v3.25.2
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue:    
Services $ 197,459 [1] $ 619,538
Cost of services 313,756 369,313
Gross margin (116,297) 250,225
Operating expenses:    
General and administrative expenses 1,548,277 [2] 1,864,543
Amortization 43,332 43,332
Depreciation 87,222
Impairment of goodwill 1,271,306 [3]
Share-based compensation 1,155,480 2,104,126
Total Operating Expenses 4,018,395 4,099,223
Operating loss (4,134,692) (3,848,998)
Other income 28,375 18,265
Loss on disposal of business (142,728)
Loss on sale of equipment (31,000)
Other income recovery of token investment 67,600
Interest expense (3,093,999) [2] (1,757,057)
Loss before provision for income taxes (7,231,317) (5,662,918)
Provision for income taxes
Net (loss) $ (7,231,317) $ (5,662,918)
Net income (loss) per share, Basic $ (0.05) $ (0.24)
Net income (loss) per share, diluted $ (0.05) $ (0.24)
Weighted average number of shares outstanding, Basic 134,932,832 23,188,092
Weighted average number of shares outstanding, diluted 134,932,832 23,188,092
Share-Based Payment Arrangement, Employee [Member]    
Operating expenses:    
Share-based compensation $ 6,761 $ 275,351
Share-Based Payment Arrangement, Nonemployee [Member]    
Operating expenses:    
Share-based compensation $ 1,148,719 $ 1,828,775
[1] Represents quarterly reduction of revenue which has been reclassified as an accrued liability due to the lack of documentation to support revenue recognition under the guidelines of ASC 606. The reduction in quarterly revenue amounted to $127,784 for the period ended March 31, 2023, $77,965 for the quarter ended June 30, 2023, and $2,189 for the quarter ended September 30, 2023. These adjustments amounted to $207,938. The quarterly restatement on the Company’s balance sheet and statements of operations of these revenue adjustments, which had no impact on cash flows, are reflected below.
[2] At year end December 31, 2023, the Company recorded the following charges and adjustments to the financial statement above. These entries only impacted the Company’s fourth quarter and had no impact on prior quarters: -$526,903 was recorded as default interest due to a notification by lender to the Company in Q4 of 2023 -$310,000 in accrued salary, board fees and accrued expenses which should have been recorded relating the Company’s Q4 activity, was not recorded
[3] Based on an annual review performed on December 31, 2023, the Company determined that its goodwill and intangible assets had been fully impaired and recorded an impairment charge amounting to $1,271,306.