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Share Name | Share Symbol | Market | Type |
---|---|---|---|
I ON Digital Corporation (PK) | USOTC:IONI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 5.88% | 0.90 | 0.85 | 0.915 | 0.952 | 0.8201 | 0.951 | 46,322 | 17:52:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
46-3031328
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which
registered
|
||
Common Stock, $0.0001 par value per share
|
IONI
|
|
Class
|
Outstanding as of January 10, 2023
|
|
Common Stock, $0.0001 par value per share
|
19,724,220 shares
|
PART I – FINANCIAL INFORMATION
|
||
Item 1.
|
2
|
|
Item 2.
|
19 |
|
Item 3.
|
24 | |
Item 4.
|
24 | |
PART II – OTHER INFORMATION
|
||
Item 1.
|
25 | |
Item 2.
|
25 | |
Item 3.
|
25 | |
Item 4.
|
25 | |
Item 5.
|
25 | |
Item 6.
|
25 | |
26 |
Consolidated Financial Statements (UNAUDITED)
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
September 30,
2022
|
December 31,
2021
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
-
|
||||
Restricted cash
|
-
|
-
|
||||||
Short-term financial instruments
|
-
|
-
|
||||||
Short-term loan receivable
|
-
|
-
|
||||||
Accounts receivables, net of allowance for doubtful accounts $0 and $645,335, respectively
|
-
|
-
|
||||||
Deferred tax assets - current
|
-
|
-
|
||||||
Prepaid expenses and other current assets
|
-
|
-
|
||||||
Current assets of discontinued operations |
- |
12,440,710 |
||||||
Total current assets
|
-
|
12,440,710
|
||||||
Non-current assets:
|
||||||||
Investments
|
-
|
-
|
||||||
Property and equipment, net
|
-
|
-
|
||||||
Intangible assets, net
|
-
|
-
|
||||||
Deposits
|
-
|
-
|
||||||
Deferred tax assets - non current
|
-
|
-
|
||||||
Non-current assets of discontinued operations |
- |
1,965,736 |
||||||
Total non-current assets
|
-
|
1,965,736
|
||||||
Total Assets
|
$
|
-
|
$
|
14,406,446
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
-
|
$
|
-
|
||||
Accrued expenses and other
|
-
|
-
|
||||||
Value added tax payable
|
-
|
-
|
||||||
Income tax payable
|
-
|
-
|
||||||
Short-term loan payable
|
-
|
-
|
||||||
Government grants outstanding for usage of future projects |
-
|
-
|
||||||
Current liabilities of discontinued operations |
- |
3,516,117 |
||||||
Total current liabilities
|
-
|
3,516,117
|
||||||
Total liabilities
|
-
|
3,516,117
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ Equity
|
||||||||
Common stock - $0.0001 par value; authorized 100,000,000 shares; 19,724,220
shares and 35,030,339 issued and outstanding at September 30, 2022 and December 31, 2021
|
1,972
|
3,503
|
||||||
Treasury stock
|
-
|
(709,478
|
)
|
|||||
Additional paid-in-capital
|
2,689,391
|
3,713,370
|
||||||
Accumulated other comprehensive loss |
(2,417,920
|
)
|
(726,500
|
)
|
||||
Accumulated retained earnings
|
(273,443
|
)
|
7,681,661
|
|||||
Total company stockholders’ equity
|
-
|
9,962,556
|
||||||
Preferred stock (I-ON Korea and eformworks) - $0.4380
par value; authorized 2,000,000 shares; zero share issued and outstanding at September 30,
2022 and 600,742
shares issued and outstanding at December 31, 2021
|
-
|
1,093,569
|
||||||
Non-controlling interests
|
-
|
(165,796
|
)
|
|||||
Total stockholders’ equity
|
-
|
10,890,329
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
-
|
$
|
14,406,446
|
Three-month Period ended September 30, |
Nine-month
Period ended September 30,
|
|||||||||||||||
2022
|
2021 |
2022
|
2021 | |||||||||||||
Net sales
|
$
|
-
|
$
|
-
|
$ | - | $ | - | ||||||||
Cost of goods sold
|
-
|
-
|
- | - | ||||||||||||
Gross profit
|
-
|
-
|
- | - | ||||||||||||
Operating expense
|
- | - | - | - | ||||||||||||
Income (loss) from operations
|
-
|
-
|
- | - | ||||||||||||
Other income (expense)
|
- | - | - | - | ||||||||||||
Income (loss) before provision for income taxes
|
-
|
-
|
- | - | ||||||||||||
Provision for (benefit from) income tax
|
-
|
-
|
- | - | ||||||||||||
Net income (loss) from continuing operations
|
-
|
-
|
- | - | ||||||||||||
Net income (loss) from discontinued operations
|
(43,079
|
)
|
982,009
|
(217,399 | ) | 1,715,936 | ||||||||||
Net income (loss)
|
$
|
(43,079
|
)
|
$
|
982,009
|
$ | (217,399 | ) | $ | 1,715,936 | ||||||
Comprehensive income statement:
|
||||||||||||||||
Net income (loss)
|
$ | (43,079 | ) | $ | 982,009 | $ | (217,399 | ) | $ | 1,715,936 | ||||||
Foreign currency translation loss
|
(977,851 | ) | (468,727 | ) | (1,691,420 | ) | (1,015,434 | ) | ||||||||
Total comprehensive income (loss)
|
$ | (1,020,930 | ) | $ | 513,282 | $ | (1,908,819 | ) | $ | 700,502 | ||||||
Basic earnings per share from continuing operations
|
||||||||||||||||
Net loss before non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Earnings per share to stockholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Diluted earnings per share from continuing operations
|
||||||||||||||||
Net loss before non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Earnings per share to stockholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Basic earnings per share from discontinued operations
|
||||||||||||||||
Net loss before non-controlling interest
|
$ | 0.00 | $ | 0.03 | $ | (0.01 | ) | $ | 0.05 | |||||||
Non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | (0.01 | ) | $ | 0.00 | |||||||
Earnings per share to stockholders
|
$ | 0.00 | $ | 0.03 | $ | 0.00 | $ | 0.05 | ||||||||
Diluted earnings per share from discontinued operations
|
||||||||||||||||
Net loss before non-controlling interest
|
$ | 0.00 | $ | 0.03 | $ | (0.01 | ) | $ | 0.05 | |||||||
Non-controlling interest
|
$ | 0.00 | $ | 0.00 | $ | (0.01 | ) | $ | 0.00 | |||||||
Earnings per share to stockholders
|
$ | 0.00 | $ | 0.03 | $ | 0.00 | $ | 0.05 | ||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic | 19,724,220 | 35,030,339 | 19,724,220 | 35,030,339 | ||||||||||||
Diluted | 19,724,220 | 35,030,339 | 19,724,220 | 35,030,339 |
Accumulated
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Other
|
Company
|
Non-
|
Total
|
||||||||||||||||||||||||||||||||||||
Common Stock
|
Paid-In
|
Retained
|
Treasury
|
Comprehensive
|
Stockholders'
|
Controlling
|
Preferred
|
Stockholders'
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Income (Loss)
|
Equity
|
Interest
|
Stock
|
Equity
|
|||||||||||||||||||||||||||||||
Balance
at December 31, 2021
|
35,030,339 | $ | 3,503 | $ | 3,713,370 | $ | 7,681,661 | $ | (709,478 | ) | $ | (726,500 | ) | $ | 9,962,556 | $ | (165,796 | ) | $ | 1,093,569 | $ | 10,890,329 | ||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | (227,991 | ) | (227,991 | ) | - | - | (227,991 | ) | |||||||||||||||||||||||||||
Net income (loss)
|
- | - | - | 412,474 | - | - | 412,474 | 25,281 | - | 437,755 | ||||||||||||||||||||||||||||||
Balance at March 31, 2022
|
35,030,339
|
$
|
3,503
|
$
|
3,713,370
|
$
|
8,094,135
|
$
|
(709,478
|
)
|
$
|
(954,491
|
)
|
$
|
10,147,039
|
$
|
(140,515
|
)
|
$
|
1,093,569
|
$
|
11,100,093
|
||||||||||||||||||
Foreign currency translation
|
- |
- | - | - | - |
(485,578
|
)
|
(485,578
|
)
|
- | - |
(485,578
|
)
|
|||||||||||||||||||||||||||
Net income (loss)
|
- | - | - |
(451,399
|
)
|
- | - |
(451,399
|
)
|
(261,448
|
)
|
- |
(712,847
|
)
|
||||||||||||||||||||||||||
Balance at June 30, 2022
|
35,030,339
|
$
|
3,503
|
$
|
3,713,370
|
$
|
7,642,736
|
$
|
(709,478
|
)
|
$
|
(1,440,069
|
)
|
$
|
9,210,062
|
$
|
(401,963
|
)
|
$
|
1,093,569
|
$
|
9,901,668
|
||||||||||||||||||
Cancellation of common stock in connection with equity purchase agreement
|
(15,306,119 | ) | (1,531 | ) | - | - | - | - | (1,531 | ) | - | - | (1,531 | ) | ||||||||||||||||||||||||||
Adjustments from deconsolidation
|
- | - | (1,023,979 | ) | (7,910,040 | ) | 709,478 | - | (8,224,542 | ) | 438,904 | (1,093,569 | ) | (8,879,207 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | (977,851 | ) | (977,851 | ) | - | - | (977,851 | ) | |||||||||||||||||||||||||||
Net income (loss)
|
- | - | - | (6,138 | ) | - | - | (6,138 | ) | (36,941 | ) | - | (43,079 | ) | ||||||||||||||||||||||||||
Balance
at September 30, 2022
|
19,724,220 | $ | 1,972 | $ | 2,689,391 | $ | (273,443 | ) | $ | - | $ | (2,417,920 | ) | $ | - | $ | - | $ | - | $ | - |
Accumulated
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Additional
|
Other
|
Company
|
Non-
|
Total
|
||||||||||||||||||||||||||||||||||||
Common Stock
|
Paid-In
|
Retained
|
Treasury
|
Comprehensive
|
Stockholders'
|
Controlling
|
Preferred
|
Stockholders'
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Income (Loss)
|
Equity
|
Interest
|
Stock
|
Equity
|
|||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
35,030,339
|
$
|
3,503
|
$
|
3,713,370
|
$
|
5,517,785
|
$
|
(709,478
|
)
|
$
|
289,933
|
$
|
8,815,113
|
$
|
5,832
|
$
|
475,036
|
$
|
9,295,981
|
||||||||||||||||||||
Foreign
currency translation
|
- |
- | - | - | - |
(558,140
|
)
|
(558,140
|
)
|
- | - |
(558,140
|
)
|
|||||||||||||||||||||||||||
Net
income (loss)
|
- | - | - |
(273,992
|
)
|
- | - |
(273,992
|
)
|
(889
|
)
|
- |
(274,881
|
)
|
||||||||||||||||||||||||||
Balance
at March 31, 2021
|
35,030,339
|
$
|
3,503
|
$
|
3,713,370
|
$
|
5,243,793
|
$
|
(709,478
|
)
|
$
|
(268,207
|
)
|
$
|
7,982,981
|
$
|
4,943
|
$
|
475,036
|
$
|
8,462,960
|
|||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | 11,433 | 11,433 | - | - | 11,433 | ||||||||||||||||||||||||||||||
Net income (loss)
|
- | - | - | 1,008,417 | - | - | 1,008,417 | 391 | - | 1,008,808 | ||||||||||||||||||||||||||||||
Balance at June 30, 2021
|
35,030,339 | $ | 3,503 | $ | 3,713,370 | $ | 6,252,210 | $ | (709,478 | ) | $ | (256,774 | ) | $ | 9,002,831 | $ | 5,334 | $ | 475,036 | $ | 9,483,201 | |||||||||||||||||||
Foreign currency translation
|
- |
- | - | - | - | (468,727 | ) | (468,727 | ) | - | - | (468,727 | ) | |||||||||||||||||||||||||||
Net income (loss)
|
- | - | - | 981,920 | - | - | 981,920 | 89 | - | 982,009 | ||||||||||||||||||||||||||||||
Balance at September 30, 2021
|
35,030,339 | $ | 3,503 | $ | 3,713,370 | $ | 7,234,130 | $ | (709,478 | ) | $ | (725,501 | ) | $ | 9,516,024 | $ | 5,423 | $ | 475,036 | $ | 9,996,483 |
Nine Months
ended September 30,
|
2022 |
2021
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss) |
$
|
(217,399
|
)
|
$
|
1,715,936
|
|||
Less: Net income (loss) from discontinued operations | (217,399 | ) | 1,715,936 | |||||
Net income (loss) from continuing operations | - | - | ||||||
Net cash used in operating activities from continuing operations | - | - | ||||||
Net cash used in operating activities from discontinued operations | (729,207 | ) | (1,053,228 | ) | ||||
Total net cash used in operating activities |
(729,207
|
)
|
(1,053,228
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Net cash used in investing activities from continuing operations | - | - | ||||||
Net cash used in investing activities from discontinued operations | (3,915,775 | ) | (48,523 | ) | ||||
Total net cash used in investing activities |
(3,915,775
|
)
|
(48,523
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net cash provided by (used in) financing activities from continuing operations
|
-
|
-
|
||||||
Net cash provided by (used in) financing activities from discontinued operations |
57,616
|
(297,463
|
)
|
|||||
Total net cash used in financing activities |
57,616
|
(297,463
|
)
|
|||||
Effect of foreign currency translation on cash and cash equivalents
|
(721,278
|
)
|
(626,102
|
)
|
||||
Net decrease in cash and cash equivalents |
(5,308,644
|
)
|
(2,025,316
|
)
|
||||
Cash and cash equivalents including restricted cash, beginning of period
|
5,308,644
|
6,267,652
|
||||||
Cash and cash equivalents including restricted cash, end of period
|
$
|
-
|
$
|
4,242,336
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Continuing operations: | ||||||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
Taxes paid
|
$
|
-
|
$
|
-
|
||||
Discontinued operations: | ||||||||
Interest paid | $ | 6,218 | $ | 10,866 | ||||
Taxes paid | $ | 13,667 | $ | 15,760 |
NOTE 1: |
Organization and Operations
|
NOTE 2: |
Summary of Significant Accounting Policies
|
● |
I-ON, Ltd (Japanese subsidiary) – The financial position and results of operations of I-ON, Ltd, the Japanese subsidiary of the Company, are initially recorded using its local currency, Japanese Yen
(“JPY”). Assets and liabilities denominated in foreign currency are translated to the functional currency at the functional currency rate of exchange at the balance sheet date. The results of operations denominated in foreign
currency are translated at the average rate of exchange during the reporting period. All differences are reflected in profit or loss. As of September 30, 2022, and December 31, 2021, the exchange rate was JPY 9.32 and JPY 10.30
per KRW, respectively. The average exchange rate for the nine months ended September 30, 2022 and 2021 was JPY 9.91
and JPY 10.41 per KRW, respectively.
|
● |
Consolidation – Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rates prevailing at the balance sheet date. The results of operations are
translated from KWR to US Dollar at the weighted average rate of exchange during the reporting period. The registered equity capital denominated in the functional currency is translated at the historical rate of exchange at
the time of capital contribution. All translation adjustments resulting from the translation of the financial statements into the reporting currency, US Dollar, are dealt with as a component of accumulated other comprehensive
income. As of September 30, 2022, and December 31, 2021, the exchange rate was KRW 1,434.8 and KRW 1,185.50 per US Dollar, respectively. The average exchange rate for the nine months ended September 30, 2022 and 2021 was KRW 1,268.9 and KRW 1,131.01,
respectively.
|
● |
Royalty – the Company receives a fixed amount of royalties from a company in Japan for providing rights to sell the Company’s products in Japanese
market. Revenue is recognized over the contract and service period.
|
● |
License Solution & Services – the Company recognizes revenue on installation of the web-content management software, services provided for
installation, and customization.
|
● |
Customizing Services – the Company recognizes revenue from processing transactions between businesses and their customers. Revenue is recognized over
the contract and service period and when service for the contract is completed.
|
● |
Maintenance – the Company recognizes revenue over the contract term based on percentage-of-completion method.
|
Facility equipment
|
4
years
|
Automobile
|
4
years
|
Office equipment
|
4
years
|
Development costs
|
3 years
|
Intangible assets excluding development costs
|
10 years
|
Other Intangible assets
|
3 to 5 years
|
Level 1 |
Quoted prices in active markets for identical assets or liabilities that the Company has an ability to access as of the measurement
date.
|
Level 2 |
Inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in
markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the same term of the assets or liabilities.
|
Level 3 |
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or
liabilities.
|
NOTE 3: |
Discontinued
Operations
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net Sales
|
2,258,387
|
3,616,267
|
7,578,685
|
12,224,926
|
||||||||||||
Operating costs and expenses
|
3,103,957
|
3,225,490
|
9,573,663
|
11,030,868
|
||||||||||||
Income (loss) from operations before other income and income taxes
|
(845,570
|
)
|
390,777
|
(1,994,978
|
)
|
1,194,058
|
||||||||||
Other income (loss)
|
801,613
|
12,210
|
1,807,581
|
15,439
|
||||||||||||
Income (loss) from operations before income taxes
|
(43,957
|
)
|
402,987
|
(187,397
|
)
|
1,209,497
|
||||||||||
Income tax
|
(878
|
)
|
(579,022
|
)
|
30,002
|
(506,439
|
)
|
|||||||||
Net income from discontinued operations
|
(43,079
|
)
|
982,009
|
(217,399
|
)
|
1,715,936
|
September 30,
2022
|
December 31,
2021
|
|||||||
Cash and cash equivalents
|
$
|
-
|
$
|
3,705,945
|
||||
Restricted cash
|
-
|
1,602,699
|
||||||
Short-term financial instruments
|
-
|
716,154
|
||||||
Short-term loan receivable
|
-
|
126,529
|
||||||
Accounts receivables, net of allowance for doubtful accounts $0 and $645,335, respectively
|
-
|
5,299,951
|
||||||
Deferred tax assets - current
|
-
|
410,259
|
||||||
Prepaid expenses and other current assets
|
-
|
579,173
|
||||||
Total current assets of discontinued operations
|
-
|
12,440,710
|
||||||
Investments
|
-
|
93,168
|
||||||
Property and equipment, net
|
-
|
105,445
|
||||||
Intangible assets, net
|
-
|
438,781
|
||||||
Deposits
|
-
|
737,909
|
||||||
Deferred tax assets – non-current
|
-
|
590,433
|
||||||
Total non-current assets of discontinued operations
|
-
|
1,965,736
|
||||||
Accounts payable
|
$
|
-
|
$
|
320,251
|
||||
Accrued expenses and other
|
-
|
2,546,062
|
||||||
Value added tax payable
|
-
|
202,857
|
||||||
Income tax payable
|
-
|
79,106
|
||||||
Short-term loan payable
|
-
|
337,410
|
||||||
Government grants outstanding for usage of future projects
|
-
|
30,431
|
||||||
Total current liabilities of discontinued operations
|
-
|
3,516,117
|
NOTE 4: |
Earnings Per Share
|
Three-months Period
Ended September 30,
|
Nine-months Period
Ended September 30,
|
|||||||||||||||
Periods Ended
|
2022 |
2021
|
2022 | 2021 |
||||||||||||
Net income (loss)
|
$
|
(43,079
|
)
|
$
|
982,009
|
$ | (217,399 | ) | $ | 1,715,936 | ||||||
Net income (loss) from continuing operations
|
-
|
-
|
- | - | ||||||||||||
Net income (loss) from discontinued operations
|
(43,079
|
)
|
982,009
|
(217,399 | ) | 1,715,936 | ||||||||||
Weighted-average shares of common stock outstanding:
|
||||||||||||||||
Basic
|
19,724,220
|
35,030,339
|
19,724,220 | 35,030,339 | ||||||||||||
Dilutive effect of common stock equivalents arising from share option, excluding antidilutive effect from loss
|
-
|
-
|
- | - | ||||||||||||
Dilutive shares
|
19,724,220
|
35,030,339
|
19,724,220 | 35,030,339 | ||||||||||||
Net income (loss) from continuing operations: | ||||||||||||||||
Earnings per share - Basic
|
||||||||||||||||
Net income (loss) before non-controlling interest
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Non-controlling interest
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Earnings per share to stockholders
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Earnings per share - Diluted
|
||||||||||||||||
Net income (loss) before non-controlling interest
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Non-controlling interest
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Earnings per share to stockholders
|
$
|
0.00
|
$
|
0.00
|
$ | 0.00 | $ | 0.00 | ||||||||
Net income (loss) from discontinued operations:
|
||||||||||||||||
Earnings per share - Basic
|
||||||||||||||||
Net income (loss) before non-controlling interest
|
$ |
0.00 | $ |
0.03 | $ |
(0.01 | ) | $ |
0.05 | |||||||
Non-controlling interest
|
$ |
0.00 | $ |
0.00 | $ |
(0.01 | ) | $ |
0.00 | |||||||
Earnings per share to stockholders
|
$ |
0.00 | $ |
0.03 | $ |
0.00 | $ |
0.05 | ||||||||
|
||||||||||||||||
Earnings per share - Diluted
|
||||||||||||||||
Net income (loss) before non-controlling interest
|
$ |
0.00 | $ |
0.03 | $ |
(0.01 | ) | $ |
0.05 | |||||||
Non-controlling interest
|
$ |
0.00 | $ |
0.00 | $ |
(0.01 | ) | $ |
0.00 | |||||||
Earnings per share to stockholders
|
$ |
0.00 | $ |
0.03 | $ |
0.00 | $ |
0.05 |
NOTE 5: |
Deconsolidation of Subsidiaries
|
NOTE 6: |
Subsequent Events
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
Three months ended September 30,
|
||||||||||||||||||||||||
2022
|
2021
|
Change
|
||||||||||||||||||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
Amount
|
%
|
|||||||||||||||||||
Net sales
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||||||
Cost of goods sold
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Gross profit
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Operating expense
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Other income (expense)
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Income (loss) before provision for income taxes
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Provision for (benefit from) income tax
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Net income (loss) from continuing operations
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Net income (loss) from discontinued operations
|
(43,079
|
)
|
N/A
|
%
|
982,009 |
N/A
|
%
|
(1,025,088
|
)
|
-104.4
|
%
|
|||||||||||||
Net income (loss)
|
$
|
(43,079
|
)
|
N/A
|
%
|
$
|
982,009
|
N/A
|
%
|
$
|
(1,025,088
|
)
|
-104.4
|
%
|
||||||||||
Comprehensive income statement:
|
||||||||||||||||||||||||
Net income (loss)
|
(43,079
|
)
|
N/A
|
%
|
982,009
|
N/A
|
%
|
(1,025,088
|
)
|
-104.4
|
%
|
|||||||||||||
Foreign currency translation loss
|
(977,851
|
)
|
N/A
|
%
|
(468,727
|
)
|
N/A
|
%
|
(509,124
|
) |
108.6
|
%
|
||||||||||||
Total comprehensive income (loss)
|
$
|
(1,020,930
|
)
|
N/A
|
%
|
$
|
513,282
|
N/A
|
%
|
(1,534,212
|
) |
-298.9
|
%
|
Nine months ended September 30,
|
||||||||||||||||||||||||
2022
|
2021
|
Change
|
||||||||||||||||||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
Amount
|
%
|
|||||||||||||||||||
Net sales
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
||||||||||||
Cost of goods sold
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Gross profit
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Operating expense
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Other income (expense)
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Income (loss) before provision for income taxes
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Provision for (benefit from) income tax
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Net income (loss) from continuing operations
|
-
|
-
|
%
|
-
|
-
|
%
|
-
|
-
|
%
|
|||||||||||||||
Net income (loss) from discontinued operations
|
(217,399
|
)
|
N/A
|
%
|
1,715,936
|
N/A
|
%
|
(1,933,335
|
)
|
-112.7
|
%
|
|||||||||||||
Net income (loss)
|
$
|
(217,399
|
)
|
N/A
|
%
|
$
|
1,715,936
|
N/A
|
%
|
$
|
(1,933,335
|
)
|
-112.7
|
%
|
||||||||||
Comprehensive income statement:
|
||||||||||||||||||||||||
Net income (loss)
|
(217,399
|
)
|
N/A
|
%
|
1,715,936
|
N/A
|
%
|
(1,933,335
|
)
|
-112.7
|
%
|
|||||||||||||
Foreign currency translation loss
|
(1,691,420
|
)
|
N/A
|
%
|
(1,015,434
|
)
|
N/A
|
%
|
(675,986
|
) |
66.6
|
%
|
||||||||||||
Total comprehensive income (loss)
|
$
|
(1,908,819
|
)
|
N/A
|
%
|
$
|
700,502
|
N/A
|
%
|
(2,609,321
|
)
|
-372.5
|
%
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 2. |
Unregistered Sales of Equity Securities
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibit
Number
|
Exhibit
Description
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002*
|
||
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
|
Date: January 13, 2023
|
I-ON Digital Corp
I-ON COMMUNICATIONS CORP.
|
|
By:
|
/s/ Jae Cheol Oh
|
|
Jae Cheol Oh
|
||
Chief Executive Officer, Treasurer, Director (Principal Executive and Financial Officer)
|
||
By:
|
/s/ Jae Cheol Oh
|
|
Jae Cheol Oh
|
||
Chief Executive Officer, Treasurer, Director (Principal Executive and Financial Officer)
|
1 Year I ON Digital (PK) Chart |
1 Month I ON Digital (PK) Chart |
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