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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____________ to ___________________.
Commission
file number: 001-40075
Gaucho
Group Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
52-2158952 |
(State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization) |
|
Identification
No.) |
112
NE 41st Street, Suite
106
Miami,
FL 33137
(Address
of principal executive offices)
212-739-7700
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock |
|
VINO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 November 17, 2023, there were 2,462,545 shares of common stock outstanding.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
September
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
Current
Assets | |
| | | |
| | |
Cash | |
$ | 201,108 | | |
$ | 300,185 | |
Accounts
receivable, net of allowance of $20,494 and $21,229 at September 30, 2023 and December 31, 2022, respectively | |
| 75,995 | | |
| 106,156 | |
Accounts
receivable - related parties, net of allowance of $470,516 and $339,503 at September 30, 2023 and December 31, 2022, respectively | |
| 971,182 | | |
| 1,115,816 | |
Accounts
receivable | |
| 971,182 | | |
| 1,115,816 | |
Mortgages
receivable, net of allowance $67,587 and $46,424 at September 30, 2023 and December 31, 2022, respectively | |
| 1,033,143 | | |
| 586,631 | |
Inventory | |
| 2,329,044 | | |
| 1,888,962 | |
Real
estate lots held for sale | |
| 607,932 | | |
| 559,487 | |
Prepaid
expenses and other current assets | |
| 264,907 | | |
| 461,637 | |
Total
Current Assets | |
| 5,483,311 | | |
| 5,018,874 | |
Long
Term Assets | |
| | | |
| | |
Mortgages
receivable, non-current portion, net of allowance of $183,904 and $150,126 at September 30, 2023 and December 31, 2022, respectively | |
| 2,811,154 | | |
| 3,278,617 | |
Advances
to employees | |
| 286,812 | | |
| 282,055 | |
Property
and equipment, net | |
| 7,880,174 | | |
| 7,621,257 | |
Operating
lease right-of-use asset | |
| 1,277,509 | | |
| 1,449,442 | |
Prepaid
foreign taxes, net | |
| 1,010,478 | | |
| 916,823 | |
Intangible
assets, net | |
| 103,557 | | |
| 69,787 | |
Deposits,
non-current | |
| 54,713 | | |
| 56,130 | |
Total
Assets | |
$ | 18,907,708 | | |
$ | 18,692,985 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS, CONTINUED
| |
September
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
| |
Liabilities
and Stockholders’ Equity | |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 688,419 | | |
$ | 917,270 | |
Accrued
expenses, current portion | |
| 1,485,033 | | |
| 1,664,816 | |
Deferred
revenue | |
| 1,524,765 | | |
| 1,373,906 | |
Operating
lease liabilities, current portion | |
| 235,432 | | |
| 202,775 | |
Loans
payable, current portion | |
| 208,850 | | |
| 164,656 | |
Convertible
debt obligations, net, current portion | |
| 1,541,962 | | |
| - | |
Derivative
liability, current portion | |
| 846,424 | | |
| - | |
Other
current liabilities | |
| 81,177 | | |
| 100,331 | |
Total
Current Liabilities | |
| 6,612,062 | | |
| 4,423,754 | |
Long
Term Liabilities | |
| | | |
| | |
Accrued
expenses, non-current portion | |
| 52,328 | | |
| 66,018 | |
Operating
lease liabilities, non-current portion | |
| 1,145,757 | | |
| 1,328,408 | |
Loans
payable, non-current portion | |
| 90,898 | | |
| 91,665 | |
Convertible
debt obligations, net, non-current portion | |
| 1,989,234 | | |
| 1,991,459 | |
Derivative
liability, non-current portion | |
| 1,128,120 | | |
| - | |
Total
Liabilities | |
| 11,018,399 | | |
| 7,901,304 | |
Commitments
and Contingencies (Note 15) | |
| - | | |
| - | |
Stockholders’
Equity | |
| | | |
| | |
Preferred
stock, 902,670 shares authorized | |
| - | | |
| - | |
Common
stock, par value $0.01 per share; 150,000,000 shares authorized; 1,059,596 and 365,340 shares issued and 1,059,568 and 365,312
shares outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| 10,596 | | |
| 3,654 | |
Additional
paid-in capital | |
| 146,348,152 | | |
| 139,156,522 | |
Accumulated
other comprehensive loss | |
| (10,856,081 | ) | |
| (10,842,569 | ) |
Accumulated
deficit | |
| (127,567,003 | ) | |
| (117,479,571 | ) |
Treasury
stock, at cost, 28 shares at September 30, 2023 and December 31, 2022 | |
| (46,355 | ) | |
| (46,355 | ) |
Total
Stockholders’ Equity | |
| 7,889,309 | | |
| 10,791,681 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 18,907,708 | | |
$ | 18,692,985 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended | | |
For
the Nine Months Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Sales | |
$ | 464,004 | | |
$ | 440,939 | | |
$ | 1,622,746 | | |
$ | 1,271,871 | |
Cost
of sales | |
| (321,054 | ) | |
| (433,941 | ) | |
| (1,282,972 | ) | |
| (1,205,534 | ) |
Gross
profit | |
| 142,950 | | |
| 6,998 | | |
| 339,774 | | |
| 66,337 | |
Operating
Expenses | |
| | | |
| | | |
| | | |
| | |
Selling
and marketing | |
| 204,938 | | |
| 109,299 | | |
| 652,674 | | |
| 614,529 | |
General
and administrative | |
| 1,267,399 | | |
| 1,729,283 | | |
| 4,734,592 | | |
| 5,403,409 | |
Depreciation
and amortization | |
| 114,370 | | |
| 83,677 | | |
| 327,857 | | |
| 178,896 | |
Total
operating expenses | |
| 1,586,707 | | |
| 1,922,259 | | |
| 5,715,123 | | |
| 6,196,834 | |
Loss
from Operations | |
| (1,443,757 | ) | |
| (1,915,261 | ) | |
| (5,375,349 | ) | |
| (6,130,497 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
Expense (Income) | |
| | | |
| | | |
| | | |
| | |
Interest
income | |
| (52,810 | ) | |
| (65,377 | ) | |
| (167,529 | ) | |
| (95,781 | ) |
Interest
expense | |
| 1,156,616 | | |
| 170,888 | | |
| 2,824,528 | | |
| 1,623,668 | |
Other
income, related party | |
| (212,222 | ) | |
| (75,000 | ) | |
| (362,222 | ) | |
| (225,000 | ) |
Loss
on extinguishment of debt | |
| - | | |
| - | | |
| 416,081 | | |
| 2,105,119 | |
Gains
from foreign currency translation | |
| (132,493 | ) | |
| (185,251 | ) | |
| (347,201 | ) | |
| (411,178 | ) |
Change
in fair value of derivative liability | |
| 95,727 | | |
| - | | |
| 2,236,844 | | |
| - | |
Inducement
expense | |
| - | | |
| 2,965,222 | | |
| - | | |
| 3,163,318 | |
Total
other expense | |
| 854,818 | | |
| 2,810,482 | | |
| 4,600,501 | | |
| 6,160,146 | |
Net
Loss | |
| (2,298,575 | ) | |
| (4,725,743 | ) | |
| (9,975,850 | ) | |
| (12,290,643 | ) |
Net
loss attributable to non-controlling interest | |
| - | | |
| - | | |
| - | | |
| 72,261 | |
Net
Loss Attributable to Common Stockholders | |
$ | (2,298,575 | ) | |
$ | (4,725,743 | ) | |
$ | (9,975,850 | ) | |
$ | (12,218,382 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
Loss per Common Share | |
| | | |
| | | |
| | | |
| | |
Basic
and Diluted | |
$ | (3.04 | ) | |
$ | (21.94 | ) | |
$ | (10.72 | ) | |
$ | (88.52 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic
and Diluted | |
| 757,036 | | |
| 215,383 | | |
| 930,160 | | |
| 138,029 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended | | |
For
the Nine Months Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net
loss | |
$ | (2,298,575 | ) | |
$ | (4,725,743 | ) | |
$ | (9,975,850 | ) | |
$ | (12,290,643 | ) |
Other
comprehensive (loss) income : | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation adjustments | |
| 64,280 | | |
| 282,337 | | |
| (13,512 | ) | |
| 903,799 | |
Comprehensive
loss | |
| (2,234,295 | ) | |
| (4,443,406 | ) | |
| (9,989,362 | ) | |
| (11,386,844 | ) |
Comprehensive
loss attributable to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| 72,261 | |
Comprehensive
loss attributable to controlling interests | |
$ | (2,234,295 | ) | |
$ | (4,443,406 | ) | |
$ | (9,989,362 | ) | |
$ | (11,314,583 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
(unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| | |
| |
Common
Stock | | |
Treasury
Stock | | |
Additional
Paid-In | | |
Accumulated
Other
Comprehensive | | |
Accumulated | | |
|
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
|
Equity | |
Balance
- January 1, 2023 | |
| 365,340 | | |
$ | 3,654 | | |
| 28 | | |
$ | (46,355 | ) | |
| 139,156,522 | | |
$ | (10,842,569 | ) | |
$ | (117,479,571 | ) | - |
- |
$ | 10,791,681 | |
Cumulative
effect of change upon adoption of ASU 2016-13 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (111,582 | ) | - |
- |
| (111,582 | ) |
Stock-based
compensation: | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
|
| | |
Options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,834 | | |
| - | | |
| - | | |
|
| 38,834 | |
Restricted
stock units | |
| 389 | | |
| 4 | | |
| - | | |
| - | | |
| 79,418 | | |
| - | | |
| - | | |
|
| 79,422 | |
Common
stock issued for 401(k) employer matching | |
| 2,416 | | |
| 24 | | |
| - | | |
| - | | |
| 32,593 | | |
| - | | |
| - | | |
|
| 32,617 | |
Shares
issued under the New ELOC, net of offering costs [1] | |
| 36,443 | | |
| 365 | | |
| - | | |
| - | | |
| 441,044 | | |
| - | | |
| - | | |
|
| 441,409 | |
Relative
fair value of warrants issued with 2023 Notes, net of issuance costs [2] | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,506,319 | | |
| - | | |
| - | | |
|
| 1,506,319 | |
Warrants
issued for modification of GGH Notes | |
| - | | |
| - | | |
| - | | |
| - | | |
| 134,779 | | |
| - | | |
| - | | |
|
| 134,779 | |
Reduction
of warrant exercise price on new debt issuance | |
| - | | |
| - | | |
| - | | |
| - | | |
| 63,502 | | |
| - | | |
| - | | |
|
| 63,502 | |
Shares
issued upon conversion of debt and interest | |
| 83,333 | | |
| 833 | | |
| - | | |
| - | | |
| 1,570,720 | | |
| - | | |
| - | | |
|
| 1,571,553 | |
Common
stock issued for cash in private placement | |
| 59,100 | | |
| 591 | | |
| - | | |
| - | | |
| 590,409 | | |
| - | | |
| - | | |
|
| 591,000 | |
Cashless
warrant exercise | |
| 5,131 | | |
| 51 | | |
| - | | |
| - | | |
| (51 | ) | |
| - | | |
| - | | |
|
| - | |
True-up
adjustment | |
| 28 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
|
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,695,148 | ) | - |
- |
| (2,695,148 | ) |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (39,799 | ) | |
| - | | |
|
| (39,799 | ) |
Balance
- March 31, 2023 | |
| 552,180 | | |
| 5,522 | | |
| 28 | | |
| (46,355 | ) | |
| 143,614,089 | | |
| (10,882,368 | ) | |
| (120,286,301 | ) | - |
- |
| 12,404,587 | |
Stock-based
compensation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| | |
Options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,834 | | |
| - | | |
| - | | |
|
| 38,834 | |
Restricted
stock units | |
| - | | |
| - | | |
| - | | |
| - | | |
| 74,978 | | |
| - | | |
| - | | |
|
| 74,978 | |
Shares
issued under the New ELOC, net of offering costs [3] | |
| 45,877 | | |
| 459 | | |
| - | | |
| - | | |
| 291,138 | | |
| - | | |
| - | | |
|
| 291,597 | |
Shares
issued upon conversion of debt and interest | |
| 82,878 | | |
| 829 | | |
| - | | |
| - | | |
| 574,427 | | |
| - | | |
| - | | |
|
| 575,256 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,982,127 | ) | - |
- |
| (4,982,127 | ) |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (37,993 | ) | |
| - | | |
|
| (37,993 | ) |
Balance
- June 30, 2023 | |
| 680,935 | | |
| 6,810 | | |
| 28 | | |
| (46,355 | ) | |
| 144,593,466 | | |
| (10,920,361 | ) | |
| (125,268,428 | ) | - |
- |
| 8,365,132 | |
Stock-based
compensation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| | |
Options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 17,910 | | |
| - | | |
| - | | |
|
| 17,910 | |
Restricted
stock units | |
| - | | |
| - | | |
| - | | |
| - | | |
| 75,645 | | |
| - | | |
| - | | |
|
| 75,645 | |
Common
stock | |
| 27,027 | | |
| 270 | | |
| - | | |
| - | | |
| 149,730 | | |
| - | | |
| - | | |
|
| 150,000 | |
Shares
issued under the New ELOC [4] | |
| 29,364 | | |
| 294 | | |
| - | | |
| - | | |
| 42,339 | | |
| - | | |
| - | | |
|
| 42,633 | |
Shares issued under the New ELOC, net of offering costs | |
| 29,364 | | |
| 294 | | |
| - | | |
| - | | |
| 42,339 | | |
| - | | |
| - | | |
|
| 42,633 | |
Warrant
modification | |
| - | | |
| - | | |
| - | | |
| - | | |
| 392,273 | | |
| - | | |
| - | | |
|
| 392,273 | |
Shares
issued upon conversion of debt and interest | |
| 231,912 | | |
| 2,319 | | |
| - | | |
| - | | |
| 672,692 | | |
| - | | |
| - | | |
|
| 675,011 | |
Common
stock issued for cash in private placement | |
| 90,000 | | |
| 900 | | |
| - | | |
| - | | |
| 404,100 | | |
| - | | |
| - | | |
|
| 405,000 | |
Effect
of reverse stock spit | |
| 358 | | |
| 3 | | |
| - | | |
| - | | |
| (3 | ) | |
| - | | |
| - | | |
|
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,298,575 | ) | - |
- |
| (2,298,575 | ) |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 64,280 | | |
| - | | |
|
| 64,280 | |
Balance
- September 30, 2023 | |
| 1,059,596 | | |
$ | 10,596 | | |
| 28 | | |
$ | (46,355 | ) | |
$ | 146,348,152 | | |
$ | (10,856,081 | ) | |
$ | (127,567,003 | ) | - |
- |
$ | 7,889,309 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022
(unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common
Stock | | |
Treasury
Stock | | |
Additional
Paid-In | | |
Accumulated
Other
Comprehensive | | |
Accumulated | | |
Gaucho
Group
Holdings
Stockholders’ | | |
Non-
controlling | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
Deficiency | | |
Interest | | |
Equity | |
Balance
- January 1, 2022 | |
| 82,350 | | |
| 823 | | |
| 28 | | |
$ | (46,355 | ) | |
$ | 121,641,238 | | |
$ | (11,607,446 | ) | |
$ | (95,726,534 | ) | |
$ | 14,261,726 | | |
$ | (169,882 | ) | |
$ | 14,091,844 | |
Stock-based
compensation: | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 72,700 | | |
| - | | |
| - | | |
| 72,700 | | |
| 10,354 | | |
| 83,054 | |
Common
stock issued for 401(k) employer matching | |
| 104 | | |
| 1 | | |
| - | | |
| - | | |
| 27,820 | | |
| - | | |
| - | | |
| 27,821 | | |
| - | | |
| 27,821 | |
Common
stock issued for purchase of minority interest | |
| 8,690 | | |
| 87 | | |
| - | | |
| - | | |
| (231,876 | ) | |
| - | | |
| - | | |
| (231,789 | ) | |
| 231,789 | | |
| - | |
Common
stock issued for acquisition of GDS | |
| 10,695 | | |
| 107 | | |
| - | | |
| - | | |
| 2,194,546 | | |
| - | | |
| - | | |
| 2,194,653 | | |
| - | | |
| 2,194,653 | |
Common
stock issued for purchase of domain name | |
| 125 | | |
| 1 | | |
| - | | |
| - | | |
| 39,599 | | |
| - | | |
| - | | |
| 39,600 | | |
| - | | |
| 39,600 | |
Warrants
issued for modification of convertible debt principal | |
| - | | |
| - | | |
| - | | |
| - | | |
| 731,856 | | |
| - | | |
| - | | |
| 731,856 | | |
| - | | |
| 731,856 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,199,840 | ) | |
| (2,199,840 | ) | |
| (72,261 | ) | |
| (2,272,101 | ) |
Other
comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 263,406 | | |
| - | | |
| 263,406 | | |
| - | | |
| 263,406 | |
Balance
- March 31, 2022 | |
| 101,964 | | |
| 1,019 | | |
| 28 | | |
| (46,355 | ) | |
| 124,475,883 | | |
| (11,344,040 | ) | |
| (97,926,374 | ) | |
| 15,160,133 | | |
| - | | |
| 15,160,133 | |
Stock-based
compensation: | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 87,134 | | |
| - | | |
| - | | |
| 87,134 | | |
| - | | |
| 87,134 | |
Common
stock | |
| 5,421 | | |
| 54 | | |
| - | | |
| - | | |
| 524,946 | | |
| - | | |
| - | | |
| 525,000 | | |
| - | | |
| 525,000 | |
Shares
issued upon conversion of debt and interest | |
| 7,459 | | |
| 75 | | |
| - | | |
| - | | |
| 1,522,522 | | |
| - | | |
| - | | |
| 1,522,597 | | |
| - | | |
| 1,522,597 | |
Inducement
loss on debt conversions | |
| - | | |
| - | | |
| - | | |
| - | | |
| 198,096 | | |
| - | | |
| - | | |
| 198,096 | | |
| - | | |
| 198,096 | |
Substantial
premium on convertible debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,683,847 | | |
| - | | |
| - | | |
| 1,683,847 | | |
| - | | |
| 1,683,847 | |
Common
stock issued for cash, net of offering costs | |
| 5,005 | | |
| 50 | | |
| - | | |
| - | | |
| 511,296 | | |
| - | | |
| - | | |
| 511,346 | | |
| - | | |
| 511,346 | |
Common
stock issued upon exchange of subsidiary stock options | |
| 18,394 | | |
| 184 | | |
| - | | |
| - | | |
| (184 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
True
up adjustment | |
| 4 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,292,799 | ) | |
| (5,292,799 | ) | |
| - | | |
| (5,292,799 | ) |
Other
comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 358,056 | | |
| - | | |
| 358,056 | | |
| - | | |
| 358,056 | |
Balance
- June 30, 2022 | |
| 138,247 | | |
| 1,382 | | |
| 28 | | |
| (46,355 | ) | |
| 129,003,540 | | |
| (10,985,984 | ) | |
| (103,219,173 | ) | |
| 14,753,410 | | |
| - | | |