (i) notice,
or (ii) the administrative oversight required for such a meeting. Roran, in reliance on and in compliance with the Final Order, sought
to appoint a new board of directors (the “New Board”). Without a New Board, the Company would be unable to operate
as a viable business, and appointment by Roran was the only manner in which the New Board could be constituted.
Roran
expended a good faith effort to seek out qualified third parties to serve on the New Board. Because of the liability exposure inherent
in serving on the board of a public company, the Company’s lack of financial resources, and the Company’s loss of its SBIC
license, Roran was unable to locate any qualified individuals to serve on the New Board and thus appointed Zindel Zelmanovitch, the father
of Yitzhak Zelmanovitch, as the sole director and officer of the Company. Zindel is an experienced business person who has previously
served as the CEO and director of a public company; thus, although related to the 99% owner of Roran, he has objectively acceptable qualifications
to serve in this dual position. Zindel Zelmanovitch has never owned any shares of stock of the Company and has not been compensated for
any of his services as a director or officer of the Company to date.
In
his capacity as the sole director and officer of the Company, Zindel Zelmanovitch considered a variety of options for the Company, including
bankruptcy and liquidation, neither of which would have yielded any economic benefit for the Company’s shareholders. Thus, Zindel
Zelmanovitch negotiated with Roran to provide a loan or loans to fund reasonable expenses of the Company, on arm’s length terms,
so long as progress was being made to reorganize the Company and to identify either (i) a new business to enter into; or, (ii) an active
business with which to merge or otherwise acquire, which would benefit from operating as a public entity. The New Board (Zindel Zelmanovitch)
has continued to work toward achieving that goal. With no assets and no SBIC license from the SBA, no income, and liabilities in excess
of $10,000,000 (which has now been forgiven in full, as stated below), the New Board (Zindel Zelmanovitch) concluded that continuing
to operate as a registered investment company was impossible; furthermore, the consistent feedback from third parties with which the
New Board has sought to consummate a transaction to commence a new business or acquire or merge a new business into the Company has been
that until the Company’s Application Pursuant to Section 8(f) of the Investment Company Act of 1940 for an order declaring that
the Company has ceased to be an Investment Company is approved, no such transaction was feasible. On April 22, 2020, the SEC issued an
order declaring that the Company had ceased to be an investment company.
Since
the entry of the Final Order (June 28, 2017) and the termination of the Receivership, the Company has been maintained for the benefit
of its shareholders and pursuant to, and in compliance with, the Final Order. The Company has no assets, and the Company no longer has
the SBIC license from the SBA. The Company is no longer operating as a registered investment company under the Investment Company Act.
While it would have been possible for the Company to merely dissolve, the Company has instead decided to endeavor to reconstitute itself
as a viable business. The Company has engaged and intends to continue to engage, qualified professionals and personnel to bring the Company
current in its SEC filings and audits. The Company filed a Form 10-K for the period ending June 30, 2017 and has subsequently timely
filed all periodic reports on Forms 10-Q and Forms 10-K.
The
Company’s outstanding judgment payable owed to the SBA was purchased by Roran from the SBA in July 2017. As such, all amounts due
under the outstanding judgment payable were owed to Roran rather than the SBA. Upon purchase, the Company began to accrue interest that
was due under the original terms of the judgment payable. The statutory interest rate was 0.094%. The Company accrued $163,991 in interest
on the judgment payable as of March 31, 2019. On May 16, 2019, Roran forgave the entire principal amount and interest due thereon of
$10,609,635.
On
September 19, 2017, the Company issued a Convertible Promissory Note in an amount up to $150,000 in favor of Roran which was increased
to $200,000 on June 17, 2019 and $250,000 on December 13, 2019 (the “Note”), and as of June 30, 2021, $149,838 has
been drawn by the Company under the Note (exclusive of accrued interest). The Note was issued pursuant to a Convertible Loan Agreement
with Roran (the “Loan Agreement”). All outstanding principal and accrued interest on the Note is due and payable on
the maturity date, which was March 19, 2019 and then extended to September 19, 2019 and then June 19, 2020. Roran has agreed to extend
the loan and advance additional funds until further negotiations regarding the loan have concluded. Amounts borrowed under the Note bear
interest at 12% per annum. Roran has the right to convert all or any portion of the Note into shares of the Company’s common stock
at a conversion price equal to 60% of the 20 day trailing lowest share price. The use of proceeds of this loan has been and continues
to be the payment by the Company of its reasonable operational expenses payable to third-party service providers (consisting solely of
third party expenses such as legal, accounting, transfer agent and edgarization costs, all at the actual cost for such services). The
loan is not a senior or a secured instrument.
On
June 8, 2020, Roran converted $124,500 principal amount of its promissory note with the Company and $25,500 of accrued and unpaid interest
thereon, totaling $150,000, into 41,666,660 shares of Company Common Stock at the stated conversion price per share of $0.0036. The remaining
balance due on the promissory note, as of the conversion date, was $104,838 in principal and $19,988 in interest.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran. Roran agreed to sell to the Buyer 42,476,660 shares of common stock of the Company held
by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive all amounts due to Roran by the
Company totaling $207,644, which is comprised of convertible note payable – related party, accrued interest payable – related
party, and advances from related party. The Buyer acquired 42,476,660 shares of the Company’s Common Stock, representing 69.7%
of the issued and outstanding shares of Common Stock. As such, the SPA resulted in a change of control of the Company.
Effective
November 29, 2021, the Company converted from a Virginia corporation to a Nevada corporation.
On
December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and
restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 million shares, (ii) increasing
the Company’s authorized preferred stock to 20 million shares, and (iii) reducing the par value of each of the Company’s
common stock and preferred stock to $0.0001 per share. Common stock and additional paid-in capital for all periods presented in these
financial statements have been adjusted retroactively to reflect the reduction in par value.
On
December 17, 2021, the majority shareholder and board of directors approved an amendment to the amended and restated articles of incorporation
that would change the Company’s name from Waterside Capital Corporation to Metavesco, Inc. The name change was cleared by Financial
Industry Regulatory Authority (“FINRA”) and was effective June 3, 2022.
In
March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized
exchanges such as Uniswap. Additionally, the Company farms tokens via Proof of Stake protocols on decentralized exchanges as well as
centralized exchanges including Coinbase exchange. The Company also invests in promising NFT projects and virtual land, primarily on
EVM protocols.
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement (the “Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”). Under the terms of the Purchase Agreement, the Seller sold to the Company, all of the outstanding limited
liability company interests in Boring and Bored. The Company paid the Seller total consideration with a fair value of $249,245, paid
as follows: (i) $9,245 in cash and (ii) 5,000,000 shares of the Company’s common stock at a fair value of $240,000 ($0.048 per
share based on the closing price of the Company common stock on June 12, 2023).
The
Company is currently authorized to issue twenty million (20,000,000) shares of preferred stock, with a par value of $0.0001 per share.
There are twenty two (22) shares of Series A Convertible Preferred Stock issued. The Company is also authorized to issue one hundred
million (100,000,000) shares of common stock, with a par value of $0.0001 per share. As of June 30, 2023, and currently, 66,322,140 shares
of common stock of the Company were outstanding. These shares are quoted over the counter with Pink OTC Markets Inc. under the ticker
symbol “MVCO” and are held by 25 shareholders of record as of September 30, 2023. The Company does not have any other equity
securities outstanding.
Current
Business Strategy and Operations
On
April 22, 2020, the SEC issued an order declaring that the Company had ceased to be an investment company. The Company’s common stock continues to be quoted on the Pink OTC Markets for the benefit of its shareholders.
Our
Business
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran Capital, LLC (“Roran”). Roran agreed to sell to the Buyer 42,476,660 shares
of common stock of the Company held by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive
all amounts due to Roran by the Company totaling $207,644 which is comprised of convertible note payable – related party, accrued
interest payable – related party and advances from related party. The Buyer acquired 42,476,660 shares of the Company’s Common
Stock, representing 69.7% of the issued and outstanding shares of Common Stock. As such, the Schadel SPA resulted in a change of control
of the Company.
In
March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized
exchanges such as Uniswap. Additionally, the Company farms tokens via Proof-of-Stake (“PoS”) protocols on decentralized exchanges,
as well as centralized exchanges, including Coinbase. The Company also invests in non-fungible token (“NFT”) projects and
virtual land that it believes are promising, primarily on EVM protocols.
The
Company has three areas of focus:
● |
Liquidity
Provider - In decentralized finance (DeFi), the ability to trade assets from one to another is facilitated by Liquidity Pools (“LPs”)
which generally contain a 50/50 balance between both underlying tokens. The Company expects to invest substantially in LPs to generate
ongoing revenue. We expect that this revenue will fuel our other initiatives as we build the Company. |
|
|
● |
Staking
- Like LPs, staking can provide potential passive revenue to the Company. Purchasing large blocks of lucrative PoS assets to grow
the passive income portfolio is expected to be a major cornerstone to our success. This is a much greener approach to the traditional
Proof of Work model, which is used by Bitcoin and Ethereum. Ethereum 2.0 is expected to be on PoS in the near future and our goal
is to eventually become a validator on the network. |
|
|
● |
NFTs
- The Company holds NFTs for capital appreciation and for potential income from IP licensing. |
On
August 29, 2022, the Company announced its plan to begin Bitcoin mining operations. Bitcoin mining has been part of the Company roadmap
since entering the web3 space in March of 2022, although our plans have been accelerated with the recent decrease in the price of Bitcoin.
Mining equipment has become much more affordable as overleveraged miners are forced to sell equipment at reduced prices.
In
February 2023, the Company commenced bitcoin mining operations at a hosted facility in Texas.
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement the (“Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”) and collectively known a Boring Brew. Under the terms of the Purchase Agreement, the Seller sold to the
Company, all of the outstanding limited liability company interests in Boring and Bored for a total purchase price of $9,245 in cash
and 5,000,000 shares of common stock of the Company. Boring Brew, a web3 startup known for its unique and limited edition coffee bags.
Boring Brew partners with influential NFT holders to transform their intellectual property into an exquisite collection of specialty
coffee.
Government
Regulations
The
Company is no longer a registered investment company.
The
Company’s common stock is a “penny stock,” as defined in Rule 3a51-1 under the Exchange Act. The penny stock rules
require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk
disclosure document that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer
also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer’s
account. In addition, the penny stock rules require that the broker-dealer, not otherwise exempt from such rules, must make a special
written determination that the penny stock is suitable for the purchaser and receive the purchaser’s written agreement to the transaction.
These disclosure rules have the effect of reducing the level of trading activity in the secondary market for a stock that becomes subject
to the penny stock rules. So long as the Company’s common stock is subject to the penny stock rules, it may be more difficult to
sell our common stock.
Patents,
Trademarks, Franchises, Royalty Agreements or Labor Contracts
We
have no current plans for any registrations such as patents, trademarks, copyrights, franchises, concessions, royalty agreements, or
labor contracts. We will assess the need for any copyright, trademark, or patent applications on an ongoing basis.
Competition
Our
current and future competition includes other digital assets focused companies, such as Coinshares International Limited and private
operators that are in the same business as us.
Many
of our current and potential competitors have greater resources and longer histories, and greater brand recognition. They may devote
more resources to technology, infrastructure, marketing and may be able to more rapidly develop their solutions. Other companies also
may enter into business combinations or alliances that strengthen their competitive positions. Our small team and relative lack of capital
is a competitive disadvantage.
Employees
The
Company currently has one employee, the sole officer and director of the Company. We generally work remotely and we anticipate as we
hire additional staff they will also work remotely.
Available
Information
The
Company expects to continue to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, proxy
statements and other information with the SEC. Any materials filed by the Company with the SEC may be read and copied at the SEC’s
Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. Information on the operation of the SEC’s Public Reference Room
is available by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains annual, quarterly and current reports, proxy
statements and other information that issuers (including the Company) file electronically with the SEC. The Internet address of the SEC’s
website is http://www.sec.gov. At some point in the future, we intend to make our reports, amendments thereto, and
other information available, free of charge, on a website for the Company. Our website can be found at www.metavesco.com.
Our
corporate offices are located at 410 Peachtree Pkwy, Suite 4245, Cummings, GA 30041. Our telephone number is 678-241-5898.
ITEM
1A RISK FACTORS
You
should carefully consider the risks described below, together with the other information set forth in this report, which could materially
affect our business, financial condition, and future results. The risks described below are not the only risks facing our Company. Risks
and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business,
financial condition, and operating results.
Risks
Related to Our Business
Our
holdings are controlled by one shareholder which owns approximately 70% of our issued and outstanding stock.
70%
of our issued and outstanding common stock is controlled by Mr. Schadel, our sole officer and director. As a result, Mr. Schadel can
direct the affairs of the Company as the majority shareholder and there is no assurance that any decisions made through a shareholder
vote will be the same decisions that one or more minority shareholders would make.
The
Company has a limited operating history.
The
Company has a limited history of operations and is in the early stage of development. As such, the Company will be subject to many risks
common to such enterprises, including undercapitalization, cash shortages, limitations with respect to personnel, financial and other
resources and lack of revenues. There is no assurance that the Company will be successful in achieving a return on shareholders’
investment and the likelihood of success must be considered in light of its early stage of operations. There can be no assurance that
the Company will be able to develop any of its projects profitably or that any of its activities will generate positive cash flow.
The
Company’s compliance and risk management programs may not be effective.
The
Company’s ability to comply with applicable laws and rules will be largely dependent on the establishment and maintenance of compliance,
review and reporting systems, as well as the ability to attract and retain qualified compliance and other risk management personnel.
The Company cannot provide any assurance that its compliance policies and procedures will always be effective or that the Company will
be successful in monitoring or evaluating its risks. In the case of alleged non-compliance with applicable laws or regulations, the Company
could be subject to investigations and judicial or administrative proceedings that may result in substantial penalties or civil lawsuits,
including by customers, for damages, restitution or other remedies, which could be significant. Any of these outcomes, individually or
together, may among other things, materially and adversely affect the Company’s reputation, financial condition, investment and
trading strategies, and asset value and the value of any investment in the Company’s common stock.
The
Company may require additional funds to finance its operations.
Additional
funds, raised through debt or equity offerings, may be needed to finance the Company’s future activities. There can be no assurance
that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable. Failure
to obtain such additional financing could cause the Company to reduce or terminate its operations.
If
additional funds are raised through further issuances of equity or securities convertible into equity, existing shareholders could suffer
significant dilution, and any new equity securities issued could have rights, preferences and privileges superior to those of holders
of the Company’s common stock. Any debt financing secured in the future could involve restrictive covenants relating to capital
raising activities and other financial and operational matters, which may make it more difficult for the Company to obtain additional
capital and to pursue business opportunities.
Market
adoption of digital assets has been limited to date and further adoption is uncertain.
Currently,
there is relatively small use of digital assets in the retail and commercial marketplace in comparison to relatively large use by speculators,
thus contributing to price volatility that could adversely affect an investment in the Company’s common stock. Digital assets have
only recently become accepted as a means of payment for goods and services by certain major retail and commercial outlets and use of
digital assets by consumers to pay such retail and commercial outlets remains limited. Conversely, a significant portion of digital asset
demand is generated by speculators and investors seeking to profit from the short- or long-term holding of tokens. A lack of expansion
by digital assets into the retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction
in the market price of these assets. Further, if fees increase for recording transactions on these blockchains, demand for digital assets
may be reduced and prevent the expansion of the networks to retail merchants and commercial businesses, resulting in a reduction in the
price of these assets.
The
value of digital assets may be subject to momentum pricing risk.
Momentum
pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts
for anticipated future appreciation in value. Market prices of digital assets are determined primarily using data from various exchanges,
over-the-counter markets, and derivative platforms. Momentum pricing may have resulted, and may continue to result, in speculation regarding
future appreciation in the value of digital assets, inflating and making their market prices more volatile. As a result, they may be
more likely to fluctuate in value due to changing investor confidence in future appreciation (or depreciation) in their market prices,
which could adversely affect the value of the Company’s digital asset holdings and the value of the Company’s common stock.
A
decline in the adoption and use of digital assets could materially and adversely affect the performance of the Company.
Because
digital assets are a relatively new asset class and a technological innovation, they are subject to a high degree of uncertainty. As
a related but separate issue from that of the regulatory environment, the adoption, growth and longevity of any digital asset will require
growth in its usage and in the blockchain for various applications. A lack of expansion in use of digital assets and blockchain technologies
would adversely affect the financial performance of the Company. In addition, there is no assurance that any digital assets will maintain
their value over the long term. Even if growth in the use of any digital assets occurs in the near or medium term, there is no assurance
that such use will continue to grow over the long term. A lack of expansion of digital assets into the retail and commercial markets,
may result in increased volatility or a reduction in the market price of these assets. Further, if fees increase for recording transactions
on these blockchains, demand for digital assets may be reduced and prevent the expansion of the networks to retail merchants and commercial
businesses, resulting in a reduction in the price of these assets. A contraction in use of any digital asset may result in increased
volatility or a reduction in prices, which could materially and adversely affect the Company’s investment and trading strategies,
the value of its assets and the value of any investment in the Company’s common stock.
We
may invest or spend our cash in ways with which you may not agree or in ways which may not yield a significant return.
Mr.
Schadel, our sole officer and director and a significant stockholder, has considerable discretion in the use of our cash. Our cash may
be used for purposes that do not increase our operating results or market value. Until the cash is used, it may be placed in investments
that do not produce significant income or that may lose value. The failure of our management to invest or spend our cash effectively
could result in unfavorable returns and uncertainty about our prospects, each of which could cause the price of our common stock to decline.
Our
digital assets may be subject to concentration risk.
Concentration
risk is the risk of amplified losses that may occur from having a large portion of our holdings in digital assets. Digital assets returns
may be highly corelated and may also be Illiquid. Investments within the same industry, geographic region or security type tend to be
highly correlated, meaning that what happens to one investment is likely to happen to the others. Digital assets may also be difficult
to sell off quickly. Should we need quick access to cash and are heavily invested in illiquid securities, we may not be able to tap this
money in a timely or cost-efficient manner.
Risks
Related to our Operations
Cyber-attacks,
data breaches or malware may disrupt our operations and trigger significant liability for us, which could harm our operating results
and financial condition, and damage our reputation or otherwise materially harm our business.
As
a publicly traded company, we may experience cyber-attacks and other attempts to gain unauthorized access to our systems on a regular
basis. There is a risk that some or all of our cryptocurrencies could be lost or stolen as a result of one or more of these incursions.
As we increase in size, we may become a more appealing target of hackers, malware, cyber-attacks or other security threats, and, despite
our implementation of strict security measures and it is impossible to eliminate all such vulnerability. For instance, we may not be
able to ensure the adequacy of the security measures employed by third parties, such as our service providers. Efforts to limit the ability
of malicious actors to disrupt the operations of the internet or undermine our own security efforts may be costly to implement and may
not be successful. Such breaches, whether attributable to a vulnerability in our systems or otherwise, could result in claims of liability
against us, damage our reputation and materially harm our business.
We
have not to date experienced a material cyber-event; however, the occurrence of any such event in the future could subject us to liability
give rise to legal and/or regulatory action, which could damage our reputation or otherwise materially harm our business, operating results,
and financial condition.
Incorrect
or fraudulent digital assets transactions may be irreversible and we could lose access to our digital assets.
Digital
asset transactions are not, from an administrative perspective, reversible without the consent and active participation of the recipient
of the digital assets from the transaction. Because of the decentralized nature of the blockchain, once a transaction has been verified
and recorded in a block that is added to the blockchain, an incorrect transfer of a digital or a theft thereof generally will not be
reversible, and we may not have sufficient recourse to recover our losses from any such transfer or theft. It is possible that, through
computer or human error, or through theft or criminal action, our rewards or fees could be transferred in incorrect amounts or to unauthorized
third parties, or to uncontrolled accounts. Though recent high profile enforcement actions against individuals laundering stolen digital
assets have demonstrated some means of bringing malicious actors to justice for their theft, the stolen digital assets is likely to remain
unrecoverable. Furthermore, we must possess both the unique public and private keys to our digital wallets to gain access to our digital
assets and the loss of a private key required may be irreversible. Therefore, if we lose, or if a malicious actor successfully denies
us access to our private keys, we may be permanently denied access to the digital assets held in the wallet corresponding to the lost,
stolen or blocked keys. Though we have taken and continue to take reasonable steps to secure our private keys. if we were to lose access
to our private keys or otherwise experience data loss relating to our digital wallets, we could effectively lose access to and the ability
to use our digital assets. Moreover, we may be unable to secure insurance policies for our digital assets at rates or on terms acceptable
to us, if at all. To the extent that we are unable to recover our losses from such action, error or theft, such events could have a material
adverse effect on our business, results of operations and financial condition.
Our
business could be harmed by prolonged power and internet outages, shortages, or capacity constraints.
Our
operations require access to high-speed internet to be successful. If we lose internet access for a prolonged period, we may be required
to reduce our operations or cease them altogether. If this occurs, our business and results of operations may be materially and adversely
affected.
Risks
Related to Governmental Regulation and Enforcement
A
particular digital asset’s status as a “security” in any relevant jurisdiction is subject to a high degree of uncertainty,
and if we are unable to correctly characterize a digital asset, we may be subject to regulatory scrutiny, investigations, fines, sanctions,
penalties and other adverse consequences, including potentially becoming subject to the Investment Company Act of 1940 which would impose
significant regulatory burdens and compliance costs.
The
SEC and its staff have taken the position that certain digital assets fall within the definition of a “security” under the
U.S. federal securities laws. The legal test for determining whether any given digital asset is a security is a highly complex, fact-driven
analysis that evolves over time, and the outcome is difficult to predict. The SEC generally does not provide advance guidance or confirmation
on the status of any particular digital asset as a security. Furthermore, the SEC’s views in this area have evolved over time and
it is difficult to predict the direction or timing of any continuing evolution. It is also possible that a change in the governing administration
or the appointment of new SEC commissioners could substantially impact the views of the SEC and its staff. Public statements by senior
officials at the SEC indicate that the SEC does not intend to take the position that Bitcoin or Ethereum are securities (in their current
form). Bitcoin and Ethereum are the only digital assets as to which senior officials at the SEC have publicly expressed such a view.
Moreover, such statements are not official policy statements by the SEC and reflect only the speakers’ views, which are not binding
on the SEC or any other agency or court and cannot be generalized to any other digital asset. With respect to all other digital assets,
there is currently no certainty under the applicable legal test that such assets are not securities, notwithstanding the conclusions
we may draw based on our risk-based assessment regarding the likelihood that a particular digital asset could be deemed a “security”
under applicable laws. Similarly, though the SEC’s Strategic Hub for Innovation and Financial Technology published a framework
for analyzing whether any given digital asset is a security in April 2019, this framework is also not a rule, regulation or statement
of the SEC and is not binding on the SEC.
The
classification of a digital asset as a security under applicable law has wide-ranging implications for the regulatory obligations that
flow from the offer, sale, trading, and clearing of such assets. For example, a digital asset that is a security in the U.S. may generally
only be offered or sold in the U.S. pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption
from registration. Persons that effect transactions in digital assets that are securities in the U.S. may be subject to registration
with the SEC as a “broker” or “dealer.” Platforms that bring together purchasers and sellers to trade digital
assets that are securities in the U.S. are generally subject to registration as national securities exchanges, or must qualify for an
exemption, such as by being operated by a registered broker-dealer as an alternative trading system, or ATS, in compliance with rules
for ATSs. Persons facilitating clearing and settlement of securities may be subject to registration with the SEC as a clearing agency.
Foreign jurisdictions may have similar licensing, registration, and qualification requirements.
While
we do not currently, nor do we plan to, offer, sell, trade, and clear digital assets or take custody of others digital assets as part
of any potential Staking-as-a-Service operations we may undertake, however, digital assets we stake and validate transactions for could
be deemed to be a “security” under applicable laws. Our blockchain infrastructure operations which entails securing blockchains
by processing and validating blockchain transactions (most analogous to Bitcoin mining or operating a Bitcoin mining pool) could be construed
as facilitating transactions in digital assets; as such we could be subject to legal or regulatory action in the event the SEC, a foreign
regulatory authority, or a court were to determine that a blockchain we secure is a “security” under applicable laws. Because
our platform is not registered or licensed with the SEC or foreign authorities as a broker-dealer, national securities exchange, or ATS
(or foreign equivalents), and we do not seek to register or rely on an exemption from such registration or license to secure blockchains.
Further,
if any digital asset is deemed to be a security under any U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court
of law or otherwise, it may have adverse consequences for such digital asset. For instance, the networks on which such digital assets
are utilized may be required to be regulated as securities intermediaries, and subject to applicable rules, which could effectively render
the network impracticable for its existing purposes. Further, it could draw negative publicity and a decline in the general acceptance
of the digital asset. Also, such a development may make it difficult for such supported digital asset to be traded, cleared, and custodied
as compared to other digital asset that are not considered to be securities.
Regulatory
changes or actions may alter the nature of an investment in us or restrict the use of digital assets in a manner that adversely affects
our business, prospects, or operations.
As
digital assets have grown in both popularity and market size, governments around the world have reacted differently to digital assets;
certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions,
such as in the U.S., subject the mining, ownership and exchange of digital assets to extensive, and in some cases overlapping, unclear
and evolving regulatory requirements. Ongoing and future regulatory actions could have a material adverse effect on our business, prospects
or operations.
Our
interactions with a blockchain may expose us to SDN or blocked persons and new legislation or regulation could adversely impact our business
or the market for cryptocurrencies.
The
Office of Financial Assets Control (“OFAC”) of the U.S. Department of Treasury requires us to comply with its sanction program
and not conduct business with persons named on its specially designated nationals (“SDN”) list. However, because of the pseudonymous
nature of blockchain transactions we may inadvertently and without our knowledge engage in transactions with persons named on OFAC’s
SDN list. Our Company’s policy prohibits any transactions with such SDN individuals, but we may not be adequately capable of determining
the ultimate identity of the individual with whom we transact with respect to selling cryptocurrency assets. Moreover, the use of cryptocurrencies,
including Bitcoin, as a potential means of avoiding federally-imposed sanctions, such as those imposed in connection with the Russian
invasion of Ukraine. For example, on March 2, 2022, a group of United States Senators sent the Secretary of the United States Treasury
Department a letter asking Secretary Yellen to investigate its ability to enforce such sanctions vis-à-vis Bitcoin, and on March
8, 2022, President Biden announced an executive order on cryptocurrencies which seeks to establish a unified federal regulatory regime
for cryptocurrencies. We are unable to predict the nature or extent of new and proposed legislation and regulation affecting the cryptocurrency
industry, or the potential impact of the use of cryptocurrencies by SDN or other blocked or sanctioned persons, which could have material
adverse effects on our business and our industry more broadly. Further, we may be subject to investigation, administrative or court proceedings,
and civil or criminal monetary fines and penalties as a result of any regulatory enforcement actions, all of which could harm our reputation
and affect the value of our common stock.
Digital
assets may be made illegal in certain jurisdictions which could adversely affect our business prospects and operations.
Although
we do not anticipate any material adverse regulations on digital assets in our jurisdictions of operation, it is possible that state
or federal regulators may seek to impose harsh restrictions or total bans on digital assets which may make it impossible for us to do
business. Further, although digital assets in general are largely unregulated in most countries (including the United States), regulators
in certain jurisdictions may undertake new or intensify existing regulatory actions in the future that could severely restrict the right
to mine, acquire, own, hold, sell, or use digital assets or to exchange it for traditional fiat currency such as the United States Dollar.
Such restrictions may adversely affect us as the large-scale use of digital assets as a means of exchange is presently confined to certain
regions globally. Such circumstances could have a material adverse effect on us, which could have a material adverse effect on our business,
prospects or operations and potentially the value of digital assets we acquire and thus harm investors.
The
Company will have to adapt to respond to evolving security risks.
As
technological change occurs, the security threats to the Company’s digital assets will likely adapt, and previously unknown threats
may emerge. The ability of the Company and Coinbase to adopt technology in response to changing security needs or trends may pose a challenge
to the safekeeping of their assets. To the extent that the Company or Coinbase is unable to identify and mitigate or stop new security
threats, The Company’s assets may be subject to theft, loss, destruction or other attack.
The
majority of the Company’s digital assets are held in Self Custody (Non-Custodial) wallets. The Company holds the majority of its
digital assets in Self Custody (Non-Custodial) wallets. These wallets are used to interact with Decentralized Exchanges and other DeFi
focused protocols. Mr. Schadel, our sole officer and director and our majority stockholder, is currently the holder of the private keys
that provide access to these wallets.
Additionally,
the Company from time to time holds assets at Coinbase, a SOC 1/ SOC 2 certified digital asset custodian. If Coinbase were to be subject
to a malicious attack or otherwise cease its operations, the Company will be at risk of losing the majority of its digital assets. There
is no assurance that Coinbase will not be subject to any such attack and there is no guarantee that Coinbase won’t cease its operations.
Banks
may not provide banking services, or may cut off banking services, to businesses that provide digital asset-related services.
A
number of companies that provide digital asset-related services have been unable to find banks that are willing to provide them with
bank accounts and banking services. Similarly, a number of such companies have had their existing bank accounts closed by their banks.
Banks may refuse to provide bank accounts and other banking services to digital asset-related companies, or companies that accept digital
assets, for a number of reasons, such as perceived compliance risks or costs. The difficulty that many businesses that provide digital
asset-related services have and may continue to have in finding banks willing to provide them with bank accounts and other banking services
may decrease the usefulness of digital assets as a payment system and harm public perception of digital assets. Similarly, the usefulness
of digital assets as a payment system and the public perception of digital assets could be damaged if banks were to close the accounts
of many or of a few key businesses providing digital asset-related services. This could decrease the market prices of digital assets,
and adversely affect the value of the Company’s digital asset holdings and the Company’s common stock.
The
Company’s business is exposed to the potential misuse of digital assets and malicious actors.
Since
the existence of digital assets, there have been attempts to use them for speculation or malicious purposes. Although lawmakers increasingly
regulate the use and applications of digital assets, and software is being developed to curtail speculative and malicious activities,
there can be no assurances that those measures will sufficiently deter those and other illicit activities in the future. Advances in
technology, such as quantum computing, could lead to a malicious actor or botnet (a voluntary or hacked collection of computers controlled
by networked software coordinating the actions of the computers) being able to alter the blockchain on which digital asset transactions
rely. In such circumstances, the malicious actor or botnet could control, exclude or modify the ordering of transactions, or generate
new digital assets or transactions using such control. The malicious actor or botnet could double spend its own digital assets and prevent
the confirmation of other users’ transactions for so long as it maintains control. Such changes could adversely affect an investment
in the Company’s common stock.
The
security procedures and operational infrastructure of the Company and Coinbase may be breached due to the actions of outside parties,
error or malfeasance of an employee of the Company or Coinbase, or otherwise, and, as a result, an unauthorized party may obtain access
to the Company’s digital asset accounts, private keys, data or tokens. Additionally, outside parties may attempt to fraudulently
induce employees of the Company or Coinbase to disclose sensitive information in order to gain access to the infrastructure of the Company
or Coinbase. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently,
or may be designed to remain dormant until a predetermined event, and often are not recognized until launched against a target, The Company
may be unable to anticipate these techniques or implement adequate preventative measures. If an actual or perceived breach of the Company’s
digital assets account occurs, the market perception of the effectiveness of its security protocols could be harmed and the value of
the Company’s common stock could be materially adversely affected.
The
Company’s use of proprietary and non-proprietary software, data and intellectual property may be subject to substantial risk.
The
Company’s token selection strategy may rely heavily on the use of proprietary and non-proprietary software, data and intellectual
property of third parties in the digital asset sector. The reliance on this technology and data is subject to a number of important risks.
For example, the operation of any element of the digital assets network, or any other electronic platform, may be severely and adversely
affected by the malfunction of technology. For example, an unforeseen software or hardware malfunction could occur as a result of a virus
or other outside force, or as result of a design flaw in the design and operation of the network or platform. In addition, the underlying
technology of the tokens themselves, may be inactive for periods of time, known as “downtime” and could have serious adverse
effects on our business.
Risks
Related to Ownership of Our Common Stock
Nevada
law contains provisions that could discourage, delay or prevent a change in control of our company, prevent attempts to replace or remove
current management and reduce the market price of our stock.
Certain
provisions of Nevada law described below may make us a less attractive candidate for acquisition, which may adversely impact the value
of the shares of our capital stock held by our stockholders. We have not opted out of these provisions in our Bylaws, as permitted under
the Nevada Revised Statutes.
Nevada
Revised Statutes Sections 78.411 through 78.444 (the “Nevada Combinations Statute”) generally prohibit “combinations”
including mergers, consolidations, sales and leases of assets, issuances of securities and similar transactions by a Nevada corporation
having a requisite number of stockholders of record (of which we are one) with any person who beneficially owns (or any affiliate or
associate of the corporation who within the previous two years owned), directly or indirectly, 10% or more of the voting power of the
outstanding voting shares of the corporation (an “interested stockholder”), within two years after such person first became
an interested stockholder unless (i) the board of directors of the corporation approved the combination or transaction by which the person
first became an interested stockholder before the person first became an interested stockholder or (ii) the board of directors of the
corporation has approved the combination in question and, at or after that time, such combination is approved at an annual or special
meeting of the stockholders of the target corporation, and not by written consent, by the affirmative vote of holders of stock representing
at least 60% of the outstanding voting power of the target corporation not beneficially owned by the interested stockholder or the affiliates
or associates of the interested stockholder.
Two
years after the date the person first became an interested stockholder, the Nevada Combinations Statute prohibits any combination with
that interested stockholder unless (i) the board of directors of the corporation approved the combination or transaction by which the
person first became an interested stockholder before the person first became an interested stockholder or (ii) such combination is approved
by a majority of the outstanding voting power of the corporation not beneficially owned by the interested stockholder or any affiliate
or associate of the interested stockholder. The Nevada Combinations Statute does not apply to combinations with an interested stockholder
after the expiration of four years from when the person first became an interested stockholder.
Because
there has been limited precedent set for financial accounting of digital assets, the determination that we have made for how to account
for digital assets transactions may be subject to change.
Because
there has been limited precedent set for the financial accounting of cryptocurrencies and related revenue recognition and no official
guidance has yet been provided by the FASB or the SEC, it is unclear how companies may in the future be required to account for cryptocurrency
transactions and assets and related revenue recognition. A change in regulatory or financial accounting standards could result in the
necessity to change our accounting methods and restate our financial statements. Such a restatement could adversely affect the accounting
for our newly mined cryptocurrency rewards and more generally negatively impact our business, prospects, financial condition and results
of operations. Such circumstances would have a material adverse effect on our ability to continue as a going concern or to pursue our
new strategy at all, which would have a material adverse effect on our business, prospects or operations as well as and potentially the
value of any cryptocurrencies we hold or expects to acquire for our own account and harm investors.
We
have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses
in the future or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our
financial statements or cause us to fail to meet our periodic reporting obligations.
We
are required to comply with certain provisions of Section 404 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”). Section
404 requires that we document and test our internal control over financial reporting and issue management’s assessment of our internal
control over financial reporting. Management assessed the effectiveness of our internal control over financial reporting as of June 30,
2023. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in Internal Control — Integrated Framework (2013). A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual
or interim financial statements will not be prevented or detected on a timely basis. Based on our assessment, as of June 30, 2023, we
concluded that our internal control over financial reporting contained material weaknesses. To remediate these material weaknesses, our
management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the
material weakness are remediated, such that these controls are designed, implemented, and operating effectively.
We
believe that these actions will remediate the material weakness. However, the remediation cannot be deemed successful until the applicable
controls operate for a sufficient period of time and our management has concluded, through testing, that these controls are operating
effectively. If we fail to comply with the requirements of Section 404 of the Sarbanes-Oxley Act, the accuracy and timeliness of the
filing of our annual and quarterly reports may be materially adversely affected and could cause investors to lose confidence in our reported
financial information, which could have a negative effect on the trading price of our common stock. In addition, a material weakness
in the effectiveness of our internal control over financial reporting could result in an increased chance of fraud and the loss of customers,
reduce our ability to obtain financing and require additional expenditures to comply with these requirements, each of which could have
a material adverse effect on our business, results of operations and financial condition.
Substantial
sales of our common stock may impact the market price of our common stock.
Future
sales of substantial amounts of our common stock, including shares that we may issue upon exercise of options and warrants could adversely
affect the market price of our common stock. Furthermore, if we raise additional funds through the issuance of common stock or securities
convertible into our common stock, the percentage ownership of our shareholders will be reduced, and the price of our common stock may
fall.
ITEM
1B. UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM 1C. CYBERSECURITY
Not applicable.
ITEM
2. PROPERTIES
We
do not currently own any property. We rent office space month to month from Regus for $281 per month. We generally work remotely and
we anticipate as we hire additional staff they will also work remotely. As of September 30 2023, we believe that our properties are suitable
and adequate to meet our anticipated needs.
ITEM
3. LEGAL PROCEEDINGS
From
time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation that arise in the
normal course of our business. The ultimate amount of liability, if any, for any claims of any type (either alone or in the aggregate)
may materially and adversely affect our financial condition, results of operations and liquidity. In addition, the ultimate outcome of
any litigation is uncertain. Any outcome (including any for the actions described above), whether favorable or unfavorable, may materially
and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs
in the period incurred. We cannot assure you that additional contingencies of a legal nature or contingencies having legal aspects will
not be asserted against us in the future, and these matters could relate to prior, current or future transactions or events.
We
are not currently a party to any other material legal proceedings. We are not aware of any pending or threatened litigation against us
that in our view would have a material adverse effect on our business, financial condition, liquidity, or operating results. However,
legal claims are inherently uncertain, and we cannot assure you that we will not be adversely affected in the future by legal proceedings.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
PART
II
ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY; RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Information
About Our Common Stock
Our
shares are quoted on the OTC Pink under the symbol “MVCO”. The OTC Market is a network of security dealers who buy and sell
stock. The dealers are connected by a computer network that provides information on current “bids” and “asks,”
as well as volume information. The trading of securities on the OTC Pink is often sporadic and investors may have difficulty buying and
selling our shares or obtaining market quotations for them, which may have a negative effect on the market price of our common stock.
The
following table sets forth, for the periods indicated the high and low bid quotations for our common stock. These quotations represent
inter-dealer quotations, without adjustment for retail markup, markdown, or commission and may not represent actual transactions.
| |
High | | |
Low | |
Fiscal Year 2023 | |
| | | |
| | |
April 1 to June 30, 2023 | |
$ | 0.098 | | |
$ | 0.098 | |
January 1, 2023 to March 31, 2023 | |
| 0.051 | | |
| 0.036 | |
October 1 to December 31, 2022 | |
| 0.082 | | |
| 0.025 | |
July 1 to September 30, 2022 | |
| 0.114 | | |
| 0.025 | |
| |
| | | |
| | |
Fiscal Year 2022 | |
| | | |
| | |
April 1 to June 30, 2022 | |
$ | 0.159 | | |
$ | 0.070 | |
January 1, 2022 to March 31, 2022 | |
| 0.170 | | |
| 0.098 | |
October 1 to December 31, 2021 | |
| 0.170 | | |
| 0.037 | |
July 1 to September 30, 2021 | |
| 0.090 | | |
| 0.017 | |
On
September 30, 2023, the closing price of our common stock was $0.053.
Penny
Stock Rules
The
Securities and Exchange Commission has also adopted rules that regulate broker-dealer practices in connection with transactions in penny
stocks. Penny stocks are generally equity securities with a price of less than $5.00 (other than securities registered on certain national
securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions
in such securities is provided by the exchange or system).
A
purchaser is purchasing penny stock, which limits the ability to sell the stock. Our shares constitute penny stock under the Securities
and Exchange Act. The shares will remain penny stocks for the foreseeable future. The classification of penny stock makes it more difficult
for a broker-dealer to sell the stock into a secondary market, which makes it more difficult for a purchaser to liquidate his/her investment.
Any broker-dealer engaged by the purchaser for the purpose of selling his or her shares in us will be subject to Rules 15g-1 through
15g-10 of the Securities and Exchange Act. Rather than creating a need to comply with those rules, some broker-dealers will refuse to
attempt to sell penny stock.
The
penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, to deliver
a standardized risk disclosure document, which:
|
● |
contains
a description of the nature and level of risk in the market for penny stock in both public offerings and secondary trading; |
|
● |
contains
a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer
with respect to a violation of such duties or other requirements of the Securities Act of 1934, as amended; |
|
|
|
|
● |
contains
a brief, clear, narrative description of a dealer market, including “bid” and “ask” price for the penny stock
and the significance of the spread between the bid and ask price; |
|
|
|
|
● |
contains
a toll-free telephone number for inquiries on disciplinary actions; |
|
|
|
|
● |
defines
significant terms in the disclosure document or the conduct of trading penny stocks; and |
|
|
|
|
● |
contains
such other information and is in such form (including language, type, size, and format) as the SEC shall require by rule or regulation. |
The
broker-dealer also must provide, prior to effecting any transaction in a penny stock, to the customer:
|
● |
the
bid and offer quotations for the penny stock; |
|
|
|
|
● |
the
compensation of the broker-dealer and its salesperson in the transaction; |
|
|
|
|
● |
the
number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the
market for such stock; and |
|
|
|
|
● |
monthly
account statements showing the market value of each penny stock held in the customer’s account. |
In
addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules; the broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s
written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and
a signed and dated copy of a written suitability statement. These disclosure requirements will have the effect of reducing the trading
activity in the secondary market for our stock because it will be subject to these penny stock rules. Therefore, shareholders may have
difficulty selling their securities.
Reports
We
will furnish annual financial statements to our shareholders, audited by our independent registered public accounting firm, and will
furnish un-audited quarterly financial statements in our quarterly reports filed electronically with the SEC. All financial statements
and information filed by us can be found at the SEC website, www.sec.gov.
Transfer
Agent
The
Company has retained Computershare Investor Services Inc., 1500 Robert-Bourassa Blvd., 7th Floor, Montreal, Quebec, H3A 3S8,
as its transfer agent.
Number
of Equity Security Holders
As
of September 30, 2023, we had 25 holders of record of our common stock. This does not include beneficial owners holding common stock
in street name. As such, the number of beneficial holders of our shares could be substantially larger than the number of shareholders
of record.
Dividend
Policy
We
have no current plans to pay dividends. We currently anticipate that we will retain all of our future earnings, if any, for use in the
development and expansion of our business and for general corporate purposes. Any determination to pay dividends in the future will be
at the discretion of our Board and will depend upon our results of operations, financial condition, and other factors that the Board,
in its discretion, may deem relevant. There are no restrictions, other than applicable law, on the ability of the Board to declare and
pay dividends.
Recent
Sales of Unregistered Securities
None.
Repurchase
of Equity Securities
None.
Information
About Our Equity Compensation Plans
The
information required under this heading is incorporated herein by reference to the applicable information set forth in Item 12 of this
Annual Report on Form 10-K.
ITEM
6. RESERVED
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of the results of operations and financial condition for the fiscal years ended June 30, 2023, and
2022 should be read in conjunction with our financial statements, and the notes to those financial statements that are included elsewhere
in this Annual Report.
All
references to “Metavesco”, “we”, “our,” “us” and the “Company” in this Item
7 refer to Metavesco, Inc.
The
discussion in this section contains forward-looking statements. These statements relate to future events or our future financial performance.
We have attempted to identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “should,” “would” or “will” or the negative of these
terms or other comparable terminology, but their absence does not mean that a statement is not forward-looking. These statements are
only predictions and involve known and unknown risks, uncertainties, and other factors, which could cause our actual results to differ
from those projected in any forward-looking statements we make. Several risks and uncertainties we face are discussed in more detail
under “Risk Factors” in Part I, Item 1A of this Annual Report, or in the discussion and analysis below. You should, however,
understand that it is not possible to predict or identify all risks and uncertainties, and you should not consider the risks and uncertainties
identified by us to be a complete set of all potential risks or uncertainties that could materially affect us. You should not place undue
reliance on the forward-looking statements we make herein because some or all of them may turn out to be wrong. We undertake no obligation
to update any of the forward-looking statements contained herein to reflect future events and developments, except as required by law.
The following discussion should be read in conjunction with the financial statements, and the notes to those statements included elsewhere
in this Annual Report on Form 10-K.
Overview
& Management Plans
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran Capital, LLC (“Roran”). Roran agreed to sell to the Buyer 42,476,660 shares
of common stock of the Company held by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive
all amounts due to Roran by the Company totaling $207,644 which is comprised of convertible note payable – related party, accrued
interest payable – related party and advances from related party. The Buyer acquired 42,476,660 shares of the Company’s Common
Stock, representing 69.7% of the issued and outstanding shares of Common Stock. As such, the Schadel SPA resulted in a change of control
of the Company.
In
March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized
exchanges such as Uniswap. Additionally, the Company farms tokens via Proof-of-Stake (“PoS”) protocols on decentralized exchanges,
as well as centralized exchanges, including Coinbase. The Company also invests in non-fungible token (“NFT”) projects and
virtual land that it believes are promising, primarily on EVM protocols.
The
Company has three areas of focus:
● |
Liquidity
Provider - In decentralized finance (DeFi), the ability to trade assets from one to another is facilitated by Liquidity Pools (“LPs”)
which generally contain a 50/50 balance between both underlying tokens. The Company expects to invest substantially in LPs to generate
ongoing revenue. We expect that this revenue will fuel our other initiatives as we build the Company. |
|
|
● |
Staking
- Like LPs, staking can provide potential passive revenue to the Company. Purchasing large blocks of lucrative PoS assets to grow
the passive income portfolio is expected to be a major cornerstone to our success. This is a much greener approach to the traditional
Proof of Work model, which is used by Bitcoin and Ethereum. Ethereum 2.0 is expected to be on PoS in the near future and our goal
is to eventually become a validator on the network. |
|
|
● |
NFTs
- The Company holds NFTs for capital appreciation and for potential income from IP licensing. |
On
August 29, 2022, the Company announced its plan to begin Bitcoin mining operations. Bitcoin mining has been part of the Company roadmap
since entering the web3 space in March of 2022, although our plans have been accelerated with the recent decrease in the price of Bitcoin.
Mining equipment has become much more affordable as overleveraged miners are forced to sell equipment at reduced prices.
In
February 2023, the Company commenced bitcoin mining operations at a hosted facility in Texas.
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement the (“Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”) and collectively known a Boring Brew. Under the terms of the Purchase Agreement, the Seller sold to the
Company, all of the outstanding limited liability company interests in Boring and Bored for a total purchase price of $9,245 in cash
and 5,000,000 shares of common stock of the Company. Boring Brew, a web3 startup known for its unique and limited edition coffee bags.
Boring Brew partners with influential NFT holders to transform their intellectual property into an exquisite collection of specialty
coffee.
Critical
Accounting Policies
Critical
Accounting Policies and Significant Judgments and Estimates
Our
management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial
statements which we have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”). In
preparing our consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Critical
accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment
necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate
on financial condition or operating performance is material. These significant accounting estimates or assumptions bear the risk of change
due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult
to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and
assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience
and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.
Actual
results could differ from those estimates.
While
our significant accounting policies are described in more detail in Note 2 to our consolidated financial statements included in this
Annual Report, we believe the following accounting policies to be critical to the judgments and estimates used in the preparation of
our consolidated financial statements:
Digital
Assets
Digital
assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The
Company assigns costs to transactions on a first-in, first-out basis (FIFO).
An
intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events
or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment
exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its
fair value is being measured.
Tokens
are subject to impairment losses if the fair value of a token decreases below the carrying value at any time during the period. The fair
value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens
from www.cryptocompare.com.
Liquidity
pool tokens and NFTs are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each
quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM
Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter.
Impairment
for liquidity pool tokens and NFTs is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which
these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the
fair value of digital assets.
The
Company currently reviews quoted prices of its liquidity pool tokens, NFTs and comparable tokens at https://uniswap.org/ and https://opensea.io.
Impairment expense is reflected in total expense in the consolidated statements of operations. Subsequent reversal of impairment losses
is not permitted.
The
sales of digital assets held are included within investing activities in the accompanying consolidated statements of cash flows and any
realized gains or losses from such sales are included in other income (expense) in the consolidated statements of operations.
Identifiable
Intangible Assets
Identifiable
intangible assets consist primarily of design and websites. These assets are tested for impairment using undiscounted cash flow methodology
annually and whenever there is an indicator of impairment. Estimating future cash flows requires significant judgment and projections
may vary from cash flows eventually realized. Several impairment indicators are beyond the Company’s control, and determining whether
or not they will occur cannot be predicted with any certainty. Design and websites are amortized on a straight-line basis over an estimated
life of three years.
The
website development costs of the Company are accounted for in accordance with ASC 350-50, Website Development Costs. These costs are
included in intangible assets in the accompanying consolidated financial statements. Upgrades or enhancements that add functionality
are capitalized while other costs during the operating stage are expensed as incurred. The Company amortizes the capitalized website
development costs over an estimated useful life of three years.
Goodwill
Goodwill
represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company’s
business combinations. The Company performs a goodwill impairment test on at least an annual basis at the reporting unit level. Application
of the goodwill impairment test requires significant judgments, including estimation of future cash flows, which is dependent on internal
forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur and determination
of our weighted average cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair
value and/or conclusions on goodwill impairment for each reporting unit. The Company will conduct its annual goodwill impairment test
as of June 30 of each year or more frequently if indicators of impairment exist. The Company periodically analyzes whether any such indicators
of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators
may include a sustained significant decline in our stock price and market capitalization, a significant adverse change in legal factors
or in the business climate, unanticipated competition and/or slower expected growth rates, adverse actions or assessments by a regulator,
among others. The Company compares the fair value of its reporting unit to its respective carrying value, including related goodwill.
Revenue
recognition
The
Company recognizes revenue under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should
recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core
principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through liquidity pools
and staking rewards.
Liquidity
Pools
Liquidity
pools are a collection of digital assets locked in a smart contract that provide liquidity to decentralized exchanges. Liquidity allows
digital assets to be converted to cash quickly and efficiently without drastic price swings. An important component of a liquidity pool
are automated market makers (“AMMs”). An AMM is a protocol that uses liquidity pools to allow digital assets to be traded
by a mathematical formula rather than though a traditional market of buyers and sellers.
The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depend on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with liquidity over a price
range.
Revenue
is recognized from liquidity pools when the award is claimed and deposited in the Company wallet. The transaction consideration the Company
receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital asset awards received.
Mining
Pools
The
Company earns transaction fees with its crypto mining machines by validating requesting customers’ transactions to a distributing
ledger. We joined a mining pool and receive a pro-rata share of a bitcoin award for completing a blockchain.
The
Company has entered into digital asset mining pools by executing an agreement with one mining pool operator The agreement is terminable
at any time by either party. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency
award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are
recorded as a deduction from revenue), for successfully adding a block to the blockchain. The Company’s fractional share is based
on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by
all mining pool participants in solving the current algorithm.
Providing
computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision
of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The
transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date
received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from
the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur,
the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm)
and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant
financing component in these transactions.
Fair
value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt.
Staking
Rewards
Staking
rewards are granted to holders of a crypto asset when the holders lock up that crypto asset as collateral to secure fairness when validating
transactions or other network actions.
The
Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange
for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network.
Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation
is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number
of tokens received and the fair value of the token at contract inception.
Airdrops
Airdrops
are the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage
adoption of a new token and to increase liquidity in the early stages of a token project.
The
Company recognizes crypto assets received through an airdrop if the crypto asset is expected to generate a probable future benefit and
if the Company is able to support the trading, custody, or withdrawal of these assets.
Airdrops
are accounted for in accordance with ASC 610-20, Sales and Transfer of Nonfinancial Assets, Receipt of a airdrops are classified
as other income in the statement of operations.
Deferred
Tax Assets and Income Taxes Provision
The
Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the consolidated financial statements. Under ASC 740-10-25-13, the Company may recognize
the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25-13 also provides guidance on de-recognition, classification, interest, and penalties on income taxes, accounting
in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income
tax benefits.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three years for federal purposes, and the
prior four years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination
by tax authorities.
Comparison
of Years Ended June 30, 2023 and 2022
Revenue
In
March 2022, the Company commenced operations as a web3 enterprise and began purchasing digital assets. Revenue for the years ended June
30, 2023 and 2022 was derived from liquidity pools fees of $102,403 and $81,765, mining pool fees of $18,911 and $0 and staking rewards
of $5,348 and $852, respectively.
Our
business plan includes earning income from liquidity fees, mining pool fees and staking. The Company seeks higher returns from liquidity
pool fees by selecting pairs with higher risk and good volumes.
Our
high trade volume is due to adjusting parameters on our liquidity pools. Each trade generates a realized gain or may be an indicator
of impairment which may trigger an impairment loss.
In
February 2023, the Company commenced bitcoin mining operations at a hosted facility in Texas.
On
June 12, 2023, we acquired Boring Brew, a web3 startup known for its unique and limited edition coffee bags, Boring Brew partners with
influential NFT holders to transform their intellectual property into an exquisite collection of specialty coffee. We generated $425
is sales during the year ended June 30, 2023 for these activities.
Administrative
Expenses
Administrative
expenses totaled $313,519 and $164,669 for the years ended June 30, 2023 and 2022, respectively. These expenses were primarily costs
related to accounting, audit, legal and investor relations.
Interest
Expense
Interest
expense totaled $97,432 and $12,761 for the years ended June 30, 2023 and 2022, respectively. The increase in interest expense was due
to amortization of debt discount and accrued interest on new promissory notes issued since October 2021.
Impairment
of Digital Assets Held
Impairment
of digital assets held totaled $474,242 and $1,351,074 for the years ended June 30, 2023 and 2022, respectively. Digital assets are accounted
for as intangible assets and are subject to impairment losses if the fair value of digital assets decreases below the carrying value
at any time during the period. Subsequent reversal of impairment losses is not permitted. We will not recognize any increases in the
fair value of digital assets held until a gain is recognized on sale. Impairment losses are a non-cash expense.
Goodwill
A
goodwill impairment charge of $257,353 was recorded as at June 30, 2023. The impairment of goodwill was due to the inability of the Company
to identify future cash flows with suitable reliability associated with Boring Brew LLC and Bored Coffee Lab LLC acquired on June 12,
2023.
Other
Income (Expense)
Other
digital rewards totaled $12,900 and $17,439 for the year ended June 30, 2023 and 2022, respectively. We received $GOO tokens as a result
of holding two Art Gobblers NFTs and we received tokens from Blur as a result of using the Blur NFT trading platform. Other digital rewards
or “airdrops” were issued by the platforms to simultaneously reward users and bootstrap growth and liquidity of a new marketplace.
Airdrops are unpredictable and the Company does not seek out these rewards.
Other
realized gain on sale/exchange of digital totaled $546,617 and $312,598 for the year ended June 30, 2023 and 2022, respectively. We generally
do not seek to earn income from actively trading digital assets held. We will dispose of assets in circumstances when there is a significant
increase in the fair value of an asset or when holding an asset is no longer consistent with our business plan. The rebalancing of the
portfolio was due to the uncertainty in the crypto market in March 2023 highlighted by the insolvency of Silvergate Bank and Silicon
Valley Bank.
Net
Loss
We
reported a net loss of $572,845 and $1,115,850 for the years ended June 30, 2023 and 2022, respectively. Any increase in revenue and
realized gain on sales/exchange on digital assets held was offset by an increase in administrative, interest and impairment expenses.
Our
net loss was primarily due to a steep drop in the market price of crypto assets, high volatility of cryptocurrency prices and a broad
deterioration of the cryptocurrency market. During the year ended June 30, 2023, the sustained period of lower market prices which started
in 2022 continued. The broad deterioration of the cryptocurrency market has been highlighted by well publicized business failures such
as FTX Exchange and BlockFi and the price collapse of TerraUSD and LUNA. We have not suffered direct losses as a counterparty in a contract
as a result of recent business failures. The broad deterioration in cryptocurrency prices has reduced the capital we can invest and,
therefore, reduced our revenue from liquidity pools and staking rewards. We are unable to predict if or when prices will recover.
Liquidity
and Capital Resources
We
have incurred recurring operating losses and negative operating cash flows through June 30, 2023, and we expect to continue to incur
losses and negative operating cash flows at least through the near future. During the year ended June 30, 2023, we obtained $75,000 of
funding by issuing a demand promissory note and a promissory note – related party to meet our most critical cash requirements.
At June 30, 2023, $17,086 of cash was held at a financial institution and $0 was held at Coinbase, Inc. The Company expects over the
next twelve months, cash held at a financial institution will be expended on professional fees, transfer agent, Edgar agent and other
administrative costs. We estimate $200,000 of cash per annum will be required to maintain current operations and remain in business.
We hope that we can generate enough revenue from liquidity pools and staking rewards to pay ongoing expenses. In order to remain in business
we may have to sell digital assets for cash or issue additional debt order equity. Cash held at Coinbase Inc., if any, will be deployed
to purchase digital assets to generate staking rewards and liquidity pool fees. We hope to start paying some of our suppliers and contractors
in digital assets in the coming months. However, there can be no assurance we will be able to pay any of our suppliers and contractors
in digital assets.
As
a result of the aforementioned factors, management has concluded that there is substantial doubt about our ability to continue as a going
concern. Our independent registered public accounting firm, in its report on our fiscal 2023 financial statements, expressed substantial
doubt about our ability to continue as a going concern. Our financial statements as of and for the year ended June 30, 2023, do not contain
any adjustments for this uncertainty. In response to our Company’s cash needs, we raised funding as described in Note 8 and Note
9 to our financial statements. Any additional amounts raised will be used for our future investing and operating cash flow needs. However,
there can be no assurance that we will be successful in raising additional amounts of financing.
Off-Balance
Sheet Arrangements
There
are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to investors.
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
a Smaller Reporting Company as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled
disclosure reporting obligations and therefore are not required to provide the information requested by this Item.
ITEM
8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS AND NOTES
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Shareholders
of
Metavesco, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheet of Metavesco, Inc. (the Company) as of June 30, 2023, and the related consolidated
statements of operations, consolidated statement of stockholders’ equity, and consolidated statement of cash flows for the year
then ended, and the related notes (collectively referred to as the financial statements).
In
our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30,
2023, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
Going
concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described
in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments.
Evaluation
of the Accounting for and Disclosure of Digital Currency Held
As
disclosed in Note 2 to the consolidated financial statements, the Company’s digital currency held as of June 30, 2023 are accounted
for as indefinite-lived intangible assets. We identified the accounting for and disclosure of the digital currency held as a critical
audit matter because, currently, no specific definitive guidance exists for the accounting for and disclosure of digital currencies held
in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company’s management
has exercised significant judgment in their determination of how existing GAAP should be applied to the accounting for its digital currency
held, the associated financial statement presentation and accompanying footnote disclosures.
The
primary procedures we performed to address this critical audit matter included the following:
|
● |
Evaluated management’s
rationale for the application of Accounting Standards Codification (“ASC”) 350 to account for its digital currency held
and examined management’s processes for determining the amount of impairment expense recognized. |
|
● |
Examined supporting evidence
for digital currency transactions including managements processes for calculating any gains or losses on sales of its digital currency. |
GreenGrowth
CPAs
October
13, 2023
We
have served as the Company’s auditor since 2023
Los
Angeles, California
PCAOB
ID Number 6580
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders
of Metavesco, Inc. (formerly Waterside Capital Corporation)
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Metavesco, Inc. (the Company) as of June 30, 2022 and, and the related statements of
operations, stockholders’ equity, and cash flows for the year then ended, and the related notes (collectively referred to as the
financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of June 30, 2022, and the results of its operations and cash flows for the year then ended, in conformity with accounting
principles generally accepted in the United States of America.
Going
Concern Matter
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has a working capital deficit, has generated net losses since its inception and further losses
are anticipated. The Company requires additional funds to meet its obligations and the costs of its operations. These factors raise substantial
doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note
1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Evaluation
of the Accounting for and Disclosure of Digital Currency Held
As
disclosed in Note 2 to the consolidated financial statements, the Company’s digital currency held as of June 30, 2022 are accounted
for as indefinite-lived intangible assets, and have been included in current assets on the balance sheet. We identified the accounting
for and disclosure of the digital currency held as a critical audit matter because, currently, no specific definitive guidance exists
for the accounting for and disclosure of digital currencies held in accordance with accounting principles generally accepted in the United
States (“GAAP”). The Company’s management has exercised significant judgment in their determination of how existing
GAAP should be applied to the accounting for its digital currency held, the associated financial statement presentation and accompanying
footnote disclosures.
The
primary procedures we performed to address this critical audit matter included the following:
|
● |
Evaluated
management’s rationale for the application of Accounting Standards Codification (“ASC”) 350 to account for its
digital currency held and examined management’s processes for determining the amount of impairment expense recognized. |
|
● |
Examined
supporting evidence for digital currency transactions including managements processes for calculating any gains or losses on sales
of its digital currency. |
/s/
Hudgens CPA, PLLC
www.hudgenscpas.com
We
have served as the Company’s auditor since 2022.
Houston,
Texas
October
7, 2022
METAVESCO,
INC.
CONSOLIDATED
BALANCE SHEETS
| |
| | |
| |
| |
June 30, 2023 | | |
June 30, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 17,086 | | |
$ | 35,151 | |
Deposits | |
| 603 | | |
| - | |
Inventory | |
| 7,788 | | |
| - | |
Prepaid expenses | |
| 8,602 | | |
| 13,847 | |
Total current assets | |
| 34,079 | | |
| 48,998 | |
| |
| | | |
| | |
Digital assets held, net of impairment | |
| 194,229 | | |
| 434,642 | |
Equipment, net | |
| 66,616 | | |
| - | |
Intangible assets, net | |
| 41,402 | | |
| - | |
Total assets | |
$ | 336,326 | | |
$ | 483,640 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 58,160 | | |
$ | 26,549 | |
Promissory notes - related parties, accrued interest (net of debt discount of $2,386 and $0, respectively) | |
| 164,129 | | |
| 100,000 | |
Total current liabilities | |
| 222,289 | | |
| 126,549 | |
| |
| | | |
| | |
Long-term liabilities | |
| | | |
| | |
Promissory note, accrued interest (net of debt discount of $933 and $0, respectively) | |
| 25,170 | | |
| - | |
Convertible promissory note, accrued interest (net of debt discount of $15,442 and $19,441, respectively) | |
| 5,299 | | |
| 559 | |
Convertible promissory notes - related party, accrued interest (net of debt discount of $228,542 and $328,658, respectively) | |
| 77,167 | | |
| 12,202 | |
Convertible promissory notes | |
| 77,167 | | |
| 12,202 | |
Total long-term liabilities | |
| 107,636 | | |
| 12,761 | |
| |
| | | |
| | |
Total liabilities | |
| 329,925 | | |
| 139,310 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock: $0.0001 par value; 20,000,000 shares authorized | |
| - | | |
| - | |
Series A Convertible Preferred Stock: 22 shares issued and outstanding at June 30, 2023 and June 30, 2022 | |
| - | | |
| - | |
Preferred stock value | |
| - | | |
| - | |
Common stock: $0.0001 par value; 100,000,000 shares authorized; 66,322,140 and 60,822,140 shares issued and outstanding at June 30, 2023 and June 30, 2022, respectively | |
| 6,632 | | |
| 6,082 | |
Additional paid-in capital | |
| 19,609,816 | | |
| 19,384,450 | |
Shares to be issued | |
| 9,000 | | |
| - | |
Accumulated deficit | |
| (19,619,047 | ) | |
| (19,046,202 | ) |
Total stockholders’ equity | |
| 6,401 | | |
| 344,330 | |
Total liabilities and stockholders’ equity | |
$ | 336,326 | | |
$ | 483,640 | |
The
accompanying notes are an integral part of these consolidated financial statements.
METAVESCO,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
| |
2023 | | |
2022 | |
| |
Years ended June 30, | |
| |
2023 | | |
2022 | |
Revenue | |
| | | |
| | |
Liquidity pool fees | |
$ | 102,403 | | |
$ | 81,765 | |
Mining pool fees | |
| 18,911 | | |
| - | |
Staking rewards | |
| 5,348 | | |
| 852 | |
Sales | |
| 425 | | |
| - | |
Total Revenue | |
| 127,087 | | |
| 82,617 | |
Expense | |
| | | |
| | |
Administrative expenses | |
| 313,539 | | |
| 164,669 | |
Interest expense | |
| 97,432 | | |
| 12,761 | |
Impairment of digital assets held | |
| 591,125 | | |
| 1,351,074 | |
Impairment of goodwill | |
| 257,353 | | |
| | |
Total Expense | |
| 1,259,449 | | |
| 1,528,504 | |
| |
| | | |
| | |
Other income | |
| | | |
| | |
Other digital rewards | |
| 12,900 | | |
| 17,439 | |
Realized gain on sale/ exchange of digital assets held | |
| 546,617 | | |
| 312,598 | |
Total Other income (expense) | |
| 559,517 | | |
| 330,037 | |
| |
| | | |
| | |
Net loss | |
$ | (572,845 | ) | |
$ | (1,115,850 | ) |
| |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding - basic and diluted | |
| 61,183,783 | | |
| 60,822,140 | |
The
accompanying notes are an integral part of these consolidated financial statements.
METAVESCO, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For
the years ended June 30, 2023 and 2022
| |
Shares | | |
Par
Value | | |
Shares | | |
Par
Value | | |
paid-in capital | | |
to be Issued | | |
Accumulated Deficit | | |
stockholders’ Equity | |
| |
Series A Convertible Preferred Stock ($0.0001 par value) | | |
Common Stock ($0.0001 par value) | | |
Additional | | |
Shares | | |
| | |
Total | |
| |
Shares | | |
Par
Value | | |
Shares | | |
Par
Value | | |
paid-in capital | | |
to be Issued | | |
Accumulated Deficit | | |
stockholders’ Equity | |
Balance at June 30, 2022 | |
| 22 | | |
$ | - | | |
| 60,822,140 | | |
$ | 6,082 | | |
$ | 19,384,450 | | |
$ | - | | |
$ | (19,046,202 | ) | |
$ | 344,330 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for website | |
| | | |
| | | |
| 500,000 | | |
| 50 | | |
| 17,950 | | |
| | | |
| | | |
| 18,000 | |
Shares issued for investment in Boring Brew LLC and Bored Coffee Lab LLC | |
| - | | |
| - | | |
| 5,000,000 | | |
| 500 | | |
| 239,500 | | |
| - | | |
| - | | |
| 240,000 | |
Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 7,916 | | |
| - | | |
| - | | |
| 7,916 | |
Shares to be issued | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9,000 | | |
| - | | |
| 9,000 | |
Beneficial conversion feature | |
| - | | |
| - | | |
| - | | |
| - | | |
| (40,000 | ) | |
| - | | |
| - | | |
| (40,000 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (572,845 | ) | |
| (572,845 | ) |
Balance at June 30, 2023 | |
| 22 | | |
$ | - | | |
| 66,322,140 | | |
$ | 6,632 | | |
$ | 19,609,816 | | |
$ | 9,000 | | |
$ | (19,619,047 | ) | |
$ | 6,401 | |
| |
Series A Convertible Preferred Stock ($0.0001 par value) | | |
Common Stock ($0.0001 par value) | | |
Additional | | |
Shares | | |
| | |
Total | |
| |
Shares | | |
Par
Value | | |
Shares | | |
Par
Value | | |
paid-in capital | | |
to be issued | | |
Accumulated deficit | | |
stockholders’ equity | |
Balance at June 30, 2021 | |
| - | | |
$ | - | | |
| 60,822,140 | | |
$ | 6,082 | | |
$ | 17,715,946 | | |
$ | - | | |
$ | (17,930,352 | ) | |
$ | (208,324 | ) |
Beginning balance value | |
| - | | |
$ | - | | |
| 60,822,140 | | |
$ | 6,082 | | |
$ | 17,715,946 | | |
$ | - | | |
$ | (17,930,352 | ) | |
$ | (208,324 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issue of Series A Convertible Preferred Stock for cash | |
| 22 | | |
| - | | |
| - | | |
| - | | |
| 1,100,000 | | |
| - | | |
| - | | |
| 1,100,000 | |
Beneficial conversion feature | |
| - | | |
| - | | |
| - | | |
| - | | |
| 360,860 | | |
| - | | |
| - | | |
| 360,860 | |
Forgiveness of convertible note payable, accrued interest and advances - related party | |
| - | | |
| - | | |
| - | | |
| - | | |
| 207,644 | | |
| - | | |
| - | | |
| 207,644 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,115,850 | ) | |
| (1,115,850 | ) |
Balance at June 30, 2022 | |
| 22 | | |
$ | - | | |
| 60,822,140 | | |
$ | 6,082 | | |
$ | 19,384,450 | | |
$ | - | | |
$ | (19,046,202 | ) | |
$ | 344,330 | |
Ending balance value | |
| 22 | | |
$ | - | | |
| 60,822,140 | | |
$ | 6,082 | | |
$ | 19,384,450 | | |
$ | - | | |
$ | (19,046,202 | ) | |
$ | 344,330 | |
The accompanying notes are an integral part of these consolidated financial statements.
METAVESCO,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOW
| |
2023 | | |
2022 | |
| |
Years ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (572,845 | ) | |
$ | (1,115,850 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Amortization of intangible assets | |
| 597 | | |
| - | |
Depreciation | |
| 10,143 | | |
| - | |
Impairment of digital assets held | |
| 591,125 | | |
| 1,351,074 | |
Realized gain on sales/ exchange digital assets held | |
| (546,617 | ) | |
| (312,598 | ) |
Digital assets received as revenue and other rewards | |
| (139,562 | ) | |
| (100,056 | ) |
Digital assets paid for expenses | |
| 46,557 | | |
| 17,751 | |
Non-cash interest expense | |
| 88,422 | | |
| 12,761 | |
Gain on settlement of debt | |
| (55 | ) | |
| - | |
Impairment of goodwill | |
| 257,353 | | |
| - | |
Forgiveness of interest - related party | |
| - | | |
| 2,997 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Increase in deposit | |
| (359 | ) | |
| - | |
Increase in inventory | |
| (2,585 | ) | |
| - | |
Increase (decrease) in prepaid | |
| 11,481 | | |
| (13,847 | ) |
Increase in accounts payable and accrued liabilities | |
| 57,482 | | |
| 4,460 | |
Net cash used in operating activities | |
| (198,863 | ) | |
| (153,308 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Purchase of digital assets held | |
| (55,000 | ) | |
| (1,289,952 | ) |
Sale of digital assets held | |
| 232,206 | | |
| - | |
Purchase of fixed assets | |
| (4,664 | ) | |
| - | |
Purchase of website | |
| (2,499 | ) | |
| - | |
Investment in Boring Brew LLC and Bored Coffee Lab LLC | |
| (9,245 | ) | |
| - | |
Net cash provided by (used in) investing activities | |
| 160,798 | | |
| (1,289,952 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Advances from related party | |
| - | | |
| 18,367 | |
Proceeds from issuance of promissory note payable | |
| 25,000 | | |
| 100,000 | |
Proceeds from issuance of convertible notes payable - related party | |
| 50,000 | | |
| 240,000 | |
Proceeds from issuance of convertible notes payable | |
| - | | |
| 20,000 | |
Repayment of convertible notes payable - related party | |
| (20,000 | ) | |
| - | |
Repayment of advances | |
| (35,000 | ) | |
| - | |
Issuance of Series A Convertible Preferred Stock | |
| - | | |
| 1,100,000 | |
Net cash provided by financing activities | |
| 20,000 | | |
| 1,478,367 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (18,065 | ) | |
| 35,107 | |
Cash and cash equivalents, beginning of year | |
| 35,151 | | |
| 44 | |
Cash and cash equivalents, end of year | |
$ | 17,086 | | |
$ | 35,151 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during period for: | |
| | | |
| | |
Interest paid | |
$ | 9,010 | | |
$ | - | |
Income taxes paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash Investing and Financing Activities | |
| | | |
| | |
Purchase of digital assets held with convertible promissory notes - related party | |
$ | - | | |
$ | 100,860 | |
Purchase of digital assets held with other digital assets | |
$ | 6,941,826 | | |
$ | 10,244,898 | |
Proceeds from sale of digital assets for other digital assets | |
$ | 7,292,387 | | |
$ | 10,244,898 | |
Shares issued for website | |
$ | 18,000 | | |
$ | - | |
Shares issued for investment in Boring Brew LLC and Bored Coffee Lab LLC | |
$ | 240,000 | | |
$ | - | |
Shares to be issued in conjunction with the amendment of terms of promissory note - related party | |
$ | 9,000 | | |
$ | - | |
Intrinsic value of embedded beneficial conversion feature on convertible note payable - related party | |
$ | 40,000 | | |
$ | 360,860 | |
Equipment paid with digital assets | |
$ | 72,095 | | |
$ | - | |
Warrants issued in conjunction with promissory note | |
$ | 7,916 | | |
$ | - | |
Digital assets for payment of promissory note - related party | |
$ | 7,502 | | |
$ | - | |
Forgiveness of convertible note payable, accrued interest and advances - related party | |
$ | - | | |
$ | 207,644 | |
The
accompanying notes are an integral part of these consolidated financial statements.
METAVESCO,
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE
30, 2023
NOTE
1 – ORGANIZATION AND OPERATIONS
Metavesco,
Inc. (formerly Waterside Capital Corporation) (the “Company”) was incorporated in the Commonwealth of Virginia on July 13,
1993 and was a closed-end investment company licensed by the Small Business Administration (the “SBA”) as a Small Business
Investment Company (“SBIC”). The Company previously made equity investments in, and provided loans to, small businesses to
finance their growth, expansion, and development. Under applicable SBA regulations, the Company was restricted to investing only in qualified
small businesses as contemplated by the Small Business Investment Act of 1958. As a registered investment company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), the Company’s investment objective was to provide its
shareholders with a high level of income, with capital appreciation as a secondary objective. The Company made its first investment in
a small business in October 1996.
On
May 28, 2014, with the Company’s consent, the United States District Court for the Eastern District of Virginia, having jurisdiction
over an action filed by the SBA (the “Court”), entered a Consent Order and Judgment Dismissing Counterclaim, Appointing Receiver,
Granting Permanent Injunctive Relief and Granting Money Judgment (the “Order”). The Order appointed the SBA receiver of the
Company for the purpose of marshaling and liquidating in an orderly manner all of the Company’s assets and entered judgment in
favor of the United States of America, on behalf of the SBA, against the Company in the amount of $11,770,722. The Court assumed jurisdiction
over the Company and the SBA was appointed receiver effective May 28, 2014.
The
Company effectively stopped conducting an active business upon the appointment of the SBA as the receiver and the commencement of the
court-ordered receivership (the “Receivership”). Over the course of the Receivership, the activity of the Company was limited
to the liquidation of the Company’s assets by the receiver and the payment of the proceeds therefrom to the SBA and for the expenses
of the Receivership. On June 28, 2017, the Receivership was terminated with the entry of a Final Order by the Court. The Final Order
specifically stated that “Control of Waterside shall be unconditionally transferred and returned to its shareholders c/o Roran
Capital, LLC (“Roran”) upon notification of entry of this Order”. Upon termination of the Receivership, Roran took
possession of all books and records made available to it by the SBA.
The
Company filed with the Securities and Exchange Commission (the “SEC”) an application pursuant to Section 8(f) of the Investment
Company Act for an order declaring that the Company had ceased to be a registered investment company. On April 22, 2020, the SEC issued
an order under Section 8(f) of the Investment Company Act declaring that the Company had ceased to be an investment company. As a result,
the Company is now a reporting company under the Securities Exchange Act of 1934, as amended.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran. Roran agreed to sell to the Buyer 42,476,660 shares of common stock of the Company held
by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive all amounts due to Roran by the
Company totaling $207,644, which is comprised of convertible note payable – related party, accrued interest payable – related
party, and advances from related party. The Buyer acquired 42,476,660 shares of the Company’s Common Stock, representing 69.7%
of the issued and outstanding shares of Common Stock. As such, the SPA resulted in a change of control of the Company.
Effective
November 29, 2021, the Company converted from a Virginia corporation to a Nevada corporation.
On
December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and
restated articles of incorporation had the effect of (i) increasing the Company’s authorized common stock to 100 million shares,
(ii) increasing the Company’s authorized preferred stock to 20 million shares, and (iii) reducing the par value of each of the
Company’s common stock and preferred stock to $0.0001 per share. Common stock and additional paid-in capital for all periods presented
in these financial statements have been adjusted retroactively to reflect the reduction in par value.
On
December 17, 2021, the majority shareholder and board of directors approved an amendment to the amended and restated articles of incorporation
that would change the Company’s name from Waterside Capital Corporation to Metavesco, Inc. The name change was effective June 3,
2022, following clearance by the Financial Industry Regulatory Authority (“FINRA”).
In
March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized
exchanges such as Uniswap. Additionally, the Company farms tokens via Proof of Stake protocols on decentralized exchanges, as well as
centralized exchanges including the Coinbase, Inc. (“Coinbase”) exchange. The Company also invests in what it considers promising
non-fungible token (“NFT”) projects and virtual land, primarily on Ethereum virtual machine (“EVM”) protocols.
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement the (“Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”). Under the terms of the Purchase Agreement, the Seller sold to the Company, all of the outstanding limited
liability company interests in Boring and Bored for a total purchase price of $9,245 in cash and 5,000,000 shares of common stock of
the Company.
Going
Concern
The
Company’s consolidated financial statements have been prepared in accordance with GAAP applicable to a going concern. This contemplates
the realization of assets and the liquidation of liabilities in the normal course of business. During the year ended June 30, 2023, the
Company incurred a net loss of $572,845 and used cash in operating activities of $198,863, and on June 30, 2023, had an accumulated deficit
of $19,619,047. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern
for a period of one year from the date that the consolidated financial statements are issued. The Company will be dependent upon the
raising of additional capital through placement of debt and its common stock in order to implement its business plan. There can be no
assurance that the Company will be successful in this situation. The Company expects over the next twelve months, cash held at a consolidated
financial institution will be expended on professional fees, transfer agent, Edgar agent and other administrative costs. The cash held
at Coinbase will be deployed to purchase crypto assets to generate staking rewards and liquidity pool fees. We hope to start paying some
of our suppliers and contractors in crypto assets in the coming months. However, there can be no assurance we will be able to pay any
of our suppliers and contractors in digital assets.
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
Fiscal
Year-End
The
Company elected June 30 as its fiscal year-end date.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries (1) Boring Brew LLC and (2) Bored
Coffee Lab, LLC. All significant intercompany transactions are eliminated.
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
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 and disclosure of contingent assets and liabilities at the dates of the financial statements and the
reported amounts of revenues and expenses during the reporting periods.
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these
estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates
are adjusted accordingly.
Significant
matter requiring use of estimates and assumptions include, but may not be limited to, evaluation of impairment of digital assets, equipment,
identifiable intangible assets and goodwill, recognition and valuation of revenue, valuation allowance for deferred tax assets and fair
value used in business acquisitions..
Actual
results could differ from those estimates.
Business
Acquisitions
The
Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations.” The cost of an acquisition is measured at the aggregate of the acquisition date fair value of the assets transferred
to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements.
During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated
income statements.
Cash
and cash equivalents
Cash
and cash equivalents include cash and interest-bearing highly liquid investments held at consolidated financial institutions, cash on
hand that is not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto
trading venues. At June 30, 2023, $17,086 of cash was at held a consolidated financial institution which is a member of the Federal Deposit
Insurance Corporation (“FDIC”) and $0 was held at Coinbase. The contract with Coinbase requires USD balances in a client’s
fiat wallet be held in an omnibus custodial account for the benefit of Coinbase’s customers. These accounts are either omnibus
bank accounts insured by the FDIC (currently up to $250,000 per entity) or trust accounts holding short term U.S. treasuries.
Digital
Assets
Digital
assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The
Company assigns costs to transactions on a first-in, first-out basis (FIFO).
An
intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events
or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment
exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its
fair value is being measured.
Tokens
are subject to impairment losses if the fair value of a token decreases below the carrying value at any time during the period. The fair
value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens
from www.cryptocompare.com.
Liquidity
pool tokens and NFTs are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each
quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM
Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter.
Impairment
for liquidity pool tokens and NFTs is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which
these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the
fair value of digital assets.
The
Company currently reviews quoted prices of its liquidity pool tokens, NFTs and comparable tokens at https://uniswap.org/ and https://opensea.io.
Impairment expense is reflected in total expense in the consolidated statements of operations. Subsequent reversal of impairment losses
is not permitted.
The
sales of digital assets held are included within investing activities in the accompanying consolidated statements of cash flows and any
realized gains or losses from such sales are included in other income (expense) in the consolidated statements of operations.
Identifiable
Intangible Assets
Identifiable
intangible assets consist primarily of design and websites. These assets are tested for impairment using undiscounted cash flow methodology
annually and whenever there is an indicator of impairment. Estimating future cash flows requires significant judgment and projections
may vary from cash flows eventually realized. Several impairment indicators are beyond the Company’s control, and determining whether
or not they will occur cannot be predicted with any certainty. Design and websites are amortized on a straight-line basis over an estimated
life of three years.
The
website development costs of the Company are accounted for in accordance with ASC 350-50, Website Development Costs. These costs are
included in intangible assets in the accompanying consolidated financial statements. Upgrades or enhancements that add functionality
are capitalized while other costs during the operating stage are expensed as incurred. The Company amortizes the capitalized website
development costs over an estimated useful life of three years.
Goodwill
Goodwill
represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company’s
business combinations. The Company performs a goodwill impairment test on at least an annual basis at the reporting unit level. Application
of the goodwill impairment test requires significant judgments, including estimation of future cash flows, which is dependent on internal
forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur and determination
of our weighted average cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair
value and/or conclusions on goodwill impairment for each reporting unit. The Company will conduct its annual goodwill impairment test
as of June 30 of each year or more frequently if indicators of impairment exist. The Company periodically analyzes whether any such indicators
of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators
may include a sustained significant decline in our stock price and market capitalization, a significant adverse change in legal factors
or in the business climate, unanticipated competition and/or slower expected growth rates, adverse actions or assessments by a regulator,
among others. The Company compares the fair value of its reporting unit to its respective carrying value, including related goodwill.
A
goodwill impairment charge of $257,353 was recorded as at June 30, 2023. The impairment of goodwill was due to the inability of the Company
to identify future cash flows with suitable reliability associated with Boring Brew LLC and Bored Coffee Lab LLC acquired on June 12,
2023. See Note 3 – Business Acquisition.
SCHEDULE
OF GOODWILL
| |
| | |
Opening balance at June 30, 2022 | |
$ | 0 | |
Purchase of goodwill | |
| 257,353 | |
Impairment of goodwill | |
| (257,353 | ) |
Closing balance at June 30, 2023 | |
$ | 0 | |
Revenue
recognition
The
Company recognizes revenue under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should
recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core
principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through liquidity pools
and staking rewards.
Liquidity
Pools
Liquidity
pools are a collection of digital assets locked in a smart contract that provide liquidity to decentralized exchanges. Liquidity allows
digital assets to be converted to cash quickly and efficiently without drastic price swings. An important component of a liquidity pool
are automated market makers (“AMMs”). An AMM is a protocol that uses liquidity pools to allow digital assets to be traded
by a mathematical formula rather than though a traditional market of buyers and sellers.
The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depend on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with liquidity over a price
range.
Revenue
is recognized from liquidity pools when the award is claimed and deposited in the Company wallet. The transaction consideration the Company
receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital asset awards received.
Mining
Pools
The
Company earns transaction fees with its crypto mining machines by validating requesting customers’ transactions to a distributing
ledger. We joined a mining pool and receive a pro-rata share of a bitcoin award for completing a blockchain.
The
Company has entered into digital asset mining pools by executing an agreement with one mining pool operator The agreement is terminable
at any time by either party. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency
award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are
recorded as a deduction from revenue), for successfully adding a block to the blockchain. The Company’s fractional share is based
on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by
all mining pool participants in solving the current algorithm.
Providing
computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision
of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The
transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date
received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from
the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur,
the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm)
and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant
financing component in these transactions.
Fair
value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt.
Staking
Rewards
Staking
rewards are granted to holders of a crypto asset when the holders lock up that crypto asset as collateral to secure fairness when validating
transactions or other network actions.
The
Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange
for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network.
Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation
is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number
of tokens received and the fair value of the token at contract inception.
Airdrops
Airdrops
are the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage
adoption of a new token and to increase liquidity in the early stages of a token project.
The
Company recognizes crypto assets received through an airdrop if the crypto asset is expected to generate a probable future benefit and
if the Company is able to support the trading, custody, or withdrawal of these assets.
Airdrops
are accounted for in accordance with ASC 610-20, Sales and Transfer of Nonfinancial Assets, Receipt of a airdrops are classified
as other income in the statement of operations.
Equipment
Equipment
is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense when
incurred, while renewals and betterments that materially extend the life of an asset are capitalized.
The
costs of assets sold, retired, or otherwise disposed of, and the related allowance for depreciation, are eliminated from the accounts,
and any resulting gain or loss is recognized in the results from operations. Depreciation is provided over the estimated useful lives
of the assets, which are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF ASSETS
Mining equipment | |
Straight-line over 36 months |
Convertible
Financial Instruments
The
Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments
if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative
instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument
that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable
generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when
the host instrument is deemed to be conventional, as that term is described under applicable GAAP.
When
the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded
for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying
common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument.
Beneficial
conversion feature – The issuance of the convertible debt generated a beneficial conversion feature (“BCF”), which
arises when a debt or equity security is issued with a non-separated embedded conversion option that is beneficial to the investor or
in the money at inception because the conversion option has an effective strike price that is less than the market price of the underlying
stock at the commitment date. The Company recognized the BCF by allocating the intrinsic value of the conversion option, which is the
number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share
and the fair value of common stock per share on the commitment date, resulting in a discount on the convertible debt (recorded as a component
of additional paid-in capital). The BCF is amortized into interest expense over the life of the related debt.
Related
Parties
The
Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the
relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed,
for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of
the effects of the transactions on the consolidated financial statements; (c) the dollar amounts of transactions for each of the periods
for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the
preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise
apparent, the terms and manner of settlement.
Commitments
and Contingencies
The
Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial
statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur
or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In
assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Deferred
Tax Assets and Income Taxes Provision
The
Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the consolidated financial statements. Under ASC 740-10-25-13, the Company may recognize
the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25-13 also provides guidance on de-recognition, classification, interest, and penalties on income taxes, accounting
in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income
tax benefits.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three years for federal purposes, and the
prior four years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination
by tax authorities.
Net
Income (Loss) Per Common Share
The
Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of ASC 260, basic net
loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of
shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents;
however, on June 30, 2023 and 2022, we excluded the common stock issuable upon conversion of warrants to 6,620,000 shares and 6,600,000
shares, respectively, as their effect would have been anti-dilutive.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph
820-10-35-37 of ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37
establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy
defined by Paragraph 820-10-35-37 are described below:
|
Level
1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
Level
2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable
as of the reporting date. |
|
Level
3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar
techniques and at least one significant model assumption or input is unobservable.
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. If the inputs used to measure the financial assets and liabilities fall within more than
one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of
the instrument.
Transactions
involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends
the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity and improves
and amends the related earnings per share guidance for both Subtopics. This standard is effective for fiscal years and interim periods
within those fiscal years beginning after December 15, 2023, which means it will be effective for our fiscal year beginning July 1, 2024.
Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
fiscal years. We are currently evaluating the impact of ASU 2020-06 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 SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
NOTE
3 – BUSINESS ACQUISITION
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement (the “Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”). Under the terms of the Purchase Agreement, the Seller sold to the Company, all of the outstanding limited
liability company interests in Boring and Bored. The Company paid the Seller total consideration with a fair value of $249,245, paid
as follows: (i) $9,245 in cash and (ii) 5,000,000 shares of the Company’s common stock at a fair value of $240,000 ($0.048 per
share based on the closing price of the Company common stock on June 12, 2023).
Assets
acquired and liabilities assumed in the Agreement were recorded on the Company’s Consolidated Balance Sheet as of the acquisition
date of June 12, 2023 based upon their estimated fair values. The results of operations of businesses acquired by the Company have been
included in the statements of operations since the date of acquisition. The excess of the purchase price over the estimated fair values
of the underlying identifiable assets acquired and liabilities assumed were allocated to goodwill.
The
preliminary allocation of the purchase price and the estimated fair market values of the assets acquired and liabilities assumed are
shown below:
SCHEDULE
OF FAIR MARKET VALUES OF ASSETS AND LIABILITIES
| |
2023 | |
Fair value of assets acquired and liabilities assumed | |
| |
Deposit | |
$ | 244 | |
Inventory | |
| 5,203 | |
Design | |
| 9,000 | |
Web development | |
| 12,500 | |
Goodwill | |
| 257,353 | |
Advances payable | |
| (35,055 | ) |
Purchase Price | |
$ | 249,245 | |
Unaudited
pro forma results of operations information for the years ended June 30, 2023 and 2022 as if the Company and the entities described above
had been combined on July 1, 2021 are as follows. The pro forma results include estimates and assumptions which management believes are
reasonable. The pro forma results do not include any anticipated cost savings or other effects of the planned integration of these entities,
and are not necessarily indicative of the results that would have occurred if the business combinations had been in effect on the dates
indicated, or which may result in the future.
SCHEDULE
OF BUSINESS ACQUISITION PROFORMA INFORMATION
| |
For
the Year Ended
June 30,
2023 | | |
For the Year Ended
June 30,
2022 | |
Revenue | |
$ | 148,182 | | |
$ | 82,815 | |
Net loss | |
$ | (592,466 | ) | |
$ | (1,124,564 | ) |
Net loss per share | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
NOTE
4 – DIGITAL ASSETS HELD, NET OF IMPAIRMENT
Digital
assets held, net of impairment have consisted of:
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT
| |
| |
| |
Digital Assets | |
Balance, June 30, 2021 | |
$ | - | |
| |
| | |
Purchase of digital assets | |
| 11,615,710 | |
Proceeds from sale of digital assets | |
| (10,224,899 | ) |
Realized gain on sales/ exchange digital assets | |
| 312,598 | |
Acquired digital assets by Airdrop | |
| 17,439 | |
Acquired digital assets by Liquidity Pools | |
| 81,765 | |
Acquired digital assets by Staking Rewards | |
| 852 | |
Digital assets used to pay fees | |
| (17,749 | ) |
Impairment charges | |
| (1,351,074 | ) |
| |
| | |
Balance, June 30, 2022 | |
| 434,642 | |
Beginning balance | |
| 434,642 | |
| |
| | |
Purchase of digital assets | |
| 6,904,183 | |
Proceeds from sale of digital assets | |
| (7,107,258 | ) |
Realized gain on sale/ exchange of digital assets held | |
| 546,617 | |
Acquired digital assets by liquidity pools, mining pools and other digital rewards | |
| 139,562 | |
Digital assets used to pay prepaid, equipment and expenses | |
| (124,890 | ) |
Digital assets used to repay promissory notes | |
| (7,502 | ) |
Impairment charges | |
| (591,125 | ) |
Balance, June 30, 2023 | |
$ | 194,229 | |
Ending balance | |
$ | 194,229 | |
As
at June 30, 2023, the Company’s holdings of digital assets held, net of impairment consists of:
SCHEDULE
OF ASSETS DIGITAL HOLDING IMPAIRMENTS
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 20,356.45 | | |
$ | 41,114 | |
ETH | |
| 9.94 | | |
| 16,138 | |
BTC | |
| 0.61 | | |
| 14,904 | |
JOE | |
| 18,990.00 | | |
| 5,481 | |
UNI | |
| 933.08 | | |
| 2,816 | |
RBNT | |
| 5,567.49 | | |
| 1,733 | |
USDC | |
| 1,225.96 | | |
| 1,209 | |
Other | |
| | | |
| 1,880 | |
Cryptocurrency
Total | |
| | | |
$ | 85,275 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 2.0 | | |
$ | 65,287 | |
CAKE | |
| 7,259.56 | | |
| 9,481 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 74,768 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 13,247 | |
Meebits | |
| 2 | | |
| 10,006 | |
Bored Ape Kennel Club | |
| 1 | | |
| 5,105 | |
Nakamigos | |
| 1 | | |
| 1,555 | |
OnForce 1 | |
| 1 | | |
| 1,506 | |
Other NFTs | |
| | | |
| 2,767 | |
Non-Fungible
Tokens total | |
| | | |
$ | 34,186 | |
Total digital assets, net of impairment | |
| | | |
$ | 194,229 | |
As
at June 30, 2022, the Company’s holdings of digital assets held, net of impairment consists of:
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 9,304.96 | | |
$ | 34,276 | |
ETH | |
| 23.25 | | |
| 23,666 | |
CAKE | |
| 4,570.35 | | |
| 12,061 | |
MKR | |
| 9.83 | | |
| 7,052 | |
RLP | |
| 249.49 | | |
| 6,910 | |
USDC | |
| 5,251.32 | | |
| 5,249 | |
LINK | |
| 94.05 | | |
| 471 | |
Cryptocurrency
Total | |
| | | |
$ | 89,685 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 4.2 | | |
| 239,827 | |
mooEmp | |
| 275.77 | | |
| 30,841 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 270,668 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 19,573 | |
Other Deed | |
| 8 | | |
| 38,604 | |
Board Ape Kennel Club | |
| 1 | | |
| 6,106 | |
Meebits | |
| 2 | | |
| 10,006 | |
Non-Fungible
Tokens total | |
| | | |
$ | 74,289 | |
Total digital assets, net of impairment | |
| | | |
$ | 434,642 | |
NOTE
5 –EQUIPMENT
SCHEDULE
OF EQUIPMENT
| |
Cost | | |
Accumulated Depreciation | | |
June 30, 2023 Net Book Value | | |
June 30, 2022 Net Book Value | |
Mining equipment | |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
| |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
On
August 22, 2022, the Company made a deposit of $72,095 with USD Coin (“USDC”) to purchase 18 Antminer S19j Pro 100TH
Bitcoin mining machines. These machines were deployed, became operational and started to generate revenue on February 7, 2023.
Depreciation
expense for the years ended June 30, 2023 and 2022 was $10,143 and $0, respectively.
NOTE
6 – IDENTIFIED INTANGIBLE ASSETS
Intangible
assets comprise website development and design which are recorded at cost.
SCHEDULE
OF IDENTIFIED INTANGIBLE ASSETS
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Website development | |
$ | 32,999 | | |
$ | - | |
Design | |
| 9,000 | | |
| - | |
Identifiable Intangible Assets Gross | |
| 41,999 | | |
| - | |
Accumulated amortization | |
| (597 | ) | |
| - | |
Identifiable Intangible Assets | |
$ | 41,402 | | |
$ | - | |
On
June 12, 2023, the Company acquired website and design of $12,500 and $9,000, respectively, and commenced amortization upon closing of
the business acquisition of all of the outstanding limited liability company interests in Boring Brew LLC and Bored Coffee Lab, LLC.
During
the year ended June 30, 2023, $597 (comprising website of $347 and design of $250) and $0, respectively, was recorded as amortization.
The Company estimates amortization over the next two years is $14,000 per annum and amortization of $13,402 in the third year.
NOTE
7 – NOTES PAYABLE – RELATED PARTY
On
September 19, 2017, the Company entered into a Convertible Loan Agreement with Roran (the “Loan Agreement”). Pursuant to
the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months. On June
17, 2019, the Company amended the Loan Agreement increasing the loan amount to $200,000 and extending the maturity date to September
19, 2019. Each advance under the Loan Agreement will be documented under a Convertible Promissory Note issued by the Company in favor
of Roran (the “Note”). The Note bears interest at the rate of 12% per annum. Roran has the right to convert all or any portion
of the Note into shares of the Company’s common stock at a conversion price equal to 60% of the share price. The Company recorded
a BCF due to the conversion option of $116,800, which has been fully amortized as of September 30, 2019. The debt discount has been amortized
as interest expense through September 30, 2019. On December 13, 2019, the Company amended its Loan Agreement Note with Roran as follows:
(i) the total amount to be loaned was increased to $250,000, and (ii) the maturity date was extended to June 19, 2020. Although the maturity
date has passed, Roran has agreed to extend the loan and advance additional funds until further negotiations have been concluded. On
June 8, 2020, Roran converted $124,500 principal amount of its promissory note with the Company and $25,500 of accrued and unpaid interest
thereon, totaling $150,000, into 41,666,660 shares of Company Common Stock at the stated conversion price per share of $0.0036. The remaining
balance due on the promissory note, as of the conversion date, was $104,838 in principal and $19,988 in interest. As a result of the
advances made pursuant to the Loan Agreement, the Company has incurred total obligations of $149,838 as of June 30, 2021 (net of debt
discounts and exclusive of accrued interest).
During
the year ended June 30, 2022, Roran made non-interest bearing, unsecured, short-term cash advances to the Company totaling $18,367 for
the purpose of paying all accounts payable before the closing date of the SPA.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran Capital LLC (“Roran”). Roran agreed to sell to the Buyer 42,476,660 shares
of common stock of the Company held by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive
all amounts due to Roran by the Company totaling $207,644, which is comprised of convertible note payable – related party, accrued
interest payable – related party and advances from related party. In accordance with ASC 470-50-40-2, the resulting forgiveness
of convertible note payable, accrued interest and advances – related party of $207,644 is recorded as an increase in additional
paid-in capital within the consolidated statements of shareholders’ equity (deficit), as the debt forgiven is in essence a capital
transaction.
SCHEDULE
OF AMOUNTS OWNED TO RELATED PARTIES
| |
Debts forgiven by Roran on September 2, 2021 | |
Convertible note payable – related party | |
$ | 149,838 | |
Interest on convertible note payable – related party | |
| 39,439 | |
Advance from related party | |
| 18,367 | |
Forgiveness of convertible note payable, accrued interest and advances – related party | |
$ | 207,644 | |
NOTE
8 – PROMISSORY NOTES
Demand
Promissory Note and Common Stock Purchase Warrant
On
August 12, 2022, the Company issued a Promissory Note in the principal amount of $25,000 (the “Promissory Note”) for cash
to Tom Zarro. The Promissory Note bears interest at the rate of 5.00% per annum. Any unpaid principal amount and any accrued interest
is due on August 12, 2023. Mr. Zarro may demand payment of all or any portion of the outstanding principal and interest at any time.
The Promissory Note is unsecured and there is no prepayment penalty. In the event the Promissory Note is not paid when due, any outstanding
principal and interest will accrue interest of 12% per annum. In conjunction with the issue of the Promissory Note, the Company issued
Mr. Zarro a common stock purchase warrant (the “Warrant”). The terms of the Warrant state that, Mr. Zarro may, at any time
on or after August 12, 2022 and until August 12, 2025, exercise the Warrant to purchase 20,000 shares of the Company’s common stock
for an exercise price per share of $0.075, subject to adjustment as provided in the Warrant. The fair value of the Warrant was calculated
using volatility of 157%, interest-free rate of 3.18%, nil expected dividend yield and expected life of 3 years. The fair value of the
debt and warrant is allocated based on their relative fair values. During the year ended June 30, 2023 and 2022, $6,983 and $0, respectively,
of discount amortization is included in interest expense. At June 30, 2023 and, 2022, there was an unamortized discount balance of $933
and $0, respectively, to be amortized through May 2027 and accrued interest payable of $1,103 and $0, respectively.
Demand
Promissory Note – Related Parties
On
October 18, 2021, the Company issued a Promissory Note in the principal amount of $100,000 (the “Promissory Note”) for cash
to Ryan Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest was due on October 18, 2022. On August 29, 2022,
the Company entered into an Amendment to Promissory Note, dated August 29, 2022, with the Holder. Pursuant to the terms of the note amendment,
the maturity date of the Promissory Note was extended to October 23, 2023, and the interest rate of the Promissory Note was increased
to 5% as of and following August 29, 2022. As consideration for extension of the maturity date, the Company agreed to issue to Mr. Schadel
150,000 shares of the Company’s common stock with a fair value of $9,000. These shares were payable and reported as shares to be
issued as of the date of this Report. The note amendment resulted in a change in the cash flows of less than 10%. Therefore, the Promissory
Note is not considered to be substantially different in accordance with ASC 470-50-10-10 and applied the modification accounting model
in accordance with ASC-50-40-17 (b). During the years ended June 30, 2023 and 2022, $6,614 and $0, respectively, of discount amortization
is included in interest expense. At June 30, 2023 and 2022, there was an unamortized discount balance of $2,386, and $0, respectively,
to be amortized through October 2023 and accrued interest payable of $2,080 and $0, respectively.
On
June 29, 2022, the Company issued a Promissory Note in the principal amount of $40,000 (the “Promissory Note”) for cash to
Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest is due on June 29, 2023. Mr. Schadel may demand
payment of all or any portion of the outstanding principal and interest at any time. During the year ended June 30, 2023, digital assets
with a fair value of $7,502 was transferred to the Promissory Note holder to repay principal. The Promissory Note is unsecured and there
is no prepayment penalty. At June 30, 2023 and 2022, there was accrued interest payable of $1 and $0, respectively.
On
August 12, 2022, the Company issued a Promissory Note in the principal amount of $50,000 (the “Promissory Note”) for cash
to Laborsmart Inc. (“Laborsmart”). Laborsmart is owned by Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Promissory Note bears interest at the rate of 5.00% per annum. Any unpaid principal amount and
any accrued interest is due on August 12, 2023. Laborsmart may demand payment of all or any portion of the outstanding principal and
interest at any time. The Promissory Note is unsecured and there is no prepayment penalty. In event the Promissory Note is not paid when
due, any outstanding principal and interest will accrue interest of 12% per annum. During the year ended June 30, 2023, the Company repaid
$20,000 in cash for principal. At June 30, 2023 and 2022, there was accrued interest payable of $1,936 and $0, respectively.
NOTE
9 – CONVERTIBLE PROMISSORY NOTES
Convertible
Promissory Notes
On
May 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $20,000 (the “Convertible Promissory
Note”), for cash, to Timothy Hackbart. The Convertible Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid
principal amount and any accrued interest is due on May 10, 2027. The Convertible Promissory Note is unsecured and there is no prepayment
penalty. At the option of the Holder, the Convertible Promissory Note is convertible into shares of the Company’s common stock
at a conversion price of $0.05 per share. The closing price of the Company’s common stock was $0.14 per share on the date the Convertible
Promissory Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock
on the date of issuance, the Company recognized a beneficial conversion feature of $20,000 upon issuance. The Company recorded the beneficial
conversion feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During
the years ended June 30, 2023 and 2022, $3,998 and $559, respectively, of discount amortization is included in interest expense. At June
30, 2023 and 2022, there was an unamortized discount balance of $15,442 and $19,441, respectively, to be amortized through May 2027 and
accrued interest payable of $741 and $0, respectively.
Convertible
Promissory Notes – Related Party
On
March 4, 2022, the Company issued a Convertible Promissory Note in the principal amount of $40,874 (the “Convertible Promissory
Note”), for value received being comprised of one bitcoin, to Mr. Schadel, the Company’s Chief Executive Officer, sole director
and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.5% per annum. Any unpaid principal amount and
any accrued interest is due on March 4, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the
option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.125 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $40,874 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $8,170 and $2,641, respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $30,062 and $38,233, respectively, to be amortized through March 2027 and
accrued interest payable of $659 and $0, respectively.
On
March 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $59,986 (the “Convertible Promissory
Note”), for value received being comprised of 22.86012412 Ether, to Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal
amount and any accrued interest is due on March 10, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty.
At the option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.142 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $59,986 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $11,991 and $3,679 respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $44,316 and $56,307, respectively, to be amortized through March 2027 and
accrued interest payable of $967 and $0, respectively.
On
May 6, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 6,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.145 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up to
the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and 2022,
$19,989 and 3,012, respectively, discount amortization is included in interest expense. At June 30, 2023 and 2022, there was an unamortized
discount balance of $76,999 and $96,988, respectively, to be amortized through May 2027 and accrued interest payable of $1,612 and $0,
respectively.
On
May 9, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 9,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.1415 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,0000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up
to the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and
2022, $19,989 and $2,848, respectively, of discount amortization is included in interest expense. At June 30, 2023 and 2022, there was
an unamortized discount balance of $77,165 and $97,152, respectively, to be amortized through May 2027 and accrued interest payable of
$1,611 and $0, respectively.
NOTE
10 – SHAREHOLDERS’ EQUITY (DEFICIT)
On
December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and
restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 million shares, (ii) increasing
the Company’s authorized preferred stock to 20 million shares, and (iii) reducing the par value of each of the Company’s
common stock and preferred stock to $0.0001 per share. Common stock and additional paid-in capital for all periods presented in these
consolidated financial statements have been adjusted retroactively to reflect the reduction in par value.
On
March 11, 2022, the Company filed with the State of Nevada a certificate of designations for the Company’s Series A Convertible
Preferred Stock (“Series A Stock”). The Series A Certificate of Designations provides (i) the number of authorized shares
will be 100, (ii) each share will have a stated value of $50,000, (iii) each share is convertible into 100,000 shares of Company common
stock, subject to a 9.99% equity blocker, (iv) shares are non-voting, and (v) shares are not entitled to receive dividends or distributions.
On
April 7, 2023, the Company agreed to issue 500,000 shares of common stock with a fair value of $18,000 for website development services.
On
June 12, 2023, the Company agreed to issue 5,000,000 shares of common stock with a fair value of $240,000 for an investment in Boring
Brew LLC and Bored Coffee Lab LLC (See Note 3 – Business Acquisition).
Warrants
On
March 16, 2022, the Company entered into Stock Purchases Agreements whereby the Company issued 22 shares to Series A Stock and various
Warrants for $1,100,000 in cash. The Warrants comprise of 2,200,000 Company common stock issuable at $0.13 per share, 2,200,000 Company
common stock issuable at $0.15 per share and 2,200,000 Company common stock issuable at $0.175 per share. Upon issuance on March 16,
2022, the Warrant remains exercisable for a period of five years.
On
August 12, 2022, the Company issued a common stock purchase warrant in conjunction with a Promissory Note. The Warrant comprise of 20,000
Company common stock issuable at $0.075 per share. Upon issuance on August 12, 2022, the Warrant remains exercisable for a period of
three years.
The
weighted average remaining legal life of the warrants outstanding at June 30, 2023 is 3.70 years.
Forward
Stock Split
On
July 15, 2022, the Company’s director and shareholders approved an amendment of the Company’s Articles of Incorporation that
would effect a 10-for-1 forward stock split of the Company’s common stock (the “Forward Split”). The Forward Split
is subject to clearance by the Financial Industry Regulatory Authority (“FINRA”), and the Company will not effect the Forward
Split until it is cleared by FINRA. On September 11, 2023, the Financial Industry Regulatory Authority, Inc. notified us that the Forward
Split would take effect on September 19, 2023. All common stock share and per-share amounts for all periods presented in these consolidated
financial statements have been adjusted retroactively to reflect the Forward Split.
NOTE
11 – INCOME TAXES
The
Company had no income tax expense due to operating losses incurred for the years ended June 30, 2023 and 2022.
United
States
Modifications
for net operating losses (NOL): Under Code Section 172(a) the amount of the NOL deduction is equal to the lesser of (a) the aggregate
of the NOL carryovers to such year and NOL carrybacks to such year, or (b) 80% of taxable income computed without regard to the deduction
allowable in this section. Thus, NOLs are currently subject to a taxable-income limitation and cannot fully offset income. The Act temporarily
removes the taxable income limitation to allow an NOL to fully offset income.
Modifications
of limitation on business interest: The 2017 Tax Cuts and Jobs Act of 2017 (TCJA) generally limited the amount of business interest allowed
as a deduction to 30% of adjusted taxable income. The Act temporarily and retroactively increases the limitation on the deductibility
of interest expense under Code Section 163(j)(1) from 30% to 50% for tax years beginning in 2019 and 2020. (Code Section 163(j)(10)(A)(i)
as amended by Act Section 2306(a)).
The
Company has not recorded the necessary provisional adjustments in the consolidated financial statements in accordance with its current
understanding of the CARES Act and guidance currently available as of this filing. But is reviewing the CARES Act potential ramifications.
The
tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets
and liabilities on June 30, 2023 and 2022 are comprised of the following:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net-operating loss carryforward | |
$ | 287,503 | | |
$ | 259,803 | |
Total deferred tax assets | |
| 287,503 | | |
| 259,803 | |
Valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Deferred tax assets, net of allowance | |
$ | - | | |
$ | - | |
SCHEDULE
OF PROVISION FOR INCOME TAXES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Federal | |
| | | |
| | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| 287,503 | | |
| 259,803 | |
State | |
| - | | |
| - | |
Current | |
| - | | |
| - | |
Deferred | |
| - | | |
| - | |
Change in valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Income tax provision | |
$ | - | | |
$ | - | |
We
have a net operating loss (“NOL”) carry forward for U.S. income tax purposes aggregating approximately $1,369,100 as of June
30, 2023, subject to the Internal Revenue Code Section 382/383, which places a limitation on the amount of taxable income that can be
offset by net operating losses after a change in ownership.
In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of
the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal
of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax
assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax
assets on June 30, 2023. The valuation allowance increased by approximately $27,700 as of June 30, 2023.
The
expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
SCHEDULE
OF EFFECTIVE INCOME TAX RATE
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Statutory Federal Income Tax Rate | |
| 21 | % | |
| 21 | % |
Non-deductible expenses | |
| (16 | )% | |
| (5 | )% |
Change in valuation allowance | |
| (5 | )% | |
| (16 | )% |
Income tax provision | |
$ | - | | |
$ | - | |
The
Company has not identified any uncertain tax positions requiring a reserve as of June 30, 2023.
NOTE
12 – SUBSEQUENT EVENTS
Loan
Agreement
On
July 10, 2023, the Company entered into a loan agreement with Restore Franchise Group, LLC. Under the loan agreement the Company was
advanced $30,000 in cash. The loan bears interest at 3% per annum, is due in one year and is unsecured. The managing member of Restore
Franchise Group, LLC is Ryan Schadel, the sole director and officer of the Company.
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM
9A. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Ryan
Schadel, our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures
as of June 30, 2023. The term “disclosure controls and procedures,” as defined in Rule 13a-15(e) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC’s rules and forms. Management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management
necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures. Based on the evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of
June 30, 2023 because of material weaknesses in our internal control over financial reporting, described below in Management’s
Report on Internal Control Over Financial Reporting. Notwithstanding the identified material weaknesses, management believes the financial
statements included in this Annual Report on Form 10-K fairly represent in all material respects our financial condition, results of
operations and cash flows at and for the periods presented in accordance with U.S. GAAP.
Management’s
Report on Internal Control Over Financial Reporting
Mr.
Schadel, as our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal
control over financial reporting as such term is defined in Rule 13a-15(f) under the Exchange Act. An evaluation of the effectiveness
of the Company’s internal control over financial reporting was performed as of June 30, 2023. The evaluation was based on the framework
in 2013 Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(“COSO”).
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions
or that the degree of compliance with the policies or procedures may deteriorate.
Based
on our evaluation under the criteria set forth in 2013 Internal Control — Integrated Framework, our Chief Executive Officer and
Chief Financial Officer concluded that, as of June 30, 2023, our internal control over financial reporting was not effective because
of the identification of material weaknesses described as follows:
|
● |
We
did not have controls designed to validate the completeness and accuracy of underlying data used in the determination of accounting
transactions. As a result, errors were identified in the underlying data used to support accounting transactions. Accordingly, we
believe we have a material weakness because there is a reasonable possibility that a material misstatement to the interim or annual
financial statements would not be prevented or detected on a timely basis. |
|
|
|
|
● |
We
do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls
over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act which is applicable to us. Management evaluated
the impact of our failure to have written documentation of our internal controls and procedures on our assessment of our disclosure
controls and procedures and has concluded that the control deficiency that resulted represented a material weakness. |
|
● |
We
do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and
nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent
possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate
individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls
and procedures and has concluded that the control deficiency that resulted represented a material weakness. |
|
|
|
|
● |
We
have an inadequate number of personnel with requisite expertise in the key functional areas of finance and accounting. |
|
|
|
|
● |
We
do not have a functioning audit committee or outside directors on our board of directors, resulting in ineffective oversight in the
establishment and monitoring of required internal controls and procedures. |
Remediation
Plan for Material Weaknesses in Internal Control over Financial Reporting
Management
of the Company is committed to improving its internal controls and subject to sufficient financial resources being available will (i)
continue to use third party specialists to address shortfalls in staffing and to assist the Company with accounting and finance responsibilities;
(ii) increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties
until there is sufficient personnel; and, (iii) may consider appointing outside directors and audit committee members in the future.
Management
has discussed the material weaknesses noted above with our independent registered public accounting firm. Due to the nature of these
material weaknesses, it is reasonably possible that misstatements that could be material to the annual or interim financial statements
could occur that would not be prevented or detected during our financial close and reporting process.
This
annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to
temporary rules of the SEC that permit us to provide only management’s report in this annual report.
Changes
in Internal Controls Over Financial Reporting
There
have been no changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act) or in other factors that materially affected or are reasonably likely to materially affect our internal controls and procedures over
financial reporting during the fourth quarter of the fiscal year ended June 30, 2023.
ITEM
9B. OTHER INFORMATION
None.
ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Information
Regarding Our Board of Directors
Pursuant
to our bylaws, the number of directors is fixed and may be increased or decreased from time to time by resolution of our Board of Directors
(the “Board”). The Company currently has one individual serving on the Board. The Company will seek to fill vacancies on
the Board as it executes on its business plan and is able to fund the cost of errors and omissions insurance coverage for the Board.
Information
with respect to our current directors is shown below.
Name |
|
Age |
|
Director
Since |
|
Position(s)
Held |
Ryan
Schadel |
|
46 |
|
2021 |
|
Chief
Executive Officer, Chief Financial Officer and Director |
Set
forth below is a brief description of the background and business experience of our executive officers and directors for the past five
years.
Ryan
Schadel. Mr. Schadel has served as our Chief Executive Officer, Chief Financial Officer and a member of our board of directors since
acquiring voting control on September 2, 2021. Prior to this, Mr. Schadel served as a CEO of Labor Smart, Inc., a blue collar staffing
company, from May 2011 to February 2021.
Family
Relationships
None
Involvement
in Certain Legal Proceedings
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years:
|
● |
been
convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor
offenses); |
|
|
|
|
● |
had
any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business
association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years
prior to that time; |
|
|
|
|
● |
been
subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction
or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in
any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be
associated with persons engaged in any such activity; |
|
● |
been
found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures
Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended,
or vacated; |
|
|
|
|
● |
been
the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged
violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions
or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution,
civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting
mail or wire fraud or fraud in connection with any business entity; or |
|
|
|
|
● |
been
the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
(as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange
Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons
associated with a member. |
Except
as set forth in our discussion below in “Certain Relationships and Related Transactions,” none of our directors or executive
officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are
required to be disclosed pursuant to the rules and regulations of the Commission.
Corporate
Governance
Board
Committees and Charters
Audit
Committee
We
do not currently have a separately constituted audit committee. We will consider forming an Audit Committee in fiscal 2023 and if appropriate
will commence a search for new qualified board members, one of whom will meet the definition of an “audit committee financial expert”.
The board of directors will also consider adopting a written audit committee charter.
Compensation
Committee
We
do not currently have a separately constituted compensation committee. Our board of directors has not yet determined whether to create
a compensation committee.
Nominating
Committee
We
do not currently have a separately constituted nominating committee. Our board of directors has not yet determined whether to create
a nominating committee.
Code
of Business Conduct
We
have not yet adopted a Code of Business Conduct, which would apply to our chief executive officer and chief financial officer, or to
all directors and employees. Our board of directors plans to adopt a Code of Business Conduct as soon as practicable.
Board
Diversity
While
we do not have a formal policy on diversity, our board of directors considers diversity to include the skill set, background, reputation,
type and length of business experience of our board of directors members, as well as, a particular nominee’s contributions to that
mix. Our board of directors believes that diversity brings a variety of ideas, judgments, and considerations that can benefit our shareholders
and us.
Stockholder
Communications
We
do not have a formal policy regarding communications with our board of directors, or for the consideration of director candidates recommended
by shareholders. To date, no shareholders have made any such recommendations.
ITEM
11. EXECUTIVE COMPENSATION
There
was no executive compensation for the fiscal years ended June 30, 2023 and 2022, respectively.
Outstanding
Equity Awards At Fiscal Year-End
As
of June 30, 2023 and 2022, respectively, there were no outstanding equity awards. At this time, we have no plans to adopt any equity
award program, though that could change in the future.
Director
Compensation
For
the years ended June 30, 2023, and 2022, there was no director compensation. At this time we have no plans to compensate our directors,
though that could change in the future.
Executive
Employment Agreements and Change-in-Control Arrangements
We
have not entered into employment agreements or change-in-control arrangements with any of our executive officers. Each of our executive
officers is an at-will employee, and their employment relationship with us may be terminated at any time.
Mr.
Schadel has agreed to work with no remuneration until such time as the Company receives sufficient revenues necessary to provide management
salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the
amount of the compensation will be.
There
are no annuity, pension or retirement benefits proposed to be paid to officers, directors or employees in the event of retirement at
normal retirement date pursuant to any presently existing plan provided or contributed to by the Company or any of its subsidiaries if
any.
ITEM
12. SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The
following table provides information regarding the beneficial ownership of our common stock as of September 30, 2023, which is also referred
to herein as the “Evaluation Date”, by: (i) each person or group who is known by us to beneficially own more than 5% of our
common stock; (ii) each of our current directors; (iii) each of our named executive officers as set forth in Item 11 of this Annual Report;
and, (iv) all such directors and executive officers as a group. The table is based upon information supplied by our officers, directors
and principal shareholders and a review of Schedules 13D and 13G, if any, filed with the SEC. Unless otherwise indicated in the footnotes
to the table and subject to community property laws where applicable, we believe that each of the shareholders named in the table has
sole voting and investment power with respect to the shares indicated as beneficially owned.
Applicable
percentages are based on 66,322,140 shares outstanding as of the Evaluation Date, adjusted as required by rules promulgated by the SEC.
These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power
with respect to those securities. In addition, the rules include shares of our common stock issuable pursuant to the exercise of stock
options or warrants that are either immediately exercisable or exercisable within 60 days of the Evaluation Date. These shares are deemed
to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of
that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person.
| |
| Common Stock | | |
| Series A Convertible Preferred Stock | |
Beneficial Owner (1) | |
| Number of Shares Beneficially Owned | | |
| Percentage of Class (2) | | |
| Number of Shares Beneficially Owned (4) | | |
| Percentage of Class (3) | |
| |
| | | |
| | | |
| | | |
| | |
Ryan Schadel, Chief Executive Officer, Chief Financial Officer, Sole Director | |
| 42,476,660 (4) | | |
| 64.05 | % | |
| - | | |
| 0.00 | % |
| |
| | | |
| | | |
| | | |
| | |
All executive officers and directors as a group (1 person) | |
| 42,476,660 | | |
| 64.05 | % | |
| - | | |
| 0.00 | % |
| |
| | | |
| | | |
| | | |
| | |
Eddy Rodriguez | |
| 5,000,000 | | |
| 7.54 | % | |
| - | | |
| 0.00 | % |
| |
| | | |
| | | |
| | | |
| | |
Timothy Hackbart | |
| - | | |
| 0.00 | % | |
| 2 | | |
| 9.10 | % |
| |
| | | |
| | | |
| | | |
| | |
Tom Zarro | |
| - | | |
| 0.00 | % | |
| 10 | | |
| 45.45 | % |
| |
| | | |
| | | |
| | | |
| | |
Daniel Giancola | |
| - | | |
| 0.00 | % | |
| 10 | | |
| 45.45 | % |
Notes:
|
(1) |
Unless
otherwise noted, the address of the reporting person is c/o Metavesco, Inc., 410 Peachtree Pkwy, Suite 4245, Cumming, GA 30041 |
|
(2) |
Based
on 66,322,140 shares of common stock outstanding as of September 30, 2023 and shares of common stock that the reporting person has
the right to acquire within 60 days from the date thereof. |
|
(3) |
Based
on 22 shares of Series A Convertible Preferred Stock outstanding as of September 30, 2023. |
|
(4) |
Each
share of our Series A Convertible Preferred Stock converts into 100,000 shares of our common stock. Series A Convertible Preferred
Stock are non-voting. Holders of Series Preferred Stock holdings in shares of common stock of the Company may not exceed 9.99%. This
limitation may be waived by the Holder with 61 days’ prior notice. |
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Certain
Relationships and Related Transactions
Roran
Obligations
On
September 19, 2017, the Company entered into a Convertible Loan Agreement with Roran (the “Loan Agreement”). Pursuant to
the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months. On June
17, 2019, the Company amended the Loan Agreement increasing the loan amount to $200,000 and extending the maturity date to September
19, 2019. Each advance under the Loan Agreement will be documented under a Convertible Promissory Note issued by the Company in favor
of Roran (the “Note”). The Note bears interest at the rate of 12% per annum. Roran has the right to convert all or any portion
of the Note into shares of the Company’s common stock at a conversion price equal to 60% of the share price. The Company recorded
a BCF due to the conversion option of $116,800, which has been fully amortized as of September 30, 2019. The debt discount has been amortized
as interest expense through September 30, 2019. On December 13, 2019, the Company amended its Loan Agreement Note with Roran as follows:
(i) the total amount to be loaned was increased to $250,000, and (ii) the maturity date was extended to June 19, 2020. Although the maturity
date has passed, Roran has agreed to extend the loan and advance additional funds until further negotiations have been concluded. On
June 8, 2020, Roran converted $124,500 principal amount of its promissory note with the Company and $25,500 of accrued and unpaid interest
thereon, totaling $150,000, into 41,666,660 shares of Company Common Stock at the stated conversion price per share of $0.0036. The remaining
balance due on the promissory note, as of the conversion date, was $104,838 in principal and $19,988 in interest. As a result of the
advances made pursuant to the Loan Agreement, the Company has incurred total obligations of $149,838 as of June 30, 2021 (net of debt
discounts and exclusive of accrued interest).
During
the year ended June 30, 2023, Roran made non-interest bearing, unsecured, short-term cash advances to the Company totaling $18,367 for
the purpose of paying all accounts payable before the closing date of the SPA.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran Capital LLC (“Roran”). Roran agreed to sell to the Buyer 42,476,660 shares
of common stock of the Company held by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive
all amounts due to Roran by the Company totaling $207,644, which is comprised of convertible note payable – related party, accrued
interest payable – related party and advances from related party. In accordance with ASC 470-50-40-2, the resulting forgiveness
of convertible note payable, accrued interest and advances – related party of $207,644 is recorded as an increase in additional
paid-in capital within the consolidated statements of shareholders’ equity (deficit), as the debt forgiven is in essence a capital
transaction.
| |
Debts forgiven by Roran on September 2, 2021 | |
Convertible note payable – related party | |
$ | 149,838 | |
Interest on convertible note payable – related party | |
| 39,439 | |
Advance from related party | |
| 18,367 | |
Forgiveness of convertible note payable, accrued interest and advances – related party | |
$ | 207,644 | |
Demand
Promissory Note – Related Parties
On
October 18, 2021, the Company issued a Promissory Note in the principal amount of $100,000 (the “Promissory Note”) for cash
to Ryan Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest was due on October 18, 2022. On August 29, 2022,
the Company entered into an Amendment to Promissory Note, dated August 29, 2022, with the Holder. Pursuant to the terms of the note amendment,
the maturity date of the Promissory Note was extended to October 23, 2023, and the interest rate of the Promissory Note was increased
to 5% as of and following August 29, 2022. As consideration for extension of the maturity date, the Company agreed to issue to Mr. Schadel
150,000 shares of the Company’s common stock with a fair value of $9,000. These shares were payable and reported as shares to be
issued as of the date of this Report. The note amendment resulted in a change in the cash flows of less than 10%. Therefore, the Promissory
Note is not considered to be substantially different in accordance with ASC 470-50-10-10 and applied the modification accounting model
in accordance with ASC-50-40-17 (b). During the years ended June 30, 2023 and 2022, $6,614 and $0, respectively, of discount amortization
is included in interest expense. At June 30, 2023 and 2022, there was an unamortized discount balance of $2,386, and $0, respectively,
to be amortized through October 2023 and accrued interest payable of $2,080 and $0, respectively.
On
June 29, 2022, the Company issued a Promissory Note in the principal amount of $40,000 (the “Promissory Note”) for cash to
Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest is due on June 29, 2023. Mr. Schadel may demand
payment of all or any portion of the outstanding principal and interest at any time. During the year ended June 30, 2023, digital assets
with a fair value of $7,502 was transferred to the Promissory Note holder to repay principal. The Promissory Note is unsecured and there
is no prepayment penalty. At June 30, 2023 and 2022, there was accrued interest payable of $1 and $0, respectively.
On
August 12, 2022, the Company issued a Promissory Note in the principal amount of $50,000 (the “Promissory Note”) for cash
to Laborsmart Inc. (“Laborsmart”). Laborsmart is owned by Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Promissory Note bears interest at the rate of 5.00% per annum. Any unpaid principal amount and
any accrued interest is due on August 12, 2023. Laborsmart may demand payment of all or any portion of the outstanding principal and
interest at any time. The Promissory Note is unsecured and there is no prepayment penalty. In event the Promissory Note is not paid when
due, any outstanding principal and interest will accrue interest of 12% per annum. During the year ended June 30, 2023, the Company repaid
$20,000 in cash for principal. At June 30, 2023 and 2022, there was accrued interest payable of $1,936 and $0, respectively.
Convertible
Promissory Notes – Related Party
On
March 4, 2022, the Company issued a Convertible Promissory Note in the principal amount of $40,874 (the “Convertible Promissory
Note”), for value received being comprised of one bitcoin, to Mr. Schadel, the Company’s Chief Executive Officer, sole director
and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.5% per annum. Any unpaid principal amount and
any accrued interest is due on March 4, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the
option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.125 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $40,874 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $8,170 and $2,641, respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $30,062 and $38,233, respectively, to be amortized through March 2027 and
accrued interest payable of $659 and $0, respectively.
On
March 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $59,986 (the “Convertible Promissory
Note”), for value received being comprised of 22.86012412 Ether, to Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal
amount and any accrued interest is due on March 10, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty.
At the option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.142 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $59,986 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $11,991 and $3,679 respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $44,316 and $56,307, respectively, to be amortized through March 2027 and
accrued interest payable of $967 and $0, respectively.
On
May 6, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 6,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.145 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up to
the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and 2022,
$19,989 and 3,012, respectively, discount amortization is included in interest expense. At June 30, 2023 and 2022, there was an unamortized
discount balance of $76,999 and $96,988, respectively, to be amortized through May 2027 and accrued interest payable of $1,612 and $0,
respectively.
On
May 9, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 9,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.1415 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,0000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up
to the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and
2022, $19,989 and $2,848, respectively, of discount amortization is included in interest expense. At June 30, 2023 and 2022, there was
an unamortized discount balance of $77,165 and $97,152, respectively, to be amortized through May 2027 and accrued interest payable of
$1,611 and $0, respectively.
Restore Franchise Group Loan
On July 10, 2023, the Company entered into a loan
agreement with Restore Franchise Group, LLC. Under the loan agreement the Company was advanced $30,000 in cash. The loan bears interest
at 3% per annum, is due in one year and is unsecured. The managing member of Restore Franchise Group, LLC is Ryan Schadel, the sole director
and officer of the Company.
Director
Independence
We
are not currently subject to listing requirements of any national securities exchange or inter-dealer quotation system which has requirements
that a majority of the board of directors be “independent” and, as a result, we are not at this time required to have our
Board of Directors comprised of a majority of “independent directors”.
ITEM
14 PRINCIPAL ACCOUNTING FEES AND SERVICES
The
following table provides information regarding the fees billed to us by Hudgens CPA, PLLC and Haskell & White LLP in the years ended
June 30, 2023, and 2022. All fees described below were approved by the Board:
| |
For the years ended June 30, | |
| |
2023 | | |
2022 | |
Audit Fees (1) | |
$ | 41,400 | | |
$ | 28,400 | |
| |
| | | |
| | |
Audit Related Fees (2) | |
| - | | |
| - | |
| |
| | | |
| | |
Tax Fees (3) | |
| - | | |
| - | |
| |
| | | |
| | |
All Other Fees (4) | |
| - | | |
| - | |
| |
| | | |
| | |
Total Fees: | |
$ | 41,400 | | |
$ | 28,400 | |
(1) |
Audit
Fees include fees for services rendered for the audit of our consolidated financial statements, included in our Annual Report on
Form 10-K. On April 13, 2022, Haskell & White LLP resigned as the Company’s independent registered public accounting firm.
On April 29, 2022, the Board of Directors of the Company appointed Hudgens CPA, PLLC as the Company’s new independent registered
public accounting firm. Audit Fees attributable to Hudgens CPA, PLLC and Haskell & White LLP in 2023 is $41,400 and $9,000, respectively
and in 2022 is $4,250 and $24,150, respectively. |
|
|
(2) |
Audit
Related Fess consists of assurance and related services by the independent registered public accounting firm that are reasonably
related to the performance of the audit or review of our consolidated financial statements and are not reported above under “Audit
Fees.” The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC
and other accounting consulting. |
|
|
(3) |
Tax
Fees consists of professional services rendered by our independent registered public accounting firm for tax compliance and tax advice.
The services for the fees disclosed under this category include tax return preparation and technical tax advice. |
|
|
(4) |
All
Other Fees consists of fees for other miscellaneous items. |
Pre-Approval
Policies and Procedures
The
policy of our Board is to pre-approve all audit and permissible non-audit services provided by our independent auditors. These services
may include audit services, audit-related services, tax services, and other services. Pre-approval is generally provided for up to one
year and any pre-approval is detailed as to the particular service or category of services. The independent auditor and management are
required to periodically report to the Board regarding the extent of services provided by the independent auditor in accordance with
this pre-approval. Any proposed services not included within the list of pre-approved services or any proposed services that will cause
the Company to exceed the pre-approved aggregate amount requires specific pre-approval by the Board.
PART
IV
ITEM
15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
(a) |
(1) |
The
Company’s consolidated financial statements and related notes thereto are listed and included in this Annual Report (Item 8). |
|
|
|
|
|
|
(2) |
Schedules
are omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes
thereto. |
|
|
|
|
|
|
(3) |
The
exhibits listed in the attached Exhibit Index are filed as part of this Annual Report pursuant to Item 601 of Regulation S-K. |
ITEM
16. FORM 10-K SUMMARY
None.
EXHIBIT
INDEX
10.1 |
|
Securities Purchase Agreement, dated as of September 2, 2021, by and between the Company, Ryan Schadel, and Roran Capital LLC (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on September 9, 2021). |
|
|
|
10.2 |
|
Debt Forgiveness Agreement and Cancellation of Note dated September 2, 2021 by and between the Company and Roran Capital LLC (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Commission on September 9, 2021) |
|
|
|
10.3 |
|
Promissory Note, dated October 18, 2021, issued by the registrant to Ryan Schadel (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on October 21, 2021). |
|
|
|
10.4 |
|
Convertible Promissory Note, dated March 4, 2022, issued by the registrant in favor of Ryan Schadel (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on March 7, 2022). |
|
|
|
10.5 |
|
Convertible Promissory Note, dated March 10, 2022, issued by the registrant in favor of Ryan Schadel (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on March 11, 2022). |
|
|
|
10.6 |
|
Securities Purchase Agreement by and among Waterside Capital Corporation and Buyer #1 dated as of March 16, 2022 (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.7 |
|
Common Stock Purchase Warrant #1 issued to Buyer #1 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.30 per share (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.8 |
|
Common Stock Purchase Warrant #2 issued to Buyer #1 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.50 per share (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
10.9 |
|
Common Stock Purchase Warrant #3 issued to Buyer #1 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.75 per share (incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.10 |
|
Securities Purchase Agreement by and among Waterside Capital Corporation and Buyer #2 dated as of March 16, 2022 (incorporated by reference to Exhibit 10.5 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.11 |
|
Common Stock Purchase Warrant #1 issued to Buyer #2 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.30 per share (incorporated by reference to Exhibit 10.6 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.12 |
|
Common Stock Purchase Warrant #2 issued to Buyer #2 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.50 per share (incorporated by reference to Exhibit 10.7 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
10.13 |
|
Common Stock Purchase Warrant #3 issued to Buyer #2 on March 16, 2022 for 1,000,000 shares of Common Stock of Waterside Capital Corporation (incorporated by reference to Exhibit 10.8 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.14 |
|
Securities Purchase Agreement by and among Waterside Capital Corporation and Buyer #3 dated as of March 16, 2022 (incorporated by reference to Exhibit 10.9 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.15 |
|
Common Stock Purchase Warrant #1 issued to Buyer #3 on March 16, 2022 for 200,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.30 per share (incorporated by reference to Exhibit 10.10 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.16 |
|
Common Stock Purchase Warrant #2 issued to Buyer #3 on March 16, 2022 for 200,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.50 per share (incorporated by reference to Exhibit 10.11 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.17 |
|
Common Stock Purchase Warrant #3 issued to Buyer #3 on March 16, 2022 for 200,000 shares of Common Stock of Waterside Capital Corporation, at an exercise price of $1.75 per share (incorporated by reference to Exhibit 10.12 to the registrant’s Current Report on Form 8-K filed with the Commission on March 22, 2022). |
|
|
|
10.18 |
|
Convertible Promissory Note, dated May 6, 2022, issued by the registrant in favor of Ryan Schadel (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on May 10, 2022). |
|
|
|
10.19 |
|
Convertible Promissory Note, dated May 9, 2022, issued by the registrant in favor of Ryan Schadel (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Commission on May 10, 2022). |
|
|
|
10.20 |
|
Note Purchase Agreement, dated May 10, 2022, by and between the registrant and Timothy Hackbart (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the Commission on May 10, 2022). |
10.21 |
|
Convertible Promissory Note, dated May 10, 2022, issued by the registrant in favor of Timothy Hackbart (incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed with the Commission on May 10, 2022). |
|
|
|
10.22 |
|
Demand Promissory Note, dated June 29, 2022, issued by the registrant in favor of Ryan Schadel (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on July 1, 2022). |
|
|
|
10.23 |
|
Note Purchase Agreement, dated as of August 12, 2022, by and between Metavesco, Inc. and Laborsmart, Inc. (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on August 18, 2022). |
10.24 |
|
Demand Promissory Note issued on August 12, 2022 by Metavesco, Inc. in favor of Laborsmart, Inc. (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Commission on August 18, 2022). |
|
|
|
10.25 |
|
Securities Purchase Agreement, dated as of August 12, 2022, by and between Metavesco, Inc. and Tom Zarro (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the Commission on August 18, 2022). |
|
|
|
10.26 |
|
Demand Promissory Note issued on August 12, 2022 by Metavesco, Inc. in favor of Tom Zarro (incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed with the Commission on August 18, 2022). |
|
|
|
10.27 |
|
Common Stock Purchase Warrant issued on August 12, 2022 by Metavesco, Inc. to Tom Zarro (incorporated by reference to Exhibit 10.5 to the registrant’s Current Report on Form 8-K filed with the Commission on August 18, 2022). |
|
|
|
10.28 |
|
Amendment to Demand Promissory Note, dated as of August 29, 2022, issued by the registrant to Ryan Schadel (incorporated by reference to Exhibit 10.5 to the registrant’s Current Report on Form 8-K filed with the Commission on September 2, 2022). |
|
|
|
10.29 |
|
Limited Liability Company Interest Purchase Agreement effective as of June 13, 2023 by and between Eddy Rodriguez and Metavesco, Inc. (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on June 20, 2023). |
|
|
|
10.30 |
|
Employment Agreement dated June 13, 2023, effective as of June 13, 2023 by and between Eddy Rodriguez and Metavesco, Inc. (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Commission on June 20, 2023). |
|
|
|
10.31 |
|
Employment Agreement Amendment dated June 15, effective as of June 13, 2023 by and between Eddy Rodriguez and Metavesco, Inc. (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed with the Commission on June 20, 2023). |
|
|
|
10.32 |
|
Loan Agreement, dated as of July 10, 2023, by and between Metavesco, Inc. and Restore Franchise Group, LLC (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Commission on July 12, 2023). |
|
|
|
31.1 |
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*. |
|
|
|
31.2 |
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*. |
|
|
|
32.1 |
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002*. |
|
|
|
99.1 |
|
Final order Approving and Confirming The Receiver’s Final Report, Terminating The Receivership And Discharging The Receiver, as filed in the United States District Court for The Eastern District of Virginia Norfolk Division on 06-28-2017, incorporated by reference to Exhibit 99.1 to the Registrant’s Form 10-K as filed with the Securities and Exchange Commissions on April 12, 2018. |
|
|
|
101.INS |
|
Inline
XBRL Instance Document* |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document* |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document* |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document* |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document* |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document* |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document)* |
* |
|
Filed
herewith. |
|
|
|
** |
|
Incorporated
by reference from the Company’s Current Report on Form 8-K filed with the SEC on June 21, 2019. |
SIGNATURES
In
accordance with the requirements of Section 13 or 15(d) 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.
Date:
October 13, 2023 |
METAVESCO,
INC. |
|
|
|
|
By: |
/s/
Ryan Schadel |
|
Name: |
RYAN
SCHADEL |
|
Title: |
Chief
Executive Officer and Chief Financial Officer |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report is signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
NAME |
|
TITLE |
|
DATE |
|
|
|
|
|
/s/
Ryan Schadel |
|
Chief
Executive Officer, Chief Financial Officer and Sole Director |
|
October
13, 2023 |
|
|
(Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
|
Exhibit 31.1
CERTIFICATIONS
I, Ryan Schadel, certify that:
1. I have reviewed this annual
report on Form 10-K of Metavesco, 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 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. |
Date: October 13, 2023 |
By: |
/s/ Ryan Schadel |
|
|
RYAN SCHADEL, |
|
|
Chief Executive Officer |
|
|
(principal executive officer) |
Exhibit 31.2
CERTIFICATIONS
I, Ryan Schadel, certify that:
1. I have reviewed this annual
report on Form 10-K of Metavesco, 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 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. |
Date: October 13, 2023 |
By: |
/s/ Ryan Schadel |
|
|
RYAN SCHADEL, |
|
|
Chief Financial Officer |
|
|
(principal financial officer) |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF
FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to the requirement set
forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and 18 U.S.C. § 1350,
as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, I, Ryan Schadel, Chief Executive Officer and Chief Financial Officer of Metavesco,
Inc. (the “Company”), hereby certify, to the best of my knowledge, that:
|
(i) |
the accompanying annual report on Form 10-K of the Company for the fiscal year ended June 30, 2023, to which this Certificate is attached (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and |
|
|
|
|
(ii) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: October 13, 2023 |
By: |
/s/ Ryan Schadel |
|
|
RYAN SCHADEL, |
|
|
Chief Executive Officer and Chief Financial Officer |
|
|
(principal executive officer and principal financial officer) |
A signed original of this written statement required
by Section 906 has been provided to Metavesco, Inc. and will be retained by Metavesco, Inc. and furnished to the Securities and Exchange
Commission or its staff upon request.
This certification has not been, and shall not be
deemed, “filed” with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of
Metavesco, Inc. under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-K),
irrespective of any general incorporation language contained in such filing.
v3.23.3
Cover - USD ($)
|
12 Months Ended |
|
|
Jun. 30, 2023 |
Oct. 13, 2023 |
Dec. 31, 2022 |
Cover [Abstract] |
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|
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|
|
Entity File Number |
811-08387
|
|
|
Entity Registrant Name |
METAVESCO,
INC.
|
|
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Entity Central Index Key |
0000924095
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54-1694665
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NV
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241-5898
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 17,086
|
$ 35,151
|
Deposits |
603
|
|
Inventory |
7,788
|
|
Prepaid expenses |
8,602
|
13,847
|
Total current assets |
34,079
|
48,998
|
Digital assets held, net of impairment |
194,229
|
434,642
|
Equipment, net |
66,616
|
|
Intangible assets, net |
41,402
|
|
Total assets |
336,326
|
483,640
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
58,160
|
26,549
|
Total current liabilities |
222,289
|
126,549
|
Long-term liabilities |
|
|
Promissory note, accrued interest (net of debt discount of $933 and $0, respectively) |
25,170
|
|
Total long-term liabilities |
107,636
|
12,761
|
Total liabilities |
329,925
|
139,310
|
Stockholders’ Equity: |
|
|
Preferred stock value |
|
|
Common stock: $0.0001 par value; 100,000,000 shares authorized; 66,322,140 and 60,822,140 shares issued and outstanding at June 30, 2023 and June 30, 2022, respectively |
6,632
|
6,082
|
Additional paid-in capital |
19,609,816
|
19,384,450
|
Shares to be issued |
9,000
|
|
Accumulated deficit |
(19,619,047)
|
(19,046,202)
|
Total stockholders’ equity |
6,401
|
344,330
|
Total liabilities and stockholders’ equity |
336,326
|
483,640
|
Series A Convertible Preferred Stock [Member] |
|
|
Stockholders’ Equity: |
|
|
Preferred stock value |
|
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Promissory notes - related parties, accrued interest (net of debt discount of $2,386 and $0, respectively) |
164,129
|
100,000
|
Long-term liabilities |
|
|
Convertible promissory notes |
77,167
|
12,202
|
Nonrelated Party [Member] |
|
|
Long-term liabilities |
|
|
Convertible promissory notes |
$ 5,299
|
$ 559
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Debt discount, related party |
$ 933
|
$ 0
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
66,322,140
|
60,822,140
|
Common stock, shares outstanding |
66,322,140
|
60,822,140
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, shares issued |
22
|
22
|
Preferred stock, shares outstanding |
22
|
22
|
Convertible Notes Payable [Member] |
|
|
Debt discount, related party |
$ 15,442
|
$ 19,441
|
Related Party [Member] |
|
|
Debt discount, related party |
2,386
|
0
|
Debt discount, related party |
$ 228,542
|
$ 328,658
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue |
|
|
Total Revenue |
$ 127,087
|
$ 82,617
|
Expense |
|
|
Administrative expenses |
313,539
|
164,669
|
Interest expense |
97,432
|
12,761
|
Impairment of digital assets held |
591,125
|
1,351,074
|
Impairment of goodwill |
257,353
|
|
Total Expense |
1,259,449
|
1,528,504
|
Other income |
|
|
Other digital rewards |
12,900
|
17,439
|
Realized gain on sale/ exchange of digital assets held |
546,617
|
312,598
|
Total Other income (expense) |
559,517
|
330,037
|
Net loss |
$ (572,845)
|
$ (1,115,850)
|
Net loss per share - basic |
$ (0.01)
|
$ (0.02)
|
Net loss per share - diluted |
$ (0.01)
|
$ (0.02)
|
Weighted average number of common shares outstanding - basic |
61,183,783
|
60,822,140
|
Weighted average number of common shares outstanding - diluted |
61,183,783
|
60,822,140
|
Sales [Member] |
|
|
Revenue |
|
|
Total Revenue |
$ 425
|
|
Liquidity Pool Fees [Member] |
|
|
Revenue |
|
|
Total Revenue |
102,403
|
81,765
|
Mining Pool Fees [Member] |
|
|
Revenue |
|
|
Total Revenue |
18,911
|
|
Staking Rewards [Member] |
|
|
Revenue |
|
|
Total Revenue |
$ 5,348
|
$ 852
|
X |
- DefinitionRealized gain loss on sales exchange digital assets held.
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v3.23.3
Consolidated Statements of Stockholders' Equity - USD ($)
|
Preferred Stock [Member]
Series A Convertible Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Shares To Be Issued [Member] |
Retained Earnings [Member] |
Total |
Beginning balance value at Jun. 30, 2021 |
|
$ 6,082
|
$ 17,715,946
|
|
$ (17,930,352)
|
$ (208,324)
|
Beginning balance, shares at Jun. 30, 2021 |
|
60,822,140
|
|
|
|
|
Beneficial conversion feature |
|
|
360,860
|
|
|
360,860
|
Net loss |
|
|
|
|
(1,115,850)
|
(1,115,850)
|
Issue of Series A Convertible Preferred Stock for cash |
|
|
1,100,000
|
|
|
1,100,000
|
Forgiveness of convertible note payable, accrued interest and advances - related party |
|
|
207,644
|
|
|
207,644
|
Ending balance value at Jun. 30, 2022 |
|
$ 6,082
|
19,384,450
|
|
(19,046,202)
|
344,330
|
Ending balance, shares at Jun. 30, 2022 |
22
|
60,822,140
|
|
|
|
|
Shares issued for website |
|
$ 50
|
17,950
|
|
|
18,000
|
Shares issued for website |
|
500,000
|
|
|
|
|
Shares issued for investment in Boring Brew LLC and Bored Coffee Lab LLC |
|
$ 500
|
239,500
|
|
|
240,000
|
Shares issued for investment |
|
5,000,000
|
|
|
|
|
Warrants |
|
|
7,916
|
|
|
7,916
|
Shares to be issued |
|
|
|
9,000
|
|
9,000
|
Beneficial conversion feature |
|
|
(40,000)
|
|
|
(40,000)
|
Net loss |
|
|
|
|
(572,845)
|
(572,845)
|
Issue of Series A Convertible Preferred Stock, shares |
22
|
|
|
|
|
|
Ending balance value at Jun. 30, 2023 |
|
$ 6,632
|
$ 19,609,816
|
$ 9,000
|
$ (19,619,047)
|
$ 6,401
|
Ending balance, shares at Jun. 30, 2023 |
22
|
66,322,140
|
|
|
|
|
X |
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v3.23.3
Consolidated Statements of Cash Flow - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net loss |
$ (572,845)
|
$ (1,115,850)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Amortization of intangible assets |
597
|
|
Depreciation |
10,143
|
|
Impairment of digital assets held |
591,125
|
1,351,074
|
Realized gain on sales/ exchange digital assets held |
(546,617)
|
(312,598)
|
Digital assets received as revenue and other rewards |
(139,562)
|
(100,056)
|
Digital assets paid for expenses |
46,557
|
17,751
|
Non-cash interest expense |
88,422
|
12,761
|
Gain on settlement of debt |
(55)
|
|
Impairment of goodwill |
257,353
|
|
Forgiveness of interest - related party |
|
2,997
|
Changes in operating assets and liabilities: |
|
|
Increase in deposit |
(359)
|
|
Increase in inventory |
(2,585)
|
|
Increase (decrease) in prepaid |
11,481
|
(13,847)
|
Increase in accounts payable and accrued liabilities |
57,482
|
4,460
|
Net cash used in operating activities |
(198,863)
|
(153,308)
|
Cash Flows from Investing Activities: |
|
|
Purchase of digital assets held |
(55,000)
|
(1,289,952)
|
Sale of digital assets held |
232,206
|
|
Purchase of fixed assets |
(4,664)
|
|
Purchase of website |
(2,499)
|
|
Investment in Boring Brew LLC and Bored Coffee Lab LLC |
(9,245)
|
|
Net cash provided by (used in) investing activities |
160,798
|
(1,289,952)
|
Cash Flows from Financing Activities: |
|
|
Advances from related party |
|
18,367
|
Proceeds from issuance of promissory note payable |
25,000
|
100,000
|
Proceeds from issuance of convertible notes payable - related party |
50,000
|
240,000
|
Proceeds from issuance of convertible notes payable |
|
20,000
|
Repayment of convertible notes payable - related party |
(20,000)
|
|
Repayment of advances |
(35,000)
|
|
Issuance of Series A Convertible Preferred Stock |
|
1,100,000
|
Net cash provided by financing activities |
20,000
|
1,478,367
|
Net change in cash and cash equivalents |
(18,065)
|
35,107
|
Cash and cash equivalents, beginning of year |
35,151
|
44
|
Cash and cash equivalents, end of year |
17,086
|
35,151
|
Cash paid during period for: |
|
|
Interest paid |
9,010
|
|
Income taxes paid |
|
|
Non-cash Investing and Financing Activities |
|
|
Purchase of digital assets held with convertible promissory notes - related party |
|
100,860
|
Purchase of digital assets held with other digital assets |
6,941,826
|
10,244,898
|
Proceeds from sale of digital assets for other digital assets |
7,292,387
|
10,244,898
|
Shares issued for website |
18,000
|
|
Shares issued for investment in Boring Brew LLC and Bored Coffee Lab LLC |
240,000
|
|
Shares to be issued in conjunction with the amendment of terms of promissory note - related party |
9,000
|
|
Intrinsic value of embedded beneficial conversion feature on convertible note payable - related party |
40,000
|
360,860
|
Equipment paid with digital assets |
72,095
|
|
Warrants issued in conjunction with promissory note |
7,916
|
|
Digital assets for payment of promissory note - related party |
7,502
|
|
Forgiveness of convertible note payable, accrued interest and advances - related party |
|
$ 207,644
|
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v3.23.3
ORGANIZATION AND OPERATIONS
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND OPERATIONS |
NOTE
1 – ORGANIZATION AND OPERATIONS
Metavesco,
Inc. (formerly Waterside Capital Corporation) (the “Company”) was incorporated in the Commonwealth of Virginia on July 13,
1993 and was a closed-end investment company licensed by the Small Business Administration (the “SBA”) as a Small Business
Investment Company (“SBIC”). The Company previously made equity investments in, and provided loans to, small businesses to
finance their growth, expansion, and development. Under applicable SBA regulations, the Company was restricted to investing only in qualified
small businesses as contemplated by the Small Business Investment Act of 1958. As a registered investment company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), the Company’s investment objective was to provide its
shareholders with a high level of income, with capital appreciation as a secondary objective. The Company made its first investment in
a small business in October 1996.
On
May 28, 2014, with the Company’s consent, the United States District Court for the Eastern District of Virginia, having jurisdiction
over an action filed by the SBA (the “Court”), entered a Consent Order and Judgment Dismissing Counterclaim, Appointing Receiver,
Granting Permanent Injunctive Relief and Granting Money Judgment (the “Order”). The Order appointed the SBA receiver of the
Company for the purpose of marshaling and liquidating in an orderly manner all of the Company’s assets and entered judgment in
favor of the United States of America, on behalf of the SBA, against the Company in the amount of $11,770,722. The Court assumed jurisdiction
over the Company and the SBA was appointed receiver effective May 28, 2014.
The
Company effectively stopped conducting an active business upon the appointment of the SBA as the receiver and the commencement of the
court-ordered receivership (the “Receivership”). Over the course of the Receivership, the activity of the Company was limited
to the liquidation of the Company’s assets by the receiver and the payment of the proceeds therefrom to the SBA and for the expenses
of the Receivership. On June 28, 2017, the Receivership was terminated with the entry of a Final Order by the Court. The Final Order
specifically stated that “Control of Waterside shall be unconditionally transferred and returned to its shareholders c/o Roran
Capital, LLC (“Roran”) upon notification of entry of this Order”. Upon termination of the Receivership, Roran took
possession of all books and records made available to it by the SBA.
The
Company filed with the Securities and Exchange Commission (the “SEC”) an application pursuant to Section 8(f) of the Investment
Company Act for an order declaring that the Company had ceased to be a registered investment company. On April 22, 2020, the SEC issued
an order under Section 8(f) of the Investment Company Act declaring that the Company had ceased to be an investment company. As a result,
the Company is now a reporting company under the Securities Exchange Act of 1934, as amended.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran. Roran agreed to sell to the Buyer 42,476,660 shares of common stock of the Company held
by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive all amounts due to Roran by the
Company totaling $207,644, which is comprised of convertible note payable – related party, accrued interest payable – related
party, and advances from related party. The Buyer acquired 42,476,660 shares of the Company’s Common Stock, representing 69.7%
of the issued and outstanding shares of Common Stock. As such, the SPA resulted in a change of control of the Company.
Effective
November 29, 2021, the Company converted from a Virginia corporation to a Nevada corporation.
On
December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and
restated articles of incorporation had the effect of (i) increasing the Company’s authorized common stock to 100 million shares,
(ii) increasing the Company’s authorized preferred stock to 20 million shares, and (iii) reducing the par value of each of the
Company’s common stock and preferred stock to $0.0001 per share. Common stock and additional paid-in capital for all periods presented
in these financial statements have been adjusted retroactively to reflect the reduction in par value.
On
December 17, 2021, the majority shareholder and board of directors approved an amendment to the amended and restated articles of incorporation
that would change the Company’s name from Waterside Capital Corporation to Metavesco, Inc. The name change was effective June 3,
2022, following clearance by the Financial Industry Regulatory Authority (“FINRA”).
In
March 2022, the Company commenced operations as a web3 enterprise. The Company generates income as a liquidity provider, via decentralized
exchanges such as Uniswap. Additionally, the Company farms tokens via Proof of Stake protocols on decentralized exchanges, as well as
centralized exchanges including the Coinbase, Inc. (“Coinbase”) exchange. The Company also invests in what it considers promising
non-fungible token (“NFT”) projects and virtual land, primarily on Ethereum virtual machine (“EVM”) protocols.
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement the (“Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”). Under the terms of the Purchase Agreement, the Seller sold to the Company, all of the outstanding limited
liability company interests in Boring and Bored for a total purchase price of $9,245 in cash and 5,000,000 shares of common stock of
the Company.
Going
Concern
The
Company’s consolidated financial statements have been prepared in accordance with GAAP applicable to a going concern. This contemplates
the realization of assets and the liquidation of liabilities in the normal course of business. During the year ended June 30, 2023, the
Company incurred a net loss of $572,845 and used cash in operating activities of $198,863, and on June 30, 2023, had an accumulated deficit
of $19,619,047. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern
for a period of one year from the date that the consolidated financial statements are issued. The Company will be dependent upon the
raising of additional capital through placement of debt and its common stock in order to implement its business plan. There can be no
assurance that the Company will be successful in this situation. The Company expects over the next twelve months, cash held at a consolidated
financial institution will be expended on professional fees, transfer agent, Edgar agent and other administrative costs. The cash held
at Coinbase will be deployed to purchase crypto assets to generate staking rewards and liquidity pool fees. We hope to start paying some
of our suppliers and contractors in crypto assets in the coming months. However, there can be no assurance we will be able to pay any
of our suppliers and contractors in digital assets.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
Fiscal
Year-End
The
Company elected June 30 as its fiscal year-end date.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries (1) Boring Brew LLC and (2) Bored
Coffee Lab, LLC. All significant intercompany transactions are eliminated.
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
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 and disclosure of contingent assets and liabilities at the dates of the financial statements and the
reported amounts of revenues and expenses during the reporting periods.
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these
estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates
are adjusted accordingly.
Significant
matter requiring use of estimates and assumptions include, but may not be limited to, evaluation of impairment of digital assets, equipment,
identifiable intangible assets and goodwill, recognition and valuation of revenue, valuation allowance for deferred tax assets and fair
value used in business acquisitions..
Actual
results could differ from those estimates.
Business
Acquisitions
The
Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations.” The cost of an acquisition is measured at the aggregate of the acquisition date fair value of the assets transferred
to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements.
During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated
income statements.
Cash
and cash equivalents
Cash
and cash equivalents include cash and interest-bearing highly liquid investments held at consolidated financial institutions, cash on
hand that is not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto
trading venues. At June 30, 2023, $17,086 of cash was at held a consolidated financial institution which is a member of the Federal Deposit
Insurance Corporation (“FDIC”) and $0 was held at Coinbase. The contract with Coinbase requires USD balances in a client’s
fiat wallet be held in an omnibus custodial account for the benefit of Coinbase’s customers. These accounts are either omnibus
bank accounts insured by the FDIC (currently up to $250,000 per entity) or trust accounts holding short term U.S. treasuries.
Digital
Assets
Digital
assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The
Company assigns costs to transactions on a first-in, first-out basis (FIFO).
An
intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events
or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment
exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its
fair value is being measured.
Tokens
are subject to impairment losses if the fair value of a token decreases below the carrying value at any time during the period. The fair
value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens
from www.cryptocompare.com.
Liquidity
pool tokens and NFTs are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each
quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM
Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter.
Impairment
for liquidity pool tokens and NFTs is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which
these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the
fair value of digital assets.
The
Company currently reviews quoted prices of its liquidity pool tokens, NFTs and comparable tokens at https://uniswap.org/ and https://opensea.io.
Impairment expense is reflected in total expense in the consolidated statements of operations. Subsequent reversal of impairment losses
is not permitted.
The
sales of digital assets held are included within investing activities in the accompanying consolidated statements of cash flows and any
realized gains or losses from such sales are included in other income (expense) in the consolidated statements of operations.
Identifiable
Intangible Assets
Identifiable
intangible assets consist primarily of design and websites. These assets are tested for impairment using undiscounted cash flow methodology
annually and whenever there is an indicator of impairment. Estimating future cash flows requires significant judgment and projections
may vary from cash flows eventually realized. Several impairment indicators are beyond the Company’s control, and determining whether
or not they will occur cannot be predicted with any certainty. Design and websites are amortized on a straight-line basis over an estimated
life of three years.
The
website development costs of the Company are accounted for in accordance with ASC 350-50, Website Development Costs. These costs are
included in intangible assets in the accompanying consolidated financial statements. Upgrades or enhancements that add functionality
are capitalized while other costs during the operating stage are expensed as incurred. The Company amortizes the capitalized website
development costs over an estimated useful life of three years.
Goodwill
Goodwill
represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company’s
business combinations. The Company performs a goodwill impairment test on at least an annual basis at the reporting unit level. Application
of the goodwill impairment test requires significant judgments, including estimation of future cash flows, which is dependent on internal
forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur and determination
of our weighted average cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair
value and/or conclusions on goodwill impairment for each reporting unit. The Company will conduct its annual goodwill impairment test
as of June 30 of each year or more frequently if indicators of impairment exist. The Company periodically analyzes whether any such indicators
of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators
may include a sustained significant decline in our stock price and market capitalization, a significant adverse change in legal factors
or in the business climate, unanticipated competition and/or slower expected growth rates, adverse actions or assessments by a regulator,
among others. The Company compares the fair value of its reporting unit to its respective carrying value, including related goodwill.
A
goodwill impairment charge of $257,353 was recorded as at June 30, 2023. The impairment of goodwill was due to the inability of the Company
to identify future cash flows with suitable reliability associated with Boring Brew LLC and Bored Coffee Lab LLC acquired on June 12,
2023. See Note 3 – Business Acquisition.
SCHEDULE
OF GOODWILL
| |
| | |
Opening balance at June 30, 2022 | |
$ | 0 | |
Purchase of goodwill | |
| 257,353 | |
Impairment of goodwill | |
| (257,353 | ) |
Closing balance at June 30, 2023 | |
$ | 0 | |
Revenue
recognition
The
Company recognizes revenue under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should
recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core
principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through liquidity pools
and staking rewards.
Liquidity
Pools
Liquidity
pools are a collection of digital assets locked in a smart contract that provide liquidity to decentralized exchanges. Liquidity allows
digital assets to be converted to cash quickly and efficiently without drastic price swings. An important component of a liquidity pool
are automated market makers (“AMMs”). An AMM is a protocol that uses liquidity pools to allow digital assets to be traded
by a mathematical formula rather than though a traditional market of buyers and sellers.
The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depend on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with liquidity over a price
range.
Revenue
is recognized from liquidity pools when the award is claimed and deposited in the Company wallet. The transaction consideration the Company
receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital asset awards received.
Mining
Pools
The
Company earns transaction fees with its crypto mining machines by validating requesting customers’ transactions to a distributing
ledger. We joined a mining pool and receive a pro-rata share of a bitcoin award for completing a blockchain.
The
Company has entered into digital asset mining pools by executing an agreement with one mining pool operator The agreement is terminable
at any time by either party. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency
award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are
recorded as a deduction from revenue), for successfully adding a block to the blockchain. The Company’s fractional share is based
on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by
all mining pool participants in solving the current algorithm.
Providing
computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision
of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The
transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date
received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from
the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur,
the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm)
and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant
financing component in these transactions.
Fair
value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt.
Staking
Rewards
Staking
rewards are granted to holders of a crypto asset when the holders lock up that crypto asset as collateral to secure fairness when validating
transactions or other network actions.
The
Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange
for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network.
Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation
is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number
of tokens received and the fair value of the token at contract inception.
Airdrops
Airdrops
are the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage
adoption of a new token and to increase liquidity in the early stages of a token project.
The
Company recognizes crypto assets received through an airdrop if the crypto asset is expected to generate a probable future benefit and
if the Company is able to support the trading, custody, or withdrawal of these assets.
Airdrops
are accounted for in accordance with ASC 610-20, Sales and Transfer of Nonfinancial Assets, Receipt of a airdrops are classified
as other income in the statement of operations.
Equipment
Equipment
is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense when
incurred, while renewals and betterments that materially extend the life of an asset are capitalized.
The
costs of assets sold, retired, or otherwise disposed of, and the related allowance for depreciation, are eliminated from the accounts,
and any resulting gain or loss is recognized in the results from operations. Depreciation is provided over the estimated useful lives
of the assets, which are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF ASSETS
Mining equipment | |
Straight-line over 36 months |
Convertible
Financial Instruments
The
Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments
if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative
instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument
that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable
generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when
the host instrument is deemed to be conventional, as that term is described under applicable GAAP.
When
the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded
for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying
common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument.
Beneficial
conversion feature – The issuance of the convertible debt generated a beneficial conversion feature (“BCF”), which
arises when a debt or equity security is issued with a non-separated embedded conversion option that is beneficial to the investor or
in the money at inception because the conversion option has an effective strike price that is less than the market price of the underlying
stock at the commitment date. The Company recognized the BCF by allocating the intrinsic value of the conversion option, which is the
number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share
and the fair value of common stock per share on the commitment date, resulting in a discount on the convertible debt (recorded as a component
of additional paid-in capital). The BCF is amortized into interest expense over the life of the related debt.
Related
Parties
The
Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the
relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed,
for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of
the effects of the transactions on the consolidated financial statements; (c) the dollar amounts of transactions for each of the periods
for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the
preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise
apparent, the terms and manner of settlement.
Commitments
and Contingencies
The
Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial
statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur
or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In
assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Deferred
Tax Assets and Income Taxes Provision
The
Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the consolidated financial statements. Under ASC 740-10-25-13, the Company may recognize
the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25-13 also provides guidance on de-recognition, classification, interest, and penalties on income taxes, accounting
in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income
tax benefits.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three years for federal purposes, and the
prior four years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination
by tax authorities.
Net
Income (Loss) Per Common Share
The
Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of ASC 260, basic net
loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of
shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents;
however, on June 30, 2023 and 2022, we excluded the common stock issuable upon conversion of warrants to 6,620,000 shares and 6,600,000
shares, respectively, as their effect would have been anti-dilutive.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph
820-10-35-37 of ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37
establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy
defined by Paragraph 820-10-35-37 are described below:
|
Level
1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
Level
2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable
as of the reporting date. |
|
Level
3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar
techniques and at least one significant model assumption or input is unobservable.
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. If the inputs used to measure the financial assets and liabilities fall within more than
one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of
the instrument.
Transactions
involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends
the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity and improves
and amends the related earnings per share guidance for both Subtopics. This standard is effective for fiscal years and interim periods
within those fiscal years beginning after December 15, 2023, which means it will be effective for our fiscal year beginning July 1, 2024.
Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
fiscal years. We are currently evaluating the impact of ASU 2020-06 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 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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v3.23.3
BUSINESS ACQUISITION
|
12 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS ACQUISITION |
NOTE
3 – BUSINESS ACQUISITION
On
June 12, 2023, the Company entered into a Limited Liability Company Interest Purchase Agreement (the “Purchase Agreement”)
with Eddy Rodrigeuz (the “Seller”). The Seller is the sole owner of Boring Brew LLC (“Boring”) and Bored Coffee
Lab, LLC (“Bored”). Under the terms of the Purchase Agreement, the Seller sold to the Company, all of the outstanding limited
liability company interests in Boring and Bored. The Company paid the Seller total consideration with a fair value of $249,245, paid
as follows: (i) $9,245 in cash and (ii) 5,000,000 shares of the Company’s common stock at a fair value of $240,000 ($0.048 per
share based on the closing price of the Company common stock on June 12, 2023).
Assets
acquired and liabilities assumed in the Agreement were recorded on the Company’s Consolidated Balance Sheet as of the acquisition
date of June 12, 2023 based upon their estimated fair values. The results of operations of businesses acquired by the Company have been
included in the statements of operations since the date of acquisition. The excess of the purchase price over the estimated fair values
of the underlying identifiable assets acquired and liabilities assumed were allocated to goodwill.
The
preliminary allocation of the purchase price and the estimated fair market values of the assets acquired and liabilities assumed are
shown below:
SCHEDULE
OF FAIR MARKET VALUES OF ASSETS AND LIABILITIES
| |
2023 | |
Fair value of assets acquired and liabilities assumed | |
| |
Deposit | |
$ | 244 | |
Inventory | |
| 5,203 | |
Design | |
| 9,000 | |
Web development | |
| 12,500 | |
Goodwill | |
| 257,353 | |
Advances payable | |
| (35,055 | ) |
Purchase Price | |
$ | 249,245 | |
Unaudited
pro forma results of operations information for the years ended June 30, 2023 and 2022 as if the Company and the entities described above
had been combined on July 1, 2021 are as follows. The pro forma results include estimates and assumptions which management believes are
reasonable. The pro forma results do not include any anticipated cost savings or other effects of the planned integration of these entities,
and are not necessarily indicative of the results that would have occurred if the business combinations had been in effect on the dates
indicated, or which may result in the future.
SCHEDULE
OF BUSINESS ACQUISITION PROFORMA INFORMATION
| |
For
the Year Ended
June 30,
2023 | | |
For the Year Ended
June 30,
2022 | |
Revenue | |
$ | 148,182 | | |
$ | 82,815 | |
Net loss | |
$ | (592,466 | ) | |
$ | (1,124,564 | ) |
Net loss per share | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.3
DIGITAL ASSETS HELD, NET OF IMPAIRMENT
|
12 Months Ended |
Jun. 30, 2023 |
Digital Assets Held Net Of Impairment |
|
DIGITAL ASSETS HELD, NET OF IMPAIRMENT |
NOTE
4 – DIGITAL ASSETS HELD, NET OF IMPAIRMENT
Digital
assets held, net of impairment have consisted of:
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT
| |
| |
| |
Digital Assets | |
Balance, June 30, 2021 | |
$ | - | |
| |
| | |
Purchase of digital assets | |
| 11,615,710 | |
Proceeds from sale of digital assets | |
| (10,224,899 | ) |
Realized gain on sales/ exchange digital assets | |
| 312,598 | |
Acquired digital assets by Airdrop | |
| 17,439 | |
Acquired digital assets by Liquidity Pools | |
| 81,765 | |
Acquired digital assets by Staking Rewards | |
| 852 | |
Digital assets used to pay fees | |
| (17,749 | ) |
Impairment charges | |
| (1,351,074 | ) |
| |
| | |
Balance, June 30, 2022 | |
| 434,642 | |
Beginning balance | |
| 434,642 | |
| |
| | |
Purchase of digital assets | |
| 6,904,183 | |
Proceeds from sale of digital assets | |
| (7,107,258 | ) |
Realized gain on sale/ exchange of digital assets held | |
| 546,617 | |
Acquired digital assets by liquidity pools, mining pools and other digital rewards | |
| 139,562 | |
Digital assets used to pay prepaid, equipment and expenses | |
| (124,890 | ) |
Digital assets used to repay promissory notes | |
| (7,502 | ) |
Impairment charges | |
| (591,125 | ) |
Balance, June 30, 2023 | |
$ | 194,229 | |
Ending balance | |
$ | 194,229 | |
As
at June 30, 2023, the Company’s holdings of digital assets held, net of impairment consists of:
SCHEDULE
OF ASSETS DIGITAL HOLDING IMPAIRMENTS
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 20,356.45 | | |
$ | 41,114 | |
ETH | |
| 9.94 | | |
| 16,138 | |
BTC | |
| 0.61 | | |
| 14,904 | |
JOE | |
| 18,990.00 | | |
| 5,481 | |
UNI | |
| 933.08 | | |
| 2,816 | |
RBNT | |
| 5,567.49 | | |
| 1,733 | |
USDC | |
| 1,225.96 | | |
| 1,209 | |
Other | |
| | | |
| 1,880 | |
Cryptocurrency
Total | |
| | | |
$ | 85,275 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 2.0 | | |
$ | 65,287 | |
CAKE | |
| 7,259.56 | | |
| 9,481 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 74,768 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 13,247 | |
Meebits | |
| 2 | | |
| 10,006 | |
Bored Ape Kennel Club | |
| 1 | | |
| 5,105 | |
Nakamigos | |
| 1 | | |
| 1,555 | |
OnForce 1 | |
| 1 | | |
| 1,506 | |
Other NFTs | |
| | | |
| 2,767 | |
Non-Fungible
Tokens total | |
| | | |
$ | 34,186 | |
Total digital assets, net of impairment | |
| | | |
$ | 194,229 | |
As
at June 30, 2022, the Company’s holdings of digital assets held, net of impairment consists of:
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 9,304.96 | | |
$ | 34,276 | |
ETH | |
| 23.25 | | |
| 23,666 | |
CAKE | |
| 4,570.35 | | |
| 12,061 | |
MKR | |
| 9.83 | | |
| 7,052 | |
RLP | |
| 249.49 | | |
| 6,910 | |
USDC | |
| 5,251.32 | | |
| 5,249 | |
LINK | |
| 94.05 | | |
| 471 | |
Cryptocurrency
Total | |
| | | |
$ | 89,685 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 4.2 | | |
| 239,827 | |
mooEmp | |
| 275.77 | | |
| 30,841 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 270,668 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 19,573 | |
Other Deed | |
| 8 | | |
| 38,604 | |
Board Ape Kennel Club | |
| 1 | | |
| 6,106 | |
Meebits | |
| 2 | | |
| 10,006 | |
Non-Fungible
Tokens total | |
| | | |
$ | 74,289 | |
Total digital assets, net of impairment | |
| | | |
$ | 434,642 | |
|
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- DefinitionDigital Assets Held Disclosure [Text Block]
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v3.23.3
EQUIPMENT
|
12 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
EQUIPMENT |
NOTE
5 –EQUIPMENT
SCHEDULE
OF EQUIPMENT
| |
Cost | | |
Accumulated Depreciation | | |
June 30, 2023 Net Book Value | | |
June 30, 2022 Net Book Value | |
Mining equipment | |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
| |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
On
August 22, 2022, the Company made a deposit of $72,095 with USD Coin (“USDC”) to purchase 18 Antminer S19j Pro 100TH
Bitcoin mining machines. These machines were deployed, became operational and started to generate revenue on February 7, 2023.
Depreciation
expense for the years ended June 30, 2023 and 2022 was $10,143 and $0, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
IDENTIFIED INTANGIBLE ASSETS
|
12 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
IDENTIFIED INTANGIBLE ASSETS |
NOTE
6 – IDENTIFIED INTANGIBLE ASSETS
Intangible
assets comprise website development and design which are recorded at cost.
SCHEDULE
OF IDENTIFIED INTANGIBLE ASSETS
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Website development | |
$ | 32,999 | | |
$ | - | |
Design | |
| 9,000 | | |
| - | |
Identifiable Intangible Assets Gross | |
| 41,999 | | |
| - | |
Accumulated amortization | |
| (597 | ) | |
| - | |
Identifiable Intangible Assets | |
$ | 41,402 | | |
$ | - | |
On
June 12, 2023, the Company acquired website and design of $12,500 and $9,000, respectively, and commenced amortization upon closing of
the business acquisition of all of the outstanding limited liability company interests in Boring Brew LLC and Bored Coffee Lab, LLC.
During
the year ended June 30, 2023, $597 (comprising website of $347 and design of $250) and $0, respectively, was recorded as amortization.
The Company estimates amortization over the next two years is $14,000 per annum and amortization of $13,402 in the third year.
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v3.23.3
NOTES PAYABLE – RELATED PARTY
|
12 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
NOTES PAYABLE – RELATED PARTY |
NOTE
7 – NOTES PAYABLE – RELATED PARTY
On
September 19, 2017, the Company entered into a Convertible Loan Agreement with Roran (the “Loan Agreement”). Pursuant to
the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months. On June
17, 2019, the Company amended the Loan Agreement increasing the loan amount to $200,000 and extending the maturity date to September
19, 2019. Each advance under the Loan Agreement will be documented under a Convertible Promissory Note issued by the Company in favor
of Roran (the “Note”). The Note bears interest at the rate of 12% per annum. Roran has the right to convert all or any portion
of the Note into shares of the Company’s common stock at a conversion price equal to 60% of the share price. The Company recorded
a BCF due to the conversion option of $116,800, which has been fully amortized as of September 30, 2019. The debt discount has been amortized
as interest expense through September 30, 2019. On December 13, 2019, the Company amended its Loan Agreement Note with Roran as follows:
(i) the total amount to be loaned was increased to $250,000, and (ii) the maturity date was extended to June 19, 2020. Although the maturity
date has passed, Roran has agreed to extend the loan and advance additional funds until further negotiations have been concluded. On
June 8, 2020, Roran converted $124,500 principal amount of its promissory note with the Company and $25,500 of accrued and unpaid interest
thereon, totaling $150,000, into 41,666,660 shares of Company Common Stock at the stated conversion price per share of $0.0036. The remaining
balance due on the promissory note, as of the conversion date, was $104,838 in principal and $19,988 in interest. As a result of the
advances made pursuant to the Loan Agreement, the Company has incurred total obligations of $149,838 as of June 30, 2021 (net of debt
discounts and exclusive of accrued interest).
During
the year ended June 30, 2022, Roran made non-interest bearing, unsecured, short-term cash advances to the Company totaling $18,367 for
the purpose of paying all accounts payable before the closing date of the SPA.
On
September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan
Schadel (“Buyer”) and (iii) Roran Capital LLC (“Roran”). Roran agreed to sell to the Buyer 42,476,660 shares
of common stock of the Company held by Roran for a total purchase price of $385,000. In conjunction with the SPA, Roran agreed to forgive
all amounts due to Roran by the Company totaling $207,644, which is comprised of convertible note payable – related party, accrued
interest payable – related party and advances from related party. In accordance with ASC 470-50-40-2, the resulting forgiveness
of convertible note payable, accrued interest and advances – related party of $207,644 is recorded as an increase in additional
paid-in capital within the consolidated statements of shareholders’ equity (deficit), as the debt forgiven is in essence a capital
transaction.
SCHEDULE
OF AMOUNTS OWNED TO RELATED PARTIES
| |
Debts forgiven by Roran on September 2, 2021 | |
Convertible note payable – related party | |
$ | 149,838 | |
Interest on convertible note payable – related party | |
| 39,439 | |
Advance from related party | |
| 18,367 | |
Forgiveness of convertible note payable, accrued interest and advances – related party | |
$ | 207,644 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
PROMISSORY NOTES
|
12 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
PROMISSORY NOTES |
NOTE
8 – PROMISSORY NOTES
Demand
Promissory Note and Common Stock Purchase Warrant
On
August 12, 2022, the Company issued a Promissory Note in the principal amount of $25,000 (the “Promissory Note”) for cash
to Tom Zarro. The Promissory Note bears interest at the rate of 5.00% per annum. Any unpaid principal amount and any accrued interest
is due on August 12, 2023. Mr. Zarro may demand payment of all or any portion of the outstanding principal and interest at any time.
The Promissory Note is unsecured and there is no prepayment penalty. In the event the Promissory Note is not paid when due, any outstanding
principal and interest will accrue interest of 12% per annum. In conjunction with the issue of the Promissory Note, the Company issued
Mr. Zarro a common stock purchase warrant (the “Warrant”). The terms of the Warrant state that, Mr. Zarro may, at any time
on or after August 12, 2022 and until August 12, 2025, exercise the Warrant to purchase 20,000 shares of the Company’s common stock
for an exercise price per share of $0.075, subject to adjustment as provided in the Warrant. The fair value of the Warrant was calculated
using volatility of 157%, interest-free rate of 3.18%, nil expected dividend yield and expected life of 3 years. The fair value of the
debt and warrant is allocated based on their relative fair values. During the year ended June 30, 2023 and 2022, $6,983 and $0, respectively,
of discount amortization is included in interest expense. At June 30, 2023 and, 2022, there was an unamortized discount balance of $933
and $0, respectively, to be amortized through May 2027 and accrued interest payable of $1,103 and $0, respectively.
Demand
Promissory Note – Related Parties
On
October 18, 2021, the Company issued a Promissory Note in the principal amount of $100,000 (the “Promissory Note”) for cash
to Ryan Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest was due on October 18, 2022. On August 29, 2022,
the Company entered into an Amendment to Promissory Note, dated August 29, 2022, with the Holder. Pursuant to the terms of the note amendment,
the maturity date of the Promissory Note was extended to October 23, 2023, and the interest rate of the Promissory Note was increased
to 5% as of and following August 29, 2022. As consideration for extension of the maturity date, the Company agreed to issue to Mr. Schadel
150,000 shares of the Company’s common stock with a fair value of $9,000. These shares were payable and reported as shares to be
issued as of the date of this Report. The note amendment resulted in a change in the cash flows of less than 10%. Therefore, the Promissory
Note is not considered to be substantially different in accordance with ASC 470-50-10-10 and applied the modification accounting model
in accordance with ASC-50-40-17 (b). During the years ended June 30, 2023 and 2022, $6,614 and $0, respectively, of discount amortization
is included in interest expense. At June 30, 2023 and 2022, there was an unamortized discount balance of $2,386, and $0, respectively,
to be amortized through October 2023 and accrued interest payable of $2,080 and $0, respectively.
On
June 29, 2022, the Company issued a Promissory Note in the principal amount of $40,000 (the “Promissory Note”) for cash to
Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Promissory Note bears interest
at the rate of 0.01% per annum. Any unpaid principal amount and any accrued interest is due on June 29, 2023. Mr. Schadel may demand
payment of all or any portion of the outstanding principal and interest at any time. During the year ended June 30, 2023, digital assets
with a fair value of $7,502 was transferred to the Promissory Note holder to repay principal. The Promissory Note is unsecured and there
is no prepayment penalty. At June 30, 2023 and 2022, there was accrued interest payable of $1 and $0, respectively.
On
August 12, 2022, the Company issued a Promissory Note in the principal amount of $50,000 (the “Promissory Note”) for cash
to Laborsmart Inc. (“Laborsmart”). Laborsmart is owned by Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Promissory Note bears interest at the rate of 5.00% per annum. Any unpaid principal amount and
any accrued interest is due on August 12, 2023. Laborsmart may demand payment of all or any portion of the outstanding principal and
interest at any time. The Promissory Note is unsecured and there is no prepayment penalty. In event the Promissory Note is not paid when
due, any outstanding principal and interest will accrue interest of 12% per annum. During the year ended June 30, 2023, the Company repaid
$20,000 in cash for principal. At June 30, 2023 and 2022, there was accrued interest payable of $1,936 and $0, respectively.
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v3.23.3
CONVERTIBLE PROMISSORY NOTES
|
12 Months Ended |
Jun. 30, 2023 |
Convertible Promissory Notes |
|
CONVERTIBLE PROMISSORY NOTES |
NOTE
9 – CONVERTIBLE PROMISSORY NOTES
Convertible
Promissory Notes
On
May 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $20,000 (the “Convertible Promissory
Note”), for cash, to Timothy Hackbart. The Convertible Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid
principal amount and any accrued interest is due on May 10, 2027. The Convertible Promissory Note is unsecured and there is no prepayment
penalty. At the option of the Holder, the Convertible Promissory Note is convertible into shares of the Company’s common stock
at a conversion price of $0.05 per share. The closing price of the Company’s common stock was $0.14 per share on the date the Convertible
Promissory Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock
on the date of issuance, the Company recognized a beneficial conversion feature of $20,000 upon issuance. The Company recorded the beneficial
conversion feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During
the years ended June 30, 2023 and 2022, $3,998 and $559, respectively, of discount amortization is included in interest expense. At June
30, 2023 and 2022, there was an unamortized discount balance of $15,442 and $19,441, respectively, to be amortized through May 2027 and
accrued interest payable of $741 and $0, respectively.
Convertible
Promissory Notes – Related Party
On
March 4, 2022, the Company issued a Convertible Promissory Note in the principal amount of $40,874 (the “Convertible Promissory
Note”), for value received being comprised of one bitcoin, to Mr. Schadel, the Company’s Chief Executive Officer, sole director
and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.5% per annum. Any unpaid principal amount and
any accrued interest is due on March 4, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the
option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.125 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $40,874 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $8,170 and $2,641, respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $30,062 and $38,233, respectively, to be amortized through March 2027 and
accrued interest payable of $659 and $0, respectively.
On
March 10, 2022, the Company issued a Convertible Promissory Note in the principal amount of $59,986 (the “Convertible Promissory
Note”), for value received being comprised of 22.86012412 Ether, to Mr. Schadel, the Company’s Chief Executive Officer, sole
director and majority stockholder. The Convertible Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal
amount and any accrued interest is due on March 10, 2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty.
At the option of Mr. Schadel, the Convertible Promissory Note is convertible into shares of the Company’s common stock at a conversion
price of $0.05 per share. The closing price of the Company’s common stock was $0.142 per share on the date the Convertible Promissory
Note was issued. As a result of the conversion price being lower than the market price of the Company’s common stock on the date
of issuance, the Company recognized a beneficial conversion feature of $59,986 upon issuance. The Company recorded the beneficial conversion
feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the years
ended June 30, 2023 and 2022, $11,991 and $3,679 respectively, of discount amortization is included in interest expense. At June 30,
2023 and 2022, there was an unamortized discount balance of $44,316 and $56,307, respectively, to be amortized through March 2027 and
accrued interest payable of $967 and $0, respectively.
On
May 6, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 6,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.145 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up to
the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and 2022,
$19,989 and 3,012, respectively, discount amortization is included in interest expense. At June 30, 2023 and 2022, there was an unamortized
discount balance of $76,999 and $96,988, respectively, to be amortized through May 2027 and accrued interest payable of $1,612 and $0,
respectively.
On
May 9, 2022, the Company issued a Convertible Promissory Note in the principal amount of $100,000 (the “Convertible Promissory
Note”), for cash, to Mr. Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder. The Convertible
Promissory Note bears interest at the rate of 3.25% per annum. Any unpaid principal amount and any accrued interest is due on May 9,
2027. The Convertible Promissory Note is unsecured and there is no prepayment penalty. At the option of Mr. Schadel, the Convertible
Promissory Note is convertible into shares of the Company’s common stock at a conversion price of $0.05 per share. The closing
price of the Company’s common stock was $0.1415 per share on the date the Convertible Promissory Note was issued. As a result of
the conversion price being lower than the market price of the Company’s common stock on the date of issuance, the Company recognized
a beneficial conversion feature of $100,0000 upon issuance. The Company recorded the beneficial conversion feature as a discount (up
to the face amount of the applicable note) to be amortized over the life of the related note. During the years ended June 30, 2023 and
2022, $19,989 and $2,848, respectively, of discount amortization is included in interest expense. At June 30, 2023 and 2022, there was
an unamortized discount balance of $77,165 and $97,152, respectively, to be amortized through May 2027 and accrued interest payable of
$1,611 and $0, respectively.
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v3.23.3
SHAREHOLDERS’ EQUITY (DEFICIT)
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
NOTE
10 – SHAREHOLDERS’ EQUITY (DEFICIT)
On
December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and
restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 million shares, (ii) increasing
the Company’s authorized preferred stock to 20 million shares, and (iii) reducing the par value of each of the Company’s
common stock and preferred stock to $0.0001 per share. Common stock and additional paid-in capital for all periods presented in these
consolidated financial statements have been adjusted retroactively to reflect the reduction in par value.
On
March 11, 2022, the Company filed with the State of Nevada a certificate of designations for the Company’s Series A Convertible
Preferred Stock (“Series A Stock”). The Series A Certificate of Designations provides (i) the number of authorized shares
will be 100, (ii) each share will have a stated value of $50,000, (iii) each share is convertible into 100,000 shares of Company common
stock, subject to a 9.99% equity blocker, (iv) shares are non-voting, and (v) shares are not entitled to receive dividends or distributions.
On
April 7, 2023, the Company agreed to issue 500,000 shares of common stock with a fair value of $18,000 for website development services.
On
June 12, 2023, the Company agreed to issue 5,000,000 shares of common stock with a fair value of $240,000 for an investment in Boring
Brew LLC and Bored Coffee Lab LLC (See Note 3 – Business Acquisition).
Warrants
On
March 16, 2022, the Company entered into Stock Purchases Agreements whereby the Company issued 22 shares to Series A Stock and various
Warrants for $1,100,000 in cash. The Warrants comprise of 2,200,000 Company common stock issuable at $0.13 per share, 2,200,000 Company
common stock issuable at $0.15 per share and 2,200,000 Company common stock issuable at $0.175 per share. Upon issuance on March 16,
2022, the Warrant remains exercisable for a period of five years.
On
August 12, 2022, the Company issued a common stock purchase warrant in conjunction with a Promissory Note. The Warrant comprise of 20,000
Company common stock issuable at $0.075 per share. Upon issuance on August 12, 2022, the Warrant remains exercisable for a period of
three years.
The
weighted average remaining legal life of the warrants outstanding at June 30, 2023 is 3.70 years.
Forward
Stock Split
On
July 15, 2022, the Company’s director and shareholders approved an amendment of the Company’s Articles of Incorporation that
would effect a 10-for-1 forward stock split of the Company’s common stock (the “Forward Split”). The Forward Split
is subject to clearance by the Financial Industry Regulatory Authority (“FINRA”), and the Company will not effect the Forward
Split until it is cleared by FINRA. On September 11, 2023, the Financial Industry Regulatory Authority, Inc. notified us that the Forward
Split would take effect on September 19, 2023. All common stock share and per-share amounts for all periods presented in these consolidated
financial statements have been adjusted retroactively to reflect the Forward Split.
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v3.23.3
INCOME TAXES
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
11 – INCOME TAXES
The
Company had no income tax expense due to operating losses incurred for the years ended June 30, 2023 and 2022.
United
States
Modifications
for net operating losses (NOL): Under Code Section 172(a) the amount of the NOL deduction is equal to the lesser of (a) the aggregate
of the NOL carryovers to such year and NOL carrybacks to such year, or (b) 80% of taxable income computed without regard to the deduction
allowable in this section. Thus, NOLs are currently subject to a taxable-income limitation and cannot fully offset income. The Act temporarily
removes the taxable income limitation to allow an NOL to fully offset income.
Modifications
of limitation on business interest: The 2017 Tax Cuts and Jobs Act of 2017 (TCJA) generally limited the amount of business interest allowed
as a deduction to 30% of adjusted taxable income. The Act temporarily and retroactively increases the limitation on the deductibility
of interest expense under Code Section 163(j)(1) from 30% to 50% for tax years beginning in 2019 and 2020. (Code Section 163(j)(10)(A)(i)
as amended by Act Section 2306(a)).
The
Company has not recorded the necessary provisional adjustments in the consolidated financial statements in accordance with its current
understanding of the CARES Act and guidance currently available as of this filing. But is reviewing the CARES Act potential ramifications.
The
tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets
and liabilities on June 30, 2023 and 2022 are comprised of the following:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net-operating loss carryforward | |
$ | 287,503 | | |
$ | 259,803 | |
Total deferred tax assets | |
| 287,503 | | |
| 259,803 | |
Valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Deferred tax assets, net of allowance | |
$ | - | | |
$ | - | |
SCHEDULE
OF PROVISION FOR INCOME TAXES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Federal | |
| | | |
| | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| 287,503 | | |
| 259,803 | |
State | |
| - | | |
| - | |
Current | |
| - | | |
| - | |
Deferred | |
| - | | |
| - | |
Change in valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Income tax provision | |
$ | - | | |
$ | - | |
We
have a net operating loss (“NOL”) carry forward for U.S. income tax purposes aggregating approximately $1,369,100 as of June
30, 2023, subject to the Internal Revenue Code Section 382/383, which places a limitation on the amount of taxable income that can be
offset by net operating losses after a change in ownership.
In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of
the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal
of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax
assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax
assets on June 30, 2023. The valuation allowance increased by approximately $27,700 as of June 30, 2023.
The
expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
SCHEDULE
OF EFFECTIVE INCOME TAX RATE
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Statutory Federal Income Tax Rate | |
| 21 | % | |
| 21 | % |
Non-deductible expenses | |
| (16 | )% | |
| (5 | )% |
Change in valuation allowance | |
| (5 | )% | |
| (16 | )% |
Income tax provision | |
$ | - | | |
$ | - | |
The
Company has not identified any uncertain tax positions requiring a reserve as of June 30, 2023.
|
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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
12 – SUBSEQUENT EVENTS
Loan
Agreement
On
July 10, 2023, the Company entered into a loan agreement with Restore Franchise Group, LLC. Under the loan agreement the Company was
advanced $30,000 in cash. The loan bears interest at 3% per annum, is due in one year and is unsecured. The managing member of Restore
Franchise Group, LLC is Ryan Schadel, the sole director and officer of the Company.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Fiscal Year-End |
Fiscal
Year-End
The
Company elected June 30 as its fiscal year-end date.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries (1) Boring Brew LLC and (2) Bored
Coffee Lab, LLC. All significant intercompany transactions are eliminated.
|
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions |
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
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 and disclosure of contingent assets and liabilities at the dates of the financial statements and the
reported amounts of revenues and expenses during the reporting periods.
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these
estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates
are adjusted accordingly.
Significant
matter requiring use of estimates and assumptions include, but may not be limited to, evaluation of impairment of digital assets, equipment,
identifiable intangible assets and goodwill, recognition and valuation of revenue, valuation allowance for deferred tax assets and fair
value used in business acquisitions..
Actual
results could differ from those estimates.
|
Business Acquisitions |
Business
Acquisitions
The
Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business
Combinations.” The cost of an acquisition is measured at the aggregate of the acquisition date fair value of the assets transferred
to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values
as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition,
fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the
fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements.
During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated
income statements.
|
Cash and cash equivalents |
Cash
and cash equivalents
Cash
and cash equivalents include cash and interest-bearing highly liquid investments held at consolidated financial institutions, cash on
hand that is not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto
trading venues. At June 30, 2023, $17,086 of cash was at held a consolidated financial institution which is a member of the Federal Deposit
Insurance Corporation (“FDIC”) and $0 was held at Coinbase. The contract with Coinbase requires USD balances in a client’s
fiat wallet be held in an omnibus custodial account for the benefit of Coinbase’s customers. These accounts are either omnibus
bank accounts insured by the FDIC (currently up to $250,000 per entity) or trust accounts holding short term U.S. treasuries.
|
Digital Assets |
Digital
Assets
Digital
assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The
Company assigns costs to transactions on a first-in, first-out basis (FIFO).
An
intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events
or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment
exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its
fair value is being measured.
Tokens
are subject to impairment losses if the fair value of a token decreases below the carrying value at any time during the period. The fair
value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens
from www.cryptocompare.com.
Liquidity
pool tokens and NFTs are subject to impairment losses if the fair value a token decreases below the carrying value at the end of each
quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of the quarter at 4PM
Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter.
Impairment
for liquidity pool tokens and NFTs is assessed quarterly due to each token being a unique asset and due to the illiquid markets in which
these tokens trade. The Company is continuously reviewing available markets and information and its methodology when determining the
fair value of digital assets.
The
Company currently reviews quoted prices of its liquidity pool tokens, NFTs and comparable tokens at https://uniswap.org/ and https://opensea.io.
Impairment expense is reflected in total expense in the consolidated statements of operations. Subsequent reversal of impairment losses
is not permitted.
The
sales of digital assets held are included within investing activities in the accompanying consolidated statements of cash flows and any
realized gains or losses from such sales are included in other income (expense) in the consolidated statements of operations.
|
Identifiable Intangible Assets |
Identifiable
Intangible Assets
Identifiable
intangible assets consist primarily of design and websites. These assets are tested for impairment using undiscounted cash flow methodology
annually and whenever there is an indicator of impairment. Estimating future cash flows requires significant judgment and projections
may vary from cash flows eventually realized. Several impairment indicators are beyond the Company’s control, and determining whether
or not they will occur cannot be predicted with any certainty. Design and websites are amortized on a straight-line basis over an estimated
life of three years.
The
website development costs of the Company are accounted for in accordance with ASC 350-50, Website Development Costs. These costs are
included in intangible assets in the accompanying consolidated financial statements. Upgrades or enhancements that add functionality
are capitalized while other costs during the operating stage are expensed as incurred. The Company amortizes the capitalized website
development costs over an estimated useful life of three years.
|
Goodwill |
Goodwill
Goodwill
represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company’s
business combinations. The Company performs a goodwill impairment test on at least an annual basis at the reporting unit level. Application
of the goodwill impairment test requires significant judgments, including estimation of future cash flows, which is dependent on internal
forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur and determination
of our weighted average cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair
value and/or conclusions on goodwill impairment for each reporting unit. The Company will conduct its annual goodwill impairment test
as of June 30 of each year or more frequently if indicators of impairment exist. The Company periodically analyzes whether any such indicators
of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators
may include a sustained significant decline in our stock price and market capitalization, a significant adverse change in legal factors
or in the business climate, unanticipated competition and/or slower expected growth rates, adverse actions or assessments by a regulator,
among others. The Company compares the fair value of its reporting unit to its respective carrying value, including related goodwill.
A
goodwill impairment charge of $257,353 was recorded as at June 30, 2023. The impairment of goodwill was due to the inability of the Company
to identify future cash flows with suitable reliability associated with Boring Brew LLC and Bored Coffee Lab LLC acquired on June 12,
2023. See Note 3 – Business Acquisition.
SCHEDULE
OF GOODWILL
| |
| | |
Opening balance at June 30, 2022 | |
$ | 0 | |
Purchase of goodwill | |
| 257,353 | |
Impairment of goodwill | |
| (257,353 | ) |
Closing balance at June 30, 2023 | |
$ | 0 | |
|
Revenue recognition |
Revenue
recognition
The
Company recognizes revenue under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification
(“ASC”) 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should
recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core
principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through liquidity pools
and staking rewards.
Liquidity
Pools
Liquidity
pools are a collection of digital assets locked in a smart contract that provide liquidity to decentralized exchanges. Liquidity allows
digital assets to be converted to cash quickly and efficiently without drastic price swings. An important component of a liquidity pool
are automated market makers (“AMMs”). An AMM is a protocol that uses liquidity pools to allow digital assets to be traded
by a mathematical formula rather than though a traditional market of buyers and sellers.
The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depend on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with liquidity over a price
range.
Revenue
is recognized from liquidity pools when the award is claimed and deposited in the Company wallet. The transaction consideration the Company
receives is noncash in the form of digital assets. Revenue is measured at the fair value of the digital asset awards received.
Mining
Pools
The
Company earns transaction fees with its crypto mining machines by validating requesting customers’ transactions to a distributing
ledger. We joined a mining pool and receive a pro-rata share of a bitcoin award for completing a blockchain.
The
Company has entered into digital asset mining pools by executing an agreement with one mining pool operator The agreement is terminable
at any time by either party. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency
award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are immaterial and are
recorded as a deduction from revenue), for successfully adding a block to the blockchain. The Company’s fractional share is based
on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by
all mining pool participants in solving the current algorithm.
Providing
computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision
of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The
transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date
received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from
the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur,
the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm)
and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant
financing component in these transactions.
Fair
value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt.
Staking
Rewards
Staking
rewards are granted to holders of a crypto asset when the holders lock up that crypto asset as collateral to secure fairness when validating
transactions or other network actions.
The
Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange
for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network.
Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation
is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number
of tokens received and the fair value of the token at contract inception.
Airdrops
Airdrops
are the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage
adoption of a new token and to increase liquidity in the early stages of a token project.
The
Company recognizes crypto assets received through an airdrop if the crypto asset is expected to generate a probable future benefit and
if the Company is able to support the trading, custody, or withdrawal of these assets.
Airdrops
are accounted for in accordance with ASC 610-20, Sales and Transfer of Nonfinancial Assets, Receipt of a airdrops are classified
as other income in the statement of operations.
|
Equipment |
Equipment
Equipment
is stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to expense when
incurred, while renewals and betterments that materially extend the life of an asset are capitalized.
The
costs of assets sold, retired, or otherwise disposed of, and the related allowance for depreciation, are eliminated from the accounts,
and any resulting gain or loss is recognized in the results from operations. Depreciation is provided over the estimated useful lives
of the assets, which are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVES OF ASSETS
Mining equipment | |
Straight-line over 36 months |
|
Convertible Financial Instruments |
Convertible
Financial Instruments
The
Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments
if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative
instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument
that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable
generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when
the host instrument is deemed to be conventional, as that term is described under applicable GAAP.
When
the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded
for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying
common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument.
Beneficial
conversion feature – The issuance of the convertible debt generated a beneficial conversion feature (“BCF”), which
arises when a debt or equity security is issued with a non-separated embedded conversion option that is beneficial to the investor or
in the money at inception because the conversion option has an effective strike price that is less than the market price of the underlying
stock at the commitment date. The Company recognized the BCF by allocating the intrinsic value of the conversion option, which is the
number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share
and the fair value of common stock per share on the commitment date, resulting in a discount on the convertible debt (recorded as a component
of additional paid-in capital). The BCF is amortized into interest expense over the life of the related debt.
|
Related Parties |
Related
Parties
The
Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the
relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed,
for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of
the effects of the transactions on the consolidated financial statements; (c) the dollar amounts of transactions for each of the periods
for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the
preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise
apparent, the terms and manner of settlement.
|
Commitments and Contingencies |
Commitments
and Contingencies
The
Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial
statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur
or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In
assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
|
Deferred Tax Assets and Income Taxes Provision |
Deferred
Tax Assets and Income Taxes Provision
The
Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the consolidated financial statements. Under ASC 740-10-25-13, the Company may recognize
the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements
from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25-13 also provides guidance on de-recognition, classification, interest, and penalties on income taxes, accounting
in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income
tax benefits.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three years for federal purposes, and the
prior four years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination
by tax authorities.
|
Net Income (Loss) Per Common Share |
Net
Income (Loss) Per Common Share
The
Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of ASC 260, basic net
loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of
shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents;
however, on June 30, 2023 and 2022, we excluded the common stock issuable upon conversion of warrants to 6,620,000 shares and 6,600,000
shares, respectively, as their effect would have been anti-dilutive.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph
820-10-35-37 of ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37
establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy
defined by Paragraph 820-10-35-37 are described below:
|
Level
1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
Level
2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable
as of the reporting date. |
|
Level
3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar
techniques and at least one significant model assumption or input is unobservable.
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. If the inputs used to measure the financial assets and liabilities fall within more than
one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of
the instrument.
Transactions
involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends
the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity and improves
and amends the related earnings per share guidance for both Subtopics. This standard is effective for fiscal years and interim periods
within those fiscal years beginning after December 15, 2023, which means it will be effective for our fiscal year beginning July 1, 2024.
Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
fiscal years. We are currently evaluating the impact of ASU 2020-06 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 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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v3.23.3
BUSINESS ACQUISITION (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF FAIR MARKET VALUES OF ASSETS AND LIABILITIES |
SCHEDULE
OF FAIR MARKET VALUES OF ASSETS AND LIABILITIES
| |
2023 | |
Fair value of assets acquired and liabilities assumed | |
| |
Deposit | |
$ | 244 | |
Inventory | |
| 5,203 | |
Design | |
| 9,000 | |
Web development | |
| 12,500 | |
Goodwill | |
| 257,353 | |
Advances payable | |
| (35,055 | ) |
Purchase Price | |
$ | 249,245 | |
|
SCHEDULE OF BUSINESS ACQUISITION PROFORMA INFORMATION |
SCHEDULE
OF BUSINESS ACQUISITION PROFORMA INFORMATION
| |
For
the Year Ended
June 30,
2023 | | |
For the Year Ended
June 30,
2022 | |
Revenue | |
$ | 148,182 | | |
$ | 82,815 | |
Net loss | |
$ | (592,466 | ) | |
$ | (1,124,564 | ) |
Net loss per share | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
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v3.23.3
DIGITAL ASSETS HELD, NET OF IMPAIRMENT (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Digital Assets Held Net Of Impairment |
|
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT |
Digital
assets held, net of impairment have consisted of:
SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT
| |
| |
| |
Digital Assets | |
Balance, June 30, 2021 | |
$ | - | |
| |
| | |
Purchase of digital assets | |
| 11,615,710 | |
Proceeds from sale of digital assets | |
| (10,224,899 | ) |
Realized gain on sales/ exchange digital assets | |
| 312,598 | |
Acquired digital assets by Airdrop | |
| 17,439 | |
Acquired digital assets by Liquidity Pools | |
| 81,765 | |
Acquired digital assets by Staking Rewards | |
| 852 | |
Digital assets used to pay fees | |
| (17,749 | ) |
Impairment charges | |
| (1,351,074 | ) |
| |
| | |
Balance, June 30, 2022 | |
| 434,642 | |
Beginning balance | |
| 434,642 | |
| |
| | |
Purchase of digital assets | |
| 6,904,183 | |
Proceeds from sale of digital assets | |
| (7,107,258 | ) |
Realized gain on sale/ exchange of digital assets held | |
| 546,617 | |
Acquired digital assets by liquidity pools, mining pools and other digital rewards | |
| 139,562 | |
Digital assets used to pay prepaid, equipment and expenses | |
| (124,890 | ) |
Digital assets used to repay promissory notes | |
| (7,502 | ) |
Impairment charges | |
| (591,125 | ) |
Balance, June 30, 2023 | |
$ | 194,229 | |
Ending balance | |
$ | 194,229 | |
|
SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS |
As
at June 30, 2023, the Company’s holdings of digital assets held, net of impairment consists of:
SCHEDULE
OF ASSETS DIGITAL HOLDING IMPAIRMENTS
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 20,356.45 | | |
$ | 41,114 | |
ETH | |
| 9.94 | | |
| 16,138 | |
BTC | |
| 0.61 | | |
| 14,904 | |
JOE | |
| 18,990.00 | | |
| 5,481 | |
UNI | |
| 933.08 | | |
| 2,816 | |
RBNT | |
| 5,567.49 | | |
| 1,733 | |
USDC | |
| 1,225.96 | | |
| 1,209 | |
Other | |
| | | |
| 1,880 | |
Cryptocurrency
Total | |
| | | |
$ | 85,275 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 2.0 | | |
$ | 65,287 | |
CAKE | |
| 7,259.56 | | |
| 9,481 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 74,768 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 13,247 | |
Meebits | |
| 2 | | |
| 10,006 | |
Bored Ape Kennel Club | |
| 1 | | |
| 5,105 | |
Nakamigos | |
| 1 | | |
| 1,555 | |
OnForce 1 | |
| 1 | | |
| 1,506 | |
Other NFTs | |
| | | |
| 2,767 | |
Non-Fungible
Tokens total | |
| | | |
$ | 34,186 | |
Total digital assets, net of impairment | |
| | | |
$ | 194,229 | |
As
at June 30, 2022, the Company’s holdings of digital assets held, net of impairment consists of:
| |
Units held | | |
Carrying value, at cost less impairment | |
Cryptocurrency | |
| | | |
| | |
APE | |
| 9,304.96 | | |
$ | 34,276 | |
ETH | |
| 23.25 | | |
| 23,666 | |
CAKE | |
| 4,570.35 | | |
| 12,061 | |
MKR | |
| 9.83 | | |
| 7,052 | |
RLP | |
| 249.49 | | |
| 6,910 | |
USDC | |
| 5,251.32 | | |
| 5,249 | |
LINK | |
| 94.05 | | |
| 471 | |
Cryptocurrency
Total | |
| | | |
$ | 89,685 | |
Liquidity Pool Tokens | |
| | | |
| | |
Uniswap V3 | |
| 4.2 | | |
| 239,827 | |
mooEmp | |
| 275.77 | | |
| 30,841 | |
Liquidity
Pool Tokens Total | |
| | | |
$ | 270,668 | |
Non-Fungible Tokens | |
| | | |
| | |
Mutant Ape Yacht Club | |
| 1 | | |
$ | 19,573 | |
Other Deed | |
| 8 | | |
| 38,604 | |
Board Ape Kennel Club | |
| 1 | | |
| 6,106 | |
Meebits | |
| 2 | | |
| 10,006 | |
Non-Fungible
Tokens total | |
| | | |
$ | 74,289 | |
Total digital assets, net of impairment | |
| | | |
$ | 434,642 | |
|
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v3.23.3
EQUIPMENT (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF EQUIPMENT |
SCHEDULE
OF EQUIPMENT
| |
Cost | | |
Accumulated Depreciation | | |
June 30, 2023 Net Book Value | | |
June 30, 2022 Net Book Value | |
Mining equipment | |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
| |
$ | 76,759 | | |
$ | 10,143 | | |
$ | 66,616 | | |
$ | 0 | |
|
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v3.23.3
NOTES PAYABLE – RELATED PARTY (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF AMOUNTS OWNED TO RELATED PARTIES |
SCHEDULE
OF AMOUNTS OWNED TO RELATED PARTIES
| |
Debts forgiven by Roran on September 2, 2021 | |
Convertible note payable – related party | |
$ | 149,838 | |
Interest on convertible note payable – related party | |
| 39,439 | |
Advance from related party | |
| 18,367 | |
Forgiveness of convertible note payable, accrued interest and advances – related party | |
$ | 207,644 | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.23.3
INCOME TAXES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
The
tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets
and liabilities on June 30, 2023 and 2022 are comprised of the following:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net-operating loss carryforward | |
$ | 287,503 | | |
$ | 259,803 | |
Total deferred tax assets | |
| 287,503 | | |
| 259,803 | |
Valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Deferred tax assets, net of allowance | |
$ | - | | |
$ | - | |
|
SCHEDULE OF PROVISION FOR INCOME TAXES |
SCHEDULE
OF PROVISION FOR INCOME TAXES
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Federal | |
| | | |
| | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| 287,503 | | |
| 259,803 | |
State | |
| - | | |
| - | |
Current | |
| - | | |
| - | |
Deferred | |
| - | | |
| - | |
Change in valuation allowance | |
| (287,503 | ) | |
| (259,803 | ) |
Income tax provision | |
$ | - | | |
$ | - | |
|
SCHEDULE OF EFFECTIVE INCOME TAX RATE |
The
expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
SCHEDULE
OF EFFECTIVE INCOME TAX RATE
| |
Year Ended June 30, 2023 | | |
Year Ended June 30, 2022 | |
Statutory Federal Income Tax Rate | |
| 21 | % | |
| 21 | % |
Non-deductible expenses | |
| (16 | )% | |
| (5 | )% |
Change in valuation allowance | |
| (5 | )% | |
| (16 | )% |
Income tax provision | |
$ | - | | |
$ | - | |
|
X |
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v3.23.3
ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
|
Jun. 12, 2023 |
Sep. 02, 2021 |
Sep. 02, 2021 |
May 28, 2014 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 15, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Percentage of stock issued |
|
69.70%
|
69.70%
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
100,000,000
|
100,000,000
|
100,000,000
|
Preferred stock, shares authorized |
|
|
|
|
20,000,000
|
20,000,000
|
20,000,000
|
Common stock, par value |
|
|
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Total Purchase price |
|
|
|
|
$ 18,000
|
|
|
Net loss |
|
|
|
|
572,845
|
$ 1,115,850
|
|
Net cash used in operating activities |
|
|
|
|
198,863
|
153,308
|
|
Accumulated deficit |
|
|
|
|
19,619,047
|
19,046,202
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Total Purchase price |
|
|
|
|
$ 50
|
|
|
Total Purchase price shares |
|
|
|
|
500,000
|
|
|
Net loss |
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Common stock shares acquired |
|
|
42,476,660
|
|
|
|
|
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Number of shares acquired |
|
42,476,660
|
42,476,660
|
|
|
|
|
Purchase price of shares acquired |
|
$ 385,000
|
$ 385,000
|
|
|
|
|
Total Purchase price |
|
$ 385,000
|
|
|
|
|
|
Total Purchase price shares |
|
42,476,660
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] | Related Party [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Note payable related parties |
|
$ 207,644
|
$ 207,644
|
|
|
|
|
Interest Purchase Agreement [Member] | Bored Coffee Lab LLC [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Total Purchase price |
$ 9,245
|
|
|
|
|
|
|
Interest Purchase Agreement [Member] | Bored Coffee Lab LLC [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Common stock shares acquired |
5,000,000
|
|
|
|
|
|
|
Total Purchase price shares |
5,000,000
|
|
|
|
|
|
|
Small Business Administration [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Litigation settlement, expense |
|
|
|
$ 11,770,722
|
|
|
|
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Goodwill impairment charge |
$ 257,353
|
|
Earnings on liquidity pools description |
The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depend on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with liquidity over a price
range
|
|
Income tax examination, description |
Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three years for federal purposes, and the
prior four years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination
by tax authorities
|
|
Conversion Of Warrants [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Anti-dilutive, shares |
6,620,000
|
6,600,000
|
Coinbase Inc [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cash held |
$ 17,086
|
|
Federal deposit insurance corporation premium expense |
0
|
|
Coinbase Inc [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
FDIC insured amount |
$ 250,000
|
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SCHEDULE OF DIGITAL ASSETS HELD NET OF IMPAIRMENT (Details) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Impairment charges |
$ (591,125)
|
$ (1,351,074)
|
Digital Asset [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Beginning balance |
434,642
|
|
Purchase of digital assets |
6,904,183
|
11,615,710
|
Proceeds from sale of digital assets |
(7,107,258)
|
(10,224,899)
|
Realized gain on sales/ exchange digital assets |
|
312,598
|
Acquired digital assets by Airdrop |
|
17,439
|
Acquired digital assets by Liquidity Pools |
|
81,765
|
Acquired digital assets by Staking Rewards |
|
852
|
Digital assets used to pay fees |
|
(17,749)
|
Impairment charges |
(591,125)
|
(1,351,074)
|
Realized gain on sale/ exchange of digital assets held |
546,617
|
|
Acquired digital assets by liquidity pools, mining pools and other digital rewards |
139,562
|
|
Digital assets used to pay prepaid, equipment and expenses |
(124,890)
|
|
Digital assets used to repay promissory notes |
(7,502)
|
|
Ending balance |
$ 194,229
|
$ 434,642
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v3.23.3
SCHEDULE OF ASSETS DIGITAL HOLDING IMPAIRMENTS (Details)
|
12 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 591,125
|
$ 1,351,074
|
Total |
$ 194,229
|
$ 434,642
|
Cryptocurrency APE [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
20,356.45
|
9,304.96
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 41,114
|
$ 34,276
|
Cryptocurrency ETH [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
9.94
|
23.25
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 16,138
|
$ 23,666
|
Cryptocurrency BTC [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
0.61
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 14,904
|
|
Cryptocurrency JOE [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
18,990.00
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 5,481
|
|
Cryptocurrency UNI [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
933.08
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 2,816
|
|
Cryptocurrency RBNT [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
5,567.49
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 1,733
|
|
Cryptocurrency USDC [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
1,225.96
|
5,251.32
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 1,209
|
$ 5,249
|
Cryptocurrency Other [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
1,880
|
|
Cryptocurrency [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 85,275
|
$ 89,685
|
Liquidity Pool Tokens Uniswap V3 [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
2.0
|
4.2
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 65,287
|
$ 239,827
|
Liquidity Pool Tokens CAKE [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
7,259.56
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 9,481
|
|
Liquidity Pool Tokens [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 74,768
|
$ 270,668
|
Non Fungible Tokens Mutant Ape Yacht Club [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
1
|
1
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 13,247
|
$ 19,573
|
Non Fungible Tokens Meebits [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
2
|
2
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 10,006
|
$ 10,006
|
Non Fungible Tokens Bored Ape Kennel Club [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
1
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 5,105
|
|
Non Fungible Tokens Nakamingos [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
1
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 1,555
|
|
Non Fungible Tokens OnForce 1 [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
1
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 1,506
|
|
Non Fungible Tokens Other NFTs [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
2,767
|
|
Non Fungible Token [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
$ 34,186
|
$ 74,289
|
Cryptocurrenc CAKE [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
4,570.35
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 12,061
|
Cryptocurrency MKR [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
9.83
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 7,052
|
Cryptocurrency RLP [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
249.49
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 6,910
|
Cryptocurrency LINK [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
94.05
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 471
|
Liquidity Pool Tokens mooEmp [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
275.77
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 30,841
|
Non Fungible Tokens Other Deed [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
8
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 38,604
|
Non Fungible Tokens Board Ape Kennel Club [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Units held |
|
1
|
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) |
|
$ 6,106
|
X |
- DefinitionAmount of impairment loss resulting from write-down of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit to fair value.
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v3.23.3
SCHEDULE OF EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Cost |
$ 76,759
|
|
Accumulated Depreciation |
10,143
|
|
Net Book Value |
66,616
|
|
Mining Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
76,759
|
|
Accumulated Depreciation |
10,143
|
|
Net Book Value |
$ 66,616
|
$ 0
|
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v3.23.3
NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)
|
|
|
|
|
|
12 Months Ended |
|
|
Sep. 02, 2021 |
Sep. 02, 2021 |
Jun. 08, 2020 |
Dec. 13, 2019 |
Jun. 17, 2019 |
Sep. 19, 2017 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Sep. 30, 2019 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
$ 116,800
|
Proceeds from related party debt |
|
|
|
|
|
|
|
$ 18,367
|
|
|
Purchase price of shares acquired |
|
|
|
|
|
|
18,000
|
|
|
|
Forgiveness of convertible note payable accrued interest and advances related party |
|
$ 207,644
|
|
|
|
|
|
|
|
|
Additional Paid-in Capital [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Purchase price of shares acquired |
|
|
|
|
|
|
$ 17,950
|
|
|
|
Roran Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from related party debt |
|
|
|
|
|
|
|
$ 18,367
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
$ 149,838
|
|
Convertible Loan Agreement [Member] | Roran Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt maturity term description |
|
|
|
|
|
Pursuant to
the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months
|
|
|
|
|
Debt instrument face amount |
|
|
$ 124,500
|
$ 250,000
|
$ 200,000
|
$ 150,000
|
|
|
|
|
Debt maturity date |
|
|
|
Jun. 19, 2020
|
Sep. 19, 2019
|
|
|
|
|
|
Debt instruments interest rate percentage |
|
|
|
|
12.00%
|
|
|
|
|
|
Debt instruments conversion price, percentage |
|
|
|
|
60.00%
|
|
|
|
|
|
Accrued and unpaid interest |
|
|
25,500
|
|
|
|
|
|
|
|
Conversion common stock value |
|
|
$ 150,000
|
|
|
|
|
|
|
|
Conversion common stock shares |
|
|
41,666,660
|
|
|
|
|
|
|
|
Conversion price per share |
|
|
$ 0.0036
|
|
|
|
|
|
|
|
Loan Agreement and Promissory Note [Member] | Roran Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 104,838
|
|
|
|
|
|
|
|
Accrued and unpaid interest |
|
|
$ 19,988
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Forgiveness of convertible note payable accrued interest and advances related party |
$ 207,644
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Related Party [Member] | Additional Paid-in Capital [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Forgiveness of convertible note payable accrued interest and advances related party |
$ 207,644
|
|
|
|
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares acquired |
42,476,660
|
|
|
|
|
|
|
|
|
|
Purchase price of shares acquired |
$ 385,000
|
|
|
|
|
|
|
|
|
|
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v3.23.3
PROMISSORY NOTES (Details Narrative) - USD ($)
|
|
|
12 Months Ended |
|
|
|
|
Aug. 29, 2022 |
Aug. 12, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 29, 2022 |
May 10, 2022 |
Oct. 18, 2021 |
Sep. 30, 2019 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
$ 116,800
|
Purchase of warrants |
|
20,000
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 0.075
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
$ 597
|
|
|
|
|
|
Fair value of common stock |
|
|
9,000
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Volatility |
|
157.00%
|
|
|
|
|
|
|
Interest- free rate |
|
3.18%
|
|
|
|
|
|
|
Expected dividend yield rate |
|
|
|
|
|
|
|
|
Expected life |
|
3 years
|
|
|
|
|
|
|
Promissory Note Four [Member] | Tom Zarro [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 25,000
|
|
|
|
|
|
|
Debt interest rate |
|
5.00%
|
|
|
|
|
|
|
Maturity date |
|
Aug. 12, 2023
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
12.00%
|
|
|
|
|
|
|
Purchase of warrants |
|
20,000
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 0.075
|
|
|
|
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
$ 20,000
|
|
|
Debt interest rate |
|
|
|
|
|
3.25%
|
|
|
Amortization of debt discount |
|
|
6,983
|
0
|
|
|
|
|
Debt unamortized cost |
|
|
933
|
0
|
|
|
|
|
Accrued interest payable |
|
|
1,103
|
0
|
|
|
|
|
Promissory Note One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 100,000
|
|
Debt interest rate |
5.00%
|
|
|
|
|
|
0.01%
|
|
Maturity date |
Aug. 29, 2022
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
6,614
|
0
|
|
|
|
|
Debt unamortized cost |
|
|
2,386
|
0
|
|
|
|
|
Accrued interest payable |
|
|
2,080
|
0
|
|
|
|
|
Fair value of common stock |
$ 9,000
|
|
|
|
|
|
|
|
Promissory Note One [Member] | Ryan Schadel [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Total Purchase price shares |
150,000
|
|
|
|
|
|
|
|
Promissory Note Two [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 40,000
|
|
|
|
Debt interest rate |
|
|
|
|
0.01%
|
|
|
|
Accrued interest payable |
|
|
1
|
0
|
|
|
|
|
Repayment of note by transfer of assets |
|
|
7,502
|
|
|
|
|
|
Promissory Note Three [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Accrued interest payable |
|
|
1,936
|
$ 0
|
|
|
|
|
Principal amount repaid in cash |
|
|
$ 20,000
|
|
|
|
|
|
Promissory Note Three [Member] | Chief Executive Officier [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 50,000
|
|
|
|
|
|
|
Debt interest rate |
|
5.00%
|
|
|
|
|
|
|
Maturity date |
|
Aug. 12, 2023
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
12.00%
|
|
|
|
|
|
|
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v3.23.3
CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($)
|
|
|
|
|
|
12 Months Ended |
|
May 10, 2022 |
May 09, 2022 |
May 06, 2022 |
Mar. 10, 2022 |
Mar. 04, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2019 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
|
|
$ 116,800
|
Debt amortized cost |
|
|
|
|
|
$ 597
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
$ 20,000
|
|
|
|
|
|
|
|
Debt instruments interest rate percentage |
3.25%
|
|
|
|
|
|
|
|
Debt conversion price per share |
$ 0.05
|
|
|
|
|
|
|
|
Debt converted shares issued |
$ 0.14
|
|
|
|
|
|
|
|
Beneficial conversion |
$ 20,000
|
|
|
|
|
|
|
|
Debt amortized cost |
|
|
|
|
|
6,983
|
0
|
|
Debt unamortized cost |
|
|
|
|
|
933
|
0
|
|
Accrued interest payable |
|
|
|
|
|
1,103
|
0
|
|
Convertible Promissory Note [Member] | Holder [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt amortized cost |
|
|
|
|
|
3,998
|
559
|
|
Convertible Promissory Note One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt unamortized cost |
|
|
|
|
|
15,442
|
19,441
|
|
Accrued interest payable |
|
|
|
|
|
741
|
0
|
|
Convertible Promissory Note Related Party [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
$ 40,874
|
|
|
|
Debt instruments interest rate percentage |
|
|
|
|
3.50%
|
|
|
|
Debt conversion price per share |
|
|
|
|
$ 0.05
|
|
|
|
Debt converted shares issued |
|
|
|
|
$ 0.125
|
|
|
|
Beneficial conversion |
|
|
|
|
$ 40,874
|
|
|
|
Debt unamortized cost |
|
|
|
|
|
30,062
|
38,233
|
|
Accrued interest payable |
|
|
|
|
|
659
|
0
|
|
Debt amortized cost |
|
|
|
|
|
8,170
|
2,641
|
|
Convertible Promissory Note Related Party One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
$ 59,986
|
|
|
|
|
Debt instruments interest rate percentage |
|
|
|
3.25%
|
|
|
|
|
Debt conversion price per share |
|
|
|
$ 0.05
|
|
|
|
|
Debt converted shares issued |
|
|
|
$ 0.142
|
|
|
|
|
Beneficial conversion |
|
|
|
$ 59,986
|
|
|
|
|
Debt unamortized cost |
|
|
|
|
|
44,316
|
56,307
|
|
Accrued interest payable |
|
|
|
|
|
967
|
0
|
|
Debt amortized cost |
|
|
|
|
|
11,991
|
3,679
|
|
Convertible Promissory Note Related Party Two [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
|
$ 100,000
|
|
|
|
|
|
Debt instruments interest rate percentage |
|
|
3.25%
|
|
|
|
|
|
Debt conversion price per share |
|
|
$ 0.05
|
|
|
|
|
|
Debt converted shares issued |
|
|
$ 0.145
|
|
|
|
|
|
Beneficial conversion |
|
|
$ 100,000
|
|
|
|
|
|
Debt unamortized cost |
|
|
|
|
|
76,999
|
96,988
|
|
Accrued interest payable |
|
|
|
|
|
1,612
|
0
|
|
Debt amortized cost |
|
|
|
|
|
19,989
|
3,012
|
|
Convertible Promissory Note Related Party Three [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt face amount |
|
$ 100,000
|
|
|
|
|
|
|
Debt instruments interest rate percentage |
|
3.25%
|
|
|
|
|
|
|
Debt conversion price per share |
|
$ 0.05
|
|
|
|
|
|
|
Debt converted shares issued |
|
$ 0.1415
|
|
|
|
|
|
|
Beneficial conversion |
|
$ 100.0000
|
|
|
|
|
|
|
Debt unamortized cost |
|
|
|
|
|
77,165
|
97,152
|
|
Accrued interest payable |
|
|
|
|
|
1,611
|
0
|
|
Debt amortized cost |
|
|
|
|
|
$ 19,989
|
$ 2,848
|
|
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v3.23.3
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
|
|
|
12 Months Ended |
|
|
|
Jun. 12, 2023 |
Apr. 07, 2023 |
Jul. 15, 2022 |
Mar. 16, 2022 |
Mar. 11, 2022 |
Jun. 30, 2023 |
Aug. 12, 2022 |
Jun. 30, 2022 |
Dec. 15, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
100,000,000
|
|
100,000,000
|
100,000,000
|
Preferred stock, shares authorized |
|
|
|
|
|
20,000,000
|
|
20,000,000
|
20,000,000
|
Preferred stock, par value |
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
$ 0.0001
|
Shares issued for website |
|
|
|
|
|
$ 18,000
|
|
|
|
Warrants and rights outstanding, term |
|
|
|
|
|
|
3 years
|
|
|
Purchase of warrants |
|
|
|
|
|
|
20,000
|
|
|
Warrant exercise price |
|
|
|
|
|
|
$ 0.075
|
|
|
Warrants weighted average remaining term |
|
|
|
|
|
3 years 8 months 12 days
|
|
|
|
Forward stock split |
|
|
10-for-1 forward stock split
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued for website |
|
|
|
|
|
$ 50
|
|
|
|
Total Purchase price shares |
|
|
|
|
|
500,000
|
|
|
|
Common Stock [Member] | Boring Brew LLC And Bored Coffee Lab LLC [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued for website |
$ 240,000
|
|
|
|
|
|
|
|
|
Total Purchase price shares |
5,000,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Website Development Services [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued for website |
|
$ 18,000
|
|
|
|
|
|
|
|
Total Purchase price shares |
|
500,000
|
|
|
|
|
|
|
|
Warrant One [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Total Purchase price shares |
|
|
|
2,200,000
|
|
|
|
|
|
Issued price per share |
|
|
|
$ 0.13
|
|
|
|
|
|
Warrant Two [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Total Purchase price shares |
|
|
|
2,200,000
|
|
|
|
|
|
Issued price per share |
|
|
|
$ 0.15
|
|
|
|
|
|
Warrant Three [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Total Purchase price shares |
|
|
|
2,200,000
|
|
|
|
|
|
Issued price per share |
|
|
|
$ 0.175
|
|
|
|
|
|
Warrants and rights outstanding, term |
|
|
|
5 years
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
100
|
|
|
|
|
Shares issued for website |
|
|
|
|
$ 50,000
|
|
|
|
|
Total Purchase price shares |
|
|
|
|
100,000
|
|
|
|
|
Equity blocker percentage |
|
|
|
|
9.99%
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
22
|
|
22
|
|
Series A Convertible Preferred Stock [Member] | Stock Purchases Agreements [Member] |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
22
|
|
|
|
|
|
Warrants issued for cash |
|
|
|
$ 1,100,000
|
|
|
|
|
|
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Metavesco (PK) (USOTC:MVCO)
過去 株価チャート
から 11 2024 まで 12 2024
Metavesco (PK) (USOTC:MVCO)
過去 株価チャート
から 12 2023 まで 12 2024