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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 June 30, 2023

  

or

 

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

Vynleads, Inc.
(Exact name of registrant as specified in its charter)

 

Delaware   333-227499   47-4584272
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation or Organization)   File Number)   Identification No.)

 

Address of Principal Executive Office: 596 Herrons Ferry Road, Suite 301, Rock Hill, SC 29730

 

Registrant’s telephone number, including area code: (845) 745-0981

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A

 

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 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, 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 Act).  Yes   No

  

As of August 15, 2023, the registrant had 11,599,830 shares of common stock issued and outstanding.

 

 

 
 

   

DOCUMENTS INCORPORATED BY REFERENCE

None.

 

 

 

INDEX

 

    PAGE
  PART I  
     
Item 1. Financial Statements 1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 18
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
     
Item 4. Controls and Procedures 21
     
  PART II  
     
Item 1. Legal Proceedings 22
     
Item 1A. Risk Factors 22
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
     
Item 3. Defaults Upon Senior Securities 22
     
Item 4. Mine Safety Disclosures 22
     
Item 5. Other Information 22
     
Item 6. Exhibits 23
     

 

 

 
 

  

PART I

 

ITEM 1. FINANCIAL STATEMENTS.

 

TABLE OF CONTENTS

 

  Page No.
   
   
Balance Sheets – June 30, 2023 (Unaudited) and December 31, 2022 2
   
Statements of Operations – Three and Six Months Ended June 30, 2023 and June 30, 2022 (Unaudited) 3
   
Statements of Stockholders’ Deficit – Three and Six Months Ended June 30, 2023 and June 30, 2022 (Unaudited) 4
   
Statements of Cash Flows – Six Months Ended June 30, 2023 and June 30, 2022 (Unaudited) 5
   
Condensed Notes to the Financial Statements (Unaudited) 6

 

 

  

1 
 

Vynleads, Inc.

Balance Sheets

(Unaudited)

 

           
  

June 30,

2023

   December 31, 2022 
    (Unaudited)      
ASSETS          
Current Assets:          
Cash  $745   $503 
Holdback receivable from merchant, net of reserve for refunds of $58 and $58, respectively   15,903    15,764 
Prepaid expenses and other current assets         8,061 
Total current assets   16,648    24,328 
Total assets  $16,648   $24,328 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
Current Liabilities:          
Accounts payable and accrued expenses  $270,306   $290,788 
Notes payable   442,461    354,029 
Notes payable - related party   15,000    15,000 
Total current liabilities   727,767    659,817 
Total liabilities   727,767    659,817 
           
Commitments and contingencies (See Note 6)            
           
Stockholders' Deficit:          
Preferred stock; $0.0001 par value; 5,000,000 shares authorized, no shares issued and outstanding, respectively            
Common stock; $0.0001 par value; 50,000,000 shares authorized; 11,599,830 shares and 11,599,830 shares issued and outstanding, respectively   1,160    1,160 
Additional paid-in capital   1,689,252    1,624,252 
Accumulated deficit   (2,401,531)   (2,260,901)
Total stockholders' deficit   (711,119)   (635,489)
Total liabilities and stockholders' deficit  $16,648   $24,328 

  

  

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

2 
 

 

Vynleads, Inc.

Statements of Operations

(Unaudited)

 

                     
   For the Three Months Ended   For the Six Months Ended 
   June 30,   June 30, 
   2023   2022   2023   2022 
Revenue, net of refunds and chargebacks  $     $49   $     $49 
                     
Cost and Expenses:                    
Cost of revenue   1,036    6,115    13,958    13,443 
Selling, general and administrative expenses   59,472    48,913    116,307    120,633 
Total costs and expenses   60,508    55,028    130,265    134,076 
Loss from operations   (60,508)   (54,979)   (130,265)   (134,027)
Interest expense   (5,555)   (3,139)   (10,365)   (6,278)
Net loss before provision for income taxes   (66,063)   (58,118)   (140,630)   (140,305)
Income tax expense                        
Net loss  $(66,063)  $(58,118)  $(140,630)  $(140,305)
                     
Net loss per common share, basic and diluted  $(0.01)  $(0.01)  $(0.01)  $(0.01)
                     
Weighted average common shares outstanding, basic and diluted   11,599,830    11,599,830    11,599,830    11,599,830 

 

  

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

3 
 

 

Vynleads, Inc.

Statements of Stockholders' Deficit

For the Three and Six Months Ended June 30, 2023 and 2022

(Unaudited)

 

                          
           Additional       Total 
   Common Stock   Paid-In   Accumulated   Stockhoders' 
   Shares   Amount   Capital   Deficit   Deficit 
Balance at December 31, 2021   11,599,830   $1,160   $1,494,252   $(1,987,278)  $(491,866)
In kind contribution of services   —            32,500          32,500 
Net Loss for the three months ended March 31, 2022   —                  (82,187)   (82,187)
Balance at March 31, 2022 (Unaudited)   11,599,830    1,160    1,526,752    (2,069,465)   (541,553)
In kind contribution of services   —            32,500          32,500 
Net Loss for the three months ended June 30, 2022   —                  (58,118)   (58,118)
Balance at June 30, 2022 (Unaudited)   11,599,830   $1,160   $1,559,252   $(2,127,583)  $(567,171)
                          
Balance at December 31, 2022   11,599,830   $1,160   $1,624,252   $(2,260,901)  $(635,489)
In kind contribution of services   —            32,500          32,500 
Net Loss for the three months ended March 31, 2023   —                  (74,567)   (74,567)
Balance at March 31, 2023 (Unaudited)   11,599,830    1,160    1,656,752    (2,335,468)   (677,556)
In kind contribution of services   —            32,500          32,500 
Net Loss for the three months ended June 30, 2023   —                  (66,063)   (66,063)
Balance at June 30, 2023 (Unaudited)   11,599,830   $1,160   $1,689,252   $(2,401,531)  $(711,119)

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

4 
 

Vynleads, Inc.

Statements of Cash Flows

(Unaudited)

 

           
   For the Six Months Ended 
   June, 
   2023   2022 
Cash flows from operating activities:          
Net loss  $(140,630)  $(140,305)
Adjustments to reconcile net loss to net cash flows used in operating activities          
In kind contribution of services   65,000    65,000 
Changes in operating assets and liabilities and other, net   (14,128)   6,246 
Net cash flows used in operating activities   (89,758)   (69,059)
           
Cash flows from financing activities:          
Proceeds from notes payable   90,000    80,000 
Net cash flows provided by financing activities   90,000    80,000 
           
Net increase in cash   242    10,941 
Cash at beginning of period   503    1,716 
Cash at end of period  $745   $12,657 
           
Supplemental disclosure of cash flow information:          
Income taxes paid  $     $   
           
Interest paid  $     $   

   

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

5 
 

VYNLEADS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

June 30, 2023

(UNAUDITED)

 

1.       Business

 

Vynleads, Inc. (“Vynleads”) was incorporated as a Delaware corporation on July 15, 2015. We are a provider of health and wellness information principally targeted to people who have prediabetes or type 2 diabetes. We provide information to our customers who are seeking to make healthy choices by providing clear, generic blueprints, education, resources, and support. Our core product is our proprietary Lifestyle Blueprint, a digital guide that provides dietary recommendations for a very low calorie eight-week diet together with information focusing on what, how and how much a person eats, nutritional information and how a person’s body does and does not use food to enable our customers to continue leading a more successful lifestyle. We also offer nutritional supplements and monthly subscriptions to our proprietary newsletter which covers a wide variety of healthy living-related topics.

 

Our corporate headquarters are located in Rock Hill, South Carolina.

 

2.       Going Concern

 

Our unaudited condensed financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since July 15, 2015, the date of our inception, we have experienced recurring operating losses and negative operating cash flows, and have financed our recent working capital requirements primarily through the issuance of debt and equity securities, as well as borrowings from related parties. During the quarters ended June 30, 2023 and 2022, we have reported net losses of $140,630 and $140,305, respectively. As of June 30, 2023, we had a negative working capital of $711,119 and an accumulated deficit of $2,401,531. As a result, management believes that there is substantial doubt about our ability to continue as a going concern.

 

Despite our current sales, expense, cash flow projections, and aggregate cash and holdback receivable from our merchant, net of reserve for refunds, of $15,903, we will require substantial funds to expand service and product offerings into additional areas, market and promote our services and product offerings; and develop and grow our infrastructure and corporate organization. Our capital requirements depend on numerous factors, including but not limited to our ability to generate sufficient revenues to pay our operating expenses.

 

Our ability to meet our current and projected obligations depends on our ability to generate sufficient sales and to control expenses and will require that we seek additional capital through private and/or public financing sources. There can be no assurances that we will achieve our forecasted financial results or that we will be able to raise additional capital to operate our business. Any such failure would have a material adverse impact on our liquidity and financial condition and could force us to curtail or discontinue operations entirely and could require us to file for protection under bankruptcy laws. These conditions raise substantial doubt as to our ability to continue as a going concern.

  

3.       Summary of Significant Accounting Policies

 

Accounting Principles

 

The accompanying unaudited condensed financial statements (the “Financial Statements”) of Vynleads, Inc. (the “Company,” “we,” “us” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In our opinion, the Financial Statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position as of June 30, 2023 and the results of our operations and cash flows for the three and six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full 2023 fiscal year. The Financial Statements should be read in conjunction with the audited financial statements for the Company and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”).

 

 

6 
 

 

Use of Accounting Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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. We believe that judgement is involved in determining the valuation of our reserve for refunds, our holdback reserve, the fair value-based measurement of stock-based compensation, accruals and the estimated useful life of intangible assets. We evaluate our estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the Financial Statements.

  

Cash

 

Cash includes cash on hand, is deposited at one area bank and may exceed federally insured limits at times. We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheets for cash and cash equivalents approximate their fair value.

  

Holdback Receivable

 

Holdback receivable includes a merchant holdback net of a reserve for refunds, which reserve is $58 and $58 as of June 30, 2023 and December 31, 2022, respectively.

 

Revenue Recognition

 

The Company accounts for revenue in accordance with Financial Accounting Standards Board (FASB) and Accounting Standard Codification (ASC) Topic 606. Revenues are recognized when the Company satisfies a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company also assesses our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition.

 

We generate revenues primarily from (i) internet content subscriptions and (ii) sales of nutritional supplements. Revenues are recognized upon the acceptance of subscription membership or shipment of nutritional supplements, provided that an order has been received or a contract executed, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable and collection is deemed reasonably assured. If uncertainties regarding customer acceptance exist, we recognize revenues when those uncertainties are resolved, and title has been transferred to the customer. Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue.

  

Our percentages of revenue by type for the three and six months ended June 30, 2023 and 2022 are as follows:

 

                    
   Three months ended   Six months ended 
   June 30,   June 30, 
   (Unaudited)   (Unaudited) 
    2023    2022    2023    2022 
Internet content subscriptions   0.0%   100.0%   0.0%   100.0%
Nutritional supplements   0.0%   0.0%   0.0%   0.0%

  

Shipping and Handling Costs

 

We include shipping and handling fees billed to customers as revenue and shipping and handling costs for shipments to customers as cost of revenue.

 

 

  

7 
 

 

 Loss Per Share

 

Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in income (loss) that would result from the assumed conversion of potential shares. Potentially dilutive shares, which were excluded from the diluted loss per share calculations because the effect would be antidilutive or the options and warrants exercise prices were greater than the average market price of the common shares, were 585,766 shares for the three and six months ended June 30, 2023 and 2022.

 

Income Taxes

 

The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases.

 

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized.

 

We account for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense.

 

Stock-Based Compensation

 

We account for stock based instruments issued to employees and non-employees for services in accordance with ASC Topic 718.

 

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. Accordingly, the Black-Scholes option pricing model is utilized to derive an estimated fair value.

 

The Black-Scholes pricing model requires the consideration of the following six variables for purposes of estimating fair value:

 

  · the stock option exercise price;
  · the expected term of the option;
  · the grant date price of our common stock, which is issuable upon exercise of the option;
  · the expected volatility of our common stock;
  · the expected dividends on our common stock (we do not anticipate paying dividends in the foreseeable future); and
  · the risk-free interest rate for the expected option term.

 

Expected Dividends. We have never declared or paid any cash dividends on any of our capital stock and do not expect to do so in the foreseeable future. Accordingly, we use an expected dividend yield of zero to calculate the grant-date fair value of a stock option.

 

 

8 
 

Expected Volatility. The expected volatility is a measure of the amount by which our stock price is expected to fluctuate during the expected term of options granted. We determine the expected volatility solely based upon the historical volatility of our common stock over a period commensurate with the option’s expected term. We do not believe that the future volatility of our common stock over an option’s expected term is likely to differ significantly from the past.

 

Risk-Free Interest Rate. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the option’s expected term on the grant date.

 

Expected Term. For option grants subsequent to the adoption of the fair value recognition provisions of the accounting standards, the expected life of stock options granted is based on the actual vesting date and the end of the contractual term.

 

Grant Date Price of Common Stock. The closing market price of our common stock on the date of grant.

  

Fair Value of Financial Instruments

 

We follow ASC 820-10, “Fair Value Measurements and Disclosures,” for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

 

Level 1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC 820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

 

Level 2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments.

 

Level 3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little or no market activity.

  

The carrying amounts of our cash, holdback receivable, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to their short-term maturities as of June 30, 2023 and December 31, 2022.

 

Recent Accounting Pronouncements

 

We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us.

 

4.       Related Party Transactions

 

On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,718 and $1,346 respectively. This note is currently in default.

 

On June 14, 2018, we entered into an employment agreement with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. Mr. Mannine’s compensation includes a grant of 10 year options to purchase 100,000 shares of our common stock at an exercise price of $0.225 per share, which vested upon the effectiveness of the registration statement on December 7, 2018.

 

 

9 
 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel the employment agreement and waive all cash due and any related accruals. During the years six months ended June 30, 2023 and 2022, $32,500 and $32,500, respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 6 and 8).

 

On May 21, 2018, we entered into an Amended and Restated Strategic Financing & Corporate Development Agreement with CRG which was amended and restated an earlier agreement entered into in October 2017. We have engaged this company to serve as our non-exclusive strategic financing and corporate development services provider and to render certain advice and services to us as we may reasonably request concerning equity or debt financings, strategic planning, merger and acquisition possibilities, and business development activities. The scope of services under this agreement also includes introducing us to one or more non-U.S. persons, as that term is defined in Regulation S under the Securities Act, in connection with possible debt or equity financings or potential lenders. The initial term of the agreement expired in May 2020, but pursuant to the terms of the agreement, renews automatically for one-year periods unless notice of non-renewal is provided by either party at least 30 days prior to the renewal term commencement. The agreement was renewed until May 2023.

  

As compensation under the terms of this agreement, we agreed to pay CRG Finance AG certain fees for transactions which are consummated during the term of the agreement and for a one year period following the termination of the agreement, including:

 

·a fee equal to 7% of the proceeds received by us plus a warrant exercisable into 7% of the shares of our common stock at the offering price of our shares for sales by us of equity or equity-linked securities to non-U.S. Persons introduced to us by CRG Finance AG;

 

·a fee equal to 1% of the total gross cash proceeds or non-cash consideration received by us, together with a five year warrant exercisable into 1% of the securities issued or to be issued by us in a business combination with a non-U.S. person first introduced to us by CRG Finance AG;

 

·a fee equal to 1% of consideration received by us in any debt financing not convertible into equity, including, but not limited to, a revolving credit line or credit enhancement instrument, including on an insured or guarantee basis, with a non-U.S. Person first introduced to us by CRG Finance AG; and

 

·a fee equal to 2% of any revenue-producing contract, fee-sharing arrangement, licensing, royalty or similar agreement with a non-U.S. Person first introduced to us by CRG Finance AG.

 

In addition to the foregoing fees, we have agreed to reimburse CRG Finance AG for its pre-approved out of pocket expenses it incurs under the terms of the agreement. The agreement contains customary confidentiality and indemnification provisions.

  

5.       Notes Payable

 

On May 17, 2023, the company executed a note payable to an individual in the amount of $10,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $125.

 

On March 02, 2023, the company executed a note payable to an individual in the amount of $60,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $986.

 

On January 17, 2023, the company executed a note payable to an individual in the amount of $20,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $463.

 

On October 20, 2022, the Company executed a note payable to an individual in the amount of $25,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $866 and $247, respectively.

 

On August 12, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $882 and $386, respectively.

 

 

10 
 

On May 18, 2022, the Company executed a note payable to an individual in the amount of $40,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,238 and $1,244, respectively. This note is currently in default

 

On February 10, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,383 and $887, respectively. This note is currently in default.

 

On January 26, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,425 and $929, respectively. This note is currently in default.

 

On December 1, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,183 and $812, respectively. This note is currently in default.

 

On September 28, 2021, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,383 and $3,143, respectively. This note is currently in default.

 

On August 4, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,428 and $1,056, respectively. This note is currently in default.

 

On May 10, 2021, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,140 and $1,644, respectively. This note is currently in default.

 

On April 15, 2021, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,104 and $856, respectively. This note is currently in default.

 

On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,717 and $1,346, respectively. The note is currently in default.

 

On December 17, 2020, the Company executed a note payable to an individual in the amount of $19,500, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,471 and $1,987, respectively. This note is currently in default.

 

On October 27, 2020, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,337 and $1,089, respectively. This note is currently in default.

 

 

11 
 

On May 5, 2020, the Company received loan proceeds in the amount of $27,000 from Bank of America (the “Lender”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act), provides for loans to qualifying business for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loan matures on April 20, 2022 and bears an interest rate of 1.00% fixed per annum, payable monthly commencing on October 20, 2020. The loan is forgivable if the proceeds are used for eligible purposes. We have used the entire loan amount for qualifying expenses and the forgiveness is pending the completion of the application. The company received a $6,250 courtesy credit from the lender on September 15, 2021. As of June 30, 2023 and December 31, 2022, the loan balance was $12,961 and $14,529, respectively. The monthly payment beginning October 4, 2021 is $3,433. The Company has submitted the application for forgiveness of the PPP Loan in accordance with the terms of the CARES Act and are in discussions with Bank of America (the lender). During the loan forgiveness process, repayment is temporarily deferred for borrowers until the SBA remits the final loan forgiveness amount to the lender. If granted full forgiveness, Bank of America confirmed that interest and penalties would be removed along with the principal of the loan.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. On May 14, 2020 $1,250 of accrued interest was paid. Accrued interest as of June 30, 2023 and December 31, 2022 is $7,791 and $6,551 respectively.This note is currently in default.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,521 and $3,900, respectively.This note is currently in default.

  

6.       Commitments and Contingencies

 

Employment Agreement

 

On June 14, 2018, we entered into an employment agreement with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. The initial term of the agreement expires in June 2023, subject to successive automatic one- year renewals unless a non-renewal notice is received by either party at least 90 days prior to the expiration of the then current renewal term.

 

Mr. Mannine’s compensation includes:

 

  · an annual base salary of $130,000, subject to an annual review with an increase of at least 5% per annum as determined by the board of directors;
  · an annual bonus as determined by the board of directors;
  · a grant of 10-year options to purchase 100,000 shares of our common stock at an exercise price of $0.225 per share which vest upon the effectiveness of a registration statement to be filed with the Securities and Exchange Commission;
  · participation in all benefit plans we may offer our employees; and
  · 20 paid vacation days annually.

 

Mr. Mannine's employment agreement may be terminated, and he is entitled to certain payments upon such termination, as follows:

 

  · if we should terminate Mr. Mannine’s employment without “cause” or if he should resign for “good reason" or if a “change of control” occurs, we are obligated to pay him a lump-sum severance payment equal to the sum of three months’ base salary, plus one month for every year he was employed and 50% of three years annual bonus (based on the prior year’s compensation);
  · if Mr. Mannine’s employment is terminated as a result of his death or disability, he is entitled to receive his base salary and a pro-rata annual bonus, if any, based on the year during which such termination is effective; or
  · if we should terminate Mr. Mannine for “cause,” or if he voluntarily terminates the agreement, he is entitled to receive his base salary only through the date of termination, and he is not be entitled to any other compensation for the calendar year during which the termination occurs or any subsequent calendar period, including, but not limited to, any annual bonus, if any, that has not already been paid.

 

The employment agreement with Mr. Mannine contains customary confidentiality, non-compete and indemnification clauses.

 

 

12 
 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel the employment agreement and waive all cash due and any related accruals. During the three and six months ended June 30, 2023 and June 30, 2022, $32,500 and $65,000 respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 4 and 8).

 

Commitments

  

On May 21, 2018, we entered into an Amended and Restated Strategic Financing & Corporate Development Agreement with CRG which was amended and restated an earlier agreement entered into in October 2017. We have engaged this company to serve as our non-exclusive strategic financing and corporate development services provider and to render certain advice and services to us as we may reasonably request concerning equity or debt financings, strategic planning, merger and acquisition possibilities, and business development activities. The scope of services under this agreement also includes introducing us to one or more non-U.S. persons, as that term is defined in Regulation S under the Securities Act, in connection with possible debt or equity financings or potential lenders. The initial term of the agreement expired in May 2019, but pursuant to the terms of the agreement, renews automatically for one-year periods unless notice of non-renewal is provided by either party at least 30 days prior to the renewal term commencement. The agreement was renewed in May 2023.

 

As compensation under the terms of this agreement, we agreed to pay CRG Finance AG certain fees for transactions which are consummated during the term of the agreement and for a one year period following the termination of the agreement, including:

 

  · a fee equal to 7% of the proceeds received by us plus a warrant exercisable into 7% of the shares of our common stock at the offering price of our shares for sales by us of equity or equity-linked securities to non-U.S. Persons introduced to us by CRG Finance AG;
     
  · a fee equal to 1% of the total gross cash proceeds or non-cash consideration received by us, together with a five year warrant exercisable into 1% of the securities issued or to be issued by us in a business combination with a non-U.S. person first introduced to us by CRG Finance AG;
     
  · a fee equal to 1% of consideration received by us in any debt financing not convertible into equity, including, but not limited to, a revolving credit line or credit enhancement instrument, including on an insured or guarantee basis, with a non-U.S. Person first introduced to us by CRG Finance AG; and
     
  · a fee equal to 2% of any revenue-producing contract, fee-sharing arrangement, licensing, royalty or similar agreement with a non-U.S. Person first introduced to us by CRG Finance AG.

 

In addition to the foregoing fees, we have agreed to reimburse CRG Finance AG for its pre-approved out of pocket expenses it incurs under the terms of the agreement. The agreement contains customary confidentiality and indemnification provisions.

 

On February 12, 2020, we entered a consulting agreement with Primoris Group Inc (“Primoris”). Primoris was issued 200,000 common shares at a fair value of $45,000 ($0.225 per share) on June 30, 2020. 100,000 shares are restricted from resale or transfer by Primoris per the consulting agreement until February 12, 2021. The consultant has an option to register 100,000 on any future registration statement. In addition to any restrictions imposed by the agreement, all the shares require an exemption for resale to the public. In addition to any restrictions imposed by the agreement, all the shares require an exemption for resale to the public.

  

Under terms of the consulting agreement, we agree to pay Primoris $8,000 per month payable in advance of the month in which services are to be rendered as a consulting fee. As of June 30, 2023 and December 31, 2022, $96,000 and $96,000 are recorded as accrued expense, respectively. The agreement was not renewed upon expiration date.

 

 

 

13 
 

 

Contingencies

 

In April 2016, we entered into a Promotion and Royalty Agreement (the “Agreement”) with a consultant to obtain certain promotional services from him (the “Promoter”), including the use of his name and appearance. In consideration for the services rendered by the Promoter, we agreed to use commercially reasonable efforts to promote and sell a book authored by him (the “Book”) and to pay him a percentage of the sales of the Book after deductions for all direct costs of fulfilling such sales (the “Royalty”). During the course of 2017, the Promoter initiated a series of informal claims and filed unauthorized uniform commercial code financing statements (“UCC Liens”) in several states as liens against us and certain of our officers, directors, and founders, alleging non-payment for the Royalty amounts due under the Agreement. We dispute the Promoter’s claims and have determined that any and all amounts due to the Promoter under the Agreement have been paid in full. We have succeeded in removing certain of the UCC Liens and are pursuing action to remove the remaining unauthorized UCC Liens. We do not believe that the claims of the Promoter are valid in any respect.

 

7.       Concentration of Credit Risk and Major Customers and Suppliers

 

We purchase our inventory of herbal/natural supplements from one supplier. While we believe that we will be able to find a secondary supplier, there could be a manufacturing delay in the transition to a new supplier and such a supply interruption would materially impact our business for some period of time.

  

8.       Stockholders’ Equity

 

Our authorized capital stock consists of 50,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of blank check preferred stock, par value $0.0001 per share. As of June 30, 2023 and December 31, 2022, there are 11,599,830 and 11,599,830 shares of common stock outstanding and there are no shares of preferred stock issued and outstanding at either date.

  

In-kind Contribution of Service

 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel his employment agreement and waive all cash due and any related accruals. During the three and six months ended June 30, 2023 and June 30, 2022, $65,000 and $65,000 respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 4 and 6).

  

Preferred Stock

 

Our 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. Our board of directors may authorize the issuance of preferred stock, which ranks senior to our common stock for the payment of dividends and the distribution of assets on liquidation. In addition, our board of directors can fix limitations and restrictions, if any, upon the payment of dividends on both classes of our common stock to be effective while any shares of preferred stock are outstanding.

 

Warrants

 

On October 10, 2017, we entered into the Financing Agreement with CRG. In connection with the related equity financing as of December 31, 2017, CRG had earned 368,111 fully vested five-year warrants with an exercise price of $0.225. The related warrants were issued in January 2018. We determined that the warrant had an initial fair value of $34,405 and was recorded as a direct offering cost in Stockholders’ equity with a net effect of zero. We estimated the fair value of this warrant using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.2% and an expected life of 5 years.

 

 

14 
 

During January 2018, as part of the Private Placement more fully described in Note 4, CRG earned an additional 17,655 fully vested common stock warrants with an exercise price of $0.225. These additional warrants were issued to CRG on January 30, 2018. We determined that the warrant had an initial fair value of $1,670 and was recorded as a direct offering cost in Stockholders’ equity with a net effect of zero. We estimated the fair value of this warrant using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.51% and an expected life of 5 years.

 

On March 8, 2018, we entered into an advisory agreement with a scientific advisor to provide certain services to us. Pursuant to the agreement, we issued 100,000 five-year common stock warrants at an exercise price of $0.90. Such warrants vest subject to certain milestones. As of June 30, 2023 and December 31, 2022, 100,000 of these warrants have vested. We determined that the warrant had an initial fair value of $1,905. We estimated the fair value of this warrant using the Black- Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.63% and an expected life of 5 years.

  

Warrants expired as of June 30,2023. As of December 31, 2022, the intrinsic value for warrants outstanding and exercisable is $19,288.

  

The following table summarizes information about the warrants earned and outstanding as of June 30, 2023 and December 31, 2022:

 

                      
   

June 30, 2023

(Unaudited)

   December 31, 2022 
           Weighted         Weighted 
           Average         Average 
           Exercise         Exercise 
      Warrants    Price    Warrants    Price 
 Outstanding, beginning of period    485,766   $0.364    485,766   $0.364 
      Granted                         
      Exercised                         
      Forfeited                         
      Expired    485,766                   
 Outstanding, end of period         $      485,766   $0.364 
 Exercisable, end of period         $      485,766   $0.364 

 

As of June 30, 2023 (Unaudited)

 

                   
    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted       Weighted
        Contractual    Average       Average
  Number   Life (In   Exercise   Number   Exercise

Range of Exercise Price

  Outstanding Years)   Price   Exercisable   Price
         

  

  

 

15 
 

  

As of December 31, 2022

 

    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted          
      Contractual   Average       Weighted
  Number   Life (In   Exercise   Number   Average

Range of Exercise Price

  Outstanding   Years)  

  Price

  Exercisable   Exercise Price
$0.225 - $0.90   485,766   .12   $0.364   485,766   $0.364

 

9.       Stock Option Plan

 

In December 2017 our board of directors adopted our 2017 Equity Incentive Plan, or the “2017 Plan.” Our stockholders ratified the 2017 Plan in December 2017. The purpose of the 2017 Plan is to encourage ownership in our company by our officers, directors, employees and consultants, and to incentivize and align the interests of the plan participants with the interests of our stockholders. We have reserved 1,100,000 shares of our common stock for issuance under the 2017 Plan. Grants pursuant to the 2017 Plan may be: i) incentive stock options; ii) non-statutory stock options; iii) stock awards, including shares of our common stock and stock units; and iv) stock appreciation rights.

 

The board of directors or a committee of the board of directors administers the 2017 Plan. Presently, the 2017 Plan is administered by our board of directors. The term of each plan option and the manner in which it may be exercised is determined by the board of directors or a committee of the board of directors, provided that no option may be exercisable more than 10 years after the date of its grant and, in the case of an incentive option granted to an eligible employee owning more than 10% of the common stock, no more than five years after the date of the grant. The terms of grants or any other type of award under the plan are determined by the board of directors or committee of the board of directors at the time of grant. The 2017 Plan provides that the maximum value of any award during any calendar year cannot exceed $1,000,000.

  

Any option granted under the plan must provide for an exercise price of not less than 100% of the fair market value of the underlying shares on the date of grant, but the exercise price of any ISO granted under the 2017 Plan to an eligible employee owning more than 10% of our outstanding common stock must not be less than 110% of fair market value on the date of the grant. The 2017 Plan further provides that with respect to ISOs the aggregate fair market value of the common stock underlying the options which are exercisable by any plan participant during any calendar year cannot exceed $100,000. Option awards may provide for the exercise by means of cash, consideration received by us under a broker-assisted sale and remittance program, cashless exercise, any other consideration legally permitted, or a combination of the foregoing. The 2017 Plan administrator may also determine the method of payment of the exercise price at the time the option is being exercised. Grants under the 2017 Plan are not transferrable.

 

Generally, options which are exercisable at the date of the plan participant’s termination from our employment or severance of the relationship with our company must be exercised within three months of the termination date; the plan administrator may extend the exercise period of the option for a separated plan participant providing that the extended date does not go beyond the original expiration date of the option. Similarly, generally options which are exercisable at the date of the plan participant’s disability or death must be exercised within six months of the termination date in the event of the disability of the plan participant or 12 months following the plan participant’s death. In our discretion, any outstanding options held by a plan participant terminated for cause may be immediately cancelled.

 

In the event there is a “change in control” of our company as defined in the 2017 Plan, as determined by the board of directors or the committee, we may in our discretion: i) provide for the assumption or substitution of, or adjustment (including to the number and type of shares and exercise or purchase price applicable) to, each outstanding award; ii) accelerate the vesting of options and terminate any restrictions on stock awards; and/or iii) provide for termination of awards as a result of the change in control on such terms and conditions as it deems appropriate, including providing for the cancellation of awards for a cash or other payment to the participant.

 

The number of shares of our common stock underlying any outstanding but unexercised option and the exercise price of that option will be proportionally adjusted in the event of a stock split, stock combinations, dividends, and similar corporate events.

 

 

16 
 


On June 14, 2018, pursuant to the employment agreement with Mr. Mannine, more fully described in Note 6, we issued 100,000 stock options with an exercise price of $0.225. Such options fully vested upon the effectiveness of a registration statement on Form S-1. We determined that the options had an initial fair value of $13,221. We estimated the fair value of these options using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.2% and an expected life of 10 years. We amortized the fair value over the period from their issuance on June 14, 2018 through December 7, 2018, the date on which the registration statement was declared effective. No stock option expense was recorded during the three and six months ended June 30, 2023 and 2022.

  

As of June 30, 2023 and December 31, 2022, the intrinsic value for options outstanding and exercisable is $7,500 and $5,000, respectively.

  

The following table summarizes information about stock options outstanding and exercisable as of as of June 30, 2023 and December 31, 2022:

  

                    
  

June 30, 2023

(Unaudited)

   December 31, 2022 
                     
         Weighted         Weighted 
         Average         Average 
         Exercise         Exercise 
    Options    Price    Options    Price 
Outstanding, beginning of period   100,000   $0.225    100,000   $0.225 
     Granted                        
     Exercised                        
     Forfeited                        
     Expired                        
Outstanding, end of period   100,000   $0.225    100,000   $0.225 
Exercisable, end of period   100,000   $0.225    100,000   $0.225 
                     
Options available for future grant, end of period   1,000,000         1,000,000      

 

 As of June 30, 2023 (Unaudited)

 

                     
    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.68   $0.225   100,000   $0.225

 

As of December 31, 2022

 

    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.93   $0.225   100,000   $0.225

 

 10. Subsequent Events

 

On June 23, 2023, the company executed a note payable to an individual in the amount of $25,000, interest accrues 5% per annum, unsecured, and due date on year of execution, or a date in the which the company seems one million in total investment capital, whichever occurs first. The proceeds of this note was received on July 5,2023.

  

 

17 
 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.

 

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Our financial statements are stated in United States Dollars and are prepared in accordance with the United States Generally Accepted Accounting Principles.

  

Results of Operations

 

The Company has incurred losses since inception resulting in an accumulated deficit of $2,401,531 as of June 30, 2023. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We will require additional capital to meet our short- and long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity securities.

 

Three and six months ended June 30, 2023 (“2023 second quarter”) compared to the three and six months ended June 30, 2022 (“2022 first quarter”)

 

Revenues

 

Revenues for 2023 second quarter were $0.

  

Costs and Expenses

 

Total costs and operating expenses decreased by $5,079 and increased by $515 or 83.06% and 3.83% in the three and six months ended June 30, 2023, respectively, compared to the three and six months ended June 30, 2022. The decrease in operating cost and expense was due to savings initiative to offset the decline in revenue.

 

  · Our cost of revenue includes the cost of the supplements we sell as well as shipping and handling costs for shipments to customers. The increase in cost of revenues as a percent of revenues is due to the decline in revenue across all product lines.
     
     
  · Selling, general and administrative expenses increased by $10,559 and decreased by $4,326 or 21.59% and 3.59% in the three and six months ended June 30, 2023, respectively, compared to the three and six months ended June 30, 2022. The decrease in selling, general and administration expenses is principally attributable to decreases in consulting and accounting expenses, legal expenses, office expenses and general expenses.

  

Net Loss

 

Our net loss for the six months ended June 30, 2023 was $140,630 compared to $140,305 for the six months ended June 30, 2022. Our net loss for the three month ended June 30, 2023 was $66,063 compared to $58,118 for the three months ended June 30, 2022. Increase in net loss are attributable to the decrease in revenues which was offset by the increase in costs and expenses.

  

Liquidity and capital resources

 

Liquidity is the ability of a company to generate sufficient cash to satisfy its needs for cash. The following table summarizes our total current assets, total current liabilities and working capital deficit at June 30, 2023 as compared to December 31, 2022.

  

   June 30,   December 31, 
   2023   2022 
    (unaudited)      
           
Total current assets  $16,648   $24,328 
Total current liabilities  $727,767   $659,817 
Working capital deficit  $(711,119)  $(635,489)

 

The reduction in total current assets between the periods primarily reflects a reduction in cash and decrease in prepaid expenses. The increase in total current liabilities reflects an increase in notes payable. We do not have any capital commitments and do not have any external sources of working capital available.

 

Going concern and management’s liquidity plans

 

The COVID-19 pandemic has materially and adversely impacted the U.S. economy and financial markets, with legislative and regulatory responses including unprecedented monetary and fiscal policy actions across all sectors, and there is significant uncertainty as to timing of stabilization and recovery. The extent of the COVID-19 impacts will depend on future actions and outcomes, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the outbreak, the short-term and long-term economic impact of the outbreak (including the effect on advertising activity, consumer discretionary spending and our employees), and the actions taken to mitigate the impact of the virus, and the pace of economic and financial market recovery when the COVID-19 pandemic subsides, among others.

 

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate adverse effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2023.

 

We have experienced recurring operating losses and negative operating cash flows and have financed our recent working capital requirements primarily through the issuance of equity securities. During the six months ended June 30, 2023 and 2022, we have reported net losses of $140,630 and $140,305 respectively. As of June 30, 2023, we had a working capital deficit of $711,119, our accumulated deficit was $2,401,531. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our unaudited Condensed Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. The accompanying Condensed Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. There are no assurances we will be successful in our efforts to report profitable operations or to continue as a going concern, in which event investors would lose their entire investment in our company.

 

Our ability to continue to grow our business is dependent upon our ability to raise additional sufficient capital to fund our operating expenses, including advertising, until such time, if ever, that we are able to report profitable operations, as well as for our short-term and long-term growth plans. We do not generate operating income and we are presently are relying on cash we receive from the holdback receivable to pay our operating expenses. Our management estimates that we require approximately $5,500,000 in additional working capital during the next 12 months in order to meet our current business objectives, including the development of new indicators for our Lifestyle Blueprint platform, the addition of print versions of our DWD Protocol, expanding our supplement product line and additional subscription content offerings for our customers. This additional working capital is also necessary to fund increases in our advertising and marketing costs, costs associated with the development of additional infrastructure to support our expected growth, as well as funds to pay our operating expenses and general working capital. While we were successful in raising funds privately during late 2017 and into the first quarter of 2018, and will seek to do so in future periods, we do not have any firm commitments to provide any additional capital to us. There are no assurances we will be successful in securing the additional capital necessary to grow our company and pay our operating expenses. Any delay in raising sufficient funds could adversely impact our ability to continue to increase our revenues in future periods. In addition, if we are unable to raise the necessary additional working capital, we may be forced to reduce certain operating expenses in an effort to conserve our working capital which will adversely impact our revenues and results of operations in future periods and there are no assurances we could continue as a going concern.

 

 

 

18 
 

Summary of cash flows

 

   June 30,   June 30, 
   2023   2022 
    (unaudited)    (unaudited) 
           
Net cash used in operating activities  $(89,758)  $(69,059)
Net cash provided by investing activities  $—     $—   
Net cash provided by financing activities  $90,000   $80,000 

 

The increase in cash used in our operating activities in the six months ended June 30, 2023 as compared to the six months ended June 30, 2023 is due to the increase in net loss offset by increase in prepaid expenses and increase in accounts payable and accrued expenses.

 

There was no net cash provided by or used in investing activities during the six months ended June 30, 2023 and 2022 second quarters.

 

Net cash provided by financing activities during the six months ended June 30, 2023 reflects proceeds from notes payable.

 

Commitments and Contingencies

 

Information regarding our Commitments and Contingencies is contained in Note 6 to the unaudited Condensed Financial Statements.

 

Off-Balance Sheet Arrangements

 

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

 

Emerging Growth Company

 

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the “JOBS Act”, and we are permitted to take advantage of certain exemptions from various public company reporting requirements, including not being required to have our internal controls over financial reporting audited by our independent registered public accounting firm pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, or the “Sarbanes-Oxley Act”, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and any golden parachute payments. We may take advantage of these exemptions until we are no longer an “emerging growth company.” In addition, the JOBS Act provides that an “emerging growth company” can delay adopting new or revised accounting standards until such time as

those standards apply to private companies.

 

We have elected to use the extended transition period for complying with new or revised accounting standards under the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates.

 

We could remain an emerging growth company for up to five years, or until the earliest of:

 

  · the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion;
     
  · the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, or the “Exchange Act”, which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or
     
  · the date we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

 

At this time, we expect to remain an emerging growth company until possibly as late as 2023. References herein to “emerging growth company” have the meaning associated with that term in the JOBS Act.

 

 

19 
 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Disclosure Controls and Procedures

 

Our management is responsible for establishing and maintaining adequate “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management has concluded that our disclosure controls and procedures were not effective due to a control deficiency.

 

These material weaknesses in our internal control over financial reporting result from no segregation of duties, no multiple level of review in the financial close process and lack of experienced accounting staff with expertise in the application of GAAP. These weaknesses are primarily due to our lack of employees and qualified staff.

 

In order to remediate these material weaknesses in our internal control over financial reporting, we will need to:

 

  · create a position to segregate duties consistent with control objectives and will increase our personnel resources; and
     
  · hire experienced independent third parties or consultants to provide additional expert advice as needed.

 

Until such time as we remediate the material weaknesses in our internal control over financial reporting, there is a likelihood that our financial statements in future periods may contain errors which will require a restatement. For fiscal years 2022, 2021 and 2020, we made efforts to mitigate these weaknesses in our internal control over financial reporting results by hiring a consultant to review our financials on a quarterly and annual basis. We believe this step will help to mitigate issues that may arise from a limited staff.

 

Changes in Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act). Management conducted an evaluation of our internal control over financial reporting and determined that there were no changes made in our internal control over financial reporting during the quarter ended June 30, 2023 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

  

 

20 
 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

In 2016 we engaged a third party to provide certain promotional services to us in connection with our business, including the use of his name and appearance, under the terms of a five-year agreement. As compensation, we agreed to use our commercially reasonable efforts to promote and sell a book authored by him and to pay him, as a royalty, a percentage of the sales of the book, after deductions for all direct costs of fulfilling such sales. During 2017 the third party initiated a series of informal claims and filed unauthorized uniform commercial code (UCC) financing statements in several states against us and certain of our officers, directors, and founders, alleging non-payment of the royalty amounts. We dispute all claims by the third party and believe that all royalty amounts due him have been paid in full. We are no longer selling the book authored by him. We have succeeded in removing certain of the UCC liens and we are pursuing actions to remove the remaining unauthorized UCC lien.

 

ITEM 1A. RISK FACTORS

 

Not applicable to smaller reporting companies.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

On May 18, 2022, the Company executed a note payable to an individual in the amount of $40,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,236 and $1,244, respectively. This note is currently in default.

On February 10, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,383 and $887, respectively. This note is currently in default.

 On January 26, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,425 and $929, respectively. This note is currently in default.

 On December 1, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,183 and $812, respectively. This note is currently in default.

On September 28, 2021, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,383 and $3,143, respectively. This note is currently in default.

On August 4, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,428 and $1,056, respectively. This note is currently in default.

 

On May 10, 2021, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,140 and $1,644, respectively. This note is currently in default.

 

On April 15, 2021, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,104 and $856, respectively. This note is currently in default.

 

On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,717 and $1,346, respectively. The note is currently in default.

 

 

21 
 

On December 17, 2020, the Company executed a note payable to an individual in the amount of $19,500, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,471 and $1,987, respectively. This note is currently in default.

 

On October 27, 2020, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,337 and $1,089, respectively. This note is currently in default.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. On May 14, 2020 $1,250 of accrued interest was paid. Accrued interest as of June 30, 2023 and December 31, 2022 is $7,791.10 and $6,551 respectively.This note is currently in default.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,520 and $3,900, respectively.This note is currently in default.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

The following exhibits are filed as part of this Quarterly Report on Form 10-Q:

 

Exhibit       Incorporated by Reference   Filed or
Furnished
No.   Exhibit Description   Form   Date Filed   Number   Herewith
31.1   Certification of Chief Executive Officer, principal executive officer, principal financial and accounting officer               Filed
32.1   Certification of Chief Executive Officer, principal executive officer, principal financial and accounting officer               Filed

 

 

 

22 
 

 

 

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.

   

 

 

  By: /s/ Alex J. Mannine
   

Alex J. Mannine

Chief Executive Officer, director, principal executive officer, principal financial and accounting officer

Dated: August 11, 2023

 

     

 

 

 

 

 

 

 

23 
 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 31.1

CERTIFICATION

I, Alex J. Mannine, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vynleads, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal 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 and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 11, 2023 By: /s/ Alex J. Mannine
   

Alex J. Mannine,

Chief Executive Officer, principal executive officer, principal financial and accounting officer

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report on Form 10-Q of Vynleads, Inc. (the “Company”) for the period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alex J. Mannine, Chief Executive Officer and Principal Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and
   
2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 11, 2023 By: /s/ Alex J. Mannine
   

Alex J. Mannine,

Chief Executive Officer, principal executive officer, principal financial and accounting officer

 

 

v3.23.2
Cover - shares
6 Months Ended
Jun. 30, 2023
Aug. 15, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2023  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2023  
Current Fiscal Year End Date --12-31  
Entity File Number 333-227499  
Entity Registrant Name Vynleads, Inc.  
Entity Central Index Key 0001745078  
Entity Tax Identification Number 47-4584272  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 596 Herrons Ferry Road  
Entity Address, Address Line Two Suite 301  
Entity Address, City or Town Rock Hill  
Entity Address, State or Province SC  
Entity Address, Postal Zip Code 29730  
City Area Code (845)  
Local Phone Number 745-0981  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   11,599,830
v3.23.2
Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash $ 745 $ 503
Holdback receivable from merchant, net of reserve for refunds of $58 and $58, respectively 15,903 15,764
Prepaid expenses and other current assets 8,061
Total current assets 16,648 24,328
Total assets 16,648 24,328
Current Liabilities:    
Accounts payable and accrued expenses 270,306 290,788
Notes payable 442,461 354,029
Notes payable - related party 15,000 15,000
Total current liabilities 727,767 659,817
Total liabilities 727,767 659,817
Commitments and contingencies (See Note 6)
Stockholders' Deficit:    
Preferred stock; $0.0001 par value; 5,000,000 shares authorized, no shares issued and outstanding, respectively
Common stock; $0.0001 par value; 50,000,000 shares authorized; 11,599,830 shares and 11,599,830 shares issued and outstanding, respectively 1,160 1,160
Additional paid-in capital 1,689,252 1,624,252
Accumulated deficit (2,401,531) (2,260,901)
Total stockholders' deficit (711,119) (635,489)
Total liabilities and stockholders' deficit $ 16,648 $ 24,328
v3.23.2
Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Refunds $ 58 $ 58
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock shares issued 0 0
Preferred stock shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 11,599,830 11,599,830
Common stock, shares outstanding 11,599,830 11,599,830
v3.23.2
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenue, net of refunds and chargebacks $ 49 $ 49
Cost and Expenses:        
Cost of revenue 1,036 6,115 13,958 13,443
Selling, general and administrative expenses 59,472 48,913 116,307 120,633
Total costs and expenses 60,508 55,028 130,265 134,076
Loss from operations (60,508) (54,979) (130,265) (134,027)
Interest expense (5,555) (3,139) (10,365) (6,278)
Net loss before provision for income taxes (66,063) (58,118) (140,630) (140,305)
Income tax expense
Net loss $ (66,063) $ (58,118) $ (140,630) $ (140,305)
v3.23.2
Statements of Operations (Unaudited) (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net loss per common share, basic $ (0.01) $ (0.01) $ (0.01) $ (0.01)
Net loss per common share, diluted $ (0.01) $ (0.01) $ (0.01) $ (0.01)
Weighted average common shares outstanding, basic 11,599,830 11,599,830 11,599,830 11,599,830
Weighted average common shares outstanding, diluted 11,599,830 11,599,830 11,599,830 11,599,830
v3.23.2
Statements of Stockholders' Deficit (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Beginning balance, value at Dec. 31, 2021 $ 1,160 $ 1,494,252 $ (1,987,278) $ (491,866)
Beginning balance, shares at Dec. 31, 2021 11,599,830      
In kind contribution of services 32,500 32,500
Net Loss (82,187) (82,187)
Ending balance, value at Mar. 31, 2022 $ 1,160 1,526,752 (2,069,465) (541,553)
Ending balance, shares at Mar. 31, 2022 11,599,830      
Beginning balance, value at Dec. 31, 2021 $ 1,160 1,494,252 (1,987,278) (491,866)
Beginning balance, shares at Dec. 31, 2021 11,599,830      
Net Loss       (140,305)
Ending balance, value at Jun. 30, 2022 $ 1,160 1,559,252 (2,127,583) (567,171)
Ending balance, shares at Jun. 30, 2022 11,599,830      
Beginning balance, value at Mar. 31, 2022 $ 1,160 1,526,752 (2,069,465) (541,553)
Beginning balance, shares at Mar. 31, 2022 11,599,830      
In kind contribution of services 32,500 32,500
Net Loss (58,118) (58,118)
Ending balance, value at Jun. 30, 2022 $ 1,160 1,559,252 (2,127,583) (567,171)
Ending balance, shares at Jun. 30, 2022 11,599,830      
Beginning balance, value at Dec. 31, 2022 $ 1,160 1,624,252 (2,260,901) (635,489)
Beginning balance, shares at Dec. 31, 2022 11,599,830      
In kind contribution of services 32,500 32,500
Net Loss (74,567) (74,567)
Ending balance, value at Mar. 31, 2023 $ 1,160 1,656,752 (2,335,468) (677,556)
Ending balance, shares at Mar. 31, 2023 11,599,830      
Beginning balance, value at Dec. 31, 2022 $ 1,160 1,624,252 (2,260,901) (635,489)
Beginning balance, shares at Dec. 31, 2022 11,599,830      
Net Loss       (140,630)
Ending balance, value at Jun. 30, 2023 $ 1,160 1,689,252 (2,401,531) (711,119)
Beginning balance, value at Mar. 31, 2023 $ 1,160 1,656,752 (2,335,468) (677,556)
Beginning balance, shares at Mar. 31, 2023 11,599,830      
In kind contribution of services 32,500 32,500
Net Loss (66,063) (66,063)
Ending balance, value at Jun. 30, 2023 $ 1,160 $ 1,689,252 $ (2,401,531) $ (711,119)
v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (140,630) $ (140,305)
Adjustments to reconcile net loss to net cash flows used in operating activities    
In kind contribution of services 65,000 65,000
Changes in operating assets and liabilities and other, net (14,128) 6,246
Net cash flows used in operating activities (89,758) (69,059)
Cash flows from financing activities:    
Proceeds from notes payable 90,000 80,000
Net cash flows provided by financing activities 90,000 80,000
Net increase in cash 242 10,941
Cash at beginning of period 503 1,716
Cash at end of period 745 12,657
Supplemental disclosure of cash flow information:    
Income taxes paid
Interest paid
v3.23.2
Business
6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business

1.       Business

 

Vynleads, Inc. (“Vynleads”) was incorporated as a Delaware corporation on July 15, 2015. We are a provider of health and wellness information principally targeted to people who have prediabetes or type 2 diabetes. We provide information to our customers who are seeking to make healthy choices by providing clear, generic blueprints, education, resources, and support. Our core product is our proprietary Lifestyle Blueprint, a digital guide that provides dietary recommendations for a very low calorie eight-week diet together with information focusing on what, how and how much a person eats, nutritional information and how a person’s body does and does not use food to enable our customers to continue leading a more successful lifestyle. We also offer nutritional supplements and monthly subscriptions to our proprietary newsletter which covers a wide variety of healthy living-related topics.

 

Our corporate headquarters are located in Rock Hill, South Carolina.

 

v3.23.2
Going Concern
6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2.       Going Concern

 

Our unaudited condensed financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since July 15, 2015, the date of our inception, we have experienced recurring operating losses and negative operating cash flows, and have financed our recent working capital requirements primarily through the issuance of debt and equity securities, as well as borrowings from related parties. During the quarters ended June 30, 2023 and 2022, we have reported net losses of $140,630 and $140,305, respectively. As of June 30, 2023, we had a negative working capital of $711,119 and an accumulated deficit of $2,401,531. As a result, management believes that there is substantial doubt about our ability to continue as a going concern.

 

Despite our current sales, expense, cash flow projections, and aggregate cash and holdback receivable from our merchant, net of reserve for refunds, of $15,903, we will require substantial funds to expand service and product offerings into additional areas, market and promote our services and product offerings; and develop and grow our infrastructure and corporate organization. Our capital requirements depend on numerous factors, including but not limited to our ability to generate sufficient revenues to pay our operating expenses.

 

Our ability to meet our current and projected obligations depends on our ability to generate sufficient sales and to control expenses and will require that we seek additional capital through private and/or public financing sources. There can be no assurances that we will achieve our forecasted financial results or that we will be able to raise additional capital to operate our business. Any such failure would have a material adverse impact on our liquidity and financial condition and could force us to curtail or discontinue operations entirely and could require us to file for protection under bankruptcy laws. These conditions raise substantial doubt as to our ability to continue as a going concern.

  

v3.23.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3.       Summary of Significant Accounting Policies

 

Accounting Principles

 

The accompanying unaudited condensed financial statements (the “Financial Statements”) of Vynleads, Inc. (the “Company,” “we,” “us” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In our opinion, the Financial Statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position as of June 30, 2023 and the results of our operations and cash flows for the three and six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full 2023 fiscal year. The Financial Statements should be read in conjunction with the audited financial statements for the Company and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”).

 

Use of Accounting Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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. We believe that judgement is involved in determining the valuation of our reserve for refunds, our holdback reserve, the fair value-based measurement of stock-based compensation, accruals and the estimated useful life of intangible assets. We evaluate our estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the Financial Statements.

  

Cash

 

Cash includes cash on hand, is deposited at one area bank and may exceed federally insured limits at times. We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheets for cash and cash equivalents approximate their fair value.

  

Holdback Receivable

 

Holdback receivable includes a merchant holdback net of a reserve for refunds, which reserve is $58 and $58 as of June 30, 2023 and December 31, 2022, respectively.

 

Revenue Recognition

 

The Company accounts for revenue in accordance with Financial Accounting Standards Board (FASB) and Accounting Standard Codification (ASC) Topic 606. Revenues are recognized when the Company satisfies a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company also assesses our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition.

 

We generate revenues primarily from (i) internet content subscriptions and (ii) sales of nutritional supplements. Revenues are recognized upon the acceptance of subscription membership or shipment of nutritional supplements, provided that an order has been received or a contract executed, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable and collection is deemed reasonably assured. If uncertainties regarding customer acceptance exist, we recognize revenues when those uncertainties are resolved, and title has been transferred to the customer. Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue.

  

Our percentages of revenue by type for the three and six months ended June 30, 2023 and 2022 are as follows:

 

                    
   Three months ended   Six months ended 
   June 30,   June 30, 
   (Unaudited)   (Unaudited) 
    2023    2022    2023    2022 
Internet content subscriptions   0.0%   100.0%   0.0%   100.0%
Nutritional supplements   0.0%   0.0%   0.0%   0.0%

  

Shipping and Handling Costs

 

We include shipping and handling fees billed to customers as revenue and shipping and handling costs for shipments to customers as cost of revenue.

 

 

 Loss Per Share

 

Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in income (loss) that would result from the assumed conversion of potential shares. Potentially dilutive shares, which were excluded from the diluted loss per share calculations because the effect would be antidilutive or the options and warrants exercise prices were greater than the average market price of the common shares, were 585,766 shares for the three and six months ended June 30, 2023 and 2022.

 

Income Taxes

 

The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases.

 

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized.

 

We account for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense.

 

Stock-Based Compensation

 

We account for stock based instruments issued to employees and non-employees for services in accordance with ASC Topic 718.

 

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. Accordingly, the Black-Scholes option pricing model is utilized to derive an estimated fair value.

 

The Black-Scholes pricing model requires the consideration of the following six variables for purposes of estimating fair value:

 

  · the stock option exercise price;
  · the expected term of the option;
  · the grant date price of our common stock, which is issuable upon exercise of the option;
  · the expected volatility of our common stock;
  · the expected dividends on our common stock (we do not anticipate paying dividends in the foreseeable future); and
  · the risk-free interest rate for the expected option term.

 

Expected Dividends. We have never declared or paid any cash dividends on any of our capital stock and do not expect to do so in the foreseeable future. Accordingly, we use an expected dividend yield of zero to calculate the grant-date fair value of a stock option.

 

Expected Volatility. The expected volatility is a measure of the amount by which our stock price is expected to fluctuate during the expected term of options granted. We determine the expected volatility solely based upon the historical volatility of our common stock over a period commensurate with the option’s expected term. We do not believe that the future volatility of our common stock over an option’s expected term is likely to differ significantly from the past.

 

Risk-Free Interest Rate. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the option’s expected term on the grant date.

 

Expected Term. For option grants subsequent to the adoption of the fair value recognition provisions of the accounting standards, the expected life of stock options granted is based on the actual vesting date and the end of the contractual term.

 

Grant Date Price of Common Stock. The closing market price of our common stock on the date of grant.

  

Fair Value of Financial Instruments

 

We follow ASC 820-10, “Fair Value Measurements and Disclosures,” for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

 

Level 1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC 820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

 

Level 2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments.

 

Level 3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little or no market activity.

  

The carrying amounts of our cash, holdback receivable, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to their short-term maturities as of June 30, 2023 and December 31, 2022.

 

Recent Accounting Pronouncements

 

We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us.

 

v3.23.2
Related Party Transactions
6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

4.       Related Party Transactions

 

On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,718 and $1,346 respectively. This note is currently in default.

 

On June 14, 2018, we entered into an employment agreement with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. Mr. Mannine’s compensation includes a grant of 10 year options to purchase 100,000 shares of our common stock at an exercise price of $0.225 per share, which vested upon the effectiveness of the registration statement on December 7, 2018.

 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel the employment agreement and waive all cash due and any related accruals. During the years six months ended June 30, 2023 and 2022, $32,500 and $32,500, respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 6 and 8).

 

On May 21, 2018, we entered into an Amended and Restated Strategic Financing & Corporate Development Agreement with CRG which was amended and restated an earlier agreement entered into in October 2017. We have engaged this company to serve as our non-exclusive strategic financing and corporate development services provider and to render certain advice and services to us as we may reasonably request concerning equity or debt financings, strategic planning, merger and acquisition possibilities, and business development activities. The scope of services under this agreement also includes introducing us to one or more non-U.S. persons, as that term is defined in Regulation S under the Securities Act, in connection with possible debt or equity financings or potential lenders. The initial term of the agreement expired in May 2020, but pursuant to the terms of the agreement, renews automatically for one-year periods unless notice of non-renewal is provided by either party at least 30 days prior to the renewal term commencement. The agreement was renewed until May 2023.

  

As compensation under the terms of this agreement, we agreed to pay CRG Finance AG certain fees for transactions which are consummated during the term of the agreement and for a one year period following the termination of the agreement, including:

 

·a fee equal to 7% of the proceeds received by us plus a warrant exercisable into 7% of the shares of our common stock at the offering price of our shares for sales by us of equity or equity-linked securities to non-U.S. Persons introduced to us by CRG Finance AG;

 

·a fee equal to 1% of the total gross cash proceeds or non-cash consideration received by us, together with a five year warrant exercisable into 1% of the securities issued or to be issued by us in a business combination with a non-U.S. person first introduced to us by CRG Finance AG;

 

·a fee equal to 1% of consideration received by us in any debt financing not convertible into equity, including, but not limited to, a revolving credit line or credit enhancement instrument, including on an insured or guarantee basis, with a non-U.S. Person first introduced to us by CRG Finance AG; and

 

·a fee equal to 2% of any revenue-producing contract, fee-sharing arrangement, licensing, royalty or similar agreement with a non-U.S. Person first introduced to us by CRG Finance AG.

 

In addition to the foregoing fees, we have agreed to reimburse CRG Finance AG for its pre-approved out of pocket expenses it incurs under the terms of the agreement. The agreement contains customary confidentiality and indemnification provisions.

  

v3.23.2
Notes Payable
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Notes Payable

5.       Notes Payable

 

On May 17, 2023, the company executed a note payable to an individual in the amount of $10,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $125.

 

On March 02, 2023, the company executed a note payable to an individual in the amount of $60,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $986.

 

On January 17, 2023, the company executed a note payable to an individual in the amount of $20,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 is $463.

 

On October 20, 2022, the Company executed a note payable to an individual in the amount of $25,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $866 and $247, respectively.

 

On August 12, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues 5% per annum, unsecured, and due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $882 and $386, respectively.

 

On May 18, 2022, the Company executed a note payable to an individual in the amount of $40,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,238 and $1,244, respectively. This note is currently in default

 

On February 10, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,383 and $887, respectively. This note is currently in default.

 

On January 26, 2022, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,425 and $929, respectively. This note is currently in default.

 

On December 1, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,183 and $812, respectively. This note is currently in default.

 

On September 28, 2021, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,383 and $3,143, respectively. This note is currently in default.

 

On August 4, 2021, the Company executed a note payable to an individual in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,428 and $1,056, respectively. This note is currently in default.

 

On May 10, 2021, the Company executed a note payable to an individual in the amount of $20,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,140 and $1,644, respectively. This note is currently in default.

 

On April 15, 2021, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,104 and $856, respectively. This note is currently in default.

 

On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,717 and $1,346, respectively. The note is currently in default.

 

On December 17, 2020, the Company executed a note payable to an individual in the amount of $19,500, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $2,471 and $1,987, respectively. This note is currently in default.

 

On October 27, 2020, the Company executed a note payable to an individual in the amount of $10,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $1,337 and $1,089, respectively. This note is currently in default.

 

On May 5, 2020, the Company received loan proceeds in the amount of $27,000 from Bank of America (the “Lender”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act), provides for loans to qualifying business for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loan matures on April 20, 2022 and bears an interest rate of 1.00% fixed per annum, payable monthly commencing on October 20, 2020. The loan is forgivable if the proceeds are used for eligible purposes. We have used the entire loan amount for qualifying expenses and the forgiveness is pending the completion of the application. The company received a $6,250 courtesy credit from the lender on September 15, 2021. As of June 30, 2023 and December 31, 2022, the loan balance was $12,961 and $14,529, respectively. The monthly payment beginning October 4, 2021 is $3,433. The Company has submitted the application for forgiveness of the PPP Loan in accordance with the terms of the CARES Act and are in discussions with Bank of America (the lender). During the loan forgiveness process, repayment is temporarily deferred for borrowers until the SBA remits the final loan forgiveness amount to the lender. If granted full forgiveness, Bank of America confirmed that interest and penalties would be removed along with the principal of the loan.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. On May 14, 2020 $1,250 of accrued interest was paid. Accrued interest as of June 30, 2023 and December 31, 2022 is $7,791 and $6,551 respectively.This note is currently in default.

 

On November 18, 2019, the Company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Accrued interest as of June 30, 2023 and December 31, 2022 is $4,521 and $3,900, respectively.This note is currently in default.

  

v3.23.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6.       Commitments and Contingencies

 

Employment Agreement

 

On June 14, 2018, we entered into an employment agreement with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. The initial term of the agreement expires in June 2023, subject to successive automatic one- year renewals unless a non-renewal notice is received by either party at least 90 days prior to the expiration of the then current renewal term.

 

Mr. Mannine’s compensation includes:

 

  · an annual base salary of $130,000, subject to an annual review with an increase of at least 5% per annum as determined by the board of directors;
  · an annual bonus as determined by the board of directors;
  · a grant of 10-year options to purchase 100,000 shares of our common stock at an exercise price of $0.225 per share which vest upon the effectiveness of a registration statement to be filed with the Securities and Exchange Commission;
  · participation in all benefit plans we may offer our employees; and
  · 20 paid vacation days annually.

 

Mr. Mannine's employment agreement may be terminated, and he is entitled to certain payments upon such termination, as follows:

 

  · if we should terminate Mr. Mannine’s employment without “cause” or if he should resign for “good reason" or if a “change of control” occurs, we are obligated to pay him a lump-sum severance payment equal to the sum of three months’ base salary, plus one month for every year he was employed and 50% of three years annual bonus (based on the prior year’s compensation);
  · if Mr. Mannine’s employment is terminated as a result of his death or disability, he is entitled to receive his base salary and a pro-rata annual bonus, if any, based on the year during which such termination is effective; or
  · if we should terminate Mr. Mannine for “cause,” or if he voluntarily terminates the agreement, he is entitled to receive his base salary only through the date of termination, and he is not be entitled to any other compensation for the calendar year during which the termination occurs or any subsequent calendar period, including, but not limited to, any annual bonus, if any, that has not already been paid.

 

The employment agreement with Mr. Mannine contains customary confidentiality, non-compete and indemnification clauses.

 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel the employment agreement and waive all cash due and any related accruals. During the three and six months ended June 30, 2023 and June 30, 2022, $32,500 and $65,000 respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 4 and 8).

 

Commitments

  

On May 21, 2018, we entered into an Amended and Restated Strategic Financing & Corporate Development Agreement with CRG which was amended and restated an earlier agreement entered into in October 2017. We have engaged this company to serve as our non-exclusive strategic financing and corporate development services provider and to render certain advice and services to us as we may reasonably request concerning equity or debt financings, strategic planning, merger and acquisition possibilities, and business development activities. The scope of services under this agreement also includes introducing us to one or more non-U.S. persons, as that term is defined in Regulation S under the Securities Act, in connection with possible debt or equity financings or potential lenders. The initial term of the agreement expired in May 2019, but pursuant to the terms of the agreement, renews automatically for one-year periods unless notice of non-renewal is provided by either party at least 30 days prior to the renewal term commencement. The agreement was renewed in May 2023.

 

As compensation under the terms of this agreement, we agreed to pay CRG Finance AG certain fees for transactions which are consummated during the term of the agreement and for a one year period following the termination of the agreement, including:

 

  · a fee equal to 7% of the proceeds received by us plus a warrant exercisable into 7% of the shares of our common stock at the offering price of our shares for sales by us of equity or equity-linked securities to non-U.S. Persons introduced to us by CRG Finance AG;
     
  · a fee equal to 1% of the total gross cash proceeds or non-cash consideration received by us, together with a five year warrant exercisable into 1% of the securities issued or to be issued by us in a business combination with a non-U.S. person first introduced to us by CRG Finance AG;
     
  · a fee equal to 1% of consideration received by us in any debt financing not convertible into equity, including, but not limited to, a revolving credit line or credit enhancement instrument, including on an insured or guarantee basis, with a non-U.S. Person first introduced to us by CRG Finance AG; and
     
  · a fee equal to 2% of any revenue-producing contract, fee-sharing arrangement, licensing, royalty or similar agreement with a non-U.S. Person first introduced to us by CRG Finance AG.

 

In addition to the foregoing fees, we have agreed to reimburse CRG Finance AG for its pre-approved out of pocket expenses it incurs under the terms of the agreement. The agreement contains customary confidentiality and indemnification provisions.

 

On February 12, 2020, we entered a consulting agreement with Primoris Group Inc (“Primoris”). Primoris was issued 200,000 common shares at a fair value of $45,000 ($0.225 per share) on June 30, 2020. 100,000 shares are restricted from resale or transfer by Primoris per the consulting agreement until February 12, 2021. The consultant has an option to register 100,000 on any future registration statement. In addition to any restrictions imposed by the agreement, all the shares require an exemption for resale to the public. In addition to any restrictions imposed by the agreement, all the shares require an exemption for resale to the public.

  

Under terms of the consulting agreement, we agree to pay Primoris $8,000 per month payable in advance of the month in which services are to be rendered as a consulting fee. As of June 30, 2023 and December 31, 2022, $96,000 and $96,000 are recorded as accrued expense, respectively. The agreement was not renewed upon expiration date.

 

 

Contingencies

 

In April 2016, we entered into a Promotion and Royalty Agreement (the “Agreement”) with a consultant to obtain certain promotional services from him (the “Promoter”), including the use of his name and appearance. In consideration for the services rendered by the Promoter, we agreed to use commercially reasonable efforts to promote and sell a book authored by him (the “Book”) and to pay him a percentage of the sales of the Book after deductions for all direct costs of fulfilling such sales (the “Royalty”). During the course of 2017, the Promoter initiated a series of informal claims and filed unauthorized uniform commercial code financing statements (“UCC Liens”) in several states as liens against us and certain of our officers, directors, and founders, alleging non-payment for the Royalty amounts due under the Agreement. We dispute the Promoter’s claims and have determined that any and all amounts due to the Promoter under the Agreement have been paid in full. We have succeeded in removing certain of the UCC Liens and are pursuing action to remove the remaining unauthorized UCC Liens. We do not believe that the claims of the Promoter are valid in any respect.

 

v3.23.2
Concentration of Credit Risk and Major Customers and Suppliers
6 Months Ended
Jun. 30, 2023
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk and Major Customers and Suppliers

7.       Concentration of Credit Risk and Major Customers and Suppliers

 

We purchase our inventory of herbal/natural supplements from one supplier. While we believe that we will be able to find a secondary supplier, there could be a manufacturing delay in the transition to a new supplier and such a supply interruption would materially impact our business for some period of time.

  

v3.23.2
Stockholders’ Equity
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity

8.       Stockholders’ Equity

 

Our authorized capital stock consists of 50,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of blank check preferred stock, par value $0.0001 per share. As of June 30, 2023 and December 31, 2022, there are 11,599,830 and 11,599,830 shares of common stock outstanding and there are no shares of preferred stock issued and outstanding at either date.

  

In-kind Contribution of Service

 

On September 21, 2020, Mr. Mannine voluntarily agreed to cancel his employment agreement and waive all cash due and any related accruals. During the three and six months ended June 30, 2023 and June 30, 2022, $65,000 and $65,000 respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Notes 4 and 6).

  

Preferred Stock

 

Our 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. Our board of directors may authorize the issuance of preferred stock, which ranks senior to our common stock for the payment of dividends and the distribution of assets on liquidation. In addition, our board of directors can fix limitations and restrictions, if any, upon the payment of dividends on both classes of our common stock to be effective while any shares of preferred stock are outstanding.

 

Warrants

 

On October 10, 2017, we entered into the Financing Agreement with CRG. In connection with the related equity financing as of December 31, 2017, CRG had earned 368,111 fully vested five-year warrants with an exercise price of $0.225. The related warrants were issued in January 2018. We determined that the warrant had an initial fair value of $34,405 and was recorded as a direct offering cost in Stockholders’ equity with a net effect of zero. We estimated the fair value of this warrant using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.2% and an expected life of 5 years.

 

During January 2018, as part of the Private Placement more fully described in Note 4, CRG earned an additional 17,655 fully vested common stock warrants with an exercise price of $0.225. These additional warrants were issued to CRG on January 30, 2018. We determined that the warrant had an initial fair value of $1,670 and was recorded as a direct offering cost in Stockholders’ equity with a net effect of zero. We estimated the fair value of this warrant using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.51% and an expected life of 5 years.

 

On March 8, 2018, we entered into an advisory agreement with a scientific advisor to provide certain services to us. Pursuant to the agreement, we issued 100,000 five-year common stock warrants at an exercise price of $0.90. Such warrants vest subject to certain milestones. As of June 30, 2023 and December 31, 2022, 100,000 of these warrants have vested. We determined that the warrant had an initial fair value of $1,905. We estimated the fair value of this warrant using the Black- Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.63% and an expected life of 5 years.

  

Warrants expired as of June 30,2023. As of December 31, 2022, the intrinsic value for warrants outstanding and exercisable is $19,288.

  

The following table summarizes information about the warrants earned and outstanding as of June 30, 2023 and December 31, 2022:

 

                      
   

June 30, 2023

(Unaudited)

   December 31, 2022 
           Weighted         Weighted 
           Average         Average 
           Exercise         Exercise 
      Warrants    Price    Warrants    Price 
 Outstanding, beginning of period    485,766   $0.364    485,766   $0.364 
      Granted                         
      Exercised                         
      Forfeited                         
      Expired    485,766                   
 Outstanding, end of period         $      485,766   $0.364 
 Exercisable, end of period         $      485,766   $0.364 

 

As of June 30, 2023 (Unaudited)

 

                   
    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted       Weighted
        Contractual    Average       Average
  Number   Life (In   Exercise   Number   Exercise

Range of Exercise Price

  Outstanding Years)   Price   Exercisable   Price
         

  

  

As of December 31, 2022

 

    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted          
      Contractual   Average       Weighted
  Number   Life (In   Exercise   Number   Average

Range of Exercise Price

  Outstanding   Years)  

  Price

  Exercisable   Exercise Price
$0.225 - $0.90   485,766   .12   $0.364   485,766   $0.364

 

v3.23.2
Stock Option Plan
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Plan

9.       Stock Option Plan

 

In December 2017 our board of directors adopted our 2017 Equity Incentive Plan, or the “2017 Plan.” Our stockholders ratified the 2017 Plan in December 2017. The purpose of the 2017 Plan is to encourage ownership in our company by our officers, directors, employees and consultants, and to incentivize and align the interests of the plan participants with the interests of our stockholders. We have reserved 1,100,000 shares of our common stock for issuance under the 2017 Plan. Grants pursuant to the 2017 Plan may be: i) incentive stock options; ii) non-statutory stock options; iii) stock awards, including shares of our common stock and stock units; and iv) stock appreciation rights.

 

The board of directors or a committee of the board of directors administers the 2017 Plan. Presently, the 2017 Plan is administered by our board of directors. The term of each plan option and the manner in which it may be exercised is determined by the board of directors or a committee of the board of directors, provided that no option may be exercisable more than 10 years after the date of its grant and, in the case of an incentive option granted to an eligible employee owning more than 10% of the common stock, no more than five years after the date of the grant. The terms of grants or any other type of award under the plan are determined by the board of directors or committee of the board of directors at the time of grant. The 2017 Plan provides that the maximum value of any award during any calendar year cannot exceed $1,000,000.

  

Any option granted under the plan must provide for an exercise price of not less than 100% of the fair market value of the underlying shares on the date of grant, but the exercise price of any ISO granted under the 2017 Plan to an eligible employee owning more than 10% of our outstanding common stock must not be less than 110% of fair market value on the date of the grant. The 2017 Plan further provides that with respect to ISOs the aggregate fair market value of the common stock underlying the options which are exercisable by any plan participant during any calendar year cannot exceed $100,000. Option awards may provide for the exercise by means of cash, consideration received by us under a broker-assisted sale and remittance program, cashless exercise, any other consideration legally permitted, or a combination of the foregoing. The 2017 Plan administrator may also determine the method of payment of the exercise price at the time the option is being exercised. Grants under the 2017 Plan are not transferrable.

 

Generally, options which are exercisable at the date of the plan participant’s termination from our employment or severance of the relationship with our company must be exercised within three months of the termination date; the plan administrator may extend the exercise period of the option for a separated plan participant providing that the extended date does not go beyond the original expiration date of the option. Similarly, generally options which are exercisable at the date of the plan participant’s disability or death must be exercised within six months of the termination date in the event of the disability of the plan participant or 12 months following the plan participant’s death. In our discretion, any outstanding options held by a plan participant terminated for cause may be immediately cancelled.

 

In the event there is a “change in control” of our company as defined in the 2017 Plan, as determined by the board of directors or the committee, we may in our discretion: i) provide for the assumption or substitution of, or adjustment (including to the number and type of shares and exercise or purchase price applicable) to, each outstanding award; ii) accelerate the vesting of options and terminate any restrictions on stock awards; and/or iii) provide for termination of awards as a result of the change in control on such terms and conditions as it deems appropriate, including providing for the cancellation of awards for a cash or other payment to the participant.

 

The number of shares of our common stock underlying any outstanding but unexercised option and the exercise price of that option will be proportionally adjusted in the event of a stock split, stock combinations, dividends, and similar corporate events.

 


On June 14, 2018, pursuant to the employment agreement with Mr. Mannine, more fully described in Note 6, we issued 100,000 stock options with an exercise price of $0.225. Such options fully vested upon the effectiveness of a registration statement on Form S-1. We determined that the options had an initial fair value of $13,221. We estimated the fair value of these options using the Black-Scholes option pricing model, based on the following assumptions: the recent cash offering price of $0.225 as the estimated fair value of the underlying common stock at the valuation measurement date; no dividend yield for all of the years; expected volatility of 45%; risk-free interest rate of 2.2% and an expected life of 10 years. We amortized the fair value over the period from their issuance on June 14, 2018 through December 7, 2018, the date on which the registration statement was declared effective. No stock option expense was recorded during the three and six months ended June 30, 2023 and 2022.

  

As of June 30, 2023 and December 31, 2022, the intrinsic value for options outstanding and exercisable is $7,500 and $5,000, respectively.

  

The following table summarizes information about stock options outstanding and exercisable as of as of June 30, 2023 and December 31, 2022:

  

                    
  

June 30, 2023

(Unaudited)

   December 31, 2022 
                     
         Weighted         Weighted 
         Average         Average 
         Exercise         Exercise 
    Options    Price    Options    Price 
Outstanding, beginning of period   100,000   $0.225    100,000   $0.225 
     Granted                        
     Exercised                        
     Forfeited                        
     Expired                        
Outstanding, end of period   100,000   $0.225    100,000   $0.225 
Exercisable, end of period   100,000   $0.225    100,000   $0.225 
                     
Options available for future grant, end of period   1,000,000         1,000,000      

 

 As of June 30, 2023 (Unaudited)

 

                     
    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.68   $0.225   100,000   $0.225

 

As of December 31, 2022

 

    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.93   $0.225   100,000   $0.225

 

v3.23.2
Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

 10. Subsequent Events

 

On June 23, 2023, the company executed a note payable to an individual in the amount of $25,000, interest accrues 5% per annum, unsecured, and due date on year of execution, or a date in the which the company seems one million in total investment capital, whichever occurs first. The proceeds of this note was received on July 5,2023.

  

v3.23.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Use of Accounting Estimates

Use of Accounting Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and 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. We believe that judgement is involved in determining the valuation of our reserve for refunds, our holdback reserve, the fair value-based measurement of stock-based compensation, accruals and the estimated useful life of intangible assets. We evaluate our estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the Financial Statements.

  

Cash

Cash

 

Cash includes cash on hand, is deposited at one area bank and may exceed federally insured limits at times. We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheets for cash and cash equivalents approximate their fair value.

  

Holdback Receivable

Holdback Receivable

 

Holdback receivable includes a merchant holdback net of a reserve for refunds, which reserve is $58 and $58 as of June 30, 2023 and December 31, 2022, respectively.

 

Revenue Recognition

Revenue Recognition

 

The Company accounts for revenue in accordance with Financial Accounting Standards Board (FASB) and Accounting Standard Codification (ASC) Topic 606. Revenues are recognized when the Company satisfies a performance obligation by transferring control of the promised goods or services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company also assesses our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience and financial condition.

 

We generate revenues primarily from (i) internet content subscriptions and (ii) sales of nutritional supplements. Revenues are recognized upon the acceptance of subscription membership or shipment of nutritional supplements, provided that an order has been received or a contract executed, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable and collection is deemed reasonably assured. If uncertainties regarding customer acceptance exist, we recognize revenues when those uncertainties are resolved, and title has been transferred to the customer. Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue.

  

Our percentages of revenue by type for the three and six months ended June 30, 2023 and 2022 are as follows:

 

                    
   Three months ended   Six months ended 
   June 30,   June 30, 
   (Unaudited)   (Unaudited) 
    2023    2022    2023    2022 
Internet content subscriptions   0.0%   100.0%   0.0%   100.0%
Nutritional supplements   0.0%   0.0%   0.0%   0.0%

  

Shipping and Handling Costs

Shipping and Handling Costs

 

We include shipping and handling fees billed to customers as revenue and shipping and handling costs for shipments to customers as cost of revenue.

 

 

Loss Per Share

 Loss Per Share

 

Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in income (loss) that would result from the assumed conversion of potential shares. Potentially dilutive shares, which were excluded from the diluted loss per share calculations because the effect would be antidilutive or the options and warrants exercise prices were greater than the average market price of the common shares, were 585,766 shares for the three and six months ended June 30, 2023 and 2022.

 

Income Taxes

Income Taxes

 

The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases.

 

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized.

 

We account for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense.

 

Stock-Based Compensation

Stock-Based Compensation

 

We account for stock based instruments issued to employees and non-employees for services in accordance with ASC Topic 718.

 

Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. Accordingly, the Black-Scholes option pricing model is utilized to derive an estimated fair value.

 

The Black-Scholes pricing model requires the consideration of the following six variables for purposes of estimating fair value:

 

  · the stock option exercise price;
  · the expected term of the option;
  · the grant date price of our common stock, which is issuable upon exercise of the option;
  · the expected volatility of our common stock;
  · the expected dividends on our common stock (we do not anticipate paying dividends in the foreseeable future); and
  · the risk-free interest rate for the expected option term.

 

Expected Dividends. We have never declared or paid any cash dividends on any of our capital stock and do not expect to do so in the foreseeable future. Accordingly, we use an expected dividend yield of zero to calculate the grant-date fair value of a stock option.

 

Expected Volatility. The expected volatility is a measure of the amount by which our stock price is expected to fluctuate during the expected term of options granted. We determine the expected volatility solely based upon the historical volatility of our common stock over a period commensurate with the option’s expected term. We do not believe that the future volatility of our common stock over an option’s expected term is likely to differ significantly from the past.

 

Risk-Free Interest Rate. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the option’s expected term on the grant date.

 

Expected Term. For option grants subsequent to the adoption of the fair value recognition provisions of the accounting standards, the expected life of stock options granted is based on the actual vesting date and the end of the contractual term.

 

Grant Date Price of Common Stock. The closing market price of our common stock on the date of grant.

  

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

We follow ASC 820-10, “Fair Value Measurements and Disclosures,” for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

 

Level 1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC 820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

 

Level 2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments.

 

Level 3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little or no market activity.

  

The carrying amounts of our cash, holdback receivable, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to their short-term maturities as of June 30, 2023 and December 31, 2022.

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us.

 

v3.23.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Schedule of Percentage of revenue by type

                    
   Three months ended   Six months ended 
   June 30,   June 30, 
   (Unaudited)   (Unaudited) 
    2023    2022    2023    2022 
Internet content subscriptions   0.0%   100.0%   0.0%   100.0%
Nutritional supplements   0.0%   0.0%   0.0%   0.0%
v3.23.2
Stockholders’ Equity (Tables)
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of warrants earned and outstanding
                      
   

June 30, 2023

(Unaudited)

   December 31, 2022 
           Weighted         Weighted 
           Average         Average 
           Exercise         Exercise 
      Warrants    Price    Warrants    Price 
 Outstanding, beginning of period    485,766   $0.364    485,766   $0.364 
      Granted                         
      Exercised                         
      Forfeited                         
      Expired    485,766                   
 Outstanding, end of period         $      485,766   $0.364 
 Exercisable, end of period         $      485,766   $0.364 
Schedule of warrants outstanding and exercisable rage by exercise price
                   
    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted       Weighted
        Contractual    Average       Average
  Number   Life (In   Exercise   Number   Exercise

Range of Exercise Price

  Outstanding Years)   Price   Exercisable   Price
         

  

  

As of December 31, 2022

 

    Warrants Outstanding   Warrants Exercisable
                     
        Remaining            
        Average   Weighted          
      Contractual   Average       Weighted
  Number   Life (In   Exercise   Number   Average

Range of Exercise Price

  Outstanding   Years)  

  Price

  Exercisable   Exercise Price
$0.225 - $0.90   485,766   .12   $0.364   485,766   $0.364
v3.23.2
Stock Option Plan (Tables)
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Information Regarding about Stock Options Outstanding and Exercisable
                    
  

June 30, 2023

(Unaudited)

   December 31, 2022 
                     
         Weighted         Weighted 
         Average         Average 
         Exercise         Exercise 
    Options    Price    Options    Price 
Outstanding, beginning of period   100,000   $0.225    100,000   $0.225 
     Granted                        
     Exercised                        
     Forfeited                        
     Expired                        
Outstanding, end of period   100,000   $0.225    100,000   $0.225 
Exercisable, end of period   100,000   $0.225    100,000   $0.225 
                     
Options available for future grant, end of period   1,000,000         1,000,000      
Schedule of options outstanding by exercise price range
                     
    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.68   $0.225   100,000   $0.225

 

As of December 31, 2022

 

    Options Outstanding   Options Exercisable
                     
        Remaining            
        Average        
        Contractual    Weighted       Weighted
  Number   Life (In   Average   Number   Average
Range of Exercise Price   Outstanding   Years)   Exercise Price   Exercisable   Exercise Price
$0.225   100,000   5.93   $0.225   100,000   $0.225
v3.23.2
Going Concern (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net Income loss $ 140,630 $ 140,305  
Working Capital Deficit 711,119    
Accumulated deficit 2,401,531   $ 2,260,901
Holdback Receivable from merchant, net of reserve for refunds $ 15,903   $ 15,764
v3.23.2
Summary of Significant Accounting Policies (Percentage of Revenue by Type) (Details) - Revenue Benchmark [Member] - Product Concentration Risk [Member]
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Internet Content Subscriptions [Member]        
Product Information [Line Items]        
Concentration Risk, Percentage 0.00% 100.00% 0.00% 100.00%
Nutritional Supplements [Member]        
Product Information [Line Items]        
Concentration Risk, Percentage 0.00% 0.00% 0.00% 0.00%
v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Accounting Policies [Abstract]      
Refunds $ 58   $ 58
Potentially dilutive shares 585,766 585,766  
v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Mar. 16, 2021
Jun. 14, 2018
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Related Party Transaction [Line Items]          
Options issued      
Exercise price      
Chief Executive Officer [Member]          
Related Party Transaction [Line Items]          
Expected term   10 years      
Options issued   100,000      
Exercise price   $ 0.225      
In-kind Contribution of Service     $ 32,500 $ 32,500  
Note Payable [Member] | Mr Sergei Stetsenko [Member]          
Related Party Transaction [Line Items]          
Note payable $ 15,000        
Interest rate 5.00%        
Term due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.        
Accrued interest     $ 1,718   $ 1,346
v3.23.2
Notes Payable (Details Narrative) - USD ($)
May 17, 2023
Mar. 02, 2023
Jan. 17, 2023
Oct. 20, 2022
Aug. 12, 2022
May 18, 2022
Feb. 10, 2022
Jan. 26, 2022
Dec. 01, 2021
Oct. 04, 2021
Sep. 28, 2021
Sep. 15, 2021
Aug. 04, 2021
May 10, 2021
Apr. 15, 2021
Mar. 16, 2021
Dec. 17, 2020
Oct. 27, 2020
May 05, 2020
Nov. 18, 2019
Jun. 30, 2023
Dec. 31, 2022
May 14, 2020
Note Payable One [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable $ 10,000                                            
Interest rate 5.00%                                            
Term due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first.                                            
Accrued interest                                         $ 125    
Note Payable Two [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable   $ 60,000                                          
Interest rate   5.00%                                          
Term   due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first.                                          
Accrued interest                                         986    
Note Payable Three [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable     $ 20,000                                        
Interest rate     5.00%                                        
Term     due date after one year of execution, or a date in the which the company secures one million in total investment capital, whichever occurs first.                                        
Accrued interest                                         463    
Note Payable Four [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable       $ 25,000                                      
Interest rate       5.00%                                      
Term       due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first.                                      
Accrued interest                                         866 $ 247  
Note Payable Five [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable         $ 20,000                                    
Interest rate         5.00%                                    
Term         due date after one year of execution, or the date in the which the company secures one million in total investment capital, whichever occurs first.                                    
Accrued interest                                         882 386  
Note Payable Six [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable           $ 40,000                                  
Interest rate           5.00%                                  
Term           due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first.                                  
Accrued interest                                         2,238 1,244  
Note Payable Seven [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable             $ 20,000                                
Interest rate             5.00%                                
Term             due after one year of execution, or the date in which the company secures one million dollars in total investment capital, whichever occurs first.                                
Accrued interest                                         1,383 887  
Note Payable Eight [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable               $ 20,000                              
Interest rate               5.00%                              
Term               due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                              
Accrued interest                                         1,425 929  
Note Payable Nine [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                 $ 15,000                            
Interest rate                 5.00%                            
Term                 due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                            
Accrued interest                                         1,183 812  
Note Payable Ten [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                     $ 50,000                        
Interest rate                     5.00%                        
Term                     due after one year of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                        
Accrued interest                                         4,383 3,143  
Note Payable Eleven [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                         $ 15,000                    
Interest rate                         5.00%                    
Term                         due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                    
Accrued interest                                         1,428 1,056  
Note Payable Tweleve [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                           $ 20,000                  
Interest rate                           5.00%                  
Term                           due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                  
Accrued interest                                         2,140 1,644  
Note Payable Thirteen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                             $ 10,000                
Interest rate                             5.00%                
Term                             due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.                
Accrued interest                                         1,104 856  
Note Payable Fourteen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                               $ 15,000              
Interest rate                               5.00%              
Term                               due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.              
Accrued interest                                         1,717 1,346  
Note Payable Fifteen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                                 $ 19,500            
Interest rate                                 5.00%            
Term                                 due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.            
Accrued interest                                         2,471 1,987  
Note Payable Sixteen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                                   $ 10,000          
Interest rate                                   5.00%          
Term                                   due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.          
Accrued interest                                         1,337 1,089  
P P P Loan [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                                         12,961 14,529  
Term                                     The loan matures on April 20, 2022 and bears an interest rate of 1.00% fixed per annum        
Proceeds from Loans                                     $ 27,000        
PPP Courtesy Credit                       $ 6,250                      
Periodic payment                   $ 3,433                          
Note Payable Seventeen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                                       $ 50,000      
Interest rate                                       5.00%      
Term                                       due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.      
Accrued interest                                         7,791 6,551 $ 1,250
Note Payable Eighteen [Member]                                              
Short-Term Debt [Line Items]                                              
Note payable                                       $ 25,000      
Interest rate                                       5.00%      
Term                                       due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.      
Accrued interest                                         $ 4,521 $ 3,900  
v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Feb. 12, 2020
Jun. 14, 2018
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]          
Options issued      
Exercise price      
Primoris Group Inc [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Fair value $ 45,000        
Share price $ 0.225        
Payable in advance     $ 8,000    
Accrued expense     96,000   $ 96,000
Primoris Group Inc [Member] | Share-Based Payment Arrangement, Tranche Two [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Number of shares issued 100,000        
Chief Executive Officer [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Annual base salary   $ 130,000      
Expected life   10 years      
Options issued   100,000      
Exercise price   $ 0.225      
In-kind Contribution of Service     $ 32,500 $ 65,000  
v3.23.2
Stockholders' Equity (Information About Warrants Earned and Outstanding) (Details) - Warrant [Member] - $ / shares
6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Outstanding, beginning of period 485,766 485,766
Weighted average exercise price outstanding, beginning of period $ 0.364 $ 0.364
Granted
Weighted average exercise price, Granted
Exercised
Weighted average exercise price, Exercised
Forfeited
Weighted average exercise price, Forfeited
Expired 485,766
Weighted average exercise price, Expired
Outstanding, end of period 485,766
Weighted average exercise price outstanding, end of period $ 0.364
Exercisable, end of period 485,766
Weighted average exercise price exercisable, end of period $ 0.364
v3.23.2
Stockholders' Equity (Warrants Outstanding by Price Range) (Details) - Warrant [Member] - $ / shares
6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Range of exercise price, upper limit $ 0.90
Number outstanding 485,766
Weighted Average Exercise Price, Outstanding $ 0.364
Number exercisable 485,766
Weighted average exercise price, exercisable $ 0.364
Range of exercise price, lower limit   $ 0.225
Remaining Average Contractual Life   1 month 13 days
v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended 12 Months Ended
Mar. 08, 2018
Oct. 10, 2017
Jan. 31, 2018
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Jan. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Common stock, shares authorized       50,000,000   50,000,000  
Common stock, par value       $ 0.0001   $ 0.0001  
Preferred stock, shares authorized       5,000,000   5,000,000  
Preferred stock, par value       $ 0.0001   $ 0.0001  
Common stock, shares issued       11,599,830   11,599,830  
Common stock, shares outstanding       11,599,830   11,599,830  
Preferred stock, share issued       0   0  
Preferred stock, shares outstanding       0   0  
In-kind Contribution of Service       $ 65,000 $ 65,000    
Intrinsic value           $ 19,288  
C R G Finance A G [Member] | Warrant [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Issued   368,111 17,655        
Exercise price   $ 0.225          
Fair value   $ 34,405 $ 1,670        
Offering price   $ 0.225          
Volatility   45.00% 45.00%        
Risk free interest rate   2.20% 2.51%        
Expected life   5 years 5 years        
Exercise price             $ 0.225
Offering price             $ 0.225
Scientific Advisor [Member] | Warrant [Member]              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Issued 100,000            
Exercise price $ 0.90            
Fair value $ 1,905            
Offering price $ 0.225            
Volatility 45.00%            
Risk free interest rate 2.63%            
Expected life 5 years            
Vested       100,000   100,000  
v3.23.2
Stock Option Plan (Stock Options Outstanding) (Details) - $ / shares
6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]    
Options outstanding, beginning of period 100,000 100,000
Weighted average exercise price outstanding, beginning of period $ 0.225 $ 0.225
Options outstanding, Granted
Weighted average exercise price, Granted
Options outstanding, Exercised
Weighted average exercise price, Exercised
Options outstanding, Forfeited
Weighted average exercise price, Forfeited
Options outstanding, Expired
Weighted average exercise price, Expired
Options outstanding, end of period 100,000 100,000
Weighted average exercise price outstanding, end of period $ 0.225 $ 0.225
Options outstanding Exercisable, end of period 100,000 100,000
Weighted average exercise price, Exercisable end of period $ 0.225 $ 0.225
Options available for grant 1,000,000 1,000,000
v3.23.2
Stock Option Plan (Stock Options Outstanding by Exercise Price) (Details) - $ / shares
6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]    
Range of Exercise Price, upper $ 0.225 $ 0.225
Number Outstanding 100,000 100,000
Remaining Average Contractual Life 5 years 8 months 4 days 5 years 11 months 4 days
Weighted Average Exercise Price $ 0.225 $ 0.225
Number Exercisable 100,000 100,000
Exercisable Weighted Average Exercise Price $ 0.225 $ 0.225
v3.23.2
Stock Option Plan (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Jun. 14, 2018
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]        
Total awards reserved   1,100,000    
Options issued    
Exercise price    
Intrinsic value   $ 7,500   $ 5,000
Chief Executive Officer [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Options issued 100,000      
Exercise price $ 0.225      
Options fair value $ 13,221      
Expected volatility 45.00%      
Risk free rate 2.20%      
Expected term 10 years      
Stock option expense   $ 0 $ 0  
v3.23.2
Subsequent Events (Details Narrative)
Jun. 23, 2023
USD ($)
Subsequent Events [Abstract]  
Note payable $ 25,000
Interest rate 5.00%

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