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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
For
the quarterly period ended June 30, 2024 |
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
For
the transition period from __________ to __________ |
Commission
File No. 000-50331
CalEthos,
Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
98-0371433 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
11753
Willard Avenue
Tustin,
California |
|
92782 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(714)
352-5315
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting
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 use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As
of August 14, 2024, there were 25,230,540 outstanding shares of the registrant’s common stock, par value $0.001
per share.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
information set forth in this Quarterly Report on Form 10-Q, including in Item 2, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and elsewhere herein, with respect to our financial condition, results of operations
and business that are not historical facts are “forward-looking statements”. Forward-looking statements can be identified
by the use of forward-looking terminology, such as “anticipate”, “believe”, “expect”, “plan”,
“intend”, “seek”, “estimate”, “project”, “could”, “may” or the
negative thereof or other variations thereon, or by discussions of strategy that involve risks and uncertainties. Management wishes to
caution the reader of the forward-looking statements that any such statements that are contained in this report reflect our current beliefs
with respect to future events and involve known and unknown risks, uncertainties and other factors, including, but not limited to, economic,
competitive, regulatory, technological, key employees, and general business factors affecting our operations, markets, growth, services,
products and other factors, some of which are described in this report and some of which are discussed in our other filings with the
Securities and Exchange Commission. These forward-looking statements are only estimates or predictions. No assurances can be given regarding
the achievement of future results, as actual results may differ materially as a result of risks facing our company, and actual events
may differ from the assumptions underlying the statements that have been made regarding anticipated events.
Important
factors to consider in evaluating any forward-looking statements include:
|
● |
our
ability to finance and complete the design and construction of our proposed data center operations; |
|
|
|
|
● |
our
ability to implement our business plan; |
|
|
|
|
● |
our
ability to attract key personnel; |
|
|
|
|
● |
our
ability to operate profitably; |
|
|
|
|
● |
our
ability to efficiently and effectively finance our operations; |
|
|
|
|
● |
inability
to achieve future sales levels or other operating results; |
|
|
|
|
● |
inability
to raise additional financing for working capital; |
|
|
|
|
● |
inability
to efficiently manage our operations; |
|
|
|
|
● |
the
inability of management to effectively implement our strategies and business plans; |
|
|
|
|
● |
the
unavailability of funds for capital expenditures and/or general working capital; |
|
|
|
|
● |
the
fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations,
and they may require management to make estimates about matters that are inherently uncertain; |
|
|
|
|
● |
deterioration
in general or regional economic conditions; |
|
|
|
|
● |
changes
in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate; |
|
|
|
|
● |
adverse
state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect
to existing operations; |
These
risk factors should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting
on our behalf may issue. All written and oral forward looking statements made in connection with this report that are attributable to
our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Given these uncertainties,
we caution investors not to unduly rely on our forward-looking statements. We do not undertake any obligation to review or confirm analysts’
expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after
the date of this report or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
Notwithstanding
the above, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), expressly state that the safe harbor for forward-looking statements
does not apply to companies that issue penny stock. If, as now, we are considered to be an issuer of penny stock, the safe harbor for
forward-looking statements may not apply to us at certain times.
Throughout
this report, unless otherwise designated, the terms “we,” “us,” “our,” “the Company”
and “our company” refer to CalEthos, Inc., a Nevada corporation. All amounts are in U.S. Dollars, unless otherwise indicated.
PART
I - FINANCIAL INFORMATION
Item
1: |
Financial
Statements |
CalEthos,
Inc.
Condensed
Consolidated Balance Sheets
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 298,000 | | |
$ | 308,000 | |
Prepaid and other current expenses | |
| 10,000 | | |
| 10,000 | |
Total current assets | |
| 308,000 | | |
| 318,000 | |
Data center costs | |
| 4,158,000 | | |
| 2,262,000 | |
Total assets | |
$ | 4,466,000 | | |
$ | 2,580,000 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 403,000 | | |
$ | 670,000 | |
Convertible promissory notes, net | |
| - | | |
| 341,000 | |
Notes payable, net of discount | |
| 436,000 | | |
| 11,000 | |
Total current liabilities | |
| 839,000 | | |
| 1,022,000 | |
| |
| | | |
| | |
Convertible debentures, net | |
| 92,000 | | |
| - | |
Total liabilities | |
| 931,000 | | |
| 1,022,000 | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Series A convertible preferred stock, par value $0.001, 3,600,000 shares authorized; no shares issued and outstanding | |
| - | | |
| - | |
Preferred stock, par value $0.001, 100,000,000 shares authorized, no shares issued and outstanding | |
| - | | |
| - | |
Preferred stock, value | |
| - | | |
| - | |
Common stock par value $0.001: 100,000,000 shares authorized; 25,230,540 and 24,345,598 shares issued and outstanding | |
| 25,000 | | |
| 24,000 | |
Additional paid-in capital | |
| 30,734,000 | | |
| 20,807,000 | |
Other comprehensive income | |
| 9,000 | | |
| 9,000 | |
Stock subscription receivable | |
| (2,000 | ) | |
| (2,000 | ) |
Accumulated deficit | |
| (27,231,000 | ) | |
| (19,280,000 | ) |
Total stockholders’ equity | |
| 3,535,000 | | |
| 1,558,000 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 4,466,000 | | |
$ | 2,580,000 | |
See
the accompanying notes to these unaudited condensed consolidated financial statement.
CalEthos,
Inc.
Unaudited
Condensed Consolidated Statements of Operations and Comprehensive Loss
| |
| | | |
| | | |
| | | |
| | |
| |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 113,000 | | |
| 97,000 | | |
| 256,000 | | |
| 186,000 | |
Equity-based compensation | |
| 109,000 | | |
| 24,000 | | |
| 230,000 | | |
| 24,000 | |
General and administrative expenses | |
| 29,000 | | |
| 33,000 | | |
| 38,000 | | |
| 41,000 | |
Payroll and related expense | |
| 74,000 | | |
| - | | |
| 93,000 | | |
| - | |
Total operating expenses | |
| 325,000 | | |
| 154,000 | | |
| 617,000 | | |
| 251,000 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (325,000 | ) | |
| (154,000 | ) | |
| (617,000 | ) | |
| (251,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 4,000 | | |
| 17,000 | | |
| 9,000 | | |
| 31,000 | |
Financing costs | |
| (616,000 | ) | |
| (103,000 | ) | |
| (875,000 | ) | |
| (219,000 | ) |
Gain on settlement of accounts payable | |
| - | | |
| 23,000 | | |
| - | | |
| 23,000 | |
Loss on extinguishment of debt | |
| - | | |
| - | | |
| (6,468,000 | ) | |
| - | |
Total other expenses | |
| (612,000 | ) | |
| (63,000 | ) | |
| (7,334,000 | ) | |
| (165,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (937,000 | ) | |
| (217,000 | ) | |
| (7,951,000 | ) | |
| (416,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - Basic and Diluted | |
| (0.04 | ) | |
| (0.01 | ) | |
| (0.32 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average common shares outstanding - Basic and Diluted | |
| 25,230,540 | | |
| 14,495,621 | | |
| 25,028,916 | | |
| 14,495,621 | |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive (loss) income | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (937,000 | ) | |
| (217,000 | ) | |
| (7,951,000 | ) | |
| (416,000 | ) |
Foreign currency translation gain | |
| 3,000 | | |
| 1,000 | | |
| - | | |
| 3,000 | |
Comprehensive loss | |
$ | (934,000 | ) | |
$ | (216,000 | ) | |
$ | (7,951,000 | ) | |
$ | (413,000 | ) |
CalEthos,
Inc.
Unaudited
Condensed Consolidated Statements of Stockholders’ Equity
For
the Three and Six Months Ended June 30, 2024 and 2023
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series A convertible preferred stock | | |
Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Stock Subscription | | |
Other Comprehensive | | |
Accumulated | | |
Total Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Receivable | | |
Income (Loss) | | |
Deficit | | |
Equity | |
Balance December 31, 2023 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 24,345,598 | | |
$ | 24,000 | | |
$ | 20,807,000 | | |
$ | (2,000 | ) | |
$ | 9,000 | | |
$ | (19,280,000 | ) | |
$ | 1,558,000 | |
Equity-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 445,000 | | |
| - | | |
| - | | |
| - | | |
| 445,000 | |
Shares issued for extinguishment of debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 884,942 | | |
| 1,000 | | |
| 6,927,000 | | |
| - | | |
| - | | |
| - | | |
| 6,928,000 | |
Warrant issued with notes payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 581,000 | | |
| - | | |
| - | | |
| - | | |
| 581,000 | |
Foreign currency translation (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,000 | ) | |
| - | | |
| (3,000 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,014,000 | ) | |
| (7,014,000 | ) |
Balance, March 31, 2024 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 25,230,540 | | |
| 25,000 | | |
| 28,760,000 | | |
| (2,000 | ) | |
| 6,000 | | |
| (26,294,000 | ) | |
| 2,495,000 | |
Equity-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,121,000 | | |
| - | | |
| - | | |
| - | | |
| 1,121,000 | |
Warrants issued for note payable extension | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 853,000 | | |
| - | | |
| - | | |
| - | | |
| 853,000 | |
Foreign currency translation income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,000 | | |
| - | | |
| 3,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (937,000 | ) | |
| (937,000 | ) |
Balance June 30, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 25,230,540 | | |
$ | 25,000 | | |
$ | 30,734,000 | | |
$ | (2,000 | ) | |
$ | 9,000 | | |
$ | (27,231,000 | ) | |
$ | 3,535,000 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series A convertible preferred stock | | |
Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Stock Subscription | | |
Other Comprehensive | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Receivable | | |
Income | | |
Deficit | | |
Deficit | |
Balance December 31, 2022 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 24,495,621 | | |
$ | 24,000 | | |
$ | 11,480,000 | | |
$ | (2,000 | ) | |
$ | 5,000 | | |
$ | (14,650,000 | ) | |
$ | (3,143,000 | ) |
Foreign currency translation income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,000 | | |
| - | | |
| 2,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (199,000 | ) | |
| (199,000 | ) |
Balance, March 31, 2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 24,495,621 | | |
| 24,000 | | |
| 11,480,000 | | |
| (2,000 | ) | |
$ | 7,000 | | |
| (14,849,000 | ) | |
| (3,340,000 | ) |
Balance | |
| - | | |
| - | | |
| - | | |
| - | | |
| 24,495,621 | | |
| 24,000 | | |
$ | 11,480,000 | | |
$ | (2,000 | ) | |
$ | 7,000 | | |
$ | (14,849,000 | ) | |
$ | (3,340,000 | ) |
Equity-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 24,000 | | |
| - | | |
| - | | |
| - | | |
| 24,000 | |
Cancellation of shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| (10,000,000 | ) | |
| (10,000 | ) | |
| 10,000 | | |
| - | | |
| - | | |
| - | | |
| - | |
Foreign currency translation income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000 | | |
| - | | |
| 1,000 | |
Foreign currency translation income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000 | | |
| - | | |
| 1,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (217,000 | ) | |
| (217,000 | ) |
Net Income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (217,000 | ) | |
| (217,000 | ) |
Balance June 30, 2023 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 14,495,621 | | |
$ | 14,000 | | |
$ | 11,514,000 | | |
$ | (2,000 | ) | |
$ | 8,000 | | |
$ | (15,066,000 | ) | |
$ | (3,532,000 | ) |
Balance | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 14,495,621 | | |
$ | 14,000 | | |
$ | 11,514,000 | | |
$ | (2,000 | ) | |
$ | 8,000 | | |
$ | (15,066,000 | ) | |
$ | (3,532,000 | ) |
See
the accompanying notes to these unaudited condensed consolidated financial statements.
CalEthos,
Inc.
Unaudited
Condensed Consolidated Statements of Cashflow
For
the six Months Ended June 30,
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net loss | |
$ | (7,951,000 | ) | |
$ | (416,000 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Amortization of note payable discounts | |
| 859,000 | | |
| - | |
Fair value of equity-based compensation | |
| 230,000 | | |
| 24,000 | |
Gain on settlement of accounts payable | |
| - | | |
| (23,000 | ) |
Loss on extinguishment of debt | |
| 6,468,000 | | |
| - | |
Changes in operating assets and liabilities | |
| | | |
| | |
Prepaid expenses and other current assets | |
| - | | |
| (6,000 | ) |
Accounts payable and accrued expenses | |
| 20,000 | | |
| 243,000 | |
Net Cash Used in Operating Activities | |
| (374,000 | ) | |
| (178,000 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Project development cost | |
| (728,000 | ) | |
| (184,000 | ) |
Net Cash Used in Investing Activities | |
| (728,000 | ) | |
| (184,000 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Cash proceeds from issuance of convertible debenture | |
| 100,000 | | |
| - | |
Cost for issuance of convertible debenture | |
| (8,000 | ) | |
| - | |
Cash proceeds for issuances of notes payable | |
| 1,000,000 | | |
| - | |
Net Cash Provided by Financing Activities | |
| 1,092,000 | | |
| - | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| - | | |
| 2,000 | |
Net decrease in cash and cash equivalents | |
| (10,000 | ) | |
| (360,000 | ) |
Cash and cash equivalents, beginning of period | |
| 308,000 | | |
| 2,067,000 | |
Cash and cash equivalents, end of period | |
$ | 298,000 | | |
$ | 1,707,000 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Relative fair value of warrants issued with note payable | |
$ | 1,434,000 | | |
$ | - | |
Capitalized interest – project development cost | |
$ | 23,000 | | |
$ | 14,000 | |
Accrued Expense – project development cost | |
$ | 3,000 | | |
$ | - | |
Equity-based compensation capitalized | |
$ | 1,339,000 | | |
$ | - | |
Common stock issued for forgiveness of principal and interest | |
$ | 6,928,000 | | |
$ | - | |
See
the accompanying notes to these unaudited condensed consolidated financial statements.
Note
1 – Organization and Accounting Policies
ORGANIZATION
AND ACCOUNTING POLICIES
CalEthos,
Inc. (the “Company” or “we”) was incorporated on March 20, 2002 under the laws of the State of Nevada.
The
Company is implementing its plan to build a clean-energy-powered data center operation using the latest energy-efficient building materials
and cooling technologies and to provide wholesale colocation services to enterprise IT and hyperscale customers. In addition, the Company
may acquire assets and all or part of other companies operating in the high-density computing industry or invest in or joint venture
with other more-established companies already in the industry that would add value to the Company’s business strategy.
As
of July 2022, the Company’s board of directors resolved to focus exclusively on developing a clean-energy-powered data center.
Korean
entity
On
November 5, 2021, AIQ System Inc. (“AIQ”) was incorporated in Seoul, Republic of Korea. AIQ is authorized to issue 3 million
shares of common stock. At the date of incorporation, 10,000 shares were issued to the Company for 100,000,000 Korean Won, or approximately
$89,000, for 100% ownership of AIQ. As of July 2022, AIQ was placed into a dormant state of operations.
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note
disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2023
condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required
by GAAP. These interim unaudited condensed consolidated financial statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim six-month
periods ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2024 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial
statements and the notes thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K filed
with the SEC on April 9, 2024.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary from the formation date. All material
intercompany transactions and balances have been eliminated in consolidation.
Going
Concern and Liquidity
The
Company incurred a net loss of approximately $7,951,000 for the six months ended June 30, 2024, had an accumulated deficit of approximately
$27,231,000 as of June 30, 2024 and had no recurring revenue from operations. The Company has financed its activities principally through
debt and equity financing and shareholder contributions. Management expects to incur additional losses and cash outflows in the foreseeable
future in connection with its operating activities. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern for one year from the issuance of these consolidated financial statements.
The
Company’s consolidated financial statements have been presented on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business.
The
Company is subject to a number of risks similar to those of other similar stage companies, including dependence on key individuals; successful
development, marketing and branding of services; the uncertainty of product development and generation of revenues; dependence on outside
sources of financing; risks associated with research and development; dependence on third-party suppliers and collaborators; protection
of intellectual property; and competition with larger, better-capitalized companies. Ultimately, the attainment of profitable operations
is dependent on future events, including obtaining adequate financing to fund the Company’s operations and generating a level of
revenues adequate to support the Company’s cost structure.
The
Company will need to raise debt or equity financing in the future in order to continue its operations and achieve its growth targets.
However, there can be no assurance that such financing will be available in sufficient amounts and on acceptable terms, when and if needed,
or at all. The precise amount and timing of the funding needs cannot be determined accurately at this time, and will depend on a number
of factors, including the development of the Company’s data center campus, approvals for construction permits, construction
times, delivery of critical equipment, market demand for the Company’s wholesale colocation data center services, the timing of
customer commitments for data center space, the management of working capital, and payment terms and conditions for purchase of the Company’s
services. The Company believes its cash balances and cash flow from operations will not be sufficient to fund its operations and growth
for the next twelve months from the issuance date of these financial statements. If the Company is unable to raise additional funding
from investors or through other avenues, it may not be able to continue as a going concern. The accompanying unaudited consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting periods.
Foreign
Currency Translation
The
financial statements of foreign subsidiaries, for which the functional currency is the local currency, are translated into U.S. dollars
using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during
the year for revenue, expenses, gains and losses. Translation adjustments are recorded as other comprehensive income (loss) within shareholders’
equity (deficit). Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations.
Fair
Value Measurement
Fair
value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date.
Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable
inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs
are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from
sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that
market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
|
Level
1 - |
Observable
inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
Level
2 - |
Other
inputs that are directly or indirectly observable in the marketplace. |
|
Level
3 - |
Unobservable
inputs which are supported by little or no market activity. |
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
As
of and for the six months ended June 30, 2024, the Company had no assets or liabilities that require fair value measurement.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Cash and cash equivalents are recorded at cost, which approximates their fair value. The Company maintains its cash and cash equivalents
in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the
federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.
As of June 30, 2024 and December 31, 2023, the Company had approximately $45,000 and $22,000, respectively, in excess of the federal
insurance limit.
Prepaid
Expenses
Prepaid
expenses are assets held by the Company that are expected to be realized and consumed within twelve months after the reporting period.
Data
Center Cost
Data
center cost is stated at cost, which includes the cost incurred to complete phase I of the Company’s data center development plan.
Phase I costs include the option payment for the land and the cost of consulting firms to provide power and connectivity assessments,
feasibility studies, engineering plans, and project benchmarking. Data center cost also includes internal cost such as payroll-related
cost and debt interest cost.
In
accordance with ASC 360-10-35, the Company reviews the carrying amounts of data center cost when events or changes in circumstances indicate
the assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The
recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future
cash flows to be derived from continuing use of the asset or cash-generating unit are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less
costs of disposal is the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between
knowledgeable, willing parties, less the cost of disposal. When a binding sale agreement is not available, fair value less costs of disposal
is estimated using a discounted cash flow approach with inputs and assumptions consistent with those of a market participant. If the
recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the cash-generating
unit is reduced to its recoverable amount. An impairment loss is recognized immediately in net income.
As
of June 30, 2024, there have been no circumstances to indicate the asset may not be recoverable. See Footnote 7 – Subsequent Events.
Related
Parties
The
Company follows Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”)
section 850-10 for the identification of related parties and disclosure of related-party transactions.
Pursuant
to ASC section 850-10-20, the related parties include (a.) affiliates of the Company (“Affiliate” means, with respect to
any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); (b.) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option of ASC section 825–10–15, to be accounted for by the equity method by the investing entity; (c.) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d.) principal owners
of the Company; (e.) management of the Company; (f.) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g.) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:
(a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which no amounts or
nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary
to an understanding of the effects of the transactions on the financial statements; (c.) the dollar amounts of transactions for each
of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that
used in the preceding period; and (d.) amounts due from or to related parties as of the date of each balance sheet presented and, if
not otherwise apparent, the terms and manner of settlement.
Commitments
and Contingencies
The
Company follows ASC section 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Stock-Based
Compensation
The
Company accounts for its stock-based compensation under ASC 718, “Compensation – Stock Compensation” using the
fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized
over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions
in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities
in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by
the issuance of those equity instruments.
The
Company uses the fair value method for equity instruments granted to non-employees and use the BSM model for measuring the fair value
of options. The stock based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over
the vesting periods.
Earnings
Per Share
The
Company uses ASC 260, “Earnings Per Share” for calculating the basic and diluted earnings (loss) per share. The Company
computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted
earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential
common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock
options and warrants and stock awards. For periods with a net loss, basic and diluted loss per share is the same, in that any potential
common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share.
Securities
that could potentially dilute loss per share in the future were not included in the computation of diluted loss per share for the six
months ended June 30, 2024 and 2023 because their inclusion would be anti-dilutive. Common stock equivalents amounted to 6,145,801 and
7,510,448 for the six months ended June 30, 2024 and 2023, respectively.
Recent
Accounting Pronouncements
The
Company’s management reviewed all recently-issued accounting standard updates (“ASU’s”) not yet adopted by the
Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s
consolidated financial condition or the results of its operations.
Note
2 – Data Center Costs
DATA
CENTER COSTS
On
March 30, 2023, the Company signed an option agreement to acquire 80 acres of commercially-zoned land in Imperial County, California
(the “Option”) for $3,360,000 (“Purchase Price”). The Option expires in September 2024. The Company paid a non-refundable
deposit of $84,000 on the signing of the Option, which has been recognized as other assets in the consolidated balance sheet. The Company
is required to deposit an additional $84,000 into escrow (“Escrow Funds”) within 10 days after the execution of the purchase
agreement. As of the issuance of these consolidated financial statements, the escrow had not been set up. Once the escrow is set up,
the Company will deposit the $84,000. If the Company does not exercise the Option by September 2024, the Escrow Funds will be returned
to the Company. See Note 7 – Subsequent Events.
The
Purchase Price is payable with a cash payment of $1,680,000 and the issuance of 840,000 shares of the Company’s common stock (the
“Purchase Shares”). At the closing of the purchase (“Closing Date”), if the stock is trading at a value less
than $1.00 per share, the Company is required to issue a promissory note in the amount of $840,000, payable on the third anniversary
of the closing date, with an interest rate equal to the Secured Overnight Financing Rate plus 2.0%.
If
the Purchase Shares are issued at the Closing Date, the Company has agreed to repurchase the Purchase Shares (the “Put Option”)
under specific circumstances. However, the Put Option expires if the Company’s common stock trades above $2.00 per share for 120
consecutive days. If the Company’s common stock trades below $2.00 per share for 10 consecutive days, the Holder has the option
for the Company to repurchase the Purchase Shares for $2.00 per share.
As
of June 30, 2024, the Company has incurred costs of approximately $4,158,000 for the development of the Data Center, which includes approximately
$219,000 of capitalized interest related to the convertible promissory notes.
Note
3 – Notes Payable
NOTES
PAYABLE
Notes
payable transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
| | |
Balance, beginning of the period | |
$ | 11,000 | |
Additions | |
| 1,000,000 | |
Balance, end of the period | |
$ | 1,011,000 | |
Discount | |
| | |
Balance, beginning of the period | |
| - | |
Additions | |
$ | 1,434,000 | |
Amortization | |
| 859,000 | |
Balance, end of the period | |
| 575,000 | |
Net carrying amount | |
$ | 436,000 | |
In
February 2024, the Company issued a promissory note (“Promissory Note”) in the principal amount of $1,000,000
that bears interest at the rate of 10%
per annum and originally matured on May 31, 2024 (“Maturity Date”). It also issued a five-year
warrant to purchase up to 200,000
shares of common stock with an initial exercise price of $0.50
per share (“Finance Warrant”).
In
accordance with ASC 470 - Debt, the Company has allocated the $1,000,000 of
cash proceeds on a relative fair value to the Promissory Note and the Finance Warrant. The Finance Warrant was valued using the
Black Scholes option pricing model for a total fair value of approximately $1,389,000 based
on a 2.5-year
term, volatility of 159%
, a risk-free equivalent yield of 4.1%,
and a stock price of $7.21.
The Finance Warrant was ascribed a relative fair value of approximately $581,000. As of June 30, 2024, the Company had amortized approximately $581,000 of the value of the Finance Warrant.
On
the Maturity Date, the holder of the Promissory Note agreed to extend the Maturity Date to August 31, 2024 (“Extension”).
As consideration for the Extension, the Company issued to the holder a warrant to purchase 300,000 shares of the Company’s common
stock with an initial exercise price of $3.50 per share (“Extension Warrant”).
The
Extension Warrant was valued using the Black Scholes option pricing model for a total fair value of approximately $853,000
based on a 2.5-year
term, volatility of
163%, a risk-free equivalent yield of 4.3%,
and a stock price of $3.5.
The fair value of $853,000
was recorded as a debt discount to be amortized over the Extension period of three months. As of June 30, 2024, the Company had
amortized approximately $278,000
of the value of the Extension Warrant.
Interest
expense on the Promissory Note amounted to $35,000 and
$6,000
for the six months ended June 30, 2024 and 2023, respectively, of which approximately $21,000
and nil, respectively, were capitalized as data center development cost.
Note
4 – Convertible Debentures
CONVERTIBLE
DEBENTURES
Convertible
debentures transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF CONVERTIBLE DEBENTURES
Principal | |
| |
Balance, beginning of period | |
$ | 341,000 | |
Additions | |
| 100,000 | |
Conversions | |
| (341,000 | ) |
Balance, end of period | |
$ | 100,000 | |
| |
| | |
Debt issuance cost | |
| | |
Balance, beginning of period | |
$ | - | |
Additions | |
| 8,000 | |
Amortization | |
| - | |
Balance, end of period | |
$ | 8,000 | |
| |
| | |
Net book value | |
$ | 92,000 | |
In
June 2024, the Company issued a convertible debenture in the amount of $100,000
(the “Debenture”). The total proceeds were approximately $92,000,
due to approximately $8,000
paid as debt issuance cost in connection with the issuance of the Debenture. The Debenture bears interest at 10.0%
per annum with a default interest rate of 15.0%
per annum. The principal amount and all accrued interest are payable on December 31, 2026. The holder of the
Debenture has the option to convert the unpaid principal and interest into shares of the Company’s common stock at the
conversion rate of $2.00
per share, subject to adjustment for stock splits, stock dividends and the like
and for issuances by the Company of common stock at a price per share that is less than the then-current conversion price, subject to
certain exceptions.
In
accordance with the Debenture, the Company has the right to prepay the Debenture upon providing 45 days of its intention to
prepay.
The outstanding principal amount of the Debenture and all accrued interest
thereon shall automatically be converted into shares of common stock at the then effective conversion price upon (i) the close of business on the sixtieth (60th) consecutive day on which the VWAP of the Company’s
common stock is at least $4.00 per share, subject to appropriate adjustment in the event of any stock dividend,
stock split, stock combination or other similar recapitalization with respect to the common stock, or (ii) the execution by the Company
of a long-term lease with a data center client for all or a substantial portion of the Company’s planned data center development
project.
In
December 2023, the Company offered the holders of the Company’s outstanding convertible promissory notes in the aggregate
principal amount of $341,000 the option to convert such notes into the Company’s common stock at a price ranging from $0.51 to
$0.54 per
share. During the three months ended March 31, 2024, the Company converted principal and interest of approximately $341,000 and
$119,000,
respectively (a total of $460,000),
for 884,942 shares
of the Company’s common stock with a fair market value of approximately $6,928,000 as
of the dates of conversion. As the terms of the conversion were not in accordance with the original conversion feature, the holders
of such notes did not provide any concession to the Company, and there was not an inducement to the holders to convert. As the offer
did not have a time limit, the Company has accounted for the conversion in accordance with ASC 470-50-40-4. The difference between
the fair value of the consideration paid of approximately $6,928,000 and
the liability of $460,000 was
approximately $6,468,000,
which was accounted for as a loss on liability settlement. The loss on the settlement was recorded as a loss on extinguishment of
debt on the statement of operations for the three months ended March 31, 2024.
Interest
expense on these notes payable amounted to $4,000 and $229,000 for the six months ended June 30, 2024 and 2023, respectively, of which
$2,000 and nil, respectively, were capitalized as data center development cost.
Note
5 – Commitments and Contingencies
COMMITMENTS
AND CONTINGENCIES
Litigation
From
time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business.
The Company is not currently a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation
that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should
such litigation be resolved unfavorably.
Employment
Agreement
Chief
Operating Officer
In
June 2023, the Company executed an employment agreement (“Employment Agreement”) to employ an individual to be the Company’s
President and Chief Operating Officer (“Executive”). As compensation for services rendered, the Executive
will be paid a base salary of $250,000 per annum. The Executive’s base salary may be increased as certain milestones are met, such
as 1) when the necessary governmental permits are granted to start construction of the Company’s initial data center, 2) once the initial data center is operational
and at least 25% of the planned megawatts of collation capacity is leased. Also, at the discretion of the Company, following each calendar
year of continued employment, the Executive shall be eligible to receive a discretionary bonus of up to fifty percent (50%) of Executive’s
base salary during the first year of employment, up to seventy-five percent (75%) of Executive’s then-current base salary during
the second year of employment, and up to one-hundred percent (100%) of Executive’s then-current base salary during Executive’s
third year of employment. Payment of any bonus will be based on achieving certain goals and performance criteria
established by the Company. In addition, the Executive was granted options to purchase 600,000 and 1,900,000 shares of the Company’s
common stock.
The
Employment Agreement also provides for certain severance benefits upon termination of the Executive by the Company without “cause”
or by the Executive for good reason. In the event of a termination by the Company without cause or by the Executive for good reason after
the first full year of employment, the Executive would be entitled to (i) continued payment of the base salary for the lesser of six
months or the remaining term of the Employment Agreement, subject to the Executive signing a timely and effective separation agreement
containing a release of all claims against the Company and other customary terms.
Vice
President of Data Center Development
On
March 1, 2024, the Company hired an individual as vice president of data center development with an annual salary of $225,000.
The salary increases to $240,000 and
$250,000 on
the first and second anniversary dates, respectively. Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.
Chief
Strategy and Development Officer
On
April 1, 2024, the Company hired an individual as chief strategy and development officer vice president with an annual salary of
$250,000.
The salary increases to $275,000 and
$300,000 on
the first and second anniversary dates, respectively. Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.
Note
6 – Stockholders Equity
STOCKHOLDERS
EQUITY
Stock
Options
As
part of the offer letter executed on April 1, 2024 for the Chief Strategy and Development officer, the Company award a non-qualified
stock option to purchase 1,000,000 shares of the Company’s common stock at a purchase price of $2.62, which was the fair market
value of the Company’s common stock on the date of issuance.
The
1,000,000 options vests as follows:
| ● | 168,750
shares on the date of issuance; |
| ● | 168,750
shares on each the 1st, 2nd and 3rd anniversary dates of
the issuance date; |
| ● | Phase
(a) 32,500 shares upon the Award of a GMP contract to a construction manager/company; |
| ● | Phase
(b) 65,000 shares upon completion of the initial site development plan and data center design
and 100% construction documents; |
| ● | Phase
(c) 32,500 shares upon the Company receiving permits necessary to start construction of the
data center site and facilities; |
| ● | Phase
(d) 65,000 shares upon the completion of an all-network ready meeting rooms in the first
data center; and |
| ● | Phase
(e) 130,000 shares upon the completion of construction of a customer-ready data center facility
and receipt of a conditional occupancy permit for a data center facility. |
The
Company’s management has accounted for the options in accordance with ASC 718 – Stock Compensation (“ASC 718”).
ASC 718 requires the Company to estimate the service period over which the compensation cost will be recognized. Management has estimated
that the first development phase (a) will be completed by December 31, 2024, the second development phase (b) by March 31, 2025, the
third development phase (c) by July 1, 2025, and the fourth and fifth development phases (d) and (e) by December 31, 2026. The estimated
service period will be adjusted for actual and expected completion date changes. Any such change will be recognized prospectively, and
the remaining deferred compensation will be recognized over the remaining service period.
The
option grant date fair value of $2,437,000
was calculated using the Black Scholes fair value
option-pricing model with key input variables provided by management, as of the date of issuance: volatility range 166.28%
to 243.04%,
the fair value of common stock $2.62,
estimated life range 2.38
to 5.0
years, risk-free rate of range 4.34%
to 4.72%
and dividend rate of nil.
For the six months ended June 30, 2024, the Company recorded compensation expenses of approximately $1,339,000,
which was capitalized as data center cost.
Stock
option grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF STOCK OPTION ACTIVITIES
| |
Number of Options | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value per share | |
Balance, December 31, 2023 | |
| 6,854,000 | | |
$ | 0.53 | | |
| 7.00 | | |
$ | 0.51 | | |
$ | 0.44 | |
Granted | |
| 1,000,000 | | |
| 2.62 | | |
| 7.00 | | |
| 2.44 | | |
| 1.29 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 7,854,000 | | |
| 0.79 | | |
| 7.00 | | |
| 0.75 | | |
| 2.71 | |
Vested and exercisable, June 30, 2024 | |
| 2,406,083 | | |
| 0.68 | | |
| 7.00 | | |
| 0.66 | | |
| 2.82 | |
Unvested, June 30, 2024 | |
| 5,447,917 | | |
$ | 0.84 | | |
| 7.00 | | |
$ | 0.79 | | |
$ | 2.66 | |
Warrant
grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Number of Shares | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value | |
Balance, December 31, 2023 | |
| 5,645,801 | | |
$ | 1.84 | | |
| 3.00 | | |
$ | 1.49 | | |
$ | - | |
Granted | |
| 500,000 | | |
| 2.30 | | |
| 4.8 | | |
| 2.9 | | |
| 1.20 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Vested and exercisable, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Unvested, June 30, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Note
7 – Subsequent Events
SUBSEQUENT
EVENTS
The
Company evaluated all events that occurred after the balance sheet date through the date the financial statements were issued to determine
if they must be reported. The management determined there are no reportable events except for the following:
On
July 22, 2024, the Company entered into an option agreement (“Option 315”) to acquire for a purchase price of $5,000,000
a 315-acre parcel of land in Imperial County, California to be used for the development of a large-scale, clean energy powered data center
campus. With the execution of the Option Agreement, the Company paid a non-refundable deposit of $50,000. The option has an initial term
of one year and may be extended for an additional six-month period by the payment of $75,000 on or before July 21, 2025.
On
July 24, 2024, the Company terminated the Option to acquire a 80-acre parcel in Imperial County, California as the Company believes the recently-optioned
property is better suited for the Company’s immediate needs.
Item
2. |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
The
following discussion should be read in conjunction with our financial statements and related notes thereto included elsewhere in this
Quarterly Report on Form 10-Q and the financial statements and related notes thereto in our Annual Report on Form 10-K for the year ended
December 31, 2023.
This
discussion contains certain forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain
events could differ materially from those discussed in these forward-looking statements as a result of certain factors, including, but
not limited to, those set forth herein and elsewhere in this Quarterly Report and in our other filings with the Securities and Exchange
Commission. See “Cautionary Note Regarding Forward Looking Statements.”
Plan
of Operations
We
are in the early stages of implementing our plan for the construction and operation of clean-energy-powered data centers to lease to
large enterprise information technology (IT) customers that are creating or addressing the growing demand for AI, Cloud and High-Performance
Computing (HPC) digital services. In planning for our initial data centers, we are in discussions with several large companies that would
lease all or part of the data center campus, with the intention of cultivating long-term strategic relationships with them once they
become our customers and providing them with solutions for their data center facilities and IT infrastructure requirements. We initially
intend to provide clean-energy-powered wholesale colocation space with flexibility for customers to scale for future growth. As currently
contemplated, our offerings will provide clean energy power, flexibility, reliability and security delivered through a tailored, customer-service-focused
platform that will be designed to foster long-term relationships.
As
of the filing of this Report, we have completed Phase I and entered into Phase II of our data center development plans. In the initial
phase of our project, we originally signed an option agreement in March 2023 to acquire 80 acres of commercially-zoned land in Imperial
County, California. We believed this site would provide us an opportunity to acquire commercially-zoned land on which we could combine
nearby direct clean geothermal/solar energy with a 24/7 data center operation. However, in July 2024, we identified and entered into
an option agreement to acquire a larger, 315-acre parcel of land that we believe provides us with significant advantages over our prior
data center development site, which include:
|
● |
Larger,
strategically located, industrial-zoned property with acreage for on-site switchyard, substation and additional data center buildings |
|
● |
Better
options for connectivity to high-voltage transmission lines |
|
● |
Closer
proximity to existing and planned geothermal power plants |
|
● |
Shorter
fiber routing distances to internet backbone and communications networks |
|
● |
Directly
on the main north/south transportation corridor (Hwy. 111) and gateway entrance (Sinclair Rd.) to the planned 51,000-acre Lithium
Valley development area |
|
● |
Lower
flood risk - outside of the 100- and 500- year flood zones in a FEMA X (Unshaded) area |
In late July 2024, we terminated our option
agreement to acquire the 80-acre parcel in Imperial County, California as we believe the recently-optioned property is better suited
for our immediate needs.
We
believe 100% clean-energy-powered data centers are an important element in the ability of the U.S. to meet its carbon neutral climate
goals and for hyperscale and enterprise IT companies to meet their shareholder and customer commitments to have an ESG-compliant, clean
digital footprint before 2030. As a result, we believe the availability of nearby clean energy for our Imperial County site will provide
us a significant competitive advantage in the marketplace.
In
Phase I of our development plan, which we completed in December 2023, we contracted with leading data center advisory firms to complete
site, power and connectivity assessments, feasibility studies, engineering plans and project benchmarking. Phase I of our plan included:
|
● |
Engaging
HDR Engineering, Inc., a global professional services firm specializing in architecture, engineering, environmental and construction
services (“HDR Engineering”), to complete a site assessment, project feasibility study, and the initial shovel-ready
site development plan for our Imperial County site. |
|
|
|
|
|
|
● |
Engaging
ZGlobal, Inc., a power engineering and energy solutions firm (“ZGlobal”), to assess all available power and transmission
routes in the immediate area of the site and to develop a plan to access power from close by geothermal and solar producers via Behind-The-Meter,
Off-Take and Power Purchase Agreements directly and through agreements with the local grid operator. |
|
|
|
|
|
|
● |
Engaging
American Dark Fiber, Inc., a provider of dark fiber connectivity to municipalities, carriers, anchor institutions, content developers,
data-center operators, and other sophisticated private network users, to develop a robust fiber-based infrastructure that will provide
multiple diverse geographic routes of connectivity to our data center site. |
|
|
|
|
|
|
● |
Engaging
Linesight, a construction consultancy services firm (“Linesight”), to provide cost benchmarking of initial design concepts,
and to assist with desktop pre-qualification of architect-engineering firms and construction managers. |
|
At
the end of December 2023, we started Phase II of our data center development plan. Phase II includes hiring additional staff and consultants
to complete environmental, health and safety and cyber security procedures and to develop a set of data center operating procedures to
meet customer pre-qualification requirements. During this phase, we will also develop requests for proposals (RFPs) and contract packages
for contracting an engineering/design firm and general contractor. In addition, we will ramp up our operating staff to support the infrastructure
and buildings design processes and the development of building plans and the permit packages. We will also undertake and complete utility
studies, transmission planning, substation design and the next level of geotechnical testing.
Over
the next few months, we plan to complete our negotiations with the local grid operator to deliver geothermal and solar power to our Imperial
County site directly from local producers and to have selected and contracted our architect/engineering firm and general contractor.
In addition, we expect that it will take three to six months to complete the necessary customer pre-qualifications and basic infrastructure
plans that are required to negotiate a letter of intent with a customer that will lease all or a substantial portion of our planned data
center capacity. We are currently in discussions with a number of companies that are interested in leasing wholesale colocation space
under a long-term lease and we are entertaining build-to-suit arrangements with a number of potential customers. Based upon the current
interest we have received from potential customers, we expect that we will have a letter of intent completed to lease all or a substantial
portion of our planned data center capacity by the end of the third quarter of 2024.
Based
on receiving a letter of intent and considering current design requirements for higher power rack density by wholesale colocation customers,
we now contemplate starting the design process in collaboration with a customer sometime in the fourth quarter of 2024 and to have plans
and permit packages completed by the end of 2024. If those components of Phase II are completed as planned, we would then start the initial
phase of construction in January 2025.
It
is anticipated that we will incur significant expenses in the implementation of our business plan as described herein, and that we will
require substantial financing to complete the development and construction of the planned data center operation. A failure to obtain
this necessary capital when required on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our development
plans, any commercialization efforts and any other operations. We may not be able to secure financing on favorable terms, or at all,
to meet our future capital needs. In addition, even if we are able to obtain sufficient funding to commence our business operations,
we may need to pursue additional financing in the future to make expenditures and/or investments to support the growth of our business.
In addition, we may require additional capital to pursue our business objectives and respond to new competitive pressures, pay extraordinary
expenses or fund our growth, including through acquisitions. Additional funding, however, may not be available when required on terms
that are acceptable to us, or at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when it
is required, our ability to commence and grow our proposed business operations, to support our business and to respond to business challenges
could be significantly limited.
We
currently have only limited capital with which to pay these anticipated expenses. To fund our business plan going forward, we intend
to raise funds from investors by issuing common stock, preferred stock and/or debt securities.
Results
of Operations for the six months ended June 30, 2024 and 2023
The
table summarizes the results of operations for the six months ended June 30,
| |
| | |
Change | |
| |
2024 | | |
2023 | | |
Dollar | | |
Percentage | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | % |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 256,000 | | |
| 186,000 | | |
| 70,000 | | |
| 37.6 | |
Equity-based compensation | |
| 230,000 | | |
| 24,000 | | |
| 206,000 | | |
| 858.3 | |
General and administrative | |
| 38,000 | | |
| 41,000 | | |
| (3,000 | ) | |
| (7.3 | ) |
Payroll and related cost | |
| 93,000 | | |
| - | | |
| 93,000 | | |
| 100.0 | |
Total operating expenses | |
$ | 617,000 | | |
$ | 251,000 | | |
$ | 366,000 | | |
| 145.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Other (expenses) income | |
| | | |
| | | |
| | | |
| | |
Interest income | |
$ | 9,000 | | |
$ | 31,000 | | |
$ | (22,000 | ) | |
| (71.0 | )% |
Financing costs | |
| (875,000 | ) | |
| (219,000 | ) | |
| 656,000 | | |
| 299.5 | |
Gain on extinguishment of debt | |
| - | | |
| 23,000 | | |
| (23,000 | ) | |
| (100.0 | ) |
Loss on extinguishment of debt | |
| (6,468,000 | ) | |
| - | | |
| 6,468,000 | | |
| 100.0 | |
Total other expenses | |
$ | (7,334,000 | ) | |
$ | (165,000 | ) | |
$ | 7,079,000 | | |
| 4,290.3 | % |
Revenue
For
the six months ended June 30, 2024 and 2023, we had no revenues.
Operating
Expenses
Professional
fees
Our
professional fees increased to $256,000 for the six months ended June 30, 2024 from $186,000 for the six months ended June 30, 2023.
The increase of approximately $70,000 was attributable to (i) an increase in our legal fees of approximately $74,000, (ii) an
increase in our audit fees of approximately $30,000, (iii) an increase in our filing fees of $8,000, (iv) a decrease in our
consulting fees of $16,000 and (v) a $25,000 decrease in our accounting fees.
Equity-based
compensation
Our
equity-based compensation for the six months ended June 30, 2024 was approximately $230,000 as compared to $24,000 for the six months
ended June 30, 2023. The increase of approximately $206,000 was due to the stock options issued to our employees during quarter ended
December 31, 2023 and the quarter ended June 30, 2024.
Payroll
and related expenses
Payroll
and related costs increased to $93,000 for the six months ended June 30, 2024, compared to nil for the six months ended June 30, 2023.
For the six months ended June 30, 2023, we did not have employees. Our first employee, our Chief Operating Officer, was hired in June
2023, and our second employee, our Vice President of Data Center Development, was hired in February 2024. For the six months ended June
30, 2024, our total payroll-related cost for our employees was approximately $486,000, of which approximately $393,000 was capitalized
as data center development cost.
Financing
costs
Our
financing cost for the six months ended June 30, 2024 increased to $875,000 compared to $219,000 for the six months ended June 30, 2023.
The 2023 financing cost was associated with the default interest related to the convertible debentures outstanding during the three months
ended June 30, 2023. The 2024 financing cost consisted of the $859,000 for the amortization of debt discount related to our notes payable.
Loss
on extinguishment of debt
In
December 2023, we requested the holders of our outstanding convertible promissory notes to convert such promissory notes into shares
of our common stock. The book value of the promissory notes and accrued interest for the conversions, during the six months ended June
30, 2024, was approximately $459,000, and the fair value of the common stock was approximately $6,928,000, resulting in a loss on settlement
of approximately $6,468,000.
Results
of Operations for the three months ended June 30, 2024 and 2023
The
table summarizes the results of operations for the three months ended June 30,
| |
| | |
Change | |
| |
2024 | | |
2023 | | |
Dollar | | |
Percentage | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | % |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 113,000 | | |
| 97,000 | | |
| 16,000 | | |
| 16.5 | |
Equity-based compensation | |
| 109,000 | | |
| 24,000 | | |
| 85,000 | | |
| 354.2 | |
General and administrative | |
| 29,000 | | |
| 33,000 | | |
| (4,000 | ) | |
| (12.1 | ) |
Payroll and related cost | |
| 74,000 | | |
| - | | |
| 74,000 | | |
| 100.0 | |
Total operating expenses | |
$ | 325,000 | | |
$ | 154,000 | | |
$ | 171,000 | | |
| 111.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Other (expenses) income | |
| | | |
| | | |
| | | |
| | |
Interest income | |
$ | 4,000 | | |
$ | 17,000 | | |
$ | (13,000 | ) | |
| (76.5 | )% |
Financing costs | |
| (616,000 | ) | |
| (103,000 | ) | |
| 513,000 | | |
| 498.1 | |
Loss on extinguishment of debt | |
| - | | |
| 23,000 | | |
| (23,000 | ) | |
| (100.0 | ) |
Total other expenses | |
$ | (612,000 | ) | |
$ | (63,000 | ) | |
$ | 477,000 | | |
| 757.1 | % |
Revenue
For
the three months ended June 30, 2024 and 2023, we had no revenues.
Operating
Expenses
Professional
fees
Our
professional fees increased to $113,000 for the three months ended June 30, 2024 from $97,000 for the three months ended June 30,
2023. The increase of approximately $16,000 was attributable to (i) an increase in our legal fees of approximately $24,000, (ii) an
increase in our accounting fees of approximately $5,000 (iii) an increase in our filing fees of $5,000 and (iv) a decrease in our
consulting fees of $18,000.
Equity-based
compensation
Our
equity-based compensation for the three months ended June 30, 2024 was approximately $109,000 as compared to $24,000 for the three months
ended June 30, 2023. The increase of approximately $85,000 was due to the stock options issued to our employees during quarter ended December
31, 2023 and the quarter ended June 30, 2024.
Payroll
and related expenses
Payroll
and related costs increased to $74,000 for the three months ended June 30, 2024, compared to nil for the three months ended June 30,
2023. For the three months ended June 30, 2023, we did not have employees.
Financing
costs
Our
financing cost for the three months ended June 30, 2024 increased to $616,000 compared to $103,000 for the three months ended June 30,
2023. The 2023 financing cost was associated with the default interest related to the convertible debentures outstanding during the three
months ended June 30, 2023. The 2024 financing cost consisted of $607,000 for the amortization of debt discount related to our notes
payable.
Gain
on extinguishment of debt
For
the three months ended June 30, 2023, a vendor forgave $23,000 of indebtedness.
Liquidity
and Capital Resources
Working
Capital
| |
As of June 30, 2024 | | |
As of December 31, 2023 | |
Current assets | |
$ | 308,000 | | |
$ | 318,000 | |
Current liabilities | |
| (839,000 | ) | |
| (1,022,000 | ) |
Working deficit | |
$ | (531,000 | ) | |
$ | (704,000 | ) |
Our
working capital deficit decreased from a $704,000 deficit as of December 31, 2023 to a deficit of $531,000 as of June 30, 2024 for a
total change of $173,000. The decrease in our working capital deficit was due to a decrease in our accounts payable and accrued expenses.
Although we had a $267,000 decrease in our accounts payable and accrued expenses, our notes payable increased, net of discounts, by
$425,000.
Cash
Flows
| |
For the Six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (374,000 | ) | |
$ | (178,000 | ) |
Net cash used in investing activities | |
| (728,000 | ) | |
| (184,000 | ) |
Net cash provided by financing activities | |
| 1,092,000 | | |
| - | |
Effect of exchange rate changes | |
| - | | |
| 2,000 | |
Change in cash and cash equivalents during the period | |
| (10,000 | ) | |
| (360,000 | ) |
Cash and cash equivalents, beginning of period | |
| 308,000 | | |
| 2,067,000 | |
Cash and cash equivalents, end of period | |
$ | 298,000 | | |
$ | 1,707,000 | |
Cash
flows from operations
Cash
used in operating activities increased to approximately $374,000 in for the six months ended June 30, 2024 from approximately $178,000
for the six months ended June 30, 2023, which was predominantly related to the increase in our expenditures for filing fees, legal fees,
transfer agent fees and consulting fees paid during the period.
Cash
flow from investing
Our
cash used for investing activities increased to approximately $728,000 for the six months ended June 30, 2024 from approximately $184,000
for the six months ended June 30 2023. The primary use of cash was for expenditures for the development of our data center.
Cash
flows from financing
Our
cash provided by financing activities increased to approximately $1,092,000 for the six months ended June 30, 2024 from
approximately nil for the six months ended June 30, 2023. The increase of $1,092,000 was due to the issuance of a promissory note in
the principal amount of $1,000,000 and the issuance of a convertible debenture in the principal amount of $100,000 less $8,000 of
cash paid for expense related to the issuance.
Liquidity
and Material Cash Requirements
Even
though we experienced negative cash flows from operations of approximately $374,000 for the six month period ended June 30, 2024, as
a result of our private placement of a promissory note and convertible debentures in the principal amounts of $1,000,000 and
$100,000, respectively, we had cash and cash equivalents of approximately $298,000 at June 30, 2024. The promissory note we issued
in February 2024 originally matured on May 30, 2024. However, the Company and note holder agreed to extend the maturity date to
August 31, 2024. We expect to be able to refinance that note prior to its maturity. However, if we are unable to do so, we believe
we will be able to negotiate an extension of the maturity date of such note as the holder of that note is a director of our
company.
It
is anticipated that we will incur expenses in the implementation of the business plan described above, and such expenses will require
substantial financing to complete the development of the property for a data center operation and to achieve our goals. We currently
have only limited capital with which to pay these anticipated expenses. To fund our business plan going forward, we intend to raise funds
from investors by issuing common stock, preferred stock and/or debt securities. We are currently in discussions with several potential
funding sources. However, there can be no assurance we will be able to successfully raise additional funds when required, if at all.
The
failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate
our development plans, any commercialization efforts or other operations. We may not be able to secure financing on favorable terms,
or at all, to meet our future capital needs. In addition, even if we are able to obtain sufficient funding to commence our business operations,
we may need to pursue additional financing in the future to make expenditures and/or investments to support the growth of our business
and may require additional capital to pursue our business objectives and respond to new competitive pressures, pay extraordinary expenses
or fund our growth, including through acquisitions. Additional funds, however, may not be available when we need them on terms that are
acceptable to us, or at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it,
our ability to commence our proposed business operations, to continue to grow and support our business and to respond to business challenges
could be significantly limited.
Going
Concern
The
unaudited financial statements included in this Report have been prepared on a going concern basis, which implies that our company will
continue to realize its assets and discharge its liabilities and commitments in the normal course of business. We are presently in the
development stage and, apart from our cash balances, have only limited assets. Our company has not generated revenues in the last two
fiscal years, has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future.
The continuation of our company as a going concern is dependent upon: (i) continued financial support from our shareholders; (ii) the
ability of our company to continue raising necessary debt or equity financing to achieve its operating objectives; and (iii) our ability
to acquire assets and establish a business or merge or otherwise acquire business opportunities.
Our
independent auditors included an explanatory paragraph in their report on our financial statements for the year ended December 31, 2023
regarding concerns about our ability to continue as a going concern. In addition, our financial statements contain further note disclosures
in this regard. The implementation of our business plan is dependent upon our ability to continue raising sufficient new capital from
equity or debt markets in order to fund our on-going operating losses and real estate acquisition activities. The issuance of additional
equity securities could result in a significant dilution in the equity interests of our current stockholders.
Application
of Critical Accounting Policies
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying disclosures of our company. Although these estimates are based on management’s
knowledge of current events and actions that our company may undertake in the future, actual results may differ from such estimates.
Principles
of Consolidation
The
consolidated financial statements include the accounts of our company and our wholly-owned subsidiary from the formation date. All material
intercompany transactions and balances have been eliminated in consolidation.
Foreign
Currency Translation
The
financial statements of our foreign subsidiary, for which the functional currency is the local currency, are translated into U.S. dollars
using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during
the year for revenue, expenses, gains and losses. Translation adjustments are recorded as other comprehensive income (loss) within shareholders’
equity (deficit). Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations.
Debt
and Debt Discounts
In
accordance with ASC 470-20, Debt with Conversion and Other Options, we first allocate the cash proceeds of any notes we sell with
warrants between the notes and any warrants on a relative fair value basis. Proceeds are then allocated to the conversion feature.
We
account for debt discounts originating in connection with conversion features that remain embedded in the related notes in accordance
with ASC 470-20. These costs are classified on the balance sheet as a direct deduction from the debt liability. We amortize these costs
over the term of our debt agreements as financing cost in the consolidated statement of operations and comprehensive loss.
Stock-Based
Compensation
We
account for our stock-based compensation under ASC 718, “Compensation – Stock Compensation” using the fair value
based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over
the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which
an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities
in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by
the issuance of those equity instruments.
We
use the fair value method for equity instruments granted to non-employees and use the BSM model for measuring the fair value of options.
The stock-based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over the vesting
periods.
Recent
Accounting Pronouncements
Our
management reviewed all recently-issued accounting standard updates (“ASU’s”) not yet adopted by our company and does
not believe the future adoptions of any such ASU’s may be expected to cause a material impact on our consolidated financial condition
or the results of our operations.
Off-Balance
Sheet Arrangements
We
have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial position, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources
that are material to stockholders.
Item
3. |
Quantitative
and Qualitative Disclosures about Market Risk |
Not
required under Regulation S-K for smaller reporting companies.
Item
4. |
Controls
and Procedures. |
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this Report, our Chief Executive Officer and Chief Financial Officer (our “Certifying Officers”),
conducted evaluations of our disclosure controls and procedures. As defined under Sections 13a - 15(e) and 15d - 15(e) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), the term “disclosure controls and procedures” means controls
and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the rules and forms of the Securities and Exchange Commission (“SEC”). Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it
files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including the Certifying Officers,
to allow timely decisions regarding required disclosures.
Based
on their evaluation, the Certifying Officers concluded that, as of June 30, 2024, our disclosure controls and procedures were not effective.
The
material weakness related to internal control over financial reporting that was identified at June 30, 2024 was that we did not have
sufficient personnel staffing in our accounting and financial reporting department. As a result, we were not able to achieve adequate
segregation of duties and were not able to provide for adequate review of the financial statements.
This
control deficiency could result in a reasonable possibility that material misstatements of the financial statements will not be prevented
or detected on a timely basis. However, our management believes that the material weakness identified does not result in the restatement
of any previously reported financial statements or any other related financial disclosure, and management does not believe that the material
weakness had any effect on the accuracy of our financial statements included as part of this Quarterly Report.
We
will continue to monitor and evaluate the effectiveness of our disclosure controls and procedures and our internal controls over financial
reporting on an ongoing basis and are committed to taking action and implementing additional enhancements or improvements, as necessary
and as funds allow.
Changes
in internal control over financial reporting.
There
were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024 that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations
on the Effectiveness of Internal Controls
Readers
are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial
reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all
potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate.
PART
II - OTHER INFORMATION
Item
1. |
Legal
Proceedings |
We
know of no material active or pending legal proceeding against our company, nor are we involved as a plaintiff in any material proceeding
or pending litigation.
We
are a small reporting company, as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information under this
item.
Item
2. |
Unregistered
Sales of Equity Securities and Use of Proceeds |
Sales
of Unregistered Securities
There
have been no sales of unregistered securities within the reporting period covered by this report that would be required to be
disclosed pursuant to Item 701 of Regulation S-K, with the exception of the following:
On
June 6, 2024, we issued to an accredited investor a 10% convertible debenture in the principal amount of $100,000 that bears
interest at the rate of 10% per annum, matures on December 31, 2026 and is convertible into shares of our common stock at the
initial exercise price of $2.00 per share. In connection with such issuance, we paid a placement agent fee in an amount equal to 8%
of the principal amount of such debenture. Such debenture was issued by us in reliance upon the exemption from registration
available under Section 4(2) of the Securities Act and Regulation D promulgated thereunder.
Repurchases
of Shares or of Company Equity Securities
None.
Item
3. |
Default
Upon Senior Securities |
None.
Item
4. |
Mine
Safety Disclosures. |
Not
applicable.
Item
5. |
Other
Information |
None
The
following documents are filed as a part of this report or incorporated herein by reference:
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
August 14, 2024 |
CalEthos,
Inc. |
|
|
|
By: |
/s/
Michael Campbell |
|
Name: |
Michael
Campbell |
|
Title: |
Chief
Executive Officer |
|
|
|
|
By: |
/s/
Dean S Skupen |
|
Name: |
Dean
S Skupen |
|
Title: |
Chief Financial Officer |
Exhibit
31.1
Certification
of Chief Executive Officer
Pursuant
to Rule 13a-14(a)
I,
Michael Campbell, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of CalEthos, 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 14, 2024
By: |
/s/
Michael Campbell |
|
Name: |
Michael
Campbell |
|
Title: |
Chief
Executive Officer |
|
Exhibit
31.2
Certification
of Principal Financial Officer
Pursuant
to Rule 13a-14(a)
I,
Dean S Skupen, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of CalEthos, 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 14, 2024
By: |
/s/
Dean S Skupen |
|
Name: |
Dean
S Skupen |
|
Title: |
Chief
Financial Officer |
|
Exhibit
32.1
CALETHOS,
INC.
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 of CalEthos, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Campbell, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that to my knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
By: |
/s/
Michael Campbell |
|
Name: |
Michael
Campbell |
|
Title: |
Chief
Executive Officer |
|
Date:
August 14, 2024
Exhibit
32.2
CALETHOS,
INC.
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 of CalEthos, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dean S Skupen, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that to my knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company.
By: |
/s/
Dean S Skupen |
|
Name: |
Dean
S Skupen |
|
Title: |
Chief
Financial Officer |
|
Date:
August 14, 2024
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 14, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-50331
|
|
Entity Registrant Name |
CalEthos,
Inc.
|
|
Entity Central Index Key |
0001174891
|
|
Entity Tax Identification Number |
98-0371433
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
11753
Willard Avenue
|
|
Entity Address, City or Town |
Tustin
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
92782
|
|
City Area Code |
(714)
|
|
Local Phone Number |
352-5315
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
25,230,540
|
Entity Listing, Par Value Per Share |
$ 0.001
|
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 298,000
|
$ 308,000
|
Prepaid and other current expenses |
10,000
|
10,000
|
Total current assets |
308,000
|
318,000
|
Data center costs |
4,158,000
|
2,262,000
|
Total assets |
4,466,000
|
2,580,000
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
403,000
|
670,000
|
Convertible promissory notes, net |
|
341,000
|
Notes payable, net of discount |
436,000
|
11,000
|
Total current liabilities |
839,000
|
1,022,000
|
Convertible debentures, net |
92,000
|
|
Total liabilities |
931,000
|
1,022,000
|
Stockholders’ equity |
|
|
Preferred stock, value |
|
|
Common stock par value $0.001: 100,000,000 shares authorized; 25,230,540 and 24,345,598 shares issued and outstanding |
25,000
|
24,000
|
Additional paid-in capital |
30,734,000
|
20,807,000
|
Other comprehensive income |
9,000
|
9,000
|
Stock subscription receivable |
(2,000)
|
(2,000)
|
Accumulated deficit |
(27,231,000)
|
(19,280,000)
|
Total stockholders’ equity |
3,535,000
|
1,558,000
|
Total liabilities and stockholders’ equity |
4,466,000
|
2,580,000
|
Series A Convertible Preferred Stock [Member] |
|
|
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|
|
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|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
100,000,000
|
100,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock shares, par value |
$ 0.001
|
$ 0.001
|
Common stock shares, authorized |
100,000,000
|
100,000,000
|
Common stock shares, issued |
25,230,540
|
24,345,598
|
Common stock shares, outstanding |
25,230,540
|
24,345,598
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
3,600,000
|
3,600,000
|
Preferred stock, shares issued |
0
|
0
|
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0
|
0
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v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
|
|
|
|
Operating Expenses |
|
|
|
|
Professional fees |
113,000
|
97,000
|
256,000
|
186,000
|
Equity-based compensation |
109,000
|
24,000
|
230,000
|
24,000
|
General and administrative expenses |
29,000
|
33,000
|
38,000
|
41,000
|
Payroll and related expense |
74,000
|
|
93,000
|
|
Total operating expenses |
325,000
|
154,000
|
617,000
|
251,000
|
Loss from operations |
(325,000)
|
(154,000)
|
(617,000)
|
(251,000)
|
Other income (expenses) |
|
|
|
|
Interest income |
4,000
|
17,000
|
9,000
|
31,000
|
Financing costs |
(616,000)
|
(103,000)
|
(875,000)
|
(219,000)
|
Gain on settlement of accounts payable |
|
23,000
|
|
23,000
|
Loss on extinguishment of debt |
|
|
(6,468,000)
|
|
Total other expenses |
(612,000)
|
(63,000)
|
(7,334,000)
|
(165,000)
|
Loss before provision for income taxes |
(937,000)
|
(217,000)
|
(7,951,000)
|
(416,000)
|
Provision for income taxes |
|
|
|
|
Net loss |
$ (937,000)
|
$ (217,000)
|
$ (7,951,000)
|
$ (416,000)
|
Net loss per share - Basic |
$ (0.04)
|
$ (0.01)
|
$ (0.32)
|
$ (0.02)
|
Net loss per share - Diluted |
$ (0.04)
|
$ (0.01)
|
$ (0.32)
|
$ (0.02)
|
Weighted Average common shares outstanding - Basic |
25,230,540
|
14,495,621
|
25,028,916
|
14,495,621
|
Weighted Average common shares outstanding - Diluted |
25,230,540
|
14,495,621
|
25,028,916
|
14,495,621
|
Comprehensive (loss) income |
|
|
|
|
Net loss |
$ (937,000)
|
$ (217,000)
|
$ (7,951,000)
|
$ (416,000)
|
Foreign currency translation gain |
3,000
|
1,000
|
|
3,000
|
Comprehensive loss |
$ (934,000)
|
$ (216,000)
|
$ (7,951,000)
|
$ (413,000)
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Convertible Preferred Stock [Member]
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stock Subscription Receivable [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
|
$ 24,000
|
$ 11,480,000
|
$ (2,000)
|
$ 5,000
|
$ (14,650,000)
|
$ (3,143,000)
|
Balance, shares at Dec. 31, 2022 |
|
|
24,495,621
|
|
|
|
|
|
Foreign currency translation income (loss) |
|
|
|
|
|
2,000
|
|
2,000
|
Net Income (loss) |
|
|
|
|
|
|
(199,000)
|
(199,000)
|
Balance at Mar. 31, 2023 |
|
|
$ 24,000
|
11,480,000
|
(2,000)
|
7,000
|
(14,849,000)
|
(3,340,000)
|
Balance, shares at Mar. 31, 2023 |
|
|
24,495,621
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
|
$ 24,000
|
11,480,000
|
(2,000)
|
5,000
|
(14,650,000)
|
(3,143,000)
|
Balance, shares at Dec. 31, 2022 |
|
|
24,495,621
|
|
|
|
|
|
Foreign currency translation income (loss) |
|
|
|
|
|
|
|
3,000
|
Net Income (loss) |
|
|
|
|
|
|
|
(416,000)
|
Balance at Jun. 30, 2023 |
|
|
$ 14,000
|
11,514,000
|
(2,000)
|
8,000
|
(15,066,000)
|
(3,532,000)
|
Balance, shares at Jun. 30, 2023 |
|
|
14,495,621
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
|
$ 24,000
|
11,480,000
|
(2,000)
|
7,000
|
(14,849,000)
|
(3,340,000)
|
Balance, shares at Mar. 31, 2023 |
|
|
24,495,621
|
|
|
|
|
|
Equity-based compensation |
|
|
|
24,000
|
|
|
|
24,000
|
Foreign currency translation income (loss) |
|
|
|
|
|
1,000
|
|
1,000
|
Net Income (loss) |
|
|
|
|
|
|
(217,000)
|
(217,000)
|
Cancellation of shares |
|
|
$ (10,000)
|
10,000
|
|
|
|
|
Cancellation of shares, shares |
|
|
(10,000,000)
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
$ 14,000
|
11,514,000
|
(2,000)
|
8,000
|
(15,066,000)
|
(3,532,000)
|
Balance, shares at Jun. 30, 2023 |
|
|
14,495,621
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
|
$ 24,000
|
20,807,000
|
(2,000)
|
9,000
|
(19,280,000)
|
1,558,000
|
Balance, shares at Dec. 31, 2023 |
|
|
24,345,598
|
|
|
|
|
|
Equity-based compensation |
|
|
|
445,000
|
|
|
|
445,000
|
Shares issued for extinguishment of debt |
|
|
$ 1,000
|
6,927,000
|
|
|
|
6,928,000
|
Shares issued for extinquishment of debt, shares |
|
|
884,942
|
|
|
|
|
|
Warrants issued for note payable extension |
|
|
|
581,000
|
|
|
|
581,000
|
Foreign currency translation income (loss) |
|
|
|
|
|
(3,000)
|
|
(3,000)
|
Net Income (loss) |
|
|
|
|
|
|
(7,014,000)
|
(7,014,000)
|
Balance at Mar. 31, 2024 |
|
|
$ 25,000
|
28,760,000
|
(2,000)
|
6,000
|
(26,294,000)
|
2,495,000
|
Balance, shares at Mar. 31, 2024 |
|
|
25,230,540
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
|
$ 24,000
|
20,807,000
|
(2,000)
|
9,000
|
(19,280,000)
|
1,558,000
|
Balance, shares at Dec. 31, 2023 |
|
|
24,345,598
|
|
|
|
|
|
Foreign currency translation income (loss) |
|
|
|
|
|
|
|
|
Net Income (loss) |
|
|
|
|
|
|
|
(7,951,000)
|
Balance at Jun. 30, 2024 |
|
|
$ 25,000
|
30,734,000
|
(2,000)
|
9,000
|
(27,231,000)
|
3,535,000
|
Balance, shares at Jun. 30, 2024 |
|
|
25,230,540
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
|
|
$ 25,000
|
28,760,000
|
(2,000)
|
6,000
|
(26,294,000)
|
2,495,000
|
Balance, shares at Mar. 31, 2024 |
|
|
25,230,540
|
|
|
|
|
|
Equity-based compensation |
|
|
|
1,121,000
|
|
|
|
1,121,000
|
Warrants issued for note payable extension |
|
|
|
853,000
|
|
|
|
853,000
|
Foreign currency translation income (loss) |
|
|
|
|
|
3,000
|
|
3,000
|
Net Income (loss) |
|
|
|
|
|
|
(937,000)
|
(937,000)
|
Balance at Jun. 30, 2024 |
|
|
$ 25,000
|
$ 30,734,000
|
$ (2,000)
|
$ 9,000
|
$ (27,231,000)
|
$ 3,535,000
|
Balance, shares at Jun. 30, 2024 |
|
|
25,230,540
|
|
|
|
|
|
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v3.24.2.u1
Condensed Consolidated Statements of Cashflow (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities |
|
|
Net loss |
$ (7,951,000)
|
$ (416,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Amortization of note payable discounts |
859,000
|
|
Fair value of equity-based compensation |
230,000
|
24,000
|
Gain on settlement of accounts payable |
|
(23,000)
|
Loss on extinguishment of debt |
6,468,000
|
|
Changes in operating assets and liabilities |
|
|
Prepaid expenses and other current assets |
|
(6,000)
|
Accounts payable and accrued expenses |
20,000
|
243,000
|
Net Cash Used in Operating Activities |
(374,000)
|
(178,000)
|
Cash Flows From Investing Activities |
|
|
Project development cost |
(728,000)
|
(184,000)
|
Net Cash Used in Investing Activities |
(728,000)
|
(184,000)
|
Cash Flows From Financing Activities |
|
|
Cash proceeds from issuance of convertible debenture |
100,000
|
|
Cost for issuance of convertible debenture |
(8,000)
|
|
Cash proceeds for issuances of notes payable |
1,000,000
|
|
Net Cash Provided by Financing Activities |
1,092,000
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
2,000
|
Net decrease in cash and cash equivalents |
(10,000)
|
(360,000)
|
Cash and cash equivalents, beginning of period |
308,000
|
2,067,000
|
Cash and cash equivalents, end of period |
298,000
|
1,707,000
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Non-cash investing and financing activities |
|
|
Relative fair value of warrants issued with note payable |
1,434,000
|
|
Capitalized interest – project development cost |
23,000
|
14,000
|
Accrued Expense – project development cost |
3,000
|
|
Equity-based compensation capitalized |
1,339,000
|
|
Common stock issued for forgiveness of principal and interest |
$ 6,928,000
|
|
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v3.24.2.u1
ORGANIZATION AND ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND ACCOUNTING POLICIES |
Note
1 – Organization and Accounting Policies
ORGANIZATION
AND ACCOUNTING POLICIES
CalEthos,
Inc. (the “Company” or “we”) was incorporated on March 20, 2002 under the laws of the State of Nevada.
The
Company is implementing its plan to build a clean-energy-powered data center operation using the latest energy-efficient building materials
and cooling technologies and to provide wholesale colocation services to enterprise IT and hyperscale customers. In addition, the Company
may acquire assets and all or part of other companies operating in the high-density computing industry or invest in or joint venture
with other more-established companies already in the industry that would add value to the Company’s business strategy.
As
of July 2022, the Company’s board of directors resolved to focus exclusively on developing a clean-energy-powered data center.
Korean
entity
On
November 5, 2021, AIQ System Inc. (“AIQ”) was incorporated in Seoul, Republic of Korea. AIQ is authorized to issue 3 million
shares of common stock. At the date of incorporation, 10,000 shares were issued to the Company for 100,000,000 Korean Won, or approximately
$89,000, for 100% ownership of AIQ. As of July 2022, AIQ was placed into a dormant state of operations.
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note
disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2023
condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required
by GAAP. These interim unaudited condensed consolidated financial statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim six-month
periods ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2024 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial
statements and the notes thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K filed
with the SEC on April 9, 2024.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary from the formation date. All material
intercompany transactions and balances have been eliminated in consolidation.
Going
Concern and Liquidity
The
Company incurred a net loss of approximately $7,951,000 for the six months ended June 30, 2024, had an accumulated deficit of approximately
$27,231,000 as of June 30, 2024 and had no recurring revenue from operations. The Company has financed its activities principally through
debt and equity financing and shareholder contributions. Management expects to incur additional losses and cash outflows in the foreseeable
future in connection with its operating activities. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern for one year from the issuance of these consolidated financial statements.
The
Company’s consolidated financial statements have been presented on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business.
The
Company is subject to a number of risks similar to those of other similar stage companies, including dependence on key individuals; successful
development, marketing and branding of services; the uncertainty of product development and generation of revenues; dependence on outside
sources of financing; risks associated with research and development; dependence on third-party suppliers and collaborators; protection
of intellectual property; and competition with larger, better-capitalized companies. Ultimately, the attainment of profitable operations
is dependent on future events, including obtaining adequate financing to fund the Company’s operations and generating a level of
revenues adequate to support the Company’s cost structure.
The
Company will need to raise debt or equity financing in the future in order to continue its operations and achieve its growth targets.
However, there can be no assurance that such financing will be available in sufficient amounts and on acceptable terms, when and if needed,
or at all. The precise amount and timing of the funding needs cannot be determined accurately at this time, and will depend on a number
of factors, including the development of the Company’s data center campus, approvals for construction permits, construction
times, delivery of critical equipment, market demand for the Company’s wholesale colocation data center services, the timing of
customer commitments for data center space, the management of working capital, and payment terms and conditions for purchase of the Company’s
services. The Company believes its cash balances and cash flow from operations will not be sufficient to fund its operations and growth
for the next twelve months from the issuance date of these financial statements. If the Company is unable to raise additional funding
from investors or through other avenues, it may not be able to continue as a going concern. The accompanying unaudited consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting periods.
Foreign
Currency Translation
The
financial statements of foreign subsidiaries, for which the functional currency is the local currency, are translated into U.S. dollars
using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during
the year for revenue, expenses, gains and losses. Translation adjustments are recorded as other comprehensive income (loss) within shareholders’
equity (deficit). Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations.
Fair
Value Measurement
Fair
value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date.
Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable
inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs
are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from
sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that
market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
|
Level
1 - |
Observable
inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
Level
2 - |
Other
inputs that are directly or indirectly observable in the marketplace. |
|
Level
3 - |
Unobservable
inputs which are supported by little or no market activity. |
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
As
of and for the six months ended June 30, 2024, the Company had no assets or liabilities that require fair value measurement.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Cash and cash equivalents are recorded at cost, which approximates their fair value. The Company maintains its cash and cash equivalents
in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the
federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.
As of June 30, 2024 and December 31, 2023, the Company had approximately $45,000 and $22,000, respectively, in excess of the federal
insurance limit.
Prepaid
Expenses
Prepaid
expenses are assets held by the Company that are expected to be realized and consumed within twelve months after the reporting period.
Data
Center Cost
Data
center cost is stated at cost, which includes the cost incurred to complete phase I of the Company’s data center development plan.
Phase I costs include the option payment for the land and the cost of consulting firms to provide power and connectivity assessments,
feasibility studies, engineering plans, and project benchmarking. Data center cost also includes internal cost such as payroll-related
cost and debt interest cost.
In
accordance with ASC 360-10-35, the Company reviews the carrying amounts of data center cost when events or changes in circumstances indicate
the assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The
recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future
cash flows to be derived from continuing use of the asset or cash-generating unit are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less
costs of disposal is the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between
knowledgeable, willing parties, less the cost of disposal. When a binding sale agreement is not available, fair value less costs of disposal
is estimated using a discounted cash flow approach with inputs and assumptions consistent with those of a market participant. If the
recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the cash-generating
unit is reduced to its recoverable amount. An impairment loss is recognized immediately in net income.
As
of June 30, 2024, there have been no circumstances to indicate the asset may not be recoverable. See Footnote 7 – Subsequent Events.
Related
Parties
The
Company follows Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”)
section 850-10 for the identification of related parties and disclosure of related-party transactions.
Pursuant
to ASC section 850-10-20, the related parties include (a.) affiliates of the Company (“Affiliate” means, with respect to
any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); (b.) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option of ASC section 825–10–15, to be accounted for by the equity method by the investing entity; (c.) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d.) principal owners
of the Company; (e.) management of the Company; (f.) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g.) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:
(a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which no amounts or
nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary
to an understanding of the effects of the transactions on the financial statements; (c.) the dollar amounts of transactions for each
of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that
used in the preceding period; and (d.) amounts due from or to related parties as of the date of each balance sheet presented and, if
not otherwise apparent, the terms and manner of settlement.
Commitments
and Contingencies
The
Company follows ASC section 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Stock-Based
Compensation
The
Company accounts for its stock-based compensation under ASC 718, “Compensation – Stock Compensation” using the
fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized
over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions
in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities
in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by
the issuance of those equity instruments.
The
Company uses the fair value method for equity instruments granted to non-employees and use the BSM model for measuring the fair value
of options. The stock based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over
the vesting periods.
Earnings
Per Share
The
Company uses ASC 260, “Earnings Per Share” for calculating the basic and diluted earnings (loss) per share. The Company
computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted
earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential
common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock
options and warrants and stock awards. For periods with a net loss, basic and diluted loss per share is the same, in that any potential
common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share.
Securities
that could potentially dilute loss per share in the future were not included in the computation of diluted loss per share for the six
months ended June 30, 2024 and 2023 because their inclusion would be anti-dilutive. Common stock equivalents amounted to 6,145,801 and
7,510,448 for the six months ended June 30, 2024 and 2023, respectively.
Recent
Accounting Pronouncements
The
Company’s management reviewed all recently-issued accounting standard updates (“ASU’s”) not yet adopted by the
Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s
consolidated financial condition or the results of its operations.
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v3.24.2.u1
DATA CENTER COSTS
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
DATA CENTER COSTS |
Note
2 – Data Center Costs
DATA
CENTER COSTS
On
March 30, 2023, the Company signed an option agreement to acquire 80 acres of commercially-zoned land in Imperial County, California
(the “Option”) for $3,360,000 (“Purchase Price”). The Option expires in September 2024. The Company paid a non-refundable
deposit of $84,000 on the signing of the Option, which has been recognized as other assets in the consolidated balance sheet. The Company
is required to deposit an additional $84,000 into escrow (“Escrow Funds”) within 10 days after the execution of the purchase
agreement. As of the issuance of these consolidated financial statements, the escrow had not been set up. Once the escrow is set up,
the Company will deposit the $84,000. If the Company does not exercise the Option by September 2024, the Escrow Funds will be returned
to the Company. See Note 7 – Subsequent Events.
The
Purchase Price is payable with a cash payment of $1,680,000 and the issuance of 840,000 shares of the Company’s common stock (the
“Purchase Shares”). At the closing of the purchase (“Closing Date”), if the stock is trading at a value less
than $1.00 per share, the Company is required to issue a promissory note in the amount of $840,000, payable on the third anniversary
of the closing date, with an interest rate equal to the Secured Overnight Financing Rate plus 2.0%.
If
the Purchase Shares are issued at the Closing Date, the Company has agreed to repurchase the Purchase Shares (the “Put Option”)
under specific circumstances. However, the Put Option expires if the Company’s common stock trades above $2.00 per share for 120
consecutive days. If the Company’s common stock trades below $2.00 per share for 10 consecutive days, the Holder has the option
for the Company to repurchase the Purchase Shares for $2.00 per share.
As
of June 30, 2024, the Company has incurred costs of approximately $4,158,000 for the development of the Data Center, which includes approximately
$219,000 of capitalized interest related to the convertible promissory notes.
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v3.24.2.u1
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Notes Payable |
|
NOTES PAYABLE |
Note
3 – Notes Payable
NOTES
PAYABLE
Notes
payable transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
| | |
Balance, beginning of the period | |
$ | 11,000 | |
Additions | |
| 1,000,000 | |
Balance, end of the period | |
$ | 1,011,000 | |
Discount | |
| | |
Balance, beginning of the period | |
| - | |
Additions | |
$ | 1,434,000 | |
Amortization | |
| 859,000 | |
Balance, end of the period | |
| 575,000 | |
Net carrying amount | |
$ | 436,000 | |
In
February 2024, the Company issued a promissory note (“Promissory Note”) in the principal amount of $1,000,000
that bears interest at the rate of 10%
per annum and originally matured on May 31, 2024 (“Maturity Date”). It also issued a five-year
warrant to purchase up to 200,000
shares of common stock with an initial exercise price of $0.50
per share (“Finance Warrant”).
In
accordance with ASC 470 - Debt, the Company has allocated the $1,000,000 of
cash proceeds on a relative fair value to the Promissory Note and the Finance Warrant. The Finance Warrant was valued using the
Black Scholes option pricing model for a total fair value of approximately $1,389,000 based
on a 2.5-year
term, volatility of 159%
, a risk-free equivalent yield of 4.1%,
and a stock price of $7.21.
The Finance Warrant was ascribed a relative fair value of approximately $581,000. As of June 30, 2024, the Company had amortized approximately $581,000 of the value of the Finance Warrant.
On
the Maturity Date, the holder of the Promissory Note agreed to extend the Maturity Date to August 31, 2024 (“Extension”).
As consideration for the Extension, the Company issued to the holder a warrant to purchase 300,000 shares of the Company’s common
stock with an initial exercise price of $3.50 per share (“Extension Warrant”).
The
Extension Warrant was valued using the Black Scholes option pricing model for a total fair value of approximately $853,000
based on a 2.5-year
term, volatility of
163%, a risk-free equivalent yield of 4.3%,
and a stock price of $3.5.
The fair value of $853,000
was recorded as a debt discount to be amortized over the Extension period of three months. As of June 30, 2024, the Company had
amortized approximately $278,000
of the value of the Extension Warrant.
Interest
expense on the Promissory Note amounted to $35,000 and
$6,000
for the six months ended June 30, 2024 and 2023, respectively, of which approximately $21,000
and nil, respectively, were capitalized as data center development cost.
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v3.24.2.u1
CONVERTIBLE DEBENTURES
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE DEBENTURES |
Note
4 – Convertible Debentures
CONVERTIBLE
DEBENTURES
Convertible
debentures transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF CONVERTIBLE DEBENTURES
Principal | |
| |
Balance, beginning of period | |
$ | 341,000 | |
Additions | |
| 100,000 | |
Conversions | |
| (341,000 | ) |
Balance, end of period | |
$ | 100,000 | |
| |
| | |
Debt issuance cost | |
| | |
Balance, beginning of period | |
$ | - | |
Additions | |
| 8,000 | |
Amortization | |
| - | |
Balance, end of period | |
$ | 8,000 | |
| |
| | |
Net book value | |
$ | 92,000 | |
In
June 2024, the Company issued a convertible debenture in the amount of $100,000
(the “Debenture”). The total proceeds were approximately $92,000,
due to approximately $8,000
paid as debt issuance cost in connection with the issuance of the Debenture. The Debenture bears interest at 10.0%
per annum with a default interest rate of 15.0%
per annum. The principal amount and all accrued interest are payable on December 31, 2026. The holder of the
Debenture has the option to convert the unpaid principal and interest into shares of the Company’s common stock at the
conversion rate of $2.00
per share, subject to adjustment for stock splits, stock dividends and the like
and for issuances by the Company of common stock at a price per share that is less than the then-current conversion price, subject to
certain exceptions.
In
accordance with the Debenture, the Company has the right to prepay the Debenture upon providing 45 days of its intention to
prepay.
The outstanding principal amount of the Debenture and all accrued interest
thereon shall automatically be converted into shares of common stock at the then effective conversion price upon (i) the close of business on the sixtieth (60th) consecutive day on which the VWAP of the Company’s
common stock is at least $4.00 per share, subject to appropriate adjustment in the event of any stock dividend,
stock split, stock combination or other similar recapitalization with respect to the common stock, or (ii) the execution by the Company
of a long-term lease with a data center client for all or a substantial portion of the Company’s planned data center development
project.
In
December 2023, the Company offered the holders of the Company’s outstanding convertible promissory notes in the aggregate
principal amount of $341,000 the option to convert such notes into the Company’s common stock at a price ranging from $0.51 to
$0.54 per
share. During the three months ended March 31, 2024, the Company converted principal and interest of approximately $341,000 and
$119,000,
respectively (a total of $460,000),
for 884,942 shares
of the Company’s common stock with a fair market value of approximately $6,928,000 as
of the dates of conversion. As the terms of the conversion were not in accordance with the original conversion feature, the holders
of such notes did not provide any concession to the Company, and there was not an inducement to the holders to convert. As the offer
did not have a time limit, the Company has accounted for the conversion in accordance with ASC 470-50-40-4. The difference between
the fair value of the consideration paid of approximately $6,928,000 and
the liability of $460,000 was
approximately $6,468,000,
which was accounted for as a loss on liability settlement. The loss on the settlement was recorded as a loss on extinguishment of
debt on the statement of operations for the three months ended March 31, 2024.
Interest
expense on these notes payable amounted to $4,000 and $229,000 for the six months ended June 30, 2024 and 2023, respectively, of which
$2,000 and nil, respectively, were capitalized as data center development cost.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
Note
5 – Commitments and Contingencies
COMMITMENTS
AND CONTINGENCIES
Litigation
From
time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business.
The Company is not currently a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation
that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should
such litigation be resolved unfavorably.
Employment
Agreement
Chief
Operating Officer
In
June 2023, the Company executed an employment agreement (“Employment Agreement”) to employ an individual to be the Company’s
President and Chief Operating Officer (“Executive”). As compensation for services rendered, the Executive
will be paid a base salary of $250,000 per annum. The Executive’s base salary may be increased as certain milestones are met, such
as 1) when the necessary governmental permits are granted to start construction of the Company’s initial data center, 2) once the initial data center is operational
and at least 25% of the planned megawatts of collation capacity is leased. Also, at the discretion of the Company, following each calendar
year of continued employment, the Executive shall be eligible to receive a discretionary bonus of up to fifty percent (50%) of Executive’s
base salary during the first year of employment, up to seventy-five percent (75%) of Executive’s then-current base salary during
the second year of employment, and up to one-hundred percent (100%) of Executive’s then-current base salary during Executive’s
third year of employment. Payment of any bonus will be based on achieving certain goals and performance criteria
established by the Company. In addition, the Executive was granted options to purchase 600,000 and 1,900,000 shares of the Company’s
common stock.
The
Employment Agreement also provides for certain severance benefits upon termination of the Executive by the Company without “cause”
or by the Executive for good reason. In the event of a termination by the Company without cause or by the Executive for good reason after
the first full year of employment, the Executive would be entitled to (i) continued payment of the base salary for the lesser of six
months or the remaining term of the Employment Agreement, subject to the Executive signing a timely and effective separation agreement
containing a release of all claims against the Company and other customary terms.
Vice
President of Data Center Development
On
March 1, 2024, the Company hired an individual as vice president of data center development with an annual salary of $225,000.
The salary increases to $240,000 and
$250,000 on
the first and second anniversary dates, respectively. Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.
Chief
Strategy and Development Officer
On
April 1, 2024, the Company hired an individual as chief strategy and development officer vice president with an annual salary of
$250,000.
The salary increases to $275,000 and
$300,000 on
the first and second anniversary dates, respectively. Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.
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v3.24.2.u1
STOCKHOLDERS EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS EQUITY |
Note
6 – Stockholders Equity
STOCKHOLDERS
EQUITY
Stock
Options
As
part of the offer letter executed on April 1, 2024 for the Chief Strategy and Development officer, the Company award a non-qualified
stock option to purchase 1,000,000 shares of the Company’s common stock at a purchase price of $2.62, which was the fair market
value of the Company’s common stock on the date of issuance.
The
1,000,000 options vests as follows:
| ● | 168,750
shares on the date of issuance; |
| ● | 168,750
shares on each the 1st, 2nd and 3rd anniversary dates of
the issuance date; |
| ● | Phase
(a) 32,500 shares upon the Award of a GMP contract to a construction manager/company; |
| ● | Phase
(b) 65,000 shares upon completion of the initial site development plan and data center design
and 100% construction documents; |
| ● | Phase
(c) 32,500 shares upon the Company receiving permits necessary to start construction of the
data center site and facilities; |
| ● | Phase
(d) 65,000 shares upon the completion of an all-network ready meeting rooms in the first
data center; and |
| ● | Phase
(e) 130,000 shares upon the completion of construction of a customer-ready data center facility
and receipt of a conditional occupancy permit for a data center facility. |
The
Company’s management has accounted for the options in accordance with ASC 718 – Stock Compensation (“ASC 718”).
ASC 718 requires the Company to estimate the service period over which the compensation cost will be recognized. Management has estimated
that the first development phase (a) will be completed by December 31, 2024, the second development phase (b) by March 31, 2025, the
third development phase (c) by July 1, 2025, and the fourth and fifth development phases (d) and (e) by December 31, 2026. The estimated
service period will be adjusted for actual and expected completion date changes. Any such change will be recognized prospectively, and
the remaining deferred compensation will be recognized over the remaining service period.
The
option grant date fair value of $2,437,000
was calculated using the Black Scholes fair value
option-pricing model with key input variables provided by management, as of the date of issuance: volatility range 166.28%
to 243.04%,
the fair value of common stock $2.62,
estimated life range 2.38
to 5.0
years, risk-free rate of range 4.34%
to 4.72%
and dividend rate of nil.
For the six months ended June 30, 2024, the Company recorded compensation expenses of approximately $1,339,000,
which was capitalized as data center cost.
Stock
option grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF STOCK OPTION ACTIVITIES
| |
Number of Options | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value per share | |
Balance, December 31, 2023 | |
| 6,854,000 | | |
$ | 0.53 | | |
| 7.00 | | |
$ | 0.51 | | |
$ | 0.44 | |
Granted | |
| 1,000,000 | | |
| 2.62 | | |
| 7.00 | | |
| 2.44 | | |
| 1.29 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 7,854,000 | | |
| 0.79 | | |
| 7.00 | | |
| 0.75 | | |
| 2.71 | |
Vested and exercisable, June 30, 2024 | |
| 2,406,083 | | |
| 0.68 | | |
| 7.00 | | |
| 0.66 | | |
| 2.82 | |
Unvested, June 30, 2024 | |
| 5,447,917 | | |
$ | 0.84 | | |
| 7.00 | | |
$ | 0.79 | | |
$ | 2.66 | |
Warrant
grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Number of Shares | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value | |
Balance, December 31, 2023 | |
| 5,645,801 | | |
$ | 1.84 | | |
| 3.00 | | |
$ | 1.49 | | |
$ | - | |
Granted | |
| 500,000 | | |
| 2.30 | | |
| 4.8 | | |
| 2.9 | | |
| 1.20 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Vested and exercisable, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Unvested, June 30, 2024 | |
| - | | |
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| - | | |
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Note
7 – Subsequent Events
SUBSEQUENT
EVENTS
The
Company evaluated all events that occurred after the balance sheet date through the date the financial statements were issued to determine
if they must be reported. The management determined there are no reportable events except for the following:
On
July 22, 2024, the Company entered into an option agreement (“Option 315”) to acquire for a purchase price of $5,000,000
a 315-acre parcel of land in Imperial County, California to be used for the development of a large-scale, clean energy powered data center
campus. With the execution of the Option Agreement, the Company paid a non-refundable deposit of $50,000. The option has an initial term
of one year and may be extended for an additional six-month period by the payment of $75,000 on or before July 21, 2025.
On
July 24, 2024, the Company terminated the Option to acquire a 80-acre parcel in Imperial County, California as the Company believes the recently-optioned
property is better suited for the Company’s immediate needs.
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v3.24.2.u1
ORGANIZATION AND ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Korean entity |
Korean
entity
On
November 5, 2021, AIQ System Inc. (“AIQ”) was incorporated in Seoul, Republic of Korea. AIQ is authorized to issue 3 million
shares of common stock. At the date of incorporation, 10,000 shares were issued to the Company for 100,000,000 Korean Won, or approximately
$89,000, for 100% ownership of AIQ. As of July 2022, AIQ was placed into a dormant state of operations.
|
Basis of Presentation |
Basis
of Presentation
The
accompanying Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and
pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note
disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2023
condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required
by GAAP. These interim unaudited condensed consolidated financial statements, in the opinion of management, reflect all normal recurring
adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim six-month
periods ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of
the results to be expected for the full year ending December 31, 2024 or for any future period.
These
unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial
statements and the notes thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K filed
with the SEC on April 9, 2024.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary from the formation date. All material
intercompany transactions and balances have been eliminated in consolidation.
|
Going Concern and Liquidity |
Going
Concern and Liquidity
The
Company incurred a net loss of approximately $7,951,000 for the six months ended June 30, 2024, had an accumulated deficit of approximately
$27,231,000 as of June 30, 2024 and had no recurring revenue from operations. The Company has financed its activities principally through
debt and equity financing and shareholder contributions. Management expects to incur additional losses and cash outflows in the foreseeable
future in connection with its operating activities. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern for one year from the issuance of these consolidated financial statements.
The
Company’s consolidated financial statements have been presented on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business.
The
Company is subject to a number of risks similar to those of other similar stage companies, including dependence on key individuals; successful
development, marketing and branding of services; the uncertainty of product development and generation of revenues; dependence on outside
sources of financing; risks associated with research and development; dependence on third-party suppliers and collaborators; protection
of intellectual property; and competition with larger, better-capitalized companies. Ultimately, the attainment of profitable operations
is dependent on future events, including obtaining adequate financing to fund the Company’s operations and generating a level of
revenues adequate to support the Company’s cost structure.
The
Company will need to raise debt or equity financing in the future in order to continue its operations and achieve its growth targets.
However, there can be no assurance that such financing will be available in sufficient amounts and on acceptable terms, when and if needed,
or at all. The precise amount and timing of the funding needs cannot be determined accurately at this time, and will depend on a number
of factors, including the development of the Company’s data center campus, approvals for construction permits, construction
times, delivery of critical equipment, market demand for the Company’s wholesale colocation data center services, the timing of
customer commitments for data center space, the management of working capital, and payment terms and conditions for purchase of the Company’s
services. The Company believes its cash balances and cash flow from operations will not be sufficient to fund its operations and growth
for the next twelve months from the issuance date of these financial statements. If the Company is unable to raise additional funding
from investors or through other avenues, it may not be able to continue as a going concern. The accompanying unaudited consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
|
Use of Estimates |
Use
of Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting periods.
|
Foreign Currency Translation |
Foreign
Currency Translation
The
financial statements of foreign subsidiaries, for which the functional currency is the local currency, are translated into U.S. dollars
using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during
the year for revenue, expenses, gains and losses. Translation adjustments are recorded as other comprehensive income (loss) within shareholders’
equity (deficit). Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations.
|
Fair Value Measurement |
Fair
Value Measurement
Fair
value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date.
Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable
inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs
are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from
sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that
market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
|
Level
1 - |
Observable
inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
Level
2 - |
Other
inputs that are directly or indirectly observable in the marketplace. |
|
Level
3 - |
Unobservable
inputs which are supported by little or no market activity. |
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
As
of and for the six months ended June 30, 2024, the Company had no assets or liabilities that require fair value measurement.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Cash and cash equivalents are recorded at cost, which approximates their fair value. The Company maintains its cash and cash equivalents
in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the
federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.
As of June 30, 2024 and December 31, 2023, the Company had approximately $45,000 and $22,000, respectively, in excess of the federal
insurance limit.
|
Prepaid Expenses |
Prepaid
Expenses
Prepaid
expenses are assets held by the Company that are expected to be realized and consumed within twelve months after the reporting period.
|
Data Center Cost |
Data
Center Cost
Data
center cost is stated at cost, which includes the cost incurred to complete phase I of the Company’s data center development plan.
Phase I costs include the option payment for the land and the cost of consulting firms to provide power and connectivity assessments,
feasibility studies, engineering plans, and project benchmarking. Data center cost also includes internal cost such as payroll-related
cost and debt interest cost.
In
accordance with ASC 360-10-35, the Company reviews the carrying amounts of data center cost when events or changes in circumstances indicate
the assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The
recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future
cash flows to be derived from continuing use of the asset or cash-generating unit are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less
costs of disposal is the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between
knowledgeable, willing parties, less the cost of disposal. When a binding sale agreement is not available, fair value less costs of disposal
is estimated using a discounted cash flow approach with inputs and assumptions consistent with those of a market participant. If the
recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the cash-generating
unit is reduced to its recoverable amount. An impairment loss is recognized immediately in net income.
As
of June 30, 2024, there have been no circumstances to indicate the asset may not be recoverable. See Footnote 7 – Subsequent Events.
|
Related Parties |
Related
Parties
The
Company follows Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”)
section 850-10 for the identification of related parties and disclosure of related-party transactions.
Pursuant
to ASC section 850-10-20, the related parties include (a.) affiliates of the Company (“Affiliate” means, with respect to
any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); (b.) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option of ASC section 825–10–15, to be accounted for by the equity method by the investing entity; (c.) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d.) principal owners
of the Company; (e.) management of the Company; (f.) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g.) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
The
consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements,
expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:
(a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which no amounts or
nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary
to an understanding of the effects of the transactions on the financial statements; (c.) the dollar amounts of transactions for each
of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that
used in the preceding period; and (d.) amounts due from or to related parties as of the date of each balance sheet presented and, if
not otherwise apparent, the terms and manner of settlement.
|
Commitments and Contingencies |
Commitments
and Contingencies
The
Company follows ASC section 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the consolidated
financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events
occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result
in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be
disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for its stock-based compensation under ASC 718, “Compensation – Stock Compensation” using the
fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized
over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions
in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities
in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by
the issuance of those equity instruments.
The
Company uses the fair value method for equity instruments granted to non-employees and use the BSM model for measuring the fair value
of options. The stock based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over
the vesting periods.
|
Earnings Per Share |
Earnings
Per Share
The
Company uses ASC 260, “Earnings Per Share” for calculating the basic and diluted earnings (loss) per share. The Company
computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted
earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential
common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock
options and warrants and stock awards. For periods with a net loss, basic and diluted loss per share is the same, in that any potential
common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share.
Securities
that could potentially dilute loss per share in the future were not included in the computation of diluted loss per share for the six
months ended June 30, 2024 and 2023 because their inclusion would be anti-dilutive. Common stock equivalents amounted to 6,145,801 and
7,510,448 for the six months ended June 30, 2024 and 2023, respectively.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company’s management reviewed all recently-issued accounting standard updates (“ASU’s”) not yet adopted by the
Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s
consolidated financial condition or the results of its operations.
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v3.24.2.u1
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes Payable |
|
SCHEDULE OF NOTES PAYABLE |
Notes
payable transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
| | |
Balance, beginning of the period | |
$ | 11,000 | |
Additions | |
| 1,000,000 | |
Balance, end of the period | |
$ | 1,011,000 | |
Discount | |
| | |
Balance, beginning of the period | |
| - | |
Additions | |
$ | 1,434,000 | |
Amortization | |
| 859,000 | |
Balance, end of the period | |
| 575,000 | |
Net carrying amount | |
$ | 436,000 | |
|
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v3.24.2.u1
CONVERTIBLE DEBENTURES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF CONVERTIBLE DEBENTURES |
Convertible
debentures transactions for the six months ended June 30, 2024 are summarized as follows:
SCHEDULE
OF CONVERTIBLE DEBENTURES
Principal | |
| |
Balance, beginning of period | |
$ | 341,000 | |
Additions | |
| 100,000 | |
Conversions | |
| (341,000 | ) |
Balance, end of period | |
$ | 100,000 | |
| |
| | |
Debt issuance cost | |
| | |
Balance, beginning of period | |
$ | - | |
Additions | |
| 8,000 | |
Amortization | |
| - | |
Balance, end of period | |
$ | 8,000 | |
| |
| | |
Net book value | |
$ | 92,000 | |
|
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v3.24.2.u1
STOCKHOLDERS EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITIES |
Stock
option grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF STOCK OPTION ACTIVITIES
| |
Number of Options | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value per share | |
Balance, December 31, 2023 | |
| 6,854,000 | | |
$ | 0.53 | | |
| 7.00 | | |
$ | 0.51 | | |
$ | 0.44 | |
Granted | |
| 1,000,000 | | |
| 2.62 | | |
| 7.00 | | |
| 2.44 | | |
| 1.29 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 7,854,000 | | |
| 0.79 | | |
| 7.00 | | |
| 0.75 | | |
| 2.71 | |
Vested and exercisable, June 30, 2024 | |
| 2,406,083 | | |
| 0.68 | | |
| 7.00 | | |
| 0.66 | | |
| 2.82 | |
Unvested, June 30, 2024 | |
| 5,447,917 | | |
$ | 0.84 | | |
| 7.00 | | |
$ | 0.79 | | |
$ | 2.66 | |
|
SCHEDULE OF WARRANTS ACTIVITY |
Warrant
grant activity for the six months ended June 30, 2024, was as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Number of Shares | | |
Weighted Average Strike Price/Share | | |
Weighted Average Remaining Contractual Term (Years) | | |
Weighted Average Grant Date Fair Value/Share | | |
Aggregate Intrinsic Value | |
Balance, December 31, 2023 | |
| 5,645,801 | | |
$ | 1.84 | | |
| 3.00 | | |
$ | 1.49 | | |
$ | - | |
Granted | |
| 500,000 | | |
| 2.30 | | |
| 4.8 | | |
| 2.9 | | |
| 1.20 | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Vested and exercisable, June 30, 2024 | |
| 6,145,801 | | |
| 0.54 | | |
| 4.2 | | |
| 0.59 | | |
| 2.8 | |
Unvested, June 30, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
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v3.24.2.u1
ORGANIZATION AND ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Nov. 05, 2021 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Number of common shares authorized to issued |
|
100,000,000
|
|
|
|
100,000,000
|
|
100,000,000
|
Number of shares issued, value |
|
|
$ 6,928,000
|
|
|
|
|
|
Net loss |
|
$ 937,000
|
$ 7,014,000
|
$ 217,000
|
$ 199,000
|
$ 7,951,000
|
$ 416,000
|
|
Accumulated deficit |
|
27,231,000
|
|
|
|
27,231,000
|
|
$ 19,280,000
|
Recurring revenue from operation |
|
|
|
|
|
0
|
|
|
Cash, FDIC insured amount |
|
250,000
|
|
|
|
250,000
|
|
|
Prepaid insurance |
|
$ 45,000
|
|
|
|
$ 45,000
|
|
$ 22,000
|
Potentially dilute loss per share |
|
|
|
|
|
6,145,801
|
7,510,448
|
|
KOREA, REPUBLIC OF |
|
|
|
|
|
|
|
|
Number of shares issued |
10,000
|
|
|
|
|
|
|
|
AIQ System Inc. [Member] |
|
|
|
|
|
|
|
|
Number of common shares authorized to issued |
3,000,000
|
|
|
|
|
|
|
|
AIQ System Inc. [Member] | KOREA, REPUBLIC OF |
|
|
|
|
|
|
|
|
Number of shares issued |
100,000,000
|
|
|
|
|
|
|
|
Number of shares issued, value |
$ 89,000
|
|
|
|
|
|
|
|
Ownership percentage |
100.00%
|
|
|
|
|
|
|
|
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v3.24.2.u1
DATA CENTER COSTS (Details Narrative)
|
|
6 Months Ended |
|
Mar. 30, 2023
USD ($)
a
$ / shares
shares
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Purchase price payable with issuance of share |
|
$ 436,000
|
$ 11,000
|
Development costs |
|
4,158,000
|
|
Interest expense |
|
$ 219,000
|
|
Option Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Number of acres of commercially zoned land | a |
80
|
|
|
Purchase price |
$ 3,360,000
|
|
|
Non-refundable deposit |
84,000
|
|
|
Escrow funds |
84,000
|
|
|
Purchase price payable with cash payment |
$ 1,680,000
|
|
|
Purchase price payable with issuance of share | shares |
840,000
|
|
|
Shares issued price per share | $ / shares |
$ 1.00
|
|
|
Purchase price payable with issuance of share |
$ 840,000
|
|
|
Repurchase description of shares |
However, the Put Option expires if the Company’s common stock trades above $2.00 per share for 120
consecutive days. If the Company’s common stock trades below $2.00 per share for 10 consecutive days, the Holder has the option
for the Company to repurchase the Purchase Shares for $2.00 per share
|
|
|
Option Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
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Interest rate, stated percentage |
2.00%
|
|
|
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v3.24.2.u1
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
|
1 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2024 |
Short-Term Debt [Line Items] |
|
|
Additions |
$ 8,000
|
|
Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Balance, beginning of the period |
|
$ 11,000
|
Additions |
|
1,000,000
|
Balance, end of the period |
1,011,000
|
1,011,000
|
Balance, beginning of the period |
|
|
Additions |
|
1,434,000
|
Amortization |
|
859,000
|
Balance, end of the period |
575,000
|
575,000
|
Net carrying amount |
$ 436,000
|
$ 436,000
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v3.24.2.u1
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
Aug. 31, 2024 |
Feb. 29, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
Long-Term Debt, Fair Value |
|
$ 1,000,000
|
|
|
Granted option fair value |
|
$ 1,389,000
|
|
|
Estimated life |
|
2 years 6 months
|
|
|
Volatality percentage |
|
159.00%
|
|
|
Risk-free equivalent yield |
|
4.10%
|
|
|
Share price |
|
$ 7.21
|
|
|
Warrant was ascribed a relative fair value |
|
$ 581,000
|
$ 581,000
|
|
Warrant was ascribed a relative fair value |
|
|
278,000
|
|
Capitalized as data center development cost |
|
|
21,000
|
|
Forecast [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Granted option fair value |
$ 853,000
|
|
|
|
Estimated life |
2 years 6 months
|
|
|
|
Volatality percentage |
163.00%
|
|
|
|
Risk-free equivalent yield |
4.30%
|
|
|
|
Share price |
$ 3.5
|
|
|
|
Warrant was ascribed a relative fair value |
$ 853,000
|
|
|
|
Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt instrument face amount |
|
$ 1,000,000
|
|
|
Debt instrument interest rate |
|
10.00%
|
|
|
Warrant term |
|
5 years
|
|
|
Number of purchase warrant |
|
200,000
|
|
|
Warrant exercise price |
|
$ 0.50
|
|
|
Interest expense, debt |
|
|
$ 35,000
|
$ 6,000
|
Extension Warrant [Member] | Forecast [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Number of purchase warrant |
300,000
|
|
|
|
Warrant exercise price |
$ 3.50
|
|
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v3.24.2.u1
SCHEDULE OF CONVERTIBLE DEBENTURES (Details) - USD ($)
|
1 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2024 |
Short-Term Debt [Line Items] |
|
|
Additions |
$ 8,000
|
|
Convertible Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Balance, beginning of period |
|
$ 341,000
|
Additions |
|
100,000
|
Conversions |
|
(341,000)
|
Balance, end of period |
100,000
|
100,000
|
Balance, beginning of the period |
|
|
Additions |
|
8,000
|
Amortization |
|
|
Balance, end of the period |
8,000
|
8,000
|
Net carrying amount |
$ 92,000
|
$ 92,000
|
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v3.24.2.u1
CONVERTIBLE DEBENTURES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Mar. 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Convertible promissory notes aggregate principal amount |
$ 100,000
|
|
|
$ 100,000
|
|
$ 341,000
|
Convertible debt noncurrent |
92,000
|
|
|
$ 92,000
|
|
|
Debt instrument unamortized discount additions |
$ 8,000
|
|
|
|
|
|
Common stock conversion per share |
$ 2.00
|
|
|
$ 2.00
|
|
|
Payment for liability settlement |
|
|
$ 6,928,000
|
|
|
|
Data center cost |
|
|
|
$ 4,158,000
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Default interest expense |
|
|
|
4,000
|
$ 229,000
|
|
Data center cost |
|
|
|
$ 2,000
|
|
|
Liability [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Payment for liability settlement |
|
|
460,000
|
|
|
|
Loss on Liability Settlement [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Payment for liability settlement |
|
|
6,468,000
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 341,000
|
$ 341,000
|
|
|
|
Debt Instrument, Periodic Payment, Interest |
|
119,000
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
$ 460,000
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
|
884,942
|
|
|
|
|
Debt Conversion, Original Debt, Amount |
|
$ 6,928,000
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debenture bears interest |
10.00%
|
|
|
10.00%
|
|
|
Common stock conversion per share |
$ 4.00
|
|
|
$ 4.00
|
|
|
Minimum [Member] | Promissory Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price |
|
|
|
|
|
$ 0.51
|
Maximum [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debenture bears interest |
15.00%
|
|
|
15.00%
|
|
|
Maximum [Member] | Promissory Note [Member] |
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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|
|
|
$ 0.54
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
Apr. 01, 2024 |
Mar. 01, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Loss Contingencies [Line Items] |
|
|
|
|
Employee salary compensation |
|
|
|
1) when the necessary governmental permits are granted to start construction of the Company’s initial data center, 2) once the initial data center is operational
and at least 25% of the planned megawatts of collation capacity is leased. Also, at the discretion of the Company, following each calendar
year of continued employment, the Executive shall be eligible to receive a discretionary bonus of up to fifty percent (50%) of Executive’s
base salary during the first year of employment, up to seventy-five percent (75%) of Executive’s then-current base salary during
the second year of employment, and up to one-hundred percent (100%) of Executive’s then-current base salary during Executive’s
third year of employment. Payment of any bonus will be based on achieving certain goals and performance criteria
established by the Company
|
Incentive Option [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Share option granted to purchase |
|
|
600,000
|
|
Non Qual Option [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Share option granted to purchase |
|
|
1,900,000
|
|
Chief Executive Officer [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
|
|
$ 250,000
|
|
Vice President [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
|
$ 225,000
|
|
|
Annual bonus description |
|
Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively.
|
|
|
Vice President [Member] | Minimum [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
|
$ 240,000
|
|
|
Vice President [Member] | Maximum [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
|
$ 250,000
|
|
|
Chief Strategy and Development Officer [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
$ 250,000
|
|
|
|
Annual bonus description |
|
Also,
the individual is eligible for an annual bonus of up to 25%, 35% and 40% of the annual salary for the first, second and third
calendar years, respectively
|
|
|
Chief Strategy and Development Officer [Member] | Minimum [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
275,000
|
|
|
|
Chief Strategy and Development Officer [Member] | Maximum [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Base salary |
$ 300,000
|
|
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITIES (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Number of Number of Stock Option Shares, Outstanding, Beginning Balance |
6,854,000
|
|
Exercise Price Range Per Share, Outstanding, Beginning |
$ 0.53
|
|
Weighted Average Remaining Contractual Term (Years) |
7 years
|
7 years
|
Relative Fair Value, Outstanding, Beginning |
$ 0.51
|
|
Aggregate Intrinsic Value, Beginning Balance |
$ 0.44
|
|
Number of Stock Option Shares, Granted |
1,000,000
|
|
Exercise Price Range Per Share, Granted |
$ 2.62
|
|
Weighted Average Remaining Contractual Term (Years), Granted |
7 years
|
|
Relative Fair Value, Granted |
$ 2.44
|
|
Aggregate Intrinsic Value, Granted |
$ 1.29
|
|
Number of Stock Option Shares, Forfeited |
|
|
Exercise Price Range Per Share, Forfeited |
|
|
Weighted Average Grant Date Fair Value, Forfeited |
|
|
Aggregate Intrinsic Value per share, Forfeited |
|
|
Number of stock option shares, exercised |
|
|
Exercise Price Range Per Share, Exercised |
|
|
Weighted Average Grant Date Fair Value, Exercised |
|
|
Aggregate Intrinsic Value per share, Exercised |
|
|
Number of Stock Option Shares, Expired |
|
|
Exercise Price Range Per Share, Expired |
|
|
Weighted Average Grant Date Fair Value, Expired |
|
|
Aggregate Intrinsic Value per share, Expired |
|
|
Number of Stock Option Shares, Outstanding, Ending Balance |
7,854,000
|
6,854,000
|
Weighted Average Strike Price, Ending |
$ 0.79
|
$ 0.53
|
Weighted Average Grant Date Fair Value, Ending |
0.75
|
0.51
|
Aggregate Intrinsic Value per share, Ending Balance |
$ 2.71
|
$ 0.44
|
Number of Stock Option, Vested and Exercisable, Ending Balance |
2,406,083
|
|
Exercise Price Range Per Share, Vested and Exercisable |
$ 0.68
|
|
Weighted Average Remaining Contractual Term (Years) Vested And Exercisable |
7 years
|
|
Weighted Average Grant Date Fair Value, Vested and Exercisable |
$ 0.66
|
|
Aggregate Intrinsic Value per share , Unvested and Exercisable |
$ 2.82
|
|
Number of Stock Option, Unvested, Ending Balance |
5,447,917
|
|
Exercise Price Range Per Share, Unvested |
$ 0.84
|
|
Weighted Average Remaining Contractual Term (Years) Unvested |
7 years
|
|
Weighted Average Grant Date Fair Value, Unvested |
$ 0.79
|
|
Aggregate Intrinsic Value per share, Unvested |
$ 2.66
|
|
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v3.24.2.u1
SCHEDULE OF WARRANTS ACTIVITY (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Number of warrants issued, Outstanding, Beginning of period |
5,645,801
|
|
Weighted Average Strike Price/Share, Outstanding, Beginning of period |
$ 1.84
|
|
Weighted Average Remaining Contractual Term (Years) |
4 years 2 months 12 days
|
3 years
|
Weighted Average Grant Date Fair Value/Share, Ending of period |
$ 1.49
|
|
Aggregate intrinsic value, Beginning of period |
|
|
Number of warrants issued, Granted |
500,000
|
|
Weighted Average Strike Price/Share, Granted |
$ 2.30
|
|
Weighted Average Remaining Contractual Term (Years), Granted |
4 years 9 months 18 days
|
|
Weighted Average Grant Date Fair Value/Share, Granted |
$ 2.9
|
|
Aggregate intrinsic value, Granted |
$ 1.20
|
|
Number of warrants issued, Forfeited |
|
|
Weighted Average Strike Price/Share, Forfeited |
|
|
Weighted Average Grant Date Fair Value/Share, forfeited |
|
|
Aggregate intrinsic value, forfeited |
|
|
Number of warrants issued, Exercised |
|
|
Weighted Average Strike Price/Share, Exercised |
|
|
Weighted Average Grant Date Fair Value/Share, Exercised |
|
|
Aggregate intrinsic value, Exercised |
|
|
Number of warrants issued, Expired |
|
|
Weighted Average Strike Price/Share, Expired |
|
|
Weighted Average Grant Date Fair Value/Share, Expired |
|
|
Aggregate intrinsic value, Expired |
|
|
Number of warrants issued, Outstanding, Ending of period |
6,145,801
|
5,645,801
|
Weighted Average Strike Price/Share, Outstanding, Beginning of period |
$ 0.54
|
$ 1.84
|
Weighted Average Grant Date Fair Value/Share, ending balance |
0.59
|
$ 1.49
|
Aggregate intrinsic value, ending balance |
$ 2.8
|
|
Number of warrants issued, Vested and Exercisable, Ending of period |
6,145,801
|
|
Weighted Average Strike Price/Share, Vested and Exercisable, Ending of period |
0.54
|
|
Weighted Average Remaining Contractual Term (Years) Vested And Exercisable |
4 years 2 months 12 days
|
|
Weighted Average Grant Date Fair Value/Share, Vested and Exercisable, Ending of period |
0.59
|
|
Aggregate intrinsic value, Vested and Exercisable, Ending of period |
$ 2.8
|
|
Number of warrants issued, Unvested, Ending of period |
|
|
Weighted Average Strike Price/Share, Unvested, Ending of period |
|
|
Weighted Average Grant Date Fair Value/Share, Unvested, Ending of period |
|
|
Aggregate intrinsic value, Unvested, Ending of period |
|
|
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v3.24.2.u1
STOCKHOLDERS EQUITY (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
Apr. 01, 2024 |
Feb. 29, 2024 |
Jun. 30, 2024 |
Issuance of stock options |
|
|
1,000,000
|
Common stock per share |
|
|
$ 2.62
|
Granted option fair value |
|
$ 1,389,000
|
|
Volatility range, minimum |
|
159.00%
|
|
Fair value of common stock |
|
$ 7.21
|
|
Estimated life range |
|
2 years 6 months
|
|
Equity Option [Member] | Initial Site Development Plan [Member] |
|
|
|
Options vest |
65,000
|
|
|
Equity Option [Member] | GMP Contract [Member] |
|
|
|
Options vest |
32,500
|
|
|
Equity Option [Member] | Data Center Site and Facilities [Member] |
|
|
|
Options vest |
32,500
|
|
|
Equity Option [Member] | First Data Center [Member] |
|
|
|
Options vest |
65,000
|
|
|
Equity Option [Member] | Customer Ready Data Center Facility [Member] |
|
|
|
Options vest |
130,000
|
|
|
Chief Strategy and Development Officer [Member] |
|
|
|
Issuance of stock options |
1,000,000
|
|
|
Common stock per share |
$ 2.62
|
|
|
Options vest |
1,000,000
|
|
|
Granted option fair value |
|
|
$ 2,437,000
|
Volatility range, minimum |
|
|
166.28%
|
Volatility range, maximum |
|
|
243.04%
|
Fair value of common stock |
|
|
$ 2.62
|
Dividend rate |
|
|
$ 0
|
Stock-based compensation |
|
|
$ 1,339,000
|
Chief Strategy and Development Officer [Member] | Minimum [Member] |
|
|
|
Estimated life range |
|
|
2 years 4 months 17 days
|
Risk-free rate of range, maximum |
|
|
4.34%
|
Chief Strategy and Development Officer [Member] | Maximum [Member] |
|
|
|
Estimated life range |
|
|
5 years
|
Risk-free rate of range, maximum |
|
|
4.72%
|
Chief Strategy and Development Officer [Member] | Equity Option [Member] |
|
|
|
Options vest |
168,750
|
|
|
Chief Strategy and Development Officer [Member] | Equity Option [Member] | First Anniversary [Member] |
|
|
|
Options vest |
168,750
|
|
|
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v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - Option Agreement [Member]
|
Jul. 22, 2024
USD ($)
a
|
Mar. 30, 2023
USD ($)
|
Jul. 24, 2024
a
|
Subsequent Event [Line Items] |
|
|
|
Purchase price |
|
$ 3,360,000
|
|
Non-refundable deposit |
|
$ 84,000
|
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Purchase price |
$ 5,000,000
|
|
|
Number of acres land in imperial country | a |
315
|
|
80
|
Non-refundable deposit |
$ 50,000
|
|
|
Repayments of Debt |
$ 75,000
|
|
|
X |
- DefinitionAmount of consideration transferred in asset acquisition. Includes, but is not limited to, cash, liability incurred by acquirer, and equity interest issued by acquirer.
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CalEthos (QB) (USOTC:GEDC)
과거 데이터 주식 차트
부터 7월(7) 2024 으로 8월(8) 2024
CalEthos (QB) (USOTC:GEDC)
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