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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ___________ to ____________
Commission
File Number 000-56417
RDE,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
45-2482974 |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
1100
Woodfield Road, Suite 510
Schaumburg,
IL
60173
(Address
of principal executive offices)
(ZIP
Code)
(847)
506-9680
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $.001 |
|
RSTN |
|
The Nasdaq Stock Market LLC
|
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was
required to submit such files). Yes ☒ NO ☐
Indicate
by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large,
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: There were
25,912,263 shares of common stock outstanding as of July 31, 2024.
TABLE
OF CONTENTS
CAUTIONARY
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain
statements and information in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Quarterly Report”)
may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address activities,
events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures,
growth, product development, sales, business strategy, statements related to any further expected effects on our business from the coronavirus
(“COVID-19”) pandemic, inflation, the Russia-Ukraine conflict, and other similar matters are forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” or “continue,” or other comparable terminology. These forward-looking statements are based largely
on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control.
These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ
materially from those expressed in the forward-looking statements including, but not limited to, the continued duration and scope of
the COVID-19 pandemic and any impact on the demand for our products; our ability to obtain needed raw materials and components from our
suppliers; additional actions governments, businesses, and individuals take in response to the pandemic, including mandatory business
closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic
on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty
in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that we could
take to reduce operating costs; our inability to sustain profitable sales growth, or reduce our costs to maintain competitive prices
for our products; circumstances or developments that may make us unable to implement or realize the anticipated benefits, or that may
increase the costs, of our current and planned business initiatives; and those factors detailed by us in our public filings with the
Securities and Exchange Commission (the “SEC”), including in Item 1A, Risk Factors, in our Annual Report on Form 10-K for
the year ended December 31, 2023. In light of these risks and uncertainties, all of the forward-looking statements made herein are qualified
by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized.
We undertake no obligation to update or revise any of the forward-looking statements contained herein.
PART
I. FINANCIAL INFORMATION
Item
1. Financial Statements
RDE,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
Successor | |
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents (includes restricted cash of $1,258,826 at June 30, 2024 and December 31, 2023) | |
$ | 4,663,623 | | |
$ | 4,099,737 | |
Accounts
receivable | |
| 901,785 | | |
| 1,681,165 | |
Inventories | |
| 5,239,963 | | |
| 4,152,273 | |
Prepaid
expenses and other current assets | |
| 205,854 | | |
| 177,119 | |
Total
current assets | |
| 11,011,225 | | |
| 10,110,294 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 2,331,483 | | |
| 2,563,312 | |
Operating
lease right of use asset, net | |
| 1,555,713 | | |
| 315,183 | |
Deposits | |
| 65,556 | | |
| 65,556 | |
Intangible
assets, net – provisional | |
| 5,484,166 | | |
| 6,700,000 | |
Goodwill
– provisional | |
| 20,007,669 | | |
| 20,007,669 | |
Total
assets | |
$ | 40,455,812 | | |
$ | 39,762,014 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 1,708,121 | | |
$ | 2,218,285 | |
Accrued
expenses | |
| 1,381,168 | | |
| 1,175,934 | |
Deferred
revenue | |
| 114,024 | | |
| 336,996 | |
Secured
revolving line of credit | |
| 7,670,449 | | |
| 6,737,385 | |
Convertible
promissory notes, current portion | |
| 41,637 | | |
| 40,137 | |
Notes
payable, current portion | |
| 932,792 | | |
| 836,509 | |
Acquisition
obligation | |
| - | | |
| 500,000 | |
Operating
lease liability, current portion | |
| 296,937 | | |
| 134,475 | |
Total
current liabilities | |
| 12,145,128 | | |
| 11,979,721 | |
| |
| | | |
| | |
Notes
payable, net of current portion | |
| 1,392,355 | | |
| 1,458,270 | |
Deferred
taxes | |
| 1,800,000 | | |
| 1,800,000 | |
Operating
lease liability, net of current portion | |
| 1,297,581 | | |
| 202,829 | |
Total
liabilities | |
| 16,635,064 | | |
| 15,440,820 | |
| |
| | | |
| | |
Stockholders’
equity: | |
| | | |
| | |
Preferred
stock, $0.001 par value, 10,000,000 shares authorized; | |
| - | | |
| - | |
Common
stock, $0.001 par value, 750,000,000 shares authorized; 25,912,263 and 24,119,967 shares issued and outstanding at June 30, 2024
and December 31, 2023, respectively | |
| 25,906 | | |
| 24,114 | |
Additional
paid-in-capital | |
| 103,841,872 | | |
| 93,376,244 | |
Common
stock issuable, 350,843 and 383,343 shares, respectively | |
| 350,843 | | |
| 383,343 | |
Accumulated
deficit | |
| (80,397,873 | ) | |
| (69,462,507 | ) |
Total
stockholders’ equity | |
| 23,820,748 | | |
| 24,321,194 | |
| |
| | | |
| | |
Total
liabilities and stockholders’ equity | |
$ | 40,455,812 | | |
$ | 39,762,014 | |
The
accompanying notes are an integral part of these consolidated financial statements.
RDE,
INC. AND SUBSDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
For
the Three and Six Months Ended June 30, 2024 and 2023
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Successor | | |
Predecessor | | |
Successor | | |
Predecessor | |
| |
| | |
| | |
| | |
| |
Net
Sales | |
$ | 20,020,502 | | |
$ | 21,091,657 | | |
$ | 41,542,396 | | |
$ | 45,253,385 | |
Cost
of sales | |
| 16,760,007 | | |
| 18,474,119 | | |
| 35,024,625 | | |
| 39,722,197 | |
Gross
profit | |
| 3,260,495 | | |
| 2,617,538 | | |
| 6,517,771 | | |
| 5,531,188 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Selling,
general and administrative expenses | |
| 9,832,270 | | |
| 2,835,513 | | |
| 15,046,311 | | |
| 5,638,341 | |
Amortization
of capitalized software costs | |
| 302,737 | | |
| 223,268 | | |
| 681,474 | | |
| 535,971 | |
Amortization
of intangible assets | |
| 607,917 | | |
| 75,000 | | |
| 1,215,834 | | |
| 150,000 | |
Total
operating expenses | |
| 10,742,924 | | |
| 3,133,781 | | |
| 16,943,619 | | |
| 6,324,312 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
from operations | |
| (7,482,429 | ) | |
| (516,243 | ) | |
| (10,425,848 | ) | |
| (793,124 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest
income | |
| 5,223 | | |
| - | | |
| 5,223 | | |
| - | |
Interest
expense | |
| (267,440 | ) | |
| (170,414 | ) | |
| (514,741 | ) | |
| (352,308 | ) |
Total
other income (expenses) | |
| (262,217 | ) | |
| (170,414 | ) | |
| (509,518 | ) | |
| (352,308 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income
taxes | |
| - | | |
| - | | |
| - | | |
| 28,397 | |
Net
loss | |
$ | (7,744,646 | ) | |
$ | (686,657 | ) | |
$ | (10,935,366 | ) | |
$ | (1,117,035 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
earnings (loss) per share – basic | |
$ | (0.30 | ) | |
$ | (0.05 | ) | |
$ | (0.43 | ) | |
$ | (0.08 | ) |
Net
earnings (loss) per share –diluted | |
$ | (0.30 | ) | |
$ | (0.05 | ) | |
$ | (0.43 | ) | |
$ | (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average common shares outstanding – basic | |
| 25,751,441 | | |
| 13,774,292 | | |
| 25,377,832 | | |
| 13,774,292 | |
Weighted
average common shares outstanding – diluted | |
| 25,751,441 | | |
| 13,774,292 | | |
| 25,377,832 | | |
| 13,774,292 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
RDE,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
For
the Three and Six Months Ended June 30, 2024 and 2023
(Unaudited)
For
the Three Months Ended June 30, 2024
. | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Successor: | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance,
March 31, 2024 | - |
| 25,538,097 | | |
$ | 25,532 | | |
| 370,843 | | |
$ | 370,843 | | |
$ | 97,395,202 | | |
$ | (72,653,227 | ) | |
$ | 25,138,350 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of vested options | - |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,669,186 | | |
| | | |
| 5,669,186 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of vested restricted stock units | - |
| 175,000 | | |
| 175 | | |
| - | | |
| - | | |
| 232,684 | | |
| | | |
| 232,859 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of common stock issued for employment agreements | - |
| 66,666 | | |
| 67 | | |
| | | |
| | | |
| 312,433 | | |
| | | |
| 312,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
shares issued | - |
| 20,000 | | |
| 20 | | |
| (20,000 | ) | |
| (20,000 | ) | |
| 19,980 | | |
| | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for cash | - |
| 112,500 | | |
| 112 | | |
| - | | |
| - | | |
| 212,387 | | |
| | | |
| 212,499 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | - |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,744,646 | ) | |
| (7,744,646 | ) |
Balance,
June 30, 2024 (Unaudited) | - |
| 25,912,263 | | |
$ | 25,906 | | |
| 350,843 | | |
$ | 350,843 | | |
$ | 103,841,872 | | |
$ | (80,397,873 | ) | |
$ | 23,820,748 | |
For
the Six Months Ended June 30, 2024
Successor: | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance,
December 31, 2023 | - |
| 24,119,967 | | |
$ | 24,114 | | |
| 383,343 | | |
$ | 383,343 | | |
$ | 93,376,244 | | |
$ | (69,462,507 | ) | |
$ | 24,321,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of vested options | - |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,706,311 | | |
| | | |
| 5,706,311 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of vested restricted stock units | - |
| 175,000 | | |
| 175 | | |
| - | | |
| - | | |
| 964,434 | | |
| | | |
| 964,609 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair
value of common stock issued for employment agreements | - |
| 66,666 | | |
| 67 | | |
| - | | |
| - | | |
| 624,933 | | |
| | | |
| 625,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for services | - |
| 50,000 | | |
| 50 | | |
| - | | |
| - | | |
| 217,450 | | |
| | | |
| 217,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
shares issued on cashless exercise of stock options | - |
| 1,130 | | |
| 1 | | |
| | | |
| | | |
| (1 | ) | |
| | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
shares issued | - |
| 32,500 | | |
| 32 | | |
| (32,500 | ) | |
| (32,500 | ) | |
| 32,468 | | |
| | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for cash | - |
| 1,467,000 | | |
| 1,467 | | |
| - | | |
| - | | |
| 2,920,033 | | |
| | | |
| 2,921,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | - |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (10,935,366 | ) | |
| (10,935,366 | ) |
Balance,
June 30, 2024 (Unaudited) | - |
| 25,912,263 | | |
$ | 25,906 | | |
| 350,843 | | |
$ | 350,843 | | |
$ | 103,841,872 | | |
$ | (80,397,873 | ) | |
$ | 23,820,748 | |
For
the Three Months Ended June 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Predecessor: | |
Preferred
Stock | | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance,
March 31, 2023 | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (30,765,517 | ) | |
$ | (25,828,565 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | - |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (686,657 | ) | |
| (686,657 | ) |
Balance,
June 30, 2023 (Unaudited) | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (31,452,174 | ) | |
$ | (26,515,222 | ) |
For
the Six Months Ended June 30, 2023
Predecessor: | |
Preferred
Stock | | |
Common
Stock | | |
Common
Stock Issuable | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance,
December 31, 2022 | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (30,335,139 | ) | |
$ | (25,398,187 | ) |
Balance | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (30,335,139 | ) | |
$ | (25,398,187 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | - |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,117,035 | ) | |
| (1,117,035 | ) |
Balance,
June 30, 2023 (Unaudited) | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (31,452,174 | ) | |
$ | (26,515,222 | ) |
Balance | - |
| - | | |
$ | - | | |
| 29,035,625 | | |
$ | 2,900 | | |
| - | | |
$ | - | | |
$ | 4,934,052 | | |
$ | (31,452,174 | ) | |
$ | (26,515,222 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
RDE,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
For
the Six Months Ended June 30, 2024 and 2023
(Unaudited)
| |
| | | |
| | |
| |
Successor | | |
Predecessor | |
| |
Six
Months Ended June
30, 2024 | | |
Six
Months Ended June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
loss | |
$ | (10,935,366 | ) | |
$ | (1,117,035 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Fair
value of vested stock options | |
| 5,706,311 | | |
| - | |
Fair
value of vested restricted common stock | |
| 1,589,609 | | |
| - | |
Fair
value of common stock issued for services | |
| 217,500 | | |
| - | |
Depreciation
expense | |
| 681,474 | | |
| 627,706 | |
Amortization
of intangible assets | |
| 1,215,834 | | |
| 150,000 | |
Accrued
interest | |
| 31,868 | | |
| | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| 779,380 | | |
| 647,865 | |
Inventories | |
| (1,087,690 | ) | |
| 370,265 | |
Prepaid
expenses and other current assets | |
| (28,735 | ) | |
| (111,215 | ) |
Right
of use assets | |
| 155,011 | | |
| 94,481 | |
Accounts
payable | |
| (510,163 | ) | |
| (553,640 | ) |
Accrued
expenses | |
| 205,235 | | |
| (242,807 | ) |
Deferred
revenue | |
| (222,972 | ) | |
| (208,864 | ) |
Operating
lease liability | |
| (138,327 | ) | |
| (94,481 | ) |
Net
cash used in operating activities | |
| (2,341,031 | ) | |
| (437,725 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Capitalized
website development costs | |
| (449,646 | ) | |
| (450,000 | ) |
Net
cash used in investing activities | |
| (449,646 | ) | |
| (450,000 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds
from line of credit | |
| 53,772,243 | | |
| 51,316,611 | |
Repayment
of line of credit | |
| (52,839,180 | ) | |
| (50,972,869 | ) |
Repayment
of acquisition obligation | |
| (500,000 | ) | |
| - | |
Proceeds
from sale of common stock | |
| 2,921,500 | | |
| - | |
Net
cash provided by financing activities | |
| 3,354,563 | | |
| 343,742 | |
| |
| | | |
| | |
Net
increase (decrease) in cash and cash equivalents | |
| 563,886 | | |
| (543,983 | ) |
Cash
and cash equivalents beginning of period | |
| 4,099,737 | | |
| 2,040,680 | |
Cash
and cash equivalents end of period | |
$ | 4,663,623 | | |
$ | 1,496,697 | |
| |
| | | |
| | |
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Interest
paid | |
$ | 510,417 | | |
$ | 352,308 | |
Taxes
paid | |
$ | - | | |
$ | - | |
NON-CASH
INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | |
$ | 1,395,541 | | |
$ | - | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
RDE,
INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three
and Six Months Ended June 30, 2024 and 2023
(Unaudited)
1.
Basis of Presentation
RDE,
Inc. (“RDE”) through its wholly-owned subsidiary Restaurant.com, Inc., has been in the business of connecting digital consumers,
businesses and communities with dining and merchant deal options throughout the United States.
On
August 18, 2023, RDE entered into an agreement and plan of merger to acquire CardCash Exchange Inc (“CardCash”). On December
29, 2023, the merger was completed and has been accounted for as a business combination using the acquisition method of accounting (See
Note 3). CardCash was formed in 2013 and purchases merchant gift cards and resells them at a markup.
RDE’s
operations are not considered significant compared to the operations of CardCash before the acquisition. Accordingly, for the purpose
of the accompanying condensed consolidated financial statements, periods before December 29, 2023 reflect the financial position, results
of operations and cash flows of CardCash prior to the acquisition, and is referred to as the “Predecessor”. Periods beginning
after December 29, 2023 reflect the financial position, results of operations and cash flows of RDE consolidated with CardCash, and is
referred to as the “Successor”. A black-line between the Successor and Predecessor periods has been placed in the condensed
consolidated financial statements and in the tables to the notes to the consolidated financial statements to highlight the lack of comparability
between these periods.
Collectively,
RDE (Successor) and CardCash (Predecessor) are referred to as the “Company”.
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) pursuant to the applicable rules and regulations of the Securities and
Exchange Commission (“SEC”) for interim financial information. The unaudited condensed consolidated financial statements
have been prepared on the same basis as the Company’s annual financial statements for the year ended December 31, 2023, and, in
the opinion of management, reflect all adjustments, which consist of normal recurring adjustments, considered necessary for a fair presentation
of the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of
operations to be expected for the full fiscal year ending December 31, 2024. These unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC. The condensed consolidated
balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include
all disclosures, including notes, required by GAAP.
The
unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Card Cash
Exchange, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Going
Concern
The
accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. In accordance
with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205-40, Going
Concern, the Company’s management has evaluated whether there are conditions or events that raise substantial doubt about its
ability to continue as a going concern within one year after the date the accompanying financial statements were issued. RDE and CardCash
have a history of reporting net losses and negative operating cash flows. These factors raise substantial doubt about the Company’s
ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, our independent
registered public accounting firm, in its audit report to the financial statements included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2023, expressed substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The
Company’s ability to continue as a going concern is dependent upon its ability to raise additional debt or equity capital to fund
its business activities and to ultimately achieve sustainable operating revenues and profitability. The Company has financed its working
capital requirements through borrowings from various sources and the sale of its equity securities.
As
market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the
Company will be able to secure additional financing on acceptable terms, as and when necessary to continue to conduct operations. There
is also significant uncertainty as to the effect that the coronavirus may have on the Company’s business plans and the amount and
type of financing available to the Company in the future. If the Company is unable to obtain the cash resources necessary to satisfy
the Company’s ongoing cash requirements, the Company could be required to scale back its business activities or to discontinue
its operations entirely.
2.
Significant Accounting Policies
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. Significant estimates
include those related to assumptions used in valuing inventories at net realizable value, assumptions used in valuing assets acquired
in business acquisitions, impairment testing of goodwill and other long-term assets, assumptions used in valuing stock-based compensation,
the realizability of deferred tax assets and the related valuation allowance, accruals for potential liabilities, and assumptions used
in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers.
The
Company buys merchant gift cards from the general public and distributors at a discount and then resells them at a markup. The Company
also derives revenue from the sale of discount certificates for restaurants on behalf of third-party restaurants.
Revenue
and costs of sales are recognized when control of the products transfers to our customer, which generally occurs at a point in time when
the risk and title to the product transfers to the customer upon delivery to the customer. The Company’s performance obligations
are satisfied at that time. The Company’s standard terms of delivery are included in its contracts of sale, order confirmation
documents, and invoices. The Company recognizes revenue on a gross basis for the sales price of the merchant gift cards and discount
certificates it collects.
Certain
customers may receive incentives, which are accounted for as variable consideration. Provisions for sales returns are recognized in the
period when the sale is recorded based upon the Company’s prior experience and current trends. These revenue reductions are established
by the Company based upon management’s best estimates at the time of sale following the historical trend, adjusted to reflect known
changes in the factors that impact such reserves and allowances, and the terms of agreements with customers.
Amounts
billed and due from the Company’s customers are classified as accounts receivable on the balance sheet. Amounts received in advance
from customers are recorded as deferred revenue on the balance sheet until the performance obligations have been satisfied. The Company
has elected to apply the practical expedient to not assess contracts for significant financing component because the period between the
receipt of advance payment and the Company’s transfer of services to the customer is less than one year.
Other
Sale
of promotional gift cards, sale of travel, vacation and merchandise, and advertising revenues
The
Company also recognizes revenue from the sale of Restaurant.com promotional gift cards (revenue recognized based on the Company’s
historical redemption rates of its promotional gift cards), the sale of travel, vacation, and merchandise on behalf of third-party merchants
(revenue reported on a net basis equal to the purchase price received from the customer less a portion of the purchase price paid by
the Company to its merchant partners), and advertising revenue for third-party partners, such as Google Ads, wherein third-party website(s)
and/or product(s) are shown or incorporated in the Company’s platform or website (revenue recognized when its determinable, which
is generally upon receipt of a statement and/or proceeds from the third-party partners).
In
the following table, revenue is disaggregated by our divisions and type of revenue for the three months ended June 30, 2024 and 2023:
Schedule
of Disaggregation of Revenue
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 19,516,572 | | |
$ | 113,250 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 19,650,055 | |
Business
to business (B2B) | |
| - | | |
| 370,447 | | |
| - | | |
| - | | |
| 370,447 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 19,516,572 | | |
$ | 483,697 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 20,020,502 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
In
the following table, revenue is disaggregated by our divisions and type of revenue for the six months ended June 30, 2024 and 2023:
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 40,586,579 | | |
$ | 230,276 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 40,861,318 | |
Business
to business (B2B) | |
| - | | |
| 681,078 | | |
| - | | |
| - | | |
| 681,078 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 40,586,579 | | |
$ | 911,354 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 41,542,396 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Cost
of Sales
Cost
of sales consists primarily of the cost to purchase merchant gift cards, and transaction fees and costs.
Business
Combinations
The
Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified
intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair
values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates
and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but
are not limited to, future expected cash flows from, acquired technology, trademarks and trade names, useful lives, and discount rates.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. 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, any subsequent adjustments are recorded in the consolidated statements
of operations.
Intangible
Assets
The
Company has certain intangible assets that were initially recorded at their fair value at the time of acquisition. The finite-lived intangible
assets consist of customer relationships, trade name, and developed technology. Intangible assets with finite useful lives are amortized
using the straight-line method over their estimated useful life of three years.
The
Company reviews all finite-lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable.
If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over
the fair value in our consolidated statements of operations.
Goodwill
Goodwill
represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets
of the business acquired. As of June 30, 2024 goodwill that arose from acquisition of CardCash (see Note 3) was $20,007,669. Under ASC
350 Intangibles-Goodwill and Other, goodwill and other intangible assets with indefinite lives are not amortized, but instead
are tested for impairment annually, or whenever events or circumstances indicate a potential impairment. The Company’s impairment
testing is performed annually at December 31. Impairment of goodwill and indefinite lived intangible assets is determined by comparing
the fair value of the Company’s reporting unit to the carrying value of the underlying net assets in the reporting unit. If the
fair value of the reporting unit is determined to be less than the carrying value of its net assets, goodwill is deemed impaired and
an impairment loss is recognized to the extent that the carrying value of goodwill exceeds the difference between the fair value of the
reporting unit and the fair value of its other assets and liabilities. In accordance with the “Segment Reporting” Topic of
the ASC, the Company’s chief operating decision maker (the Company’s Chief Executive Officer) determined that there is only
one reporting unit. No impairment indicators were identified as of June 30, 2024.
Long-Lived
Assets
The
Company evaluates long-lived assets, other than goodwill and indefinite lived intangible assets, for impairment whenever events or changes
in circumstances indicate that their net book value may not be recoverable. The measurement of possible impairment is based upon the
ability to recover the carrying value of the asset through the expected future undiscounted cash flows from the use of the asset and
its eventual disposition. An impairment loss, equal to the difference between the asset’s fair value and its carrying value, is
recognized when the estimated future undiscounted cash flows are less than its carrying amount. No impairment indicators were identified
as of June 30, 2024.
Leases
The
Company leases certain corporate office space under lease agreements. The Company determines whether a contract contains a lease at contract
inception. A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period
of time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of the
identified asset and the right to direct the use of the identified asset. Operating lease right-of-use assets (“ROU”) for
operating leases represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease
term at the commencement date. Operating lease expense is recognized on a straight-line basis over the lease term and is included in
the general and administrative line in the Company’s consolidated statements of operations. Leases with an initial term of 12 months or less are not included on the balance sheets.
Advertising
The
Company expenses advertising costs as incurred and amounted to $431,488 and $449,754 for the six months ended June 30, 2024 and 2023,
respectively, which are recorded in general and administrative in the Statements of Operations.
Stock-Based
Compensation
The
Company periodically issues share-based awards to employees and non-employees and consultants for services rendered. Stock options vest
and expire according to terms established at the issuance date of each grant. Stock grants are measured at the grant date fair value.
Stock-based compensation cost is measured at fair value on the grant date and is generally recognized as a charge to operations ratably
over the requisite service, or vesting, period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services.
The
Company values its equity awards using the Black-Scholes option-pricing model, and accounts for forfeitures when they occur. Use of the
Black-Scholes option pricing model requires the input of subjective assumptions, including expected volatility, expected term, and a
risk-free interest rate. The expected volatility is based on the historical volatility of the Company’s common stock, calculated
utilizing a look-back period approximately equal to the contractual life of the stock option being granted. The expected life of the
stock option is calculated as the mid-point between the vesting period and the contractual term (the “simplified method”).
The risk-free interest rate is estimated using comparable published federal funds rates.
Stock-based
compensation expense recognized and recorded as part of selling, general and administrative expenses.
Earnings
(Loss) Per Share
Basic
earnings (loss) per share is computed using the weighted average number of common shares issued and outstanding during the period. Diluted
earnings (loss) per share is computed using the weighted average number of common shares and the dilutive effect of contingent shares
outstanding during the period. Potentially dilutive contingent shares, which primarily consist of convertible notes and stock issuable
upon the exercise of stock options and warrants, have been excluded from the calculation of diluted loss per share because their effect
is anti-dilutive.
Loss
per common share is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding during
the respective periods. Basic and diluted loss per common share was the same for all periods presented because all convertible notes
and stock issuable upon the exercise of stock options and warrants outstanding were anti-dilutive.
At
June 30, 2024 and 2023, the Company excluded the outstanding convertible debt and securities summarized below, which entitle the holders
thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.
Schedule
of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share
| |
Successor | | |
Predecessor | |
| |
June
30, 2024 | | |
June
30, 2023 | |
| |
| | |
| |
Convertible
notes payable | |
| 27,758 | | |
| - | |
Common
stock issuable | |
| 350,843 | | |
| - | |
Series
B convertible preferred stock | |
| - | | |
| 1,526,882 | |
Common
stock options | |
| 4,123,282 | | |
| - | |
Total | |
| 4,501,883 | | |
| 1,526,882 | |
The
issuable and potentially issuable shares as summarized above. These potentially issuable common
shares would have been anti-dilutive because the Company had a net loss for the periods ended June 30, 2024 and 2023, such common stock
equivalents would have been excluded from the calculation of net loss per share.
Fair
Value of Financial Instruments
Fair
value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier
hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is
as follows:
Level
1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability,
either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
Level
3 – unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.
A
financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant
to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment
and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
The
carrying value of the Company’s financial instruments (consisting of cash, accounts receivables, deposits to credit card processor,
prepaid expense and other current assets, accounts payable, accrued expenses, notes payable, and other liabilities) are considered to
be representative of their respective fair values due to the short-term nature of those instruments.
Segment
Information
Under
ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available
that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in
assessing performance. The Company’s operation segment consists of one component, and the Company’s Chief Executive Officer,
who is also the CODM, makes decisions and manages the Company’s operations as a single operating segment.
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable
and cash. The credit risk exposure surrounding trade accounts receivable is limited as these amounts represent the timing difference
between payments being settled by credit card processors and the cash being provided to the Company.
No
significant customers comprised more than 10%
of accounts receivable as of June 30, 2024 and December 31, 2023 or revenue as of and for the period ended June 30, 2024 and
2023.
The
Company maintains a cash balance at financial institutions, which at times exceed the federally insured limit. The Company has not
experienced nor expects to experience a loss on this account.
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. The Company’s adopted ASU 2023-7 effective January 1, 2024, and there was
no material effect on the Company’s financial position, results of operations and cash flows.
Other
recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
3.
Acquisition of Card Cash
On
December 29, 2023, RDE completed the acquisition of CardCash. The acquisition was made pursuant to an agreement and plan of merger dated
August 18, 2023 between RDE and CardCash. RDE acquired all of the issued and outstanding equity of CardCash for $26,682,000, made up
of the issuance of 6,108,007 shares of the RDE’s common stock valued at $24,682,000, the issuance of a note payable for $1,500,000,
and payment of $750,000 in cash.
RDE
utilized the acquisition method of accounting for the acquisition in accordance with ASC 805, Business Combinations, and allocated
the purchase price to CardCash’s tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair
values as of the date of acquisition. The fair value assigned to the developed technology was determined using the relief from royalty
method. The fair value assigned to trade name were determined using the relief from royalty method. The fair value of the customer relationships
was determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the
existing customers acquired. The cash flows were based on estimates used to value the acquisition, and the discount rates applied were
benchmarked with reference to the implied rate of return from the transaction model, as well as the weighted average cost of capital.
The valuation assumptions took into consideration the Company’s estimates of customer attrition and revenue growth projections.
The excess of the purchase price paid by the Company over the estimated fair value of identified tangible and intangible assets has been
recorded as goodwill. Goodwill also represents the future benefits as a result of the acquisition that the Company believes will enhance
the Company’s product offerings and lineup available to both new and existing customers and generate future synergies within the
discount coupon and giftcard business.
As
of June 30, 2024, management has not yet finalized its valuation analysis. In accordance with ASC 805, the Company made an initial provisional allocation of the purchase price for CardCash
based on the fair value of the assets acquired and liabilities assumed. The fair values of the assets acquired, as set forth below,
are considered provisional and subject to adjustment as additional information is obtained through the purchase price measurement period
(a period of up to one year from the closing date). Any prospective adjustments through the purchase price measurement period would change
the fair value allocation as of the acquisition date. The Company is still in the process of reviewing underlying models, assumptions
and discount rates used in the valuation of provisional goodwill and intangible assets.
The
following table summarizes the allocation of the fair value of the purchase consideration to the fair value of tangible assets, identifiable
intangible assets, and assumed liabilities of CardCash on the date of acquisition:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
Fair
Value | |
| |
| |
Fair
value of consideration: | |
| | |
Cash | |
$ | 750,000 | |
Notes
payable ($750,000 due December 30, 2024; $750,000 due December 30, 2025) | |
| 1,500,000 | |
Common
stock (6,108,007 shares of common stock at $4.00 per share) | |
| 24,432,000 | |
Total
purchase price | |
$ | 26,682,000 | |
| |
| | |
Allocation
of the consideration to the fair value of assets acquired and liabilities assumed: | |
| | |
Cash | |
$ | 2,061,265 | |
Accounts
receivable | |
| 1,582,635 | |
Inventories | |
| 4,152,273 | |
Prepaids,
deposits, and other | |
| 220,385 | |
Property
and equipment, net | |
| 2,563,312 | |
Accounts
payable and accrued liabilities | |
| (2,068,154 | ) |
Line
of credit | |
| (6,737,385 | ) |
Deferred
tax liability | |
| (1,800,000 | ) |
Net
tangible assets | |
| (25,669 | ) |
| |
| | |
Intangible
assets: | |
| | |
Developed
technology | |
| 2,600,000 | |
Trade
name | |
| 2,400,000 | |
Customer
relationships | |
| 1,700,000 | |
Net
identifiable intangible assets | |
| 6,700,000 | |
Goodwill | |
| 20,007,669 | |
Fair
value of net asset acquired | |
$ | 26,682,000 | |
The
following unaudited pro forma statements of operations present the Company’s pro forma results of operations after giving effect
to the purchase of CardCash based on the historical financial statements of the Company and CardCash. The unaudited pro forma statements
of operations for the six months ended June 30, 2023 give effect to the transaction as if it had occurred on January 1, 2023.
Schedule of Pro Forma Statements of Operations
| |
Six
Months Ended June
30, 2023 | |
| |
(Proforma,
unaudited) | |
| |
| |
Sales | |
$ | 46,786,584 | |
Net
loss | |
$ | (4,489,304 | ) |
Net
loss per share | |
$ | (0.33 | ) |
4.
Property and Equipment, Net
Property
and equipment, net consisted of the following:
Schedule Property and Equipment, Net
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Website
development costs | |
$ | 2,983,111 | | |
$ | 2,533,466 | |
Leasehold
improvements | |
| 29,846 | | |
| 29,846 | |
Property
and equipment, gross | |
| 3,012,957 | | |
| 2,563,312 | |
Accumulated
depreciation | |
| (681,474 | ) | |
| - | |
Property
and equipment, net | |
$ | 2,331,483 | | |
$ | 2,563,312 | |
The
Company accounts for capitalized software and website development costs to develop software programs to be used solely to meet the Company’s
internal needs in accordance with ASC 350-40. Costs incurred during the application development stage for software programs to be used
solely to meet its internal needs are capitalized. The depreciation expense on property and equipment for the six months ended June 30,
2024 and 2023 was $681,474 and $627,706, respectively.
5.
Goodwill and Intangible Assets
Goodwill
and intangible assets consist of the following:
Schedule
of Goodwill
and Intangible Assets
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Goodwill | |
$ | 20,007,669 | | |
$ | 20,007,669 | |
| |
| | | |
| | |
Intangible
Assets | |
| | | |
| | |
Customer
relationships | |
| 1,700,000 | | |
| 1,700,000 | |
Trade
name | |
| 2,400,000 | | |
| 2,400,000 | |
Developed
technology | |
| 2,600,000 | | |
| 2,600,000 | |
Intangible
assets, gross | |
| 6,700,000 | | |
| 6,700,000 | |
Accumulated
amortization | |
| (1,215,834 | ) | |
| - | |
Intangible
assets, net | |
$ | 5,484,166 | | |
$ | 6,700,000 | |
On
December 29, 2023, in relation to the acquisition of CardCash (See Note 3), the Company recorded intangible assets of $6,700,000 (provisional).
During the period June 30, 2024, the Company recorded an amortization expense of $1,215,834, leaving an ending intangible asset balance
of $5,484,166 at June 30, 2024.
Identifiable
intangibles are amortized over their estimated remaining useful lives, which are as follows:
Schedule
of Identifiable
Intangibles Assets Estimated Remaining Useful Lives
Description |
|
Weighted
Average
Useful Life (in years) |
Customer
relationships |
|
3 |
Trademarks,
trade names and service marks |
|
3 |
Developed
technology |
|
3 |
Non-competition
agreement |
|
5 |
Estimated
amortization expense for the Company is as follows:
Schedule
of Estimated Amortization Expense
| |
| | |
2024
(remaining) | |
$ | 1,016,166 | |
2025 | |
| 2,234,000 | |
2026 | |
| 2,234,000 | |
Total | |
$ | 5,484,166 | |
6.
Leases
The
Company leases its office facilities under noncancelable operating lease agreements. The Company had leases for office facilities in
Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed
in April 2024 for a 60-month period ending in April 2029.
The
Company’s ROU asset balance was $315,183 as of December 31, 2023. During the six months ended June 30, 2024, the Company renewed
its office lease as discussed above, and recorded an additional ROU asset of $1,395,541. During the six months ended June 30, 2024, the Company recorded
a reduction of ROU assets of $155,011 related to its leases, resulting in an ROU asset balance of $1,555,713 as of June 30, 2024.
The
Company’s operating lease liability balance was $337,304
as of December 31, 2023. During the six months ended June 30, 2024, the Company renewed its office lease as discussed above, and
recorded an additional operating lease liability of $1,395,541.
During the six months ended June 30, 2024, the Company made payments of $138,327
against its operating lease liability, resulting in a lease liability of $1,594,518,
of which the current portion of lease liability was $296,937,
leaving a long-term lease liabilities balance of $1,297,581.
During
the six months ended June 30, 2024 and 2023, lease costs totaled approximately $201,839 and $115,322, respectively.
As
of June 30, 2024, the weighted average remaining lease terms for operating lease is 4.53 years, and the weighted average discount rate
for operating lease is 8.00%.
Maturities
of the Company’s operating lease liabilities are as follows as of June 30, 2024:
Schedule
of Maturities of Operating Lease Liabilities
| |
Successor | |
| |
As
of June 30, 2024 | |
| |
| |
2024
(remaining) | |
$ | 208,164 | |
2025 | |
| 424,660 | |
2026 | |
| 438,374 | |
2027 | |
| 382,954 | |
2028 | |
| 359,654 | |
Thereafter | |
| 105,927 | |
Total | |
| 1,919,733 | |
Less:
Imputed interest | |
| (325,215 | ) |
Total
operating lease liability | |
$ | 1,594,518 | |
7.
Secured Revolving Line of Credit
The
outstanding line of credit balance at June 30, 2024 and December 31, 2023 was:
Schedule
of Line of Credit
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Line
of credit | |
$ | 7,670,449 | | |
$ | 6,737,385 | |
In
November 2020, CardCash entered into an amended and restated promissory note for a revolving line of credit with availability of up to
$10,000,000. The revolving line of credit is payable on demand, secured by the Company’s inventory, with interest based on the
Wall Street Journal Prime Rate plus 3.00%, limited to a floor of 6.5%. At June 30, 2024 and December 31, 2023, the average interest rate
was 12% and 12%, respectively. As of June 30, 2024, the Company was in compliance with customary debt covenants. At June 30, 2024 and
December 31, 2023, this line of credit requires a deposit of $1,258,826, included in restricted cash.
8.
Convertible Debt
Convertible
debt consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Convertible Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Incumaker-past
due | |
$ | 20,000 | | |
| 20,000 | |
Total
principal balance | |
| 20,000 | | |
| 20,000 | |
Accrued
interest | |
| 21,637 | | |
| 20,137 | |
Total
principal and accrued interest | |
| 41,637 | | |
| 40,137 | |
Less
current portion | |
| (41,637 | ) | |
| (40,137 | ) |
Non-current
portion | |
$ | - | | |
$ | - | |
Incumaker,
Inc.
On
November 5, 2018, RDE completed the acquisition of Incumaker, Inc. and assumed certain outstanding convertible notes payable. At December
31, 2023, there was one remaining assumed convertible note payable outstanding that matured July 2017, and is past due. At June 30, 2024,
the principal balance of $20,000, and accrued interest of $21,637, are convertible at $1.50 per share into 27,758 shares of the Company’s
common stock.
9.
Notes Payable
Notes
payable consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Notes Payable
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
CardCash
acquisition notes payable | |
$ | 1,500,000 | | |
$ | 1,500,000 | |
GameIQ
acquisition note payable | |
| 102,199 | | |
| 102,199 | |
Economic
Injury Disaster Loans (EIDL) note payable | |
| 664,500 | | |
| 664,500 | |
Total
principal balance | |
| 2,266,699 | | |
| 2,266,699 | |
Accrued
interest | |
| 58,448 | | |
| 28,080 | |
Total
principal and accrued interest | |
| 2,325,147 | | |
| 2,294,779 | |
Less
current portion | |
| (932,792 | ) | |
| (836,509 | ) |
Non-current
portion | |
$ | 1,392,355 | | |
$ | 1,458,270 | |
CardCash
Acquisition Notes Payable
On
December 29, 2023, the Company issued two year promissory notes totaling $1,500,000
as partial consideration for the acquisition of CardCash (see Note 3). $750,000
is payable on the December
29, 2025, bearing simple annual interest of 5%,
and $750,000
is to be paid upon the earlier of (a) the completion of a firm commitment underwriting RDE’s initial public offering to allow
the Company to become listed on the Nasdaq Capital Market or (b) December
29, 2024. As of December 31, 2023, the notes payable had an aggregate principal balance outstanding of $1,500,000.
As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $1,500,000
and accrued interest payable of $37,500.
GameIQ
Acquisition Note Payable
On
February 1, 2022, RDE issued two notes payable for the purchase of GameIQ, one for $78,813 and another for $62,101. In accordance with
Notes, the Company promised to pay the principal together with interest at 1% upon the earlier of (i) nine equal biannual installments
with the first installment due on October 1, 2022, and the final payment due February 1, 2025 (the “Maturity Date”).
As
of December 31, 2023, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $821.
As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $1,233.
Economic
Injury Disaster Loans (EIDL)
On
June 17, 2020, RDE received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance under the Covid-19
Economic Injury Disaster Loan (EIDL) Program. On July 14, 2021, the Company received an additional $350,000 of proceeds pursuant to the
loan. On July 21, 2020, the Company received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance
under the Covid-19 EIDL Program. On January 31, 2022, the Company assumed an additional $14,500 EIDL, and accrued interest of $900, as
part of the consideration paid for the acquisition of GameIQ.
The
loans bear interest at 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month beginning 12 months from
the date of the promissory note over a period of 30 years. As of December 31, 2023, the note payable had a principal balance outstanding
of $664,500 and accrued interest payable of $27,259. As of June 30, 2024, the note payable had a principal balance outstanding of $664,500
and accrued interest payable of $19,714.
10.
Stockholder’s Deficit
Preferred
Stock
The
Company is authorized to issue a total of 10,000,000 shares of preferred stock, par value $0.001 per share. As of June 30, 2024 and 2023,
there were no shares of preferred stock issued and outstanding.
Common
Stock
The
Company is authorized to issue a total of 750,000,000 shares of common stock, par value $0.001 per share. As of June 30, 2024 and December
31, 2023, the Company had 25,912,263 shares and 24,119,967 shares, respectively, of common stock issued and outstanding.
Common
Stock Transactions
Issuance
of Common Stock on Sale of Common Stock
During
the six months ended June 30, 2024, the Company received net proceeds of $2,921,500
from the sale of 1,467,000
shares of common stock at $2.00
per share, as part of a private placement.
Common
Stock Issued for Employment Agreements
Effective
on December 29, 2023, with the closing of the acquisition of CardCash (see Note 3), the Company entered into an four year employment
agreement with Elliot Bohm and Mark Ackerman. Mr. Bohm was the President of CardCash and Mr. Ackerman was the Chief Operating
Officer of CardCash prior to the acquisition by RDE and will remain in those positions following the acquisition. Bohm also
joined the Board of Directors of RDE.
Under
the terms of the agreements, Mr. Bohm and Mr. Ackerman received a one-time award of 1,250,000
restricted shares of RDE’s common stock
with aggregate fair value of $10
million, 50%
vesting immediately and 50% vesting over 4 years.
During the six months ended June 30, 2024, the Company recognized stock compensation expense of $625,000
and issued 66,666 shares based upon its vesting term. As of June 30, 2024, the unamortized stock compensation amounted
to $4,375,000 to be expensed upon vesting in future periods through December 2027.
Issuance
of Common Stock for Services
During
the six months ended June 30, 2024, the Company issued 50,000 shares of common stock with a fair value of $217,500, or $4.35 per share,
to a consultant for services rendered.
Common
Stock Issuable
At
December 31, 2023, 383,343 shares of common stock with an aggregate value of $383,000 have not been issued and are reflected as common
stock issuable in the accompanying consolidated financial statements. During the six months ended June 30, 2024, the Company issued 32,500
shares of common stock, leaving 350,843 shares of common stock issuable in the accompanying consolidated financial statements at June
30, 2024.
11. Stock-Based Compensation
Summary of Restricted Common Stock
The following table summarizes restricted stock activity
during the six months ended June 30, 2024:
Schedule
of Restricted Stock
| |
Unvested Shares | | |
Issuable Shares | | |
Fair Value at Date of Issuance | | |
Weighted Average Grant Date Fair Value | |
Balance, December 31, 2023 | |
| 125,000 | | |
| - | | |
$ | 418,750 | | |
| 3.35 | |
Granted | |
| 425,000 | | |
| - | | |
| 1,793,500 | | |
| 4.22 | |
Vested | |
| (175,000 | ) | |
| 175,000 | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (175,000 | ) | |
| (964,609 | ) | |
| - | |
Balance, June 30, 2024 | |
| 375,000 | | |
| - | | |
$ | 1,247,641 | | |
$ | 3.86 | |
On
March 1, 2023, the Company granted its Chief Executive Officer 200,000
shares of the Company’s restricted stock,
and 100,000
shares of the Company’s restricted stock
to employees with an aggregate fair value of $1,005,000
or $3.35
per share. The
restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date.
On
March 1, 2024, the Company granted its Chief Executive Officer 200,000 shares of the Company’s restricted stock, and 225,000 shares
of the Company’s restricted stock to other officers and employees with an aggregate fair value of $1,793,500 or $4.22 per share.
The restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date.
During
the six months ended June 30, 2024, the Company recognized stock compensation expense of $964,609 and issued 175,000
shares of restricted stock based upon
its vesting term of the grants. As of June 30, 2024, the unamortized stock compensation expense amounted to $1,247,641,
to be expensed upon vesting in future periods through March
1, 2026.
Summary
of Stock Options
A
summary of stock options for the six months ended June 30, 2024, is as follows:
Summary of Stock Options
| |
Number
of Options | | |
Weighted
Average Exercise Price | |
| |
(Successor) | |
Balance
outstanding, December 31, 2023 | |
| 743,116 | | |
| 4.43 | |
Options
granted | |
| 3,405,500 | | |
| 4.22 | |
Options
exercised | |
| (2,834 | ) | |
| 3.35 | |
Options
expired or forfeited | |
| (22,500 | ) | |
| 1.05 | |
Balance
outstanding, June 30, 2024 | |
| 4,123,282 | | |
$ | 4.28 | |
Balance
exercisable, June 30, 2024 | |
| 2,103,647 | | |
$ | 4.34 | |
On
April 1, 2024, the Company, pursuant to the terms of its 2019 Stock Incentive Plan, granted options exercisable into 3,405,500 shares
to be issued to its executives and employees. The 3,405,500 stock options had an exercise price of $4.01 per share, with vesting of 33%
on April 1, 2024, and then 33% on each subsequent anniversary date.
The
stock options are exercisable at a weighted average price of $4.01 per share with an average life to expiration of approximately six
years. The total fair value of these options at grant date was approximately $13,500,000, which was determined using a Black-Scholes-Merton
option pricing model with the following average assumption: stock price of $4.01 per share, expected term of 6.00 years, volatility of
220%, dividend rate of 0%, and weighted average risk-free interest rate of 4.33%. The expected term represents the weighted-average period
of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant
exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; the expected dividend
yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future; and
the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected
term of the share option award.
During
the six months ended June 30, 2024, the Company recognized $5,706,311 of
stock compensation expense relating to vested stock options. As of June 30, 2024, the aggregate amount of unvested
compensation related to stock options was approximately $7,997,509 which
will be recognized as an expense as the options vest in future periods through March 2026.
The
weighted average remaining contractual life of common stock options outstanding and exercisable at June 30, 2024 was 4.28 years. Based
on a fair market value of $4.20 per share on June 30, 2024, the intrinsic value attributed to exercisable but unexercised common stock
options was $1,588,479 at June 30, 2024.
12.
Commitments and Contingencies
From
time to time the Company may be named in claims arising in the ordinary course of business. Currently, there are no such legal proceedings
that are pending against the Company or that involve the Company that, in the opinion of management, could reasonably be expected to
have a material adverse effect on the Company’s business or financial condition.
13. Subsequent Event
On August 6, 2024, The Nasdaq Stock Market (“Nasdaq”) granted the Company’s application for listing
on the Nasdaq.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s
Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the financial statements
with a narrative report on our financial condition, results of operations, and liquidity. This discussion and analysis should be read
in conjunction with the attached unaudited Condensed Consolidated Financial Statements and notes thereto and our Annual Report on Form
10-K for the year ended December 31, 2023, including the audited Consolidated Financial Statements and notes thereto. The following discussion
contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations,
and intentions. Our actual results could differ materially from those discussed in the forward-looking statements. Please also see the
cautionary language at the beginning of this Quarterly Report regarding forward-looking statements.
Background
On
March 1, 2020, we acquired the assets of Restaurant.com, Inc. Restaurant.com, Inc. is a pioneer in the restaurant deal space and the
nation’s largest restaurant-focused digital deals brand.
On
February 28, 2022, the Company completed the acquisition of GameIQ, a California corporation, that is a developer of consumer gamification
technologies for retail businesses. The Company issued 600,000 restricted shares of its common stock with a fair value of $300,000, and
promissory notes aggregating $140,914 and bearing interest at 1% per annum, to Balazs Wellisch, President and co-founder, and Quentin
Blackford, Director, of GameIQ. Each note required repayment in nine equal biannual installments, with the first installment due on the
nine-month anniversary of the closing. Balazs Wellisch became Chief Technology Officer of Restaurant.com, a subsidiary of the Company.
On
December 29, 2023, RDE, Inc. completed the acquisition of CardCash Exchange, Inc. (“CardCash”). The acquisition was made
pursuant to a plan of merger agreement dated August 18, 2023, between RDE, and Elliott Bohn, in his capacity as stockholder representative
for CardCash’s stockholders. The Company acquired all of the issued and outstanding equity interests of CardCash from CardCash’s
stockholders for $26,682,000, made up of 6,108,007 shares of RDE’s common stock with a fair value of $24,432,000 or $4.00 per share,
$750,000 in cash (including $250,000 advanced in October 2023), and the issuance of notes payable for $1,500,000. Elliot Bohm, President
of CardCash prior to the merger with RDE, remains as President of CardCash following the closing of the merger and has joined the Board
of Directors of RDE as well as serving as a member of the Board of Directors of CardCash. Marc Ackerman, Chief Operating Officer of CardCash
prior to the merger with RDE, continues to serve as Chief Operating Officer of CardCash following the closing of the merger.
Business
Overview
We
have two principal divisions, B2C and B2B, for both CardCash and for Restaurant.com.
CardCash
CardCash
operates as a leading gift card exchange platform, facilitating the purchase and sale of unwanted gift cards at discounted rates for
both consumers and businesses. The Company’s mission is to provide a seamless marketplace for individuals looking to maximize the
value of their gift cards while also offering businesses innovative solutions to leverage this market.
CardCash’s
core service offering includes the buying and selling of gift cards from over 1,100 retailers, such as Target, Home Depot, Starbucks
and TJ Maxx, among others. By connecting buyers and sellers, CardCash enables consumers to unlock value from unused gift cards and save
significant amounts on their purchases.
CardCash
purchases unwanted gift cards at a value lower than their face worth and subsequently retails them at a discounted rate to discerning
shoppers nationwide. This avenue not only allows individuals to obtain cash for their unneeded gift cards but also enables them to make
cost-effective purchases through discounted gift cards.
With
advanced fraud prevention technology, known as FraudFix, CardCash ensures the security and integrity of all transactions conducted on
its platform. This commitment to trust and reliability has contributed to its success in saving consumers over $100 million since its
inception.
Restaurant.com
Restaurant.com
is a pioneer in the restaurant deal space and the nation’s largest restaurant-focused digital deals brand. We derive our revenue
from transactions in which we sell discount certificates for restaurants on behalf of third-party restaurants. Founded in 1999, we connect
digital consumers, businesses, and communities offering dining and merchant deal options nationwide at over 182,500 restaurants and retailers
to over 7.8 million customers. Our 10,000 core restaurants and 170,000 Dining Discount Pass restaurants and retailers extend nationwide.
Our top three B2C markets are New York, Chicago and Los Angeles.
Restaurant.com
Business to Customer Division
Our
B2C division accounted for 45% of gross revenue in our fiscal year ended December 31, 2023. To our database of 6.2 million customers,
we sell:
●
Discounted certificates for 10,000 restaurants. The certificates range from $5 to $100 and never expire.
●
Discount Dining Passes, which provide discounts at 170,000 restaurants and other retailers. These passes provide multiple uses for six
months.
●
“Specials by Restaurant.com” which bundle Restaurant.com certificates with a variety of other entertainment options, including
theatre, movies, wine and travel. Customers have favored these bundled offering (“Specials”), generating significantly greater
revenue per customer when compared to purchasing our other products. The average order value for these Specials sales is nearly five
times a certificate purchase. Specials generated over 5% of our past year’s B2C revenue from 60% of the B2C orders for the fiscal
year ended December 31, 2023. We believe that our relationships with small businesses presents a significant revenue opportunity through
such cross-promotions.
Restaurant.com
Business to Business Division
Our
B2B division accounted for 55% of our gross revenue in our fiscal year ended December 31, 2023. We sell certificates and Discount Dining
Passes to corporations and marketers, which use them to:
●
generate new customers;
●
increase sales at the point of sale;
●
reward points/customer loyalty;
●
convert to paperless billing and auto-bill payment.
●
motivate specific customer behavior such as free home repair estimates and test drives for auto dealers;
●
renew subscriptions and memberships; and
●
address customer service issues.
Restaurant.com
Other Business
We
also generate revenue through third-party offers and display ad revenue. This comprises a de minimis portion of our gross revenue.
Restaurant.com
Attractive Customer Demographics
We
intend to grow and leverage our customer database of 6.2 million which we believe is of value to merchants for a variety of services
and products.
Inflation
Global
inflation also increased during 2021 and in 2022. The Russia and Ukraine conflict and other geopolitical conflicts, as well as related
international response, have exacerbated inflationary pressures, including causing increases in the price for goods and services and
global supply chain disruptions, which have resulted and may continue to result in shortages in food products, materials and services.
Such shortages have resulted and may continue to result in inflationary cost increases for labor, fuel, food products, materials and
services, and could continue to cause costs to increase as well as result in the scarcity of certain materials. We cannot predict any
future trends in the rate of inflation or other negative economic factors or associated increases in our operating costs and how that
may impact our business. To the extent we and the restaurant customers we service are unable to recover higher operating costs resulting
from inflation or otherwise mitigate the impact of such costs on our and their business, our revenues and gross profit could decrease,
and our financial condition and results of operations could be adversely affected.
Going
Concern
The
Company has a history of reporting net losses and negative operating cash flows. At June 30, 2024, the Company had cash of $4,663,623 available to fund its
operations, including expansion plans, and to service its debt, and a working capital deficit of $1,133,903.
Our
consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization
of assets and satisfaction of liabilities in the normal course of business. We have experienced operating losses and negative operating
cash flows during 2023 and 2022. We have financed our working capital requirements through borrowings from various sources and the sale
of our equity securities.
As
a result, management has concluded that there is substantial doubt about our ability to continue as a going concern. The Company’s
independent registered public accounting firm, in its report on the Company’s consolidated financial statements for the year ended
December 31, 2023, has also expressed substantial doubt about the Company’s ability to continue as a going concern. The Company’s
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The
Company’s ability to continue as a going concern is dependent upon its ability to raise additional debt or equity capital to fund
its business activities and to ultimately achieve sustainable operating revenues and profitability.
As
market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the
Company will be able to secure additional financing on acceptable terms, as and when necessary to continue to conduct operations. There
is also significant uncertainty as to the effect that the coronavirus may have on the Company’s business plans and the amount and
type of financing available to the Company in the future.
If
the Company is unable to obtain the cash resources necessary to satisfy the Company’s ongoing cash requirements, the Company could
be required to scale back its business activities or to discontinue its operations entirely.
Basis
of Presentation
On
August 18, 2023, RDE, Inc. (“RDE”) entered
into an agreement and plan of merger to acquire CardCash Exchange Inc (“CardCash”). On December 29, 2023, the merger was
completed. RDE’s operations are not considered significant compared to the operations of CardCash before the acquisition. Accordingly,
for the purpose of the accompanying consolidated financial statements, periods before December 29, 2023 reflect the financial position,
results of operations and cash flows of Card Cash prior to the acquisition, and is referred to as the “Predecessor”. Periods
beginning after December 29, 2023 reflect the financial position, results of operations and cash flows of RDE consolidated with CardCash,
and is referred to as the “Successor”. A black-line between the Successor and Predecessor periods has been placed in the
consolidated financial statements and in the tables to the notes to the consolidated financial statements to highlight the lack of comparability
between these periods. Collectively, RDE (Successor) and CardCash (Predecessor) are referred to as the “Company”.
Results
of Operations - Three months ended June 30, 2024, compared to three months ended June 30, 2023
Sales
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
20,020,502 |
|
|
$ |
21,091,657 |
|
Sales
for the three months ended June 30, 2024, were $20,020,502, a decrease of approximately $1,071,155, or 5.1%, as compared to $21,091,657
in the three months ended June 30, 2023. During the current year period, we focused on improving our gross margin. We assessed the quality
of our purchased gift card brands, allowing us to increase the sales price to our customers, resulting in a gross margin of 16.3%, as
compared to a gross margin of 12.4% in the prior year period. While our sales decreased 5.1% over the prior year period, our gross profit
increased over the prior year period.
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Cost
of Sales |
|
$ |
16,760,007 |
|
|
$ |
18,474,119 |
|
Cost
of sales consists primarily of the cost to purchase merchant gift cards. Amortization of developed technology is excluded from cost of
sales and included in amortization expense in the Statements of Operations.
Costs
of sales for the three months ended June 30, 2024 decreased to $16,760,007, as compared to $18,474,119 during the three months ended
June 30, 2023. Our cost of sales, as a percentage of sales, were 83.7% and 87.6%, respectively. The decline in our cost of sales, and
the increase in our gross margin, as compared to the prior year period, is discussed above.
Operating
Expenses
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expenses |
|
$ |
9,832,270 |
|
|
$ |
2,835,513 |
|
Amortization
of capitalized software costs |
|
|
302,737 |
|
|
|
223,268 |
|
Amortization
of intangible assets |
|
|
607,917 |
|
|
|
75,000 |
|
Selling,
general and administrative expenses consist of costs incurred to identify, communicate with and evaluate potential customers and related
business opportunities, and compensation to officers and directors, as well as legal and other professional fees, lease expense, and
other general corporate expenses. Management expects selling, general and administrative expenses to increase in future periods as the
Company adds personnel and incurs additional costs related to its operation as a public company, including higher legal, accounting,
insurance, compliance, compensation and other costs.
Selling,
general and administrative expenses were $9,832,270 for the three months ended June 30, 2024, as compared to $2,835,513 for the three
months ended June 30, 2023, an increase of $6,996,757. The increase was from the recording of $6,214,545 of stock-based compensation
expense during the three months ended June 30, 2024, which did not occur in the prior year period. The remaining change in selling, general
and administrative expenses was from general changes in our business and operations.
Amortization
of capitalized software costs. Amortization expenses are primarily attributable to the Company’s capitalized software development
costs. Amortization expenses were $302,737 for the three months ended June 30, 2024, as compared to $223,268 during the three months
ended June 30, 2023.
Amortization
of intangible assets. Amortization expenses are primarily attributable to the Company’s amortization of intangible assets with
finite lives. Amortization expenses were $607,917 for the three months ended June 30, 2024, as compared to $75,000 during the three months
ended June 30, 2023.
Loss
from Operations
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Loss
from Operations |
|
$ |
7,482,429 |
|
|
$ |
516,243 |
|
For
the three months ended June 30, 2024, we incurred a loss from operations of $7,482,429, as compared to a loss from operations of $506,243
for the three months ended June 30, 2023. The increase in loss from operations was due to our increased gross profit offset by increased
stock-based compensation expense, operating costs, and amortization expense, as discussed above.
Other
Income (Expenses)
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Other
Income (Expenses) |
|
$ |
(261,917 |
) |
|
$ |
(170,414 |
) |
We
had other expenses of $261,917 for the three months ended June 30, 2024, as compared to other expenses of $170,414 for the three months
ended June 30, 2023. Other expenses consist solely of interest expenses offset by interest income.
Net
Loss
|
|
Successor |
|
|
Predecessor |
|
|
|
Three
Months Ended
June
30, 2024 |
|
|
Three
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
7,744,646 |
|
|
$ |
686,657 |
|
We
realized a net loss of $7,744,646 for the three months ended June 30, 2024, as compared to a net loss of $676,657 for the three months
ended June 30, 2023. The increase in net loss was due to our increased gross profit offset by increased stock-based compensation expense,
operating costs, amortization expense, and interest expense, as discussed above.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair
value of common stock issued for services.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the three months ended June 30, 2024 and 2023 (unaudited):
| |
Successor | | |
Predecessor | |
| |
Three
Months Ended June
30, 2024 | | |
Three
Months Ended June
30, 2023 | |
Net
loss | |
$ | (7,744,646 | ) | |
$ | (686,657 | ) |
| |
| | | |
| | |
Modified
EBITDA adjustments: | |
| | | |
| | |
Interest
income | |
| (5,223 | ) | |
| - | |
Interest
expense | |
| 267,440 | | |
| 170,414 | |
Amortization
of intangible assets | |
| 607,917 | | |
| 75,000 | |
Amortization
of capitalized software costs | |
| 302,738 | | |
| 223,268 | |
Stock
option and other noncash compensation | |
| 6,214,545 | | |
| - | |
Total
EBITDA adjustments | |
$ | 7,387,417 | | |
$ | 468,682 | |
| |
| | | |
| | |
Modified
EBITDA | |
$ | (357,229 | ) | |
$ | (217,975 | ) |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Results
of Operations – Six months ended June 30, 2024, compared to six months ended June 30, 2023
Sales
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
41,542,396 |
|
|
$ |
45,253,385 |
|
Sales
for the six months ended June 30, 2024, were $41,542,396, a decrease of approximately $3,710,989, or 8.2%, as compared to $45,253,385
in the six months ended June 30, 2023. During the current year period, we focused on improving our gross margin. We assessed the quality
of our purchased gift card brands, allowing us to increase the sales price to our customers, resulting in a gross margin of 15.7%, as
compared to a gross margin of 12.2% in the prior year period. While our sales decreased 8.2% over the prior year period, our gross profit
increased over the prior year period.
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Cost
of Sales |
|
$ |
35,024,625 |
|
|
$ |
39,722,197 |
|
Cost
of sales consists primarily of the cost to purchase merchant gift cards. Amortization of developed technology is excluded from cost of
sales and included in amortization expense in the Statements of Operations.
Costs
of sales for the six months ended June 30, 2024 decreased to $35,024,396, as compared to $39,722,197 during the six months ended June
30, 2023. Our cost of sales, as a percentage of sales, were 84.3% and 87.8%, respectively. The decline in our cost of sales, and the
increase in our gross margin, as compared to the prior year period, is discussed above.
Operating
Expenses
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expenses |
|
$ |
15,046,311 |
|
|
$ |
5,638,341 |
|
Amortization
of capitalized software costs |
|
|
681,474 |
|
|
|
535,971 |
|
Amortization
of intangible assets |
|
|
1,215,834 |
|
|
|
150,000 |
|
Selling,
general and administrative expenses consist of costs incurred to identify, communicate with and evaluate potential customers and related
business opportunities, and compensation to officers and directors, as well as legal and other professional fees, lease expense, and
other general corporate expenses. Management expects selling, general and administrative expenses to increase in future periods as the
Company adds personnel and incurs additional costs related to its operation as a public company, including higher legal, accounting,
insurance, compliance, compensation and other costs.
Selling,
general and administrative expenses were $15,046,311 for the six months ended June 30, 2024, as compared to $5,638,341 for the six months
ended June 30, 2023, an increase of $9,407,970. The increase was from the recording of $7,513,421 of stock-based compensation expense
during the six months ended June 30, 2024, and approximately $202,000 of legal and professional fees related to our recent acquisition.
Both of these current year expenses did not occur in the prior year period. The remaining change in selling, general and administrative
expenses was from general changes in our business and operations.
Amortization
of capitalized software costs. Amortization expenses are primarily attributable to the Company’s capitalized software development
costs. Amortization expenses were $681,474 for the six months ended June 30, 2024, as compared to $535,971 during the six months ended
June 30, 2023.
Amortization
of intangible assets. Amortization expenses are primarily attributable to the Company’s amortization of intangible assets with
finite lives. Amortization expenses were $1,214,834 for the six months ended June 30, 2024, as compared to $150,000 during the six months
ended June 30, 2023.
Loss
from Operations
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Loss
from Operations |
|
$ |
10,425,848 |
|
|
$ |
793,124 |
|
For
the six months ended June 30, 2024, we incurred a loss from operations of $10,425,848, as compared to a loss from operations of $793,124
for the six months ended June 30, 2023. The increase in loss from operations was due to our increased gross profit offset by increased
stock-based compensation expense, operating costs, and amortization expense, as discussed above.
Other
Income (Expenses)
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Other
Income (Expenses) |
|
$ |
(509,518 |
) |
|
$ |
(352,308 |
) |
We
had other expenses of $509,518 for the six months ended June 30, 2024, as compared to other expenses of $352,308 for the six months ended
June 30, 2023. Other expenses consist of interest expenses offset by interest income.
Net
Loss
|
|
Successor |
|
|
Predecessor |
|
|
|
Six
Months Ended
June
30, 2024 |
|
|
Six
Months Ended
June
30, 2023 |
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
10,935,366 |
|
|
$ |
1,117,035 |
|
We
realized a net loss of $10,935,366 for the six months ended June 30, 2024, as compared to a net loss of $1,117,035 for the six months
ended June 30, 2023. The increase in net loss was due to our increased gross profit offset by increased stock-based compensation expense,
operating costs, amortization expense, and interest expense, as discussed above.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair
value of common stock issued for services.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the six months ended June 30, 2024 and 2023 (unaudited):
| |
Successor | | |
Predecessor | |
| |
Six
Months Ended June
30, 2024 | | |
Six
Months Ended June
30, 2023 | |
Net
loss | |
$ | (10,935,366 | ) | |
$ | (1,117,035 | ) |
| |
| | | |
| | |
Modified
EBITDA adjustments: | |
| | | |
| | |
Income
taxes | |
| - | | |
| (28,397 | ) |
Interest
income | |
| (5,223 | ) | |
| - | |
Interest
expense | |
| 514,741 | | |
| 352,308 | |
Amortization
of intangible assets | |
| 1,215,834 | | |
| 150,000 | |
Amortization
of capitalized software costs | |
| 681,474 | | |
| 535,971 | |
Stock
option and other noncash compensation | |
| 7,295,921 | | |
| - | |
Fair
value of common stock issued for services | |
| 217,500 | | |
| - | |
Total
EBITDA adjustments | |
$ | 9,920,247 | | |
$ | 1,009,882 | |
| |
| | | |
| | |
Modified
EBITDA | |
$ | (1,015,119 | ) | |
$ | (107,153 | ) |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Critical
Accounting Policies and Estimates
The
following discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial
statements for the years ended December 31, 2023 and 2022 presented elsewhere in this report, which have been prepared in conformity
with accounting principles generally accepted in the United States of America (“GAAP”). Certain accounting policies and estimates
are particularly important to the understanding of the Company’s financial position and results of operations and require the application
of significant judgment by management or can be materially affected by changes from period to period in economic factors or conditions
that are outside of the Company’s control. As a result, these issues are subject to an inherent degree of uncertainty. In applying
these policies, management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates.
Those estimates are based on the Company’s historical operations, the future business plans and the projected financial results,
the terms of existing contracts, trends in the industry, and information available from other outside sources.
Revenue
Recognition
The
Company recognizes revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers.
The
Company buys merchant gift cards from the general public and distributors at a discount and then resells them at a markup. The Company
also derives revenue from the sale of discount certificates for restaurants on behalf of third-party restaurants.
Revenue
and costs of sales are recognized when control of the products transfers to our customer, which generally occurs at a point in time when
the risk and title to the product transfers to the customer upon delivery to the customer. The Company’s performance obligations
are satisfied at that time. The Company’s standard terms of delivery are included in its contracts of sale, order confirmation
documents, and invoices. The Company recognizes revenue on a gross basis for the sales price of the merchant gift cards and discount
certificates it collects.
Stock-Based
Compensation
The
Company periodically issues share-based awards to employees and non-employees and consultants for services rendered. Stock options vest
and expire according to terms established at the issuance date of each grant. Stock grants are measured at the grant date fair value.
Stock-based compensation cost is measured at fair value on the grant date and is generally recognized as a charge to operations ratably
over the requisite service, or vesting, period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services.
Acquisitions
and Business Combinations
The
Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified
intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair
values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates
and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but
are not limited to, future expected cash flows from, acquired technology, trademarks and trade names, useful lives, and discount rates.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. 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, any subsequent adjustments are recorded in the consolidated statements
of operations.
Recent
Accounting Pronouncements
See
discussion of recent accounting pronouncements in Note 2 to the accompanying financial statements.
Liquidity
and Capital Resources
The
accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning
our ability to continue as a going concern.
Our
consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization
of assets and satisfaction of liabilities in the normal course of business. We experienced operating losses and negative operating cash
flows during 2023 and 2022. We have financed our working capital requirements through borrowings from various sources and the sale of
equity securities.
We
have a history of reporting net losses. At June 30, 2024, we had cash of $4,663,623 available to fund our operations, including expansion
plans, and to service our debt, and a working capital deficit of $1,037,619. We anticipate our cash balance will last until at least
June 2025. As a result, we have concluded that there is substantial doubt about the Company’s ability to continue as a going concern.
Our consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our
ability to continue as a going concern is dependent upon its ability to raise additional debt or equity capital to fund its business
activities and to ultimately achieve sustainable operating revenues and profitability.
As
market conditions present uncertainty as to our ability to secure additional funds, there can be no assurances that we will be able to
secure additional financing on acceptable terms, as and when necessary, to continue to conduct operations. There is also significant
uncertainty as to the amount and type of financing available to us in the future.
If
we are unable to obtain the cash resources necessary to satisfy our ongoing cash requirements, we could be required to scale back its
business activities or to discontinue its operations entirely.
Our
consolidated statements of cash flows as discussed herein are presented below.
| |
Successor | | |
Predecessor | |
| |
Six
Months Ended
June
30, 2024 | | |
Six
Months Ended June 30, 2023 | |
| |
| | |
| |
Net
cash used in operating activities | |
$ | (2,341,031 | ) | |
$ | (437,725 | ) |
Net
cash used in investing activities | |
| (449,646 | ) | |
| (450,000 | ) |
Net
cash provided by financing activities | |
| 3,354,563 | | |
| 343,742 | |
Net
increase (decrease) in cash and cash equivalents | |
| 563,886 | | |
| (543,983 | ) |
Operating
Activities
Cash
provided by or used in operating activities primarily consists of net loss adjusted for certain non-cash items, including amortization
of intangible assets, impairment of intangible assets, gain on forgiveness of government assistance notes payable, and the fair value
of common stock issued for directors, employees, and service providers, and the effect of changes in working capital and other activities.
Cash
used in operating activities for the six months ended June 30, 2024 was approximately $2,341,031 and consisted of our net loss, adjusted
for non-cash items, including amortization of intangible assets, fair value of vested stock options, and the fair value of common stock
issued to executives, employees, and advisors, and routine changes in working capital and other activities.
Cash
used in operating activities for the six months ended June 30, 2023 was approximately $437,725 and consisted of our net loss, adjusted
for non-cash items, including amortization of intangible assets, goodwill impairment, fair value of vested stock options, and the fair
value of common stock issued to executives, and routine changes in working capital and other activities.
Investing
Activities
Cash
used for investing activities for the six months ended June 30, 2024 was $449,646, which was for capital expenditures.
Cash
used for investing activities for the six months ended June 30, 2023, was $450,000, which was for capital expenditures.
Financing
Activities
Cash
provided by financing activities for the six months ended June 30, 2024 was $3,354,563, which was from proceeds of $2,921,500 on the
private sale of common stock, borrowing on our line of credit balance of $933,063, and payment of $500,000 on our acquisition obligation.
Cash
used in financing activities for the six months ended June 30, 2023 was $343,742, which was from borrowing on our line of credit facility
of $343,742.
Secured
Revolving Line of Credit
The
outstanding line of credit balance at June 30, 2024 and December 31, 2023 was:
|
|
June
30, 2024 |
|
December
31, 2023 |
Line
of credit |
|
$ |
7,670,449 |
|
|
$ |
6,737,385 |
|
In
November 2020, CardCash entered into an amended and restated promissory note for a revolving line of credit with availability of up to
$10,000,000. The revolving line of credit is payable on demand, secured by the Company’s inventory, with interest based on the
Wall Street Journal Prime Rate plus 3.00%, limited to a floor of 6.5%. At June 30, 2024 and December 31, 2023, the average interest rate
was 12% and 12%, respectively. As of June 30, 2024, the Company was in compliance with customary debt covenants.
Convertible
Debt
On
November 5, 2018, RDE completed the acquisition of Incumaker, Inc. and assumed certain outstanding convertible notes payable. At December
31, 2023, there was one remaining assumed convertible note payable outstanding that matured July 2017, and is past due. At June 30, 2024,
the principal balance of $20,000, and accrued interest of $21,637, are convertible at $1.50 per share into 27,758 shares of the Company’s
common stock.
Notes
Payable
CardCash
Acquisition Notes Payable
On
December 29, 2023, the Company issued two year promissory notes totaling $1,500,000 as partial consideration for the acquisition of CardCash
(see Note 3). $750,000 is payable on the December 29, 2025, bearing simple annual interest of 5%, and $750,000 is to be paid upon the
earlier of (a) the completion of a firm commitment underwriting RDE’s initial public offering to allow the Company to become listed
on the Nasdaq Capital Market or (b) December 29, 2024. As of December 31, 2023, the notes payable had an aggregate principal balance
outstanding of $1,500,000. As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $1,500,000 and accrued
interest payable of $37,500.
GameIQ
Acquisition Note Payable
On
February 1, 2022, RDE issued two notes payable for the purchase of GameIQ, one for $78,813 and another for $62,101. In accordance with
Notes, the Company promised to pay the principal together with interest at 1% upon the earlier of (i) nine equal biannual installments
with the first installment due on October 1, 2022, and the final payment due February 1, 2025 (the “Maturity Date”).
As
of December 31, 2023, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $821.
As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $1,233.
Economic
Injury Disaster Loans (EIDL)
On
June 17, 2020, RDE received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance under the Covid-19
Economic Injury Disaster Loan (EIDL) Program. On July 14, 2021, the Company received an additional $350,000 of proceeds pursuant to the
loan. On July 21, 2020, the Company received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance
under the Covid-19 EIDL Program. On January 31, 2022, the Company assumed an additional $14,500 EIDL, and accrued interest of $900, as
part of the consideration paid for the acquisition of GameIQ.
The
loans bear interest at 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month beginning 12 months from
the date of the promissory note over a period of 30 years. As of December 31, 2023, the note payable had a principal balance outstanding
of $664,500 and accrued interest payable of $27,259. As of June 30, 2024, the note payable had a principal balance outstanding of $664,500
and accrued interest payable of $19,714.
Off-Balance
Sheet Arrangements
None.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
A
smaller reporting company is not required to provide the information required by this Item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure control and Procedures
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Securities and Exchange Act of 1934
Rules 13a-15(f). Based on this evaluation, our principal executive officer and principal financial officer concluded that the Company’s
disclosure controls and procedures were not effective as of June 30, 2024. As of June 30, 2024, management’s assessment identified
the following material weaknesses in the Company’s internal control over financial reporting:
We
continue to have a material weakness in our internal control over financial reporting as disclosed in the December 31, 2023, Annual Report
on Form 10-K, in that we had inadequate segregation of duties consistent with control objectives. Specifically, certain personnel have
the ability to both (i) create and post journal entries within our general ledger system and (ii) prepare and review account reconciliations;
and (ii) we did not design and maintain effective controls over certain information technology (“IT”) general controls for
information systems that are relevant to the preparation of our consolidated financial statements. Specifically, we did not design and
maintain effective program change management controls to ensure that information technology program and data changes affecting certain
financial IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately.
Notwithstanding
the identified material weaknesses, management has concluded that the Financial Statements included in this Annual Report on Form 10-K
present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods
disclosed in conformity with U.S. GAAP.
Remediation
Plan
Management
has been actively engaged in developing and implementing remediation plans to address material weaknesses described above. These remediation
efforts are ongoing and include or are expected to include designing and implementing controls to formalize roles and review responsibilities
to align with our team’s skills and experience and designing and implementing controls over segregation of duties, and designing
and implementing IT general controls, including controls over the review and update of user access rights and privileges and program
change management controls.
Changes
in Internal Control Over Financial Reporting
There
were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2024, that have materially
affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Inherent
Limitations on the Effectiveness of Controls
Management
does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective
control system, no evaluation of internal control over financial reporting can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud, if any, have been or will be detected.
These
inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a
simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people,
or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become
inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
From
time to time the Company may be named in claims arising in the ordinary course of business. Currently, there are no such legal proceeding
that are pending against the Company or that involve the Company that, in the opinion of management, could reasonably be expected to
have a material adverse effect on the Company’s business or financial condition.
Item
1A. Risk Factors
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed herewith as a part of this report.
**
The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and are not
deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor
shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general
incorporation language contained in such filing.+ Management contract or compensatory plan or arrangement.
†
Filed herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
RDE,
INC. |
|
|
|
Date:
August 14, 2024 |
By:
|
/s/
Ketan Thakker |
|
|
Ketan
Thakker |
|
|
President,
Chief Executive Officer and Principal Financial Officer |
Exhibit
31.1
Certification
of Chief Executive Officer
Pursuant
to Rule 13a-14(a) under the Securities Exchange Act of 1934
I,
Ketan Thakker, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of RDE, INC. |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report. |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
/s/
Ketan Thakker |
|
Ketan
Thakker |
|
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
Certification
of Chief Financial Officer
Pursuant
to Rule 13a-14(a) under the Securities Exchange Act of 1934
I,
Ketan Thakker, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of RDE, Inc. |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
/s/
Ketan Thakker |
|
Ketan
Thakker |
|
Principal
Financial and Accounting Officer |
Exhibit
32.1
Certification
of Chief Executive Officer
Pursuant
to Section 1350 of Chapter 63 of Title 18 of the United States Code
Pursuant
to U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned Chief Executive Officer of RDE,
Inc. (the “Company”) does hereby certify, to the best of such officer’s knowledge, that:
|
1. |
The
Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2024 (the “Report”) fully complies
with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: |
August
14, 2024 |
|
/s/
Ketan Thakker |
|
|
|
Ketan
Thakker |
|
|
|
President
and Chief Executive Officer
(Principal
Executive Officer) |
The
certifications set forth above are being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall
they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided
to RDE, Inc. and will be retained by RDE, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
Certification
of Chief Financial Officer
Pursuant
to Section 1350 of Chapter 63 of Title 18 of the United States Code
Pursuant
to U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned Principal Financial Officer of RDE,
Inc. (the “Company”) does hereby certify, to the best of such officer’s knowledge, that:
|
1. |
The
Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2024 (the “Report”) fully complies
with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated: |
August
14, 2024 |
|
/s/
Ketan Thakker |
|
|
|
Ketan
Thakker |
|
|
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
The
certifications set forth above are being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and
shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall
they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided
to RDE, Inc. and will be retained by RDE, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
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Jun. 30, 2024 |
Jul. 31, 2024 |
Cover [Abstract] |
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|
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|
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|
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Current Fiscal Year End Date |
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|
|
Entity File Number |
000-56417
|
|
Entity Registrant Name |
RDE,
INC.
|
|
Entity Central Index Key |
0001760233
|
|
Entity Tax Identification Number |
45-2482974
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
1100
Woodfield Road
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Suite 510
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|
Entity Address, City or Town |
Schaumburg
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60173
|
|
City Area Code |
(847)
|
|
Local Phone Number |
506-9680
|
|
Title of 12(b) Security |
Common
Stock, par value $.001
|
|
Trading Symbol |
RSTN
|
|
Security Exchange Name |
NASDAQ
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents (includes restricted cash of $1,258,826 at June 30, 2024 and December 31, 2023) |
$ 4,663,623
|
$ 4,099,737
|
Accounts receivable |
901,785
|
1,681,165
|
Inventories |
5,239,963
|
4,152,273
|
Prepaid expenses and other current assets |
205,854
|
177,119
|
Total current assets |
11,011,225
|
10,110,294
|
Property and equipment, net |
2,331,483
|
2,563,312
|
Operating lease right of use asset, net |
1,555,713
|
315,183
|
Deposits |
65,556
|
65,556
|
Intangible assets, net – provisional |
5,484,166
|
6,700,000
|
Goodwill – provisional |
20,007,669
|
20,007,669
|
Total assets |
40,455,812
|
39,762,014
|
Current liabilities: |
|
|
Accounts payable |
1,708,121
|
2,218,285
|
Accrued expenses |
1,381,168
|
1,175,934
|
Deferred revenue |
114,024
|
336,996
|
Secured revolving line of credit |
7,670,449
|
6,737,385
|
Convertible promissory notes, current portion |
41,637
|
40,137
|
Notes payable, current portion |
932,792
|
836,509
|
Acquisition obligation |
|
500,000
|
Operating lease liability, current portion |
296,937
|
134,475
|
Total current liabilities |
12,145,128
|
11,979,721
|
Notes payable, net of current portion |
1,392,355
|
1,458,270
|
Deferred taxes |
1,800,000
|
1,800,000
|
Operating lease liability, net of current portion |
1,297,581
|
202,829
|
Total liabilities |
16,635,064
|
15,440,820
|
Stockholders’ equity: |
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized; |
|
|
Common stock, $0.001 par value, 750,000,000 shares authorized; 25,912,263 and 24,119,967 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
25,906
|
24,114
|
Additional paid-in-capital |
103,841,872
|
93,376,244
|
Common stock issuable, 350,843 and 383,343 shares, respectively |
350,843
|
383,343
|
Accumulated deficit |
(80,397,873)
|
(69,462,507)
|
Total stockholders’ equity |
23,820,748
|
24,321,194
|
Total liabilities and stockholders’ equity |
$ 40,455,812
|
$ 39,762,014
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Restricted cash |
$ 1,258,826
|
$ 1,258,826
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
Common stock, shares issued |
25,912,263
|
24,119,967
|
Common stock, shares outstanding |
25,912,263
|
24,119,967
|
Common stock issuable, shares |
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Financial Designation, Predecessor and Successor [Fixed List] |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
Net Sales |
$ 20,020,502
|
$ 21,091,657
|
$ 41,542,396
|
$ 45,253,385
|
Cost of sales |
16,760,007
|
18,474,119
|
35,024,625
|
39,722,197
|
Gross profit |
3,260,495
|
2,617,538
|
6,517,771
|
5,531,188
|
Operating expenses |
|
|
|
|
Selling, general and administrative expenses |
9,832,270
|
2,835,513
|
15,046,311
|
5,638,341
|
Amortization of capitalized software costs |
302,737
|
223,268
|
681,474
|
535,971
|
Amortization of intangible assets |
607,917
|
75,000
|
1,215,834
|
150,000
|
Total operating expenses |
10,742,924
|
3,133,781
|
16,943,619
|
6,324,312
|
Loss from operations |
(7,482,429)
|
(516,243)
|
(10,425,848)
|
(793,124)
|
Other income (expenses) |
|
|
|
|
Interest income |
5,223
|
|
5,223
|
|
Interest expense |
(267,440)
|
(170,414)
|
(514,741)
|
(352,308)
|
Total other income (expenses) |
(262,217)
|
(170,414)
|
(509,518)
|
(352,308)
|
Net loss before income taxes |
(7,744,646)
|
(686,657)
|
(10,935,366)
|
(1,145,432)
|
Income taxes |
|
|
|
28,397
|
Net loss |
$ (7,744,646)
|
$ (686,657)
|
$ (10,935,366)
|
$ (1,117,035)
|
Net earnings (loss) per share – basic |
$ (0.30)
|
$ (0.05)
|
$ (0.43)
|
$ (0.08)
|
Net earnings (loss) per share –diluted |
$ (0.30)
|
$ (0.05)
|
$ (0.43)
|
$ (0.08)
|
Weighted average common shares outstanding – basic |
25,751,441
|
13,774,292
|
25,377,832
|
13,774,292
|
Weighted average common shares outstanding – diluted |
25,751,441
|
13,774,292
|
25,377,832
|
13,774,292
|
X |
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v3.24.2.u1
Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($)
|
Successor [Member]
Preferred Stock [Member]
|
Successor [Member]
Common Stock [Member]
|
Successor [Member]
Common Stock Issuable [Member]
|
Successor [Member]
Additional Paid-in Capital [Member]
|
Successor [Member]
Retained Earnings [Member]
|
Preferred Stock [Member] |
Common Stock [Member] |
Common Stock Issuable [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
|
|
|
|
|
$ 2,900
|
|
$ 4,934,052
|
$ (30,335,139)
|
$ (25,398,187)
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
|
|
29,035,625
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
(1,117,035)
|
(1,117,035)
|
Balance at Jun. 30, 2023 |
|
|
|
|
|
|
$ 2,900
|
|
4,934,052
|
(31,452,174)
|
(26,515,222)
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
|
|
29,035,625
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
|
|
|
|
|
$ 2,900
|
|
4,934,052
|
(30,765,517)
|
(25,828,565)
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
|
|
29,035,625
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
(686,657)
|
(686,657)
|
Balance at Jun. 30, 2023 |
|
|
|
|
|
|
$ 2,900
|
|
$ 4,934,052
|
$ (31,452,174)
|
(26,515,222)
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
|
|
29,035,625
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 24,114
|
$ 383,343
|
$ 93,376,244
|
$ (69,462,507)
|
|
|
|
|
|
24,321,194
|
Balance, shares at Dec. 31, 2023 |
|
24,119,967
|
383,343
|
|
|
|
|
|
|
|
|
Fair value of vested options |
|
|
|
5,706,311
|
|
|
|
|
|
|
5,706,311
|
Fair value of vested restricted stock units |
|
$ 175
|
|
964,434
|
|
|
|
|
|
|
964,609
|
Fair value of vested restricted stock units, shares |
|
175,000
|
|
|
|
|
|
|
|
|
|
Fair value of common stock issued for employment agreements |
|
$ 67
|
|
624,933
|
|
|
|
|
|
|
625,000
|
Fair value of common stock issued for employment agreements, shares |
|
66,666
|
|
|
|
|
|
|
|
|
|
Common shares issued |
|
$ 32
|
$ (32,500)
|
32,468
|
|
|
|
|
|
|
|
Common shares issued, shares |
|
32,500
|
(32,500)
|
|
|
|
|
|
|
|
32,500
|
Issuance of common stock for cash |
|
$ 1,467
|
|
2,920,033
|
|
|
|
|
|
|
$ 2,921,500
|
Issuance of common stock for cash, shares |
|
1,467,000
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
(10,935,366)
|
|
|
|
|
|
(10,935,366)
|
Issuance of common stock for services |
|
$ 50
|
|
217,450
|
|
|
|
|
|
|
217,500
|
Issuance of common stock for services, shares |
|
50,000
|
|
|
|
|
|
|
|
|
|
Common shares issued on cashless exercise of stock options |
|
$ 1
|
|
(1)
|
|
|
|
|
|
|
|
Common shares issued on cashless exercise of stock options, shares |
|
1,130
|
|
|
|
|
|
|
|
|
2,834
|
Balance at Jun. 30, 2024 |
|
$ 25,906
|
$ 350,843
|
103,841,872
|
(80,397,873)
|
|
|
|
|
|
$ 23,820,748
|
Balance, shares at Jun. 30, 2024 |
|
25,912,263
|
350,843
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
|
$ 25,532
|
$ 370,843
|
97,395,202
|
(72,653,227)
|
|
|
|
|
|
25,138,350
|
Balance, shares at Mar. 31, 2024 |
|
25,538,097
|
370,843
|
|
|
|
|
|
|
|
|
Fair value of vested options |
|
|
|
5,669,186
|
|
|
|
|
|
|
5,669,186
|
Fair value of vested restricted stock units |
|
$ 175
|
|
232,684
|
|
|
|
|
|
|
232,859
|
Fair value of vested restricted stock units, shares |
|
175,000
|
|
|
|
|
|
|
|
|
|
Fair value of common stock issued for employment agreements |
|
$ 67
|
|
312,433
|
|
|
|
|
|
|
312,500
|
Fair value of common stock issued for employment agreements, shares |
|
66,666
|
|
|
|
|
|
|
|
|
|
Common shares issued |
|
$ 20
|
$ (20,000)
|
19,980
|
|
|
|
|
|
|
|
Common shares issued, shares |
|
20,000
|
(20,000)
|
|
|
|
|
|
|
|
|
Issuance of common stock for cash |
|
$ 112
|
|
212,387
|
|
|
|
|
|
|
212,499
|
Issuance of common stock for cash, shares |
|
112,500
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
(7,744,646)
|
|
|
|
|
|
(7,744,646)
|
Balance at Jun. 30, 2024 |
|
$ 25,906
|
$ 350,843
|
$ 103,841,872
|
$ (80,397,873)
|
|
|
|
|
|
$ 23,820,748
|
Balance, shares at Jun. 30, 2024 |
|
25,912,263
|
350,843
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Cash Flows [Abstract] |
|
|
Financial Designation, Predecessor and Successor [Fixed List] |
Successor
|
Predecessor
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (10,935,366)
|
$ (1,117,035)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Fair value of vested stock options |
5,706,311
|
|
Fair value of vested restricted common stock |
1,589,609
|
|
Fair value of common stock issued for services |
217,500
|
|
Depreciation expense |
681,474
|
627,706
|
Amortization of intangible assets |
1,215,834
|
150,000
|
Accrued interest |
31,868
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
779,380
|
647,865
|
Inventories |
(1,087,690)
|
370,265
|
Prepaid expenses and other current assets |
(28,735)
|
(111,215)
|
Right of use assets |
155,011
|
94,481
|
Accounts payable |
(510,163)
|
(553,640)
|
Accrued expenses |
205,235
|
(242,807)
|
Deferred revenue |
(222,972)
|
(208,864)
|
Operating lease liability |
(138,327)
|
(94,481)
|
Net cash used in operating activities |
(2,341,031)
|
(437,725)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Capitalized website development costs |
(449,646)
|
(450,000)
|
Net cash used in investing activities |
(449,646)
|
(450,000)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from line of credit |
53,772,243
|
51,316,611
|
Repayment of line of credit |
(52,839,180)
|
(50,972,869)
|
Repayment of acquisition obligation |
(500,000)
|
|
Proceeds from sale of common stock |
2,921,500
|
|
Net cash provided by financing activities |
3,354,563
|
343,742
|
Net increase (decrease) in cash and cash equivalents |
563,886
|
(543,983)
|
Cash and cash equivalents beginning of period |
4,099,737
|
2,040,680
|
Cash and cash equivalents end of period |
4,663,623
|
1,496,697
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Interest paid |
510,417
|
352,308
|
Taxes paid |
|
|
NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities |
$ 1,395,541
|
|
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v3.24.2.u1
Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
1.
Basis of Presentation
RDE,
Inc. (“RDE”) through its wholly-owned subsidiary Restaurant.com, Inc., has been in the business of connecting digital consumers,
businesses and communities with dining and merchant deal options throughout the United States.
On
August 18, 2023, RDE entered into an agreement and plan of merger to acquire CardCash Exchange Inc (“CardCash”). On December
29, 2023, the merger was completed and has been accounted for as a business combination using the acquisition method of accounting (See
Note 3). CardCash was formed in 2013 and purchases merchant gift cards and resells them at a markup.
RDE’s
operations are not considered significant compared to the operations of CardCash before the acquisition. Accordingly, for the purpose
of the accompanying condensed consolidated financial statements, periods before December 29, 2023 reflect the financial position, results
of operations and cash flows of CardCash prior to the acquisition, and is referred to as the “Predecessor”. Periods beginning
after December 29, 2023 reflect the financial position, results of operations and cash flows of RDE consolidated with CardCash, and is
referred to as the “Successor”. A black-line between the Successor and Predecessor periods has been placed in the condensed
consolidated financial statements and in the tables to the notes to the consolidated financial statements to highlight the lack of comparability
between these periods.
Collectively,
RDE (Successor) and CardCash (Predecessor) are referred to as the “Company”.
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) pursuant to the applicable rules and regulations of the Securities and
Exchange Commission (“SEC”) for interim financial information. The unaudited condensed consolidated financial statements
have been prepared on the same basis as the Company’s annual financial statements for the year ended December 31, 2023, and, in
the opinion of management, reflect all adjustments, which consist of normal recurring adjustments, considered necessary for a fair presentation
of the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of
operations to be expected for the full fiscal year ending December 31, 2024. These unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC. The condensed consolidated
balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include
all disclosures, including notes, required by GAAP.
The
unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Card Cash
Exchange, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Going
Concern
The
accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. In accordance
with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205-40, Going
Concern, the Company’s management has evaluated whether there are conditions or events that raise substantial doubt about its
ability to continue as a going concern within one year after the date the accompanying financial statements were issued. RDE and CardCash
have a history of reporting net losses and negative operating cash flows. These factors raise substantial doubt about the Company’s
ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, our independent
registered public accounting firm, in its audit report to the financial statements included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2023, expressed substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The
Company’s ability to continue as a going concern is dependent upon its ability to raise additional debt or equity capital to fund
its business activities and to ultimately achieve sustainable operating revenues and profitability. The Company has financed its working
capital requirements through borrowings from various sources and the sale of its equity securities.
As
market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the
Company will be able to secure additional financing on acceptable terms, as and when necessary to continue to conduct operations. There
is also significant uncertainty as to the effect that the coronavirus may have on the Company’s business plans and the amount and
type of financing available to the Company in the future. If the Company is unable to obtain the cash resources necessary to satisfy
the Company’s ongoing cash requirements, the Company could be required to scale back its business activities or to discontinue
its operations entirely.
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v3.24.2.u1
Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
2.
Significant Accounting Policies
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. Significant estimates
include those related to assumptions used in valuing inventories at net realizable value, assumptions used in valuing assets acquired
in business acquisitions, impairment testing of goodwill and other long-term assets, assumptions used in valuing stock-based compensation,
the realizability of deferred tax assets and the related valuation allowance, accruals for potential liabilities, and assumptions used
in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers.
The
Company buys merchant gift cards from the general public and distributors at a discount and then resells them at a markup. The Company
also derives revenue from the sale of discount certificates for restaurants on behalf of third-party restaurants.
Revenue
and costs of sales are recognized when control of the products transfers to our customer, which generally occurs at a point in time when
the risk and title to the product transfers to the customer upon delivery to the customer. The Company’s performance obligations
are satisfied at that time. The Company’s standard terms of delivery are included in its contracts of sale, order confirmation
documents, and invoices. The Company recognizes revenue on a gross basis for the sales price of the merchant gift cards and discount
certificates it collects.
Certain
customers may receive incentives, which are accounted for as variable consideration. Provisions for sales returns are recognized in the
period when the sale is recorded based upon the Company’s prior experience and current trends. These revenue reductions are established
by the Company based upon management’s best estimates at the time of sale following the historical trend, adjusted to reflect known
changes in the factors that impact such reserves and allowances, and the terms of agreements with customers.
Amounts
billed and due from the Company’s customers are classified as accounts receivable on the balance sheet. Amounts received in advance
from customers are recorded as deferred revenue on the balance sheet until the performance obligations have been satisfied. The Company
has elected to apply the practical expedient to not assess contracts for significant financing component because the period between the
receipt of advance payment and the Company’s transfer of services to the customer is less than one year.
Other
Sale
of promotional gift cards, sale of travel, vacation and merchandise, and advertising revenues
The
Company also recognizes revenue from the sale of Restaurant.com promotional gift cards (revenue recognized based on the Company’s
historical redemption rates of its promotional gift cards), the sale of travel, vacation, and merchandise on behalf of third-party merchants
(revenue reported on a net basis equal to the purchase price received from the customer less a portion of the purchase price paid by
the Company to its merchant partners), and advertising revenue for third-party partners, such as Google Ads, wherein third-party website(s)
and/or product(s) are shown or incorporated in the Company’s platform or website (revenue recognized when its determinable, which
is generally upon receipt of a statement and/or proceeds from the third-party partners).
In
the following table, revenue is disaggregated by our divisions and type of revenue for the three months ended June 30, 2024 and 2023:
Schedule
of Disaggregation of Revenue
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 19,516,572 | | |
$ | 113,250 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 19,650,055 | |
Business
to business (B2B) | |
| - | | |
| 370,447 | | |
| - | | |
| - | | |
| 370,447 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 19,516,572 | | |
$ | 483,697 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 20,020,502 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
In
the following table, revenue is disaggregated by our divisions and type of revenue for the six months ended June 30, 2024 and 2023:
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 40,586,579 | | |
$ | 230,276 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 40,861,318 | |
Business
to business (B2B) | |
| - | | |
| 681,078 | | |
| - | | |
| - | | |
| 681,078 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 40,586,579 | | |
$ | 911,354 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 41,542,396 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Cost
of Sales
Cost
of sales consists primarily of the cost to purchase merchant gift cards, and transaction fees and costs.
Business
Combinations
The
Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified
intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair
values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates
and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but
are not limited to, future expected cash flows from, acquired technology, trademarks and trade names, useful lives, and discount rates.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. 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, any subsequent adjustments are recorded in the consolidated statements
of operations.
Intangible
Assets
The
Company has certain intangible assets that were initially recorded at their fair value at the time of acquisition. The finite-lived intangible
assets consist of customer relationships, trade name, and developed technology. Intangible assets with finite useful lives are amortized
using the straight-line method over their estimated useful life of three years.
The
Company reviews all finite-lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable.
If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over
the fair value in our consolidated statements of operations.
Goodwill
Goodwill
represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets
of the business acquired. As of June 30, 2024 goodwill that arose from acquisition of CardCash (see Note 3) was $20,007,669. Under ASC
350 Intangibles-Goodwill and Other, goodwill and other intangible assets with indefinite lives are not amortized, but instead
are tested for impairment annually, or whenever events or circumstances indicate a potential impairment. The Company’s impairment
testing is performed annually at December 31. Impairment of goodwill and indefinite lived intangible assets is determined by comparing
the fair value of the Company’s reporting unit to the carrying value of the underlying net assets in the reporting unit. If the
fair value of the reporting unit is determined to be less than the carrying value of its net assets, goodwill is deemed impaired and
an impairment loss is recognized to the extent that the carrying value of goodwill exceeds the difference between the fair value of the
reporting unit and the fair value of its other assets and liabilities. In accordance with the “Segment Reporting” Topic of
the ASC, the Company’s chief operating decision maker (the Company’s Chief Executive Officer) determined that there is only
one reporting unit. No impairment indicators were identified as of June 30, 2024.
Long-Lived
Assets
The
Company evaluates long-lived assets, other than goodwill and indefinite lived intangible assets, for impairment whenever events or changes
in circumstances indicate that their net book value may not be recoverable. The measurement of possible impairment is based upon the
ability to recover the carrying value of the asset through the expected future undiscounted cash flows from the use of the asset and
its eventual disposition. An impairment loss, equal to the difference between the asset’s fair value and its carrying value, is
recognized when the estimated future undiscounted cash flows are less than its carrying amount. No impairment indicators were identified
as of June 30, 2024.
Leases
The
Company leases certain corporate office space under lease agreements. The Company determines whether a contract contains a lease at contract
inception. A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period
of time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of the
identified asset and the right to direct the use of the identified asset. Operating lease right-of-use assets (“ROU”) for
operating leases represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease
term at the commencement date. Operating lease expense is recognized on a straight-line basis over the lease term and is included in
the general and administrative line in the Company’s consolidated statements of operations. Leases with an initial term of 12 months or less are not included on the balance sheets.
Advertising
The
Company expenses advertising costs as incurred and amounted to $431,488 and $449,754 for the six months ended June 30, 2024 and 2023,
respectively, which are recorded in general and administrative in the Statements of Operations.
Stock-Based
Compensation
The
Company periodically issues share-based awards to employees and non-employees and consultants for services rendered. Stock options vest
and expire according to terms established at the issuance date of each grant. Stock grants are measured at the grant date fair value.
Stock-based compensation cost is measured at fair value on the grant date and is generally recognized as a charge to operations ratably
over the requisite service, or vesting, period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services.
The
Company values its equity awards using the Black-Scholes option-pricing model, and accounts for forfeitures when they occur. Use of the
Black-Scholes option pricing model requires the input of subjective assumptions, including expected volatility, expected term, and a
risk-free interest rate. The expected volatility is based on the historical volatility of the Company’s common stock, calculated
utilizing a look-back period approximately equal to the contractual life of the stock option being granted. The expected life of the
stock option is calculated as the mid-point between the vesting period and the contractual term (the “simplified method”).
The risk-free interest rate is estimated using comparable published federal funds rates.
Stock-based
compensation expense recognized and recorded as part of selling, general and administrative expenses.
Earnings
(Loss) Per Share
Basic
earnings (loss) per share is computed using the weighted average number of common shares issued and outstanding during the period. Diluted
earnings (loss) per share is computed using the weighted average number of common shares and the dilutive effect of contingent shares
outstanding during the period. Potentially dilutive contingent shares, which primarily consist of convertible notes and stock issuable
upon the exercise of stock options and warrants, have been excluded from the calculation of diluted loss per share because their effect
is anti-dilutive.
Loss
per common share is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding during
the respective periods. Basic and diluted loss per common share was the same for all periods presented because all convertible notes
and stock issuable upon the exercise of stock options and warrants outstanding were anti-dilutive.
At
June 30, 2024 and 2023, the Company excluded the outstanding convertible debt and securities summarized below, which entitle the holders
thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.
Schedule
of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share
| |
Successor | | |
Predecessor | |
| |
June
30, 2024 | | |
June
30, 2023 | |
| |
| | |
| |
Convertible
notes payable | |
| 27,758 | | |
| - | |
Common
stock issuable | |
| 350,843 | | |
| - | |
Series
B convertible preferred stock | |
| - | | |
| 1,526,882 | |
Common
stock options | |
| 4,123,282 | | |
| - | |
Total | |
| 4,501,883 | | |
| 1,526,882 | |
The
issuable and potentially issuable shares as summarized above. These potentially issuable common
shares would have been anti-dilutive because the Company had a net loss for the periods ended June 30, 2024 and 2023, such common stock
equivalents would have been excluded from the calculation of net loss per share.
Fair
Value of Financial Instruments
Fair
value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier
hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is
as follows:
Level
1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability,
either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
Level
3 – unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.
A
financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant
to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment
and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
The
carrying value of the Company’s financial instruments (consisting of cash, accounts receivables, deposits to credit card processor,
prepaid expense and other current assets, accounts payable, accrued expenses, notes payable, and other liabilities) are considered to
be representative of their respective fair values due to the short-term nature of those instruments.
Segment
Information
Under
ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available
that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in
assessing performance. The Company’s operation segment consists of one component, and the Company’s Chief Executive Officer,
who is also the CODM, makes decisions and manages the Company’s operations as a single operating segment.
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable
and cash. The credit risk exposure surrounding trade accounts receivable is limited as these amounts represent the timing difference
between payments being settled by credit card processors and the cash being provided to the Company.
No
significant customers comprised more than 10%
of accounts receivable as of June 30, 2024 and December 31, 2023 or revenue as of and for the period ended June 30, 2024 and
2023.
The
Company maintains a cash balance at financial institutions, which at times exceed the federally insured limit. The Company has not
experienced nor expects to experience a loss on this account.
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. The Company’s adopted ASU 2023-7 effective January 1, 2024, and there was
no material effect on the Company’s financial position, results of operations and cash flows.
Other
recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
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v3.24.2.u1
Acquisition of Card Cash
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Acquisition of Card Cash |
3.
Acquisition of Card Cash
On
December 29, 2023, RDE completed the acquisition of CardCash. The acquisition was made pursuant to an agreement and plan of merger dated
August 18, 2023 between RDE and CardCash. RDE acquired all of the issued and outstanding equity of CardCash for $26,682,000, made up
of the issuance of 6,108,007 shares of the RDE’s common stock valued at $24,682,000, the issuance of a note payable for $1,500,000,
and payment of $750,000 in cash.
RDE
utilized the acquisition method of accounting for the acquisition in accordance with ASC 805, Business Combinations, and allocated
the purchase price to CardCash’s tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair
values as of the date of acquisition. The fair value assigned to the developed technology was determined using the relief from royalty
method. The fair value assigned to trade name were determined using the relief from royalty method. The fair value of the customer relationships
was determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the
existing customers acquired. The cash flows were based on estimates used to value the acquisition, and the discount rates applied were
benchmarked with reference to the implied rate of return from the transaction model, as well as the weighted average cost of capital.
The valuation assumptions took into consideration the Company’s estimates of customer attrition and revenue growth projections.
The excess of the purchase price paid by the Company over the estimated fair value of identified tangible and intangible assets has been
recorded as goodwill. Goodwill also represents the future benefits as a result of the acquisition that the Company believes will enhance
the Company’s product offerings and lineup available to both new and existing customers and generate future synergies within the
discount coupon and giftcard business.
As
of June 30, 2024, management has not yet finalized its valuation analysis. In accordance with ASC 805, the Company made an initial provisional allocation of the purchase price for CardCash
based on the fair value of the assets acquired and liabilities assumed. The fair values of the assets acquired, as set forth below,
are considered provisional and subject to adjustment as additional information is obtained through the purchase price measurement period
(a period of up to one year from the closing date). Any prospective adjustments through the purchase price measurement period would change
the fair value allocation as of the acquisition date. The Company is still in the process of reviewing underlying models, assumptions
and discount rates used in the valuation of provisional goodwill and intangible assets.
The
following table summarizes the allocation of the fair value of the purchase consideration to the fair value of tangible assets, identifiable
intangible assets, and assumed liabilities of CardCash on the date of acquisition:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
Fair
Value | |
| |
| |
Fair
value of consideration: | |
| | |
Cash | |
$ | 750,000 | |
Notes
payable ($750,000 due December 30, 2024; $750,000 due December 30, 2025) | |
| 1,500,000 | |
Common
stock (6,108,007 shares of common stock at $4.00 per share) | |
| 24,432,000 | |
Total
purchase price | |
$ | 26,682,000 | |
| |
| | |
Allocation
of the consideration to the fair value of assets acquired and liabilities assumed: | |
| | |
Cash | |
$ | 2,061,265 | |
Accounts
receivable | |
| 1,582,635 | |
Inventories | |
| 4,152,273 | |
Prepaids,
deposits, and other | |
| 220,385 | |
Property
and equipment, net | |
| 2,563,312 | |
Accounts
payable and accrued liabilities | |
| (2,068,154 | ) |
Line
of credit | |
| (6,737,385 | ) |
Deferred
tax liability | |
| (1,800,000 | ) |
Net
tangible assets | |
| (25,669 | ) |
| |
| | |
Intangible
assets: | |
| | |
Developed
technology | |
| 2,600,000 | |
Trade
name | |
| 2,400,000 | |
Customer
relationships | |
| 1,700,000 | |
Net
identifiable intangible assets | |
| 6,700,000 | |
Goodwill | |
| 20,007,669 | |
Fair
value of net asset acquired | |
$ | 26,682,000 | |
The
following unaudited pro forma statements of operations present the Company’s pro forma results of operations after giving effect
to the purchase of CardCash based on the historical financial statements of the Company and CardCash. The unaudited pro forma statements
of operations for the six months ended June 30, 2023 give effect to the transaction as if it had occurred on January 1, 2023.
Schedule of Pro Forma Statements of Operations
| |
Six
Months Ended June
30, 2023 | |
| |
(Proforma,
unaudited) | |
| |
| |
Sales | |
$ | 46,786,584 | |
Net
loss | |
$ | (4,489,304 | ) |
Net
loss per share | |
$ | (0.33 | ) |
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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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v3.24.2.u1
Property and Equipment, Net
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment, Net |
4.
Property and Equipment, Net
Property
and equipment, net consisted of the following:
Schedule Property and Equipment, Net
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Website
development costs | |
$ | 2,983,111 | | |
$ | 2,533,466 | |
Leasehold
improvements | |
| 29,846 | | |
| 29,846 | |
Property
and equipment, gross | |
| 3,012,957 | | |
| 2,563,312 | |
Accumulated
depreciation | |
| (681,474 | ) | |
| - | |
Property
and equipment, net | |
$ | 2,331,483 | | |
$ | 2,563,312 | |
The
Company accounts for capitalized software and website development costs to develop software programs to be used solely to meet the Company’s
internal needs in accordance with ASC 350-40. Costs incurred during the application development stage for software programs to be used
solely to meet its internal needs are capitalized. The depreciation expense on property and equipment for the six months ended June 30,
2024 and 2023 was $681,474 and $627,706, 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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v3.24.2.u1
Goodwill and Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
5.
Goodwill and Intangible Assets
Goodwill
and intangible assets consist of the following:
Schedule
of Goodwill
and Intangible Assets
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Goodwill | |
$ | 20,007,669 | | |
$ | 20,007,669 | |
| |
| | | |
| | |
Intangible
Assets | |
| | | |
| | |
Customer
relationships | |
| 1,700,000 | | |
| 1,700,000 | |
Trade
name | |
| 2,400,000 | | |
| 2,400,000 | |
Developed
technology | |
| 2,600,000 | | |
| 2,600,000 | |
Intangible
assets, gross | |
| 6,700,000 | | |
| 6,700,000 | |
Accumulated
amortization | |
| (1,215,834 | ) | |
| - | |
Intangible
assets, net | |
$ | 5,484,166 | | |
$ | 6,700,000 | |
On
December 29, 2023, in relation to the acquisition of CardCash (See Note 3), the Company recorded intangible assets of $6,700,000 (provisional).
During the period June 30, 2024, the Company recorded an amortization expense of $1,215,834, leaving an ending intangible asset balance
of $5,484,166 at June 30, 2024.
Identifiable
intangibles are amortized over their estimated remaining useful lives, which are as follows:
Schedule
of Identifiable
Intangibles Assets Estimated Remaining Useful Lives
Description |
|
Weighted
Average
Useful Life (in years) |
Customer
relationships |
|
3 |
Trademarks,
trade names and service marks |
|
3 |
Developed
technology |
|
3 |
Non-competition
agreement |
|
5 |
Estimated
amortization expense for the Company is as follows:
Schedule
of Estimated Amortization Expense
| |
| | |
2024
(remaining) | |
$ | 1,016,166 | |
2025 | |
| 2,234,000 | |
2026 | |
| 2,234,000 | |
Total | |
$ | 5,484,166 | |
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Leases |
6.
Leases
The
Company leases its office facilities under noncancelable operating lease agreements. The Company had leases for office facilities in
Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed
in April 2024 for a 60-month period ending in April 2029.
The
Company’s ROU asset balance was $315,183 as of December 31, 2023. During the six months ended June 30, 2024, the Company renewed
its office lease as discussed above, and recorded an additional ROU asset of $1,395,541. During the six months ended June 30, 2024, the Company recorded
a reduction of ROU assets of $155,011 related to its leases, resulting in an ROU asset balance of $1,555,713 as of June 30, 2024.
The
Company’s operating lease liability balance was $337,304
as of December 31, 2023. During the six months ended June 30, 2024, the Company renewed its office lease as discussed above, and
recorded an additional operating lease liability of $1,395,541.
During the six months ended June 30, 2024, the Company made payments of $138,327
against its operating lease liability, resulting in a lease liability of $1,594,518,
of which the current portion of lease liability was $296,937,
leaving a long-term lease liabilities balance of $1,297,581.
During
the six months ended June 30, 2024 and 2023, lease costs totaled approximately $201,839 and $115,322, respectively.
As
of June 30, 2024, the weighted average remaining lease terms for operating lease is 4.53 years, and the weighted average discount rate
for operating lease is 8.00%.
Maturities
of the Company’s operating lease liabilities are as follows as of June 30, 2024:
Schedule
of Maturities of Operating Lease Liabilities
| |
Successor | |
| |
As
of June 30, 2024 | |
| |
| |
2024
(remaining) | |
$ | 208,164 | |
2025 | |
| 424,660 | |
2026 | |
| 438,374 | |
2027 | |
| 382,954 | |
2028 | |
| 359,654 | |
Thereafter | |
| 105,927 | |
Total | |
| 1,919,733 | |
Less:
Imputed interest | |
| (325,215 | ) |
Total
operating lease liability | |
$ | 1,594,518 | |
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v3.24.2.u1
Secured Revolving Line of Credit
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Secured Revolving Line of Credit |
7.
Secured Revolving Line of Credit
The
outstanding line of credit balance at June 30, 2024 and December 31, 2023 was:
Schedule
of Line of Credit
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Line
of credit | |
$ | 7,670,449 | | |
$ | 6,737,385 | |
In
November 2020, CardCash entered into an amended and restated promissory note for a revolving line of credit with availability of up to
$10,000,000. The revolving line of credit is payable on demand, secured by the Company’s inventory, with interest based on the
Wall Street Journal Prime Rate plus 3.00%, limited to a floor of 6.5%. At June 30, 2024 and December 31, 2023, the average interest rate
was 12% and 12%, respectively. As of June 30, 2024, the Company was in compliance with customary debt covenants. At June 30, 2024 and
December 31, 2023, this line of credit requires a deposit of $1,258,826, included in restricted cash.
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v3.24.2.u1
Convertible Debt
|
6 Months Ended |
Jun. 30, 2024 |
Convertible Debt |
|
Convertible Debt |
8.
Convertible Debt
Convertible
debt consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Convertible Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Incumaker-past
due | |
$ | 20,000 | | |
| 20,000 | |
Total
principal balance | |
| 20,000 | | |
| 20,000 | |
Accrued
interest | |
| 21,637 | | |
| 20,137 | |
Total
principal and accrued interest | |
| 41,637 | | |
| 40,137 | |
Less
current portion | |
| (41,637 | ) | |
| (40,137 | ) |
Non-current
portion | |
$ | - | | |
$ | - | |
Incumaker,
Inc.
On
November 5, 2018, RDE completed the acquisition of Incumaker, Inc. and assumed certain outstanding convertible notes payable. At December
31, 2023, there was one remaining assumed convertible note payable outstanding that matured July 2017, and is past due. At June 30, 2024,
the principal balance of $20,000, and accrued interest of $21,637, are convertible at $1.50 per share into 27,758 shares of the Company’s
common stock.
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v3.24.2.u1
Notes Payable
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
9.
Notes Payable
Notes
payable consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Notes Payable
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
CardCash
acquisition notes payable | |
$ | 1,500,000 | | |
$ | 1,500,000 | |
GameIQ
acquisition note payable | |
| 102,199 | | |
| 102,199 | |
Economic
Injury Disaster Loans (EIDL) note payable | |
| 664,500 | | |
| 664,500 | |
Total
principal balance | |
| 2,266,699 | | |
| 2,266,699 | |
Accrued
interest | |
| 58,448 | | |
| 28,080 | |
Total
principal and accrued interest | |
| 2,325,147 | | |
| 2,294,779 | |
Less
current portion | |
| (932,792 | ) | |
| (836,509 | ) |
Non-current
portion | |
$ | 1,392,355 | | |
$ | 1,458,270 | |
CardCash
Acquisition Notes Payable
On
December 29, 2023, the Company issued two year promissory notes totaling $1,500,000
as partial consideration for the acquisition of CardCash (see Note 3). $750,000
is payable on the December
29, 2025, bearing simple annual interest of 5%,
and $750,000
is to be paid upon the earlier of (a) the completion of a firm commitment underwriting RDE’s initial public offering to allow
the Company to become listed on the Nasdaq Capital Market or (b) December
29, 2024. As of December 31, 2023, the notes payable had an aggregate principal balance outstanding of $1,500,000.
As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $1,500,000
and accrued interest payable of $37,500.
GameIQ
Acquisition Note Payable
On
February 1, 2022, RDE issued two notes payable for the purchase of GameIQ, one for $78,813 and another for $62,101. In accordance with
Notes, the Company promised to pay the principal together with interest at 1% upon the earlier of (i) nine equal biannual installments
with the first installment due on October 1, 2022, and the final payment due February 1, 2025 (the “Maturity Date”).
As
of December 31, 2023, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $821.
As of June 30, 2024, the notes payable had an aggregate principal balance outstanding of $102,199 and accrued interest payable of $1,233.
Economic
Injury Disaster Loans (EIDL)
On
June 17, 2020, RDE received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance under the Covid-19
Economic Injury Disaster Loan (EIDL) Program. On July 14, 2021, the Company received an additional $350,000 of proceeds pursuant to the
loan. On July 21, 2020, the Company received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance
under the Covid-19 EIDL Program. On January 31, 2022, the Company assumed an additional $14,500 EIDL, and accrued interest of $900, as
part of the consideration paid for the acquisition of GameIQ.
The
loans bear interest at 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month beginning 12 months from
the date of the promissory note over a period of 30 years. As of December 31, 2023, the note payable had a principal balance outstanding
of $664,500 and accrued interest payable of $27,259. As of June 30, 2024, the note payable had a principal balance outstanding of $664,500
and accrued interest payable of $19,714.
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v3.24.2.u1
Stockholder’s Deficit
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholder’s Deficit |
10.
Stockholder’s Deficit
Preferred
Stock
The
Company is authorized to issue a total of 10,000,000 shares of preferred stock, par value $0.001 per share. As of June 30, 2024 and 2023,
there were no shares of preferred stock issued and outstanding.
Common
Stock
The
Company is authorized to issue a total of 750,000,000 shares of common stock, par value $0.001 per share. As of June 30, 2024 and December
31, 2023, the Company had 25,912,263 shares and 24,119,967 shares, respectively, of common stock issued and outstanding.
Common
Stock Transactions
Issuance
of Common Stock on Sale of Common Stock
During
the six months ended June 30, 2024, the Company received net proceeds of $2,921,500
from the sale of 1,467,000
shares of common stock at $2.00
per share, as part of a private placement.
Common
Stock Issued for Employment Agreements
Effective
on December 29, 2023, with the closing of the acquisition of CardCash (see Note 3), the Company entered into an four year employment
agreement with Elliot Bohm and Mark Ackerman. Mr. Bohm was the President of CardCash and Mr. Ackerman was the Chief Operating
Officer of CardCash prior to the acquisition by RDE and will remain in those positions following the acquisition. Bohm also
joined the Board of Directors of RDE.
Under
the terms of the agreements, Mr. Bohm and Mr. Ackerman received a one-time award of 1,250,000
restricted shares of RDE’s common stock
with aggregate fair value of $10
million, 50%
vesting immediately and 50% vesting over 4 years.
During the six months ended June 30, 2024, the Company recognized stock compensation expense of $625,000
and issued 66,666 shares based upon its vesting term. As of June 30, 2024, the unamortized stock compensation amounted
to $4,375,000 to be expensed upon vesting in future periods through December 2027.
Issuance
of Common Stock for Services
During
the six months ended June 30, 2024, the Company issued 50,000 shares of common stock with a fair value of $217,500, or $4.35 per share,
to a consultant for services rendered.
Common
Stock Issuable
At
December 31, 2023, 383,343 shares of common stock with an aggregate value of $383,000 have not been issued and are reflected as common
stock issuable in the accompanying consolidated financial statements. During the six months ended June 30, 2024, the Company issued 32,500
shares of common stock, leaving 350,843 shares of common stock issuable in the accompanying consolidated financial statements at June
30, 2024.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Stock-Based Compensation |
11. Stock-Based Compensation
Summary of Restricted Common Stock
The following table summarizes restricted stock activity
during the six months ended June 30, 2024:
Schedule
of Restricted Stock
| |
Unvested Shares | | |
Issuable Shares | | |
Fair Value at Date of Issuance | | |
Weighted Average Grant Date Fair Value | |
Balance, December 31, 2023 | |
| 125,000 | | |
| - | | |
$ | 418,750 | | |
| 3.35 | |
Granted | |
| 425,000 | | |
| - | | |
| 1,793,500 | | |
| 4.22 | |
Vested | |
| (175,000 | ) | |
| 175,000 | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (175,000 | ) | |
| (964,609 | ) | |
| - | |
Balance, June 30, 2024 | |
| 375,000 | | |
| - | | |
$ | 1,247,641 | | |
$ | 3.86 | |
On
March 1, 2023, the Company granted its Chief Executive Officer 200,000
shares of the Company’s restricted stock,
and 100,000
shares of the Company’s restricted stock
to employees with an aggregate fair value of $1,005,000
or $3.35
per share. The
restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date.
On
March 1, 2024, the Company granted its Chief Executive Officer 200,000 shares of the Company’s restricted stock, and 225,000 shares
of the Company’s restricted stock to other officers and employees with an aggregate fair value of $1,793,500 or $4.22 per share.
The restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date.
During
the six months ended June 30, 2024, the Company recognized stock compensation expense of $964,609 and issued 175,000
shares of restricted stock based upon
its vesting term of the grants. As of June 30, 2024, the unamortized stock compensation expense amounted to $1,247,641,
to be expensed upon vesting in future periods through March
1, 2026.
Summary
of Stock Options
A
summary of stock options for the six months ended June 30, 2024, is as follows:
Summary of Stock Options
| |
Number
of Options | | |
Weighted
Average Exercise Price | |
| |
(Successor) | |
Balance
outstanding, December 31, 2023 | |
| 743,116 | | |
| 4.43 | |
Options
granted | |
| 3,405,500 | | |
| 4.22 | |
Options
exercised | |
| (2,834 | ) | |
| 3.35 | |
Options
expired or forfeited | |
| (22,500 | ) | |
| 1.05 | |
Balance
outstanding, June 30, 2024 | |
| 4,123,282 | | |
$ | 4.28 | |
Balance
exercisable, June 30, 2024 | |
| 2,103,647 | | |
$ | 4.34 | |
On
April 1, 2024, the Company, pursuant to the terms of its 2019 Stock Incentive Plan, granted options exercisable into 3,405,500 shares
to be issued to its executives and employees. The 3,405,500 stock options had an exercise price of $4.01 per share, with vesting of 33%
on April 1, 2024, and then 33% on each subsequent anniversary date.
The
stock options are exercisable at a weighted average price of $4.01 per share with an average life to expiration of approximately six
years. The total fair value of these options at grant date was approximately $13,500,000, which was determined using a Black-Scholes-Merton
option pricing model with the following average assumption: stock price of $4.01 per share, expected term of 6.00 years, volatility of
220%, dividend rate of 0%, and weighted average risk-free interest rate of 4.33%. The expected term represents the weighted-average period
of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant
exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; the expected dividend
yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future; and
the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected
term of the share option award.
During
the six months ended June 30, 2024, the Company recognized $5,706,311 of
stock compensation expense relating to vested stock options. As of June 30, 2024, the aggregate amount of unvested
compensation related to stock options was approximately $7,997,509 which
will be recognized as an expense as the options vest in future periods through March 2026.
The
weighted average remaining contractual life of common stock options outstanding and exercisable at June 30, 2024 was 4.28 years. Based
on a fair market value of $4.20 per share on June 30, 2024, the intrinsic value attributed to exercisable but unexercised common stock
options was $1,588,479 at June 30, 2024.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
12.
Commitments and Contingencies
From
time to time the Company may be named in claims arising in the ordinary course of business. Currently, there are no such legal proceedings
that are pending against the Company or that involve the Company that, in the opinion of management, could reasonably be expected to
have a material adverse effect on the Company’s business or financial condition.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Subsequent Event
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Event |
13. Subsequent Event
On August 6, 2024, The Nasdaq Stock Market (“Nasdaq”) granted the Company’s application for listing
on the Nasdaq.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. Significant estimates
include those related to assumptions used in valuing inventories at net realizable value, assumptions used in valuing assets acquired
in business acquisitions, impairment testing of goodwill and other long-term assets, assumptions used in valuing stock-based compensation,
the realizability of deferred tax assets and the related valuation allowance, accruals for potential liabilities, and assumptions used
in the determination of the Company’s liquidity.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers.
The
Company buys merchant gift cards from the general public and distributors at a discount and then resells them at a markup. The Company
also derives revenue from the sale of discount certificates for restaurants on behalf of third-party restaurants.
Revenue
and costs of sales are recognized when control of the products transfers to our customer, which generally occurs at a point in time when
the risk and title to the product transfers to the customer upon delivery to the customer. The Company’s performance obligations
are satisfied at that time. The Company’s standard terms of delivery are included in its contracts of sale, order confirmation
documents, and invoices. The Company recognizes revenue on a gross basis for the sales price of the merchant gift cards and discount
certificates it collects.
Certain
customers may receive incentives, which are accounted for as variable consideration. Provisions for sales returns are recognized in the
period when the sale is recorded based upon the Company’s prior experience and current trends. These revenue reductions are established
by the Company based upon management’s best estimates at the time of sale following the historical trend, adjusted to reflect known
changes in the factors that impact such reserves and allowances, and the terms of agreements with customers.
Amounts
billed and due from the Company’s customers are classified as accounts receivable on the balance sheet. Amounts received in advance
from customers are recorded as deferred revenue on the balance sheet until the performance obligations have been satisfied. The Company
has elected to apply the practical expedient to not assess contracts for significant financing component because the period between the
receipt of advance payment and the Company’s transfer of services to the customer is less than one year.
Other
Sale
of promotional gift cards, sale of travel, vacation and merchandise, and advertising revenues
The
Company also recognizes revenue from the sale of Restaurant.com promotional gift cards (revenue recognized based on the Company’s
historical redemption rates of its promotional gift cards), the sale of travel, vacation, and merchandise on behalf of third-party merchants
(revenue reported on a net basis equal to the purchase price received from the customer less a portion of the purchase price paid by
the Company to its merchant partners), and advertising revenue for third-party partners, such as Google Ads, wherein third-party website(s)
and/or product(s) are shown or incorporated in the Company’s platform or website (revenue recognized when its determinable, which
is generally upon receipt of a statement and/or proceeds from the third-party partners).
In
the following table, revenue is disaggregated by our divisions and type of revenue for the three months ended June 30, 2024 and 2023:
Schedule
of Disaggregation of Revenue
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 19,516,572 | | |
$ | 113,250 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 19,650,055 | |
Business
to business (B2B) | |
| - | | |
| 370,447 | | |
| - | | |
| - | | |
| 370,447 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 19,516,572 | | |
$ | 483,697 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 20,020,502 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
In
the following table, revenue is disaggregated by our divisions and type of revenue for the six months ended June 30, 2024 and 2023:
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 40,586,579 | | |
$ | 230,276 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 40,861,318 | |
Business
to business (B2B) | |
| - | | |
| 681,078 | | |
| - | | |
| - | | |
| 681,078 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 40,586,579 | | |
$ | 911,354 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 41,542,396 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
|
Cost of Sales |
Cost
of Sales
Cost
of sales consists primarily of the cost to purchase merchant gift cards, and transaction fees and costs.
|
Business Combinations |
Business
Combinations
The
Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified
intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair
values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates
and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but
are not limited to, future expected cash flows from, acquired technology, trademarks and trade names, useful lives, and discount rates.
Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. 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, any subsequent adjustments are recorded in the consolidated statements
of operations.
|
Intangible Assets |
Intangible
Assets
The
Company has certain intangible assets that were initially recorded at their fair value at the time of acquisition. The finite-lived intangible
assets consist of customer relationships, trade name, and developed technology. Intangible assets with finite useful lives are amortized
using the straight-line method over their estimated useful life of three years.
The
Company reviews all finite-lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable.
If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over
the fair value in our consolidated statements of operations.
|
Goodwill |
Goodwill
Goodwill
represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets
of the business acquired. As of June 30, 2024 goodwill that arose from acquisition of CardCash (see Note 3) was $20,007,669. Under ASC
350 Intangibles-Goodwill and Other, goodwill and other intangible assets with indefinite lives are not amortized, but instead
are tested for impairment annually, or whenever events or circumstances indicate a potential impairment. The Company’s impairment
testing is performed annually at December 31. Impairment of goodwill and indefinite lived intangible assets is determined by comparing
the fair value of the Company’s reporting unit to the carrying value of the underlying net assets in the reporting unit. If the
fair value of the reporting unit is determined to be less than the carrying value of its net assets, goodwill is deemed impaired and
an impairment loss is recognized to the extent that the carrying value of goodwill exceeds the difference between the fair value of the
reporting unit and the fair value of its other assets and liabilities. In accordance with the “Segment Reporting” Topic of
the ASC, the Company’s chief operating decision maker (the Company’s Chief Executive Officer) determined that there is only
one reporting unit. No impairment indicators were identified as of June 30, 2024.
|
Long-Lived Assets |
Long-Lived
Assets
The
Company evaluates long-lived assets, other than goodwill and indefinite lived intangible assets, for impairment whenever events or changes
in circumstances indicate that their net book value may not be recoverable. The measurement of possible impairment is based upon the
ability to recover the carrying value of the asset through the expected future undiscounted cash flows from the use of the asset and
its eventual disposition. An impairment loss, equal to the difference between the asset’s fair value and its carrying value, is
recognized when the estimated future undiscounted cash flows are less than its carrying amount. No impairment indicators were identified
as of June 30, 2024.
|
Leases |
Leases
The
Company leases certain corporate office space under lease agreements. The Company determines whether a contract contains a lease at contract
inception. A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period
of time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of the
identified asset and the right to direct the use of the identified asset. Operating lease right-of-use assets (“ROU”) for
operating leases represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation
to make lease payments. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease
term at the commencement date. Operating lease expense is recognized on a straight-line basis over the lease term and is included in
the general and administrative line in the Company’s consolidated statements of operations. Leases with an initial term of 12 months or less are not included on the balance sheets.
|
Advertising |
Advertising
The
Company expenses advertising costs as incurred and amounted to $431,488 and $449,754 for the six months ended June 30, 2024 and 2023,
respectively, which are recorded in general and administrative in the Statements of Operations.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company periodically issues share-based awards to employees and non-employees and consultants for services rendered. Stock options vest
and expire according to terms established at the issuance date of each grant. Stock grants are measured at the grant date fair value.
Stock-based compensation cost is measured at fair value on the grant date and is generally recognized as a charge to operations ratably
over the requisite service, or vesting, period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services.
The
Company values its equity awards using the Black-Scholes option-pricing model, and accounts for forfeitures when they occur. Use of the
Black-Scholes option pricing model requires the input of subjective assumptions, including expected volatility, expected term, and a
risk-free interest rate. The expected volatility is based on the historical volatility of the Company’s common stock, calculated
utilizing a look-back period approximately equal to the contractual life of the stock option being granted. The expected life of the
stock option is calculated as the mid-point between the vesting period and the contractual term (the “simplified method”).
The risk-free interest rate is estimated using comparable published federal funds rates.
Stock-based
compensation expense recognized and recorded as part of selling, general and administrative expenses.
|
Earnings (Loss) Per Share |
Earnings
(Loss) Per Share
Basic
earnings (loss) per share is computed using the weighted average number of common shares issued and outstanding during the period. Diluted
earnings (loss) per share is computed using the weighted average number of common shares and the dilutive effect of contingent shares
outstanding during the period. Potentially dilutive contingent shares, which primarily consist of convertible notes and stock issuable
upon the exercise of stock options and warrants, have been excluded from the calculation of diluted loss per share because their effect
is anti-dilutive.
Loss
per common share is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding during
the respective periods. Basic and diluted loss per common share was the same for all periods presented because all convertible notes
and stock issuable upon the exercise of stock options and warrants outstanding were anti-dilutive.
At
June 30, 2024 and 2023, the Company excluded the outstanding convertible debt and securities summarized below, which entitle the holders
thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.
Schedule
of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share
| |
Successor | | |
Predecessor | |
| |
June
30, 2024 | | |
June
30, 2023 | |
| |
| | |
| |
Convertible
notes payable | |
| 27,758 | | |
| - | |
Common
stock issuable | |
| 350,843 | | |
| - | |
Series
B convertible preferred stock | |
| - | | |
| 1,526,882 | |
Common
stock options | |
| 4,123,282 | | |
| - | |
Total | |
| 4,501,883 | | |
| 1,526,882 | |
The
issuable and potentially issuable shares as summarized above. These potentially issuable common
shares would have been anti-dilutive because the Company had a net loss for the periods ended June 30, 2024 and 2023, such common stock
equivalents would have been excluded from the calculation of net loss per share.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier
hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is
as follows:
Level
1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability,
either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
Level
3 – unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.
A
financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant
to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment
and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
The
carrying value of the Company’s financial instruments (consisting of cash, accounts receivables, deposits to credit card processor,
prepaid expense and other current assets, accounts payable, accrued expenses, notes payable, and other liabilities) are considered to
be representative of their respective fair values due to the short-term nature of those instruments.
|
Segment Information |
Segment
Information
Under
ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available
that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in
assessing performance. The Company’s operation segment consists of one component, and the Company’s Chief Executive Officer,
who is also the CODM, makes decisions and manages the Company’s operations as a single operating segment.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade accounts receivable
and cash. The credit risk exposure surrounding trade accounts receivable is limited as these amounts represent the timing difference
between payments being settled by credit card processors and the cash being provided to the Company.
No
significant customers comprised more than 10%
of accounts receivable as of June 30, 2024 and December 31, 2023 or revenue as of and for the period ended June 30, 2024 and
2023.
The
Company maintains a cash balance at financial institutions, which at times exceed the federally insured limit. The Company has not
experienced nor expects to experience a loss on this account.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. The Company’s adopted ASU 2023-7 effective January 1, 2024, and there was
no material effect on the Company’s financial position, results of operations and cash flows.
Other
recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
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v3.24.2.u1
Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Disaggregation of Revenue |
In
the following table, revenue is disaggregated by our divisions and type of revenue for the three months ended June 30, 2024 and 2023:
Schedule
of Disaggregation of Revenue
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 19,516,572 | | |
$ | 113,250 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 19,650,055 | |
Business
to business (B2B) | |
| - | | |
| 370,447 | | |
| - | | |
| - | | |
| 370,447 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 19,516,572 | | |
$ | 483,697 | | |
$ | 5,682 | | |
$ | 14,551 | | |
$ | 20,020,502 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 21,091,657 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 21,091,657 | |
In
the following table, revenue is disaggregated by our divisions and type of revenue for the six months ended June 30, 2024 and 2023:
Sales
Channels | |
Gift
Cards | | |
Restaurant
Coupons | | |
Sale
of Travel, Vacation and Merchandise | | |
Advertising | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Successor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 40,586,579 | | |
$ | 230,276 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 40,861,318 | |
Business
to business (B2B) | |
| - | | |
| 681,078 | | |
| - | | |
| - | | |
| 681,078 | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 40,586,579 | | |
$ | 911,354 | | |
$ | 14,475 | | |
$ | 29,988 | | |
$ | 41,542,396 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Predecessor: | |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
to consumer (B2C) | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
Business
to business (B2B) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 45,253,385 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 45,253,385 | |
|
Schedule of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share |
At
June 30, 2024 and 2023, the Company excluded the outstanding convertible debt and securities summarized below, which entitle the holders
thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.
Schedule
of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share
| |
Successor | | |
Predecessor | |
| |
June
30, 2024 | | |
June
30, 2023 | |
| |
| | |
| |
Convertible
notes payable | |
| 27,758 | | |
| - | |
Common
stock issuable | |
| 350,843 | | |
| - | |
Series
B convertible preferred stock | |
| - | | |
| 1,526,882 | |
Common
stock options | |
| 4,123,282 | | |
| - | |
Total | |
| 4,501,883 | | |
| 1,526,882 | |
|
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v3.24.2.u1
Acquisition of Card Cash (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Schedule of Fair Value of Assets Acquired and Liabilities Assumed |
The
following table summarizes the allocation of the fair value of the purchase consideration to the fair value of tangible assets, identifiable
intangible assets, and assumed liabilities of CardCash on the date of acquisition:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
Fair
Value | |
| |
| |
Fair
value of consideration: | |
| | |
Cash | |
$ | 750,000 | |
Notes
payable ($750,000 due December 30, 2024; $750,000 due December 30, 2025) | |
| 1,500,000 | |
Common
stock (6,108,007 shares of common stock at $4.00 per share) | |
| 24,432,000 | |
Total
purchase price | |
$ | 26,682,000 | |
| |
| | |
Allocation
of the consideration to the fair value of assets acquired and liabilities assumed: | |
| | |
Cash | |
$ | 2,061,265 | |
Accounts
receivable | |
| 1,582,635 | |
Inventories | |
| 4,152,273 | |
Prepaids,
deposits, and other | |
| 220,385 | |
Property
and equipment, net | |
| 2,563,312 | |
Accounts
payable and accrued liabilities | |
| (2,068,154 | ) |
Line
of credit | |
| (6,737,385 | ) |
Deferred
tax liability | |
| (1,800,000 | ) |
Net
tangible assets | |
| (25,669 | ) |
| |
| | |
Intangible
assets: | |
| | |
Developed
technology | |
| 2,600,000 | |
Trade
name | |
| 2,400,000 | |
Customer
relationships | |
| 1,700,000 | |
Net
identifiable intangible assets | |
| 6,700,000 | |
Goodwill | |
| 20,007,669 | |
Fair
value of net asset acquired | |
$ | 26,682,000 | |
|
Schedule of Pro Forma Statements of Operations |
Schedule of Pro Forma Statements of Operations
| |
Six
Months Ended June
30, 2023 | |
| |
(Proforma,
unaudited) | |
| |
| |
Sales | |
$ | 46,786,584 | |
Net
loss | |
$ | (4,489,304 | ) |
Net
loss per share | |
$ | (0.33 | ) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.24.2.u1
Property and Equipment, Net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule Property and Equipment, Net |
Property
and equipment, net consisted of the following:
Schedule Property and Equipment, Net
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Website
development costs | |
$ | 2,983,111 | | |
$ | 2,533,466 | |
Leasehold
improvements | |
| 29,846 | | |
| 29,846 | |
Property
and equipment, gross | |
| 3,012,957 | | |
| 2,563,312 | |
Accumulated
depreciation | |
| (681,474 | ) | |
| - | |
Property
and equipment, net | |
$ | 2,331,483 | | |
$ | 2,563,312 | |
|
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v3.24.2.u1
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill and Intangible Assets |
Goodwill
and intangible assets consist of the following:
Schedule
of Goodwill
and Intangible Assets
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Goodwill | |
$ | 20,007,669 | | |
$ | 20,007,669 | |
| |
| | | |
| | |
Intangible
Assets | |
| | | |
| | |
Customer
relationships | |
| 1,700,000 | | |
| 1,700,000 | |
Trade
name | |
| 2,400,000 | | |
| 2,400,000 | |
Developed
technology | |
| 2,600,000 | | |
| 2,600,000 | |
Intangible
assets, gross | |
| 6,700,000 | | |
| 6,700,000 | |
Accumulated
amortization | |
| (1,215,834 | ) | |
| - | |
Intangible
assets, net | |
$ | 5,484,166 | | |
$ | 6,700,000 | |
|
Schedule of Identifiable Intangibles Assets Estimated Remaining Useful Lives |
Identifiable
intangibles are amortized over their estimated remaining useful lives, which are as follows:
Schedule
of Identifiable
Intangibles Assets Estimated Remaining Useful Lives
Description |
|
Weighted
Average
Useful Life (in years) |
Customer
relationships |
|
3 |
Trademarks,
trade names and service marks |
|
3 |
Developed
technology |
|
3 |
Non-competition
agreement |
|
5 |
|
Schedule of Estimated Amortization Expense |
Estimated
amortization expense for the Company is as follows:
Schedule
of Estimated Amortization Expense
| |
| | |
2024
(remaining) | |
$ | 1,016,166 | |
2025 | |
| 2,234,000 | |
2026 | |
| 2,234,000 | |
Total | |
$ | 5,484,166 | |
|
X |
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Schedule of Maturities of Operating Lease Liabilities |
Maturities
of the Company’s operating lease liabilities are as follows as of June 30, 2024:
Schedule
of Maturities of Operating Lease Liabilities
| |
Successor | |
| |
As
of June 30, 2024 | |
| |
| |
2024
(remaining) | |
$ | 208,164 | |
2025 | |
| 424,660 | |
2026 | |
| 438,374 | |
2027 | |
| 382,954 | |
2028 | |
| 359,654 | |
Thereafter | |
| 105,927 | |
Total | |
| 1,919,733 | |
Less:
Imputed interest | |
| (325,215 | ) |
Total
operating lease liability | |
$ | 1,594,518 | |
|
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v3.24.2.u1
Secured Revolving Line of Credit (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Line of Credit |
The
outstanding line of credit balance at June 30, 2024 and December 31, 2023 was:
Schedule
of Line of Credit
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Line
of credit | |
$ | 7,670,449 | | |
$ | 6,737,385 | |
|
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v3.24.2.u1
Convertible Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Convertible Debt |
|
Schedule of Convertible Debt |
Convertible
debt consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Convertible Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
Incumaker-past
due | |
$ | 20,000 | | |
| 20,000 | |
Total
principal balance | |
| 20,000 | | |
| 20,000 | |
Accrued
interest | |
| 21,637 | | |
| 20,137 | |
Total
principal and accrued interest | |
| 41,637 | | |
| 40,137 | |
Less
current portion | |
| (41,637 | ) | |
| (40,137 | ) |
Non-current
portion | |
$ | - | | |
$ | - | |
|
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v3.24.2.u1
Notes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
Notes
payable consists of the following at June 30, 2024 and December 31, 2023:
Schedule
of Notes Payable
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(Successor) | |
CardCash
acquisition notes payable | |
$ | 1,500,000 | | |
$ | 1,500,000 | |
GameIQ
acquisition note payable | |
| 102,199 | | |
| 102,199 | |
Economic
Injury Disaster Loans (EIDL) note payable | |
| 664,500 | | |
| 664,500 | |
Total
principal balance | |
| 2,266,699 | | |
| 2,266,699 | |
Accrued
interest | |
| 58,448 | | |
| 28,080 | |
Total
principal and accrued interest | |
| 2,325,147 | | |
| 2,294,779 | |
Less
current portion | |
| (932,792 | ) | |
| (836,509 | ) |
Non-current
portion | |
$ | 1,392,355 | | |
$ | 1,458,270 | |
|
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Schedule of Restricted Stock |
The following table summarizes restricted stock activity
during the six months ended June 30, 2024:
Schedule
of Restricted Stock
| |
Unvested Shares | | |
Issuable Shares | | |
Fair Value at Date of Issuance | | |
Weighted Average Grant Date Fair Value | |
Balance, December 31, 2023 | |
| 125,000 | | |
| - | | |
$ | 418,750 | | |
| 3.35 | |
Granted | |
| 425,000 | | |
| - | | |
| 1,793,500 | | |
| 4.22 | |
Vested | |
| (175,000 | ) | |
| 175,000 | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (175,000 | ) | |
| (964,609 | ) | |
| - | |
Balance, June 30, 2024 | |
| 375,000 | | |
| - | | |
$ | 1,247,641 | | |
$ | 3.86 | |
|
Summary of Stock Options |
A
summary of stock options for the six months ended June 30, 2024, is as follows:
Summary of Stock Options
| |
Number
of Options | | |
Weighted
Average Exercise Price | |
| |
(Successor) | |
Balance
outstanding, December 31, 2023 | |
| 743,116 | | |
| 4.43 | |
Options
granted | |
| 3,405,500 | | |
| 4.22 | |
Options
exercised | |
| (2,834 | ) | |
| 3.35 | |
Options
expired or forfeited | |
| (22,500 | ) | |
| 1.05 | |
Balance
outstanding, June 30, 2024 | |
| 4,123,282 | | |
$ | 4.28 | |
Balance
exercisable, June 30, 2024 | |
| 2,103,647 | | |
$ | 4.34 | |
|
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v3.24.2.u1
Schedule of Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
|
|
Revenue |
$ 20,020,502
|
$ 21,091,657
|
$ 41,542,396
|
$ 45,253,385
|
Sales Channel, Directly to Consumer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
19,650,055
|
21,091,657
|
40,861,318
|
45,253,385
|
Business to Business [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
370,447
|
|
681,078
|
|
Other [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Gift Cards [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
19,516,572
|
21,091,657
|
40,586,579
|
45,253,385
|
Gift Cards [Member] | Sales Channel, Directly to Consumer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
19,516,572
|
21,091,657
|
40,586,579
|
45,253,385
|
Gift Cards [Member] | Business to Business [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Gift Cards [Member] | Other [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Restaurant Coupons [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
483,697
|
|
911,354
|
|
Restaurant Coupons [Member] | Sales Channel, Directly to Consumer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
113,250
|
|
230,276
|
|
Restaurant Coupons [Member] | Business to Business [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
370,447
|
|
681,078
|
|
Restaurant Coupons [Member] | Other [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Sale of Travel, Vacation and Merchandise [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
5,682
|
|
14,475
|
|
Sale of Travel, Vacation and Merchandise [Member] | Sales Channel, Directly to Consumer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
5,682
|
|
14,475
|
|
Sale of Travel, Vacation and Merchandise [Member] | Business to Business [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Sale of Travel, Vacation and Merchandise [Member] | Other [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Advertising [Member] |
|
|
|
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v3.24.2.u1
Schedule of Anti- dilutive Securities Excluded from Computation of Earning Loss Per Share (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
Anti-dilutive securities |
|
|
4,501,883
|
1,526,882
|
Convertible Debt Securities [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
|
27,758
|
|
Common Stock Issuable [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
|
350,843
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
|
|
1,526,882
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
|
|
4,123,282
|
|
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v3.24.2.u1
Significant Accounting Policies (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 29, 2023 |
Product Information [Line Items] |
|
|
|
|
Intangible assets estimated useful life |
3 years
|
|
|
|
Goodwill |
$ 20,007,669
|
|
$ 20,007,669
|
|
Impairment of long-lived assets |
0
|
|
|
|
Advertising costs |
$ 431,488
|
$ 449,754
|
|
|
Customer Concentration Risk [Member] | No Customers [Member] | Accounts Receivable [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.00%
|
10.00%
|
|
|
Card Cash Exchange Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Goodwill |
$ 20,007,669
|
|
|
$ 20,007,669
|
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v3.24.2.u1
Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
|
Dec. 29, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
|
$ 20,007,669
|
$ 20,007,669
|
Card Cash Exchange Inc [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash |
$ 750,000
|
|
|
Notes payable |
1,500,000
|
|
|
Common stock |
24,432,000
|
|
|
Total purchase price |
26,682,000
|
|
|
Cash |
2,061,265
|
|
|
Accounts receivable |
1,582,635
|
|
|
Inventories |
4,152,273
|
|
|
Prepaids, deposits, and other |
220,385
|
|
|
Property and equipment, net |
2,563,312
|
|
|
Accounts payable and accrued liabilities |
(2,068,154)
|
|
|
Line of credit |
(6,737,385)
|
|
|
Deferred tax liability |
(1,800,000)
|
|
|
Net tangible assets |
(25,669)
|
|
|
Net identifiable intangible assets |
6,700,000
|
|
|
Goodwill |
20,007,669
|
$ 20,007,669
|
|
Fair value of net asset acquired |
26,682,000
|
|
|
Card Cash Exchange Inc [Member] | Developed Technology Rights [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Net identifiable intangible assets |
2,600,000
|
|
|
Card Cash Exchange Inc [Member] | Trade Names [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Net identifiable intangible assets |
2,400,000
|
|
|
Card Cash Exchange Inc [Member] | Customer Relationships [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Net identifiable intangible assets |
$ 1,700,000
|
|
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Acquisition of Card Cash (Details Narrative) - Card Cash Exchange Inc [Member]
|
Dec. 29, 2023
USD ($)
shares
|
Business Acquisition [Line Items] |
|
Purchase price |
$ 26,682,000
|
Shares issued | shares |
6,108,007
|
Fair value of common stock |
$ 24,682,000
|
Notes payable |
1,500,000
|
Payments of consideration in cash |
$ 750,000
|
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v3.24.2.u1
Schedule Property and Equipment, Net (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
Property and equipment, gross |
$ 3,012,957
|
|
$ 3,012,957
|
|
$ 2,563,312
|
Accumulated depreciation |
(681,474)
|
|
(681,474)
|
|
|
Property and equipment, net |
2,331,483
|
|
2,331,483
|
|
2,563,312
|
Website Development Costs [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
2,983,111
|
|
2,983,111
|
|
2,533,466
|
Leasehold Improvements [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
$ 29,846
|
|
$ 29,846
|
|
$ 29,846
|
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v3.24.2.u1
Schedule of Goodwill and Intangible Assets (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
Goodwill |
$ 20,007,669
|
|
$ 20,007,669
|
|
$ 20,007,669
|
Intangible assets, gross |
6,700,000
|
|
6,700,000
|
|
6,700,000
|
Accumulated amortization |
(1,215,834)
|
|
(1,215,834)
|
|
|
Intangible assets, net |
5,484,166
|
|
5,484,166
|
|
6,700,000
|
Customer Relationships [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Intangible assets, gross |
1,700,000
|
|
1,700,000
|
|
1,700,000
|
Trade Names [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Intangible assets, gross |
2,400,000
|
|
2,400,000
|
|
2,400,000
|
Developed Technology Rights [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Intangible assets, gross |
$ 2,600,000
|
|
$ 2,600,000
|
|
$ 2,600,000
|
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v3.24.2.u1
Schedule of Estimated Amortization Expense (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 (remaining) |
$ 1,016,166
|
|
2025 |
2,234,000
|
|
2026 |
2,234,000
|
|
Intangible assets, net |
$ 5,484,166
|
$ 6,700,000
|
X |
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v3.24.2.u1
Goodwill and Intangible Assets (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 29, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Intangible assets, net - provisional |
$ 5,484,166
|
|
$ 5,484,166
|
|
$ 6,700,000
|
|
Amortization expense |
$ 607,917
|
$ 75,000
|
$ 1,215,834
|
$ 150,000
|
|
|
Card Cash Exchange Inc [Member] |
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
Intangible assets, net - provisional |
|
|
|
|
|
$ 6,700,000
|
X |
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v3.24.2.u1
Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
2024 (remaining) |
$ 208,164
|
|
$ 208,164
|
|
|
2025 |
424,660
|
|
424,660
|
|
|
2026 |
438,374
|
|
438,374
|
|
|
2027 |
382,954
|
|
382,954
|
|
|
2028 |
359,654
|
|
359,654
|
|
|
Thereafter |
105,927
|
|
105,927
|
|
|
Total |
1,919,733
|
|
1,919,733
|
|
|
Less: Imputed interest |
(325,215)
|
|
(325,215)
|
|
|
Total operating lease liability |
$ 1,594,518
|
|
$ 1,594,518
|
|
$ 337,304
|
X |
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v3.24.2.u1
Leases (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
|
Operating lease right of use asset |
$ 1,555,713
|
|
$ 315,183
|
Office lease cost |
1,395,541
|
|
|
Reduction of right of use assets |
155,011
|
$ 94,481
|
|
Operating lease liability |
1,594,518
|
|
337,304
|
Payments to operating lease liability |
138,327
|
94,481
|
|
Current portion of lease liability |
296,937
|
|
134,475
|
Long-term lease liabilities |
1,297,581
|
|
$ 202,829
|
Lease cost |
$ 201,839
|
$ 115,322
|
|
Weighted average remaining lease term (in years) |
4 years 6 months 10 days
|
|
|
Weighted average discount rate |
8.00%
|
|
|
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Schedule of Line of Credit (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
Line of credit |
$ 7,670,449
|
|
$ 7,670,449
|
|
$ 6,737,385
|
X |
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Secured Revolving Line of Credit (Details Narrative) - USD ($)
|
1 Months Ended |
|
|
Nov. 30, 2020 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
|
Line of credit |
$ 10,000,000
|
|
|
Line of credit facility, prime rate |
3.00%
|
|
|
Line of credit facility, floor interest rate |
6.50%
|
|
|
Line of credit facility, average interest rate |
|
12.00%
|
12.00%
|
Restricted cash |
|
$ 1,258,826
|
$ 1,258,826
|
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Schedule of Convertible Debt (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
Less current portion |
$ (41,637)
|
|
$ (41,637)
|
|
$ (40,137)
|
Convertible Debt [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
20,000
|
|
20,000
|
|
20,000
|
Accrued interest |
21,637
|
|
21,637
|
|
20,137
|
Total principal and accrued interest |
41,637
|
|
41,637
|
|
40,137
|
Less current portion |
(41,637)
|
|
(41,637)
|
|
(40,137)
|
Non-current portion |
|
|
|
|
|
Convertible Debt [Member] | Incumaker Inc [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
20,000
|
|
20,000
|
|
$ 20,000
|
Accrued interest |
$ 21,637
|
|
$ 21,637
|
|
|
X |
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|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
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$ 20,000
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$ 20,000
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20,137
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Incumaker Inc [Member] |
|
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20,000
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|
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Schedule of Notes Payable (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
|
Non-current portion |
$ 1,392,355
|
|
$ 1,392,355
|
|
$ 1,458,270
|
Card Cash Exchange Inc [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Accrued interest |
37,500
|
|
37,500
|
|
|
Total principal and accrued interest |
1,500,000
|
|
1,500,000
|
|
1,500,000
|
GameIQ Acquisition Corp., Inc [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Accrued interest |
1,233
|
|
1,233
|
|
821
|
Total principal and accrued interest |
102,199
|
|
102,199
|
|
102,199
|
Economic Injury Disaster Loans Notes Payable [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
664,500
|
|
664,500
|
|
664,500
|
Notes Payable [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
2,266,699
|
|
2,266,699
|
|
2,266,699
|
Accrued interest |
58,448
|
|
58,448
|
|
28,080
|
Total principal and accrued interest |
2,325,147
|
|
2,325,147
|
|
2,294,779
|
Less current portion |
(932,792)
|
|
(932,792)
|
|
(836,509)
|
Non-current portion |
1,392,355
|
|
1,392,355
|
|
1,458,270
|
Notes Payable [Member] | Card Cash Exchange Inc [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
1,500,000
|
|
1,500,000
|
|
1,500,000
|
Notes Payable [Member] | GameIQ Acquisition Corp., Inc [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Total principal balance |
$ 102,199
|
|
$ 102,199
|
|
$ 102,199
|
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v3.24.2.u1
Notes Payable (Details Narrative) - USD ($)
|
Dec. 29, 2023 |
Feb. 01, 2022 |
Jul. 14, 2021 |
Jul. 21, 2020 |
Jun. 17, 2020 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jan. 31, 2022 |
Economic Injury Disaster Loans [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable outstanding |
|
|
|
|
|
$ 664,500
|
$ 664,500
|
|
Debt instrument interest rate |
|
|
|
3.75%
|
|
|
|
|
Accrued interest |
|
|
|
|
|
19,714
|
27,259
|
|
Debt principal and interest periodic payment |
|
|
|
$ 3,500
|
|
|
|
|
Debt instrument term |
|
|
|
30 years
|
|
|
|
|
Economic Injury Disaster Loans [Member] | SBA [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from loans |
|
|
$ 350,000
|
$ 150,000
|
$ 150,000
|
|
|
|
Notes Payable [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable outstanding |
|
|
|
|
|
2,325,147
|
2,294,779
|
|
Accrued interest |
|
|
|
|
|
58,448
|
28,080
|
|
Card Cash Exchange Inc [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable |
$ 1,500,000
|
|
|
|
|
|
|
|
Notes payable outstanding |
|
|
|
|
|
1,500,000
|
1,500,000
|
|
Accrued interest |
|
|
|
|
|
37,500
|
|
|
Card Cash Exchange Inc [Member] | Due December 30, 2025 [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument interest rate |
5.00%
|
|
|
|
|
|
|
|
Card Cash Exchange Inc [Member] | Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable outstanding |
$ 750,000
|
|
|
|
|
|
|
|
Maturity date |
Dec. 29, 2025
|
|
|
|
|
|
|
|
Card Cash Exchange Inc [Member] | Notes Payable One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable outstanding |
$ 750,000
|
|
|
|
|
|
|
|
Maturity date |
Dec. 29, 2024
|
|
|
|
|
|
|
|
GameIQ Acquisition Corp., Inc [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable outstanding |
|
|
|
|
|
102,199
|
102,199
|
|
Accrued interest |
|
|
|
|
|
$ 1,233
|
$ 821
|
|
GameIQ Acquisition Corp., Inc [Member] | Economic Injury Disaster Loans [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
$ 900
|
Debt instrument face amount |
|
|
|
|
|
|
|
$ 14,500
|
GameIQ Acquisition Corp., Inc [Member] | Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable |
|
$ 62,101
|
|
|
|
|
|
|
GameIQ Acquisition Corp., Inc [Member] | Notes Payable One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable |
|
$ 78,813
|
|
|
|
|
|
|
GameIQ Acquisition Corp., Inc [Member] | Notes Payable [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Maturity date |
|
Feb. 01, 2025
|
|
|
|
|
|
|
Debt instrument interest rate |
|
1.00%
|
|
|
|
|
|
|
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v3.24.2.u1
Stockholder’s Deficit (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
|
Mar. 01, 2024 |
Dec. 29, 2023 |
Mar. 01, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
10,000,000
|
|
10,000,000
|
Preferred stock, par value |
|
|
|
$ 0.001
|
|
$ 0.001
|
Preferred stock, shares issued |
|
|
|
0
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
0
|
|
0
|
Common stock, shares authorized |
|
|
|
750,000,000
|
|
750,000,000
|
Common stock, par value |
|
|
|
$ 0.001
|
|
$ 0.001
|
Common stock, shares issued |
|
|
|
25,912,263
|
|
24,119,967
|
Common stock, shares outstanding |
|
|
|
25,912,263
|
|
24,119,967
|
Proceeds from Issuance of Common Stock |
|
|
|
$ 2,921,500
|
|
|
Fair value of shares issued for services |
|
|
|
$ 217,500
|
|
|
Common stock issuable, shares |
|
|
|
350,843
|
|
383,343
|
Common stock issuable, value |
|
|
|
|
|
$ 383,000
|
Common stock issued, shares |
|
|
|
32,500
|
|
|
Consultants [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
50,000
|
|
|
Fair value of shares issued for services |
|
|
|
$ 217,500
|
|
|
Share issued price per share |
|
|
|
$ 4.35
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
|
|
|
175,000
|
|
|
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures |
$ 1,793,500
|
|
$ 1,005,000
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights |
The restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date
|
|
The
restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date
|
|
|
|
Share issued price per share |
$ 4.22
|
|
$ 3.35
|
|
|
|
Employment Agreement [Member] | Restricted Stock [Member] | Elliot Bohm and Marc Ackerman [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
|
1,250,000
|
|
|
|
|
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures |
|
$ 10,000,000
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights |
|
50%
vesting immediately and 50% vesting over 4 years
|
|
|
|
|
Stock compensation expense, value |
|
|
|
$ 625,000
|
|
|
Stock compensation expense, shares |
|
|
|
66,666
|
|
|
Unamortized stock option |
|
|
|
$ 4,375,000
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
|
|
$ 2,921,500
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
|
1,467,000
|
|
|
Sale of Stock, Price Per Share |
|
|
|
$ 2.00
|
|
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v3.24.2.u1
Schedule of Restricted Stock (Details)
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unvested shares, granted |
3,405,500
|
Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unvested shares, balance |
125,000
|
Issuable shares, balance |
|
Fair value, balance | $ |
$ 418,750
|
Weighted average grant date fair value, balance | $ / shares |
$ 3.35
|
Unvested shares, granted |
425,000
|
Issuable shares, granted |
|
Fair value, granted | $ |
$ 1,793,500
|
Weighted average grant date fair value, granted | $ / shares |
$ 4.22
|
Unvested shares, vested |
(175,000)
|
Issuable shares, vested |
175,000
|
Fair value, vested | $ |
|
Weighted average grant date fair value, vested | $ / shares |
|
Unvested shares, forfeited |
|
Issuable shares, forfeited |
|
Fair value, forfeited | $ |
|
Weighted average grant date fair value, forfeited | $ / shares |
|
Unvested shares, issued |
|
Issuable shares, issued |
(175,000)
|
Fair value, issued | $ |
$ (964,609)
|
Weighted average grant date fair value, issued | $ / shares |
|
Unvested shares, balance |
375,000
|
Issuable shares, balance |
|
Fair value, balance | $ |
$ 1,247,641
|
Weighted average grant date fair value, balance | $ / shares |
$ 3.86
|
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v3.24.2.u1
Summary of Stock Options (Details) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
|
|
|
Financial Designation, Predecessor and Successor |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
Number of Options. Balance outstanding, beginning |
|
|
743,116
|
|
Weighted Average Exercise Price, Balance outstanding |
|
|
$ 4.43
|
|
Number of Options, granted |
|
|
3,405,500
|
|
Weighted Average Exercise Price, Options granted |
|
|
$ 4.22
|
|
Number of Options, exercised |
|
|
(2,834)
|
|
Weighted Average Exercise Price, Options exercised |
|
|
$ 3.35
|
|
Number of Options expired or forfeited |
|
|
(22,500)
|
|
Weighted Average Exercise Price, Options expired or forfeited |
|
|
$ 1.05
|
|
Number of Options. Balance outstanding, ending |
4,123,282
|
|
4,123,282
|
|
Weighted Average Exercise Price, Balance outstanding |
$ 4.28
|
|
$ 4.28
|
|
Number of Options. Balance exercisable |
2,103,647
|
|
2,103,647
|
|
Weighted Average Exercise Price, Balance exercisable |
$ 4.34
|
|
$ 4.34
|
|
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v3.24.2.u1
Stock-Based Compensation (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
Apr. 01, 2024 |
Mar. 01, 2024 |
Mar. 01, 2023 |
Jun. 30, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock compensation expense |
|
|
|
$ 964,609
|
Number of stock option shares issued |
|
|
|
2,103,647
|
Options, fair market value |
|
|
|
$ 4.20
|
Weighted average exercisable price |
|
|
|
$ 4.34
|
Share-Based Payment Arrangement, Expense |
|
|
|
$ 5,706,311
|
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount |
|
|
|
$ 7,997,509
|
Options exercisable, weighted average remaining contractual life |
|
|
|
4 years 3 months 10 days
|
Options exercisable, intrinsic value |
|
|
|
$ 1,588,479
|
2019 Stock Incentive Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock price |
$ 4.01
|
|
|
|
Share based compensation vesting |
vesting of 33%
on April 1, 2024, and then 33% on each subsequent anniversary date
|
|
|
|
Number of stock option shares issued |
3,405,500
|
|
|
|
Options, fair market value |
$ 4.01
|
|
|
|
Weighted average exercisable price |
$ 4.01
|
|
|
|
Fair value of options |
$ 13,500,000
|
|
|
|
Expected term |
6 years
|
|
|
|
Volatility percentage |
220.00%
|
|
|
|
Dividend rate |
0.00%
|
|
|
|
Weighted average risk-free interest rate |
4.33%
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued restricted stock |
|
|
|
175,000
|
Issuance of restricted stock to employees, value |
|
$ 1,793,500
|
$ 1,005,000
|
|
Stock price |
|
$ 4.22
|
$ 3.35
|
|
Share based compensation vesting |
|
The restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date
|
The
restricted stock grant vest 33% on the grant date, and 33% on each subsequent anniversary date
|
|
Unamortized stock compensation expense |
|
|
|
$ 1,247,641
|
Vesting period |
|
|
|
Mar. 01, 2026
|
Fair value of options |
|
|
|
|
Chief Executive Officer [Member] | Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued restricted stock |
|
200,000
|
200,000
|
|
Employees [Member] | Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued restricted stock |
|
|
100,000
|
|
Other Officers and Employees [Member] | Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued restricted stock |
|
225,000
|
|
|
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