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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
one)
☒ Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the Quarterly Period Ended September 30, 2022
or
☐ Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission
File Number 001-37916
SRAX,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
45-2925231 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
1014
S. Westlake Blvd., Suite 14-29
Westlake
Village, CA |
|
91361 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (323) 205-6109
Securities
registered pursuant to Section 12(b) of the Act:
Class
A Common Stock, $0.001 par value |
|
SRAX |
|
N/A |
(Title
of each class) |
|
(Trading
Symbol) |
|
(Name
of each exchange on which registered) |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☐Yes ☒ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). ☐ Yes ☒ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As
of October 20, 2023, there were 29,438,762 shares of Class A common stock were issued and outstanding.
SRAX,
Inc.
Table
of Contents
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION
The
statements contained in this Quarterly Report on Form 10-Q that are not purely historical are considered to be “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include, but are not limited to: any projections
of revenues, earnings, or other financial items; any statements of the strategies, plans and objectives of management for future operations;
any statements concerning proposed new products or developments; any statements regarding future economic conditions or performance;
any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the
words “may,” “will,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” and any other similar words. These statements represent our expectations, beliefs, anticipations,
commitments, intentions, and strategies regarding the future and include, but are not limited to, the risks and uncertainties described
in the sections of this Quarterly Report entitled Risk Factors and Management’s Discussion and Analysis of Financial Condition
and Results of Operations and those discussed in other documents we file with the United States Securities and Exchange Commission (“SEC”).
Readers are cautioned that actual results could differ materially from anticipated results or other expectations that are expressed in
forward-looking statements within this report. The forward-looking statements included in this report speak only as of the date hereof,
and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future
events or otherwise, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements.
We
urge you to read this entire Quarterly Report on Form 10-Q, including the “Risk Factors” section, the financial statements
and the related notes included therein as well as our Annual Report on Form 10-K for the year ended December 31, 2021, including the
“Risk Factors” section contained therein. As used in this Quarterly Report, unless context otherwise requires, the words
“we,” “us,” “our,” “the Company,” “SRAX,” “Registrant” refer
to SRAX, Inc. and its subsidiaries. Additionally, any reference to (i) “LD Micro” refer to the Company’s wholly owned
subsidiary, “LD Micro, Inc.” and the assets used in its operation. Also, any reference to “common share” or “common
stock,” refers to our $0.001 par value Class A common stock.
Any
reference to “BIGToken” and “BIGToken, Inc.” refer to the Company’s previously wholly owned subsidiary,
BIGToken, Inc. and the assets used in its operations which we transferred into Force Protection Video Equipment, Inc. (“FPVD”),
which became our majority owned subsidiary on February 4, 2021 and was subsequently disposed of on December 29, 2021.
Unless
otherwise stated, the information which appears on our web sites www.srax.com are not part of this report and are specifically not incorporated
by reference.
PART
1. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SRAX,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
September 30, 2022 | | |
| |
| |
(unaudited) | | |
December 31, 2021 | |
Assets | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 116,000 | | |
$ | 1,348,000 | |
Accounts receivable, net | |
| 319,000 | | |
| 821,000 | |
Contracts receivable | |
| 499,000 | | |
| 844,000 | |
Marketable securities | |
| 2,918,000 | | |
| 15,617,000 | |
Designated assets for return of capital | |
| 221,000 | | |
| 3,925,000 | |
Prepaid expenses and other current assets | |
| 352,000 | | |
| 430,000 | |
TOTAL CURRENT ASSETS | |
| 4,425,000 | | |
| 22,985,000 | |
| |
| | | |
| | |
Marketable securities, net of current portion | |
| 18,203,000 | | |
| - | |
Notes receivable | |
| - | | |
| 935,000 | |
Property and equipment, net | |
| 121,000 | | |
| 114,000 | |
Intangible assets, net | |
| - | | |
| 1,443,000 | |
Right of use assets | |
| 162,000 | | |
| 257,000 | |
Other assets | |
| 8,000 | | |
| 36,000 | |
Goodwill | |
| 7,706,000 | | |
| 17,906,000 | |
TOTAL ASSETS | |
$ | 30,625,000 | | |
$ | 43,676,000 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 10,099,000 | | |
$ | 4,095,000 | |
Deferred revenue | |
| 12,862,000 | | |
| 12,859,000 | |
Other current liabilities | |
| 844,000 | | |
| 763,000 | |
Payroll protection loan | |
| 10,000 | | |
| 10,000 | |
OID convertible note(s) payable | |
| 1,094,000 | | |
| 1,164,000 | |
Senior secured revolving credit facility, net of OID | |
| 5,478,000 | | |
| - | |
Series A redeemable preferred stock | |
| 1,045,000 | | |
| 3,925,000 | |
TOTAL CURRENT LIABILITIES | |
| 31,432,000 | | |
| 22,816,000 | |
| |
| | | |
| | |
Right of use liability, net of current portion | |
| - | | |
| 114,000 | |
TOTAL LIABILITIES | |
| 31,432,000 | | |
| 22,930,000 | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Series A preferred stock, $0.001 par value, 36,462,417 shares authorized, issued and outstanding, as liability classified at September 30, 2022 and December 31, 2021 | |
| - | | |
| - | |
Class A common stock, $0.001 par value, 250,000,000 shares authorized, 26,355,951 and 25,995,172 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | |
| 26,000 | | |
| 26,000 | |
Class B common stock, $0.0001 par value, 9,000,000 shares authorized and 0 issued and outstanding, at September 30, 2022 and December 31, 2021 | |
| - | | |
| - | |
Common
Stock Value | |
| | | |
| | |
| |
| | | |
| | |
Additional paid-in capital | |
| 52,643,000 | | |
| 51,075,000 | |
Accumulated deficit | |
| (53,476,000 | ) | |
| (30,355,000 | ) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | |
| (807,000 | ) | |
| 20,746,000 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT) | |
$ | 30,625,000 | | |
$ | 43,676,000 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SRAX,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
| |
| | | |
| | | |
| | | |
| | |
Cost and expenses | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 942,000 | | |
| 3,354,000 | | |
| 9,181,000 | | |
| 8,541,000 | |
Employee related costs | |
| 2,185,000 | | |
| 1,892,000 | | |
| 5,840,000 | | |
| 5,347,000 | |
Selling, general and administrative | |
| 1,305,000 | | |
| 929,000 | | |
| 5,182,000 | | |
| 2,562,000 | |
Depreciation and amortization | |
| 17,000 | | |
| 251,000 | | |
| 403,000 | | |
| 710,000 | |
Total costs and expenses | |
| 4,449,000 | | |
| 6,426,000 | | |
| 20,606,000 | | |
| 17,160,000 | |
Income (loss) from operations | |
| 860,000 | | |
| 462,000 | | |
| (76,000 | ) | |
| 1,803,000 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Financing costs | |
| (2,377,000 | ) | |
| (528,000 | ) | |
| (3,954,000 | ) | |
| (10,098,000 | ) |
Impairment of goodwill | |
| - | | |
| - | | |
| (10,200,000 | ) | |
| - | |
Impairment of intangibles | |
| - | | |
| - | | |
| (1,481,000 | ) | |
| - | |
Loss on sale of fixed assets | |
| - | | |
| - | | |
| (47,000 | ) | |
| - | |
Realized gain (loss) on marketable securities | |
| (286,000 | ) | |
| 286,000 | | |
| (6,521,000 | ) | |
| 1,095,000 | |
Current period change in fair value of marketable securities | |
| (2,196,000 | ) | |
| (3,906,000 | ) | |
| 1,696,000 | | |
| (4,784,000 | ) |
Current period change in fair value of contract assets | |
| 22,000 | | |
| - | | |
| (1,491,000 | ) | |
| - | |
Realized loss on designated assets | |
| (904,000 | ) | |
| 2,000 | | |
| (1,803,000 | ) | |
| 2,000 | |
Current period change in fair value of designated assets | |
| 622,000 | | |
| (134,000 | ) | |
| (710,000 | ) | |
| (134,000 | ) |
Change in fair value of preferred stock | |
| 281,000 | | |
| 134,000 | | |
| 2,513,000 | | |
| 134,000 | |
Interest income | |
| - | | |
| 10,000 | | |
| 12,000 | | |
| 33,000 | |
Other income (expense) | |
| 159,000 | | |
| 1,130,000 | | |
| (1,058,000 | ) | |
| 1,145,000 | |
Total other expense, net | |
| (4,679,000 | ) | |
| (3,006,000 | ) | |
| (23,044,000 | ) | |
| (12,607,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
Income (loss) from continuing operations | |
| (3,819,000 | ) | |
| (2,544,000 | ) | |
| (23,120,000 | ) | |
| (10,804,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations | |
| | | |
| | | |
| | | |
| | |
Loss before income tax expense | |
| - | | |
| (2,059,000 | ) | |
| - | | |
| (11,755,000 | ) |
Noncontrolling interest in discontinued operations | |
| - | | |
| 774,000 | | |
| - | | |
| 1,900,000 | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
Loss from discontinued operations | |
| - | | |
| (1,285,000 | ) | |
| - | | |
| (9,855,000 | ) |
Net income (loss) | |
$ | (3,819,000 | ) | |
$ | (3,829,000 | ) | |
$ | (23,120,000 | ) | |
$ | (20,659,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted income (loss) per share | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.14 | ) | |
$ | (0.10 | ) | |
$ | (0.88 | ) | |
$ | (0.48 | ) |
Discontinued operations | |
| - | | |
| (0.05 | ) | |
$ | - | | |
| (0.43 | ) |
Net income (loss) per share, basic and diluted | |
$ | (0.14 | ) | |
$ | (0.15 | ) | |
$ | (0.88 | ) | |
$ | (0.91 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding, basic and diluted | |
| 26,341,615 | | |
| 25,019,645 | | |
| 26,207,696 | | |
| 22,707,446 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SRAX,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Additional paid-in | | |
Accumulated | | |
Non Controlling | | |
Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
(Deficit) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| - | | |
$ | - | | |
| 25,995,172 | | |
$ | 26,000 | | |
$ | 51,075,000 | | |
$ | (30,355,000 | ) | |
$ | - | | |
$ | 20,746,000 | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 358,000 | | |
| - | | |
| - | | |
| 358,000 | |
Shares issued for exercise of employee options, net of taxes | |
| - | | |
| - | | |
| 91,981 | | |
| - | | |
| (101,000 | ) | |
| - | | |
| - | | |
| (101,000 | ) |
Net income | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| 3,728,000 | | |
| | | |
| 3,728,000 | |
Balance, March 31, 2022 | |
| - | | |
| - | | |
| 26,087,153 | | |
| 26,000 | | |
| 51,332,000 | | |
| (26,627,000 | ) | |
| - | | |
| 24,731,000 | |
Share based compensation (benefit) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (870,000 | ) | |
| - | | |
| - | | |
| (870,000 | ) |
Shares issued for exercise of warrants on a cashless basis | |
| - | | |
| - | | |
| 195,525 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issued for exercise of warrants for cash | |
| | | |
| | | |
| 8,401 | | |
| - | | |
| 32,000 | | |
| - | | |
| - | | |
| 32,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (23,030,000 | ) | |
| - | | |
| (23,030,000 | ) |
Balance, June 30, 2022 | |
| - | | |
| - | | |
| 26,291,079 | | |
| 26,000 | | |
| 50,494,000 | | |
| (49,657,000 | ) | |
| - | | |
| 863,000 | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 281,000 | | |
| - | | |
| - | | |
| 281,000 | |
Warrant modification expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,788,000 | | |
| - | | |
| - | | |
| 1,788,000 | |
Shares issued for loan breakup fee | |
| - | | |
| - | | |
| 33,000 | | |
| - | | |
| 80,000 | | |
| - | | |
| - | | |
| 80,000 | |
Shares issued for exercise of employee options | |
| | | |
| | | |
| 31,872 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,819,000 | ) | |
| - | | |
| (3,819,000 | ) |
Balance, September 30, 2022 | |
| - | | |
| - | | |
| 26,355,951 | | |
$ | 26,000 | | |
$ | 52,643,000 | | |
$ | (53,476,000 | ) | |
$ | - | | |
$ | (807,000 | ) |
See
accompanying notes to unaudited condensed consolidated financial statements.
SRAX,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Continued)
(Unaudited)
| |
Preferred Stock | | |
Common Stock | | |
Additional paid-in | | |
Accumulated | | |
Non Controlling | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31,2020 | |
| - | | |
$ | - | | |
| 16,145,778 | | |
$ | 16,000 | | |
$ | 69,551,000 | | |
$ | (50,342,000 | ) | |
$ | - | | |
$ | 19,225,000 | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 253,000 | | |
| - | | |
| - | | |
| 253,000 | |
Shares issued for cash | |
| - | | |
| - | | |
| 53,616 | | |
| - | | |
| 284,000 | | |
| - | | |
| - | | |
| 284,000 | |
Conversion of convertible debt to equity | |
| - | | |
| - | | |
| 2,041,551 | | |
| 2,000 | | |
| 3,445,000 | | |
| - | | |
| - | | |
| 3,447,000 | |
Shares issued for exercise of warrants | |
| - | | |
| - | | |
| 4,945,320 | | |
| 5,000 | | |
| 12,215,000 | | |
| - | | |
| - | | |
| 12,220,000 | |
Warrants issued as inducement to exercise warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 7,737,000 | | |
| - | | |
| - | | |
| 7,737,000 | |
Establishment of noncontrolling interest of FVPD | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (95,000 | ) | |
| (95,000 | ) |
Warrants issued by FVPD for SRAX, Inc. debenture holders | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 885,000 | | |
| 885,000 | |
Series B convertible preferred stock issued by FPVD | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,775,000 | | |
| 5,775,000 | |
Beneficial conversion feature FPVD series B convertible preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,775,000 | | |
| 5,775,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,090,000 | ) | |
| (854,000 | ) | |
| (11,944,000 | ) |
Balance, March 31,2021 | |
| - | | |
| - | | |
| 23,186,265 | | |
| 23,000 | | |
| 93,485,000 | | |
| (61,432,000 | ) | |
| 11,486,000 | | |
| 43,562,000 | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 253,000 | | |
| - | | |
| - | | |
| 253,000 | |
Conversion of convertible debt to equity | |
| - | | |
| - | | |
| - | | |
| - | | |
| 701,000 | | |
| - | | |
| - | | |
| 701,000 | |
Shares issued for exercise of warrants | |
| - | | |
| - | | |
| 350,000 | | |
| - | | |
| 3,575,000 | | |
| - | | |
| - | | |
| 3,575,000 | |
Series B convertible preferred stock issued by FPVD | |
| - | | |
| - | | |
| 1,310,198 | | |
| 1,000 | | |
| - | | |
| - | | |
| 85,000 | | |
| 86,000 | |
Beneficial conversion feature FPVD series B convertible preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 85,000 | | |
| 85,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,740,000 | ) | |
| (272,000 | ) | |
| (6,012,000 | ) |
Balance, June 30, 2021 | |
| - | | |
| - | | |
| 24,846,463 | | |
| 24,000 | | |
| 98,014,000 | | |
| (67,172,000 | ) | |
| 11,384,000 | | |
| 42,250,000 | |
Balance | |
| - | | |
| - | | |
| 24,846,463 | | |
| 24,000 | | |
| 98,014,000 | | |
| (67,172,000 | ) | |
| 11,384,000 | | |
| 42,250,000 | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 251,000 | | |
| - | | |
| - | | |
| 251,000 | |
Conversion of convertible debt to equity | |
| - | | |
| - | | |
| 730,616 | | |
| 1,000 | | |
| 1,824,000 | | |
| - | | |
| - | | |
| 1,825,000 | |
Shares issued for exercise of warrants | |
| - | | |
| - | | |
| 53,668 | | |
| - | | |
| 157,000 | | |
| - | | |
| - | | |
| 157,000 | |
Dividends on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,387,000 | ) | |
| - | | |
| - | | |
| (6,387,000 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,829,000 | ) | |
| (774,000 | ) | |
| (4,603,000 | ) |
Net Income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,829,000 | ) | |
| (774,000 | ) | |
| (4,603,000 | ) |
Balance, September 30, 2021 | |
| - | | |
$ | - | | |
| 25,630,747 | | |
$ | 25,000 | | |
$ | 93,859,000 | | |
$ | (71,001,000 | ) | |
$ | 10,610,000 | | |
$ | 33,493,000 | |
Balance | |
| - | | |
$ | - | | |
| 25,630,747 | | |
$ | 25,000 | | |
$ | 93,859,000 | | |
$ | (71,001,000 | ) | |
$ | 10,610,000 | | |
$ | 33,493,000 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SRAX,
INC. AND SUBSIDIARIES
CONDESNED
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
| | |
| |
| |
Nine months ended September 30, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (23,120,000 | ) | |
$ | (20,659,000 | ) |
Less: net loss from discontinued operations, net of tax | |
| - | | |
| 9,855,000 | |
Loss from continuing operations | |
| (23,120,000 | ) | |
| (10,804,000 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Impairment of goodwill | |
| 10,200,000 | | |
| - | |
Impairment of intangibles | |
| 1,481,000 | | |
| - | |
Loss on sale of fixed assets | |
| 47,000 | | |
| - | |
Realized gain (loss) on marketable securities | |
| 6,521,000 | | |
| (1,095,000 | ) |
Current period change in fair value of marketable securities | |
| (1,696,000 | ) | |
| 4,784,000 | |
Current period change in fair value of contract assets | |
| 1,491,000 | | |
| - | |
Realized gain (loss) on designated assets | |
| 1,803,000 | | |
| (2,000 | ) |
Current period change in fair value of designated assets | |
| 710,000 | | |
| 134,000 | |
Change in fair value of preferred stock | |
| (2,513,000 | ) | |
| (134,000 | ) |
Warrant modification expense | |
| 1,788,000 | | |
| - | |
Stock based compensation (benefit) | |
| (231,000 | ) | |
| 757,000 | |
Interest income | |
| - | | |
| (33,000 | ) |
Amortization of debt discount | |
| 154,000 | | |
| 799,000 | |
Loss on settlement of note receivable | |
| 35,000 | | |
| - | |
Fair value of warrants issued by FPVD to SRAX, Inc. debenture holders | |
| - | | |
| 885,000 | |
Forgiveness of payroll protection program loan | |
| - | | |
| (1,116,000 | ) |
Warrant inducement expense | |
| - | | |
| 7,737,000 | |
Net provision for (recovery of) bad debts | |
| (60,000 | ) | |
| (305,000 | ) |
Depreciation expense | |
| 53,000 | | |
| 61,000 | |
Amortization of intangibles | |
| 350,000 | | |
| 1,061,000 | |
Amortization of right of use assets | |
| 95,000 | | |
| - | |
Non-cash financing expense | |
| 237,000 | | |
| 213,000 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable, net | |
| 563,000 | | |
| 1,537,000 | |
Prepaid expenses and other current assets | |
| 105,000 | | |
| (631,000 | ) |
Contracts receivable | |
| (1,146,000 | ) | |
| - | |
Designated assets for return of capital | |
| 685,000 | | |
| - | |
Accounts payable and accrued expenses | |
| 6,002,000 | | |
| 370,000 | |
Deferred revenue | |
| (13,711,000 | ) | |
| (16,582,000 | ) |
Other current liabilities | |
| 1,573,000 | | |
| (396,000 | ) |
Right of use liability | |
| (96,000 | ) | |
| (15,000 | ) |
Net cash used in continuing operations | |
| (8,680,000 | ) | |
| (12,775,000 | ) |
Net cash used in discontinued operations | |
| - | | |
| (5,895,000 | ) |
Net cash used in operating activities | |
| (8,680,000 | ) | |
| (18,670,000 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Proceeds from sale of marketable securities | |
| 3,385,000 | | |
| 7,144,000 | |
Proceeds from note receivable | |
| 900,000 | | |
| - | |
Deferred payments to LD Micro | |
| - | | |
| (3,004,000 | ) |
Proceeds from the sale of designated assets | |
| 506,000 | | |
| - | |
Acquisition of property and equipment | |
| (108,000 | ) | |
| (97,000 | ) |
Acquisition of intangible assets | |
| (388,000 | ) | |
| (541,000 | ) |
Other assets | |
| - | | |
| (33,000 | ) |
Net cash from continuing operations | |
| 4,295,000 | | |
| 3,040,000 | |
Net cash from discontinued operations | |
| - | | |
| 955,000 | |
Net cash from investing activities | |
| 4,295,000 | | |
| 3,995,000 | |
Cash flows from financing activities: | |
| | | |
| | |
Preferred stock distributions | |
| (365,000 | ) | |
| - | |
Proceeds from issuance of common stock | |
| - | | |
| 284,000 | |
Payments of taxes related to settlement of restricted stock units | |
| (101,000 | ) | |
| - | |
Proceeds from the exercise of warrants | |
| 32,000 | | |
| 15,953,000 | |
Proceeds from factoring facilities | |
| 5,362,000 | | |
| - | |
Repayments of factoring facilities | |
| (6,184,000 | ) | |
| - | |
Repayments of OID convertible notes payable | |
| (277,000 | ) | |
| - | |
Proceeds from senior secured revolving credit facility | |
| 4,686,000 | | |
| - | |
Net cash from continuing operations | |
| 3,153,000 | | |
| 16,237,000 | |
Net cash from discontinued operations | |
| - | | |
| 4,810,000 | |
Net cash from financing activities | |
| 3,153,000 | | |
| 21,047,000 | |
SRAX,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW (Continued)
(Unaudited)
| |
Nine months ended September 30, | |
| |
2022 | | |
2021 | |
Net (decrease) increase in cash from continuing operations | |
| (1,232,000 | ) | |
| 6,502,000 | |
Net decrease in cash from discontinued operations | |
| - | | |
| (130,000 | ) |
Cash, beginning of period | |
| 1,348,000 | | |
| 451,000 | |
Cash, end of period | |
$ | 116,000 | | |
$ | 6,823,000 | |
| |
| | | |
| | |
Supplemental schedule of cash flow information | |
| | | |
| | |
Cash paid for interest | |
$ | 77,000 | | |
$ | 14,000 | |
Cash paid for taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Supplemental schedule of noncash investing and financing activities | |
| | | |
| | |
Fair value of marketable securities received for revenue contracts, net | |
$ | 15,943,000 | | |
$ | 26,564,000 | |
Convertible notes converted into shares | |
$ | - | | |
$ | 6,423,000 | |
Designation of marketable securities for dividend distributions | |
$ | - | | |
$ | 6,387,000 | |
Dividends on preferred stock | |
$ | - | | |
$ | 6,387,000 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SRAX,
INC. AND SUBSIDIARIES
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September
30, 2022
NOTE
1 – ORGANIZATION AND LIQUIDITY
Organization
SRAX,
Inc. (“SRAX”, “we”, “us”, “our” or the “Company”) is a Delaware corporation
formed on August 2, 2011. SRAX is headquartered in Westlake Village, California but operates as a distributed virtual Company. As of
September 30, 2022, the unaudited Condensed Consolidated Financial Statements consist of SRAX and its wholly owned subsidiary LD Micro,
Inc. (“LD Micro”).
SRAX
is a technology firm focused on enhancing communications between public companies and their shareholders and investors. The Company currently
has one reportable and operating segment, which consists of one reporting unit consisting of two distinct business units:
|
● |
The
unique SaaS platform, Sequire provides users many features which allow issuers to track their shareholders’ behaviors and trends,
then use data-driven insights to engage with shareholders across marketing channels. |
|
|
|
|
● |
Through
LD Micro, the Company organizes and hosts investor conferences within the micro and small- cap markets, and plans to create several
more niche events for the investor community. |
Each
of SRAX’s business units deliver valuable insights that assist the Company’s clients with their investor relations and communications
initiatives.
On
February 4, 2021, the Company acquired FPVD through a reverse acquisition involving BIG Token, Inc. On December 29, 2021, the Company
deconsolidated the Company’s majority owned subsidiary BIG Token, Inc. (“BIGToken”) formerly known as Force Protection
Video Equipment Corporation (or “FPVD”). See Note 3 –Discontinued Operations.
On
March 3, 2023, the Company divested the LD Micro subsidiary.
Liquidity
and Capital Resources
The
Company has incurred significant losses since its inception and has not demonstrated an ability to generate cash in excess of its operating
expenses for a sustained period of time. As of September 30, 2022, the Company had cash of $116,000 which is not sufficient to fund the
Company’s planned operations through one year after the date the unaudited Condensed Consolidated Financial Statements are issued.
These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the
date that the unaudited Condensed Consolidated Financial Statements are issued.
The
unaudited Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern. Accordingly, the unaudited Condensed Consolidated Financial Statements have been prepared on a basis
that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities
and commitments in the ordinary course of business.
In
making this assessment, the Company performed a comprehensive analysis of current circumstances including: its financial position, cash
flow and cash usage forecasts, and obligations and debts. Although management has a long history of successful capital raises, the analysis
used to determine the Company’s ability as a going concern does not include cash sources outside the Company’s direct control
that management expects to be available within the next 12 months.
The
Company expects that its existing cash, accounts receivable and sale of marketable securities as of September 30, 2022, will not be sufficient
to enable it to fund the anticipated level of operations through one year from the date these financial statements are issued. The Company
projects the sale of its marketable security holding will represent a substantial portion of the cash required for operations for the
foreseeable future. The Company’s sales of marketable securities are primarily through sale transactions that qualify for exemptions
pursuant to Rule 144 of the Securities Act of 1933. The conditions required to be met to qualify for the exemptions under Rule 144 are
often difficult to predict, making it difficult to predict the timing of the associated cash flows from the sales of these securities.
The Company’s holdings of marketable securities are subject to risks and uncertainties such as fluctuations in pricing in the primary
market, and legal restrictions that create uncertainty around realization and timing of cash flows.
The
Company anticipates raising additional capital through the private and public sales of its equity or debt securities and selling its
marketable securities, or a combination thereof. Although management believes that such capital sources will be available, there can
be no assurances that financing will be available when needed in order to allow the Company to continue its operations, or if available,
on terms acceptable to it. If the Company does not raise sufficient capital in a timely manner, among other things, it may be forced
to scale back its operations or cease operations altogether.
NOTE
2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim Condensed Consolidated
Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information
and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December
31, 2021 Condensed Consolidated Balance Sheet was derived from financial statements but does not include all disclosures required by
GAAP. These interim unaudited Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim nine-month
periods ended September 30, 2022 and 2021. The results for the nine months ended September 30, 2022 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2022 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial
Statements and the notes thereto for the year ended December 31, 2021, included in the Company’s annual report on Form 10-K filed
with the SEC.
Principles
of Consolidation
The
unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All material
intercompany transactions and balances have been eliminated in consolidation.
Reclassification
Certain
prior period amounts have been reclassified to conform to current period presentation.
Use
of Estimates
The
unaudited Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and require management of the Company
to make estimates and assumptions in the preparation of these unaudited Condensed Consolidated Financial Statements that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
The
most significant areas that require management judgment and which are susceptible to possible change in the near term include, among
other items, the Company’s revenue recognition, valuation of marketable investment securities, stock-based compensation, income
taxes, purchase price for acquisitions, goodwill, other intangible assets, and the valuation of redemption features and other assets
and liabilities.
Fair
Value of Financial Instruments
The
accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair
value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal,
most advantageous market for the specific asset or liability.
In
determining fair value, the Company uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value.
It maximizes observable inputs and minimizes unobservable inputs. Valuation techniques consistent with the market or income approach
are used to measure fair value. The fair value hierarchy is categorized into three levels:
|
● |
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access; |
|
|
|
|
● |
Level
2 - Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly;
and |
|
|
|
|
● |
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Fair
value is a market-based measure that is based on assumptions of prices and inputs considered from the perspective of a market participant
on the measurement date.
The
availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety
of factors. The determination of fair value requires prudent judgment. Due to the inherent uncertainty of valuation, estimated values
may be materially different from values were a ready market available. Inputs used to measure fair value may fall into different levels
of the fair value hierarchy. In such cases, the item being valued is classified based on the hierarchy category of the lowest significant
level input to the fair value measurement. See Note 12 Fair Value of Financial Instruments.
Cash
The
Company considers all short-term highly liquid investments with a remaining maturity at the date of purchase of three months or less
to be cash equivalents. Cash is recorded at cost, which approximates its fair value. The Company did not have any cash equivalents as
of September 30, 2022 and December 31, 2021. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation
(“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes
this risk by placing its cash deposits with major financial institutions. As of September 30, 2022 and December 31, 2021, the Company
had $0 and $1,098,000 in excess of the federal insurance limit, respectively.
Marketable
Securities
Marketable
Securities consist of debt and equity securities. The Company accounts for marketable equity securities, including convertible preferred
shares at fair value pursuant to ASC 321 Investments – Equity Securities, and marketable debt securities at fair value in accordance
with ASC 320 – Investments Debt Securities. Marketable securities were approximately $21.1 million and $15.6 million as of September
30, 2022 and December 31, 2021, respectively.
Accounts
Receivable
Credit
is extended to customers based on an evaluation of their financial condition and other factors, and the Company usually does not require
collateral. Management periodically assesses the Company’s accounts receivable and, if necessary, establishes an allowance for
estimated uncollectible amounts. Accounts determined to be uncollectible are charged to operations when that determination is made. The
allowance for doubtful accounts was approximately $69,000 and $130,000 as of September 30, 2022 and December 31, 2021, respectively.
Concentration
of Credit and Significant Customer Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash, accounts receivable and notes receivable.
Cash is deposited with financial institutions within the United States. The balances maintained at these financial institutions are generally
more than the FDIC insurance limits. The Company has not experienced any loss on these accounts.
As
of September 30, 2022, the Company did not have any customers with accounts receivable balances representing greater than 10% of the
Company’s aggregate accounts receivable. As of December 31, 2021, the Company had one customer with an accounts receivable balance
of approximately 11%.
For
the nine months ended September 30, 2022 and 2021, the Company had no customers that account for a significant percentage of total revenues.
Goodwill
and Intangible assets
Intangible
assets consist of (i) goodwill, intellectual property, trademarks, trade names and non-compete agreements acquired in business combinations
and capitalized software development costs. Other than goodwill and trademarks, intangible assets are stated at cost less accumulated
amortization. Amortization is provided for on the straight-line basis over the estimated useful lives of the assets of five years.
Impairment
of Goodwill, Intangible Assets and Other Long-lived Assets
Management
evaluates the recoverability of the Company’s definitive lived intangible assets and other long-lived assets when events or circumstances
indicate a potential impairment exists. Events and circumstances considered by the Company in determining whether the carrying value
of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes
in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or
economic trends; a significant decline in the Company’s stock price for a sustained period of time; and changes in the Company’s
business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use
and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets’ carrying values and the
undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value
of the assets.
Management
evaluates the recoverability of the Company’s goodwill annually at December 31 or more often as events or circumstances indicate
the fair value of a reporting unit is below its carrying value. The Company has determined that it operates as a single reporting unit
for the purposes of conducting this goodwill impairment assessment. If the fair value of a reporting unit is less than its carrying value,
an impairment loss is recorded to the extent that implied fair value of the goodwill within the reporting unit is less than its carrying
value.
An
impairment in the amount of $10,200,000 to goodwill, and $1,481,000 to intangible assets was recognized for the nine months ended September
30, 2022. The impairment was determined as the carrying amount of goodwill exceeded its implied fair value based on a discounted cash
flow projection. The transition to accepting only cash as compensation for services will cause a significant decrease in revenue and
cash collections, which has a material negative impact on the discounted cash flow projection. No impairments of goodwill or other long-lived
assets have been recognized for the nine months ended September 30, 2021.
Revenue
Recognition
The
Company recognizes revenues upon the satisfaction of its performance obligation(s) (upon transfer of control of promised goods or services
to its customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services.
The Company determines the amount of revenue to be recognized through the application of the five-step process as follows:
|
1) |
identification
of contracts with customers; |
|
2) |
identification
of the distinct performance obligations in the contract; |
|
3) |
determination
of the transaction price of the contract; |
|
4) |
allocation
of transaction price among the performance obligations in the contract; and |
|
5) |
recognition
of revenue as performance obligations are satisfied. |
The
Company has elected the following practical expedients allowed in accounting for its revenue recognition:
|
● |
not
adjusting contract consideration for the effects of significant financing components if the period between transfer or service and
customer payment is expected to be less than one year; |
|
● |
not
assessing performance obligations if they are immaterial in the context of the contract; |
|
● |
excluding
sales and similar taxes from the transaction price; and |
|
● |
not
disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
The
Company generates revenue primarily from its Sequire SaaS platform and its LD Micro subsidiary. Specifically, the Sequire SaaS platform
related revenue consists of (i) licensing subscriptions to access the platform, (ii) managed services involving data and marketing initiatives
and (iii) ancillary data supplementing the use of the platform. LD Micro revenues consist of attendee fees and event sponsorship fees
related investor conferences organized and hosted by the Company.
Sequire
SaaS platform
Sequire
SaaS platform agreements are typically for a period of 12-months and provide for monthly or annual payments in advance.
Prior
to 2023 many of the Sequire SaaS platform agreements provide customers the ability to pay for the services with the issuance of the customers’
securities including common stock. The amount of consideration for these contracts is based on the estimated fair value of the underlying
securities on the contract date. See “Fair Value of Financial Instruments” for details over the calculation of fair value.
In 2023 the Company transitioned to accepting only cash as compensation for services. As we transition to accepting only cash as compensation
for services there will be a significant decrease in Sequire revenue.
When
Sequire SaaS platform contracts contain multiple performance obligations, transaction consideration is allocated to each individual performance
obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. The Company determines SSP based on the price at
which the performance obligation would be sold separately.
Subscription
revenue is generally non-refundable regardless of the actual use and is recognized ratably over the non-cancellable contract term beginning
on the commencement date of each contract, which is the date the Company’s service is first made available to customers.
Managed
Services and Ancillary Data revenue is typically recognized using an output measure of progress by looking at the time elapsed as the
contracts generally provide the customer equal benefit throughout the contract period because the Company transfers control evenly by
providing a stand-ready service.
LD
Micro - Conference Revenue
LD
Micro agreements cover a specific event and provide for payment in advance or at the time of the event. Conference revenue from attendee
fees and sponsorship fees is recognized at the time of the event (i.e., at a point-in-time).
Contracts
Receivable
Contracts
receivable represents amounts for which non-cancellable revenue contracts with customers have been finalized but the payment in the form
of securities issued by the customer have not been received by the Company.
Deferred
Revenue
Deferred
revenue resulting from amounts billed to, or cash received from, customers in advance of the Company satisfying its performance obligation
and recognizing the applicable revenue.
Preferred
stock
Preferred
stock liability represents amounts payable to holders of the Preferred Stock Series A shares upon the eventual liquidation of assets
designated for the sole purpose of paying dividends. Accordingly, the Company classified the Series A Preferred Shares as liability instruments
because in-substance, they represent a right to the payment of dividends upon the liquidation of specified assets, are automatically
returnable to the Company after the payments are made and feature no rights to further equity or residual interests in the Company. The
Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Preferred Stock states dividend shall be paid
conditioned upon, and subject to a determination by the Board that a distribution is not prohibited pursuant to applicable provisions
of the DGCL or other applicable law.
Costs
to Obtain or Costs to Fulfill a Contract
The
Company has no costs that qualify as costs to obtain or costs to fulfill customer contracts.
Net
Loss Per Share
Basic
earnings per share is calculated by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted
loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding, after giving effect to
all potentially dilutive common shares outstanding during the period. For periods with a net loss, basic and diluted earnings per share
are the same, in that a potentially common stock equivalent would have the effect of being anti-dilutive in the computation of net loss
per share. The number of potentially outstanding dilutive common shares excluded from the diluted net loss per calculation, as they were
anti-dilutive were 911,868 for three and the nine months ended September 30, 2022, and 11,867,520 for the three months and nine months
ended September 30, 2021.
Recent
Accounting Pronouncements
In
June 2022, the FASB issued Accounting Standards Update (“ASU”) ASU 2022-03 (“Fair Value Measurements”),
which clarifies the guidance in ASC 820 (“Fair Value Measurement”) (“ASC 820”), (1) when measuring the fair value
of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative
example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured
at fair value in accordance with ASC 820. The adoption did not impact the Company’s financial position, results of operations or
cash flows.
Recent
Accounting Pronouncements Not Yet Adopted
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt-Debt with Conversion and Other
Options which simplifies the accounting for convertible instruments by removing certain separation models (including the cash conversion
model and the beneficial conversion feature model) for convertible instruments. As a result, for convertible instruments with conversion
features that are not required to be accounted for as derivative instruments or that do not result in substantial premiums accounted
for as paid-in capital, the embedded conversion features are no longer separated from the host contract. Consequently, a convertible
debt instrument will be accounted for as a single liability measured at its amortized cost, and convertible preferred stock will be accounted
for as a single equity instrument measured at its historical cost as long as no other features require bifurcation and recognition as
derivatives. This guidance is effective on a modified retrospective or full retrospective basis for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact on the consolidated financial
statements.
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) addressing accounting for credit
losses on financial instruments, which is designed to provide financial statement users with more information about the expected credit
losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. When determining
such expected credit losses, the guidance requires companies to apply a methodology that reflects expected credit losses and requires
consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective
on a modified retrospective basis for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
The Company is currently evaluating the impact on the consolidated financial statements.
The
Company’s management reviewed all recently issued ASU’s not yet adopted by the Company and does not believe the future adoptions
of any such ASU’s may be expected to cause a material impact on the Company’s consolidated financial condition or the results
of its operations.
NOTE
3 – DISCONTINUED OPERATIONS
Background
On
February 4, 2021, the Company completed a share exchange agreement (“Exchange Agreement”) with FPVD. As part of the Exchange
Agreement the Company transferred all of the BIGToken assets and 100% of the issued and outstanding shares of BIGToken for 149,562,566,534
shares of FPVD’s common stock and 5,000,000 shares of FPVD’s series A preferred stock. The Company accounted for the transaction
as a reverse capitalization and resulted in reducing the Company’s ownership in BIGToken from 100% to 88.9% and establishment of
a non-controlling interest. Subsequently, FPVD was renamed BIGToken.
Deconsolidation
On
December 29, 2021, BIGToken (formerly FPVD) completed a merger transaction with BritePool, Inc. (“BritePool”) (the “Merger”)
resulting in the Company’s ownership in BIGToken being reduced from 66% to approximately 4.99%. As a result of the Merger, BIGToken
issued 183,445,351,631 shares of its common stock (“Acquisition Shares”) for all of the issued and outstanding equity shares
of BritePool. On December 29, 2021, as a condition for the closing of the Merger, the Company exchanged 149,562,566,534 shares of BIGToken
common stock for 242,078 shares of BIGToken’s Series D Convertible Preferred Stock (“Series D Stock”) (the “Exchange”).
Simultaneously with the Exchange, the Company converted 22,162 shares of the Series D Stock into 13,692,304,136 shares of BIGToken’s
common stock, or approximately 4.99% of the issued and outstanding shares of BIGToken’s common stock.
Subsequent
to the transaction, the Company now owns 220,000 shares of BIGToken’s series D convertible, non-redeemable, non-voting preferred
stock and 13,692,304,136 shares of its common stock. As a result of the transaction, the Company no longer has a controlling financial
interest in BIGToken and deconsolidated BIGToken effective December 29, 2021, recognizing a loss
of $10.7 million as follows:
SCHEDULE
OF DECONSOLIDATION OF BUSINESS
Consideration | |
Amount | |
Fair value of Series D Stock and Common Stock | |
$ | 31,000 | |
Carrying amount of non-controlling interests of BIGToken | |
| 6,045,000 | |
Previous equity adjustments of non-controlling interest | |
| (12,510,000 | ) |
Total | |
| (6,434,000 | ) |
| |
| | |
Book basis of investment in BIGToken | |
| 4,250,000 | |
Loss on disposal of subsidiary | |
$ | (10,684,000 | ) |
The
Company determined the Series D Stock would be classified as a Level 3 asset as there is no observable market for quoted market price
for an identical asset. The Company engaged an independent third-party valuation expert to estimate the fair value of the Series D Stock.
The
financial results of BIGToken are presented as loss from discontinued operations, net of income taxes and net of income attributable
to non-controlling interests on the Company’s unaudited Condensed Consolidated Statement of Operations for the three and nine months
ended September 30, 2021. The historical Condensed Consolidated Statement of Cash Flows has also been revised to reflect the effect of
the deconsolidation. The following table presents the financial results of BIGToken:
SCHEDULE
OF ASSET AND LIABILITIES INCOME FROM DISCONTINUE OPERATIONS
| |
Three Months Ended September 30, 2021 | | |
Nine Months Ended September 30, 2021 | |
Revenues | |
$ | 765,000 | | |
$ | 2,469,000 | |
| |
| | | |
| | |
Cost and expenses | |
| | | |
| | |
Cost of revenues | |
| 207,000 | | |
| 715,000 | |
Employee related costs | |
| 988,000 | | |
| 2,649,000 | |
Marketing and selling expenses | |
| 372,000 | | |
| 861,000 | |
Platform costs | |
| 78,000 | | |
| 245,000 | |
Depreciation and amortization | |
| 101,000 | | |
| 412,000 | |
General and administrative expenses | |
| 1,078,000 | | |
| 3,483,000 | |
Total cost and expenses | |
| 2,824,000 | | |
| 8,365,000 | |
Loss from operations | |
| (2,059,000 | ) | |
| (5,896,000 | ) |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Deemed dividend on preferred stock | |
| - | | |
| (5,859,000 | ) |
Total other expense | |
| - | | |
| (5,859,000 | ) |
| |
| | | |
| | |
Loss from discontinued operations before income tax expense | |
| (2,059,000 | ) | |
| (11,755,000 | ) |
Income tax expense | |
| - | | |
| - | |
Loss from discontinued operations | |
$ | (2,059,000 | ) | |
$ | (11,755,000 | ) |
NOTE
4 – NOTES RECEIVABLE
In
October 2020, the Company entered into unit redemption agreements with two counterparties providing for the counterparties to repurchase
from the Company units of the counterparty’s securities owned by the Company. Pursuant to the redemption agreements, the counterparties
repurchased the units for a combined repurchase price of $8 million with $7 million being paid on closing and the additional $1 million
being deferred and due on the earlier of the three-year anniversary or upon sale of the counterparties. The Company had no cost basis
in the units and as a result the note receivable has no cost basis. The Company accounts for the note receivable as a loan pursuant to
ASC 310 – Loans . The $1 million in deferred payments was recorded with an implied discount of approximately $107,000, which is
to be amortized over 3 years. During the nine months ended September 30, 2022, the Company accepted an offer to settle note balance for
a one-time payment of $900,000. Notes receivable as of September 30, 2022 and December 31, 2021 amounted to $0 and $935,000, respectively.
NOTE
5 – MARKETABLE SECURITIES
The
Company offers its customers the option to settle the contract price in the customer’s issued and publicly trading securities or
securities convertible into publicly traded securities (e.g., convertible debt), which could be in the form of common stock, preferred
stock or convertible debentures. The Company initially values the securities received at the fair market value on the date the contract
is executed, which value is used for revenue recognition purposes. After receipt of the securities, the securities are accounted for
as investments in debt and equity securities. The Company has concluded that all its debt securities should be classified as trading
securities based on its intent to sell them in the near term. Debt securities classified as trading securities and the equity securities
are measured at each reporting period at fair value with changes reported in earnings. Upon the sale of the securities, the Company recognizes
the final realized gain or (loss) in the consolidated statement of operations as a component of net income (loss).
As
of September 30, 2022 marketable securities amounted to $21,121,000, with a current portion $2,918,000, and the long term portion of
$18,203,000.
The
following tables summarize the changes in the Company’s marketable securities during the nine months ended September 30, 2022:
SCHEDULE
OF MARKETABLE SECURITIES
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 15,617,000 | | |
$ | 10,735,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| - | | |
| 356,000 | | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 15,943,000 | | |
| 14,006,000 | | |
| 937,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (3,385,000 | ) | |
| (3,385,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (6,521,000 | ) | |
| (6,521,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| (533,000 | ) | |
| (3,462,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 21,121,000 | | |
$ | 11,729,000 | | |
$ | 9,228,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
The
Company’s sales of securities for the nine months ended September 30, 2022, was approximately $3.4 million, with a book basis of
approximately $9.9 million which represented a loss of approximately $6.5 million, which the Company recorded as other expense included
in the gains from marketable securities.
The
equity securities may be accounted for and classified into two categories and accounted for as follows:
|
● |
Equity
securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings.
The fair value of equity investments with fair values is primarily obtained from third-party pricing services. |
|
|
|
|
● |
Equity
securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting
from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact
on fair value. For equity investments without readily determinable fair values, when an orderly transaction for the identical or
similar investment of the same issuer is identified, the Company uses valuation techniques to evaluate the observed transaction(s)
and adjust the fair value of the equity investment. |
Concentration
Risk
The
Company’s holdings in marketable securities subject the Company to concentrations of market risks. As of September 30, 2022, the
Company’s top marketable security position had a fair value of $2.3 million, which represented approximately 11% of the Company’s
holdings, the top five marketable security positions had an aggregate fair value of $8.7 million, which represented approximately 41%
of the Company’s holdings, and the top ten marketable security positions had an aggregate fair value of $13.0 million, which represented
approximately 61% of the Company’s holdings
Volatility
The
Company’s holdings in marketable securities are subject to a high level of volatility, and can experience drastic price changes.
BIGtoken
Investment
On
February 15, 2022, the Company entered into a simple agreement for future equity (the “SAFE”) with its former BIGToken subsidiary.
Pursuant to the SAFE, the Company invested $1,000,000 in the SAFE. The amount funded into the SAFE at a given time is referred to herein
as the “SAFE Amount”. The Company is accounting for the SAFE as an equity investment carried at fair value with changes recorded
in earnings each period and is reflected as such in the above table. As of September 30, 2022 the SAFE had an aggregate fair value of
$0, as the Company believed the SAFE to have no value due to the financial condition its former BIGToken subsidiary.
Pursuant
to the terms of the SAFE, at any time that BIGtoken sells its securities (a “Financing”) prior to the termination of the
SAFE, the Company may, at its option, convert the SAFE into: (i) the number of shares of non-voting Series D Convertible Preferred Stock
(“Series D Preferred Stock”) equal to such (a) SAFE Amount divided by (b) the lowest price per share of equity securities
sold in any Financing (prior to the termination of the SAFE) multiplied by eighty percent (80%) (the “Conversion Price”)
and (ii) such number of warrants to purchase Series D Preferred Stock (the “Warrants”) equal to the SAFE Amount divided by
the Conversion Price. Upon issuance, the Warrants will (i) have a term of five (5) years, (ii) an exercise price equal to the Conversion
Price, and (iii) contain price protection provisions for subsequent financings.
NOTE
6 – DESIGNATED ASSETS FOR RETURN OF CAPITAL
On
August 17, 2021, the Company announced that it will be issuing a one-time dividend consisting of a share of Series A Preferred Stock
to shareholders, debenture holders, and certain warrant holders (“Recipients”) of record on September 20, 2021. The Board
of Directors designated certain of the Company’s marketable equity securities (“Designated Assets”) as of September
20, 2021 to be used when liquidated, as a return of capital to the Recipients. See Note 9 - Series A Preferred Stock for more details.
The
balance of designated assets consists of the following:
SCHEDULE
OF DESIGNATED ASSETS
| |
September 30, 2022 | | |
December 31, 2021 | |
Cash | |
$ | - | | |
$ | 686,000 | |
Marketable equity securities | |
| 221,000 | | |
| 3,239,000 | |
Total | |
$ | 221,000 | | |
$ | 3,925,000 | |
The
marketable equity security activity in designated assets is as follows:
SCHEDULE
OF MARKETABLE EQUITY SECURITY ACTIVITY IN DESIGNATED ASSETS
| |
Total | |
Balance as of December 31, 2021 | |
$ | 3,239,000 | |
Sales proceeds | |
| ) |
Realized loss | |
| (1,803,000 | ) |
Current period change in fair value | |
| (710,000 | ) |
Balance as of September 30, 2022 | |
$ | 221,000 | |
The
Company’s sale of marketable securities underlying designated assets for the nine months ended September 30, 2022, were approximately
$0.5 million with a cost basis of approximately $2.3 million, which resulted in a realized loss of approximately $1.8 million, which
the Company recorded as other expense included in the realized loss from designated assets.
NOTE
7 – SALES AND PURCHASE OF ACCOUNTS RECEIVABLE AND SHORT TERM FINANCINGS
Sales
of Accounts Receivable
In
2020, the Company entered into certain financing agreements providing for the sale, with full recourse, of certain of its accounts receivable.
These transactions were accounted for as financing of accounts receivables and the related accounts receivable were not removed from
the Company’s consolidated balance sheet at the time of the transaction; rather, a liability was recorded for the proceeds received.
In 2020 subsequent to the transactions, the purchaser converted the payables into approximately $788,000 of the OID Convertible Notes
payable (“Debentures”) (See Note 8 - OID Convertible notes payable).
For
the year ended December 31, 2021, the Company entered into agreements with a third-party lender whereby it sold the Company’s right
to future subscription revenues of $625,000 for net proceeds of $576,000. Under the terms of the agreement, the Company may borrow funds
collateralized by the right to the revenues from Sequire platform contracts. The third-party lender receives a discount on the amount
sold and remits the net amount to the Company. The Company bears the risk of credit loss on the contracts. These transactions are accounted
for as secured borrowing arrangements and not as a sale of financial assets. During the six months ended June 30, 2022 the Company entered
into agreements with third party lenders to borrow against future receipts in the amount of $4,170,000 for net proceeds of $3,044,000.
These borrowings have terms of less than 12 months.
In
August 2022, proceeds from the Senior Secured Revolving Credit Facility were used to pay off the entire balance of outstanding borrowings.
The amount of borrowings outstanding was approximately $0 and $633,000 as of September 30, 2022 and December 31, 2021, respectively,
and are included in other current liabilities within our unaudited condensed consolidated balance sheets.
CVR
Agreement
During
the nine months ended September 30, 2022, the Company entered into an agreement with an institutional investor whereby in exchange for
the payment of $405,000, the investor received (i) the right to receive the net proceeds upon the sale of certain marketable securities
held by the Company with a guaranteed minimum return of 120% of such Purchase Price or $486,000 and (ii) the right after 90 days but
before 120 days to demand payment of 120% of the Purchase Price in cash less amounts previously paid from the sales of such securities.
As of September 30, 2022 a liability in the amount of $613,000 was recorded in other current liabilities within our unaudited condensed
consolidated balance sheets.
NOTE
8 – OID CONVERTIBLE NOTE(S) PAYABLE
On
June 30, 2020, the Company entered into a definitive securities purchase agreement (the “Securities Purchase Agreement or Transaction”)
with certain accredited and institutional investors (the “Purchasers”) for the purchase and sale of an aggregate of: (i)
$16,101,000 in principal amount of Original Issue Discount Senior Secured Convertible Debenture (the “Debentures”) for $14,169,000
(representing a 12% original issue discount) (“Purchase Price”) and (ii) warrants to purchase up to 6,440,561 shares of the
Company’s Class A common stock (the “Warrants”) in a private placement (the “Offering”). The Purchase Price
consisted of (a) $13,000,000 in cash and (b) the cancellation of $1,169,000 in outstanding debt. The Company received net proceeds of
approximately $9,100,000 after deducting the Placement Agent fees, the Debt Repayments and other offering expenses. The Company’s
obligations under the Debentures are secured by substantially all of the assets of the Company.
The
Debentures pay interest in cash at the rate of 12.0% per annum commencing on June 30, 2021, with such interest originally payable quarterly,
beginning on October 1, 2021. Commencing after the six-month anniversary of the issuance of the Debentures, the Company was required
to make amortization payments (“Amortization Payments”) with each Purchaser having the right to delay such Amortization Payments
by a six-month period up to three separate times (each, an “Extension”) in exchange for five percent (5%) in principal being
added to the balance of such applicable Debenture on each such Extension. The Debentures had an original maturity date of December 31,
2021 but were extended three times and now mature on June 30, 2023. Beginning on the date that the first Amortization Payment is due,
and on a monthly basis thereafter, the Company will be required to pay one hundred fifteen percent of the value of one-twelfth of the
outstanding principal plus any additional accrued interest due.
The
Debentures are convertible at the option of the holder into shares of the Company’s common stock at an initial conversion price
of $2.69 per share, subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata
distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations,
and reorganizations.
In
the event a Purchaser converts a portion of its Debenture into shares of the Company’s Common Stock, such amount will be deducted
from the next applicable Amortization Payment. In the event such conversion exceeds the next applicable Amortization Payment, such excess
amount will be deducted, in reverse order, from future Amortization Payments.
Pursuant
to the terms of the Debentures and Warrants, a Purchaser will not have the right to convert any portion of the Debentures or exercise
any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99% (at the Purchaser’s
option) of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or exercise, as such percentage
ownership is determined in accordance with the terms of the Debentures and the Warrants; provided that at the election of a holder and
notice to us such percentage ownership limitation may be increased to 9.99%; provided that any increase will not be effective until the
61st day after such notice is delivered from the holder to the Company.
Subject
to the Company’s compliance with certain conditions, upon ten trading days’ notice to the Purchasers, the Company has the
right to redeem the Debentures in cash at 115% of their outstanding principal, plus accrued interest. Additionally, in the event that
the Company (i) sells or reprices any securities (each, a “Redemption Financing”), or (ii) disposes of assets (except those
sold or transferred in the ordinary course of business) (each, an “Asset Sale”), then the Purchasers shall have the right
to (a) in the event of a Redemption Financing at a price per Common Stock equivalent of $2.50 or less per share, the Purchasers may mandate
that 100% of the proceeds be used to redeem the Debentures (b) in the event of a Redemption Financing at a price per Common Stock equivalent
of greater than $2.50 per share, the Purchasers may mandate that up to 50% of the proceeds be used to redeem the Debentures, and (c)
in the event of an Asset Sale, the Purchasers may mandate that up to 100% of the proceeds be used to redeem the Debentures.
The
Debentures also contain certain customary events of default provisions, including, but not limited to, payment default, breaches of covenants,
the occurrence of an event of default under certain material contracts of the Company, failure to register the shares underlying the
Debentures and Warrants, changes in control of the Company, delisting of its securities from its trading market, and the entering or
filing of certain monetary judgments against the Company. Upon the occurrence of any such event of default, the outstanding principal
amount of the Debenture plus liquidated damages, interest and other amounts owing in respect thereof through the date of acceleration,
shall become, at the Purchaser’s election, immediately due and payable in cash. The Company is also prohibited from certain activities
(unless waived by 67% of the then outstanding Purchasers, and including the lead Purchaser), including but not limited to, the creation
of certain debt obligations, liens on Company assets, amending its charter documents, repayment or repurchase of securities or certain
debt of the Company, or the payment of dividends.
The
Warrants are initially exercisable at $2.50 per share and, are subject to cashless exercise after six months if the shares underlying
the Warrants are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event
of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions,
including but not limited to the sale of the Company, business combinations, and reorganizations.
Pursuant
to a registration rights agreement (“Registration Rights Agreement”), the Company has agreed to file a registration statement
registering the resale of the shares of the common stock underlying the Debentures and the Warrants within forty-five days from the date
of the Registration Rights Agreement. The Company also agrees to have the registration statement declared effective within 90 days from
the date of the Registration Rights Agreement and keep the registration statement continuously effective until the earlier of (i) the
date after which all of the securities to be registered thereunder have been sold, or (ii) the date on which all the securities to be
registered thereunder may be sold without volume or manner-of-sale restrictions and without current public information pursuant to Rule
144 under the Securities Act. The Company is also obligated to pay the Investors, as partial liquidated damages, a fee of 2.0% of each
Purchaser’s subscription amount per month in cash upon the occurrence of certain events, including the Company’s failure
to file and/or have the registration statement declared effective within the time periods provided. As of June 30, 2022, the Company
has continuously met its obligations under the Registration Rights Agreement.
Bradley
Woods & Co. Ltd. (“Placement Agent”) acted as the placement agent, in connection with the sale of the securities. Pursuant
to an engagement agreement, the Company agreed to pay the Placement Agent a cash commission of $1,040,000 and issue an aggregate of 478,854
Common Stock purchase warrants (“PA Warrants”). The PA Warrants are substantially similar to the Warrants, except that the
PA Warrants have an exercise price of $3.3625 per share. Additionally, upon the exercise of the Warrants issued in the Offering, the
Placement Agent will be entitled to eight percent (8%) of the cash proceeds received from such exercises. The fair value of the PA Warrants
at issuance was estimated to be $360,000.
The
Company first allocated the cash proceeds to the loan and the equity classified warrants on a relative fair value basis, secondly, the
proceeds were allocated to the beneficial conversion feature. The proceeds allocated to the warrants and the beneficial conversion feature
resulted in a debt discount being amortized as additional interest expense using the effective interest method over the term.
Extension
of Outstanding Original Issue Discount Senior Secured Convertible Debentures
On
July 1, 2022, the holders (“Holders”) of $1,197,000 in principal of the Company’s Original Issue Discount Senior Secured
Convertible Debentures (“Debentures”), representing all of the outstanding Debentures that were originally issued on June
30, 2020, entered into an agreement with the Company to (i) extend the maturity date of the Debentures until June 30, 2023 and (ii) extend
the first date that monthly redemptions are required to be made by the Company to begin on January 1, 2023 (the “Debenture Extension”).
As consideration for the Debenture Extension, the Company increased the principal amount outstanding on the Debentures by five percent
(5%). Additionally, the holders of the Debentures have the unilateral right to extend the maturity date and monthly redemption period
by an additional six (6) month period at any time prior to January 1, 2023 for an additional five percent (5%) to be added to the outstanding
principal of such Debentures. The Debentures, including the additional principal added to the Debentures are secured by substantially
all of the assets of the Company pursuant to a security agreement entered into between the Company and Holders contemporaneous with the
original issuance of the Debentures (the “Security Agreement”). ATW Master Fund held the nearly all of the $1,197,000 in
Debenture principal on June 30, 2020.
Amendment
of Convertible Debenture
On
September 13, 2023, the remaining Debenture, solely held by ATW Master Fund was temporarily amended for a period of up to fourteen months
from the Effective date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts
owing under the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall
receive one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding
amounts due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the
marketable securities once the amounts due to ATW have been satisfied. The Company also agreed to various covenants and conditions, including
providing access to certain accounts and notifying ATW Opportunities and ATW Master Fund of material changes.
The
table below summarizes the Debenture related activity during the three and nine months ended September 30, 2022:
SCHEDULE
OF OID CONVERTIBLE DEBENTURES
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of December 31, 2021 | |
$ | 1,267,000 | | |
$ | (103,000 | ) | |
$ | 1,164,000 | |
Amortization | |
| - | | |
| 17,000 | | |
| 17,000 | |
Balance as of March 31, 2022 | |
$ | 1,267,000 | | |
$ | (86,000 | ) | |
$ | 1,181,000 | |
Amortization | |
| - | | |
| 16,000 | | |
| 16,000 | |
Balance as of June 30, 2022 | |
$ | 1,267,000 | | |
$ | (70,000 | ) | |
$ | 1,197,000 | |
Principal adjustments | |
| 74,000 | | |
| - | | |
| 74,000 | |
Repayments | |
| (195,000 | ) | |
| - | | |
| (195,000 | ) |
Amortization | |
| - | | |
| 18,000 | | |
| 18,000 | |
Balance as of September 30, 2022 | |
$ | 1,146,000 | | |
$ | (52,000 | ) | |
$ | 1,094,000 | |
NOTE
9 – SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE)
Bridge
Note
On
July 1, 2022, the Company issued an original issue discount bridge note in principal amount of $650,000 (“Bridge Note”) to
an institutional investor in exchange for $500,000 in cash. The bridge note was non-interest bearing and had a maturity date of August
15, 2022. The Company’s obligations pursuant to the bridge note were secured by substantially all of the assets of the Company
pursuant to the terms of the Security Agreement.
On
August 8, 2022, as described below, the Bridge Note was exchanged for a revolving note in the Senior Secured Revolving Credit Facility.
Senior
Secured Revolving Credit Facility (Revolving Note)
On
August 8, 2022, the Company entered into a senior secured revolving credit facility agreement with ATW Opportunities fund to initially
borrow up to $9,450,000 in the aggregate from time to time (each a “Revolving Note”). The loan maximum amount accessible
is limited to $5.5 million until the Company is current with its reporting obligations. The loan is secured by all the assets of the
Company and is guaranteed by the Company’s wholly owned subsidiary, LD Micro, Inc. As part of the transaction, the Company also
amended and restated lender’s outstanding warrants to extend the maturity date of a total of 2,590,358 Common Stock purchase warrants
until September 30, 2023.
On
closing, the lender advanced $5,580,000 consisting of $4,930,000 in cash and the exchange of the existing outstanding $650,000 bridge
note. Upon the Company meeting certain conditions, the Lender will advance up to an additional $3,870,000.
The
principal balance of each Revolving Note will reflect an original issue discount of ten percent (10%); provided that beginning on the
date that is twelve (12) months from the Effective Date, such original issue discount will increase to twelve percent (12%) in the event
the Prime borrowing rate increases to 6.75%, and 18% in the event of default. The Revolving Note have a maturity date of the earlier
of (i) twenty-four (24) months from the Effective Date or (ii) the occurrence of an event of default, as described in the Loan Documents.
Commencing
on the first day of each month after the Effective Date, the outstanding balance of the Revolving Note will be paid as calculated based
on a percentage of the Company’s collections from the sale of certain of its marketable securities.
The
Revolving Note is initially convertible into shares of Common Stock at a conversion price of $15.00 per share (“Conversion Price”).
The Conversion Price is subject to adjustment in the event of stock splits, dividends, fundamental transactions and certain future sales
of the Company’s Common Stock.
As
consideration for Lender entering into the Loan Documents, Lender will be entitled to receive, in addition to any payment made under
the Credit Agreement, 10% of the net proceeds received by the Company from the sales of securities received during the term of the Revolving
Note.
For
the Company to enter into the Credit Agreement, we were required to issue 33,000 shares of the Company’s common stock as a breakup
fee to an unrelated lender as a result of a failed offering.
Amendment
of Senior Secured Revolving Credit Facility
On
September 13, 2023, the Revolving Note and Credit Agreement were temporarily amended for a period of up to fourteen months from the Effective
date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts owing under
the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall receive
one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding amounts
due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the marketable
securities once the amounts due to ATW have been satisfied.
The
Company also agreed to various covenants and conditions, including providing access to certain accounts and notifying ATW Opportunities
and ATW Master Fund of material changes.
The
table below summarizes the senior secured revolving credit facility related activity during the three months ended September 30, 2022:
SCHEDULE
OF SENIOR SECURED REVOLVING CREDIT FACILITY RELATED ACTIVITY
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of June 30, 2022 | |
$ | - | | |
$ | - | | |
$ | - | |
Loan proceeds | |
| 6,128,000 | | |
| - | | |
| 6,128,000 | |
Original issue discount | |
| - | | |
| (750,000 | ) | |
| (750,000 | ) |
Repayments | |
| (4,000 | ) | |
| - | | |
| (4,000 | ) |
Amortization | |
| - | | |
| 104,000 | | |
| 104,000 | |
Balance as of September 30, 2022 | |
$ | 6,124,000 | | |
$ | (646,000 | ) | |
$ | 5,478,000 | |
Extension
of Warrants
As
part of the transactions contemplated by the Revolving Note, the Company additionally agreed to extend the expiration dates of the following
outstanding Common Stock purchase warrants held by the Lender or its affiliated entities until September 30, 2023:
(a)
a warrant to purchase 1,313,636 shares of Common Stock issued on June 30, 2020, that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on June 30, 2020;
(b)
a warrant to purchase 166,667 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018; and
(c)
a warrant to purchase 480,027 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018;
(d)
a warrant to purchase 480,028 shares of Common Stock issued on October 27, 2017 that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on October 27, 2017.
NOTE
10 – COMMON AND PREFERRED STOCK
Common
Stock
The
Company’s certificate of incorporation provides for two classes of common stock: Class A common stock (authorized 250,000,000 shares,
par value $0.001), which has one vote per share, and Class B common stock (authorized 9,000,000 shares, par value $0.001), which has
ten votes per share. Any holder of Class B common stock may convert his or her shares at any time into shares of Class A common stock
on a share-for-share basis. Otherwise, the rights of the two classes of common stock are identical.
In
August 2021, the Board of Directors approved a share repurchase program pursuant to which the Company is authorized to repurchase up
to $10,000,000 of Class A Common Stock in privately negotiated transactions or in the open market at prices per share not exceeding the
then-current market prices. Under the program, management has discretion to determine the dollar amount of shares to be repurchased and
the timing of any repurchases in compliance with applicable law and regulation. This includes purchases pursuant to Rule 10b5-1 plans,
including accelerated share repurchases. The program does not have an expiration date.
During
the year ended December 31, 2021, the Company repurchased 155,000 shares of Common Stock, for an aggregate purchase price of $793,000
pursuant to the Company’s Share Buy-Back program. The shares were retired as of December 31, 2021. No amounts were repurchased
in the six months ended June 30, 2022. The total remaining authorization for future common share repurchases under the Company’s
share repurchase program was $9.2 million as of June 30, 2022.
During
the year ended December 31, 2021, the Company sold 53,616 shares of common stock, resulting in proceeds of approximately $284,000, through
sales under its At the Market (ATM) offering.
On
January 2, 2022, Michael Malone, our former Chief Financial Officer exercised an option to purchase 100,000
shares of our common stock that was issued on December 15, 2018. The option was exercised on a cashless basis and included 57,016
shares withheld pursuant to the cashless exercise and an additional 16,732
shares withheld for tax withholding. Accordingly, we issued Mr. Malone 26,252
shares of common stock.
During
the month of January 2022, non-executive employees exercised a total of 227,667 stock options. These options were exercised on a cashless
basis, and included 161,938 shares withheld pursuant to cashless exercise and tax withholdings. This resulted in the issuance of 65,729
shares of common stock.
During
the month of July 2022, the Company issued 31,872 shares of common stock from the exercise of 100,000 stock options on a cashless basis
by an executive.
During
the three months ended June 30, 2022, the Company issued 203,926 shares of common stock from the exercise of 697,574 warrants, including
689,173 that were exercised on a cashless basis, and 8,401 exercised for $32,000 in cash.
Preferred
Stock
The
Company is authorized to issue 50,000,000 of preferred stock, par value $0.001, of which 36,462,417 shares are designated as Series A
Preferred Stock (“Dividend Shares”). The Company’s Board of Directors, without further stockholder approval, may issue
preferred stock in one or more series from time to time and fix or alter the designations, relative rights, priorities, preferences,
qualifications, limitations and restrictions of the shares of each series. The rights, preferences, limitations and restrictions of different
series of preferred stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights,
redemption provisions, sinking fund provisions and other matters. The Board of Directors may authorize the issuance of preferred stock,
which ranks senior to the Company’s common stock for the payment of dividends and the distribution of assets on liquidation. In
addition, the Board of Directors can fix limitations and restrictions, if any, upon the payment of dividends on both classes of the Company’s
common stock to be effective while any shares of preferred stock are outstanding.
On
September 20, 2021, the Company filed a certificate of designation (the “COD”) of preferences, rights, and limitations of
Series A Non-Voting Preferred Stock (“Series A Preferred Stock”) with the Secretary of State of Delaware. Pursuant to the
COD, the Company is authorized to issue up to 36,462,417 shares of Series A Preferred Stock (the “Dividend Shares”).
On
September 27, 2021, the Company issued a one-time dividend of 36,462,417 shares of series A preferred stock (“Preferred Stock”)
to certain Qualified Recipients (the “Dividend”). The preferred stock entitles the Qualified Recipients with the right to
receive the net proceeds from sales of certain marketable securities that the Company received through its Sequire Platform services.
See Note 6 – Designated Assets for Return of Capital.
As
of the Record Date, the following holders of securities were entitled to receive the Dividend (collectively, the “Qualified Recipients):
|
i. |
each
outstanding share of Class A common stock (the “Common Stock”), of which 25,160,504 shares were issued and outstanding, |
|
|
|
|
ii. |
each
share of Common Stock underlying outstanding common stock purchase warrants containing a contractual right to receive the Dividend
(“Warrants”) of which, 10,327,645 were outstanding, and |
|
|
|
|
iii. |
each
original issue discount senior convertible debenture (the “Debentures”) issued on June 30, 2021, containing a contractual
right to receive the Dividend on an as converted to Common Stock basis, of which $2,486,275 of Debentures were outstanding in principal
and interest, convertible into 974,268 shares of Common Stock. |
The
Company’s management has evaluated the Preferred Stock and determined that Preferred Stock is mandatorily redeemable upon the distribution
of the net proceeds from the sale of the designated marketable securities. Accordingly, it is classified as a liability recorded at fair
value, with changes in fair value being reflected in earnings.
Preferred
stock liability represents amounts payable to holders of the Preferred Stock Series A shares upon the eventual liquidation of assets
designated for the sole purpose of paying dividends. Accordingly, the Company classified the Series A Preferred Shares as liability instruments
because in-substance, they represent a right to the payment of dividends upon the liquidation of specified assets, are automatically
returnable to the Company after the payments are made and feature no rights to further equity or residual interests in the Company. The
Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Preferred Stock states dividend shall be paid
conditioned upon, and subject to a determination by the Board that a distribution is not prohibited pursuant to applicable provisions
of the DGCL or other applicable law.
NOTE
11 – EQUITY COMPENSATION PLANS AND WARRANTS
Equity
Compensation Plans
As
of September 30, 2022, the Company has approximately 228,000 shares of Class A Common Stock reserved for issuance under the Company’s
equity compensation plans.
For
the nine months ended September 30, 2022, the Company issued the below shares and granted the following stock-based awards:
On
January 2, 2022, Michael Malone, our former Chief Financial Officer exercised an option to purchase 100,000
shares of our common stock that was issued on December 15, 2018. The option was exercised on a cashless basis and included 57,016
shares withheld pursuant to the cashless exercise and an additional 16,732
shares withheld for tax withholding. Accordingly, we issued Mr. Malone 26,252
shares of common stock.
On
January 3, 2022, we issued four (4) common stock purchase options to our non-employee directors, pursuant to our amended non-employee
director compensation policy. Each option entitled the holder to purchase 29,533 shares of common stock at an exercise price of $4.35
per share, for an aggregate exercise amount of $128,500. The options vest in equal quarterly over a one (1) year period from the issuance
date. The options expire on the seven (7) year anniversary of the issuance date. Each option has a Black-Scholes value of $100,000.
During
the month of January 2022, non-executive employees exercised a total of 227,667 stock options. These options were exercised on a cashless
basis, and included 161,938 shares withheld pursuant to cashless exercise and tax withholdings. This resulted in the issuance of 65,729
shares of common stock.
On
January 6, 2022, we issued non-executive employees, options to purchase 380,000 shares of Class A common stock. The option has an exercise
price of $4.25 per share, a term of five (5) years and vests in equal quarterly installments over a three (3) year period from the grant
date. The option had a Black-Scholes value on the grant date of $1,038,000.
On
January 6, 2022, we issued Christopher Miglino, our Chief Executive Officer, an option to purchase 120,000 shares of common stock. The
option has an exercise price of $4.25 per share, a term of seven (7) years and vests in equal quarterly installments over a three (3)
year period from the grant date. The option had a Black-Scholes value on the grant date of $356,000.
On
January 6, 2022, we issued an employee an option to purchase 100,000 shares of common stock. The option has an exercise price of $4.25
per share, a term of seven (7) years and vests in equal quarterly installments over a three (3) year period from the grant date. The
option had a Black-Scholes value on the grant date of $296,000.
On
January 6, 2022, we issued Michael Malone, our former Chief Financial Officer, a conditional option to purchase 100,000
shares of Class A common stock. The option is a conditional grant, subject to shareholder approval. Assuming approval by the
shareholders, the option has an exercise price of $4.25
per share, a term of seven (7)
years and vests in equal quarterly installments over a three (3)
year period from the grant date. The option had a Black-Scholes value on the grant date of $296,000.
On
January 6, 2022, we issued an employee an option to purchase an aggregate of 20,000 shares of common stock. The option is a conditional
grant, subject to shareholder approval. The option has an exercise price of $4.25 per share, a term of five (5) years, and vest in equal
quarterly installments over a three (3) year period from the grant date. The option had a Black-Scholes value on the grant date of $55,000.
During
the month of July 2022, the Company issued 31,872 shares of common stock from the exercise of 100,000 warrants on a cashless basis by
an executive.
The
per-share fair value of each stock option with service conditions only granted in 2022 was determined on the grant date using the Black-Scholes
option pricing model with the following assumptions:
SCHEDULE OF FAIR VALUE
STOCK OPTION ASSUMPTIONS
| |
Grant date | |
| |
1/3/2022 | | |
1/6/2022 | | |
1/6/2022 | |
Expected term (in years) | |
| 5.0 | | |
| 4.4 | | |
| 3.4 | |
Risk-free interest rate | |
| 1.55 | % | |
| 1.55 | % | |
| 1.60 | % |
Expected volatility | |
| 90.0 | % | |
| 90.0 | % | |
| 90.0 | % |
Expected dividend yield | |
| - | % | |
| - | % | |
| - | % |
The
following table details provides a summary of the Company’s stock option activity for the nine months ended September 30, 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Option Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (years) | | |
Aggregate Intrinsic Value | |
Outstanding as of December 31, 2021 | |
| 1,334,287 | | |
$ | 3.02 | | |
| 2.4 | | |
$ | - | |
Granted | |
| 718,132 | | |
| 4.27 | | |
| 5.2 | | |
| - | |
Exercised | |
| (427,667 | ) | |
| 3.21 | | |
| - | | |
| - | |
Forfeited | |
| (110,000 | ) | |
| 3.42 | | |
| - | | |
| - | |
Outstanding as of September 30, 2022 | |
| 1,514,752 | | |
$ | 3.53 | | |
| 4.1 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 756,486 | | |
$ | 3.30 | | |
| 3.9 | | |
$ | - | |
During
the three months ended September 30, 2022 the Company recorded stock based compensation in the amount of $281,000. During the nine months
ended September 30, 2022, the Company recorded stock based compensation expense of $908,000, which was offset by stock based compensation
benefit of $1,139,000, resulting in a net stock based compensation benefit of $(231,000). The Company determined that the vesting of
stock awards to a prior contractor has become improbable and as a result, in accordance with ASC 718, the Company recognized a cumulative
adjustment to reverse $1,139,000 of stock based compensation that was previously recognized. The cumulative adjustment resulted in a
stock based compensation benefit of $1,139,000.
During
the three and nine months ended September 30, 2021, the Company recognized $253,000 and $757,000 of stock-based compensation expense,
respectively.
The
Company has included stock-based compensation expense in employee related costs on our unaudited Condensed Consolidated Statements of
Operations. At September 30, 2022, there was $1,835,000 of unrecognized compensation expense expected to be recognized over approximately
the next 2.3 years on average.
Warrants
During the nine months ended September 30, 2022, the Company issued 203,926 shares from the exercise of 697,574 warrants, including
689,173 that were exercised on a cashless basis, and 8,401 exercised for $32,000 in cash. During the three and nine months ended September
30, 2022, 76,190 and 5,177,327 warrants expired, respectively.
Extension of Warrants
As
part of the transactions contemplated by the Revolving Note, the Company additionally agreed to extend the expiration dates of the following
outstanding Common Stock purchase warrants held by the Lender or its affiliated entities until September 30, 2023:
(a)
a warrant to purchase 1,313,636 shares of Common Stock issued on June 30, 2020, that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on June 30, 2020;
(b)
a warrant to purchase 166,667 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018; and
(c)
a warrant to purchase 480,027 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018;
(d)
a warrant to purchase 480,028 shares of Common Stock issued on October 27, 2017 that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on October 27, 2017.
During
the three months ended September 30, 2022, as a result of the extension of the warrant expiration dates, the Company recorded a warrant
modification expense of $1,788,000 classified as financing costs on the
condensed consolidated statement of operations.
On
February 21, 2021 the Company entered into an agreement with the certain Debenture holders to exercise 4,545,440 of the Warrants issued
in the June 2020 Debenture offering. As an inducement for the Warrant holders to exercise the Warrants, the holders receive a new registered
warrant (“New Warrant”) to purchase an aggregate of 4,545,440 shares of the Company’s common stock at an exercise price
of $7.50 per share expiring on January 31, 2022.
The New Warrants expire on January 31, 2022. Each holder agreed to pay $0.125 for each New Warrant. The Company received net proceeds
of approximately $11,022,000, consisted of the exercise price of $11,363,000, $568,000 for the purchase of the New Warrant less solicitation
fees of approximately $909,000. The New Warrants were valued using the Black Scholes option pricing model at a total of $7,737,000
based on a one-year term, implied volatility of 96%, a risk-free equivalent yield of 11%, and stock price of $5.83. The fair value of
the New Warrants was expensed and included in Financing Costs for the three months ended March 31, 2021.
In
addition, during the nine months ended September 30, 2021, the Company: (i) received cash of approximately $4,774,000, (ii) cancelled
349,197 warrants (as a result of cashless exercises) and (iii) issued an aggregate of 1,710,078 shares of Common Stock, in connection
with the exercise of outstanding warrants.
In
total the Company issued a total of 6,309,186 shares of common stock, for the exercise of warrants, with net proceeds of $15,953,000.
At
September 30, 2022, the Company had the following outstanding and exercisable warrants:
SUMMARY
OF OUTSTANDING AND EXERCISABLE WARRANTS
Warrant Shares | |
Exercise Price | | |
Weighted Average
Remaining Term
(years) | |
1,375,455 | |
$ | 2.50 | | |
| 1.0 | |
1,160,056 | |
| 3.00 | | |
| 1.0 | |
478,854 | |
| 3.36 | | |
| 0.1 | |
1,047,778 | |
| 4.00 | | |
| 0.0 | |
17,749 | |
| 4.50 | | |
| 1.9 | |
77,800 | |
| 5.00 | | |
| 1.5 | |
4,157,692 | |
$ | 3.17 | | |
| 0.6 | |
NOTE
12 – REVENUE
The
Company has two business units, one operating segment, one reportable segment and one reporting unit. The Sequire segment includes the
licensing of the Company’s proprietary SaaS platform and associated data analysis technologies, consumer and investor targeted
marketing solutions to allow users of the Company’s SaaS platform to act on the insights obtained through the Company’s technologies,
and LD Micro, which is in the business of hosting events and conference for microcap public companies.
The
following table summarizes revenue by revenue stream for the three and nine months ended September 30:
SCHEDULE
OF REVENUE BY REVENUE STREAM
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Sequire platform revenue | |
$ | 5,306,000 | | |
$ | 6,888,000 | | |
$ | 19,225,000 | | |
$ | 17,879,000 | |
Conference revenue | |
| 3,000 | | |
| - | | |
| 1,305,000 | | |
| 390,000 | |
Other revenue | |
| - | | |
| - | | |
| - | | |
| 694,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
The
following table summarizes revenue recognized in exchange for customer securities and cash for the three and nine months ended September
30:
SCHEDULE
OF REVENUE RECOGNIZED IN EXCHANGE FOR CUSTOMER SECURITIES AND CASH
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Customer securities | |
$ | 4,589,000 | | |
$ | 6,409,000 | | |
$ | 16,663,000 | | |
$ | 15,035,000 | |
Cash | |
| 720,000 | | |
| 479,000 | | |
| 3,867,000 | | |
| 3,928,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
During
2023 the Company transitioned to accepting only cash as compensation for services. As we transition to accepting only cash as compensation
for services there will be a significant decrease in Sequire revenue.
NOTE
13 – FAIR VALUE OF FINANCIAL INSTRUMENTS
The
carrying amounts of certain financial instruments, including cash and accounts payable and accrued expenses, approximate their respective
fair values due to the short-term nature of such instruments.
The
carrying amount of our debt and notes receivable approximate their fair value.
Valuation
of Marketable Securities
An
integral part of the Company’s fair value measurement process is the assessment of the type of securities as well as the securities’
liquidity and marketability. Warrants are initially valued at cost, if acquired for cash, or at intrinsic value. Convertible debt is
valued based on an analysis of the implied call option and a discounted cash flow analysis of the debt component. Equity securities are
valued using the quoted prices times the number of shares acquired. The securities are then evaluated based on their marketability (usually
based on the restrictions on resale into the securities primary market) and liquidity.
Investments
in restricted securities of public companies cannot be offered for sale to the public until the Company complies with certain statutory
requirements. Investments in restricted securities of public companies are generally categorized in Level 2 of the fair value hierarchy.
However, investments in public companies may be categorized in Level 3 of the fair value hierarchy depending on the level of observable
liquidity. Specifically, if the Company determines the market activity is not sufficient to conclude the market activity represents an
Active Market.
Assets
and Liabilities Measured at Fair Value on a Recurring Basis
The
Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate
level in which to classify them for each reporting period. This determination requires significant judgments to be made. The Company
considers marketable securities without sufficient liquidity to sell within 6 months of the date of acquisition and securities that will
not be eligible for resale in the public markets through Rule 144 for 1 year from the date acquisition to be valued with Level 2 inputs.
The
contracts receivables represent a forward contractual right to receive securities pursuant to a revenue contract. As of September 30,
2022 and December 31, 2021, the Company determined the value of the securities underlying the contract asset to have a fair value of
$499,000 and $844,000, respectively.
The
Company had the following financial assets at September 30, 2022 and December 31, 2021:
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE
| |
Balance as of September 30, 2022 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 21,121,000 | | |
$ | 2,164,000 | | |
$ | 9,483,000 | | |
$ | 9,474,000 | |
Designated assets marketable securities | |
| 221,000 | | |
| 105,000 | | |
| 116,000 | | |
| - | |
Contract assets | |
| 499,000 | | |
| 499,000 | | |
| - | | |
| - | |
Total assets | |
$ | 21,841,000 | | |
$ | 2,768,000 | | |
$ | 9,599,000 | | |
$ | 9,474,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
Total liabilities | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
| |
Balance as of December 31, 2021 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 15,617,000 | | |
$ | 6,134,000 | | |
$ | 2,448,000 | | |
$ | 7,035,000 | |
Designated assets marketable securities | |
| 3,925,000 | | |
| 259,000 | | |
| 3,666,000 | | |
| - | |
Contract assets | |
| 844,000 | | |
| - | | |
| - | | |
| 844,000 | |
Total assets | |
$ | 20,386,000 | | |
$ | 6,393,000 | | |
$ | 6,114,000 | | |
$ | 7,879,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
Total liabilities | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
Changes
in Level 3 assets measured at fair value
The
following table presents additional information about Level 3 assets measured at fair value. Both observable and unobservable inputs
may be used to determine the fair value of assets classified within the Level 3 category. As a result, the unrealized gains and losses
for the assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable
and unobservable inputs. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period in which a change
in valuation technique or methodology occurs. Changes in Level 3 assets measured at fair value the nine months ended September 30, 2022,
were as follows:
SCHEDULE
OF FAIR VALUE AT ASSETS
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 7,035,000 | | |
$ | 2,153,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| (2,455,000 | ) | |
| (2,099,000 | ) | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 2,419,000 | | |
| 481,000 | | |
| 938,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (156,000 | ) | |
| (156,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (60,000 | ) | |
| (60,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| 2,691,000 | | |
| (238,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 9,474,000 | | |
$ | 81,000 | | |
$ | 9,229,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
Valuation
processes for Level 2 and 3 Fair Value Measurements
Fair
value measurement of certain of our marketable securities fall within Level 2 and 3 of the fair value hierarchy. The fair value measurements
are evaluated by management to ensure that changes are consistent with expectations of management based upon the sensitivity and nature
of the inputs.
The
Company classifies certain assets as Level 3 assets if the estimated fair value was derived from level 3 inputs. The Company utilizes
a put option pricing model to arrive at a discount for lack of marketability and liquidity associated with restrictions on sales into
the public market. The Company generally classifies restricted securities in public companies as level 2, however in circumstances where
the observed level of liquidity is low and the quoted market price is deemed unreliable they may be categorized in Level 3 of the fair
value hierarchy. The Company considers marketable securities without sufficient liquidity to sell within 6 months of the date of acquisition
and securities that will not be eligible for resale in the public markets through Rule 144 for 1 year from the date acquisition to be
valued with Level 2 inputs.
The
fair value of the Company’s Series A Preferred Stock may change significantly, impacting the Company’s assumptions used to
estimate its fair value. The valuation of the Series A Preferred Stock is primarily based on the valuation of its underlying marketable
securities. The marketable securities that are underlying the Series A Preferred Stock are classified as Designated Assets on the Company’s
balance sheet and include Level 1 and Level 2 marketable securities and cash.
The
following table lists the significant unobservable inputs used to value assets classified as Level 3 of September 30, 2022. The table
is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair
values. The other Level 3 assets have been valued using unadjusted third-party transactions and, unadjusted historical third-party information,
or the unadjusted net asset values of the securities’ issuer. No unobservable inputs internally developed by the Company have been
applied to these assets, and therefore are omitted from the following table.
SCHEDULE
OF FAIR VALUE ASSETS SIGNIFICANT UNOBSERVABLE INPUTS
Assets | |
Valuation Technique | |
Unobservable inputs | |
Range | |
Common stocks | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 32.3 | % |
| |
| |
| |
| | |
Convertible preferred stock | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 54 | % |
| |
| |
| |
| | |
Convertible debt | |
Discounted cash flow | |
Maturity | |
| 0 - 28 months | |
| |
| |
Risk adjusted discount factor | |
| 17.3 | % |
| |
Option pricing model | |
Volatility | |
| 64% - 224 | % |
| |
| |
Risk-free interest rate | |
| 2.27% - 2.96 | % |
| |
| |
Dividend yield | |
| 0 | % |
| |
| |
Time to Maturity | |
| 0 – 28 months | |
Sensitivity
of Level 3 measurements to changes in significant unobservable inputs
The
process of estimating the fair value of securities without active markets involves significant estimates and judgement on behalf of management.
These estimated fair values may not be realized in a current sale or immediate settlement of the asset or liability. Additionally, there
are inherent uncertainties in any fair value measurement techniques, and changes in the underlying assumptions used could significantly
affect the fair value measurement amounts.
Changes
in each of these significant unobservable valuation inputs will impact the fair value measurement of the financial instrument generally
as follows:
|
● |
An
increase or decrease in the volatility of the common stock that underlies our holdings in convertible debt would result in a directionally
similar change in the estimated fair value. |
|
● |
An
increase or decrease in the risk-free interest rate or risk adjusted discount factor would result in an inverse change in the estimated
fair value of our convertible debt. |
|
● |
An
increase in the dividend yield would increase the estimated value of the convertible debt. |
|
● |
A
change in the maturity may result in either an increase or decrease in estimated fair value of the convertible debt. |
|
● |
An
increase or decrease in the discount for lack of marketability of our common stock holdings and the common stock that underlies our
preferred stock would generally result in an inverse change in the estimated fair value. |
Instruments
for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include securities in which we deem their
market to be inactive or unreliable. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes
from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from
one hierarchy level to another.
NOTE
14 – RELATED PARTY TRANSACTIONS
The
Company has entered into an agreement providing access to a suite at the Sofi Stadium in Los Angeles from an entity wholly owned by Christopher
Miglino, our CEO. The agreement entitles the Company to game tickets, optional tickets for other stadium events, and suite and conference
room access during business days. In May of 2022, the Company renewed the agreement for four (4) additional National Football League
seasons for an average rate per year of approximately $497,000. The amount charged to the Company is a pass-through of the actual expenses
charged by the stadium to the related party, without markup. The agreement terminates in February 2026.
NOTE
15 – SUBSEQUENT EVENTS
DNA
Asset Acquisition
Asset
Purchase Agreement
On
February 3, 2023 (the “Closing Date”), the Company entered into and consummated the transactions contemplated by the Asset
Purchase Agreement (the “APA”) and the related Bill of Sale and Assignment and Assumption Agreement (the “Assignment
Agreement,” and together with the Assignment Agreement, the “Transaction Documents”) with DNA Holdings, LLC, a limited
liability company formed under the laws of the Commonwealth of Puerto Rico (the “Seller”), pursuant to which, subject to
the terms and conditions of the APA, the Seller sold certain assets from its advisory company that is engaged in the business of, among
other things, advising entrepreneurs in connection with capital structuring, marketing, developing decentralized ecosystems and providing
introductions to strategic investors (the “Business”). Specifically, pursuant to the Transaction Documents, the Company acquired
certain assets of the Business (the “Purchased Assets”), including $1,000,000 in cash, crypto assets, equity investments
into three private companies and a customer database from the Seller (the “Acquisition”). The Seller is managed by The Roundtable
LLC, which is managed by Brock Pierce, a member of the Company’s board of directors (the “Board”). The Acquisition
was approved on February 3, 2023, by the Audit Committee of the Board and the Board. Mr. Pierce did not participate in discussions of
the Board about whether to approve the Acquisition, and did not vote on the Acquisition at the Board meeting. In each case, it was considered
that Mr. Pierce is an interested director of the Company. In each case, it also was determined, among other things, that, notwithstanding
that Mr. Pierce is an interested director of the Company, the assets acquired in the Acquisition constitute fair and adequate consideration
for the securities to be issued pursuant to the APA.
Pursuant
to the terms of the APA, at the closing of the Acquisition (the “Closing”), in exchange for the Purchased Assets, the Company
issued and delivered to Seller (i) 1,313,127 shares of the Company’s Class A common stock, par value $0.001 per share (the “Common
Stock”), and (ii) 63,743 shares of the Company’s newly designated class of Series B Non-Voting Convertible Preferred Stock
(the “Series B Preferred Stock”) convertible, subject to the receipt of Stockholder Approval (as defined below), into an
aggregate of 3,059,664 shares of Common Stock (collectively, the “Upfront Shares”). In addition to the Upfront Shares, the
Company delivered into escrow 54,908 shares of Series B Preferred Stock convertible, subject to receipt of Stockholder Approval and the
Deferred Payment (as defined below), into 2,635,591 shares of Common Stock (the “Escrow Shares,” together with the Upfront
Shares, the “Acquisition Shares”).
In
accordance with applicable Nasdaq listing rules, the Company plans to obtain stockholder approval to issue the shares of Common Stock
underlying the Series B Preferred Stock so that it may issue shares of Common Stock to the Seller in excess of 1,313,127 shares of Common
Stock, the amount of shares equal to 4.99% of the issued and outstanding Common Stock on the Closing Date (“Stockholder Approval”).
Within thirty (30) days, but not earlier than fifteen (15) business days after Stockholder Approval is obtained, the Seller will prepare
and deliver to the Company a written determination, in the Seller’s sole and absolute discretion, of an amount equal to or less
than $2,000,000 to be paid to the Company, if any (such amount to be paid to the Company, the “Deferred Payment” and such
amount that will not be paid to the Company, the “Uncollected Deferred Payment”). Within five (5) business days of the delivery
of such written determination, subject and upon receipt of the Deferred Payment, the Company and the Seller will instruct the Escrow
Agent to release to the Company such number of Escrow Shares based upon the shares of Common Stock underlying the Series B Preferred
Stock multiplied by the quotient of (i) the outstanding Uncollected Deferred Payment divided by (ii) $2,000,000. The balance of the Escrow
Shares will then be released to the Seller (the “Post-Closing Adjustment”). In the event Stockholder Approval is not received
on or prior to the eighteen (18) month anniversary of the Closing, the Deferred Payment will lapse and the Escrow Shares will all be
released to the Company.
Amendment
and Waiver Agreements
On
February 3, 2023, the Company entered into an amendment and waiver agreement (the “Amendment and Waiver Agreement”) with
the ATW Fund I, L.P., ATW Master Fund II, L.P. and ATW Opportunities Master Fund II, LP (each, a “Holder” and, collectively,
the “Holders”), pursuant to which the parties agreed to amend or modify certain outstanding agreements to permit the consummation
of the Acquisition and avoid any potential noncompliance or events of default relating to such prior agreements. The exercise and conversion
prices in these agreements were amended to $1.00 per share. As part of the amendment, we extended the expiration date of the following
warrants until September 30, 2023: (a) warrants to purchase 1,363,636 shares of Common Stock issued on June 30, 2020; (b) warrants to
purchase 166,667 shares of Common Stock issued on November 29, 2018; (c) warrants to purchase 530,027 shares of Common Stock issued on
November 29, 2018 and (d) warrants to purchase 530,028 shares of Common Stock issued on October 27, 2017.
Sale
of LD Micro, Inc.
On
March 3, 2023, the Company entered into and consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger
Agreement”) with Freedom Holding Corp., a Nevada corporation (the “Parent”), Freedom U.S. Markets, LLC, a Delaware
limited liability company and wholly-owned subsidiary of the Parent (the “Buyer”), LDM Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of the Buyer (“Merger Sub”), LD Micro, Inc., a Delaware corporation and wholly-owned subsidiary
of the Company (“LD Micro”), to sell LD Micro. Specifically, pursuant to the terms of the Merger Agreement, at the closing
of the transactions contemplated by the Merger Agreement (the “Closing”), LD Micro merged with and into Merger Sub (the “Merger”),
with Merger Sub surviving the Merger (the “Surviving Corporation”), in a transaction intended to qualify for tax-free treatment
under Section 368(a) of the Internal Revenue Code of 1986, as amended.
At
the Closing, as consideration for the sale of LD Micro by means of the Merger, the Buyer paid the Company $8,300,000 in consideration,
consisting of $4,000,000 in cash (the “Cash Payment”), and 59,763 shares of the Parent’s common stock, par value $0.001
per share (the “Parent Common Stock”), which is equal to the quotient obtained by dividing (x) $4,300,000 by (y) the volume
weighted average of the daily closing sales prices of the Parent Common Stock, as reported on the Nasdaq Capital Market for the thirty
(30) consecutive trading days ending on the three (3) trading days prior to the Closing (the “Payment Shares,” and together
with the Cash Payment, the “Merger Consideration”). The Company also entered into a four (4) year Sponsorship Agreement that
provides the Company certain exclusive rights as it relates to LD Micro following the Merger, as more fully described below.
LD
Micro’s President, Christopher Lahiji, is a member of the Company’s board of directors (the “Board”). The Merger
was approved on March 2, 2023, by the Board. In such case, it was considered that Mr. Lahiji is an interested director of the Company
with respect to the Merger. In such case, it also was determined, among other things, that, notwithstanding that Mr. Lahiji is an interested
director of the Company, the Merger Consideration received for the sale of LD Micro, by means of the Merger, constitute fair and adequate
consideration.
Further,
in connection with the Merger, the Company also entered into a sponsorship agreement with the Surviving Corporation (the “Sponsorship
Agreement”), whereby the Surviving Corporation agreed to designate the Company as an exclusive sponsor of certain flagship events
that will be organized by the Surviving Corporation after the consummation of the Merger for a period of four (4) years and to provide
certain benefits to the Company which include (i) exclusive virtual and live streaming partner for the events; (ii) exclusive partner
to provide video recording interviews; and (iii) certain exclusivity to be the only sponsor providing SAAS platform services and digital
marketing and services at the events.
Creation
of Advisory Board and Stock Compensation
On
July 17, 2023 the Company’s Board of Directors authorized the creation of an Advisory Board (“Advisory Board”) to provide
strategic guidance and expertise to the Company in the financial technology sector. The establishment of the Advisory Board is aimed
at enhancing the Company’s growth strategies and leveraging the insights and experience of industry leaders.
As
part of the establishment of the Advisory Board, the Company has granted a total of 500,000 shares of the Company’s common stock
to the members of the Advisory Board as compensation for their services. These grants were made on July 17, 2023 and are subject to vesting
schedules and terms as outlined in individual advisory agreements. The shares granted are intended to align the interests of the Advisory
Board members with those of the Company’s shareholders and foster a collaborative approach to achieving the Company’s objectives.
Amendment
of Senior Secured Revolving Credit Facility and Senior Secured Convertible Debenture
The
Company previously entered into a Senior Secured Revolving Credit Facility Agreement with ATW Opportunities fund, dated as of August
8, 2022, pursuant to which the Company issued a revolving note to ATW Opportunities (the “Revolving Note”). Additionally,
the Company issued a Senior Secured Convertible Debenture to ATW Master Fund on June 30, 2020 (the “Debenture”).
On
September 13, 2023, the Revolving Note, Debenture, and Credit Agreement were temporarily amended for a period of up to fourteen months
from the Effective date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts
owing under the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall
receive one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding
amounts due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the
marketable securities once the amounts due to ATW have been satisfied. The Company also agreed to various covenants and conditions, including
providing access to certain accounts and notifying ATW Opportunities and ATW Master Fund of material changes.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements
regarding our business development plans, timing, strategies, expectations, anticipated expenses levels, business prospects and positioning
with respect to market, demographic and pricing trends, business outlook, technology spending and various other matters (including contingent
liabilities and obligations and changes in accounting policies, standards and interpretations) and express our current intentions, beliefs,
expectations, strategies or predictions. These forward-looking statements are based on a number of assumptions and currently available
information and are subject to a number of risks and uncertainties. Our actual results could differ materially from those anticipated
in these forward-looking statements as a result of various factors, including those set forth under “Special Note Regarding Forward-Looking
Statements” and under “Risk Factors” and elsewhere in our annual report for the year ended December 31, 2021 filed
on Form 10-K and this quarterly report. The following discussion should be read in conjunction with our financial statements and related
notes thereto included elsewhere in this quarterly report.
Our
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided in addition
to the accompanying unaudited Condensed Consolidated Financial Statements and notes to assist readers in understanding our results of
operations, financial condition, and cash flows. MD&A is organized as follows:
BUSINESS
We
are a technology firm focused on enhancing communications between public companies and their shareholders and investors. We currently
have two distinct business units:
|
● |
Our
unique SaaS platform, Sequire, which allows issuers to track their shareholders’ behaviors and trends, then use data-driven
insights to engage with shareholders across marketing channels. Through Sequire, we offer tools and related data and insight services
to allow issuers of publicly traded securities to better understand their position in the market. |
|
● |
LD
Micro organizes and hosts investor conferences for micro and small-cap companies. |
We
derive our revenues from the:
|
● |
Licensing
of our proprietary SaaS platform; |
|
● |
Sales
of proprietary data; |
|
● |
Attendance
and sponsorship fees from investor conferences and events; and |
|
● |
Sales
of insight and consulting services. |
Sequire
The
Sequire platform is a central hub where companies can manage certain administrative functions, reach out and engage with shareholders
as well as identify potential new investors. The platform utilizes machine learning and advanced analytics to bring our clients actionable
information that we believe can be used to maximize ROI through better investor and stockholder communications. Clients then can engage
with targeted shareholder groups across marketing channels including email, social media, programmatic, and hyperlocal.
When
interpreting data, clients can see gains and losses over time, buying/selling trends, total outstanding shares, new shareholders, and
shareholders broken out by percentage. Based on this data, we can assist our users in developing customized communications campaign utilizing
targeted ads and messaging.
Among
other features, the Sequire platform provides its users tools to monitor investor sentiment and activities and simplify back office administration
such as:
|
● |
real-time
level-two trading data, |
|
● |
the
ability to monitor the activities of competitive public companies of the user, |
|
● |
news
alerts, |
|
● |
custom
survey feature to enhance shareholder communications; |
|
● |
real-time
and searchable warrant and option ledgers; and |
|
● |
integrated
communication between investor relations programs and corporate communication firms. |
Data
Targeting
We
help our clients build an investor base through targeted advertising and marketing campaigns, tailored to their needs. Using data-driven
insights, we help clients meet their unique marketing objectives when messaging existing investors, new investors, or consumers.
Our
team of experts takes a deep dive into each company, building out unique messaging to suit their target investors. Once media campaigns
are built, they are run through the Sequire platform across multiple target segments. We then track performance and modify the campaign
for the best possible results. Our clients have needs to target particular sectors and exchanges, and the value we deliver lies in the
hyper-specific investor insights necessary for that kind of focused outreach.
We
are maximizing the efficacy of our media campaigns by providing our clients with custom-built landing pages that are crafted to educate,
engage, and convert new investors. When a new investor clicks through an ad, they will land on a story-driven page with data-tracking
software embedded to collect analytics for later use.
Virtual
Events and LD Micro
LD
Micro is the premier event platform for micro-cap and small cap companies. In September of 2020, we acquired LD Micro, and hosted the
2020 Main Event on our Sequire Virtual Events platform. The 2021 Main Event had over 3,000 attendees and hosted webinars with over 500
companies. We are currently planning to expand the number and subject matter of our conferences and events. Through the events platform,
we have the ability to host a variety of virtual events and conferences including investor conferences, earnings calls, shareholder meetings,
annual, investor/analyst days, corporate town halls, roadshows, and more. We believe that our ability to offer users a seamless, centrally
managed virtual events solution that can be customized to any industry will help transform our platform into the premier investor event
tool.
Marketing
and sales
We
market our services through our in-house sales and marketing team. Our team focuses on social media, including Facebook, LinkedIn and
Twitter, public relations (PR), industry events and the creation of white papers which assist in our marketing efforts and are used as
lead generation tools.
Intellectual
property
We
currently rely on a combination of patents, trade secret laws and restrictions on disclosure to protect our intellectual property rights.
Our success depends on the protection of the proprietary aspects of our technology as well as our ability to operate without infringing
on the proprietary rights of others. We also enter into proprietary information and confidentiality agreements with our employees, consultants
and commercial partners and control access to, and distribution of, our software documentation and other proprietary information. We
currently have eight (8) US patent applications filed.
Reportable
Segments
We
have a single operating and business segment, Sequire, which is comprised of two business units; Sequire and LD Micro. Our Sequire segment
includes the licensing of our SaaS based Sequire platform and related services, and our event and conference operations. The segment
amounts included in MD&A are presented on a basis consistent with our internal management reporting. All differences between our
internal management reporting basis and accounting principles generally accepted in the United States of America (“GAAP”),
along with certain corporate-level and other activity, are included in Corporate and Other. Our management, along with our chief executive
officer, who acts as our Chief Operating Decision Maker (as such term is defined in segment reporting guidance), review financial information
presented on a consolidated basis for purposes of allocating resources and evaluating performance and do not evaluate using asset information.
Reclassification
Certain
prior period amounts have been reclassified to conform to current period presentation.
Deconsolidation
of BIGToken, Inc.
On
December 29, 2021, BIGToken (formerly FPVD) completed a merger transaction with BritePool, Inc. (“BritePool”) (the “Merger”)
resulting in the Company’s ownership in BIGToken being reduced from 66% to approximately 4.99%. As a result of the Merger, BIGToken
issued 183,445,351,631 shares of its common stock (“Acquisition Shares”) for all of the issued and outstanding equity shares
of BritePool. On December 29, 2021, as a condition for the closing of the Merger, the Company exchanged 149,562,566,534 shares of BIGToken
common stock for 242,078 shares of BIGToken’s Series D Convertible Preferred Stock (“Series D Stock”) (the “Exchange”).
Simultaneously with the Exchange, the Company converted 22,162 shares of the Series D Stock into 13,692,304,136 shares of BIGToken’s
common stock, or approximately 4.99% of the issued and outstanding shares of BIGToken’s common stock.
The
financial results of BIGToken’s business are presented as discontinued operations in our unaudited Condensed Consolidated Statement
of Operations for all periods presented through the respective transaction close date as the transaction. Please see “Note 3 —
Discontinued Operations” in our unaudited Condensed Consolidated Financial Statements included elsewhere in this report for additional
information.
Business
Focus
We
have focused on: (i) the continued growth of our Sequire platform’s functionality and user base and (ii) the expansion of LD micro
events and offerings.
FINANCIAL
CONDITION
Going
Concern
Cash
on hand and current marketable securities at September 30, 2022 was approximately $116,000 and $3.7 million, respectively. Based upon
our cash flow projections, including sale of marketable securities and the projected cash flows from operations and access to borrowings
under our revolving line of credit there is significant doubt in our ability to continue to fund operations at their currently level
through the remainder of the year.
The
Company has incurred significant losses since its inception and has not demonstrated an ability to generate operating cash flow. In addition,
the Company’s operations may require additional financial support or additional financing. These factors raise substantial doubt
about the Company’s ability to continue as a going concern within one year from the issuance date of the consolidated financial
statements. The unaudited Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company
is unable to continue as a going concern. Accordingly, the unaudited Condensed Consolidated Financial Statements have been prepared on
a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of
liabilities and commitments in the ordinary course of business.
Cash
As
of September 30, 2022, we had cash of $116,000, as compared to approximately $1.3 million as of December 31, 2021. Cash consist primarily
of highly liquid investments such as money market funds and deposits held at major banks. Certain of such unused amounts are subject
to satisfying specified conditions prior to draw-down (such as pledging to our lenders sufficient subscriptions and customer contracts).
Components
of Operations
Revenues
Sequire
Platform. We recognize revenue from the licensing of our Sequire platform, data, marketing and insight services performed in conjunction
with the Sequire platform. During 2023 the Company transitioned to accepting only cash as compensation for services. As we transition
to accepting only cash as compensation for services there will be a significant decrease in Sequire revenue.
Conference
Revenue. We recognize revenue from hosting conferences and associated sponsorships. We receive payment from presenting companies
and sponsors of the conferences.
Operating
Expenses
Cost
of revenue. Our cost of revenue consists primarily of expenses associated with the cost of media and data service fees from third
parties, and technology and content hosting costs.
Employee
related costs. These are the costs we incur to employ our staff.
Depreciation
and Amortization. Depreciation and Amortization cost represent an allocation of the costs incurred to acquire the long-lived assets
used in our business over their estimated useful lives. Our long-lived assets consist of property and equipment and internally developed
software.
Selling,
general and administrative. Selling, general and administrative expense consists primarily the costs associated with being a stand-alone
public company, information technology, professional fees, human resources, facility overhead, and other general corporate expense.
Results
of Operations
Revenues
The
following table presents net revenues by type for the three and nine months ended September 30:
| |
Three Months Ended September 30, | | |
Increase (Decrease) | | |
Six Months Ended September 30, | | |
Increase (Decrease) | |
| |
2022 | | |
2021 | | |
$ | | |
% | | |
2022 | | |
2021 | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sequire platform revenue | |
$ | 5,306,000 | | |
$ | 6,888,000 | | |
$ | (1,582,000 | ) | |
| (23 | )% | |
$ | 19,225,000 | | |
$ | 17,879,000 | | |
$ | 1,346,000 | | |
| 8 | % |
Conference revenue | |
| 3,000 | | |
| - | | |
| 3,000 | | |
| - | % | |
| 1,305,000 | | |
| 390,000 | | |
| 915,000 | | |
| 235 | % |
Other revenue | |
| - | | |
| - | | |
| - | | |
| - | % | |
| - | | |
| 694,000 | | |
| (694,000 | ) | |
| (100 | )% |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | (1,579,000 | ) | |
| (23 | )% | |
$ | 20,530,000 | | |
$ | 18,963,000 | | |
$ | 1,567,000 | | |
| 8 | % |
Revenues
for the three months ended September 30, 2022 decreased approximately $1.6 million, from $6.9 million in the prior year period to $5.3
million, and revenues for the nine months ended September 30, 2022 increased approximately $1.6 million, from $19 million in the prior
year period to $20.5 million. Sequire’s revenue growth is driven by the continued growth in the platform’s subscriber base,
as well as an increase in sales of Sequire’s service offerings to existing and new subscribers. However, as seen during the three
months ended September 30, 2022, as we transition to accepting only cash as compensation for services there will be a significant decrease
in Sequire revenue.
Operating
Expenses
The
following tables presents operating expenses for the three months ended September 30, 2022 and 2021:
| |
Three Months Ended September 30, | | |
Increase (Decrease) | |
| |
2022 | | |
2021 | | |
$ | | |
% | |
Cost of revenues | |
$ | 942,000 | | |
$ | 3,354,000 | | |
$ | (2,412,000 | ) | |
| (72 | )% |
% of revenue | |
| 18 | % | |
| 49 | % | |
| | | |
| | |
Employee related costs (excluding stock based compensation presented below) | |
| 1,904,000 | | |
| 1,627,000 | | |
| 277,000 | | |
| 17 | % |
% of revenue | |
| 36 | % | |
| 24 | % | |
| | | |
| | |
Selling, general and administrative | |
| 1,305,000 | | |
| 929,000 | | |
| 376,000 | | |
| 40 | % |
% of revenue | |
| 25 | % | |
| 13 | % | |
| | | |
| | |
Depreciation and amortization | |
| 17,000 | | |
| 265,000 | | |
| (248,000 | ) | |
| (94 | )% |
% of revenue | |
| 0 | % | |
| 4 | % | |
| | | |
| | |
Stock based compensation | |
| 281,000 | | |
| 251,000 | | |
| 30,000 | | |
| 12 | % |
% of revenue | |
| 5 | % | |
| 4 | % | |
| | | |
| | |
Total costs and expenses | |
$ | 4,449,000 | | |
$ | 6,426,000 | | |
$ | (1,977,000 | ) | |
| (31 | )% |
% of revenue | |
| 84 | % | |
| 93 | % | |
| | | |
| | |
The
following tables presents operating expenses for the nine months ended September 30, 2022 and 2021:
|
|
Nine
Months Ended
September
30, |
|
|
Increase
(Decrease) |
|
|
|
2022 |
|
|
2021 |
|
|
$ |
|
|
% |
|
Cost
of revenues |
|
$ |
9,181,000 |
|
|
$ |
8,541,000 |
|
|
$ |
640,000 |
|
|
|
7 |
% |
%
of revenue |
|
|
45 |
% |
|
|
45 |
% |
|
|
|
|
|
|
|
|
Employee
related costs (excluding stock based compensation presented below) |
|
|
6,071,000 |
|
|
|
4,590,000 |
|
|
|
1,481,000 |
|
|
|
32 |
% |
%
of revenue |
|
|
30 |
% |
|
|
24 |
% |
|
|
|
|
|
|
|
|
Selling,
general and administrative |
|
|
5,182,000 |
|
|
|
2,562,000 |
|
|
|
2,620,000 |
|
|
|
102 |
% |
%
of revenue |
|
|
25 |
% |
|
|
14 |
% |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
403,000 |
|
|
|
710,000 |
|
|
|
(307,000 |
) |
|
|
(43 |
)% |
%
of revenue |
|
|
2 |
% |
|
|
4 |
% |
|
|
|
|
|
|
|
|
Stock
based compensation |
|
|
(231,000 |
)
|
|
|
757,000 |
|
|
|
(988,000 |
) |
|
|
(131 |
)% |
%
of revenue |
|
|
(1) |
% |
|
|
4 |
% |
|
|
|
|
|
|
|
|
Total
costs and expenses |
|
$ |
20,606,000 |
|
|
$ |
17,160,000 |
|
|
$ |
3,446,000 |
|
|
|
20 |
% |
%
of revenue |
|
|
100 |
% |
|
|
90 |
% |
|
|
|
|
|
|
|
|
Cost
of revenues: The increase in cost of revenues for the nine months ended September 30, 2022 as compared to the prior year period was
primarily due to an increase in data and media costs required to support the growth in revenue. The decrease in cost of revenues for
the three months ended September 30, 2022 as compared to the prior year period was primarily due to a general decrease in the data and
media services provided to customers, which decreased the overall cost.
Employee
related costs: Employee related costs increased for the three and nine months ended September 30, 2022 as compared to the same periods
in the prior year was primarily due to increases in staffing expenses and headcount required to service the increased number of platform
subscribers as well as an increase in the number of subscribers utilizing the Company’s service offerings.
Selling,
general and administrative: The increase in general and administrative expenses for the three and nine months ended September 30,
2022 compared to the same periods in 2021 was primarily driven by an increase in corporate related expenses to support the growth of
the Company in areas such as technology, accounting, legal, and general corporate expenses.
Stock
based compensation: Stock based compensation decreased for the nine months ended September 30, 2022 as compared to the prior year
period was primarily due to the reversal of $1.1 million of stock based compensation previously recognized for an award for which the
Company believes the achievement of the required vesting conditions have become improbable.
Total
Other Expense, Net
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, 2022 | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Financing costs | |
| (2,377,000 | ) | |
| (528,000 | ) | |
| (3,954,000 | ) | |
| (10,098,000 | ) |
Impairment of goodwill | |
| - | | |
| - | | |
| (10,200,000 | ) | |
| - | |
Impairment of intangibles | |
| - | | |
| - | | |
| (1,481,000 | ) | |
| - | |
Loss on sale of fixed assets | |
| - | | |
| - | | |
| (47,000 | ) | |
| - | |
Realized gain (loss) on marketable securities | |
| (286,000 | ) | |
| 286,000 | | |
| (6,521,000 | ) | |
| 1,095,000 | |
Current period change in fair value of marketable securities | |
| (2,196,000 | ) | |
| (3,906,000 | ) | |
| 1,696,000 | | |
| (4,784,000 | ) |
Current period change in fair value of contract assets | |
| 22,000 | | |
| - | | |
| (1,491,000 | ) | |
| - | |
Realized loss on designated assets | |
| (904,000 | ) | |
| 2,000 | | |
| (1,803,000 | ) | |
| 2,000 | |
Current period change in fair value of designated assets | |
| 622,000 | | |
| (134,000 | ) | |
| (710,000 | ) | |
| (134,000 | ) |
Change in fair value of preferred stock | |
| 281,000 | | |
| 134,000 | | |
| 2,513,000 | | |
| 134,000 | |
Interest income | |
| - | | |
| 10,000 | | |
| 12,000 | | |
| 33,000 | |
Other income (expense) | |
| 159,000 | | |
| 1,130,000 | | |
| (1,058,000 | ) | |
| 1,145,000 | |
Total other expense, net | |
| (4,679,000 | ) | |
| (3,006,000 | ) | |
| (23,044,000 | ) | |
| (12,607,000 | ) |
Other
expense, net for the three months ended September 30, 2022 increased by approximately $1.7 million compared to the prior year period
primarily due approximately $2.4 in financing costs and due to the prior year period’s approximate $4 million unfavorable
change in fair value of marketable securities. Other expense, net for the nine months ended September 30, 2022 increased by
approximately $10.4 million primarily due to the $11.7 million of impairment of goodwill and intangibles, slightly offset by a
non-cash inducement charge in the prior year of $7.7 million related to our February 2021 warrant financing.
Cash
Flows
The
following table presents our cash flows for the nine months ended September 30, 2022 and 2021:
| |
Nine Months Ended September 30, | |
| |
2022 | | |
2021 | |
Net cash (used in) provided by: | |
| | | |
| | |
Continuing operating activities | |
$ | (8,680,000 | ) | |
$ | (12,775,000 | ) |
Continuing investing activities | |
| 4,295,000 | | |
| 3,040,000 | |
Continuing financing activities | |
| 3,153,000 | | |
| 16,237,000 | |
Net cash (used in) provided by continuing operations | |
| (1,232,000 | ) | |
| 6,502,000 | |
Net cash provided by discontinued operations | |
| - | | |
| (130,000 | ) |
Net (decrease) increase | |
$ | (1,232,000 | ) | |
$ | 6,372,000 | |
As
of September 30, 2022, our cash on hand was approximately $116,000.
Cash
flows from continuing operating activities
The
primary use of cash used in operations is to pay our media, data and platform vendors, employees, and others for a wide range of services.
Cash flows used in continuing operating activities decreased by approximately $4.1 million during the nine months ended September 30,
2022, as compared to the same period in the prior year. The decrease was primarily due to increases in accounts payable and accrued expenses
and other current liabilities, and adjustments for the impairment of goodwill and intangibles.
The
Company expects to continue to use cash in excess of receipts generated from operations for the foreseeable future due to the substantial
portion of the Company’s sales paid for in marketable securities of our customers. The Company classifies proceeds from the sales
of marketable securities received from our customers for the payment of our services as investing activities.
Cash
flows from continuing investing activities
Our
principal recurring investing activity is the employees, sale of marketable securities. During the nine months ended September 30, 2022,
as compared to the same period in the prior year, net cash provided by investing activities increased by approximately $1.2 million.
The increase was primarily due to approximately $2 million in deferred payments related to our acquisition of LD Micro in the prior year.
Cash
flows from continuing financing activities
During
the nine months ended September 30, 2022, as compared to the same period in the prior year, net cash provided by financing activities
decreased by approximately $13 million. The increase was primarily due to $15.8 million of proceeds from the exercise of warrants in
the prior year.
Liquidity
We
believe that our current sources of funds will not provide us with adequate liquidity including to repay our remaining debt obligations
within one year from the issuance date of the consolidated financial statements. Our future capital requirements will depend on many
factors; however, the Company’s primary source of capital is the sale of marketable securities received as consideration for the
licensing of our Sequire platform and the associated services. The Company’s sales of marketable securities are primarily through
sale transactions that qualify for exemptions pursuant to Rule 144 of the Securities Act of 1933. The conditions required to be met to
qualify for the exemptions under Rule 144 are often difficult to predict, making it difficult to predict the timing of the associated
cash flows from the sales of these securities. The Company’s holdings of marketable securities are subject to risks and uncertainties
such as fluctuations in pricing in the primary market, and legal restrictions that create uncertainty around realization and timing of
cash flows. Additionally, other factors contribute to uncertainty of our cash flows, such as our subscription growth rate, subscription
renewal activity, including the timing and the amount of cash received from customers, the expansion of sales and marketing activities,
the timing and extent of spending to support development efforts, the introduction of new and enhanced products, the continuing market
adoption of Sequire.
The
Company projects the sale of its marketable security holding will represent a substantial portion of the cash required for operations
for the foreseeable future, consequently creating substantial doubt about the Company’s ability to continue as a going concern.
During
the nine months ended September 30, 2022 the Company entered into a factoring agreement with a financial institution to sell certain
accounts receivable and future sales of up to $3 million. The factoring agreement was fully paid off with the proceeds of our revolving
credit facility described below.
We
continually evaluate our cash needs and may decide it is best to raise additional capital or seek alternative financing sources to fund
our operations. However, due to our delisting from NASDAQ, raising capital through the sale of
our equity or debt securities will be more challenging as investors are historically less likely to purchase securities that are not
listed on a national exchange.
On
July 1, 2022, the Company issued an original issue discount bridge note in principal amount of $650,000 (“Bridge Note”) to
an institutional investor in exchange for $500,000 in cash. The bridge note was non-interest bearing and had a maturity date of August
15, 2022. The Company’s obligations pursuant to the bridge note were secured by substantially all of the assets of the Company
pursuant to the terms of the Security Agreement.
On
July 1, 2022, the holders (“Holders”) of $1,102,682 in principal of the Company’s Original Issue Discount Senior Secured
Convertible Debentures (“Debentures”), representing all of the outstanding Debentures that were originally issued on June
30, 2020, entered into an agreement with the Company to (i) extend the maturity date of the Debentures until December 31, 2023 and (ii)
extend the first date that monthly redemptions are required to be made by the Company to begin on January 1, 2023 (the “Debenture
Extension”). As consideration for the Debenture Extension, the Company increased the principal amount outstanding on the Debentures
by five percent (5%). Additionally, the holders of the Debentures have the unilateral right to extend the maturity date and monthly redemption
period by an additional six (6) month period at any time prior to January 1, 2023 for an additional five percent (5%) to be added to
the outstanding principal of such Debentures. The Debentures, including the additional principal added to the Debentures are secured
by substantially all of the assets of the Company pursuant to a security agreement entered into between the Company and Holders contemporaneous
with the original issuance of the Debentures (the “Security Agreement”).
On
August 8, 2022, we entered into a revolving line of credit allowing us to borrow up to $9.45 million in principal. Until such time that
the Company becomes current on its reporting obligations under the Securities Exchange Act of 1934, the maximum amount accessible is
limited to $5.6 million in August 2022. The revolving credit line has a two-year term with a variable repayment schedule that is tied
to the proceeds the Company generates from the sale of marketable securities from its portfolio. The principal repayment as a percentage
of proceeds from marketable securities is 10% for the first three months and increase up to 20% after 12 months. Further, we agreed to
pay the lender in the credit facility, an amount equal to ten percent (10%) of the net proceeds actually received by us from the sale
any securities of a customer that we acquired during the term of the revolving note(s).
We
have historically financed our operations primarily from the sale of debt and equity securities. Recently, our operations from Sequire
and LD Micro have resulted in increased revenue, but we are still not cash flow positive, and accordingly cannot fund our operations
solely from our revenue. Notwithstanding our recent revolving credit facility financing (including the bridge note), for which we have
received approximately $5.5 million, partially offset by the required payments we made under outstanding obligations of $3.75 million
at closing, and the acquisition of liquid assets acquired in the through the DNA Acquisition of approximately $1.3 million, we will need
to continue to seek capital from the sale of debt and equity securities to fund operations. Additionally, we are delinquent in our SEC
reporting obligations and have been delisted from NASDAQ. Although we have been historically successful in raising capital through the
sale of our equity and debt securities, and management believes that such capital sources will be available should they be required,
there can be no assurance that financing will be available to us when needed in order to allow us to continue our operations, or if available,
on terms acceptable to us. Further, due to our delisting from NASDAQ, raising capital through the sale of our equity or debt securities
will be more challenging as investors are historically less likely to purchase securities that are not listed on a national exchange.
Series
A Preferred Stock
During
2021 we issued 36,462,417 shares of our Series A Preferred Stock to Qualified Recipients (as defined below) on a 1-for-1 as converted
to common stock basis (the “Dividend”). The record date for the Dividend was September 20, 2021 (the “Record Date”).
The Series A Preferred Stock entitles the Qualified Recipients to receive the net proceeds from sales of certain securities received
by SRAX as payment from its customers for access to the Sequire Platform services (the “Designated Assets”).
As
of the Record Date, the following holders of securities were entitled to receive the Dividend (collectively, the “Qualified Recipients”):
|
(i) |
each
outstanding share of common stock, of which 25,160,504 shares were issued and outstanding, |
|
|
|
|
(ii) |
each
share of common stock underlying outstanding common stock purchase warrants containing a contractual right to receive the Dividend
of which, 10,377,645 were outstanding, and |
|
|
|
|
(iii) |
each
original issue discount senior convertible debenture issued on June 30, 2020, containing a contractual right to receive the Dividend
on an as converted to common stock basis, of which $2,486,275 of Debentures were outstanding in principal and interest, convertible
into 924,268 shares of common stock. |
As
of the Record Date, the Designated Assets had an aggregate value of approximately $6.5 million and consisted of securities (i) from twenty-five
(25) companies that trade or are quoted on the OTC Markets, (ii) having stock prices ranging from $0.01 to $5.15, (iii) with aggregate
values of the securities held by the Company ranging from $1,930 to $900,000. The Designated Assets consist of (a) 24 issuers’
common stock and (b) one (1) issuer’s convertible debt instrument that is convertible into common stock.
During
the fourth quarter and portion of the third quarter of 2021, we sold an aggregate of approximately $680,000 of the Designated Assets.
On January 30, 2022, we distributed the net proceeds from those shares to holders of our Series A Preferred Shares. Pursuant to the distribution,
each holder of Series A Preferred Stock received approximately $0.01 per share.
As
of December 31, 2021, the Designated Assets had a market value of $3,925,000.
During
the nine months ended September 30, 2022, we generated aggregate proceeds of approximately $505,000 in Designated Assets. On February
1, 2022 the Company paid a dividend of $0.01 per share.
As
of September 30, 2022, the Designated Assets had a market value of $221,000.
Critical
Accounting Policies and Estimates
There
have been no changes to our critical accounting policies during the nine months ended September 30, 2022. Critical accounting policies
and the significant estimates in accordance with such policies are regularly discussed with our Audit Committee. Those policies are discussed
under Note 1—Summary of Significant Accounting Policies, in the notes to Consolidated Financial Statements included in Part II,
Item 8, “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K filed with the SEC on October 12,
2022 for the fiscal year ended December 31, 2021.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not
applicable, as we are a smaller reporting company.
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures
We
evaluated, under the supervision and with the participation of the principal executive officer and principal financial officer, the effectiveness
of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
and Exchange Act of 1934, as amended (“Exchange Act”) as of September 30, 2022, the end of the period covered by this report
on Form 10-Q. Based on this evaluation, our Chairman and Chief Executive Officer (principal executive officer) and our Chief Financial
Officer (principal financial officer) have concluded that our disclosure controls and procedures were not effective at the reasonable
assurance level at September 30, 2022 because the Company has not yet completed its remediation of the material weaknesses previously
identified and disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, the end of its most
recent fiscal year.
Specifically,
management has determined the following:
|
● |
a
lack of internal valuation experts; |
|
● |
a
lack of sufficient in-house qualified accounting staff; |
|
● |
a
lack of validation of completeness and accuracy of internally prepared data, including key reports generated from systems, utilized
in the operations of controls, leading to delays in the Company’s closing process; |
|
● |
inadequate
controls and segregation of duties due to limited resources and number of employees; |
|
● |
lack
of internal personnel to properly evaluate the fair value and the associated revenue recognition related to our non-cash revenue
contracts; |
|
● |
substantial
reliance on manual reporting processes and spreadsheets external to the accounting system for financial reporting leading to delays
in the Company’s closing process; |
|
● |
lack
of adequate controls in the accounting for internally developed software costs; products and services; and the recording of sophisticated,
material financing transactions which are heavily dependent upon the use of estimates and assumptions and require us using consultants; |
|
● |
and
our lack of experience in monitoring and administering, the Company’s internal control over financial reporting |
In
addition to the material weaknesses noted above, we noted the following deficiencies that we believe to be material weaknesses:
|
● |
Fair
Value Measurements: deficiencies in the design of this control and excessive reliance on the work of a third party specialist resulted
in undetected errors in the valuation of certain positions that results in adjustments. |
|
● |
Earnings
per share; deficiencies in the design of this control resulted in preparation errors that were not prevented or detected. |
Our
management concluded that considering internal control deficiencies that, in the aggregate, rise to the level of material weaknesses,
we did not maintain effective internal control over financial reporting as of September 30, 2022 based on the criteria set forth in Internal
Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
To
mitigate the items identified in the assessment, we rely heavily on direct management oversight of transactions, along with the use of
legal and accounting professionals/consultants.
Remediation
We
are continuing to seek ways to remediate these weaknesses, which stem from our small workforce and limited resources. Beginning with
the quarter ended March 31, 2022, the Company has hired a third party valuation company to perform the valuation of the Company’s
marketable securities.
Limitations
on Effectiveness of Controls and Procedures
In
designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Due to the inherent limitations
of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making
can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual
acts of some persons, by collusion of two or more people, or by management override of the control. Controls and procedures can only
provide reasonable, not absolute, assurance that the above objectives have been met. In addition, the design of disclosure controls and
procedures must reflect the fact that there are resource constraints, and that management is required to apply its judgment in evaluating
the benefits of possible controls and procedures relative to their costs.
Changes
in Internal Control over Financial Reporting
Other
than the changes noted above, there were no changes in our internal control over financial reporting during the quarter ended September
30, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial
reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
None.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Recent
sales of unregistered securities
The
following information is given with regard to unregistered securities sold since January 1, 2022. The following securities were issued
in private offerings pursuant to the exemption from registration contained in the Securities Act of 1933, as amended (the “Securities
Act”) and the rules promulgated thereunder in reliance on Section 4(2) thereof, relating to offers of securities by an issuer not
involving any public offering:
|
● |
On
January 2, 2022 Michael Malone, our former Chief Financial Officer exercised an option to purchase 100,000 shares of our common
stock that was issued on December 15, 2018. The option was exercised on a cashless basis and included 57,016 shares withheld
pursuant to the cashless exercise and an additional 16,732 shares withheld for tax withholding. Accordingly, we issued Mr. Malone
26,252 shares of common stock. |
|
|
|
|
● |
On
January 3, 2022, we issued four (4) common stock purchase options to our non-employee directors, pursuant to our amended non-employee
director compensation policy. Each option entitled the holder to purchase 29,533 shares of common stock at an exercise price of $4.35
per share, for an aggregate exercise amount of $128,500. The options vest in equal quarterly over a one (1) year period from the
issuance date. The options expire on the seven (7) year anniversary of the issuance date. Each option has a Black-Scholes value of
$100,000. |
|
|
|
|
● |
During
the month of January 2022, non-executive employees exercised a total of 227,667 stock options. These options were exercised on a
cashless basis, and included 161,938 shares withheld pursuant to cashless exercise and tax withholdings. This resulted in the issuance
of 65,729 shares of common stock. |
|
|
|
|
● |
On
January 6, 2022, we issued our employees, options to purchase an aggregate of 380,000 shares of common stock. Each of the options
has an exercise price of $4.25 per share, a term of five (5) years, and vests in equal quarterly installments over a three (3) year
period from the grant date. The aggregate of the 380,000 options had a Black-Scholes value on the grant date $1,038,000. |
|
|
|
|
● |
On
January 6, 2022, we issued Christopher Miglino, our Chief Executive Officer, an option to purchase 120,000 shares of common stock.
The option has an exercise price of $4.25 per share, a term of seven (7) years and vests in equal quarterly installments over a three
(3) year period from the grant date. The option had a Black-Scholes value on the grant date of $356,000 |
|
|
|
|
● |
On
January 6, 2022, we issued an employee an option to purchase 100,000 shares of common stock. The option has an exercise price of
$4.25 per share, a term of seven (7) years and vests in equal quarterly installments over a three (3) year period from the grant
date. The option had a Black-Scholes value on the grant date of $296,000 |
|
|
|
|
● |
On
January 6, 2022, we issued Michael Malone, our former Chief Financial Officer, a conditional option to purchase 100,000 shares of
Class A common stock. The option is a conditional grant, subject to shareholder approval. Assuming approval by the shareholders, the
option has an exercise price of $4.25 per share, a term of seven (7) years and vests in equal quarterly installments over a three
(3) year period from the grant date. The option had a Black-Scholes value on the grant date of $296,000. |
|
● |
On
January 6, 2022, we issued an employee an option to purchase an aggregate of 20,000 shares of common stock. The option is a conditional
grant, subject to shareholder approval. The option has an exercise price of $4.25 per share, a term of five (5) years, and vest in
equal quarterly installments over a three (3) year period from the grant date. The option had a Black-Scholes value on the grant
date of $55,000. |
|
● |
On
June 13, 2022, we entered into an agreement with an institutional investor whereby in exchange for the payment of $405,000 (the “Purchase
Price”), the investor received (i) the right to receive the net proceeds upon the sale of certain securities of the Company
(“CVR Payments”) with a quoted price equal to $674,000 (with a guaranteed minimum return of 120% of such Purchase Price
and (ii) the right after 90 days but before 120 days to demand payment of 120% of the Purchase Price in cash less amounts previously
paid from the CVR Payments. |
|
|
|
|
● |
On
July 1, 2022, we issued an original issue discount bridge note in principal amount of $650,000 to an institutional investor in exchange
for $500,000 in cash. The Bridge Note was non-interest bearing and a maturity date of August 15, 2022. Effective August 8, 2022,
the bridge note was exchanged for revolving notes in the senior secured revolving credit facility. |
|
|
|
|
● |
On
August 8, 2022, we entered into a senior secured revolving credit facility agreement with an institutional investor to initially
borrow up to $9,450,000 in the aggregate from time to time, subject to certain conditions. The loans are secured by all of our assets.
There is currently $5,580,000 in principal outstanding on the revolving loans, which are convertible into our common stock at a conversion
price of $15.00 per share, subject to adjustment for stock splits, dividends, fundamental transactions, and upon sales of our equity
securities at $5.00 per share or less. In addition, as part of the transaction we extended the maturity dates of 2,590,358 outstanding
common stock purchase warrants held by the lender until September 30, 2023. |
|
|
|
|
|
The
revolving loans are convertible into our common stock at an initial price per share of $15.00, subject to adjustment in certain enumerated
events, including deemed sales of our common stock or common stock equivalents at a price per share that is $5.00 or less. |
|
|
|
|
|
On
February 3, 2023, in connection with and as consideration to permit consummation of the acquisition of assets of DNA Holdings, LLC
(“APA”), the Company agreed to amend the conversion price from $15.00 to $1.00 per share. |
|
|
|
|
● |
On
August 8, 2022, in connection with entering into the senior secured revolving credit facility, we amended and restated the terms
of 2,590,358 outstanding common stock purchase warrants owned by the lender. As part of the amendment, we extended the expiration
date of the following warrants until September 30, 2023: (a) warrants to purchase 1,363,636 shares of Common Stock issued on June
30, 2020; (b) warrants to purchase 166,667 shares of Common Stock issued on November 29, 2018; (c) warrants to purchase 530,027 shares
of Common Stock issued on November 29, 2018 and (d) warrants to purchase 530,028 shares of Common Stock issued on October 27, 2017. |
|
|
|
|
● |
On
February 3, 2023, in connection with the acquisition of assets of DNA Holdings, LLC (“APA”), and to the extent issued
in full, the maximum number of shares of Common Stock issuable pursuant to the APA (without taking into account any post acquisition
closing adjustments) will total 7,008,382 shares of Common Stock (when including 5,695,255 shares of Common Stock issuable upon conversion
of the Series B Preferred Stock in accordance with the Certificate of Designation). |
|
|
|
|
|
As
part of the amendment, we extended the expiration date of the following warrants until September 30, 2023: (a) warrants to purchase
1,363,636 shares of Common Stock issued on June 30, 2020; (b) warrants to purchase 166,667 shares of Common Stock issued on November
29, 2018; (c) warrants to purchase 530,027 shares of Common Stock issued on November 29, 2018 and (d) warrants to purchase 530,028
shares of Common Stock issued on October 27, 2017. |
Purchases
of equity securities by the issuer and affiliated purchasers.
The
following table provides information about our repurchases of our common stock that is registered pursuant to Section 12 of the Securities
Exchange Act of 1934 during the year ended December 31, 2022.
Period | |
Total Number of Shares Purchased (b) | | |
Average Price Paid Per Share | | |
Total Number
of Shares
Purchased as
Part of Publicly Announced
Plans or
Programs (a)(b) | | |
Approximate
Dollar Value
of Shares That
May Yet be
Purchased
Under the Plans
or Programs
(a)(b) | |
| |
| | |
| | |
| | |
| |
January 1, to January 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
February 1, to February 28, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
March 1, to March 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
April 1, to April 30, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
May 1, to May 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
June 1, to June 30, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
July 1, to July 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
August 1, to August 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
September 1, to September 30, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
October 1, to October 31, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
November 1, to November 30, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
December 1, to December 30, 2022 | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
Total | |
| — | | |
| — | | |
| — | | |
$ | 9,206,000 | |
(a) |
In
August 2021, our Board of Directors approved a share repurchase program pursuant to which we are authorized to repurchase up to $10,000,000
of our common stock in privately negotiated transactions or in the open market at prices per share not exceeding the then-current
market prices. The total remaining authorization for future common share repurchases under our share repurchase program was $9.2
million as of December 31, 2022. Under the program, management has discretion to determine the dollar amount of shares to be repurchased
and the timing of any repurchases in compliance with applicable law and regulation. The program does not have an expiration date. |
(b) |
None
of the shares purchased were in reliance on the safe harbor in Exchange Act Rule 10b-18 and the Company does not currently have a
10b5-1(c) plan with regard to share being repurchases. |
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
None.
Item
5. Other Information.
None
Item
6. Exhibits
|
|
|
|
Filed/ |
|
Incorporated
by Reference |
Exhibit |
|
|
|
Furnished |
|
|
|
Exhibit |
|
|
|
Filing |
No. |
|
Description |
|
Herewith |
|
Form |
|
No.
|
|
File
No. |
|
Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.01(i) |
|
Certificate of Incorporation, filed on 8/3/11 |
|
|
|
S-1 |
|
3.01(i) |
|
333-179151 |
|
1/24/12 |
3.02(i) |
|
Certificate of Correction to Certificate of Incorporation, filed on 8/31/11 |
|
|
|
S-1 |
|
3.01(ii) |
|
333-179151 |
|
1/24/12 |
3.03(i) |
|
Certificate of Amendment to Certificate of Incorporation authorizing 1:5 reverse stock split |
|
|
|
8-K |
|
3.5 |
|
000-54996 |
|
9/19/16 |
3.04(i) |
|
Certificate of Amendment to Certificate of Incorporation as Amended, effective 8/25/19 |
|
|
|
8-K |
|
3.01(i) |
|
001-37916 |
|
8/15/19 |
3.05(ii) |
|
Amended and Restated Bylaws of Social Reality, Inc. adopted March 27, 2019 |
|
|
|
8-K |
|
3.01(ii) |
|
001-37916 |
|
4/2/19 |
3.06(i) |
|
Form of Certificate of Designation of preferences, Rights and Limitations of Series A Non-Voting Preferred Stock |
|
|
|
8-K |
|
3.01 |
|
001-37916 |
|
9/24/21 |
3.07(i) |
|
Certificate of Validation and Certificate of Increase filed on January 31, 2022 |
|
|
|
8-K/A |
|
3.01(i) |
|
001-37916 |
|
2/2/2022 |
4.01 |
|
Specimen of Class A Common Stock Certificate |
|
|
|
8-A12B |
|
4.1 |
|
001-37916 |
|
10/12/16 |
4.02 |
|
Class A Common Stock Purchase Warrant Issued to Investors in October 2014 |
|
|
|
8-K |
|
4.7 |
|
000-54996 |
|
11/4/14 |
4.03 |
|
Class A Common Stock Purchase Warrant issued in Steel Media Transaction dated October 30, 2014 |
|
|
|
8-K |
|
4.8 |
|
000-54996 |
|
11/4/14 |
4.04 |
|
Class A Common Stock Warrant issued in September 2016 Offering |
|
|
|
8-K |
|
4.6 |
|
000-54996 |
|
10/6/16 |
4.05 |
|
Class A Common Stock Warrant issued to October 2013 Offering |
|
|
|
8-K |
|
4.4 |
|
000-54996 |
|
10/24/13 |
4.06 |
|
Class A Common Stock Warrant issued to T.R. Winston & Company issued 8/22/13 |
|
|
|
10-Q |
|
4.5 |
|
000-54996 |
|
11/13/13 |
4.07 |
|
Class A Common Stock Warrant issued to Investors in January 2014 Offering |
|
|
|
8-K |
|
4.6 |
|
000-54966 |
|
1/27/14 |
4.08 |
|
Class A Common Stock Warrant issued to Investors in September 2016 |
|
|
|
8-K |
|
4.6 |
|
000-54966 |
|
10/6/16 |
4.09 |
|
Class A Common Stock Warrant issued to Investors in January 2017 Offering |
|
|
|
8-K |
|
4.1 |
|
001-37916 |
|
1/4/17 |
4.10 |
|
Class A Common Stock Warrant issued to Investors in January 2017 Offering (2nd Warrant) |
|
|
|
8-K |
|
4.1 |
|
001-37916 |
|
1/4/17 |
4.11 |
|
Class A Common Stock Placement Agent Warrant issued in January 2017 Offering |
|
|
|
8-K |
|
4.3 |
|
001-37916 |
|
1/4/17 |
4.12 |
|
Class A Common Stock Placement Agent Warrant issued in October 2016 Offering |
|
|
|
10-K |
|
4.12 |
|
001-37916 |
|
3/31/17 |
4.13 |
|
Class A Common Stock Warrant issued in Leapfrog Media Trading Acquisition |
|
|
|
10-K |
|
4.13 |
|
001-37916 |
|
4/2/18 |
4.14 |
|
Form of 12.5% Secured Convertible Debenture issued in April 2017 Offering |
|
|
|
8-K |
|
4.2 |
|
001-33672 |
|
4/21/17 |
4.15 |
|
Class A Common Stock Warrant issued in April 2017 Offering |
|
|
|
8-K |
|
4.1 |
|
001-33672 |
|
4/21/17 |
4.16 |
|
Form of Class A Common Stock Placement Agent Warrant issued in April 2017 Offering |
|
|
|
8-K |
|
4.3 |
|
001-33672 |
|
4/21/17 |
4.17** |
|
2016 Equity Compensation Plan |
|
|
|
1/20/17 |
|
A-1 |
|
001-37916 |
|
1/20/17 |
4.18** |
|
2014 Equity Compensation Plan |
|
|
|
8-K |
|
10.33 |
|
000-54996 |
|
11/10/14 |
4.19 |
|
2012 Equity Compensation Plan |
|
|
|
S-1 |
|
4.02 |
|
333-179151 |
|
1/24/12 |
4.20 |
|
Form of Stock Option Agreement for 2012, 2014 and 2016 Equity Compensation Plan |
|
|
|
S-1 |
|
4.03 |
|
333-179151 |
|
1/24/12 |
4.21 |
|
Form of Restricted Stock Unit Agreement for 2012, 2014 and 2016 Equity Compensation Plan |
|
|
|
S-1 |
|
4.04 |
|
333-179151 |
|
1/24/12 |
4.22 |
|
Form of Restricted Stock Award Agreement for 2012, 2014 and 2016 Equity Compensation Plan |
|
|
|
S-1 |
|
4.05 |
|
333-179151 |
|
1/24/12 |
4.23 |
|
Class A Common Stock Warrant Issued to Investors and Placement Agents in October 2017 Offering |
|
|
|
8-K |
|
4.02 |
|
001-37916 |
|
10/27/17 |
4.24 |
|
Form of Placement Agent Warrant from April 2019 Offering |
|
|
|
8-K |
|
4.01 |
|
001-37916 |
|
4/10/19 |
10.29 |
|
Agreement and Plan of Merger dated September 4, 2020 between SRAX, Inc., Townsgate Merger Sub 1, and LD Micro, Inc. |
|
|
|
8-K |
|
10.01 |
|
001-37916 |
|
9/11/20 |
10.30 |
|
Lock-up agreement dated September 4, 2020 between SRAX and Christopher Lahiji |
|
|
|
8-K |
|
10.02 |
|
001-37916 |
|
9/11/20 |
10.31 |
|
Voting
Proxy Agreement dated September 4, 2020 between SRAX and Christopher Lahiji |
|
|
|
8-K |
|
10.03 |
|
001-37916 |
|
9/11/20 |
10.32 |
|
Employment Agreement between SRAX and Christopher Lahiji Dated September 4, 2020 |
|
|
|
8-K |
|
10.04 |
|
001-37916 |
|
9/11/20 |
10.33 |
|
Unit Redemption Agreement dated October 30, 2020 between SRAX and Halyard MD, LLC |
|
|
|
8-K |
|
10.01 |
|
001-37916 |
|
11/3/20 |
10.34 |
|
Unit Redemption Agreement dated October 30, 2020 between SRAX and MD CoInvest, LLC |
|
|
|
8-K |
|
10.02 |
|
001-37916 |
|
11/3/20 |
10.35 |
|
Share Exchange Agreement between SRAX, Force Protection Video Equipment Corp, and Paul Feldman, dated September 30, 2020 |
|
|
|
8-K |
|
10.01 |
|
001-37916 |
|
10/4/20 |
10.36 |
|
Exchange Agreement with FPVD dated December 29, 2021 |
|
|
|
8-K |
|
10.01 |
|
001-37916 |
|
12/30/21 |
10.37 |
|
Form of Contingent Value Right Agreement dated June 13, 2022 |
|
|
|
10-K |
|
10.37 |
|
001-37916 |
|
10/12/22 |
10.38 |
|
Form of Bridge Note dated July 1, 2022 |
|
|
|
10-K |
|
10.38 |
|
001-37916 |
|
10/12/22 |
10.39 |
|
Form of Safe entered into with BIGtoken on February 11, 2022 |
|
|
|
10-K |
|
10.39 |
|
001-37916 |
|
10/12/22 |
10.40 |
|
Form of Revolving Note from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
4.01 |
|
001-37916 |
|
8/12/22 |
10.41 |
|
Form of Credit Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.01 |
|
001-37916 |
|
8/12/22 |
10.42 |
|
Form of Guaranty Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.02 |
|
001-37916 |
|
8/12/22 |
10.43 |
|
Form of Security Agreement (SRAX) from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.03 |
|
001-37916 |
|
8/12/22 |
10.44 |
|
Form of Security Agreement (LD Micro) from August 2022 Senior Secured Credit Facility |
|
|
|
8-K |
|
10.04 |
|
001-37916 |
|
8/12/22 |
10.45 |
|
Form of Patent Security Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.05 |
|
001-37916 |
|
8/12/22 |
10.46 |
|
Form of Trademark Security Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.06 |
|
001-37916 |
|
8/12/22 |
10.47 |
|
Form of Pledge and Escrow Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.07 |
|
001-37916 |
|
8/12/22 |
10.48 |
|
Form of Registration Rights Agreement from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.09 |
|
001-37916 |
|
8/12/22 |
10.49 |
|
Form of Fee Letter from August 2022 Senior Secured Revolving Credit Facility |
|
|
|
8-K |
|
10.08 |
|
001-37916 |
|
8/12/22 |
31.1/31.2 |
|
Certification of the Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
* |
|
|
|
|
|
|
|
|
32.1/32.2 |
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. § 1350 |
|
* |
|
|
|
|
|
|
|
|
101.INS |
|
Inline
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* |
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101.SCH |
|
Inline
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|
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104 |
|
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|
* |
|
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*
Filed herein
**
Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
SRAX,
INC. |
|
|
|
October
31, 2023 |
By: |
/s/
Christopher Miglino |
|
|
Christopher
Miglino, Chief Executive Officer,
principal
executive officer |
|
|
|
October
31, 2023 |
By: |
/s/
Christopher Miglino |
|
|
Christopher
Miglino, Interim Chief Financial Officer,
principal
financial and accounting officer |
EXHIBIT
31.1
Rule
13a-14(a)/15d-14(a) Certification
I,
Christopher Miglino, certify that:
1. |
I
have reviewed this report on Form 10-Q for the period ended September 30, 2022 of SRAX, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
October 31, 2023 |
/s/
Christopher Miglino |
|
Christopher
Miglino, Chief Executive Officer, |
|
principal
executive officer |
EXHIBIT
31.2
Rule
13a-14(a)/15d-14(a) Certification
I,
Christopher Miglino, certify that:
1. |
I
have reviewed this report on Form 10-Q for the period ended September 30, 2022, of SRAX, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15I and 15d-15I) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
October 31, 2023 |
/s/
Christopher Miglino |
|
Christopher
Miglino, Interim Chief Financial Officer, |
|
principal
financial and accounting officer |
EXHIBIT
32.1/2
Section
1350 Certification
In
connection with the Quarterly Report of SRAX, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2022,
as filed with the Securities and Exchange Commission (the “Report”), I, Christopher Miglino, Chief Executive Officer, and
Interim Chief Financial Officer, of the Company, do hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §
906 of the Sarbanes-Oxley Act of 2002, that:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and |
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations
of the Company. |
October
31, 2023 |
/s/
Christopher Miglino |
|
Christopher
Miglino, Chief Executive Officer, |
|
principal
executive officer |
|
|
October
31, 2023 |
/s/
Christopher Miglino |
|
Christopher
MIglino, Interim Chief Financial Officer, |
|
principal
financial and accounting officer |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signatures that appear in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2022 |
Oct. 20, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2022
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2022
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-37916
|
|
Entity Registrant Name |
SRAX,
Inc.
|
|
Entity Central Index Key |
0001538217
|
|
Entity Tax Identification Number |
45-2925231
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
1014
S. Westlake Blvd.
|
|
Entity Address, Address Line Two |
Suite 14-29
|
|
Entity Address, City or Town |
Westlake
Village
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
91361
|
|
City Area Code |
323
|
|
Local Phone Number |
205-6109
|
|
Title of 12(b) Security |
Class
A Common Stock, $0.001 par value
|
|
Trading Symbol |
SRAX
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2022 |
Dec. 31, 2021 |
CURRENT ASSETS |
|
|
Cash |
$ 116,000
|
$ 1,348,000
|
Accounts receivable, net |
319,000
|
821,000
|
Contracts receivable |
499,000
|
844,000
|
Marketable securities |
2,918,000
|
15,617,000
|
Designated assets for return of capital |
221,000
|
3,925,000
|
Prepaid expenses and other current assets |
352,000
|
430,000
|
TOTAL CURRENT ASSETS |
4,425,000
|
22,985,000
|
Marketable securities, net of current portion |
18,203,000
|
|
Notes receivable |
|
935,000
|
Property and equipment, net |
121,000
|
114,000
|
Intangible assets, net |
|
1,443,000
|
Right of use assets |
162,000
|
257,000
|
Other assets |
8,000
|
36,000
|
Goodwill |
7,706,000
|
17,906,000
|
TOTAL ASSETS |
30,625,000
|
43,676,000
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Accounts payable and accrued expenses |
10,099,000
|
4,095,000
|
Deferred revenue |
12,862,000
|
12,859,000
|
Other current liabilities |
844,000
|
763,000
|
Payroll protection loan |
10,000
|
10,000
|
OID convertible note(s) payable |
1,094,000
|
1,164,000
|
Senior secured revolving credit facility, net of OID |
5,478,000
|
|
Series A redeemable preferred stock |
1,045,000
|
3,925,000
|
TOTAL CURRENT LIABILITIES |
31,432,000
|
22,816,000
|
Right of use liability, net of current portion |
|
114,000
|
TOTAL LIABILITIES |
31,432,000
|
22,930,000
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Series A preferred stock, $0.001 par value, 36,462,417 shares authorized, issued and outstanding, as liability classified at September 30, 2022 and December 31, 2021 |
|
|
Additional paid-in capital |
52,643,000
|
51,075,000
|
Accumulated deficit |
(53,476,000)
|
(30,355,000)
|
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
(807,000)
|
20,746,000
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT) |
30,625,000
|
43,676,000
|
Common Class A [Member] |
|
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Common Stock Value |
26,000
|
26,000
|
Common Class B [Member] |
|
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Common Stock Value |
|
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2022 |
Dec. 31, 2021 |
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
36,462,417
|
36,462,417
|
Preferred stock, shares issued |
36,462,417
|
36,462,417
|
Preferred stock, shares outstanding |
36,462,417
|
36,462,417
|
Common Class A [Member] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
26,355,951
|
25,995,172
|
Common stock, shares outstanding |
26,355,951
|
25,995,172
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
9,000,000
|
9,000,000
|
Common stock, shares issued |
0
|
0
|
Common stock, shares outstanding |
0
|
0
|
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- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 5,309,000
|
$ 6,888,000
|
$ 20,530,000
|
$ 18,963,000
|
Cost and expenses |
|
|
|
|
Cost of revenues |
942,000
|
3,354,000
|
9,181,000
|
8,541,000
|
Employee related costs |
2,185,000
|
1,892,000
|
5,840,000
|
5,347,000
|
Selling, general and administrative |
1,305,000
|
929,000
|
5,182,000
|
2,562,000
|
Depreciation and amortization |
17,000
|
251,000
|
403,000
|
710,000
|
Total costs and expenses |
4,449,000
|
6,426,000
|
20,606,000
|
17,160,000
|
Income (loss) from operations |
860,000
|
462,000
|
(76,000)
|
1,803,000
|
Other income (expense) |
|
|
|
|
Financing costs |
(2,377,000)
|
(528,000)
|
(3,954,000)
|
(10,098,000)
|
Impairment of goodwill |
|
|
(10,200,000)
|
|
Impairment of intangibles |
|
|
(1,481,000)
|
|
Loss on sale of fixed assets |
|
|
(47,000)
|
|
Realized gain (loss) on marketable securities |
(286,000)
|
286,000
|
(6,521,000)
|
1,095,000
|
Current period change in fair value of marketable securities |
(2,196,000)
|
(3,906,000)
|
1,696,000
|
(4,784,000)
|
Current period change in fair value of contract assets |
22,000
|
|
(1,491,000)
|
|
Realized loss on designated assets |
(904,000)
|
2,000
|
(1,803,000)
|
2,000
|
Current period change in fair value of designated assets |
622,000
|
(134,000)
|
(710,000)
|
(134,000)
|
Change in fair value of preferred stock |
281,000
|
134,000
|
2,513,000
|
134,000
|
Interest income |
|
10,000
|
12,000
|
33,000
|
Other income (expense) |
159,000
|
1,130,000
|
(1,058,000)
|
1,145,000
|
Total other expense, net |
(4,679,000)
|
(3,006,000)
|
(23,044,000)
|
(12,607,000)
|
Income (loss) before income tax expense |
(3,819,000)
|
(2,544,000)
|
(23,120,000)
|
(10,804,000)
|
Income tax expense |
|
|
|
|
Income (loss) from continuing operations |
(3,819,000)
|
(2,544,000)
|
(23,120,000)
|
(10,804,000)
|
Discontinued operations |
|
|
|
|
Loss before income tax expense |
|
(2,059,000)
|
|
(11,755,000)
|
Noncontrolling interest in discontinued operations |
|
774,000
|
|
1,900,000
|
Income tax expense |
|
|
|
|
Loss from discontinued operations |
|
(1,285,000)
|
|
(9,855,000)
|
Net income (loss) |
$ (3,819,000)
|
$ (3,829,000)
|
$ (23,120,000)
|
$ (20,659,000)
|
Basic and diluted income (loss) per share |
|
|
|
|
Continuing operations, basic |
$ (0.14)
|
$ (0.10)
|
$ (0.88)
|
$ (0.48)
|
Continuing operations, diluted |
(0.14)
|
(0.10)
|
(0.88)
|
(0.48)
|
Discontinued operations, basic |
|
(0.05)
|
|
(0.43)
|
Discontinued operations, diluted |
|
(0.05)
|
|
(0.43)
|
Net income (loss) per share, basic |
(0.14)
|
(0.15)
|
(0.88)
|
(0.91)
|
Net income (loss) per share, diluted |
$ (0.14)
|
$ (0.15)
|
$ (0.88)
|
$ (0.91)
|
Weighted average shares outstanding, basic |
26,341,615
|
25,019,645
|
26,207,696
|
22,707,446
|
Weighted average shares outstanding, diluted |
26,341,615
|
25,019,645
|
26,207,696
|
22,707,446
|
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2020 |
|
$ 16,000
|
$ 69,551,000
|
$ (50,342,000)
|
|
$ 19,225,000
|
Balance, shares at Dec. 31, 2020 |
|
16,145,778
|
|
|
|
|
Share based compensation |
|
|
253,000
|
|
|
253,000
|
Net Income (loss) |
|
|
|
(11,090,000)
|
(854,000)
|
(11,944,000)
|
Shares issued for exercise of warrants |
|
$ 5,000
|
12,215,000
|
|
|
12,220,000
|
Shares issued for exercise of warrants, shares |
|
4,945,320
|
|
|
|
|
Shares issued for cash |
|
|
284,000
|
|
|
284,000
|
Shares issued for cash, shares |
|
53,616
|
|
|
|
|
Conversion of convertible debt to equity |
|
$ 2,000
|
3,445,000
|
|
|
3,447,000
|
Conversion of convertible debt to equity, shares |
|
2,041,551
|
|
|
|
|
Warrants issued as inducement to exercise warrants |
|
|
7,737,000
|
|
|
7,737,000
|
Establishment of noncontrolling interest of FVPD |
|
|
|
|
(95,000)
|
(95,000)
|
Warrants issued by FVPD for SRAX, Inc. debenture holders |
|
|
|
|
885,000
|
885,000
|
Series B convertible preferred stock issued by FPVD |
|
|
|
|
5,775,000
|
5,775,000
|
Beneficial conversion feature FPVD series B convertible preferred stock |
|
|
|
|
5,775,000
|
5,775,000
|
Balance at Mar. 31, 2021 |
|
$ 23,000
|
93,485,000
|
(61,432,000)
|
11,486,000
|
43,562,000
|
Balance, shares at Mar. 31, 2021 |
|
23,186,265
|
|
|
|
|
Share based compensation |
|
|
253,000
|
|
|
253,000
|
Net Income (loss) |
|
|
|
(5,740,000)
|
(272,000)
|
(6,012,000)
|
Shares issued for exercise of warrants |
|
|
3,575,000
|
|
|
3,575,000
|
Shares issued for exercise of warrants, shares |
|
350,000
|
|
|
|
|
Conversion of convertible debt to equity |
|
|
701,000
|
|
|
701,000
|
Series B convertible preferred stock issued by FPVD |
|
1,000
|
|
|
85,000
|
86,000
|
Beneficial conversion feature FPVD series B convertible preferred stock |
|
|
|
|
85,000
|
85,000
|
Series B convertible preferred stock issued by FPVD, shares |
|
1,310,198
|
|
|
|
|
Balance at Jun. 30, 2021 |
|
$ 24,000
|
98,014,000
|
(67,172,000)
|
11,384,000
|
42,250,000
|
Balance, shares at Jun. 30, 2021 |
|
24,846,463
|
|
|
|
|
Share based compensation |
|
|
251,000
|
|
|
251,000
|
Net Income (loss) |
|
|
|
(3,829,000)
|
(774,000)
|
(4,603,000)
|
Shares issued for exercise of warrants |
|
|
157,000
|
|
|
157,000
|
Shares issued for exercise of warrants, shares |
|
53,668
|
|
|
|
|
Conversion of convertible debt to equity |
|
$ 1,000
|
1,824,000
|
|
|
1,825,000
|
Conversion of convertible debt to equity, shares |
|
730,616
|
|
|
|
|
Dividends on preferred stock |
|
|
(6,387,000)
|
|
|
(6,387,000)
|
Balance at Sep. 30, 2021 |
|
$ 25,000
|
93,859,000
|
(71,001,000)
|
10,610,000
|
33,493,000
|
Balance, shares at Sep. 30, 2021 |
|
25,630,747
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 26,000
|
51,075,000
|
(30,355,000)
|
|
20,746,000
|
Balance, shares at Dec. 31, 2021 |
|
25,995,172
|
|
|
|
|
Share based compensation |
|
|
358,000
|
|
|
358,000
|
Shares issued for exercise of employee options, net of taxes |
|
|
(101,000)
|
|
|
(101,000)
|
Shares issued for exercise of employee options, net of taxes, shares |
|
91,981
|
|
|
|
|
Net Income (loss) |
|
|
|
3,728,000
|
|
3,728,000
|
Balance at Mar. 31, 2022 |
|
$ 26,000
|
51,332,000
|
(26,627,000)
|
|
24,731,000
|
Balance, shares at Mar. 31, 2022 |
|
26,087,153
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 26,000
|
51,075,000
|
(30,355,000)
|
|
$ 20,746,000
|
Balance, shares at Dec. 31, 2021 |
|
25,995,172
|
|
|
|
|
Shares issued for exercise of employee options, net of taxes, shares |
|
|
|
|
|
427,667
|
Balance at Sep. 30, 2022 |
|
$ 26,000
|
52,643,000
|
(53,476,000)
|
|
$ (807,000)
|
Balance, shares at Sep. 30, 2022 |
|
26,355,951
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
$ 26,000
|
51,332,000
|
(26,627,000)
|
|
24,731,000
|
Balance, shares at Mar. 31, 2022 |
|
26,087,153
|
|
|
|
|
Share based compensation |
|
|
(870,000)
|
|
|
(870,000)
|
Net Income (loss) |
|
|
|
(23,030,000)
|
|
(23,030,000)
|
Shares issued for exercise of warrants on a cashless basis |
|
|
|
|
|
|
Shares issued for exercise of warrants on a cashless basis, shares |
|
195,525
|
|
|
|
|
Shares issued for exercise of warrants |
|
|
32,000
|
|
|
32,000
|
Shares issued for exercise of warrants, shares |
|
8,401
|
|
|
|
|
Balance at Jun. 30, 2022 |
|
$ 26,000
|
50,494,000
|
(49,657,000)
|
|
863,000
|
Balance, shares at Jun. 30, 2022 |
|
26,291,079
|
|
|
|
|
Share based compensation |
|
|
281,000
|
|
|
281,000
|
Net Income (loss) |
|
|
|
(3,819,000)
|
|
(3,819,000)
|
Warrant modification expense |
|
|
1,788,000
|
|
|
1,788,000
|
Shares issued for loan breakup fee |
|
|
80,000
|
|
|
80,000
|
Shares issued for loan breakup fee, shares |
|
33,000
|
|
|
|
|
Shares issued for exercise of employee options |
|
|
|
|
|
|
Shares issued for exercise of employee options, net of taxes, shares |
|
31,872
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 26,000
|
$ 52,643,000
|
$ (53,476,000)
|
|
$ (807,000)
|
Balance, shares at Sep. 30, 2022 |
|
26,355,951
|
|
|
|
|
X |
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v3.23.3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (23,120,000)
|
$ (20,659,000)
|
Less: net loss from discontinued operations, net of tax |
|
9,855,000
|
Loss from continuing operations |
(23,120,000)
|
(10,804,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Impairment of goodwill |
10,200,000
|
|
Impairment of intangibles |
1,481,000
|
|
Loss on sale of fixed assets |
47,000
|
|
Realized gain (loss) on marketable securities |
6,521,000
|
(1,095,000)
|
Current period change in fair value of marketable securities |
(1,696,000)
|
4,784,000
|
Current period change in fair value of contract assets |
1,491,000
|
|
Realized gain (loss) on designated assets |
1,803,000
|
(2,000)
|
Current period change in fair value of designated assets |
710,000
|
134,000
|
Change in fair value of preferred stock |
(2,513,000)
|
(134,000)
|
Warrant modification expense |
1,788,000
|
|
Stock based compensation (benefit) |
(231,000)
|
757,000
|
Interest income |
|
(33,000)
|
Amortization of debt discount |
154,000
|
799,000
|
Loss on settlement of note receivable |
35,000
|
|
Fair value of warrants issued by FPVD to SRAX, Inc. debenture holders |
|
885,000
|
Forgiveness of payroll protection program loan |
|
(1,116,000)
|
Warrant inducement expense |
|
7,737,000
|
Net provision for (recovery of) bad debts |
(60,000)
|
(305,000)
|
Depreciation expense |
53,000
|
61,000
|
Amortization of intangibles |
350,000
|
1,061,000
|
Amortization of right of use assets |
95,000
|
|
Non-cash financing expense |
237,000
|
213,000
|
Changes in operating assets and liabilities |
|
|
Accounts receivable, net |
563,000
|
1,537,000
|
Prepaid expenses and other current assets |
105,000
|
(631,000)
|
Contracts receivable |
(1,146,000)
|
|
Designated assets for return of capital |
685,000
|
|
Accounts payable and accrued expenses |
6,002,000
|
370,000
|
Deferred revenue |
(13,711,000)
|
(16,582,000)
|
Other current liabilities |
1,573,000
|
(396,000)
|
Right of use liability |
(96,000)
|
(15,000)
|
Net cash used in continuing operations |
(8,680,000)
|
(12,775,000)
|
Net cash used in discontinued operations |
|
(5,895,000)
|
Net cash used in operating activities |
(8,680,000)
|
(18,670,000)
|
Cash flows from investing activities: |
|
|
Proceeds from sale of marketable securities |
3,385,000
|
7,144,000
|
Proceeds from note receivable |
900,000
|
|
Deferred payments to LD Micro |
|
(3,004,000)
|
Proceeds from the sale of designated assets |
506,000
|
|
Purchase of marketable securities |
|
(429,000)
|
Acquisition of property and equipment |
(108,000)
|
(97,000)
|
Acquisition of intangible assets |
(388,000)
|
(541,000)
|
Other assets |
|
(33,000)
|
Net cash from continuing operations |
4,295,000
|
3,040,000
|
Net cash from discontinued operations |
|
955,000
|
Net cash from investing activities |
4,295,000
|
3,995,000
|
Cash flows from financing activities: |
|
|
Preferred stock distributions |
(365,000)
|
|
Proceeds from issuance of common stock |
|
284,000
|
Payments of taxes related to settlement of restricted stock units |
(101,000)
|
|
Proceeds from the exercise of warrants |
32,000
|
15,953,000
|
Proceeds from factoring facilities |
5,362,000
|
|
Repayments of factoring facilities |
(6,184,000)
|
|
Repayments of OID convertible notes payable |
(277,000)
|
|
Proceeds from senior secured revolving credit facility |
4,686,000
|
|
Net cash from continuing operations |
3,153,000
|
16,237,000
|
Net cash from discontinued operations |
|
4,810,000
|
Net cash from financing activities |
3,153,000
|
21,047,000
|
Net (decrease) increase in cash from continuing operations |
(1,232,000)
|
6,502,000
|
Net decrease in cash from discontinued operations |
|
(130,000)
|
Cash, beginning of period |
1,348,000
|
451,000
|
Cash, end of period |
116,000
|
6,823,000
|
Supplemental schedule of cash flow information |
|
|
Cash paid for interest |
77,000
|
14,000
|
Cash paid for taxes |
|
|
Supplemental schedule of noncash investing and financing activities |
|
|
Fair value of marketable securities received for revenue contracts, net |
15,943,000
|
26,564,000
|
Convertible notes converted into shares |
|
6,423,000
|
Designation of marketable securities for dividend distributions |
|
6,387,000
|
Dividends on preferred stock |
|
$ 6,387,000
|
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v3.23.3
ORGANIZATION AND LIQUIDITY
|
9 Months Ended |
Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND LIQUIDITY |
NOTE
1 – ORGANIZATION AND LIQUIDITY
Organization
SRAX,
Inc. (“SRAX”, “we”, “us”, “our” or the “Company”) is a Delaware corporation
formed on August 2, 2011. SRAX is headquartered in Westlake Village, California but operates as a distributed virtual Company. As of
September 30, 2022, the unaudited Condensed Consolidated Financial Statements consist of SRAX and its wholly owned subsidiary LD Micro,
Inc. (“LD Micro”).
SRAX
is a technology firm focused on enhancing communications between public companies and their shareholders and investors. The Company currently
has one reportable and operating segment, which consists of one reporting unit consisting of two distinct business units:
|
● |
The
unique SaaS platform, Sequire provides users many features which allow issuers to track their shareholders’ behaviors and trends,
then use data-driven insights to engage with shareholders across marketing channels. |
|
|
|
|
● |
Through
LD Micro, the Company organizes and hosts investor conferences within the micro and small- cap markets, and plans to create several
more niche events for the investor community. |
Each
of SRAX’s business units deliver valuable insights that assist the Company’s clients with their investor relations and communications
initiatives.
On
February 4, 2021, the Company acquired FPVD through a reverse acquisition involving BIG Token, Inc. On December 29, 2021, the Company
deconsolidated the Company’s majority owned subsidiary BIG Token, Inc. (“BIGToken”) formerly known as Force Protection
Video Equipment Corporation (or “FPVD”). See Note 3 –Discontinued Operations.
On
March 3, 2023, the Company divested the LD Micro subsidiary.
Liquidity
and Capital Resources
The
Company has incurred significant losses since its inception and has not demonstrated an ability to generate cash in excess of its operating
expenses for a sustained period of time. As of September 30, 2022, the Company had cash of $116,000 which is not sufficient to fund the
Company’s planned operations through one year after the date the unaudited Condensed Consolidated Financial Statements are issued.
These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the
date that the unaudited Condensed Consolidated Financial Statements are issued.
The
unaudited Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern. Accordingly, the unaudited Condensed Consolidated Financial Statements have been prepared on a basis
that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities
and commitments in the ordinary course of business.
In
making this assessment, the Company performed a comprehensive analysis of current circumstances including: its financial position, cash
flow and cash usage forecasts, and obligations and debts. Although management has a long history of successful capital raises, the analysis
used to determine the Company’s ability as a going concern does not include cash sources outside the Company’s direct control
that management expects to be available within the next 12 months.
The
Company expects that its existing cash, accounts receivable and sale of marketable securities as of September 30, 2022, will not be sufficient
to enable it to fund the anticipated level of operations through one year from the date these financial statements are issued. The Company
projects the sale of its marketable security holding will represent a substantial portion of the cash required for operations for the
foreseeable future. The Company’s sales of marketable securities are primarily through sale transactions that qualify for exemptions
pursuant to Rule 144 of the Securities Act of 1933. The conditions required to be met to qualify for the exemptions under Rule 144 are
often difficult to predict, making it difficult to predict the timing of the associated cash flows from the sales of these securities.
The Company’s holdings of marketable securities are subject to risks and uncertainties such as fluctuations in pricing in the primary
market, and legal restrictions that create uncertainty around realization and timing of cash flows.
The
Company anticipates raising additional capital through the private and public sales of its equity or debt securities and selling its
marketable securities, or a combination thereof. Although management believes that such capital sources will be available, there can
be no assurances that financing will be available when needed in order to allow the Company to continue its operations, or if available,
on terms acceptable to it. If the Company does not raise sufficient capital in a timely manner, among other things, it may be forced
to scale back its operations or cease operations altogether.
|
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim Condensed Consolidated
Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information
and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December
31, 2021 Condensed Consolidated Balance Sheet was derived from financial statements but does not include all disclosures required by
GAAP. These interim unaudited Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim nine-month
periods ended September 30, 2022 and 2021. The results for the nine months ended September 30, 2022 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2022 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial
Statements and the notes thereto for the year ended December 31, 2021, included in the Company’s annual report on Form 10-K filed
with the SEC.
Principles
of Consolidation
The
unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All material
intercompany transactions and balances have been eliminated in consolidation.
Reclassification
Certain
prior period amounts have been reclassified to conform to current period presentation.
Use
of Estimates
The
unaudited Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and require management of the Company
to make estimates and assumptions in the preparation of these unaudited Condensed Consolidated Financial Statements that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
The
most significant areas that require management judgment and which are susceptible to possible change in the near term include, among
other items, the Company’s revenue recognition, valuation of marketable investment securities, stock-based compensation, income
taxes, purchase price for acquisitions, goodwill, other intangible assets, and the valuation of redemption features and other assets
and liabilities.
Fair
Value of Financial Instruments
The
accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair
value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal,
most advantageous market for the specific asset or liability.
In
determining fair value, the Company uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value.
It maximizes observable inputs and minimizes unobservable inputs. Valuation techniques consistent with the market or income approach
are used to measure fair value. The fair value hierarchy is categorized into three levels:
|
● |
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access; |
|
|
|
|
● |
Level
2 - Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly;
and |
|
|
|
|
● |
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Fair
value is a market-based measure that is based on assumptions of prices and inputs considered from the perspective of a market participant
on the measurement date.
The
availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety
of factors. The determination of fair value requires prudent judgment. Due to the inherent uncertainty of valuation, estimated values
may be materially different from values were a ready market available. Inputs used to measure fair value may fall into different levels
of the fair value hierarchy. In such cases, the item being valued is classified based on the hierarchy category of the lowest significant
level input to the fair value measurement. See Note 12 Fair Value of Financial Instruments.
Cash
The
Company considers all short-term highly liquid investments with a remaining maturity at the date of purchase of three months or less
to be cash equivalents. Cash is recorded at cost, which approximates its fair value. The Company did not have any cash equivalents as
of September 30, 2022 and December 31, 2021. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation
(“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes
this risk by placing its cash deposits with major financial institutions. As of September 30, 2022 and December 31, 2021, the Company
had $0 and $1,098,000 in excess of the federal insurance limit, respectively.
Marketable
Securities
Marketable
Securities consist of debt and equity securities. The Company accounts for marketable equity securities, including convertible preferred
shares at fair value pursuant to ASC 321 Investments – Equity Securities, and marketable debt securities at fair value in accordance
with ASC 320 – Investments Debt Securities. Marketable securities were approximately $21.1 million and $15.6 million as of September
30, 2022 and December 31, 2021, respectively.
Accounts
Receivable
Credit
is extended to customers based on an evaluation of their financial condition and other factors, and the Company usually does not require
collateral. Management periodically assesses the Company’s accounts receivable and, if necessary, establishes an allowance for
estimated uncollectible amounts. Accounts determined to be uncollectible are charged to operations when that determination is made. The
allowance for doubtful accounts was approximately $69,000 and $130,000 as of September 30, 2022 and December 31, 2021, respectively.
Concentration
of Credit and Significant Customer Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash, accounts receivable and notes receivable.
Cash is deposited with financial institutions within the United States. The balances maintained at these financial institutions are generally
more than the FDIC insurance limits. The Company has not experienced any loss on these accounts.
As
of September 30, 2022, the Company did not have any customers with accounts receivable balances representing greater than 10% of the
Company’s aggregate accounts receivable. As of December 31, 2021, the Company had one customer with an accounts receivable balance
of approximately 11%.
For
the nine months ended September 30, 2022 and 2021, the Company had no customers that account for a significant percentage of total revenues.
Goodwill
and Intangible assets
Intangible
assets consist of (i) goodwill, intellectual property, trademarks, trade names and non-compete agreements acquired in business combinations
and capitalized software development costs. Other than goodwill and trademarks, intangible assets are stated at cost less accumulated
amortization. Amortization is provided for on the straight-line basis over the estimated useful lives of the assets of five years.
Impairment
of Goodwill, Intangible Assets and Other Long-lived Assets
Management
evaluates the recoverability of the Company’s definitive lived intangible assets and other long-lived assets when events or circumstances
indicate a potential impairment exists. Events and circumstances considered by the Company in determining whether the carrying value
of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes
in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or
economic trends; a significant decline in the Company’s stock price for a sustained period of time; and changes in the Company’s
business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use
and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets’ carrying values and the
undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value
of the assets.
Management
evaluates the recoverability of the Company’s goodwill annually at December 31 or more often as events or circumstances indicate
the fair value of a reporting unit is below its carrying value. The Company has determined that it operates as a single reporting unit
for the purposes of conducting this goodwill impairment assessment. If the fair value of a reporting unit is less than its carrying value,
an impairment loss is recorded to the extent that implied fair value of the goodwill within the reporting unit is less than its carrying
value.
An
impairment in the amount of $10,200,000 to goodwill, and $1,481,000 to intangible assets was recognized for the nine months ended September
30, 2022. The impairment was determined as the carrying amount of goodwill exceeded its implied fair value based on a discounted cash
flow projection. The transition to accepting only cash as compensation for services will cause a significant decrease in revenue and
cash collections, which has a material negative impact on the discounted cash flow projection. No impairments of goodwill or other long-lived
assets have been recognized for the nine months ended September 30, 2021.
Revenue
Recognition
The
Company recognizes revenues upon the satisfaction of its performance obligation(s) (upon transfer of control of promised goods or services
to its customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services.
The Company determines the amount of revenue to be recognized through the application of the five-step process as follows:
|
1) |
identification
of contracts with customers; |
|
2) |
identification
of the distinct performance obligations in the contract; |
|
3) |
determination
of the transaction price of the contract; |
|
4) |
allocation
of transaction price among the performance obligations in the contract; and |
|
5) |
recognition
of revenue as performance obligations are satisfied. |
The
Company has elected the following practical expedients allowed in accounting for its revenue recognition:
|
● |
not
adjusting contract consideration for the effects of significant financing components if the period between transfer or service and
customer payment is expected to be less than one year; |
|
● |
not
assessing performance obligations if they are immaterial in the context of the contract; |
|
● |
excluding
sales and similar taxes from the transaction price; and |
|
● |
not
disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
The
Company generates revenue primarily from its Sequire SaaS platform and its LD Micro subsidiary. Specifically, the Sequire SaaS platform
related revenue consists of (i) licensing subscriptions to access the platform, (ii) managed services involving data and marketing initiatives
and (iii) ancillary data supplementing the use of the platform. LD Micro revenues consist of attendee fees and event sponsorship fees
related investor conferences organized and hosted by the Company.
Sequire
SaaS platform
Sequire
SaaS platform agreements are typically for a period of 12-months and provide for monthly or annual payments in advance.
Prior
to 2023 many of the Sequire SaaS platform agreements provide customers the ability to pay for the services with the issuance of the customers’
securities including common stock. The amount of consideration for these contracts is based on the estimated fair value of the underlying
securities on the contract date. See “Fair Value of Financial Instruments” for details over the calculation of fair value.
In 2023 the Company transitioned to accepting only cash as compensation for services. As we transition to accepting only cash as compensation
for services there will be a significant decrease in Sequire revenue.
When
Sequire SaaS platform contracts contain multiple performance obligations, transaction consideration is allocated to each individual performance
obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. The Company determines SSP based on the price at
which the performance obligation would be sold separately.
Subscription
revenue is generally non-refundable regardless of the actual use and is recognized ratably over the non-cancellable contract term beginning
on the commencement date of each contract, which is the date the Company’s service is first made available to customers.
Managed
Services and Ancillary Data revenue is typically recognized using an output measure of progress by looking at the time elapsed as the
contracts generally provide the customer equal benefit throughout the contract period because the Company transfers control evenly by
providing a stand-ready service.
LD
Micro - Conference Revenue
LD
Micro agreements cover a specific event and provide for payment in advance or at the time of the event. Conference revenue from attendee
fees and sponsorship fees is recognized at the time of the event (i.e., at a point-in-time).
Contracts
Receivable
Contracts
receivable represents amounts for which non-cancellable revenue contracts with customers have been finalized but the payment in the form
of securities issued by the customer have not been received by the Company.
Deferred
Revenue
Deferred
revenue resulting from amounts billed to, or cash received from, customers in advance of the Company satisfying its performance obligation
and recognizing the applicable revenue.
Preferred
stock
Preferred
stock liability represents amounts payable to holders of the Preferred Stock Series A shares upon the eventual liquidation of assets
designated for the sole purpose of paying dividends. Accordingly, the Company classified the Series A Preferred Shares as liability instruments
because in-substance, they represent a right to the payment of dividends upon the liquidation of specified assets, are automatically
returnable to the Company after the payments are made and feature no rights to further equity or residual interests in the Company. The
Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Preferred Stock states dividend shall be paid
conditioned upon, and subject to a determination by the Board that a distribution is not prohibited pursuant to applicable provisions
of the DGCL or other applicable law.
Costs
to Obtain or Costs to Fulfill a Contract
The
Company has no costs that qualify as costs to obtain or costs to fulfill customer contracts.
Net
Loss Per Share
Basic
earnings per share is calculated by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted
loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding, after giving effect to
all potentially dilutive common shares outstanding during the period. For periods with a net loss, basic and diluted earnings per share
are the same, in that a potentially common stock equivalent would have the effect of being anti-dilutive in the computation of net loss
per share. The number of potentially outstanding dilutive common shares excluded from the diluted net loss per calculation, as they were
anti-dilutive were 911,868 for three and the nine months ended September 30, 2022, and 11,867,520 for the three months and nine months
ended September 30, 2021.
Recent
Accounting Pronouncements
In
June 2022, the FASB issued Accounting Standards Update (“ASU”) ASU 2022-03 (“Fair Value Measurements”),
which clarifies the guidance in ASC 820 (“Fair Value Measurement”) (“ASC 820”), (1) when measuring the fair value
of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative
example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured
at fair value in accordance with ASC 820. The adoption did not impact the Company’s financial position, results of operations or
cash flows.
Recent
Accounting Pronouncements Not Yet Adopted
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt-Debt with Conversion and Other
Options which simplifies the accounting for convertible instruments by removing certain separation models (including the cash conversion
model and the beneficial conversion feature model) for convertible instruments. As a result, for convertible instruments with conversion
features that are not required to be accounted for as derivative instruments or that do not result in substantial premiums accounted
for as paid-in capital, the embedded conversion features are no longer separated from the host contract. Consequently, a convertible
debt instrument will be accounted for as a single liability measured at its amortized cost, and convertible preferred stock will be accounted
for as a single equity instrument measured at its historical cost as long as no other features require bifurcation and recognition as
derivatives. This guidance is effective on a modified retrospective or full retrospective basis for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact on the consolidated financial
statements.
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) addressing accounting for credit
losses on financial instruments, which is designed to provide financial statement users with more information about the expected credit
losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. When determining
such expected credit losses, the guidance requires companies to apply a methodology that reflects expected credit losses and requires
consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective
on a modified retrospective basis for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
The Company is currently evaluating the impact on the consolidated financial statements.
The
Company’s management reviewed all recently issued ASU’s not yet adopted by the Company and does not believe the future adoptions
of any such ASU’s may be expected to cause a material impact on the Company’s consolidated financial condition or the results
of its operations.
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v3.23.3
DISCONTINUED OPERATIONS
|
9 Months Ended |
Sep. 30, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
NOTE
3 – DISCONTINUED OPERATIONS
Background
On
February 4, 2021, the Company completed a share exchange agreement (“Exchange Agreement”) with FPVD. As part of the Exchange
Agreement the Company transferred all of the BIGToken assets and 100% of the issued and outstanding shares of BIGToken for 149,562,566,534
shares of FPVD’s common stock and 5,000,000 shares of FPVD’s series A preferred stock. The Company accounted for the transaction
as a reverse capitalization and resulted in reducing the Company’s ownership in BIGToken from 100% to 88.9% and establishment of
a non-controlling interest. Subsequently, FPVD was renamed BIGToken.
Deconsolidation
On
December 29, 2021, BIGToken (formerly FPVD) completed a merger transaction with BritePool, Inc. (“BritePool”) (the “Merger”)
resulting in the Company’s ownership in BIGToken being reduced from 66% to approximately 4.99%. As a result of the Merger, BIGToken
issued 183,445,351,631 shares of its common stock (“Acquisition Shares”) for all of the issued and outstanding equity shares
of BritePool. On December 29, 2021, as a condition for the closing of the Merger, the Company exchanged 149,562,566,534 shares of BIGToken
common stock for 242,078 shares of BIGToken’s Series D Convertible Preferred Stock (“Series D Stock”) (the “Exchange”).
Simultaneously with the Exchange, the Company converted 22,162 shares of the Series D Stock into 13,692,304,136 shares of BIGToken’s
common stock, or approximately 4.99% of the issued and outstanding shares of BIGToken’s common stock.
Subsequent
to the transaction, the Company now owns 220,000 shares of BIGToken’s series D convertible, non-redeemable, non-voting preferred
stock and 13,692,304,136 shares of its common stock. As a result of the transaction, the Company no longer has a controlling financial
interest in BIGToken and deconsolidated BIGToken effective December 29, 2021, recognizing a loss
of $10.7 million as follows:
SCHEDULE
OF DECONSOLIDATION OF BUSINESS
Consideration | |
Amount | |
Fair value of Series D Stock and Common Stock | |
$ | 31,000 | |
Carrying amount of non-controlling interests of BIGToken | |
| 6,045,000 | |
Previous equity adjustments of non-controlling interest | |
| (12,510,000 | ) |
Total | |
| (6,434,000 | ) |
| |
| | |
Book basis of investment in BIGToken | |
| 4,250,000 | |
Loss on disposal of subsidiary | |
$ | (10,684,000 | ) |
The
Company determined the Series D Stock would be classified as a Level 3 asset as there is no observable market for quoted market price
for an identical asset. The Company engaged an independent third-party valuation expert to estimate the fair value of the Series D Stock.
The
financial results of BIGToken are presented as loss from discontinued operations, net of income taxes and net of income attributable
to non-controlling interests on the Company’s unaudited Condensed Consolidated Statement of Operations for the three and nine months
ended September 30, 2021. The historical Condensed Consolidated Statement of Cash Flows has also been revised to reflect the effect of
the deconsolidation. The following table presents the financial results of BIGToken:
SCHEDULE
OF ASSET AND LIABILITIES INCOME FROM DISCONTINUE OPERATIONS
| |
Three Months Ended September 30, 2021 | | |
Nine Months Ended September 30, 2021 | |
Revenues | |
$ | 765,000 | | |
$ | 2,469,000 | |
| |
| | | |
| | |
Cost and expenses | |
| | | |
| | |
Cost of revenues | |
| 207,000 | | |
| 715,000 | |
Employee related costs | |
| 988,000 | | |
| 2,649,000 | |
Marketing and selling expenses | |
| 372,000 | | |
| 861,000 | |
Platform costs | |
| 78,000 | | |
| 245,000 | |
Depreciation and amortization | |
| 101,000 | | |
| 412,000 | |
General and administrative expenses | |
| 1,078,000 | | |
| 3,483,000 | |
Total cost and expenses | |
| 2,824,000 | | |
| 8,365,000 | |
Loss from operations | |
| (2,059,000 | ) | |
| (5,896,000 | ) |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Deemed dividend on preferred stock | |
| - | | |
| (5,859,000 | ) |
Total other expense | |
| - | | |
| (5,859,000 | ) |
| |
| | | |
| | |
Loss from discontinued operations before income tax expense | |
| (2,059,000 | ) | |
| (11,755,000 | ) |
Income tax expense | |
| - | | |
| - | |
Loss from discontinued operations | |
$ | (2,059,000 | ) | |
$ | (11,755,000 | ) |
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v3.23.3
NOTES RECEIVABLE
|
9 Months Ended |
Sep. 30, 2022 |
Receivables [Abstract] |
|
NOTES RECEIVABLE |
NOTE
4 – NOTES RECEIVABLE
In
October 2020, the Company entered into unit redemption agreements with two counterparties providing for the counterparties to repurchase
from the Company units of the counterparty’s securities owned by the Company. Pursuant to the redemption agreements, the counterparties
repurchased the units for a combined repurchase price of $8 million with $7 million being paid on closing and the additional $1 million
being deferred and due on the earlier of the three-year anniversary or upon sale of the counterparties. The Company had no cost basis
in the units and as a result the note receivable has no cost basis. The Company accounts for the note receivable as a loan pursuant to
ASC 310 – Loans . The $1 million in deferred payments was recorded with an implied discount of approximately $107,000, which is
to be amortized over 3 years. During the nine months ended September 30, 2022, the Company accepted an offer to settle note balance for
a one-time payment of $900,000. Notes receivable as of September 30, 2022 and December 31, 2021 amounted to $0 and $935,000, respectively.
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v3.23.3
MARKETABLE SECURITIES
|
9 Months Ended |
Sep. 30, 2022 |
Cash and Cash Equivalents [Abstract] |
|
MARKETABLE SECURITIES |
NOTE
5 – MARKETABLE SECURITIES
The
Company offers its customers the option to settle the contract price in the customer’s issued and publicly trading securities or
securities convertible into publicly traded securities (e.g., convertible debt), which could be in the form of common stock, preferred
stock or convertible debentures. The Company initially values the securities received at the fair market value on the date the contract
is executed, which value is used for revenue recognition purposes. After receipt of the securities, the securities are accounted for
as investments in debt and equity securities. The Company has concluded that all its debt securities should be classified as trading
securities based on its intent to sell them in the near term. Debt securities classified as trading securities and the equity securities
are measured at each reporting period at fair value with changes reported in earnings. Upon the sale of the securities, the Company recognizes
the final realized gain or (loss) in the consolidated statement of operations as a component of net income (loss).
As
of September 30, 2022 marketable securities amounted to $21,121,000, with a current portion $2,918,000, and the long term portion of
$18,203,000.
The
following tables summarize the changes in the Company’s marketable securities during the nine months ended September 30, 2022:
SCHEDULE
OF MARKETABLE SECURITIES
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 15,617,000 | | |
$ | 10,735,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| - | | |
| 356,000 | | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 15,943,000 | | |
| 14,006,000 | | |
| 937,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (3,385,000 | ) | |
| (3,385,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (6,521,000 | ) | |
| (6,521,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| (533,000 | ) | |
| (3,462,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 21,121,000 | | |
$ | 11,729,000 | | |
$ | 9,228,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
The
Company’s sales of securities for the nine months ended September 30, 2022, was approximately $3.4 million, with a book basis of
approximately $9.9 million which represented a loss of approximately $6.5 million, which the Company recorded as other expense included
in the gains from marketable securities.
The
equity securities may be accounted for and classified into two categories and accounted for as follows:
|
● |
Equity
securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings.
The fair value of equity investments with fair values is primarily obtained from third-party pricing services. |
|
|
|
|
● |
Equity
securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting
from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact
on fair value. For equity investments without readily determinable fair values, when an orderly transaction for the identical or
similar investment of the same issuer is identified, the Company uses valuation techniques to evaluate the observed transaction(s)
and adjust the fair value of the equity investment. |
Concentration
Risk
The
Company’s holdings in marketable securities subject the Company to concentrations of market risks. As of September 30, 2022, the
Company’s top marketable security position had a fair value of $2.3 million, which represented approximately 11% of the Company’s
holdings, the top five marketable security positions had an aggregate fair value of $8.7 million, which represented approximately 41%
of the Company’s holdings, and the top ten marketable security positions had an aggregate fair value of $13.0 million, which represented
approximately 61% of the Company’s holdings
Volatility
The
Company’s holdings in marketable securities are subject to a high level of volatility, and can experience drastic price changes.
BIGtoken
Investment
On
February 15, 2022, the Company entered into a simple agreement for future equity (the “SAFE”) with its former BIGToken subsidiary.
Pursuant to the SAFE, the Company invested $1,000,000 in the SAFE. The amount funded into the SAFE at a given time is referred to herein
as the “SAFE Amount”. The Company is accounting for the SAFE as an equity investment carried at fair value with changes recorded
in earnings each period and is reflected as such in the above table. As of September 30, 2022 the SAFE had an aggregate fair value of
$0, as the Company believed the SAFE to have no value due to the financial condition its former BIGToken subsidiary.
Pursuant
to the terms of the SAFE, at any time that BIGtoken sells its securities (a “Financing”) prior to the termination of the
SAFE, the Company may, at its option, convert the SAFE into: (i) the number of shares of non-voting Series D Convertible Preferred Stock
(“Series D Preferred Stock”) equal to such (a) SAFE Amount divided by (b) the lowest price per share of equity securities
sold in any Financing (prior to the termination of the SAFE) multiplied by eighty percent (80%) (the “Conversion Price”)
and (ii) such number of warrants to purchase Series D Preferred Stock (the “Warrants”) equal to the SAFE Amount divided by
the Conversion Price. Upon issuance, the Warrants will (i) have a term of five (5) years, (ii) an exercise price equal to the Conversion
Price, and (iii) contain price protection provisions for subsequent financings.
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- DefinitionThe entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss).
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v3.23.3
DESIGNATED ASSETS FOR RETURN OF CAPITAL
|
9 Months Ended |
Sep. 30, 2022 |
Designated Assets For Return Of Capital |
|
DESIGNATED ASSETS FOR RETURN OF CAPITAL |
NOTE
6 – DESIGNATED ASSETS FOR RETURN OF CAPITAL
On
August 17, 2021, the Company announced that it will be issuing a one-time dividend consisting of a share of Series A Preferred Stock
to shareholders, debenture holders, and certain warrant holders (“Recipients”) of record on September 20, 2021. The Board
of Directors designated certain of the Company’s marketable equity securities (“Designated Assets”) as of September
20, 2021 to be used when liquidated, as a return of capital to the Recipients. See Note 9 - Series A Preferred Stock for more details.
The
balance of designated assets consists of the following:
SCHEDULE
OF DESIGNATED ASSETS
| |
September 30, 2022 | | |
December 31, 2021 | |
Cash | |
$ | - | | |
$ | 686,000 | |
Marketable equity securities | |
| 221,000 | | |
| 3,239,000 | |
Total | |
$ | 221,000 | | |
$ | 3,925,000 | |
The
marketable equity security activity in designated assets is as follows:
SCHEDULE
OF MARKETABLE EQUITY SECURITY ACTIVITY IN DESIGNATED ASSETS
| |
Total | |
Balance as of December 31, 2021 | |
$ | 3,239,000 | |
Sales proceeds | |
| ) |
Realized loss | |
| (1,803,000 | ) |
Current period change in fair value | |
| (710,000 | ) |
Balance as of September 30, 2022 | |
$ | 221,000 | |
The
Company’s sale of marketable securities underlying designated assets for the nine months ended September 30, 2022, were approximately
$0.5 million with a cost basis of approximately $2.3 million, which resulted in a realized loss of approximately $1.8 million, which
the Company recorded as other expense included in the realized loss from designated assets.
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v3.23.3
SALES AND PURCHASE OF ACCOUNTS RECEIVABLE AND SHORT TERM FINANCINGS
|
9 Months Ended |
Sep. 30, 2022 |
Credit Loss [Abstract] |
|
SALES AND PURCHASE OF ACCOUNTS RECEIVABLE AND SHORT TERM FINANCINGS |
NOTE
7 – SALES AND PURCHASE OF ACCOUNTS RECEIVABLE AND SHORT TERM FINANCINGS
Sales
of Accounts Receivable
In
2020, the Company entered into certain financing agreements providing for the sale, with full recourse, of certain of its accounts receivable.
These transactions were accounted for as financing of accounts receivables and the related accounts receivable were not removed from
the Company’s consolidated balance sheet at the time of the transaction; rather, a liability was recorded for the proceeds received.
In 2020 subsequent to the transactions, the purchaser converted the payables into approximately $788,000 of the OID Convertible Notes
payable (“Debentures”) (See Note 8 - OID Convertible notes payable).
For
the year ended December 31, 2021, the Company entered into agreements with a third-party lender whereby it sold the Company’s right
to future subscription revenues of $625,000 for net proceeds of $576,000. Under the terms of the agreement, the Company may borrow funds
collateralized by the right to the revenues from Sequire platform contracts. The third-party lender receives a discount on the amount
sold and remits the net amount to the Company. The Company bears the risk of credit loss on the contracts. These transactions are accounted
for as secured borrowing arrangements and not as a sale of financial assets. During the six months ended June 30, 2022 the Company entered
into agreements with third party lenders to borrow against future receipts in the amount of $4,170,000 for net proceeds of $3,044,000.
These borrowings have terms of less than 12 months.
In
August 2022, proceeds from the Senior Secured Revolving Credit Facility were used to pay off the entire balance of outstanding borrowings.
The amount of borrowings outstanding was approximately $0 and $633,000 as of September 30, 2022 and December 31, 2021, respectively,
and are included in other current liabilities within our unaudited condensed consolidated balance sheets.
CVR
Agreement
During
the nine months ended September 30, 2022, the Company entered into an agreement with an institutional investor whereby in exchange for
the payment of $405,000, the investor received (i) the right to receive the net proceeds upon the sale of certain marketable securities
held by the Company with a guaranteed minimum return of 120% of such Purchase Price or $486,000 and (ii) the right after 90 days but
before 120 days to demand payment of 120% of the Purchase Price in cash less amounts previously paid from the sales of such securities.
As of September 30, 2022 a liability in the amount of $613,000 was recorded in other current liabilities within our unaudited condensed
consolidated balance sheets.
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- DefinitionThe entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.
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v3.23.3
OID CONVERTIBLE NOTE(S) PAYABLE
|
9 Months Ended |
Sep. 30, 2022 |
Oid Convertible Notes Payable |
|
OID CONVERTIBLE NOTE(S) PAYABLE |
NOTE
8 – OID CONVERTIBLE NOTE(S) PAYABLE
On
June 30, 2020, the Company entered into a definitive securities purchase agreement (the “Securities Purchase Agreement or Transaction”)
with certain accredited and institutional investors (the “Purchasers”) for the purchase and sale of an aggregate of: (i)
$16,101,000 in principal amount of Original Issue Discount Senior Secured Convertible Debenture (the “Debentures”) for $14,169,000
(representing a 12% original issue discount) (“Purchase Price”) and (ii) warrants to purchase up to 6,440,561 shares of the
Company’s Class A common stock (the “Warrants”) in a private placement (the “Offering”). The Purchase Price
consisted of (a) $13,000,000 in cash and (b) the cancellation of $1,169,000 in outstanding debt. The Company received net proceeds of
approximately $9,100,000 after deducting the Placement Agent fees, the Debt Repayments and other offering expenses. The Company’s
obligations under the Debentures are secured by substantially all of the assets of the Company.
The
Debentures pay interest in cash at the rate of 12.0% per annum commencing on June 30, 2021, with such interest originally payable quarterly,
beginning on October 1, 2021. Commencing after the six-month anniversary of the issuance of the Debentures, the Company was required
to make amortization payments (“Amortization Payments”) with each Purchaser having the right to delay such Amortization Payments
by a six-month period up to three separate times (each, an “Extension”) in exchange for five percent (5%) in principal being
added to the balance of such applicable Debenture on each such Extension. The Debentures had an original maturity date of December 31,
2021 but were extended three times and now mature on June 30, 2023. Beginning on the date that the first Amortization Payment is due,
and on a monthly basis thereafter, the Company will be required to pay one hundred fifteen percent of the value of one-twelfth of the
outstanding principal plus any additional accrued interest due.
The
Debentures are convertible at the option of the holder into shares of the Company’s common stock at an initial conversion price
of $2.69 per share, subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata
distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations,
and reorganizations.
In
the event a Purchaser converts a portion of its Debenture into shares of the Company’s Common Stock, such amount will be deducted
from the next applicable Amortization Payment. In the event such conversion exceeds the next applicable Amortization Payment, such excess
amount will be deducted, in reverse order, from future Amortization Payments.
Pursuant
to the terms of the Debentures and Warrants, a Purchaser will not have the right to convert any portion of the Debentures or exercise
any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99% (at the Purchaser’s
option) of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or exercise, as such percentage
ownership is determined in accordance with the terms of the Debentures and the Warrants; provided that at the election of a holder and
notice to us such percentage ownership limitation may be increased to 9.99%; provided that any increase will not be effective until the
61st day after such notice is delivered from the holder to the Company.
Subject
to the Company’s compliance with certain conditions, upon ten trading days’ notice to the Purchasers, the Company has the
right to redeem the Debentures in cash at 115% of their outstanding principal, plus accrued interest. Additionally, in the event that
the Company (i) sells or reprices any securities (each, a “Redemption Financing”), or (ii) disposes of assets (except those
sold or transferred in the ordinary course of business) (each, an “Asset Sale”), then the Purchasers shall have the right
to (a) in the event of a Redemption Financing at a price per Common Stock equivalent of $2.50 or less per share, the Purchasers may mandate
that 100% of the proceeds be used to redeem the Debentures (b) in the event of a Redemption Financing at a price per Common Stock equivalent
of greater than $2.50 per share, the Purchasers may mandate that up to 50% of the proceeds be used to redeem the Debentures, and (c)
in the event of an Asset Sale, the Purchasers may mandate that up to 100% of the proceeds be used to redeem the Debentures.
The
Debentures also contain certain customary events of default provisions, including, but not limited to, payment default, breaches of covenants,
the occurrence of an event of default under certain material contracts of the Company, failure to register the shares underlying the
Debentures and Warrants, changes in control of the Company, delisting of its securities from its trading market, and the entering or
filing of certain monetary judgments against the Company. Upon the occurrence of any such event of default, the outstanding principal
amount of the Debenture plus liquidated damages, interest and other amounts owing in respect thereof through the date of acceleration,
shall become, at the Purchaser’s election, immediately due and payable in cash. The Company is also prohibited from certain activities
(unless waived by 67% of the then outstanding Purchasers, and including the lead Purchaser), including but not limited to, the creation
of certain debt obligations, liens on Company assets, amending its charter documents, repayment or repurchase of securities or certain
debt of the Company, or the payment of dividends.
The
Warrants are initially exercisable at $2.50 per share and, are subject to cashless exercise after six months if the shares underlying
the Warrants are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event
of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions,
including but not limited to the sale of the Company, business combinations, and reorganizations.
Pursuant
to a registration rights agreement (“Registration Rights Agreement”), the Company has agreed to file a registration statement
registering the resale of the shares of the common stock underlying the Debentures and the Warrants within forty-five days from the date
of the Registration Rights Agreement. The Company also agrees to have the registration statement declared effective within 90 days from
the date of the Registration Rights Agreement and keep the registration statement continuously effective until the earlier of (i) the
date after which all of the securities to be registered thereunder have been sold, or (ii) the date on which all the securities to be
registered thereunder may be sold without volume or manner-of-sale restrictions and without current public information pursuant to Rule
144 under the Securities Act. The Company is also obligated to pay the Investors, as partial liquidated damages, a fee of 2.0% of each
Purchaser’s subscription amount per month in cash upon the occurrence of certain events, including the Company’s failure
to file and/or have the registration statement declared effective within the time periods provided. As of June 30, 2022, the Company
has continuously met its obligations under the Registration Rights Agreement.
Bradley
Woods & Co. Ltd. (“Placement Agent”) acted as the placement agent, in connection with the sale of the securities. Pursuant
to an engagement agreement, the Company agreed to pay the Placement Agent a cash commission of $1,040,000 and issue an aggregate of 478,854
Common Stock purchase warrants (“PA Warrants”). The PA Warrants are substantially similar to the Warrants, except that the
PA Warrants have an exercise price of $3.3625 per share. Additionally, upon the exercise of the Warrants issued in the Offering, the
Placement Agent will be entitled to eight percent (8%) of the cash proceeds received from such exercises. The fair value of the PA Warrants
at issuance was estimated to be $360,000.
The
Company first allocated the cash proceeds to the loan and the equity classified warrants on a relative fair value basis, secondly, the
proceeds were allocated to the beneficial conversion feature. The proceeds allocated to the warrants and the beneficial conversion feature
resulted in a debt discount being amortized as additional interest expense using the effective interest method over the term.
Extension
of Outstanding Original Issue Discount Senior Secured Convertible Debentures
On
July 1, 2022, the holders (“Holders”) of $1,197,000 in principal of the Company’s Original Issue Discount Senior Secured
Convertible Debentures (“Debentures”), representing all of the outstanding Debentures that were originally issued on June
30, 2020, entered into an agreement with the Company to (i) extend the maturity date of the Debentures until June 30, 2023 and (ii) extend
the first date that monthly redemptions are required to be made by the Company to begin on January 1, 2023 (the “Debenture Extension”).
As consideration for the Debenture Extension, the Company increased the principal amount outstanding on the Debentures by five percent
(5%). Additionally, the holders of the Debentures have the unilateral right to extend the maturity date and monthly redemption period
by an additional six (6) month period at any time prior to January 1, 2023 for an additional five percent (5%) to be added to the outstanding
principal of such Debentures. The Debentures, including the additional principal added to the Debentures are secured by substantially
all of the assets of the Company pursuant to a security agreement entered into between the Company and Holders contemporaneous with the
original issuance of the Debentures (the “Security Agreement”). ATW Master Fund held the nearly all of the $1,197,000 in
Debenture principal on June 30, 2020.
Amendment
of Convertible Debenture
On
September 13, 2023, the remaining Debenture, solely held by ATW Master Fund was temporarily amended for a period of up to fourteen months
from the Effective date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts
owing under the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall
receive one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding
amounts due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the
marketable securities once the amounts due to ATW have been satisfied. The Company also agreed to various covenants and conditions, including
providing access to certain accounts and notifying ATW Opportunities and ATW Master Fund of material changes.
The
table below summarizes the Debenture related activity during the three and nine months ended September 30, 2022:
SCHEDULE
OF OID CONVERTIBLE DEBENTURES
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of December 31, 2021 | |
$ | 1,267,000 | | |
$ | (103,000 | ) | |
$ | 1,164,000 | |
Amortization | |
| - | | |
| 17,000 | | |
| 17,000 | |
Balance as of March 31, 2022 | |
$ | 1,267,000 | | |
$ | (86,000 | ) | |
$ | 1,181,000 | |
Amortization | |
| - | | |
| 16,000 | | |
| 16,000 | |
Balance as of June 30, 2022 | |
$ | 1,267,000 | | |
$ | (70,000 | ) | |
$ | 1,197,000 | |
Principal adjustments | |
| 74,000 | | |
| - | | |
| 74,000 | |
Repayments | |
| (195,000 | ) | |
| - | | |
| (195,000 | ) |
Amortization | |
| - | | |
| 18,000 | | |
| 18,000 | |
Balance as of September 30, 2022 | |
$ | 1,146,000 | | |
$ | (52,000 | ) | |
$ | 1,094,000 | |
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v3.23.3
SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE)
|
9 Months Ended |
Sep. 30, 2022 |
Senior Secured Revolving Credit Facility |
|
SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE) |
NOTE
9 – SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE)
Bridge
Note
On
July 1, 2022, the Company issued an original issue discount bridge note in principal amount of $650,000 (“Bridge Note”) to
an institutional investor in exchange for $500,000 in cash. The bridge note was non-interest bearing and had a maturity date of August
15, 2022. The Company’s obligations pursuant to the bridge note were secured by substantially all of the assets of the Company
pursuant to the terms of the Security Agreement.
On
August 8, 2022, as described below, the Bridge Note was exchanged for a revolving note in the Senior Secured Revolving Credit Facility.
Senior
Secured Revolving Credit Facility (Revolving Note)
On
August 8, 2022, the Company entered into a senior secured revolving credit facility agreement with ATW Opportunities fund to initially
borrow up to $9,450,000 in the aggregate from time to time (each a “Revolving Note”). The loan maximum amount accessible
is limited to $5.5 million until the Company is current with its reporting obligations. The loan is secured by all the assets of the
Company and is guaranteed by the Company’s wholly owned subsidiary, LD Micro, Inc. As part of the transaction, the Company also
amended and restated lender’s outstanding warrants to extend the maturity date of a total of 2,590,358 Common Stock purchase warrants
until September 30, 2023.
On
closing, the lender advanced $5,580,000 consisting of $4,930,000 in cash and the exchange of the existing outstanding $650,000 bridge
note. Upon the Company meeting certain conditions, the Lender will advance up to an additional $3,870,000.
The
principal balance of each Revolving Note will reflect an original issue discount of ten percent (10%); provided that beginning on the
date that is twelve (12) months from the Effective Date, such original issue discount will increase to twelve percent (12%) in the event
the Prime borrowing rate increases to 6.75%, and 18% in the event of default. The Revolving Note have a maturity date of the earlier
of (i) twenty-four (24) months from the Effective Date or (ii) the occurrence of an event of default, as described in the Loan Documents.
Commencing
on the first day of each month after the Effective Date, the outstanding balance of the Revolving Note will be paid as calculated based
on a percentage of the Company’s collections from the sale of certain of its marketable securities.
The
Revolving Note is initially convertible into shares of Common Stock at a conversion price of $15.00 per share (“Conversion Price”).
The Conversion Price is subject to adjustment in the event of stock splits, dividends, fundamental transactions and certain future sales
of the Company’s Common Stock.
As
consideration for Lender entering into the Loan Documents, Lender will be entitled to receive, in addition to any payment made under
the Credit Agreement, 10% of the net proceeds received by the Company from the sales of securities received during the term of the Revolving
Note.
For
the Company to enter into the Credit Agreement, we were required to issue 33,000 shares of the Company’s common stock as a breakup
fee to an unrelated lender as a result of a failed offering.
Amendment
of Senior Secured Revolving Credit Facility
On
September 13, 2023, the Revolving Note and Credit Agreement were temporarily amended for a period of up to fourteen months from the Effective
date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts owing under
the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall receive
one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding amounts
due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the marketable
securities once the amounts due to ATW have been satisfied.
The
Company also agreed to various covenants and conditions, including providing access to certain accounts and notifying ATW Opportunities
and ATW Master Fund of material changes.
The
table below summarizes the senior secured revolving credit facility related activity during the three months ended September 30, 2022:
SCHEDULE
OF SENIOR SECURED REVOLVING CREDIT FACILITY RELATED ACTIVITY
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of June 30, 2022 | |
$ | - | | |
$ | - | | |
$ | - | |
Loan proceeds | |
| 6,128,000 | | |
| - | | |
| 6,128,000 | |
Original issue discount | |
| - | | |
| (750,000 | ) | |
| (750,000 | ) |
Repayments | |
| (4,000 | ) | |
| - | | |
| (4,000 | ) |
Amortization | |
| - | | |
| 104,000 | | |
| 104,000 | |
Balance as of September 30, 2022 | |
$ | 6,124,000 | | |
$ | (646,000 | ) | |
$ | 5,478,000 | |
Extension
of Warrants
As
part of the transactions contemplated by the Revolving Note, the Company additionally agreed to extend the expiration dates of the following
outstanding Common Stock purchase warrants held by the Lender or its affiliated entities until September 30, 2023:
(a)
a warrant to purchase 1,313,636 shares of Common Stock issued on June 30, 2020, that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on June 30, 2020;
(b)
a warrant to purchase 166,667 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018; and
(c)
a warrant to purchase 480,027 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018;
(d)
a warrant to purchase 480,028 shares of Common Stock issued on October 27, 2017 that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on October 27, 2017.
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v3.23.3
COMMON AND PREFERRED STOCK
|
9 Months Ended |
Sep. 30, 2022 |
Equity [Abstract] |
|
COMMON AND PREFERRED STOCK |
NOTE
10 – COMMON AND PREFERRED STOCK
Common
Stock
The
Company’s certificate of incorporation provides for two classes of common stock: Class A common stock (authorized 250,000,000 shares,
par value $0.001), which has one vote per share, and Class B common stock (authorized 9,000,000 shares, par value $0.001), which has
ten votes per share. Any holder of Class B common stock may convert his or her shares at any time into shares of Class A common stock
on a share-for-share basis. Otherwise, the rights of the two classes of common stock are identical.
In
August 2021, the Board of Directors approved a share repurchase program pursuant to which the Company is authorized to repurchase up
to $10,000,000 of Class A Common Stock in privately negotiated transactions or in the open market at prices per share not exceeding the
then-current market prices. Under the program, management has discretion to determine the dollar amount of shares to be repurchased and
the timing of any repurchases in compliance with applicable law and regulation. This includes purchases pursuant to Rule 10b5-1 plans,
including accelerated share repurchases. The program does not have an expiration date.
During
the year ended December 31, 2021, the Company repurchased 155,000 shares of Common Stock, for an aggregate purchase price of $793,000
pursuant to the Company’s Share Buy-Back program. The shares were retired as of December 31, 2021. No amounts were repurchased
in the six months ended June 30, 2022. The total remaining authorization for future common share repurchases under the Company’s
share repurchase program was $9.2 million as of June 30, 2022.
During
the year ended December 31, 2021, the Company sold 53,616 shares of common stock, resulting in proceeds of approximately $284,000, through
sales under its At the Market (ATM) offering.
On
January 2, 2022, Michael Malone, our former Chief Financial Officer exercised an option to purchase 100,000
shares of our common stock that was issued on December 15, 2018. The option was exercised on a cashless basis and included 57,016
shares withheld pursuant to the cashless exercise and an additional 16,732
shares withheld for tax withholding. Accordingly, we issued Mr. Malone 26,252
shares of common stock.
During
the month of January 2022, non-executive employees exercised a total of 227,667 stock options. These options were exercised on a cashless
basis, and included 161,938 shares withheld pursuant to cashless exercise and tax withholdings. This resulted in the issuance of 65,729
shares of common stock.
During
the month of July 2022, the Company issued 31,872 shares of common stock from the exercise of 100,000 stock options on a cashless basis
by an executive.
During
the three months ended June 30, 2022, the Company issued 203,926 shares of common stock from the exercise of 697,574 warrants, including
689,173 that were exercised on a cashless basis, and 8,401 exercised for $32,000 in cash.
Preferred
Stock
The
Company is authorized to issue 50,000,000 of preferred stock, par value $0.001, of which 36,462,417 shares are designated as Series A
Preferred Stock (“Dividend Shares”). The Company’s Board of Directors, without further stockholder approval, may issue
preferred stock in one or more series from time to time and fix or alter the designations, relative rights, priorities, preferences,
qualifications, limitations and restrictions of the shares of each series. The rights, preferences, limitations and restrictions of different
series of preferred stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights,
redemption provisions, sinking fund provisions and other matters. The Board of Directors may authorize the issuance of preferred stock,
which ranks senior to the Company’s common stock for the payment of dividends and the distribution of assets on liquidation. In
addition, the Board of Directors can fix limitations and restrictions, if any, upon the payment of dividends on both classes of the Company’s
common stock to be effective while any shares of preferred stock are outstanding.
On
September 20, 2021, the Company filed a certificate of designation (the “COD”) of preferences, rights, and limitations of
Series A Non-Voting Preferred Stock (“Series A Preferred Stock”) with the Secretary of State of Delaware. Pursuant to the
COD, the Company is authorized to issue up to 36,462,417 shares of Series A Preferred Stock (the “Dividend Shares”).
On
September 27, 2021, the Company issued a one-time dividend of 36,462,417 shares of series A preferred stock (“Preferred Stock”)
to certain Qualified Recipients (the “Dividend”). The preferred stock entitles the Qualified Recipients with the right to
receive the net proceeds from sales of certain marketable securities that the Company received through its Sequire Platform services.
See Note 6 – Designated Assets for Return of Capital.
As
of the Record Date, the following holders of securities were entitled to receive the Dividend (collectively, the “Qualified Recipients):
|
i. |
each
outstanding share of Class A common stock (the “Common Stock”), of which 25,160,504 shares were issued and outstanding, |
|
|
|
|
ii. |
each
share of Common Stock underlying outstanding common stock purchase warrants containing a contractual right to receive the Dividend
(“Warrants”) of which, 10,327,645 were outstanding, and |
|
|
|
|
iii. |
each
original issue discount senior convertible debenture (the “Debentures”) issued on June 30, 2021, containing a contractual
right to receive the Dividend on an as converted to Common Stock basis, of which $2,486,275 of Debentures were outstanding in principal
and interest, convertible into 974,268 shares of Common Stock. |
The
Company’s management has evaluated the Preferred Stock and determined that Preferred Stock is mandatorily redeemable upon the distribution
of the net proceeds from the sale of the designated marketable securities. Accordingly, it is classified as a liability recorded at fair
value, with changes in fair value being reflected in earnings.
Preferred
stock liability represents amounts payable to holders of the Preferred Stock Series A shares upon the eventual liquidation of assets
designated for the sole purpose of paying dividends. Accordingly, the Company classified the Series A Preferred Shares as liability instruments
because in-substance, they represent a right to the payment of dividends upon the liquidation of specified assets, are automatically
returnable to the Company after the payments are made and feature no rights to further equity or residual interests in the Company. The
Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Preferred Stock states dividend shall be paid
conditioned upon, and subject to a determination by the Board that a distribution is not prohibited pursuant to applicable provisions
of the DGCL or other applicable law.
|
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- DefinitionThe entire disclosure for equity.
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v3.23.3
EQUITY COMPENSATION PLANS AND WARRANTS
|
9 Months Ended |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
EQUITY COMPENSATION PLANS AND WARRANTS |
NOTE
11 – EQUITY COMPENSATION PLANS AND WARRANTS
Equity
Compensation Plans
As
of September 30, 2022, the Company has approximately 228,000 shares of Class A Common Stock reserved for issuance under the Company’s
equity compensation plans.
For
the nine months ended September 30, 2022, the Company issued the below shares and granted the following stock-based awards:
On
January 2, 2022, Michael Malone, our former Chief Financial Officer exercised an option to purchase 100,000
shares of our common stock that was issued on December 15, 2018. The option was exercised on a cashless basis and included 57,016
shares withheld pursuant to the cashless exercise and an additional 16,732
shares withheld for tax withholding. Accordingly, we issued Mr. Malone 26,252
shares of common stock.
On
January 3, 2022, we issued four (4) common stock purchase options to our non-employee directors, pursuant to our amended non-employee
director compensation policy. Each option entitled the holder to purchase 29,533 shares of common stock at an exercise price of $4.35
per share, for an aggregate exercise amount of $128,500. The options vest in equal quarterly over a one (1) year period from the issuance
date. The options expire on the seven (7) year anniversary of the issuance date. Each option has a Black-Scholes value of $100,000.
During
the month of January 2022, non-executive employees exercised a total of 227,667 stock options. These options were exercised on a cashless
basis, and included 161,938 shares withheld pursuant to cashless exercise and tax withholdings. This resulted in the issuance of 65,729
shares of common stock.
On
January 6, 2022, we issued non-executive employees, options to purchase 380,000 shares of Class A common stock. The option has an exercise
price of $4.25 per share, a term of five (5) years and vests in equal quarterly installments over a three (3) year period from the grant
date. The option had a Black-Scholes value on the grant date of $1,038,000.
On
January 6, 2022, we issued Christopher Miglino, our Chief Executive Officer, an option to purchase 120,000 shares of common stock. The
option has an exercise price of $4.25 per share, a term of seven (7) years and vests in equal quarterly installments over a three (3)
year period from the grant date. The option had a Black-Scholes value on the grant date of $356,000.
On
January 6, 2022, we issued an employee an option to purchase 100,000 shares of common stock. The option has an exercise price of $4.25
per share, a term of seven (7) years and vests in equal quarterly installments over a three (3) year period from the grant date. The
option had a Black-Scholes value on the grant date of $296,000.
On
January 6, 2022, we issued Michael Malone, our former Chief Financial Officer, a conditional option to purchase 100,000
shares of Class A common stock. The option is a conditional grant, subject to shareholder approval. Assuming approval by the
shareholders, the option has an exercise price of $4.25
per share, a term of seven (7)
years and vests in equal quarterly installments over a three (3)
year period from the grant date. The option had a Black-Scholes value on the grant date of $296,000.
On
January 6, 2022, we issued an employee an option to purchase an aggregate of 20,000 shares of common stock. The option is a conditional
grant, subject to shareholder approval. The option has an exercise price of $4.25 per share, a term of five (5) years, and vest in equal
quarterly installments over a three (3) year period from the grant date. The option had a Black-Scholes value on the grant date of $55,000.
During
the month of July 2022, the Company issued 31,872 shares of common stock from the exercise of 100,000 warrants on a cashless basis by
an executive.
The
per-share fair value of each stock option with service conditions only granted in 2022 was determined on the grant date using the Black-Scholes
option pricing model with the following assumptions:
SCHEDULE OF FAIR VALUE
STOCK OPTION ASSUMPTIONS
| |
Grant date | |
| |
1/3/2022 | | |
1/6/2022 | | |
1/6/2022 | |
Expected term (in years) | |
| 5.0 | | |
| 4.4 | | |
| 3.4 | |
Risk-free interest rate | |
| 1.55 | % | |
| 1.55 | % | |
| 1.60 | % |
Expected volatility | |
| 90.0 | % | |
| 90.0 | % | |
| 90.0 | % |
Expected dividend yield | |
| - | % | |
| - | % | |
| - | % |
The
following table details provides a summary of the Company’s stock option activity for the nine months ended September 30, 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Option Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (years) | | |
Aggregate Intrinsic Value | |
Outstanding as of December 31, 2021 | |
| 1,334,287 | | |
$ | 3.02 | | |
| 2.4 | | |
$ | - | |
Granted | |
| 718,132 | | |
| 4.27 | | |
| 5.2 | | |
| - | |
Exercised | |
| (427,667 | ) | |
| 3.21 | | |
| - | | |
| - | |
Forfeited | |
| (110,000 | ) | |
| 3.42 | | |
| - | | |
| - | |
Outstanding as of September 30, 2022 | |
| 1,514,752 | | |
$ | 3.53 | | |
| 4.1 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 756,486 | | |
$ | 3.30 | | |
| 3.9 | | |
$ | - | |
During
the three months ended September 30, 2022 the Company recorded stock based compensation in the amount of $281,000. During the nine months
ended September 30, 2022, the Company recorded stock based compensation expense of $908,000, which was offset by stock based compensation
benefit of $1,139,000, resulting in a net stock based compensation benefit of $(231,000). The Company determined that the vesting of
stock awards to a prior contractor has become improbable and as a result, in accordance with ASC 718, the Company recognized a cumulative
adjustment to reverse $1,139,000 of stock based compensation that was previously recognized. The cumulative adjustment resulted in a
stock based compensation benefit of $1,139,000.
During
the three and nine months ended September 30, 2021, the Company recognized $253,000 and $757,000 of stock-based compensation expense,
respectively.
The
Company has included stock-based compensation expense in employee related costs on our unaudited Condensed Consolidated Statements of
Operations. At September 30, 2022, there was $1,835,000 of unrecognized compensation expense expected to be recognized over approximately
the next 2.3 years on average.
Warrants
During the nine months ended September 30, 2022, the Company issued 203,926 shares from the exercise of 697,574 warrants, including
689,173 that were exercised on a cashless basis, and 8,401 exercised for $32,000 in cash. During the three and nine months ended September
30, 2022, 76,190 and 5,177,327 warrants expired, respectively.
Extension of Warrants
As
part of the transactions contemplated by the Revolving Note, the Company additionally agreed to extend the expiration dates of the following
outstanding Common Stock purchase warrants held by the Lender or its affiliated entities until September 30, 2023:
(a)
a warrant to purchase 1,313,636 shares of Common Stock issued on June 30, 2020, that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on June 30, 2020;
(b)
a warrant to purchase 166,667 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018; and
(c)
a warrant to purchase 480,027 shares of Common Stock issued on November 29, 2018, that was initially disclosed on the Company’s
Current Report on Form 8-K filed with the SEC on November 30, 2018;
(d)
a warrant to purchase 480,028 shares of Common Stock issued on October 27, 2017 that was initially disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on October 27, 2017.
During
the three months ended September 30, 2022, as a result of the extension of the warrant expiration dates, the Company recorded a warrant
modification expense of $1,788,000 classified as financing costs on the
condensed consolidated statement of operations.
On
February 21, 2021 the Company entered into an agreement with the certain Debenture holders to exercise 4,545,440 of the Warrants issued
in the June 2020 Debenture offering. As an inducement for the Warrant holders to exercise the Warrants, the holders receive a new registered
warrant (“New Warrant”) to purchase an aggregate of 4,545,440 shares of the Company’s common stock at an exercise price
of $7.50 per share expiring on January 31, 2022.
The New Warrants expire on January 31, 2022. Each holder agreed to pay $0.125 for each New Warrant. The Company received net proceeds
of approximately $11,022,000, consisted of the exercise price of $11,363,000, $568,000 for the purchase of the New Warrant less solicitation
fees of approximately $909,000. The New Warrants were valued using the Black Scholes option pricing model at a total of $7,737,000
based on a one-year term, implied volatility of 96%, a risk-free equivalent yield of 11%, and stock price of $5.83. The fair value of
the New Warrants was expensed and included in Financing Costs for the three months ended March 31, 2021.
In
addition, during the nine months ended September 30, 2021, the Company: (i) received cash of approximately $4,774,000, (ii) cancelled
349,197 warrants (as a result of cashless exercises) and (iii) issued an aggregate of 1,710,078 shares of Common Stock, in connection
with the exercise of outstanding warrants.
In
total the Company issued a total of 6,309,186 shares of common stock, for the exercise of warrants, with net proceeds of $15,953,000.
At
September 30, 2022, the Company had the following outstanding and exercisable warrants:
SUMMARY
OF OUTSTANDING AND EXERCISABLE WARRANTS
Warrant Shares | |
Exercise Price | | |
Weighted Average
Remaining Term
(years) | |
1,375,455 | |
$ | 2.50 | | |
| 1.0 | |
1,160,056 | |
| 3.00 | | |
| 1.0 | |
478,854 | |
| 3.36 | | |
| 0.1 | |
1,047,778 | |
| 4.00 | | |
| 0.0 | |
17,749 | |
| 4.50 | | |
| 1.9 | |
77,800 | |
| 5.00 | | |
| 1.5 | |
4,157,692 | |
$ | 3.17 | | |
| 0.6 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
REVENUE
|
9 Months Ended |
Sep. 30, 2022 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
NOTE
12 – REVENUE
The
Company has two business units, one operating segment, one reportable segment and one reporting unit. The Sequire segment includes the
licensing of the Company’s proprietary SaaS platform and associated data analysis technologies, consumer and investor targeted
marketing solutions to allow users of the Company’s SaaS platform to act on the insights obtained through the Company’s technologies,
and LD Micro, which is in the business of hosting events and conference for microcap public companies.
The
following table summarizes revenue by revenue stream for the three and nine months ended September 30:
SCHEDULE
OF REVENUE BY REVENUE STREAM
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Sequire platform revenue | |
$ | 5,306,000 | | |
$ | 6,888,000 | | |
$ | 19,225,000 | | |
$ | 17,879,000 | |
Conference revenue | |
| 3,000 | | |
| - | | |
| 1,305,000 | | |
| 390,000 | |
Other revenue | |
| - | | |
| - | | |
| - | | |
| 694,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
The
following table summarizes revenue recognized in exchange for customer securities and cash for the three and nine months ended September
30:
SCHEDULE
OF REVENUE RECOGNIZED IN EXCHANGE FOR CUSTOMER SECURITIES AND CASH
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Customer securities | |
$ | 4,589,000 | | |
$ | 6,409,000 | | |
$ | 16,663,000 | | |
$ | 15,035,000 | |
Cash | |
| 720,000 | | |
| 479,000 | | |
| 3,867,000 | | |
| 3,928,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
During
2023 the Company transitioned to accepting only cash as compensation for services. As we transition to accepting only cash as compensation
for services there will be a significant decrease in Sequire revenue.
|
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v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2022 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
NOTE
13 – FAIR VALUE OF FINANCIAL INSTRUMENTS
The
carrying amounts of certain financial instruments, including cash and accounts payable and accrued expenses, approximate their respective
fair values due to the short-term nature of such instruments.
The
carrying amount of our debt and notes receivable approximate their fair value.
Valuation
of Marketable Securities
An
integral part of the Company’s fair value measurement process is the assessment of the type of securities as well as the securities’
liquidity and marketability. Warrants are initially valued at cost, if acquired for cash, or at intrinsic value. Convertible debt is
valued based on an analysis of the implied call option and a discounted cash flow analysis of the debt component. Equity securities are
valued using the quoted prices times the number of shares acquired. The securities are then evaluated based on their marketability (usually
based on the restrictions on resale into the securities primary market) and liquidity.
Investments
in restricted securities of public companies cannot be offered for sale to the public until the Company complies with certain statutory
requirements. Investments in restricted securities of public companies are generally categorized in Level 2 of the fair value hierarchy.
However, investments in public companies may be categorized in Level 3 of the fair value hierarchy depending on the level of observable
liquidity. Specifically, if the Company determines the market activity is not sufficient to conclude the market activity represents an
Active Market.
Assets
and Liabilities Measured at Fair Value on a Recurring Basis
The
Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate
level in which to classify them for each reporting period. This determination requires significant judgments to be made. The Company
considers marketable securities without sufficient liquidity to sell within 6 months of the date of acquisition and securities that will
not be eligible for resale in the public markets through Rule 144 for 1 year from the date acquisition to be valued with Level 2 inputs.
The
contracts receivables represent a forward contractual right to receive securities pursuant to a revenue contract. As of September 30,
2022 and December 31, 2021, the Company determined the value of the securities underlying the contract asset to have a fair value of
$499,000 and $844,000, respectively.
The
Company had the following financial assets at September 30, 2022 and December 31, 2021:
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE
| |
Balance as of September 30, 2022 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 21,121,000 | | |
$ | 2,164,000 | | |
$ | 9,483,000 | | |
$ | 9,474,000 | |
Designated assets marketable securities | |
| 221,000 | | |
| 105,000 | | |
| 116,000 | | |
| - | |
Contract assets | |
| 499,000 | | |
| 499,000 | | |
| - | | |
| - | |
Total assets | |
$ | 21,841,000 | | |
$ | 2,768,000 | | |
$ | 9,599,000 | | |
$ | 9,474,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
Total liabilities | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
| |
Balance as of December 31, 2021 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 15,617,000 | | |
$ | 6,134,000 | | |
$ | 2,448,000 | | |
$ | 7,035,000 | |
Designated assets marketable securities | |
| 3,925,000 | | |
| 259,000 | | |
| 3,666,000 | | |
| - | |
Contract assets | |
| 844,000 | | |
| - | | |
| - | | |
| 844,000 | |
Total assets | |
$ | 20,386,000 | | |
$ | 6,393,000 | | |
$ | 6,114,000 | | |
$ | 7,879,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
Total liabilities | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
Changes
in Level 3 assets measured at fair value
The
following table presents additional information about Level 3 assets measured at fair value. Both observable and unobservable inputs
may be used to determine the fair value of assets classified within the Level 3 category. As a result, the unrealized gains and losses
for the assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable
and unobservable inputs. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period in which a change
in valuation technique or methodology occurs. Changes in Level 3 assets measured at fair value the nine months ended September 30, 2022,
were as follows:
SCHEDULE
OF FAIR VALUE AT ASSETS
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 7,035,000 | | |
$ | 2,153,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| (2,455,000 | ) | |
| (2,099,000 | ) | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 2,419,000 | | |
| 481,000 | | |
| 938,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (156,000 | ) | |
| (156,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (60,000 | ) | |
| (60,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| 2,691,000 | | |
| (238,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 9,474,000 | | |
$ | 81,000 | | |
$ | 9,229,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
Valuation
processes for Level 2 and 3 Fair Value Measurements
Fair
value measurement of certain of our marketable securities fall within Level 2 and 3 of the fair value hierarchy. The fair value measurements
are evaluated by management to ensure that changes are consistent with expectations of management based upon the sensitivity and nature
of the inputs.
The
Company classifies certain assets as Level 3 assets if the estimated fair value was derived from level 3 inputs. The Company utilizes
a put option pricing model to arrive at a discount for lack of marketability and liquidity associated with restrictions on sales into
the public market. The Company generally classifies restricted securities in public companies as level 2, however in circumstances where
the observed level of liquidity is low and the quoted market price is deemed unreliable they may be categorized in Level 3 of the fair
value hierarchy. The Company considers marketable securities without sufficient liquidity to sell within 6 months of the date of acquisition
and securities that will not be eligible for resale in the public markets through Rule 144 for 1 year from the date acquisition to be
valued with Level 2 inputs.
The
fair value of the Company’s Series A Preferred Stock may change significantly, impacting the Company’s assumptions used to
estimate its fair value. The valuation of the Series A Preferred Stock is primarily based on the valuation of its underlying marketable
securities. The marketable securities that are underlying the Series A Preferred Stock are classified as Designated Assets on the Company’s
balance sheet and include Level 1 and Level 2 marketable securities and cash.
The
following table lists the significant unobservable inputs used to value assets classified as Level 3 of September 30, 2022. The table
is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair
values. The other Level 3 assets have been valued using unadjusted third-party transactions and, unadjusted historical third-party information,
or the unadjusted net asset values of the securities’ issuer. No unobservable inputs internally developed by the Company have been
applied to these assets, and therefore are omitted from the following table.
SCHEDULE
OF FAIR VALUE ASSETS SIGNIFICANT UNOBSERVABLE INPUTS
Assets | |
Valuation Technique | |
Unobservable inputs | |
Range | |
Common stocks | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 32.3 | % |
| |
| |
| |
| | |
Convertible preferred stock | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 54 | % |
| |
| |
| |
| | |
Convertible debt | |
Discounted cash flow | |
Maturity | |
| 0 - 28 months | |
| |
| |
Risk adjusted discount factor | |
| 17.3 | % |
| |
Option pricing model | |
Volatility | |
| 64% - 224 | % |
| |
| |
Risk-free interest rate | |
| 2.27% - 2.96 | % |
| |
| |
Dividend yield | |
| 0 | % |
| |
| |
Time to Maturity | |
| 0 – 28 months | |
Sensitivity
of Level 3 measurements to changes in significant unobservable inputs
The
process of estimating the fair value of securities without active markets involves significant estimates and judgement on behalf of management.
These estimated fair values may not be realized in a current sale or immediate settlement of the asset or liability. Additionally, there
are inherent uncertainties in any fair value measurement techniques, and changes in the underlying assumptions used could significantly
affect the fair value measurement amounts.
Changes
in each of these significant unobservable valuation inputs will impact the fair value measurement of the financial instrument generally
as follows:
|
● |
An
increase or decrease in the volatility of the common stock that underlies our holdings in convertible debt would result in a directionally
similar change in the estimated fair value. |
|
● |
An
increase or decrease in the risk-free interest rate or risk adjusted discount factor would result in an inverse change in the estimated
fair value of our convertible debt. |
|
● |
An
increase in the dividend yield would increase the estimated value of the convertible debt. |
|
● |
A
change in the maturity may result in either an increase or decrease in estimated fair value of the convertible debt. |
|
● |
An
increase or decrease in the discount for lack of marketability of our common stock holdings and the common stock that underlies our
preferred stock would generally result in an inverse change in the estimated fair value. |
Instruments
for which unobservable inputs are significant to their fair value measurement (i.e., Level 3) include securities in which we deem their
market to be inactive or unreliable. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes
from one quarter to the next that are related to the observable inputs to a fair value measurement may result in a reclassification from
one hierarchy level to another.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2022 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
14 – RELATED PARTY TRANSACTIONS
The
Company has entered into an agreement providing access to a suite at the Sofi Stadium in Los Angeles from an entity wholly owned by Christopher
Miglino, our CEO. The agreement entitles the Company to game tickets, optional tickets for other stadium events, and suite and conference
room access during business days. In May of 2022, the Company renewed the agreement for four (4) additional National Football League
seasons for an average rate per year of approximately $497,000. The amount charged to the Company is a pass-through of the actual expenses
charged by the stadium to the related party, without markup. The agreement terminates in February 2026.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2022 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
DNA
Asset Acquisition
Asset
Purchase Agreement
On
February 3, 2023 (the “Closing Date”), the Company entered into and consummated the transactions contemplated by the Asset
Purchase Agreement (the “APA”) and the related Bill of Sale and Assignment and Assumption Agreement (the “Assignment
Agreement,” and together with the Assignment Agreement, the “Transaction Documents”) with DNA Holdings, LLC, a limited
liability company formed under the laws of the Commonwealth of Puerto Rico (the “Seller”), pursuant to which, subject to
the terms and conditions of the APA, the Seller sold certain assets from its advisory company that is engaged in the business of, among
other things, advising entrepreneurs in connection with capital structuring, marketing, developing decentralized ecosystems and providing
introductions to strategic investors (the “Business”). Specifically, pursuant to the Transaction Documents, the Company acquired
certain assets of the Business (the “Purchased Assets”), including $1,000,000 in cash, crypto assets, equity investments
into three private companies and a customer database from the Seller (the “Acquisition”). The Seller is managed by The Roundtable
LLC, which is managed by Brock Pierce, a member of the Company’s board of directors (the “Board”). The Acquisition
was approved on February 3, 2023, by the Audit Committee of the Board and the Board. Mr. Pierce did not participate in discussions of
the Board about whether to approve the Acquisition, and did not vote on the Acquisition at the Board meeting. In each case, it was considered
that Mr. Pierce is an interested director of the Company. In each case, it also was determined, among other things, that, notwithstanding
that Mr. Pierce is an interested director of the Company, the assets acquired in the Acquisition constitute fair and adequate consideration
for the securities to be issued pursuant to the APA.
Pursuant
to the terms of the APA, at the closing of the Acquisition (the “Closing”), in exchange for the Purchased Assets, the Company
issued and delivered to Seller (i) 1,313,127 shares of the Company’s Class A common stock, par value $0.001 per share (the “Common
Stock”), and (ii) 63,743 shares of the Company’s newly designated class of Series B Non-Voting Convertible Preferred Stock
(the “Series B Preferred Stock”) convertible, subject to the receipt of Stockholder Approval (as defined below), into an
aggregate of 3,059,664 shares of Common Stock (collectively, the “Upfront Shares”). In addition to the Upfront Shares, the
Company delivered into escrow 54,908 shares of Series B Preferred Stock convertible, subject to receipt of Stockholder Approval and the
Deferred Payment (as defined below), into 2,635,591 shares of Common Stock (the “Escrow Shares,” together with the Upfront
Shares, the “Acquisition Shares”).
In
accordance with applicable Nasdaq listing rules, the Company plans to obtain stockholder approval to issue the shares of Common Stock
underlying the Series B Preferred Stock so that it may issue shares of Common Stock to the Seller in excess of 1,313,127 shares of Common
Stock, the amount of shares equal to 4.99% of the issued and outstanding Common Stock on the Closing Date (“Stockholder Approval”).
Within thirty (30) days, but not earlier than fifteen (15) business days after Stockholder Approval is obtained, the Seller will prepare
and deliver to the Company a written determination, in the Seller’s sole and absolute discretion, of an amount equal to or less
than $2,000,000 to be paid to the Company, if any (such amount to be paid to the Company, the “Deferred Payment” and such
amount that will not be paid to the Company, the “Uncollected Deferred Payment”). Within five (5) business days of the delivery
of such written determination, subject and upon receipt of the Deferred Payment, the Company and the Seller will instruct the Escrow
Agent to release to the Company such number of Escrow Shares based upon the shares of Common Stock underlying the Series B Preferred
Stock multiplied by the quotient of (i) the outstanding Uncollected Deferred Payment divided by (ii) $2,000,000. The balance of the Escrow
Shares will then be released to the Seller (the “Post-Closing Adjustment”). In the event Stockholder Approval is not received
on or prior to the eighteen (18) month anniversary of the Closing, the Deferred Payment will lapse and the Escrow Shares will all be
released to the Company.
Amendment
and Waiver Agreements
On
February 3, 2023, the Company entered into an amendment and waiver agreement (the “Amendment and Waiver Agreement”) with
the ATW Fund I, L.P., ATW Master Fund II, L.P. and ATW Opportunities Master Fund II, LP (each, a “Holder” and, collectively,
the “Holders”), pursuant to which the parties agreed to amend or modify certain outstanding agreements to permit the consummation
of the Acquisition and avoid any potential noncompliance or events of default relating to such prior agreements. The exercise and conversion
prices in these agreements were amended to $1.00 per share. As part of the amendment, we extended the expiration date of the following
warrants until September 30, 2023: (a) warrants to purchase 1,363,636 shares of Common Stock issued on June 30, 2020; (b) warrants to
purchase 166,667 shares of Common Stock issued on November 29, 2018; (c) warrants to purchase 530,027 shares of Common Stock issued on
November 29, 2018 and (d) warrants to purchase 530,028 shares of Common Stock issued on October 27, 2017.
Sale
of LD Micro, Inc.
On
March 3, 2023, the Company entered into and consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger
Agreement”) with Freedom Holding Corp., a Nevada corporation (the “Parent”), Freedom U.S. Markets, LLC, a Delaware
limited liability company and wholly-owned subsidiary of the Parent (the “Buyer”), LDM Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of the Buyer (“Merger Sub”), LD Micro, Inc., a Delaware corporation and wholly-owned subsidiary
of the Company (“LD Micro”), to sell LD Micro. Specifically, pursuant to the terms of the Merger Agreement, at the closing
of the transactions contemplated by the Merger Agreement (the “Closing”), LD Micro merged with and into Merger Sub (the “Merger”),
with Merger Sub surviving the Merger (the “Surviving Corporation”), in a transaction intended to qualify for tax-free treatment
under Section 368(a) of the Internal Revenue Code of 1986, as amended.
At
the Closing, as consideration for the sale of LD Micro by means of the Merger, the Buyer paid the Company $8,300,000 in consideration,
consisting of $4,000,000 in cash (the “Cash Payment”), and 59,763 shares of the Parent’s common stock, par value $0.001
per share (the “Parent Common Stock”), which is equal to the quotient obtained by dividing (x) $4,300,000 by (y) the volume
weighted average of the daily closing sales prices of the Parent Common Stock, as reported on the Nasdaq Capital Market for the thirty
(30) consecutive trading days ending on the three (3) trading days prior to the Closing (the “Payment Shares,” and together
with the Cash Payment, the “Merger Consideration”). The Company also entered into a four (4) year Sponsorship Agreement that
provides the Company certain exclusive rights as it relates to LD Micro following the Merger, as more fully described below.
LD
Micro’s President, Christopher Lahiji, is a member of the Company’s board of directors (the “Board”). The Merger
was approved on March 2, 2023, by the Board. In such case, it was considered that Mr. Lahiji is an interested director of the Company
with respect to the Merger. In such case, it also was determined, among other things, that, notwithstanding that Mr. Lahiji is an interested
director of the Company, the Merger Consideration received for the sale of LD Micro, by means of the Merger, constitute fair and adequate
consideration.
Further,
in connection with the Merger, the Company also entered into a sponsorship agreement with the Surviving Corporation (the “Sponsorship
Agreement”), whereby the Surviving Corporation agreed to designate the Company as an exclusive sponsor of certain flagship events
that will be organized by the Surviving Corporation after the consummation of the Merger for a period of four (4) years and to provide
certain benefits to the Company which include (i) exclusive virtual and live streaming partner for the events; (ii) exclusive partner
to provide video recording interviews; and (iii) certain exclusivity to be the only sponsor providing SAAS platform services and digital
marketing and services at the events.
Creation
of Advisory Board and Stock Compensation
On
July 17, 2023 the Company’s Board of Directors authorized the creation of an Advisory Board (“Advisory Board”) to provide
strategic guidance and expertise to the Company in the financial technology sector. The establishment of the Advisory Board is aimed
at enhancing the Company’s growth strategies and leveraging the insights and experience of industry leaders.
As
part of the establishment of the Advisory Board, the Company has granted a total of 500,000 shares of the Company’s common stock
to the members of the Advisory Board as compensation for their services. These grants were made on July 17, 2023 and are subject to vesting
schedules and terms as outlined in individual advisory agreements. The shares granted are intended to align the interests of the Advisory
Board members with those of the Company’s shareholders and foster a collaborative approach to achieving the Company’s objectives.
Amendment
of Senior Secured Revolving Credit Facility and Senior Secured Convertible Debenture
The
Company previously entered into a Senior Secured Revolving Credit Facility Agreement with ATW Opportunities fund, dated as of August
8, 2022, pursuant to which the Company issued a revolving note to ATW Opportunities (the “Revolving Note”). Additionally,
the Company issued a Senior Secured Convertible Debenture to ATW Master Fund on June 30, 2020 (the “Debenture”).
On
September 13, 2023, the Revolving Note, Debenture, and Credit Agreement were temporarily amended for a period of up to fourteen months
from the Effective date of September 11, 2023. The amendments include, but are not limited to, provisions related to the payment of amounts
owing under the Credit Agreement from the proceeds of the sale of third-party securities held by the company. Per the agreement ATW shall
receive one hundred percent of the proceeds from sales from third party securities owned by the Company until such time as outstanding
amounts due under the respective agreements have been repaid. The Company shall maintain the rights to all proceeds from sales of the
marketable securities once the amounts due to ATW have been satisfied. The Company also agreed to various covenants and conditions, including
providing access to certain accounts and notifying ATW Opportunities and ATW Master Fund of material changes.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim Condensed Consolidated
Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information
and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December
31, 2021 Condensed Consolidated Balance Sheet was derived from financial statements but does not include all disclosures required by
GAAP. These interim unaudited Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim nine-month
periods ended September 30, 2022 and 2021. The results for the nine months ended September 30, 2022 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2022 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial
Statements and the notes thereto for the year ended December 31, 2021, included in the Company’s annual report on Form 10-K filed
with the SEC.
|
Principles of Consolidation |
Principles
of Consolidation
The
unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All material
intercompany transactions and balances have been eliminated in consolidation.
|
Reclassification |
Reclassification
Certain
prior period amounts have been reclassified to conform to current period presentation.
|
Use of Estimates |
Use
of Estimates
The
unaudited Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and require management of the Company
to make estimates and assumptions in the preparation of these unaudited Condensed Consolidated Financial Statements that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
The
most significant areas that require management judgment and which are susceptible to possible change in the near term include, among
other items, the Company’s revenue recognition, valuation of marketable investment securities, stock-based compensation, income
taxes, purchase price for acquisitions, goodwill, other intangible assets, and the valuation of redemption features and other assets
and liabilities.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair
value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal,
most advantageous market for the specific asset or liability.
In
determining fair value, the Company uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value.
It maximizes observable inputs and minimizes unobservable inputs. Valuation techniques consistent with the market or income approach
are used to measure fair value. The fair value hierarchy is categorized into three levels:
|
● |
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access; |
|
|
|
|
● |
Level
2 - Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly;
and |
|
|
|
|
● |
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Fair
value is a market-based measure that is based on assumptions of prices and inputs considered from the perspective of a market participant
on the measurement date.
The
availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety
of factors. The determination of fair value requires prudent judgment. Due to the inherent uncertainty of valuation, estimated values
may be materially different from values were a ready market available. Inputs used to measure fair value may fall into different levels
of the fair value hierarchy. In such cases, the item being valued is classified based on the hierarchy category of the lowest significant
level input to the fair value measurement. See Note 12 Fair Value of Financial Instruments.
|
Cash |
Cash
The
Company considers all short-term highly liquid investments with a remaining maturity at the date of purchase of three months or less
to be cash equivalents. Cash is recorded at cost, which approximates its fair value. The Company did not have any cash equivalents as
of September 30, 2022 and December 31, 2021. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation
(“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes
this risk by placing its cash deposits with major financial institutions. As of September 30, 2022 and December 31, 2021, the Company
had $0 and $1,098,000 in excess of the federal insurance limit, respectively.
|
Marketable Securities |
Marketable
Securities
Marketable
Securities consist of debt and equity securities. The Company accounts for marketable equity securities, including convertible preferred
shares at fair value pursuant to ASC 321 Investments – Equity Securities, and marketable debt securities at fair value in accordance
with ASC 320 – Investments Debt Securities. Marketable securities were approximately $21.1 million and $15.6 million as of September
30, 2022 and December 31, 2021, respectively.
|
Accounts Receivable |
Accounts
Receivable
Credit
is extended to customers based on an evaluation of their financial condition and other factors, and the Company usually does not require
collateral. Management periodically assesses the Company’s accounts receivable and, if necessary, establishes an allowance for
estimated uncollectible amounts. Accounts determined to be uncollectible are charged to operations when that determination is made. The
allowance for doubtful accounts was approximately $69,000 and $130,000 as of September 30, 2022 and December 31, 2021, respectively.
|
Concentration of Credit and Significant Customer Risk |
Concentration
of Credit and Significant Customer Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash, accounts receivable and notes receivable.
Cash is deposited with financial institutions within the United States. The balances maintained at these financial institutions are generally
more than the FDIC insurance limits. The Company has not experienced any loss on these accounts.
As
of September 30, 2022, the Company did not have any customers with accounts receivable balances representing greater than 10% of the
Company’s aggregate accounts receivable. As of December 31, 2021, the Company had one customer with an accounts receivable balance
of approximately 11%.
For
the nine months ended September 30, 2022 and 2021, the Company had no customers that account for a significant percentage of total revenues.
|
Goodwill and Intangible assets |
Goodwill
and Intangible assets
Intangible
assets consist of (i) goodwill, intellectual property, trademarks, trade names and non-compete agreements acquired in business combinations
and capitalized software development costs. Other than goodwill and trademarks, intangible assets are stated at cost less accumulated
amortization. Amortization is provided for on the straight-line basis over the estimated useful lives of the assets of five years.
|
Impairment of Goodwill, Intangible Assets and Other Long-lived Assets |
Impairment
of Goodwill, Intangible Assets and Other Long-lived Assets
Management
evaluates the recoverability of the Company’s definitive lived intangible assets and other long-lived assets when events or circumstances
indicate a potential impairment exists. Events and circumstances considered by the Company in determining whether the carrying value
of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes
in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or
economic trends; a significant decline in the Company’s stock price for a sustained period of time; and changes in the Company’s
business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use
and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets’ carrying values and the
undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value
of the assets.
Management
evaluates the recoverability of the Company’s goodwill annually at December 31 or more often as events or circumstances indicate
the fair value of a reporting unit is below its carrying value. The Company has determined that it operates as a single reporting unit
for the purposes of conducting this goodwill impairment assessment. If the fair value of a reporting unit is less than its carrying value,
an impairment loss is recorded to the extent that implied fair value of the goodwill within the reporting unit is less than its carrying
value.
An
impairment in the amount of $10,200,000 to goodwill, and $1,481,000 to intangible assets was recognized for the nine months ended September
30, 2022. The impairment was determined as the carrying amount of goodwill exceeded its implied fair value based on a discounted cash
flow projection. The transition to accepting only cash as compensation for services will cause a significant decrease in revenue and
cash collections, which has a material negative impact on the discounted cash flow projection. No impairments of goodwill or other long-lived
assets have been recognized for the nine months ended September 30, 2021.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenues upon the satisfaction of its performance obligation(s) (upon transfer of control of promised goods or services
to its customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services.
The Company determines the amount of revenue to be recognized through the application of the five-step process as follows:
|
1) |
identification
of contracts with customers; |
|
2) |
identification
of the distinct performance obligations in the contract; |
|
3) |
determination
of the transaction price of the contract; |
|
4) |
allocation
of transaction price among the performance obligations in the contract; and |
|
5) |
recognition
of revenue as performance obligations are satisfied. |
The
Company has elected the following practical expedients allowed in accounting for its revenue recognition:
|
● |
not
adjusting contract consideration for the effects of significant financing components if the period between transfer or service and
customer payment is expected to be less than one year; |
|
● |
not
assessing performance obligations if they are immaterial in the context of the contract; |
|
● |
excluding
sales and similar taxes from the transaction price; and |
|
● |
not
disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
The
Company generates revenue primarily from its Sequire SaaS platform and its LD Micro subsidiary. Specifically, the Sequire SaaS platform
related revenue consists of (i) licensing subscriptions to access the platform, (ii) managed services involving data and marketing initiatives
and (iii) ancillary data supplementing the use of the platform. LD Micro revenues consist of attendee fees and event sponsorship fees
related investor conferences organized and hosted by the Company.
Sequire
SaaS platform
Sequire
SaaS platform agreements are typically for a period of 12-months and provide for monthly or annual payments in advance.
Prior
to 2023 many of the Sequire SaaS platform agreements provide customers the ability to pay for the services with the issuance of the customers’
securities including common stock. The amount of consideration for these contracts is based on the estimated fair value of the underlying
securities on the contract date. See “Fair Value of Financial Instruments” for details over the calculation of fair value.
In 2023 the Company transitioned to accepting only cash as compensation for services. As we transition to accepting only cash as compensation
for services there will be a significant decrease in Sequire revenue.
When
Sequire SaaS platform contracts contain multiple performance obligations, transaction consideration is allocated to each individual performance
obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. The Company determines SSP based on the price at
which the performance obligation would be sold separately.
Subscription
revenue is generally non-refundable regardless of the actual use and is recognized ratably over the non-cancellable contract term beginning
on the commencement date of each contract, which is the date the Company’s service is first made available to customers.
Managed
Services and Ancillary Data revenue is typically recognized using an output measure of progress by looking at the time elapsed as the
contracts generally provide the customer equal benefit throughout the contract period because the Company transfers control evenly by
providing a stand-ready service.
LD
Micro - Conference Revenue
LD
Micro agreements cover a specific event and provide for payment in advance or at the time of the event. Conference revenue from attendee
fees and sponsorship fees is recognized at the time of the event (i.e., at a point-in-time).
Contracts
Receivable
Contracts
receivable represents amounts for which non-cancellable revenue contracts with customers have been finalized but the payment in the form
of securities issued by the customer have not been received by the Company.
Deferred
Revenue
Deferred
revenue resulting from amounts billed to, or cash received from, customers in advance of the Company satisfying its performance obligation
and recognizing the applicable revenue.
Preferred
stock
Preferred
stock liability represents amounts payable to holders of the Preferred Stock Series A shares upon the eventual liquidation of assets
designated for the sole purpose of paying dividends. Accordingly, the Company classified the Series A Preferred Shares as liability instruments
because in-substance, they represent a right to the payment of dividends upon the liquidation of specified assets, are automatically
returnable to the Company after the payments are made and feature no rights to further equity or residual interests in the Company. The
Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Preferred Stock states dividend shall be paid
conditioned upon, and subject to a determination by the Board that a distribution is not prohibited pursuant to applicable provisions
of the DGCL or other applicable law.
Costs
to Obtain or Costs to Fulfill a Contract
The
Company has no costs that qualify as costs to obtain or costs to fulfill customer contracts.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
earnings per share is calculated by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted
loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding, after giving effect to
all potentially dilutive common shares outstanding during the period. For periods with a net loss, basic and diluted earnings per share
are the same, in that a potentially common stock equivalent would have the effect of being anti-dilutive in the computation of net loss
per share. The number of potentially outstanding dilutive common shares excluded from the diluted net loss per calculation, as they were
anti-dilutive were 911,868 for three and the nine months ended September 30, 2022, and 11,867,520 for the three months and nine months
ended September 30, 2021.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
June 2022, the FASB issued Accounting Standards Update (“ASU”) ASU 2022-03 (“Fair Value Measurements”),
which clarifies the guidance in ASC 820 (“Fair Value Measurement”) (“ASC 820”), (1) when measuring the fair value
of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative
example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured
at fair value in accordance with ASC 820. The adoption did not impact the Company’s financial position, results of operations or
cash flows.
Recent
Accounting Pronouncements Not Yet Adopted
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt-Debt with Conversion and Other
Options which simplifies the accounting for convertible instruments by removing certain separation models (including the cash conversion
model and the beneficial conversion feature model) for convertible instruments. As a result, for convertible instruments with conversion
features that are not required to be accounted for as derivative instruments or that do not result in substantial premiums accounted
for as paid-in capital, the embedded conversion features are no longer separated from the host contract. Consequently, a convertible
debt instrument will be accounted for as a single liability measured at its amortized cost, and convertible preferred stock will be accounted
for as a single equity instrument measured at its historical cost as long as no other features require bifurcation and recognition as
derivatives. This guidance is effective on a modified retrospective or full retrospective basis for fiscal years beginning after December
15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact on the consolidated financial
statements.
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) addressing accounting for credit
losses on financial instruments, which is designed to provide financial statement users with more information about the expected credit
losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. When determining
such expected credit losses, the guidance requires companies to apply a methodology that reflects expected credit losses and requires
consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective
on a modified retrospective basis for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
The Company is currently evaluating the impact on the consolidated financial statements.
The
Company’s management reviewed all recently issued ASU’s not yet adopted by the Company and does not believe the future adoptions
of any such ASU’s may be expected to cause a material impact on the Company’s consolidated financial condition or the results
of its operations.
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v3.23.3
DISCONTINUED OPERATIONS (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SCHEDULE OF DECONSOLIDATION OF BUSINESS |
SCHEDULE
OF DECONSOLIDATION OF BUSINESS
Consideration | |
Amount | |
Fair value of Series D Stock and Common Stock | |
$ | 31,000 | |
Carrying amount of non-controlling interests of BIGToken | |
| 6,045,000 | |
Previous equity adjustments of non-controlling interest | |
| (12,510,000 | ) |
Total | |
| (6,434,000 | ) |
| |
| | |
Book basis of investment in BIGToken | |
| 4,250,000 | |
Loss on disposal of subsidiary | |
$ | (10,684,000 | ) |
|
SCHEDULE OF ASSET AND LIABILITIES INCOME FROM DISCONTINUE OPERATIONS |
SCHEDULE
OF ASSET AND LIABILITIES INCOME FROM DISCONTINUE OPERATIONS
| |
Three Months Ended September 30, 2021 | | |
Nine Months Ended September 30, 2021 | |
Revenues | |
$ | 765,000 | | |
$ | 2,469,000 | |
| |
| | | |
| | |
Cost and expenses | |
| | | |
| | |
Cost of revenues | |
| 207,000 | | |
| 715,000 | |
Employee related costs | |
| 988,000 | | |
| 2,649,000 | |
Marketing and selling expenses | |
| 372,000 | | |
| 861,000 | |
Platform costs | |
| 78,000 | | |
| 245,000 | |
Depreciation and amortization | |
| 101,000 | | |
| 412,000 | |
General and administrative expenses | |
| 1,078,000 | | |
| 3,483,000 | |
Total cost and expenses | |
| 2,824,000 | | |
| 8,365,000 | |
Loss from operations | |
| (2,059,000 | ) | |
| (5,896,000 | ) |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Deemed dividend on preferred stock | |
| - | | |
| (5,859,000 | ) |
Total other expense | |
| - | | |
| (5,859,000 | ) |
| |
| | | |
| | |
Loss from discontinued operations before income tax expense | |
| (2,059,000 | ) | |
| (11,755,000 | ) |
Income tax expense | |
| - | | |
| - | |
Loss from discontinued operations | |
$ | (2,059,000 | ) | |
$ | (11,755,000 | ) |
|
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v3.23.3
MARKETABLE SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Cash and Cash Equivalents [Abstract] |
|
SCHEDULE OF MARKETABLE SECURITIES |
SCHEDULE
OF MARKETABLE SECURITIES
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 15,617,000 | | |
$ | 10,735,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| - | | |
| 356,000 | | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 15,943,000 | | |
| 14,006,000 | | |
| 937,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (3,385,000 | ) | |
| (3,385,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (6,521,000 | ) | |
| (6,521,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| (533,000 | ) | |
| (3,462,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 21,121,000 | | |
$ | 11,729,000 | | |
$ | 9,228,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
|
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v3.23.3
DESIGNATED ASSETS FOR RETURN OF CAPITAL (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Designated Assets For Return Of Capital |
|
SCHEDULE OF DESIGNATED ASSETS |
The
balance of designated assets consists of the following:
SCHEDULE
OF DESIGNATED ASSETS
| |
September 30, 2022 | | |
December 31, 2021 | |
Cash | |
$ | - | | |
$ | 686,000 | |
Marketable equity securities | |
| 221,000 | | |
| 3,239,000 | |
Total | |
$ | 221,000 | | |
$ | 3,925,000 | |
|
SCHEDULE OF MARKETABLE EQUITY SECURITY ACTIVITY IN DESIGNATED ASSETS |
The
marketable equity security activity in designated assets is as follows:
SCHEDULE
OF MARKETABLE EQUITY SECURITY ACTIVITY IN DESIGNATED ASSETS
| |
Total | |
Balance as of December 31, 2021 | |
$ | 3,239,000 | |
Sales proceeds | |
| ) |
Realized loss | |
| (1,803,000 | ) |
Current period change in fair value | |
| (710,000 | ) |
Balance as of September 30, 2022 | |
$ | 221,000 | |
|
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v3.23.3
OID CONVERTIBLE NOTE(S) PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Oid Convertible Notes Payable |
|
SCHEDULE OF OID CONVERTIBLE DEBENTURES |
The
table below summarizes the Debenture related activity during the three and nine months ended September 30, 2022:
SCHEDULE
OF OID CONVERTIBLE DEBENTURES
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of December 31, 2021 | |
$ | 1,267,000 | | |
$ | (103,000 | ) | |
$ | 1,164,000 | |
Amortization | |
| - | | |
| 17,000 | | |
| 17,000 | |
Balance as of March 31, 2022 | |
$ | 1,267,000 | | |
$ | (86,000 | ) | |
$ | 1,181,000 | |
Amortization | |
| - | | |
| 16,000 | | |
| 16,000 | |
Balance as of June 30, 2022 | |
$ | 1,267,000 | | |
$ | (70,000 | ) | |
$ | 1,197,000 | |
Principal adjustments | |
| 74,000 | | |
| - | | |
| 74,000 | |
Repayments | |
| (195,000 | ) | |
| - | | |
| (195,000 | ) |
Amortization | |
| - | | |
| 18,000 | | |
| 18,000 | |
Balance as of September 30, 2022 | |
$ | 1,146,000 | | |
$ | (52,000 | ) | |
$ | 1,094,000 | |
|
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v3.23.3
SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE) (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Senior Secured Revolving Credit Facility |
|
SCHEDULE OF SENIOR SECURED REVOLVING CREDIT FACILITY RELATED ACTIVITY |
The
table below summarizes the senior secured revolving credit facility related activity during the three months ended September 30, 2022:
SCHEDULE
OF SENIOR SECURED REVOLVING CREDIT FACILITY RELATED ACTIVITY
| |
Principal | | |
Debt Discount | | |
Net Book Value | |
Balance as of June 30, 2022 | |
$ | - | | |
$ | - | | |
$ | - | |
Loan proceeds | |
| 6,128,000 | | |
| - | | |
| 6,128,000 | |
Original issue discount | |
| - | | |
| (750,000 | ) | |
| (750,000 | ) |
Repayments | |
| (4,000 | ) | |
| - | | |
| (4,000 | ) |
Amortization | |
| - | | |
| 104,000 | | |
| 104,000 | |
Balance as of September 30, 2022 | |
$ | 6,124,000 | | |
$ | (646,000 | ) | |
$ | 5,478,000 | |
|
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v3.23.3
EQUITY COMPENSATION PLANS AND WARRANTS (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
per-share fair value of each stock option with service conditions only granted in 2022 was determined on the grant date using the Black-Scholes
option pricing model with the following assumptions:
SCHEDULE OF FAIR VALUE
STOCK OPTION ASSUMPTIONS
| |
Grant date | |
| |
1/3/2022 | | |
1/6/2022 | | |
1/6/2022 | |
Expected term (in years) | |
| 5.0 | | |
| 4.4 | | |
| 3.4 | |
Risk-free interest rate | |
| 1.55 | % | |
| 1.55 | % | |
| 1.60 | % |
Expected volatility | |
| 90.0 | % | |
| 90.0 | % | |
| 90.0 | % |
Expected dividend yield | |
| - | % | |
| - | % | |
| - | % |
The
following table details provides a summary of the Company’s stock option activity for the nine months ended September 30, 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Option Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (years) | | |
Aggregate Intrinsic Value | |
Outstanding as of December 31, 2021 | |
| 1,334,287 | | |
$ | 3.02 | | |
| 2.4 | | |
$ | - | |
Granted | |
| 718,132 | | |
| 4.27 | | |
| 5.2 | | |
| - | |
Exercised | |
| (427,667 | ) | |
| 3.21 | | |
| - | | |
| - | |
Forfeited | |
| (110,000 | ) | |
| 3.42 | | |
| - | | |
| - | |
Outstanding as of September 30, 2022 | |
| 1,514,752 | | |
$ | 3.53 | | |
| 4.1 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 756,486 | | |
$ | 3.30 | | |
| 3.9 | | |
$ | - | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table details provides a summary of the Company’s stock option activity for the nine months ended September 30, 2022:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Option Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term (years) | | |
Aggregate Intrinsic Value | |
Outstanding as of December 31, 2021 | |
| 1,334,287 | | |
$ | 3.02 | | |
| 2.4 | | |
$ | - | |
Granted | |
| 718,132 | | |
| 4.27 | | |
| 5.2 | | |
| - | |
Exercised | |
| (427,667 | ) | |
| 3.21 | | |
| - | | |
| - | |
Forfeited | |
| (110,000 | ) | |
| 3.42 | | |
| - | | |
| - | |
Outstanding as of September 30, 2022 | |
| 1,514,752 | | |
$ | 3.53 | | |
| 4.1 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 756,486 | | |
$ | 3.30 | | |
| 3.9 | | |
$ | - | |
|
SUMMARY OF OUTSTANDING AND EXERCISABLE WARRANTS |
At
September 30, 2022, the Company had the following outstanding and exercisable warrants:
SUMMARY
OF OUTSTANDING AND EXERCISABLE WARRANTS
Warrant Shares | |
Exercise Price | | |
Weighted Average
Remaining Term
(years) | |
1,375,455 | |
$ | 2.50 | | |
| 1.0 | |
1,160,056 | |
| 3.00 | | |
| 1.0 | |
478,854 | |
| 3.36 | | |
| 0.1 | |
1,047,778 | |
| 4.00 | | |
| 0.0 | |
17,749 | |
| 4.50 | | |
| 1.9 | |
77,800 | |
| 5.00 | | |
| 1.5 | |
4,157,692 | |
$ | 3.17 | | |
| 0.6 | |
|
X |
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v3.23.3
REVENUE (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF REVENUE BY REVENUE STREAM |
The
following table summarizes revenue by revenue stream for the three and nine months ended September 30:
SCHEDULE
OF REVENUE BY REVENUE STREAM
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Sequire platform revenue | |
$ | 5,306,000 | | |
$ | 6,888,000 | | |
$ | 19,225,000 | | |
$ | 17,879,000 | |
Conference revenue | |
| 3,000 | | |
| - | | |
| 1,305,000 | | |
| 390,000 | |
Other revenue | |
| - | | |
| - | | |
| - | | |
| 694,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
|
SCHEDULE OF REVENUE RECOGNIZED IN EXCHANGE FOR CUSTOMER SECURITIES AND CASH |
The
following table summarizes revenue recognized in exchange for customer securities and cash for the three and nine months ended September
30:
SCHEDULE
OF REVENUE RECOGNIZED IN EXCHANGE FOR CUSTOMER SECURITIES AND CASH
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Customer securities | |
$ | 4,589,000 | | |
$ | 6,409,000 | | |
$ | 16,663,000 | | |
$ | 15,035,000 | |
Cash | |
| 720,000 | | |
| 479,000 | | |
| 3,867,000 | | |
| 3,928,000 | |
Total revenue | |
$ | 5,309,000 | | |
$ | 6,888,000 | | |
$ | 20,530,000 | | |
$ | 18,963,000 | |
|
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v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE |
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE
| |
Balance as of September 30, 2022 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 21,121,000 | | |
$ | 2,164,000 | | |
$ | 9,483,000 | | |
$ | 9,474,000 | |
Designated assets marketable securities | |
| 221,000 | | |
| 105,000 | | |
| 116,000 | | |
| - | |
Contract assets | |
| 499,000 | | |
| 499,000 | | |
| - | | |
| - | |
Total assets | |
$ | 21,841,000 | | |
$ | 2,768,000 | | |
$ | 9,599,000 | | |
$ | 9,474,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
Total liabilities | |
$ | 1,045,000 | | |
$ | - | | |
$ | 1,045,000 | | |
$ | - | |
| |
Balance as of December 31, 2021 | | |
Quoted Price in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Marketable securities | |
$ | 15,617,000 | | |
$ | 6,134,000 | | |
$ | 2,448,000 | | |
$ | 7,035,000 | |
Designated assets marketable securities | |
| 3,925,000 | | |
| 259,000 | | |
| 3,666,000 | | |
| - | |
Contract assets | |
| 844,000 | | |
| - | | |
| - | | |
| 844,000 | |
Total assets | |
$ | 20,386,000 | | |
$ | 6,393,000 | | |
$ | 6,114,000 | | |
$ | 7,879,000 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Series A Preferred Stock | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
Total liabilities | |
$ | 3,925,000 | | |
$ | - | | |
$ | 3,925,000 | | |
$ | - | |
|
SCHEDULE OF FAIR VALUE AT ASSETS |
SCHEDULE
OF FAIR VALUE AT ASSETS
| |
Total | | |
Common Stock | | |
Convertible Debentures | | |
Preferred Stock | | |
Warrants | |
Balance as of December 31, 2021 | |
$ | 7,035,000 | | |
$ | 2,153,000 | | |
$ | 4,187,000 | | |
$ | 599,000 | | |
$ | 96,000 | |
Transfers | |
| (2,455,000 | ) | |
| (2,099,000 | ) | |
| (325,000 | ) | |
| (31,000 | ) | |
| - | |
Additions | |
| 2,419,000 | | |
| 481,000 | | |
| 938,000 | | |
| 1,000,000 | | |
| - | |
Sales proceeds | |
| (156,000 | ) | |
| (156,000 | ) | |
| - | | |
| - | | |
| - | |
Realized loss | |
| (60,000 | ) | |
| (60,000 | ) | |
| - | | |
| - | | |
| - | |
Current period change in fair value | |
| 2,691,000 | | |
| (238,000 | ) | |
| 4,429,000 | | |
| (1,467,000 | ) | |
| (33,000 | ) |
Balance as of September 30, 2022 | |
$ | 9,474,000 | | |
$ | 81,000 | | |
$ | 9,229,000 | | |
$ | 101,000 | | |
$ | 63,000 | |
|
SCHEDULE OF FAIR VALUE ASSETS SIGNIFICANT UNOBSERVABLE INPUTS |
SCHEDULE
OF FAIR VALUE ASSETS SIGNIFICANT UNOBSERVABLE INPUTS
Assets | |
Valuation Technique | |
Unobservable inputs | |
Range | |
Common stocks | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 32.3 | % |
| |
| |
| |
| | |
Convertible preferred stock | |
Put option pricing model | |
Discount for lack of marketability | |
| 0% - 54 | % |
| |
| |
| |
| | |
Convertible debt | |
Discounted cash flow | |
Maturity | |
| 0 - 28 months | |
| |
| |
Risk adjusted discount factor | |
| 17.3 | % |
| |
Option pricing model | |
Volatility | |
| 64% - 224 | % |
| |
| |
Risk-free interest rate | |
| 2.27% - 2.96 | % |
| |
| |
Dividend yield | |
| 0 | % |
| |
| |
Time to Maturity | |
| 0 – 28 months | |
|
X |
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v3.23.3
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- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Product Information [Line Items] |
|
|
|
|
|
FDIC amount |
$ 250,000
|
|
$ 250,000
|
|
|
Excess of federal insurance limit |
0
|
|
0
|
|
$ 1,098,000
|
Marketable securities |
21,121,000
|
|
21,121,000
|
|
15,617,000
|
Allowance for doubtful accounts |
69,000
|
|
69,000
|
|
$ 130,000
|
Impairment of goodwill |
|
|
10,200,000
|
|
|
Impairment of intangibles |
|
|
$ 1,481,000
|
|
|
Potentially Diluted Basic in Future [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Anti diluted net income securities |
911,868
|
11,867,520
|
911,868
|
11,867,520
|
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Concentration risk percentage |
|
|
|
|
11.00%
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.23.3
SCHEDULE OF DECONSOLIDATION OF BUSINESS (Details)
|
Dec. 29, 2021
USD ($)
|
Discontinued Operations and Disposal Groups [Abstract] |
|
Fair value of Series D Stock and Common stock |
$ 31,000
|
Carrying amount of non-controlling interest of BIGToken |
6,045,000
|
Previous equity adjustments of non-controlling interest |
(12,510,000)
|
Total consolidations |
(6,434,000)
|
Book basis of investment in BIGToken |
4,250,000
|
Loss on disposal of subsidiary |
$ (10,684,000)
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v3.23.3
SCHEDULE OF ASSET AND LIABILITIES INCOME FROM DISCONTINUE OPERATIONS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
Revenues |
|
$ 765,000
|
|
$ 2,469,000
|
Cost of revenues |
|
207,000
|
|
715,000
|
Employee related costs |
|
988,000
|
|
2,649,000
|
Marketing and selling expenses |
|
372,000
|
|
861,000
|
Platform costs |
|
78,000
|
|
245,000
|
Depreciation and amortization |
|
101,000
|
|
412,000
|
General and administrative expenses |
|
1,078,000
|
|
3,483,000
|
Total cost and expenses |
|
2,824,000
|
|
8,365,000
|
Loss from operations |
|
(2,059,000)
|
|
(5,896,000)
|
Deemed dividend on preferred stock |
|
|
|
(5,859,000)
|
Total other expense |
|
|
|
(5,859,000)
|
Loss from discontinued operations before income tax expense |
|
(2,059,000)
|
|
(11,755,000)
|
Income tax expense |
|
|
|
|
Loss from discontinued operations |
|
$ (2,059,000)
|
|
$ (11,755,000)
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v3.23.3
DISCONTINUED OPERATIONS (Details Narrative) - USD ($) $ in Millions |
|
|
3 Months Ended |
|
|
|
Dec. 29, 2021 |
Sep. 27, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Feb. 04, 2021 |
Issuance of acquisition shares description |
BIGToken (formerly FPVD) completed a merger transaction with BritePool, Inc. (“BritePool”) (the “Merger”)
resulting in the Company’s ownership in BIGToken being reduced from 66% to approximately 4.99%.
|
|
|
|
|
|
Shares issued for cash, shares |
220,000
|
|
|
|
|
|
Loss on sale of equity investments |
$ 10.7
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Conversion of stock shares converted |
13,692,304,136
|
|
|
|
|
|
Issued and outstanding of common stock |
4.99%
|
|
|
|
|
|
Shares issued for cash, shares |
|
|
53,616
|
|
|
|
Force Protection Video Equipment Corp [Member] | Minimum [Member] |
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
88.90%
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
36,462,417
|
36,462,417
|
|
Preferred stock, shares outstanding |
|
25,160,504
|
|
36,462,417
|
36,462,417
|
|
Shares issued for cash, shares |
|
36,462,417
|
|
|
|
|
Series D Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Conversion of stock shares converted |
22,162
|
|
|
|
|
|
Exchange Agreement [Member] | Force Protection Video Equipment Corp [Member] | Maximum [Member] |
|
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
|
100.00%
|
Force Protection Video Equipment Corp [Member] | Exchange Agreement [Member] |
|
|
|
|
|
|
Business acquisition percentage |
|
|
|
|
|
100.00%
|
Common stock, shares issued |
|
|
|
|
|
149,562,566,534
|
Common stock, shares outstanding |
|
|
|
|
|
149,562,566,534
|
Force Protection Video Equipment Corp [Member] | Exchange Agreement [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
5,000,000
|
Preferred stock, shares outstanding |
|
|
|
|
|
5,000,000
|
Brite Pool Inc [Member] |
|
|
|
|
|
|
Stock issued during period shares acquisitions |
183,445,351,631
|
|
|
|
|
|
Exchanged number of shares for common stock |
149,562,566,534
|
|
|
|
|
|
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v3.23.3
NOTES RECEIVABLE (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
Oct. 31, 2020 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Receivables [Abstract] |
|
|
|
|
Repurchase price |
$ 8,000,000
|
$ 900,000
|
|
|
Price paid for units |
7,000,000
|
|
|
|
Additional repurchase price |
1,000,000
|
|
|
|
Deferred payments |
1,000,000
|
|
|
|
Implied discount |
$ 107,000
|
|
|
|
Notes receivable amortized period |
amortized over 3 years
|
|
|
|
Payment for one time offer to settlement |
|
900,000
|
|
|
Notes receivable |
|
|
|
$ 935,000
|
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v3.23.3
SCHEDULE OF MARKETABLE SECURITIES (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Balances at beginning of year |
|
|
$ 15,617,000
|
|
Transfers |
|
|
|
|
Additions |
|
|
15,943,000
|
|
Sales proceeds |
|
|
(3,385,000)
|
|
Realized loss |
$ (286,000)
|
$ 286,000
|
(6,521,000)
|
$ 1,095,000
|
Current period change in fair value |
|
|
(533,000)
|
|
Balances at ending of year |
21,121,000
|
|
21,121,000
|
|
Convertible Debentures [Member] |
|
|
|
|
Balances at beginning of year |
|
|
4,187,000
|
|
Transfers |
|
|
(325,000)
|
|
Additions |
|
|
937,000
|
|
Sales proceeds |
|
|
|
|
Realized loss |
|
|
|
|
Current period change in fair value |
|
|
4,429,000
|
|
Balances at ending of year |
9,228,000
|
|
9,228,000
|
|
Common Stock [Member] |
|
|
|
|
Balances at beginning of year |
|
|
10,735,000
|
|
Transfers |
|
|
356,000
|
|
Additions |
|
|
14,006,000
|
|
Sales proceeds |
|
|
(3,385,000)
|
|
Realized loss |
|
|
(6,521,000)
|
|
Current period change in fair value |
|
|
(3,462,000)
|
|
Balances at ending of year |
11,729,000
|
|
11,729,000
|
|
Preferred Stock [Member] |
|
|
|
|
Balances at beginning of year |
|
|
599,000
|
|
Transfers |
|
|
(31,000)
|
|
Additions |
|
|
1,000,000
|
|
Sales proceeds |
|
|
|
|
Realized loss |
|
|
|
|
Current period change in fair value |
|
|
(1,467,000)
|
|
Balances at ending of year |
101,000
|
|
101,000
|
|
Warrant [Member] |
|
|
|
|
Balances at beginning of year |
|
|
96,000
|
|
Transfers |
|
|
|
|
Additions |
|
|
|
|
Sales proceeds |
|
|
|
|
Realized loss |
|
|
|
|
Current period change in fair value |
|
|
(33,000)
|
|
Balances at ending of year |
$ 63,000
|
|
$ 63,000
|
|
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MARKETABLE SECURITIES (Details Narrative) - USD ($)
|
|
9 Months Ended |
|
Feb. 15, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Product Information [Line Items] |
|
|
|
Marketable securities |
|
$ 21,121,000
|
$ 15,617,000
|
Marketable securities, current |
|
2,918,000
|
15,617,000
|
Marketable securities, noncurrent |
|
18,203,000
|
|
Proceed from sale and maturity of marketable securities |
|
3,400,000
|
|
Sale of securities |
|
9,900,000
|
|
Gain on marketable securities |
|
6,500,000
|
|
Big Token Inc [Member] | Safe Agreement [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Proceeds for payment from Investments |
$ 1,000,000
|
|
|
Investments |
|
0
|
|
Customer Concentration Risk [Member] | Marketable Securities [Member] | Top Marketable Security [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Marketable securities |
|
$ 2,300,000
|
|
Concentration Risk, Percentage |
|
11.00%
|
|
Customer Concentration Risk [Member] | Marketable Securities [Member] | Top Five Marketable Security [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Marketable securities |
|
$ 8,700,000
|
|
Concentration Risk, Percentage |
|
41.00%
|
|
Customer Concentration Risk [Member] | Marketable Securities [Member] | Top Ten Marketable Security [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Marketable securities |
|
$ 13,000,000.0
|
|
Concentration Risk, Percentage |
|
61.00%
|
|
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SCHEDULE OF MARKETABLE EQUITY SECURITY ACTIVITY IN DESIGNATED ASSETS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Balances at beginning of year |
|
|
$ 15,617,000
|
|
Sales proceeds |
|
|
|
$ (429,000)
|
Realized loss |
$ (286,000)
|
$ 286,000
|
(6,521,000)
|
$ 1,095,000
|
Balances at ending of year |
21,121,000
|
|
21,121,000
|
|
Designated Assets [Member] |
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Balances at beginning of year |
|
|
3,239,000
|
|
Sales proceeds |
|
|
(505,000)
|
|
Realized loss |
|
|
(1,803,000)
|
|
Change in fair value of designated assets |
|
|
(710,000)
|
|
Balances at ending of year |
$ 221,000
|
|
$ 221,000
|
|
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DESIGNATED ASSETS FOR RETURN OF CAPITAL (Details Narrative) - USD ($)
|
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Sale of marketable securities |
$ 3,400,000
|
|
Marketable Securities |
3,385,000
|
$ 7,144,000
|
Designated Assets [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Sale of marketable securities |
500,000
|
|
Marketable Securities |
2,300,000
|
|
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$ 1,800,000
|
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v3.23.3
SALES AND PURCHASE OF ACCOUNTS RECEIVABLE AND SHORT TERM FINANCINGS (Details Narrative) - USD ($)
|
6 Months Ended |
9 Months Ended |
12 Months Ended |
Jun. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Borrowings outstanding |
|
$ 0
|
$ 633,000
|
|
Other current liabilities |
|
844,000
|
763,000
|
|
PIPE Technologies [Member] |
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Right to future subscription revenues |
|
|
625,000
|
|
Subscription revenues |
|
|
$ 576,000
|
|
Third Party Lenders Agreement [Member] |
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Secured debt |
$ 4,170,000
|
|
|
|
Proceeds from issuance of secured debt |
$ 3,044,000
|
|
|
|
CVR Agreement [Member] |
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Other current liabilities |
|
613,000
|
|
|
CVR Agreement [Member] | Institutional Investor [Member] |
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
Purchase price |
|
$ 405,000
|
|
|
Debt instrument, description |
|
the investor received (i) the right to receive the net proceeds upon the sale of certain marketable securities
held by the Company with a guaranteed minimum return of 120% of such Purchase Price or $486,000 and (ii) the right after 90 days but
before 120 days to demand payment of 120% of the Purchase Price in cash less amounts previously paid from the sales of such securities.
|
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Debentures [Member] |
|
|
|
|
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|
|
|
Converted debt |
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|
|
$ 788,000
|
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v3.23.3
SCHEDULE OF OID CONVERTIBLE DEBENTURES (Details) - USD ($)
|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Principal |
$ 1,267,000
|
|
|
Debt discount |
(70,000)
|
|
|
Net book value |
1,197,000
|
|
|
Principal |
1,146,000
|
$ 1,267,000
|
|
Debt discount |
(52,000)
|
(70,000)
|
|
Net book value |
1,094,000
|
1,197,000
|
|
Principal |
1,146,000
|
1,267,000
|
|
Debt discount |
(52,000)
|
(70,000)
|
|
Net book value |
1,094,000
|
1,197,000
|
|
Issuance During the Year [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal |
|
1,267,000
|
$ 1,267,000
|
Debt discount |
|
(86,000)
|
(103,000)
|
Net book value |
|
1,181,000
|
1,164,000
|
Principal |
|
|
1,267,000
|
Debt discount |
|
|
(86,000)
|
Net book value |
|
|
1,181,000
|
Principal |
|
|
1,267,000
|
Debt discount |
|
|
(86,000)
|
Net book value |
|
|
1,181,000
|
Amortization [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal |
|
|
|
Debt discount |
16,000
|
17,000
|
|
Net book value |
16,000
|
17,000
|
|
Principal |
|
|
|
Debt discount |
18,000
|
16,000
|
17,000
|
Net book value |
18,000
|
16,000
|
17,000
|
Principal |
|
|
|
Debt discount |
18,000
|
16,000
|
17,000
|
Net book value |
18,000
|
$ 16,000
|
$ 17,000
|
Principal Adjustments [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal |
74,000
|
|
|
Debt discount |
|
|
|
Net book value |
74,000
|
|
|
Principal |
74,000
|
|
|
Debt discount |
|
|
|
Net book value |
74,000
|
|
|
Repayments [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal |
(195,000)
|
|
|
Debt discount |
|
|
|
Net book value |
(195,000)
|
|
|
Principal |
(195,000)
|
|
|
Debt discount |
|
|
|
Net book value |
$ (195,000)
|
|
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v3.23.3
OID CONVERTIBLE NOTE(S) PAYABLE (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
9 Months Ended |
|
Jul. 01, 2022 |
Jun. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrant to purchase common stock, shares |
|
|
|
6,309,186
|
|
|
Warrants exercise price per share |
|
|
|
$ 3.17
|
|
|
Warrants issuance |
|
|
|
|
$ 4,774,000
|
|
Holders [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Principal amount |
$ 1,197,000
|
$ 1,197,000
|
$ 1,197,000
|
|
|
|
Debt instrument, description |
(i) extend the maturity date of the Debentures until June 30, 2023 and (ii) extend
the first date that monthly redemptions are required to be made by the Company to begin on January 1, 2023 (the “Debenture Extension”).
As consideration for the Debenture Extension, the Company increased the principal amount outstanding on the Debentures by five percent
(5%). Additionally, the holders of the Debentures have the unilateral right to extend the maturity date and monthly redemption period
by an additional six (6) month period at any time prior to January 1, 2023 for an additional five percent (5%) to be added to the outstanding
principal of such Debentures.
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Placement Agent [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Proceeds from warrants percentage |
|
|
|
8.00%
|
|
|
OID Convertible Debentures [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Principal amount |
|
16,101,000
|
16,101,000
|
|
|
|
Debt discount |
|
$ 14,169,000
|
$ 14,169,000
|
|
|
|
Original issue discount percentage |
|
12.00%
|
12.00%
|
|
|
|
Warrant to purchase common stock, shares |
|
6,440,561
|
6,440,561
|
|
|
|
Proceeds from warrants exercise |
|
$ 13,000,000
|
$ 13,000,000
|
|
|
|
Outstanding loan |
|
1,169,000
|
$ 1,169,000
|
|
|
|
Proceeds from notes payable |
|
$ 9,100,000
|
|
|
|
|
Interest rate |
|
|
|
|
|
12.00%
|
Maturity date, description |
|
|
|
The Debentures had an original maturity date of December 31,
2021 but were extended three times and now mature on June 30, 2023
|
|
|
Debt instrument, convertible, conversion price |
|
$ 2.69
|
$ 2.69
|
|
|
|
Warrant or right, reason for issuance, description |
|
|
Pursuant
to the terms of the Debentures and Warrants, a Purchaser will not have the right to convert any portion of the Debentures or exercise
any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99% (at the Purchaser’s
option) of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or exercise, as such percentage
ownership is determined in accordance with the terms of the Debentures and the Warrants; provided that at the election of a holder and
notice to us such percentage ownership limitation may be increased to 9.99%; provided that any increase will not be effective until the
61st day after such notice is delivered from the holder to the Company.
|
|
|
|
Debt instrument, description |
|
|
Subject
to the Company’s compliance with certain conditions, upon ten trading days’ notice to the Purchasers, the Company has the
right to redeem the Debentures in cash at 115% of their outstanding principal, plus accrued interest. Additionally, in the event that
the Company (i) sells or reprices any securities (each, a “Redemption Financing”), or (ii) disposes of assets (except those
sold or transferred in the ordinary course of business) (each, an “Asset Sale”), then the Purchasers shall have the right
to (a) in the event of a Redemption Financing at a price per Common Stock equivalent of $2.50 or less per share, the Purchasers may mandate
that 100% of the proceeds be used to redeem the Debentures (b) in the event of a Redemption Financing at a price per Common Stock equivalent
of greater than $2.50 per share, the Purchasers may mandate that up to 50% of the proceeds be used to redeem the Debentures, and (c)
in the event of an Asset Sale, the Purchasers may mandate that up to 100% of the proceeds be used to redeem the Debentures.
|
|
|
|
Debt instrument, restrictive covenants |
|
|
The Company is also prohibited from certain activities
(unless waived by 67% of the then outstanding Purchasers, and including the lead Purchaser), including but not limited to, the creation
of certain debt obligations, liens on Company assets, amending its charter documents, repayment or repurchase of securities or certain
debt of the Company, or the payment of dividends.
|
|
|
|
Warrants exercise price per share |
|
$ 2.50
|
$ 2.50
|
|
|
|
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrants exercise price per share |
|
|
|
$ 3.3625
|
|
|
Warrants issuance |
|
|
|
$ 360,000
|
|
|
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Placement Agent [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrant to purchase common stock, shares |
|
|
|
478,854
|
|
|
Payments of debt issuance costs |
|
|
|
$ 1,040,000
|
|
|
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v3.23.3
SCHEDULE OF SENIOR SECURED REVOLVING CREDIT FACILITY RELATED ACTIVITY (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Line of Credit Facility [Line Items] |
|
|
|
Loan proceeds |
|
$ 4,686,000
|
|
Amortization of debt discount |
|
154,000
|
$ 799,000
|
Revolving Credit Facility [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Line of credit, principal amount |
|
|
|
Line of credit, net amount |
|
|
|
Loan proceeds |
6,128,000
|
|
|
Original issue debt discount |
(750,000)
|
|
|
Repayments of line of credit |
(4,000)
|
|
|
Amortization of debt discount |
104,000
|
|
|
Line of credit, principal amount |
6,124,000
|
6,124,000
|
|
Debt discount |
(646,000)
|
|
|
Line of credit, net amount |
$ 5,478,000
|
$ 5,478,000
|
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.23.3
SENIOR SECURED REVOLVING CREDIT FACILITY (REVOLVING NOTE) (Details Narrative) - USD ($)
|
Aug. 08, 2022 |
Jul. 01, 2022 |
Dec. 29, 2021 |
Jun. 30, 2020 |
Nov. 29, 2018 |
Oct. 27, 2017 |
Sep. 30, 2022 |
Jul. 31, 2022 |
Jun. 30, 2022 |
Warrant to purchase common stock, shares |
|
|
|
|
|
|
6,309,186
|
|
|
Number of shares issued |
|
|
220,000
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
Warrant to purchase common stock, shares |
|
|
|
|
|
|
203,926
|
31,872
|
203,926
|
Warrant [Member] | Security Agreements [Member] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
1,313,636
|
166,667
|
480,028
|
|
|
|
Warrant [Member] | Security Agreements [Member] | Tranche One [Member] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
480,027
|
|
|
|
|
Senior Secured Revolving Credit Facility [Member] | Institutional Investor [Member] |
|
|
|
|
|
|
|
|
|
Line of credit facility, current borrowing capacity |
$ 9,450,000
|
|
|
|
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 5,500,000
|
|
|
|
|
|
|
|
|
Warrant to purchase common stock, shares |
2,590,358
|
|
|
|
|
|
|
|
|
Expiration date |
Sep. 30, 2023
|
|
|
|
|
|
|
|
|
Credit facility, description |
The
principal balance of each Revolving Note will reflect an original issue discount of ten percent (10%); provided that beginning on the
date that is twelve (12) months from the Effective Date, such original issue discount will increase to twelve percent (12%) in the event
the Prime borrowing rate increases to 6.75%, and 18% in the event of default. The Revolving Note have a maturity date of the earlier
of (i) twenty-four (24) months from the Effective Date or (ii) the occurrence of an event of default, as described in the Loan Documents.
|
|
|
|
|
|
|
|
|
Conversion, description |
The
Revolving Note is initially convertible into shares of Common Stock at a conversion price of $15.00 per share (“Conversion Price”).
The Conversion Price is subject to adjustment in the event of stock splits, dividends, fundamental transactions and certain future sales
of the Company’s Common Stock.
|
|
|
|
|
|
|
|
|
Number of shares issued |
33,000
|
|
|
|
|
|
|
|
|
Senior Secured Revolving Credit Facility [Member] | Lender [Member] |
|
|
|
|
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 5,580,000
|
|
|
|
|
|
|
|
|
Line of credit facility, additional borrowing value |
4,930,000
|
|
|
|
|
|
|
|
|
Senior Secured Revolving Credit Facility [Member] | Lender [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Line of credit facility, additional borrowing value |
3,870,000
|
|
|
|
|
|
|
|
|
Bridge Note [Member] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 650,000
|
|
|
|
|
|
|
|
Debt amount |
|
$ 500,000
|
|
|
|
|
|
|
|
Maturity date |
|
Aug. 15, 2022
|
|
|
|
|
|
|
|
Bridge Note [Member] | Senior Secured Revolving Credit Facility [Member] | Lender [Member] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 650,000
|
|
|
|
|
|
|
|
|
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v3.23.3
COMMON AND PREFERRED STOCK (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Jan. 02, 2022 |
Dec. 29, 2021 |
Sep. 27, 2021 |
Jul. 31, 2022 |
Jan. 31, 2022 |
Aug. 31, 2021 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 20, 2021 |
Feb. 21, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash, shares |
|
220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares exercised |
|
|
|
|
|
|
|
|
|
|
|
427,667
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right |
|
|
|
|
|
|
6,309,186
|
|
|
|
|
6,309,186
|
|
|
|
Warrant to purchase common stock, shares |
|
|
|
|
|
|
|
|
1,710,078
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash, shares |
|
|
|
|
|
|
|
|
|
53,616
|
|
|
|
|
|
Number of shares exercised |
|
|
|
|
|
|
31,872
|
|
|
|
|
|
|
|
|
Stock issued during warrants exercise |
|
|
|
|
|
|
|
8,401
|
|
|
|
8,401
|
|
|
|
Stock issued during warrants exercise value |
|
|
|
|
|
|
|
$ 32,000
|
|
|
|
$ 32,000
|
|
|
|
Stock issued during period, shares, conversion of convertible securities |
|
|
|
|
|
|
|
|
730,616
|
2,041,551
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right |
|
|
|
31,872
|
|
|
203,926
|
203,926
|
|
|
203,926
|
203,926
|
|
|
|
Stock issued during warrants exercise |
|
|
|
100,000
|
|
|
|
697,574
|
|
|
|
697,574
|
|
|
|
Stock issued during warrants exercised on cashless basis |
|
|
|
|
|
|
|
689,173
|
|
|
|
689,173
|
|
|
|
Warrant to purchase common stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,545,440
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock authorized |
|
|
|
|
|
|
50,000,000
|
|
|
|
|
50,000,000
|
|
|
|
Share Buy-Back Program [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of repurchased shares |
|
|
|
|
|
|
|
|
|
|
0
|
|
155,000
|
|
|
Number of repurchased value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 793,000
|
|
|
Remaining authorization for future common shares repurchases |
|
|
|
|
|
|
|
$ 9,200,000
|
|
|
$ 9,200,000
|
|
|
|
|
At the Market Sales Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock |
|
|
|
|
|
|
|
|
|
|
|
|
53,616
|
|
|
Sale of stock, consideration received on transaction |
|
|
|
|
|
|
|
|
|
|
|
|
$ 284,000
|
|
|
Chief Executive Officer [Member] | Equity Compensation Plans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash, shares |
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares withheld to cashless exercise |
57,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares withheld for tax withholding |
16,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
26,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Executive Employees [Member] | Equity Compensation Plans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares withheld to cashless exercise |
|
|
|
|
161,938
|
|
|
|
|
|
|
|
|
|
|
Number of shares exercised |
|
|
|
|
227,667
|
|
|
|
|
|
|
|
|
|
|
Non Executive Employees [Member] | Equity Compensation Plans [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash, shares |
|
|
|
|
65,729
|
|
|
|
|
|
|
|
|
|
|
Class A common stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares authorized |
|
|
|
|
|
|
250,000,000
|
|
|
|
|
250,000,000
|
|
|
|
Common stock par value |
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
$ 0.001
|
|
|
|
Class A common stock [Member] | Board of Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
Class B Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares authorized |
|
|
|
|
|
|
9,000,000
|
|
|
|
|
9,000,000
|
|
|
|
Common stock par value |
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
$ 0.001
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash, shares |
|
|
36,462,417
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock authorized |
|
|
|
|
|
|
36,462,417
|
|
|
|
|
36,462,417
|
36,462,417
|
|
|
Preferred stock par value |
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
$ 0.001
|
|
|
|
Dividend description |
|
|
the Company issued a one-time dividend of 36,462,417 shares of series A preferred stock (“Preferred Stock”)
to certain Qualified Recipients (the “Dividend”). The preferred stock entitles the Qualified Recipients with the right to
receive the net proceeds from sales of certain marketable securities that the Company received through its Sequire Platform services.
See Note 6 – Designated Assets for Return of Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
25,160,504
|
|
|
|
36,462,417
|
|
|
|
|
36,462,417
|
36,462,417
|
|
|
Warrant to purchase common stock, shares |
|
|
10,327,645
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of convertible securities |
|
|
$ 2,486,275
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, conversion of convertible securities |
|
|
974,268
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
36,462,417
|
|
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v3.23.3
SCHEDULE OF STOCK OPTION ACTIVITY (Details)
|
9 Months Ended |
12 Months Ended |
|
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Jan. 06, 2022 |
Jan. 03, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Option Shares, Outstanding Beginning balance | shares |
1,334,287
|
|
|
|
Weighted Average Exercise Price, Outstanding Beginning balance |
$ 3.02
|
|
|
|
Weighted Average Remaining Contractual Term (Years), Outstanding Ending balance |
4 years 1 month 6 days
|
2 years 4 months 24 days
|
|
|
Aggregate Intrinsic Value, Outstanding Beginning balance | $ |
|
|
|
|
Option of Shares, Granted | shares |
718,132
|
|
|
|
Weighted Average Execise Price, Granted |
$ 4.27
|
|
|
|
Weighted Average Remaining Contractual Term (Years), Granted |
5 years 2 months 12 days
|
|
|
|
Aggregate Intrinsic Value, Granted |
|
|
|
|
Option of Shares, Exercised | shares |
(427,667)
|
|
|
|
Weighted Average Execise Price, Exercised |
$ 3.21
|
|
|
|
Aggregate Intrinsic Value, Exercised | $ |
|
|
|
|
Option of Shares, Forfeited | shares |
(110,000)
|
|
|
|
Weighted Average Execise Price, Forfeited |
$ 3.42
|
|
|
|
Options of Shares, Outstanding Ending balance | shares |
1,514,752
|
1,334,287
|
|
|
Weighted Average Execise Price, Outstanding Ending balance |
$ 3.53
|
$ 3.02
|
|
|
Aggregate Intrinsic Value, Outstanding Ending balance | $ |
|
|
|
|
Options of Shares, Exercisable Ending balance | shares |
756,486
|
|
|
|
Weighted Average Execise Price, Exercisable Ending balance |
$ 3.30
|
|
|
|
Weighted Average Remaining Contractual Term (Years), Exercisable Ending balance |
3 years 10 months 24 days
|
|
|
|
Aggregate Intrinsic Value, Exercisable Ending balance | $ |
|
|
|
|
Share-Based Payment Arrangement, Option [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
4.4
|
5.0
|
Share-Based Payment Arrangement, Option [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
1.55
|
1.55
|
Share-Based Payment Arrangement, Option [Member] | Measurement Input, Option Volatility [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
90.0
|
90.0
|
Share-Based Payment Arrangement, Option [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
|
|
Stock Option One [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
3.4
|
|
Stock Option One [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
1.60
|
|
Stock Option One [Member] | Measurement Input, Option Volatility [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Equity Securities, FV-NI, Measurement Input |
|
|
90.0
|
|
Stock Option One [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
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|
|
|
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v3.23.3
SUMMARY OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - $ / shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2022 |
Dec. 31, 2021 |
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
4,157,692
|
|
Weighted average exercise price |
$ 3.17
|
|
Weighted average exercise price |
4 years 1 month 6 days
|
2 years 4 months 24 days
|
Warrant One [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
1,375,455
|
|
Weighted average exercise price |
$ 2.50
|
|
Weighted average exercise price |
1 year
|
|
Warrant Two [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
1,160,056
|
|
Weighted average exercise price |
$ 3.00
|
|
Weighted average exercise price |
1 year
|
|
Warrant Three [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
478,854
|
|
Weighted average exercise price |
$ 3.36
|
|
Weighted average exercise price |
1 month 6 days
|
|
Warrant Four [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
1,047,778
|
|
Weighted average exercise price |
$ 4.00
|
|
Weighted average exercise price |
0 years
|
|
Warrant Five [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
17,749
|
|
Weighted average exercise price |
$ 4.50
|
|
Weighted average exercise price |
1 year 10 months 24 days
|
|
Warrant Six [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Warrant shares |
77,800
|
|
Weighted average exercise price |
$ 5.00
|
|
Weighted average exercise price |
1 year 6 months
|
|
Warrant [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Weighted average exercise price |
7 months 6 days
|
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v3.23.3
EQUITY COMPENSATION PLANS AND WARRANTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Jan. 06, 2022 |
Jan. 03, 2022 |
Jan. 02, 2022 |
Dec. 29, 2021 |
Feb. 21, 2021 |
Jun. 30, 2020 |
Nov. 29, 2018 |
Oct. 27, 2017 |
Jul. 31, 2022 |
Jan. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares exercised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427,667
|
|
Shares issued upon exercise of warrants |
|
|
|
|
|
|
|
|
|
|
6,309,186
|
|
|
|
6,309,186
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
$ 281,000
|
|
|
|
$ (231,000)
|
$ 757,000
|
Stock-based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
$ 253,000
|
|
908,000
|
$ 757,000
|
Share based compensation benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,139,000
|
|
Cumulative adjustment to reverse stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,139,000
|
|
Unrecognized compensation expenses |
|
|
|
|
|
|
|
|
|
|
$ 1,835,000
|
|
|
|
$ 1,835,000
|
|
Weighted average remaining contractual term (years) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 years 3 months 18 days
|
|
Warrant expired shares |
|
|
|
|
|
|
|
|
|
|
76,190
|
|
|
|
5,177,327
|
|
Warrant modification expense |
|
|
|
|
|
|
|
|
|
|
$ 1,788,000
|
|
|
|
|
|
Number of common stock and warrants shares |
|
|
|
|
|
|
|
|
|
|
|
|
1,710,078
|
|
|
1,710,078
|
Class of warrant or right, exercise price of warrants or rights |
|
|
|
|
|
|
|
|
|
|
$ 3.17
|
|
|
|
$ 3.17
|
|
Proceeds from issuance of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,774,000
|
Fair value of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,788,000
|
|
Warrants cancelled during the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
349,197
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
53,616
|
|
|
Number of shares exercised |
|
|
|
|
|
|
|
|
|
|
31,872
|
|
|
|
|
|
Stock issued during warrants exercise |
|
|
|
|
|
|
|
|
|
|
|
8,401
|
|
|
8,401
|
|
Stock issued during warrants exercise value |
|
|
|
|
|
|
|
|
|
|
|
$ 32,000
|
|
|
$ 32,000
|
|
Warrant modification expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Security Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
1,363,636
|
166,667
|
530,028
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Security Agreements [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
1,313,636
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Security Agreements [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
166,667
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Security Agreements [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
480,027
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Security Agreements [Member] | Share Based Compensation Award Tranche Four [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
480,028
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued upon exercise of warrants |
|
|
|
|
|
|
|
|
31,872
|
|
203,926
|
203,926
|
|
|
203,926
|
|
Stock issued during warrants exercise |
|
|
|
|
|
|
|
|
100,000
|
|
|
697,574
|
|
|
697,574
|
|
Stock issued during warrants exercised on cashless basis |
|
|
|
|
|
|
|
|
|
|
|
689,173
|
|
|
689,173
|
|
Number of common stock and warrants shares |
|
|
|
|
4,545,440
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
|
$ 11,022,000
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from warrant exercises |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,953,000
|
|
Warrant [Member] | Security Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
1,313,636
|
166,667
|
480,028
|
|
|
|
|
|
|
|
|
New Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock and warrants shares |
|
|
|
|
4,545,440
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right, exercise price of warrants or rights |
|
|
|
|
$ 7.50
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
Jan. 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 0.125
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
|
$ 568,000
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from warrant exercises |
|
|
|
|
11,363,000
|
|
|
|
|
|
|
|
|
|
|
|
Solicitation fees |
|
|
|
|
909,000
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of warrants |
|
|
|
|
$ 7,737,000
|
|
|
|
|
|
|
|
|
|
|
|
Implied volatility |
|
|
|
|
96.00%
|
|
|
|
|
|
|
|
|
|
|
|
Risk free equivalent yield |
|
|
|
|
11.00%
|
|
|
|
|
|
|
|
|
|
|
|
Stock price per share |
|
|
|
|
$ 5.83
|
|
|
|
|
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares withheld to cashless exercise |
|
|
57,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares withheld for tax withholding |
|
|
16,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
|
|
26,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
7 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
$ 356,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Nonemployee Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
29,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
|
$ 4.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
|
$ 128,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
|
7 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Non Executive Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares withheld to cashless exercise |
|
|
|
|
|
|
|
|
|
161,938
|
|
|
|
|
|
|
Number of shares exercised |
|
|
|
|
|
|
|
|
|
227,667
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Non Executive Employees [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
65,729
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
7 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
$ 296,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Employee [Member] | Conditional Grant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
$ 55,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Compensation Plans [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
7 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
$ 296,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock [Member] | Equity Compensation Plans [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock reserved for issuance |
|
|
|
|
|
|
|
|
|
|
228,000
|
|
|
|
228,000
|
|
Class A common stock [Member] | Equity Compensation Plans [Member] | Non Executive Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price |
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option vesting period |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option expire period |
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of option grant date, value |
$ 1,038,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate execise amount |
380,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF REVENUE BY REVENUE STREAM (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 5,309,000
|
$ 6,888,000
|
$ 20,530,000
|
$ 18,963,000
|
Sequire Platform Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
5,306,000
|
6,888,000
|
19,225,000
|
17,879,000
|
Conference Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
3,000
|
|
1,305,000
|
390,000
|
Other Revenues [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
|
|
|
$ 694,000
|
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v3.23.3
SCHEDULE OF REVENUE RECOGNIZED IN EXCHANGE FOR CUSTOMER SECURITIES AND CASH (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 5,309,000
|
$ 6,888,000
|
$ 20,530,000
|
$ 18,963,000
|
Customer Securities [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
4,589,000
|
6,409,000
|
16,663,000
|
15,035,000
|
Revenue Cash [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 720,000
|
$ 479,000
|
$ 3,867,000
|
$ 3,928,000
|
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v3.23.3
SCHEDULE OF ASSETS MEASURED AT FAIR VALUE (Details) - USD ($)
|
Sep. 30, 2022 |
Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
$ 21,841,000
|
$ 20,386,000
|
Liabilities, Fair Value Disclosure |
1,045,000
|
3,925,000
|
Series A Preferred Stock [Member] | Preferred Stock [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Liabilities, Fair Value Disclosure |
1,045,000
|
3,925,000
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
2,768,000
|
6,393,000
|
Liabilities, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Series A Preferred Stock [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Liabilities, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
9,599,000
|
6,114,000
|
Liabilities, Fair Value Disclosure |
1,045,000
|
3,925,000
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Series A Preferred Stock [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Liabilities, Fair Value Disclosure |
1,045,000
|
3,925,000
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
9,474,000
|
7,879,000
|
Liabilities, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Series A Preferred Stock [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Liabilities, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Marketable Securities [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
21,121,000
|
15,617,000
|
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
2,164,000
|
6,134,000
|
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
9,483,000
|
2,448,000
|
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
9,474,000
|
7,035,000
|
Fair Value, Recurring [Member] | Designated assets marketable securities [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
221,000
|
3,925,000
|
Fair Value, Recurring [Member] | Designated assets marketable securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
105,000
|
259,000
|
Fair Value, Recurring [Member] | Designated assets marketable securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
116,000
|
3,666,000
|
Fair Value, Recurring [Member] | Designated assets marketable securities [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Contracts Assets [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
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|
844,000
|
Fair Value, Recurring [Member] | Contracts Assets [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
499,000
|
|
Fair Value, Recurring [Member] | Contracts Assets [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
|
|
Fair Value, Recurring [Member] | Contracts Assets [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Assets, Fair Value Disclosure |
|
$ 844,000
|
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v3.23.3
SCHEDULE OF FAIR VALUE AT ASSETS (Details) - Fair Value, Inputs, Level 3 [Member]
|
9 Months Ended |
Sep. 30, 2022
USD ($)
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2021 |
$ 7,035,000
|
Transfers |
(2,455,000)
|
Additions |
2,419,000
|
Sales proceeds |
(156,000)
|
Realized loss |
(60,000)
|
Current period change in fair value |
2,691,000
|
Balance as of September 30, 2022 |
9,474,000
|
Common Stock [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2021 |
2,153,000
|
Transfers |
(2,099,000)
|
Additions |
481,000
|
Sales proceeds |
(156,000)
|
Realized loss |
(60,000)
|
Current period change in fair value |
(238,000)
|
Balance as of September 30, 2022 |
81,000
|
Convertible Debt Securities [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2021 |
4,187,000
|
Transfers |
(325,000)
|
Additions |
938,000
|
Sales proceeds |
|
Realized loss |
|
Current period change in fair value |
4,429,000
|
Balance as of September 30, 2022 |
9,229,000
|
Preferred Stock [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2021 |
599,000
|
Transfers |
(31,000)
|
Additions |
1,000,000
|
Sales proceeds |
|
Realized loss |
|
Current period change in fair value |
(1,467,000)
|
Balance as of September 30, 2022 |
101,000
|
Warrant [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Balance as of December 31, 2021 |
96,000
|
Transfers |
|
Additions |
|
Sales proceeds |
|
Realized loss |
|
Current period change in fair value |
(33,000)
|
Balance as of September 30, 2022 |
$ 63,000
|
X |
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v3.23.3
SCHEDULE OF FAIR VALUE ASSETS SIGNIFICANT UNOBSERVABLE INPUTS (Details) - Fair Value, Inputs, Level 3 [Member]
|
9 Months Ended |
Sep. 30, 2022 |
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Maturity [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range, maturity |
0 months
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Maturity [Member] | Maximum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range, maturity |
28 months
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
64
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
224
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
2.27
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
2.96
|
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
0
|
Common Stock [Member] | Put Option Pricing Model [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
0
|
Common Stock [Member] | Put Option Pricing Model [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Maximum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
32.3
|
Convertible Preferred Stock [Member] | Put Option Pricing Model [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
0
|
Convertible Preferred Stock [Member] | Put Option Pricing Model [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Maximum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
54
|
Convertible Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Maturity [Member] | Minimum [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range, maturity |
0 months
|
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|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range, maturity |
28 months
|
Convertible Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Range |
17.3
|
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- DefinitionAmount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right to consideration is unconditional.
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v3.23.3
v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
Jul. 17, 2023 |
Mar. 03, 2023 |
Feb. 03, 2023 |
Dec. 29, 2021 |
Jun. 30, 2020 |
Nov. 29, 2018 |
Oct. 27, 2017 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
$ 116,000
|
|
$ 1,348,000
|
Number of shares issued |
|
|
|
220,000
|
|
|
|
|
|
|
|
Cash payments |
|
|
|
|
|
|
|
|
|
$ 3,004,000
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
53,616
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares Issued, Price Per Share |
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
500,000
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | LD Micro Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business acquisitions for consideration |
|
$ 8,300,000
|
|
|
|
|
|
|
|
|
|
Cash payments |
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
Number of common stock acquired |
|
59,763
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
Business acquisition description |
|
4,300,000
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock conversion basis description |
|
|
In
accordance with applicable Nasdaq listing rules, the Company plans to obtain stockholder approval to issue the shares of Common Stock
underlying the Series B Preferred Stock so that it may issue shares of Common Stock to the Seller in excess of 1,313,127 shares of Common
Stock, the amount of shares equal to 4.99% of the issued and outstanding Common Stock on the Closing Date (“Stockholder Approval”).
Within thirty (30) days, but not earlier than fifteen (15) business days after Stockholder Approval is obtained, the Seller will prepare
and deliver to the Company a written determination, in the Seller’s sole and absolute discretion, of an amount equal to or less
than $2,000,000 to be paid to the Company, if any (such amount to be paid to the Company, the “Deferred Payment” and such
amount that will not be paid to the Company, the “Uncollected Deferred Payment”). Within five (5) business days of the delivery
of such written determination, subject and upon receipt of the Deferred Payment, the Company and the Seller will instruct the Escrow
Agent to release to the Company such number of Escrow Shares based upon the shares of Common Stock underlying the Series B Preferred
Stock multiplied by the quotient of (i) the outstanding Uncollected Deferred Payment divided by (ii) $2,000,000. The balance of the Escrow
Shares will then be released to the Seller (the “Post-Closing Adjustment”). In the event Stockholder Approval is not received
on or prior to the eighteen (18) month anniversary of the Closing, the Deferred Payment will lapse and the Escrow Shares will all be
released to the Company
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock conversion basis description |
|
|
Pursuant
to the terms of the APA, at the closing of the Acquisition (the “Closing”), in exchange for the Purchased Assets, the Company
issued and delivered to Seller (i) 1,313,127 shares of the Company’s Class A common stock, par value $0.001 per share (the “Common
Stock”), and (ii) 63,743 shares of the Company’s newly designated class of Series B Non-Voting Convertible Preferred Stock
(the “Series B Preferred Stock”) convertible, subject to the receipt of Stockholder Approval (as defined below), into an
aggregate of 3,059,664 shares of Common Stock (collectively, the “Upfront Shares”). In addition to the Upfront Shares, the
Company delivered into escrow 54,908 shares of Series B Preferred Stock convertible, subject to receipt of Stockholder Approval and the
Deferred Payment (as defined below), into 2,635,591 shares of Common Stock (the “Escrow Shares,” together with the Upfront
Shares, the “Acquisition Shares”).
|
|
|
|
|
|
|
|
|
Asset Purchase Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
Security Agreements [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
1,363,636
|
166,667
|
530,028
|
|
|
|
|
Security Agreements [Member] | Common Stock [Member] | Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
530,027
|
|
|
|
|
|
X |
- DefinitionWith respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information.
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