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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended June 30,
2024
[ ] 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 000-24115
WORLDS INC.
(Exact Name of Registrant as Specified in
Its Charter)
Delaware |
22-1848316 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
11 Royal Road
Brookline, MA 02445
(Address of Principal Executive Offices)
(617) 725-8900
(Registrant's Telephone Number, Including Area Code)
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 [X] No [ ]
Indicate by check mark whether the registrant has
submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] 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.
(Check One):
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 [X]
As of July 31, 2024, 57,112,506 shares of the
Issuer's Common Stock were outstanding.
Worlds Inc.
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
| |
| |
|
Worlds Inc. | |
| |
|
Balance Sheets | |
| |
|
June 30, 2024 and December 31, 2023 | |
| |
|
| |
Unaudited | |
Audited |
| |
June 30, 2024 | |
December 31, 2023 |
ASSETS: | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 84,335 | | |
$ | 244,856 | |
Prepaid expenses | |
| 23,545 | | |
| 20,545 | |
Total Current Assets | |
| 107,880 | | |
| 265,401 | |
| |
| | | |
| | |
Total assets | |
$ | 107,880 | | |
$ | 265,401 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT: | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 802,708 | | |
$ | 798,108 | |
Accrued expenses related party | |
| 180,765 | | |
| 148,151 | |
Accrued expenses | |
| 1,721,033 | | |
| 1,688,026 | |
Notes payable exceeding statute of limitations | |
| 773,279 | | |
| 773,279 | |
Total Current Liabilities | |
| 3,477,785 | | |
| 3,407,564 | |
| |
| | | |
| | |
Total Liabilities | |
| 3,477,785 | | |
| 3,407,564 | |
| |
| | | |
| | |
Common stock (Par value $0.001 authorized 250,000,000 shares, issued and outstanding 57,112,506 at June 30, 2024 and December 31, 2023 | |
| 57,113 | | |
| 57,113 | |
Additional paid in capital | |
| 42,335,725 | | |
| 42,335,725 | |
Common stock-warrants | |
| 1,206,913 | | |
| 1,206,913 | |
Accumulated deficit | |
| (46,969,656 | ) | |
| (46,741,914 | ) |
Total stockholders' deficit | |
| (3,369,905 | ) | |
| (3,142,163 | ) |
| |
| | | |
| | |
Total Liabilities and stockholders' deficit | |
$ | 107,880 | | |
$ | 265,401 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements |
| |
| |
| |
| |
|
Worlds Inc. | |
| |
| |
| |
|
Statements of Operations | |
| |
| |
| |
|
For the Six and Three Months Ended June 30, 2024 and 2023 | |
| |
| |
| |
|
| |
Unaudited | |
Unaudited |
| |
Six Months Ended June 30 | |
Three Months Ended June 30 |
| |
| |
| |
| |
|
| |
2024 | |
2023 | |
2024 | |
2023 |
Revenue | |
| | | |
| | | |
| | | |
| | |
Revenue | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Cost and Expenses | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenue | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit/(Loss) | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Selling, General & Admin. | |
| 60,787 | | |
| 56,402 | | |
| 34,022 | | |
| 30,678 | |
Salaries and related | |
| 129,298 | | |
| 107,934 | | |
| 68,939 | | |
| 53,825 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (190,085 | ) | |
| (164,336 | ) | |
| (102,961 | ) | |
| (84,502 | ) |
| |
| | | |
| | | |
| | | |
| | |
Gain on sale of marketable securities | |
| — | | |
| 76,839 | | |
| | | |
| 7,804 | |
Interest expense | |
| (37,657 | ) | |
| (37,630 | ) | |
| (18,919 | ) | |
| (18,919 | ) |
Net Income/(Loss) | |
| (227,742 | ) | |
| (125,127 | ) | |
| (121,880 | ) | |
| (95,617 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Gain (Loss) per share, basic and diluted | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.00 | ) |
Weighted Average Common Shares Outstanding, basic and diluted | |
| 57,112,506 | | |
| 57,112,506 | | |
| 57,112,506 | | |
| 57,112,506 | |
| |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these financial statements |
| |
| |
| |
| |
| |
|
Worlds Inc. | |
| |
| |
| |
| |
|
Statement of Stockholders' Deficit | |
| |
| |
| |
| |
|
For the Six Months Ended June 30, 2023 and 2024 - Unaudited | |
| |
| |
|
| |
| |
| |
|
| |
| |
| |
Additional | |
Common | |
| |
Total |
| |
Stock | |
Stock | |
Paid-in | |
Stock | |
Accumulated | |
stockholders' |
| |
Shares | |
Amount | |
capital | |
Warrants | |
Deficit | |
Deficit |
| |
| |
| |
| |
| |
| |
|
Balances, December 31, 2022 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,824,093 | ) | |
| (3,224,342 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (29,510 | ) | |
| (29,510 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances. March 31, 2023 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,853,603 | ) | |
| (3,253,852 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (95,617 | ) | |
| (95,617 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2023 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,949,220 | ) | |
| (3,349,469 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, December 31, 2023 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,741,914 | ) | |
| (3,142,163 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (105,862 | ) | |
| (105,862 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, March 31, 2024 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,847,776 | ) | |
| (3,248,025 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (121,880 | ) | |
| (121,880 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2024 | |
| 57,112,506 | | |
| 57,113 | | |
| 42,335,725 | | |
| 1,206,913 | | |
| (46,969,656 | ) | |
| (3,369,905 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these financial
statements |
| |
| |
|
Worlds Inc. | |
| |
|
Statements of Cash Flows | |
| |
|
Six Months Ended June 30, 2024 and 2023 | |
| |
|
| |
Unaudited | |
Unaudited |
| |
6/30/2024 | |
6/30/2023 |
Cash flows from operating activities: | |
| | | |
| | |
Net Income/(loss) | |
$ | (227,742 | ) | |
$ | (125,127 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Realized gain on sale of marketable securities | |
| — | | |
| (76,839 | ) |
Prepaid expenses | |
| (3,000 | ) | |
| — | |
Accounts payable and accrued expenses related party | |
| 32,614 | | |
| 58,825 | |
Accounts payable and accrued expenses | |
| 37,607 | | |
| 77,426 | |
Net cash (used in) operating activities: | |
| (160,521 | ) | |
| (65,715 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Cash received from sale of marketable securities | |
| — | | |
| 76,839 | |
Cash provided by investing activities | |
| — | | |
| 76,839 | |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Loan payable related party | |
| — | | |
| 27,000 | |
Net cash provided by financing activities | |
| — | | |
| 27,000 | |
| |
| | | |
| | |
Net increase/(decrease) in cash and cash equivalents | |
| (160,521 | ) | |
| 38,124 | |
| |
| | | |
| | |
Cash and cash equivalents, including restricted, beginning of year | |
| 244,856 | | |
| 7,778 | |
| |
| | | |
| | |
Cash and cash equivalents, including restricted, end of period | |
$ | 84,335 | | |
$ | 45,902 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | — | | |
$ | — | |
Income taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements |
Worlds Inc.
NOTES TO FINANCIAL STATEMENTS
Three Months Ended June 30, 2024
(Unaudited)
NOTE 1 – GOING CONCERN
As reflected in the accompanying financial statements,
the Company has a working capital deficiency of $3,369,905 and a stockholder’s deficiency of $3,369,905 and used $160,521 of cash
in operations for the six months ended June 30, 2024. This raises substantial doubt about its ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and
implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern.
Management believes that the actions presently being
taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern,
although no assurance can be given that the Company will be successful.
NOTE 2 – DESCRIPTION OF BUSINESS AND SUMMARY
OF ACCOUNTING POLICIES
Description of Business
On May 16, 2011, the Company transferred, through
a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and
related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its
collection of non-fungible tokens.
Basis of Presentation
The accompanying financial statements have been prepared
in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred
significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds
for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company
will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its
business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which
has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its
attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity
worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using
consultants to perform any additional work that may be required.
Use of Estimates
The preparation of financial statements in conformity
with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and cash equivalents include highly liquid money
market instruments, which have original maturities of three months or less at the time of purchase.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASC
606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun
off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses
of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first
half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of
non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance
obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.
Advertising Expenses
Advertising costs are expensed as incurred. There
were no advertising costs in the six months ended June 30, 2024 and 2023.
Research and Development Costs
Research and development costs are charged to operations
as incurred. There were no research and development costs in the six months ended June 30, 2024 and 2023.
Prepaid Expenses
Prepaid expenses is a retainer paid to a law firm
and an advance payment to a data center. The balance at June 30, 2024 is $23,545. The balance at December 31, 2023 is $20,545.
Property and Equipment
Property and equipment are stated at cost. Depreciation
is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income. Maintenance and repairs are charged to expense in the period incurred.
Impairment of Long-Lived Assets
The Company evaluates the recoverability of its fixed
assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition
of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered
to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values.
The Company adopted the statement on inception. No impairments of these types of assets were recognized during the first six months of
2024 and 2023.
Stock-Based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation.
This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments
based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an
employee is required to provide services in exchange for the award (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service.
Income Taxes
The Company accounts for income taxes under Section
740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting
and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences
are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely
than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes
the enactment date.
ASC 740 prescribes a comprehensive model for how companies
should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on
a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the
position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as
the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority
assuming full knowledge of the position and relevant facts.
Notes Payable
The Company has $773,279 in short term notes outstanding
at June 30, 2024 and December 31, 2023. These are old notes payable for which the statute of limitations has passed and therefore the
Company does not expect it will ever have to repay those notes.
Comprehensive Income (Loss)
The Company reports comprehensive income and its components
following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive
income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during
the period covered in the financial statements.
Loss Per Share
Net loss per common share is computed pursuant to
section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares
of common stock outstanding during the period. As of June 30, 2024, there were 16,600,000 options and no warrants outstanding and as of
June 30, 2023, there were 22,400,000 options and no warrants outstanding whose effect is anti-dilutive and not included in diluted net
loss per share for June 30, 2024 or for June 30, 2023. The options and warrants may dilute future earnings per share.
Commitments and Contingencies
The Company follows subtopic 450-20 of the FASB ASC
to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result
in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such
contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal
proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein.
If the assessment of a contingency indicates that
it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not
probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate
of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time, that these matters will have a material adverse effect on the Company’s financial position,
results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s
business, financial position, and results of operations or cash flows.
During 2000 the Company was involved in a lawsuit
relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June
30, 2024, and December 31, 2023 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in
the accompanying balance sheets.
Risk and Uncertainties
The Company is subject to risks common to companies
in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on
key personnel.
Off Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.
Uncertain Tax Positions
The Company did not take any uncertain tax positions
and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year
ended December 31, 2023.
Fair Value of Financial Instruments
The Company measures assets and liabilities at fair
value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount
that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between
market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring
or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.
The following are the hierarchical levels of inputs to measure fair value:
• |
Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities. |
• |
Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• |
Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. |
The carrying amounts of the Company’s financial
assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable
and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes
payable are measured at amortized cost.
Warrant and option expense was measured by using level
3 valuation.
Embedded Conversion Features
The Company evaluates embedded conversion features
within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should
be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings.
If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt
with Conversion and Other Options” for consideration of any beneficial conversion feature.
Derivative Financial Instruments
The Company does not use derivative instruments to
hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock
purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative
financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is
then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.
For option-based simple derivative financial instruments,
the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period.
Recent Accounting Pronouncements
The Company has reviewed all recently issued, but
not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause
a material impact on its financial condition or the results of its operations.
NOTE 3 - NOTES PAYABLE
Notes payable at June 30, 2024 consist of the following: |
|
|
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
124,230 |
|
|
|
|
|
|
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
649,049 |
|
Total notes |
|
$ |
773,279 |
|
2024 (6 months remaining) |
|
$ |
773,279 |
|
2025 |
|
$ |
-0- |
|
2026 |
|
$ |
-0- |
|
2027 |
|
$ |
-0- |
|
2028 |
|
$ |
-0- |
|
|
|
$ |
773,279 |
|
The Company accrued interest of $37,657 on the notes
during the quarter ended June 30, 2024.
NOTE 4 - EQUITY
The Company did not issue any shares of common stock,
options or warrants in the six months ending June 30, 2024 or in the six months ending June 30, 2023.
|
|
|
|
Stock Warrants and Options |
|
|
Stock warrants/options outstanding and exercisable on June 30, 2024 are as follows |
|
|
|
|
Exercise Price per Share |
Shares Under Option/warrant |
Remaining Life in Years |
|
|
|
Outstanding |
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
|
|
|
|
|
|
|
|
Exercisable |
|
|
|
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
|
|
NOTE 5 - COMMITMENTS AND CONTINGENCIES
The Company is committed to an employment agreement
with its President and CEO, Thom Kidrin. The agreement, dated as of August 28, 2018, is for five years with a one-year renewal option
held by Mr. Kidrin. Prior to its expiration, Mr. Kidrin agreed to a one year extension of his employment agreement. The agreement provides for a base salary of $200,000, which increases 10% on September 1 of each year; a monthly
car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows:
$75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax
Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the
year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%)
percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 5 million shares of
Worlds Inc. common stock at an exercise price of $0.25 per share, 2 million of which vested on August 28, 2018, 1.5 million vested on August 28, 2019 and the remaining 1.5 million vested on August 28, 2020 ; a death benefit of at least $2 million dollars;
and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the
agreement). The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is
subject to restrictive covenants for 12 months after termination.
NOTE 6 - RELATED PARTY TRANSACTIONS
During the six months ended June 30, 2023,
Mr. Kidrin the CEO of the Company loaned the Company $47,000 to cover operating expenses. The Company repaid Mr. Kidrin $20,000 in
April of 2023.
The balance in the accrued expense attributable to
related parties is comprised of accrued salary due the CEO based on an employment agreement for $107,077, $15,114 change from the December
31, 2023 balance and an accrued consulting fee to the CFO in the amount of $73,688, an increase of $17,500 in the six months ended June
30, 2024 for a total of $180,765 at June 30, 2024.
The balance in the accrued expense attributable to
related parties at December 31, 2023 is comprised of accrued salary due the CEO based on an employment agreement for $91,963 and an accrued
consulting fee to the CFO in the amount of $56,188 for a total of $148,151 at December 31, 2023.
NOTE 7 – ACCRUED EXPENSES
Accrued expenses is comprised of (i) $180,765 owed
to related parties, (ii) $205,000 related to a judgment against the Company relating to unpaid consulting services dating back to April
of 2001, for which collection has not been sought in two decades so the Company does not expect it will ever have to pay it, (iii) $1,494,433
related to old accruals for which the statute of limitations has passed and therefore the Company does not expect it will ever have to
repay those amounts, (iv) $3,820 related to accruals for recurring operating expenses, and (v) $17,780 related to a judgement requiring
the Company to reimburse litigation fees.
NOTE 8 – PREPAID EXPENSES
Prepaid expenses at June 30, 2024 is $23,545 and is
comprised of a retainer paid to a law firm and a prepayment to a data center for three months of future services. Prepaid expenses at
December 31, 2023 is comprised of a retainer to a law firm in the amount of $20,545.
NOTE 9 – SALE OF MARKETABLE SECURITIES
When Worlds Inc. spun off Worlds Online Inc. in January
2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained
on the books of the Company with a book value of $0.
During the six months ended June 30, 2024, there
were no sales of stock.
During the six months ended June 30, 2023 the Company
generated net cash of $76,839 from the sale of 200,000 shares of MariMed Inc. common stock. The average price was $0.40 per share.
As of June 30, 2024, the Company still owns approximately
350,000 shares of MariMed Inc. common stock.
NOTE 10 – SUBSEQUENT EVENTS
The Company evaluates events that have occurred after
the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional
recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.
Item 2. Management's Discussions and Analysis of
Financial Condition and Results of Operations
Forward Looking Statements
When used in this Form 10-Q and in other filings by
the Company with the Commission, the words or phrases such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," “hope”, "may," "plan," "predict," "project,"
"will" or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward looking statements, each
of which speak only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results
to differ materially from historical earnings and those presently anticipated or projected. The Company has no obligation to publicly
release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events
or circumstances occurring after the date of such statements.
These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results to be materially different. These factors include, but are
not limited to, changes that may occur to general economic and business conditions resulting from changes in political, social and economic
conditions (whether or not related to terrorism, war, pandemic, weather, environmental or other factors) in the jurisdictions in which
we operate and changes to regulations that pertain to our operations.
The following discussion should be read in conjunction
with the unaudited financial statements and related notes which are included under Item 1.
We do not undertake to update our forward-looking
statements or risk factors to reflect future events or circumstances.
Overview
General
On May 16, 2011, we transferred, through a spin-off
to our then wholly owned subsidiary, Worlds Online Inc. (currently named MariMed Inc.), the majority of our operations and related operational
assets. We retained our patent portfolio. We also entered into a License Agreement with MariMed Inc. to sublicense patented technologies,
which agreement has since expired.
At present, the Company’s anticipated sources
of revenue will be from any revenue that may be generated from monetizing our collection of non-fungible tokens and our legacy celebrity
virtual reality worlds and from other applications of our technology that we may develop.
Revenues
We generated no revenue during the quarter.
Expenses
We classify our expenses into two broad groups:
• |
Cost of revenues; and |
• |
selling, general and administration. |
Liquidity and Capital Resources
We have had to limit our operations since mid- 2001
due to a lack of liquidity. However, we were able to issue equity and convertible debt in the last few years and raise small
amounts of capital from time to time that, prior to the spinoff, was used to enable us to begin upgrading our technology, develop new
products and actively solicit additional business, and more recently to protect, increase and enforce our patent portfolio.
Although we have been able to generate funds through
our sale of shares of MariMed Inc., we continue to pursue additional sources of capital though we have no current arrangements with respect
to, or sources of, additional financing at this time and there can be no assurance that any such financing will become available. If we
cannot raise additional capital, form an alliance of some nature with another entity, raise more funds through the sale of shares of MariMed
Inc., or start to generate sufficient revenues, we may be unable to purchase additional patents or otherwise expand operations through
acquisition or otherwise.
RESULTS OF OPERATIONS
Revenue was $0 for the three months ended June 30,
2024 and 2023. Since the termination of our patent infringement lawsuits, the Company’s sources of revenue are anticipated
to be from monetizing our collection of non-fungible tokens from our legacy celebrity virtual reality worlds. We still need to raise
a sufficient amount of capital to provide the resources required that would enable us to expand our business.
Three months ended June 30, 2024 compared to three
months ended June 30, 2023
Selling general and administrative (SG&A) expenses
increased by $3,344 to $34,022 for the three months ended June 30, 2024 from $30,678 for the three months ended June 30, 2023.
Salaries and related increased by $15,115 to $68,939
from $53,824 for the three months ended June 30, 2024 and 2023, respectively. The CEO’s salary is based on the terms of his 2018
employment agreement and he is the Company’s only salaried employee.
For the three months ended June 30, 2024 and June
30, 2023, the Company had interest expense of $18,919.
For the three months ended June 30, 2023, the Company
had a gain on sale of marketable securities of $7,804. For the three months ended June 30, 2024, the Company did not sell any marketable
securities.
As a result of the foregoing, we realized a net loss
of $121,880 for the three months ended June 30, 2024 compared to a net loss of $95,617 in the three months ended June 30, 2023.
Six months ended June 30, 2024 compared to six
months ended June 30, 2023
Revenue is $0 for the six months ended June 30, 2024
and 2023. All the operations were transferred over to Worlds Online Inc. in the spin off. The business up to the spin off continued to
run in a severely diminished mode due to the lack of liquidity. Post spin off we still need to raise a sufficient amount of capital
to provide the resources required that would enable us to continue running the business.
Cost of revenues is $0 in the six months ended June
30, 2024 and 2023.
Selling general and administrative (SG&A)
expenses increased by $4,385 from $56,402 to $60,787 for the six months ended June 30, 2023 and 2024, respectively. The increase is due
to an increase in data center costs.
Salaries and related increased by $21,364 to $129,298
from $107,934 for the six months ended June 30, 2024 and 2023, respectively. The CEO’s salary is based on the terms of his 2018
employment agreement and he is the Company’s only salaried employee.
For the six months ended June 30, 2024, the Company
had interest expense of $37,657. For the six months ended June 30, 2023, the Company had interest expense of $37,630.
For the six months ended June 30, 2023, the Company
had a gain on sale of marketable securities of $76,839. The Company did not sell any securities in the six months ended June 30, 2024.
As a result of the foregoing, we realized a net loss
of $227,742 for the six months ended June 30, 2024 compared to a net loss of $125,127 in the six months ended June 30, 2023.
Liquidity and Capital Resources
At June 30, 2024, our cash and cash equivalents were
$84,335. The Company was unable to raise funds during the six months ended June 30, 2024. The Company used $160,521 in cash to pay for
operating expenses during the six months ended June 30, 2024.
At June 30, 2023, our cash and cash equivalents were
$45,902. The Company raised funds by selling shares of stock that the Company retained in the spin off company MariMed Inc. during the
six months ended June 30, 2023. The Company raised $76,839 from selling shares of MariMed Inc. common stock. The Company used $65,715
in cash to pay for operating expenses during the six months ended June 30, 2023.
Historically, primary cash requirements have been
used to fund the cost of operations and lawsuits, and patent enforcement, with additional funds having been used in connection with the
exploration of new business lines.
We hope to raise additional funds to be used for further
expansion of our legacy celebrity worlds and collection of non-fungible tokens. No assurances can be given that we will be able to
raise any additional funds.
Item 4. Controls And Procedures
As of June 30, 2024, we carried out an evaluation,
under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer,
of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2024.
Changes in Internal Control Over Financial Reporting
During the quarter covered by this report there were
no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934, as amended) that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
PART II OTHER INFORMATION
Legal
Proceedings
None
Item 1A. Risk Factors
We are not obligated to disclose our risk factors
in this report, however, limited information regarding our risk factors appears in Part I, Item 2. “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” under the caption “Forward-Looking Statements” contained
in this Quarterly Report on Form 10-Q and in “Item 1A. RISK FACTORS” of our 2023 Annual Report on Form 10-K. There have been
no material changes from the risk factors previously disclosed in our 2023 Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
During the six months ended June 30, 2024 and
2023 we did not raise any funds through the sale of equity securities.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosure
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits
(a) |
Filed previously with the Proxy Statement Form DEF 14A on May, 19, 2010, as amended as described in Proxy Statements on Form DEF 14A filed on June 7, 2013 and May 17, 2016, and incorporated herein by reference. |
(b) |
Filed previously with the Proxy Statement Form DEF 14A on May, 19, 2010, and incorporated herein by reference. |
SIGNATURES
In accordance with the requirements of the Exchange Act, the
Registrant caused this Report to be signed on its behalf by the undersigned thereto duly authorized.
Date: August 14, 2024
WORLDS INC.
By: /s/Thomas Kidrin
Thomas Kidrin
President and CEO
By: /s/Christopher Ryan
Christopher Ryan
Chief Financial Officer
EXHIBIT 31.1
Certifications
I, Thomas Kidrin, certify that:
1. I have reviewed this quarterly report
on Form 10-Q of Worlds 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
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 controls 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
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and
the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material
weaknesses in the design or operation of internal control 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/ Thomas Kidrin
Thomas Kidrin
Chief Executive Officer
EXHIBIT 31.2
Certifications
I, Christopher J. Ryan, certify that:
1. I have reviewed this quarterly report
on Form 10-Q of Worlds 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
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 controls 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
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and
the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material
weaknesses in the design or operation of internal control 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/ Christopher J. Ryan
Christopher J. Ryan
Chief Financial Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of
Worlds Inc. (the "Company") on Form 10-Q for the six months ended June 30, 2024 as filed with the Securities and Exchange Commission
on the date hereof (the "Report"), I, Thomas Kidrin, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C.
1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:
|
(1) |
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
|
The information contained in the Report fairly presents, in all material respects, our financial condition and result of operations. |
|
WORLDS INC |
|
(Registrant) |
|
|
Date: August 14, 2024 |
By:/s/ Thomas Kidrin |
|
Thomas Kidrin |
|
Chief Executive Officer |
Exhibit
32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In connection with the Quarterly Report of Worlds
Inc. (the "Company") on Form 10-Q for the three months ended June 30, 2024 as filed with the Securities and Exchange Commission
on the date hereof (the "Report"), I, Christopher J. Ryan, Chief Financial Officer of the Company, certifies, pursuant to 18
U.S.C. 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:
|
(1) |
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
|
The information contained in the Report fairly presents, in all material respects, our financial condition and result of operations. |
|
WORLDS INC |
|
(Registrant) |
|
|
Date: August 14, 2024 |
By:/s/ Christopher J. Ryan |
|
Christopher J. Ryan |
|
Chief Financial Officer |
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 31, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-24115
|
|
Entity Registrant Name |
WORLDS INC.
|
|
Entity Central Index Key |
0000001961
|
|
Entity Tax Identification Number |
22-1848316
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
11 Royal Road
|
|
Entity Address, City or Town |
Brookline
|
|
Entity Address, State or Province |
MA
|
|
Entity Address, Postal Zip Code |
02445
|
|
City Area Code |
617
|
|
Local Phone Number |
725-8900
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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57,112,506
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v3.24.2.u1
Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 84,335
|
$ 244,856
|
Prepaid expenses |
23,545
|
20,545
|
Total Current Assets |
107,880
|
265,401
|
Total assets |
107,880
|
265,401
|
Current Liabilities |
|
|
Accounts payable |
802,708
|
798,108
|
Accrued expenses related party |
180,765
|
148,151
|
Accrued expenses |
1,721,033
|
1,688,026
|
Notes payable exceeding statute of limitations |
773,279
|
773,279
|
Total Current Liabilities |
3,477,785
|
3,407,564
|
Total Liabilities |
3,477,785
|
3,407,564
|
Common stock (Par value $0.001 authorized 250,000,000 shares, issued and outstanding 57,112,506 at June 30, 2024 and December 31, 2023 |
57,113
|
57,113
|
Additional paid in capital |
42,335,725
|
42,335,725
|
Common stock-warrants |
1,206,913
|
1,206,913
|
Accumulated deficit |
(46,969,656)
|
(46,741,914)
|
Total stockholders' deficit |
(3,369,905)
|
(3,142,163)
|
Total Liabilities and stockholders' deficit |
$ 107,880
|
$ 265,401
|
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v3.24.2.u1
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
57,112,506
|
57,112,506
|
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57,112,506
|
57,112,506
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statements of Operations - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue |
|
|
|
|
Revenue |
|
|
|
|
Total Revenue |
|
|
|
|
Cost and Expenses |
|
|
|
|
Cost of Revenue |
|
|
|
|
Gross Profit/(Loss) |
|
|
|
|
Selling, General & Admin. |
34,022
|
30,678
|
60,787
|
56,402
|
Salaries and related |
68,939
|
53,825
|
129,298
|
107,934
|
Operating loss |
(102,961)
|
(84,502)
|
(190,085)
|
(164,336)
|
Gain on sale of marketable securities |
|
7,804
|
|
76,839
|
Interest expense |
(18,919)
|
(18,919)
|
(37,657)
|
(37,630)
|
Net Income/(Loss) |
$ (121,880)
|
$ (95,617)
|
$ (227,742)
|
$ (125,127)
|
Weighted Average Gain (Loss) per share, basic and diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted Average Common Shares Outstanding, basic and diluted |
57,112,506
|
57,112,506
|
57,112,506
|
57,112,506
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.2.u1
Statement of Stockholders Deficit - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Warrant [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 57,113
|
$ 42,335,725
|
$ 1,206,913
|
$ (46,824,093)
|
$ (3,224,342)
|
Beginning Balance, Shares at Dec. 31, 2022 |
57,112,506
|
|
|
|
|
Net Loss |
|
|
|
(29,510)
|
(29,510)
|
Ending balance, value at Mar. 31, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,853,603)
|
(3,253,852)
|
Ending Balance, Shares at Mar. 31, 2023 |
57,112,506
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,824,093)
|
(3,224,342)
|
Beginning Balance, Shares at Dec. 31, 2022 |
57,112,506
|
|
|
|
|
Net Loss |
|
|
|
|
(125,127)
|
Ending balance, value at Jun. 30, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,949,220)
|
(3,349,469)
|
Ending Balance, Shares at Jun. 30, 2023 |
57,112,506
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,853,603)
|
(3,253,852)
|
Beginning Balance, Shares at Mar. 31, 2023 |
57,112,506
|
|
|
|
|
Net Loss |
|
|
|
(95,617)
|
(95,617)
|
Ending balance, value at Jun. 30, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,949,220)
|
(3,349,469)
|
Ending Balance, Shares at Jun. 30, 2023 |
57,112,506
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,741,914)
|
$ (3,142,163)
|
Beginning Balance, Shares at Dec. 31, 2023 |
57,112,506
|
|
|
|
57,112,506
|
Net Loss |
|
|
|
(105,862)
|
$ (105,862)
|
Ending balance, value at Mar. 31, 2024 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,847,776)
|
(3,248,025)
|
Ending Balance, Shares at Mar. 31, 2024 |
57,112,506
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,741,914)
|
$ (3,142,163)
|
Beginning Balance, Shares at Dec. 31, 2023 |
57,112,506
|
|
|
|
57,112,506
|
Net Loss |
|
|
|
|
$ (227,742)
|
Ending balance, value at Jun. 30, 2024 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,969,656)
|
$ (3,369,905)
|
Ending Balance, Shares at Jun. 30, 2024 |
57,112,506
|
|
|
|
57,112,506
|
Beginning balance, value at Mar. 31, 2024 |
$ 57,113
|
42,335,725
|
1,206,913
|
(46,847,776)
|
$ (3,248,025)
|
Beginning Balance, Shares at Mar. 31, 2024 |
57,112,506
|
|
|
|
|
Net Loss |
|
|
|
(121,880)
|
(121,880)
|
Ending balance, value at Jun. 30, 2024 |
$ 57,113
|
$ 42,335,725
|
$ 1,206,913
|
$ (46,969,656)
|
$ (3,369,905)
|
Ending Balance, Shares at Jun. 30, 2024 |
57,112,506
|
|
|
|
57,112,506
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
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v3.24.2.u1
Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net Income/(loss) |
$ (227,742)
|
$ (125,127)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Realized gain on sale of marketable securities |
|
(76,839)
|
Prepaid expenses |
(3,000)
|
|
Accounts payable and accrued expenses related party |
32,614
|
58,825
|
Accounts payable and accrued expenses |
37,607
|
77,426
|
Net cash (used in) operating activities: |
(160,521)
|
(65,715)
|
Cash flows from investing activities |
|
|
Cash received from sale of marketable securities |
|
76,839
|
Cash provided by investing activities |
|
76,839
|
Cash flows from financing activities |
|
|
Loan payable related party |
|
27,000
|
Net cash provided by financing activities |
|
27,000
|
Net increase/(decrease) in cash and cash equivalents |
(160,521)
|
38,124
|
Cash and cash equivalents, including restricted, beginning of year |
244,856
|
7,778
|
Cash and cash equivalents, including restricted, end of period |
84,335
|
45,902
|
Cash paid during the period for: |
|
|
Interest |
|
|
Income taxes |
|
|
X |
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v3.24.2.u1
GOING CONCERN
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE 1 – GOING CONCERN
As reflected in the accompanying financial statements,
the Company has a working capital deficiency of $3,369,905 and a stockholder’s deficiency of $3,369,905 and used $160,521 of cash
in operations for the six months ended June 30, 2024. This raises substantial doubt about its ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and
implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern.
Management believes that the actions presently being
taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern,
although no assurance can be given that the Company will be successful.
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v3.24.2.u1
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES |
NOTE 2 – DESCRIPTION OF BUSINESS AND SUMMARY
OF ACCOUNTING POLICIES
Description of Business
On May 16, 2011, the Company transferred, through
a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and
related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its
collection of non-fungible tokens.
Basis of Presentation
The accompanying financial statements have been prepared
in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred
significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds
for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company
will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its
business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which
has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its
attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity
worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using
consultants to perform any additional work that may be required.
Use of Estimates
The preparation of financial statements in conformity
with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and cash equivalents include highly liquid money
market instruments, which have original maturities of three months or less at the time of purchase.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASC
606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun
off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses
of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first
half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of
non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance
obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.
Advertising Expenses
Advertising costs are expensed as incurred. There
were no advertising costs in the six months ended June 30, 2024 and 2023.
Research and Development Costs
Research and development costs are charged to operations
as incurred. There were no research and development costs in the six months ended June 30, 2024 and 2023.
Prepaid Expenses
Prepaid expenses is a retainer paid to a law firm
and an advance payment to a data center. The balance at June 30, 2024 is $23,545. The balance at December 31, 2023 is $20,545.
Property and Equipment
Property and equipment are stated at cost. Depreciation
is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income. Maintenance and repairs are charged to expense in the period incurred.
Impairment of Long-Lived Assets
The Company evaluates the recoverability of its fixed
assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition
of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered
to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values.
The Company adopted the statement on inception. No impairments of these types of assets were recognized during the first six months of
2024 and 2023.
Stock-Based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation.
This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments
based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an
employee is required to provide services in exchange for the award (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service.
Income Taxes
The Company accounts for income taxes under Section
740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting
and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences
are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely
than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes
the enactment date.
ASC 740 prescribes a comprehensive model for how companies
should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on
a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the
position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as
the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority
assuming full knowledge of the position and relevant facts.
Notes Payable
The Company has $773,279 in short term notes outstanding
at June 30, 2024 and December 31, 2023. These are old notes payable for which the statute of limitations has passed and therefore the
Company does not expect it will ever have to repay those notes.
Comprehensive Income (Loss)
The Company reports comprehensive income and its components
following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive
income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during
the period covered in the financial statements.
Loss Per Share
Net loss per common share is computed pursuant to
section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares
of common stock outstanding during the period. As of June 30, 2024, there were 16,600,000 options and no warrants outstanding and as of
June 30, 2023, there were 22,400,000 options and no warrants outstanding whose effect is anti-dilutive and not included in diluted net
loss per share for June 30, 2024 or for June 30, 2023. The options and warrants may dilute future earnings per share.
Commitments and Contingencies
The Company follows subtopic 450-20 of the FASB ASC
to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result
in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such
contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal
proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein.
If the assessment of a contingency indicates that
it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not
probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate
of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time, that these matters will have a material adverse effect on the Company’s financial position,
results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s
business, financial position, and results of operations or cash flows.
During 2000 the Company was involved in a lawsuit
relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June
30, 2024, and December 31, 2023 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in
the accompanying balance sheets.
Risk and Uncertainties
The Company is subject to risks common to companies
in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on
key personnel.
Off Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.
Uncertain Tax Positions
The Company did not take any uncertain tax positions
and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year
ended December 31, 2023.
Fair Value of Financial Instruments
The Company measures assets and liabilities at fair
value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount
that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between
market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring
or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.
The following are the hierarchical levels of inputs to measure fair value:
• |
Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities. |
• |
Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• |
Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. |
The carrying amounts of the Company’s financial
assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable
and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes
payable are measured at amortized cost.
Warrant and option expense was measured by using level
3 valuation.
Embedded Conversion Features
The Company evaluates embedded conversion features
within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should
be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings.
If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt
with Conversion and Other Options” for consideration of any beneficial conversion feature.
Derivative Financial Instruments
The Company does not use derivative instruments to
hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock
purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative
financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is
then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.
For option-based simple derivative financial instruments,
the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period.
Recent Accounting Pronouncements
The Company has reviewed all recently issued, but
not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause
a material impact on its financial condition or the results of its operations.
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v3.24.2.u1
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 3 - NOTES PAYABLE
Notes payable at June 30, 2024 consist of the following: |
|
|
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
124,230 |
|
|
|
|
|
|
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
649,049 |
|
Total notes |
|
$ |
773,279 |
|
2024 (6 months remaining) |
|
$ |
773,279 |
|
2025 |
|
$ |
-0- |
|
2026 |
|
$ |
-0- |
|
2027 |
|
$ |
-0- |
|
2028 |
|
$ |
-0- |
|
|
|
$ |
773,279 |
|
The Company accrued interest of $37,657 on the notes
during the quarter ended June 30, 2024.
|
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v3.24.2.u1
EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
EQUITY |
NOTE 4 - EQUITY
The Company did not issue any shares of common stock,
options or warrants in the six months ending June 30, 2024 or in the six months ending June 30, 2023.
|
|
|
|
Stock Warrants and Options |
|
|
Stock warrants/options outstanding and exercisable on June 30, 2024 are as follows |
|
|
|
|
Exercise Price per Share |
Shares Under Option/warrant |
Remaining Life in Years |
|
|
|
Outstanding |
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
|
|
|
|
|
|
|
|
Exercisable |
|
|
|
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
|
|
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).
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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 |
NOTE 5 - COMMITMENTS AND CONTINGENCIES
The Company is committed to an employment agreement
with its President and CEO, Thom Kidrin. The agreement, dated as of August 28, 2018, is for five years with a one-year renewal option
held by Mr. Kidrin. Prior to its expiration, Mr. Kidrin agreed to a one year extension of his employment agreement. The agreement provides for a base salary of $200,000, which increases 10% on September 1 of each year; a monthly
car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows:
$75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax
Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the
year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%)
percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 5 million shares of
Worlds Inc. common stock at an exercise price of $0.25 per share, 2 million of which vested on August 28, 2018, 1.5 million vested on August 28, 2019 and the remaining 1.5 million vested on August 28, 2020 ; a death benefit of at least $2 million dollars;
and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the
agreement). The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is
subject to restrictive covenants for 12 months after termination.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 6 - RELATED PARTY TRANSACTIONS
During the six months ended June 30, 2023,
Mr. Kidrin the CEO of the Company loaned the Company $47,000 to cover operating expenses. The Company repaid Mr. Kidrin $20,000 in
April of 2023.
The balance in the accrued expense attributable to
related parties is comprised of accrued salary due the CEO based on an employment agreement for $107,077, $15,114 change from the December
31, 2023 balance and an accrued consulting fee to the CFO in the amount of $73,688, an increase of $17,500 in the six months ended June
30, 2024 for a total of $180,765 at June 30, 2024.
The balance in the accrued expense attributable to
related parties at December 31, 2023 is comprised of accrued salary due the CEO based on an employment agreement for $91,963 and an accrued
consulting fee to the CFO in the amount of $56,188 for a total of $148,151 at December 31, 2023.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
NOTE 7 – ACCRUED EXPENSES
Accrued expenses is comprised of (i) $180,765 owed
to related parties, (ii) $205,000 related to a judgment against the Company relating to unpaid consulting services dating back to April
of 2001, for which collection has not been sought in two decades so the Company does not expect it will ever have to pay it, (iii) $1,494,433
related to old accruals for which the statute of limitations has passed and therefore the Company does not expect it will ever have to
repay those amounts, (iv) $3,820 related to accruals for recurring operating expenses, and (v) $17,780 related to a judgement requiring
the Company to reimburse litigation fees.
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
SALE OF MARKETABLE SECURITIES
|
6 Months Ended |
Jun. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
SALE OF MARKETABLE SECURITIES |
NOTE 9 – SALE OF MARKETABLE SECURITIES
When Worlds Inc. spun off Worlds Online Inc. in January
2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained
on the books of the Company with a book value of $0.
During the six months ended June 30, 2024, there
were no sales of stock.
During the six months ended June 30, 2023 the Company
generated net cash of $76,839 from the sale of 200,000 shares of MariMed Inc. common stock. The average price was $0.40 per share.
As of June 30, 2024, the Company still owns approximately
350,000 shares of MariMed Inc. common stock.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 10 – SUBSEQUENT EVENTS
The Company evaluates events that have occurred after
the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional
recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.
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v3.24.2.u1
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Description of Business |
Description of Business
On May 16, 2011, the Company transferred, through
a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and
related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its
collection of non-fungible tokens.
|
Basis of Presentation |
Basis of Presentation
The accompanying financial statements have been prepared
in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred
significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds
for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company
will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its
business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which
has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its
attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity
worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using
consultants to perform any additional work that may be required.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
Cash and cash equivalents include highly liquid money
market instruments, which have original maturities of three months or less at the time of purchase.
|
Revenue Recognition |
Revenue Recognition
Effective January 1, 2018, the Company adopted ASC
606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun
off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses
of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first
half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of
non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance
obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.
|
Advertising Expenses |
Advertising Expenses
Advertising costs are expensed as incurred. There
were no advertising costs in the six months ended June 30, 2024 and 2023.
|
Research and Development Costs |
Research and Development Costs
Research and development costs are charged to operations
as incurred. There were no research and development costs in the six months ended June 30, 2024 and 2023.
|
Prepaid Expenses |
Prepaid Expenses
Prepaid expenses is a retainer paid to a law firm
and an advance payment to a data center. The balance at June 30, 2024 is $23,545. The balance at December 31, 2023 is $20,545.
|
Property and Equipment |
Property and Equipment
Property and equipment are stated at cost. Depreciation
is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income. Maintenance and repairs are charged to expense in the period incurred.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
The Company evaluates the recoverability of its fixed
assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition
of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered
to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values.
The Company adopted the statement on inception. No impairments of these types of assets were recognized during the first six months of
2024 and 2023.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation.
This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments
based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an
employee is required to provide services in exchange for the award (usually the vesting period). No compensation cost is recognized for
equity instruments for which employees do not render the requisite service.
|
Income Taxes |
Income Taxes
The Company accounts for income taxes under Section
740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting
and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences
are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely
than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes
the enactment date.
ASC 740 prescribes a comprehensive model for how companies
should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on
a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the
position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as
the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority
assuming full knowledge of the position and relevant facts.
|
Notes Payable |
Notes Payable
The Company has $773,279 in short term notes outstanding
at June 30, 2024 and December 31, 2023. These are old notes payable for which the statute of limitations has passed and therefore the
Company does not expect it will ever have to repay those notes.
|
Comprehensive Income (Loss) |
Comprehensive Income (Loss)
The Company reports comprehensive income and its components
following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive
income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during
the period covered in the financial statements.
|
Loss Per Share |
Loss Per Share
Net loss per common share is computed pursuant to
section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares
of common stock outstanding during the period. As of June 30, 2024, there were 16,600,000 options and no warrants outstanding and as of
June 30, 2023, there were 22,400,000 options and no warrants outstanding whose effect is anti-dilutive and not included in diluted net
loss per share for June 30, 2024 or for June 30, 2023. The options and warrants may dilute future earnings per share.
|
Commitments and Contingencies |
Commitments and Contingencies
The Company follows subtopic 450-20 of the FASB ASC
to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result
in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such
contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal
proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein.
If the assessment of a contingency indicates that
it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not
probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate
of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time, that these matters will have a material adverse effect on the Company’s financial position,
results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s
business, financial position, and results of operations or cash flows.
During 2000 the Company was involved in a lawsuit
relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June
30, 2024, and December 31, 2023 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in
the accompanying balance sheets.
|
Risk and Uncertainties |
Risk and Uncertainties
The Company is subject to risks common to companies
in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on
key personnel.
|
Off Balance Sheet Arrangements |
Off Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.
|
Uncertain Tax Positions |
Uncertain Tax Positions
The Company did not take any uncertain tax positions
and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year
ended December 31, 2023.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The Company measures assets and liabilities at fair
value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount
that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between
market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring
or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.
The following are the hierarchical levels of inputs to measure fair value:
• |
Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities. |
• |
Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• |
Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. |
The carrying amounts of the Company’s financial
assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable
and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes
payable are measured at amortized cost.
Warrant and option expense was measured by using level
3 valuation.
|
Embedded Conversion Features |
Embedded Conversion Features
The Company evaluates embedded conversion features
within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should
be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings.
If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt
with Conversion and Other Options” for consideration of any beneficial conversion feature.
|
Derivative Financial Instruments |
Derivative Financial Instruments
The Company does not use derivative instruments to
hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock
purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative
financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is
then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.
For option-based simple derivative financial instruments,
the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The Company has reviewed all recently issued, but
not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause
a material impact on its financial condition or the results of its operations.
|
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v3.24.2.u1
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Notes payable at June 30, 2024 consist of the following: |
|
|
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
124,230 |
|
|
|
|
|
|
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand |
|
$ |
649,049 |
|
Total notes |
|
$ |
773,279 |
|
2024 (6 months remaining) |
|
$ |
773,279 |
|
2025 |
|
$ |
-0- |
|
2026 |
|
$ |
-0- |
|
2027 |
|
$ |
-0- |
|
2028 |
|
$ |
-0- |
|
|
|
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773,279 |
|
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v3.24.2.u1
EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stock Warrants and Options |
|
|
|
|
Stock Warrants and Options |
|
|
Stock warrants/options outstanding and exercisable on June 30, 2024 are as follows |
|
|
|
|
Exercise Price per Share |
Shares Under Option/warrant |
Remaining Life in Years |
|
|
|
Outstanding |
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
|
|
|
|
|
|
|
|
Exercisable |
|
|
|
|
|
$ |
0.07 |
|
|
15,000,000 |
|
0.55 |
$ |
0.27 |
|
|
300,000 |
|
1.38 |
$ |
0.05 |
|
|
600,000 |
|
2.51 |
$ |
0.08 |
|
|
700,000 |
|
2.63 |
Total |
|
|
16,600,000 |
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v3.24.2.u1
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Apr. 01, 2001 |
Class of Warrant or Right [Line Items] |
|
|
|
|
Advertising cost |
$ 0
|
$ 0
|
|
|
Research and development costs |
0
|
$ 0
|
|
|
Prepaid expenses |
$ 23,545
|
|
$ 20,545
|
|
Range on assests useful lives |
three to five years
|
|
|
|
Realized ultimate settlement |
50.00%
|
|
|
|
Short term notes outstanding |
$ 773,279
|
|
773,279
|
|
Anti-diluted outstanding options |
16,600,000
|
22,400,000
|
|
|
Anti-diluted outstanding warrants |
16,600,000
|
|
|
|
Judgment amount |
|
|
|
$ 205,000
|
Reserve for lawsuit |
$ 205,000
|
|
$ 205,000
|
|
Antidilutive Securities, Name [Domain] |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Anti-diluted outstanding warrants |
0
|
0
|
|
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v3.24.2.u1
Stock Warrants and Options (Details)
|
Jun. 30, 2024
$ / shares
shares
|
Aug. 28, 2019
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Shares Under Option/warrant |
|
2,000,000
|
Total option/warrant outstanding |
16,600,000
|
|
Total option/warrants exercisable |
16,600,000
|
|
Outstanding 1 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.07
|
|
Shares Under Option/warrant |
15,000,000
|
|
Remaining Life in Years |
0.55
|
|
Outstanding 2 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.27
|
|
Shares Under Option/warrant |
300,000
|
|
Remaining Life in Years |
1.38
|
|
Outstanding 3 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.05
|
|
Shares Under Option/warrant |
600,000
|
|
Remaining Life in Years |
2.51
|
|
Outstanding 4 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.08
|
|
Shares Under Option/warrant |
700,000
|
|
Remaining Life in Years |
2.63
|
|
Exercisable 1 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.07
|
|
Shares Under Option/warrant |
15,000,000
|
|
Remaining Life in Years |
0.55
|
|
Exercisable 2 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.27
|
|
Shares Under Option/warrant |
300,000
|
|
Remaining Life in Years |
1.38
|
|
Exercisable 3 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.05
|
|
Shares Under Option/warrant |
600,000
|
|
Remaining Life in Years |
2.51
|
|
Exercisable 4 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise Price per Share | $ / shares |
$ 0.08
|
|
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700,000
|
|
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2.63
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
6 Months Ended |
48 Months Ended |
|
|
|
Jun. 30, 2024 |
Aug. 28, 2023
shares
|
Aug. 28, 2021
shares
|
Aug. 28, 2020
shares
|
Aug. 28, 2019
USD ($)
yr
Interger
$ / shares
shares
|
Employee contract terms | yr |
|
|
|
|
5
|
Employment renewal option | yr |
|
|
|
|
1
|
CEO employee extended |
one year extension
|
|
|
|
|
Officer base salary |
|
|
|
|
$ 200,000
|
Annual base salary increase |
|
|
|
|
10.00%
|
Car allowance |
|
|
|
|
$ 500
|
Annual bonus percentage |
|
|
|
|
0.025
|
Additional bonus |
|
|
|
|
$ 75,000
|
Pre-Tax Income Range |
|
|
|
|
150.00%
|
Pre-Tax Income Range |
|
|
|
|
200.00%
|
Additional bonus maxium amount |
|
|
|
|
0.05
|
Life insuance premiums |
|
|
|
|
$ 10,000
|
Number of shares to purchase | shares |
|
5,000,000
|
|
|
|
Common stock exercise price | $ / shares |
|
|
|
|
$ 0.25
|
Vested shares to purchase | shares |
|
|
|
|
2,000,000
|
Vested shares | shares |
|
|
1,500,000
|
1,500,000
|
|
Death benefit |
|
|
|
|
$ 2,000,000
|
Payment amount times base amount |
|
|
|
|
2.99
|
Restrictive convenants amount | Interger |
|
|
|
|
12
|
Additional bonus 1 |
|
|
|
|
|
Additional bonus |
|
|
|
|
$ 100,000
|
Pre-Tax Income Range |
|
|
|
|
201.00%
|
Pre-Tax Income Range |
|
|
|
|
250.00%
|
Additional bonus 2 |
|
|
|
|
|
Additional bonus |
|
|
|
|
$ 200,000
|
Pre-Tax Income |
|
|
|
|
251.00%
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Apr. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
|
|
|
CEO loan for operating expenses |
|
|
|
$ 47,000
|
Company repaid Mr, Kidrin |
|
$ 20,000
|
|
|
Accrued salary for CEO |
$ 91,963
|
|
$ 107,077
|
|
Change in accrued salary |
15,114
|
|
|
|
Accrued consulting fee to CFO |
56,188
|
|
73,688
|
|
Increase in accured consulting fees |
|
|
17,500
|
|
Accrued expenses related party |
$ 148,151
|
|
$ 180,765
|
|
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v3.24.2.u1
ACCRUED EXPENSES (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Apr. 01, 2001 |
Payables and Accruals [Abstract] |
|
|
|
Owed to related parties |
$ 180,765
|
$ 148,151
|
|
Judgment amount |
|
|
$ 205,000
|
Related old accrual |
1,494,433
|
|
|
Accruals for recurring operating expenses |
3,820
|
|
|
Reimbursement legal fees |
$ 17,780
|
|
|
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Worlds (PK) (USOTC:WDDD)
過去 株価チャート
から 7 2024 まで 8 2024
Worlds (PK) (USOTC:WDDD)
過去 株価チャート
から 8 2023 まで 8 2024