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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For
the quarterly period ended June 30, 2023 |
|
|
|
OR |
|
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
file number: 033-17773-NY
ROCKETFUEL
BLOCKCHAIN, INC.
(Exact
Name of Registrant as Specified in its Charter)
Nevada |
|
90-1188745 |
(State
of other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
201
Spear Street, Suite 1100 |
|
|
San
Francisco, CA |
|
94105 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(424)
256-8560
(Registrant’s
Telephone Number, including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
None |
|
|
|
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 past 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 and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
|
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
|
Non-Accelerated
Filer ☒
|
Small
Reporting Company ☒
Emerging
Growth Company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ Yes ☒ No
Number
of shares of issuer’s common stock outstanding at October 16, 2023: 35,604,890
ROCKETFUEL
BLOCKCHAIN, INC.
TABLE
OF CONTENTS
PART
I FINCANCIAL INFORMATION
Item
1 Consolidated Financial Statements
ROCKETFUEL
BLOCKCHAIN, INC.
Condensed Consolidated
Balance Sheets
(Unaudited)
| |
June
30, 2023 | | |
March
31, 2023 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 112,004 | | |
$ | 421,566 | |
Accounts receivable | |
| 1,450 | | |
| - | |
Prepaid
and other current assets | |
| 176,212 | | |
| 143,870 | |
Total current assets | |
| 289,666 | | |
| 565,436 | |
Intangible assets, net
of accumulated amortization of $827,664 and $655,333, respectively | |
| 450,398 | | |
| 622,729 | |
Property
and equipment, net of accumulated depreciation and amortization of $4,721, and $10,814, respectively | |
| 28,202 | | |
| 28,202 | |
| |
| | | |
| | |
Total
Assets | |
$ | 768,266 | | |
$ | 1,216,367 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued
expenses | |
$ | 603,878 | | |
$ | 680,460 | |
Payable to related party | |
| 25,562 | | |
| 25,633 | |
Notes payable, net of discount
of $17,290 and $0, respectively | |
| 403,493 | | |
| 276,667 | |
Deferred
revenue | |
| 55,844 | | |
| 57,231 | |
Total
current liabilities | |
| 1,088,777 | | |
| 1,039,991 | |
Total
liabilities | |
| 1,088,777 | | |
| 1,039,991 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock; $0.001 par value; 50,000,000
shares authorized; 0 shares issued and outstanding as of June 30, 2023 and March 31, 2023 | |
| - | | |
| - | |
Common stock, $0.001 par value; 250,000,000
shares authorized; 32,427,446 and 32,427,446 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively | |
| 32,428 | | |
| 32,428 | |
Additional paid in capital | |
| 13,341,407 | | |
| 13,055,831 | |
Accumulated deficit | |
| (13,733,446 | ) | |
| (12,950,983 | ) |
Common
Shares to be issued-related party | |
| 39,100 | | |
| 39,100 | |
Total
stockholders’ equity | |
| (320,511 | ) | |
| 176,376 | |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Equity | |
$ | 768,266 | | |
$ | 1,216,367 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
ROCKETFUEL
BLOCKCHAIN, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
Three Months
Ended | | |
Three Months
Ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| |
Revenue, net | |
$ | 235,459 | | |
$ | 8,132 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Research and development
expenses | |
| - | | |
| 258,965 | |
General
and administrative expenses | |
| 998,081 | | |
| 1,237,954 | |
Total
operating expenses | |
| 998,081 | | |
| 1,496,919 | |
Loss from operations | |
| (762,622 | ) | |
| (1,488,787 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (19,841 | ) | |
| - | |
Other
income – Gain from legal settlement | |
| - | | |
| 540,059 | |
Total other (expense)
income | |
| (19,841 | ) | |
| 540,059 | |
| |
| | | |
| | |
| |
| | | |
| | |
Provision for income
taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
$ | (782,463 | ) | |
$ | (948,728 | ) |
| |
| | | |
| | |
Loss per common share: | |
| | | |
| | |
Basic
and diluted | |
$ | (0.02 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | |
Basic
and diluted | |
| 32,427,446 | | |
| 31,205,000 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
ROCKETFUEL
BLOCKCHAIN, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
For
the Three Month Periods Ended June 30, 2022 and 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in
Capital | | |
issued-related
party | | |
Deficit | | |
Equity | |
| |
Common
Stock Outstanding | | |
Treasury
Stock | | |
Additional | | |
Common
Shares to be | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in
Capital | | |
issued-related
party | | |
Deficit | | |
Equity | |
Balance at March 31, 2022 | |
| 31,975,083 | | |
$ | 31,975 | | |
| (10,000 | ) | |
$ | (3,000 | ) | |
$ | 11,214,820 | | |
| - | | |
$ | (8,646,550 | ) | |
$ | 2,597,245 | |
Cancellation of common stock | |
| (3,610,394 | ) | |
| (3,610 | ) | |
| 10,000 | | |
| 3,000 | | |
| (13,440 | ) | |
| - | | |
| (562,009 | ) | |
| (540,059 | ) |
Stock-based compensation - employees and consultants
option grants | |
| - | | |
| | | |
| - | | |
| - | | |
| 291,382 | | |
| - | | |
| - | | |
| 291,682 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| (948,728 | ) | |
| (948,728 | ) |
Balance at June 30, 2022 | |
| 28,364,689 | | |
$ | 28,365 | | |
| - | | |
$ | - | | |
$ | 11,492,762 | | |
| - | | |
$ | (10,121,287 | ) | |
$ | 1,399,840 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2023 | |
| 32,427,446 | | |
$ | 32,428 | | |
| - | | |
$ | - | | |
$ | 13,055,831 | | |
| 39,100 | | |
$ | (12,950,983 | ) | |
$ | 176,376 | |
Balance | |
| 32,427,446 | | |
$ | 32,428 | | |
| - | | |
$ | - | | |
$ | 13,055,831 | | |
| 39,100 | | |
$ | (12,950,983 | ) | |
$ | 176,376 | |
Stock-based compensation – employees
and consultants option grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 285,576 | | |
| - | | |
| - | | |
| 285,576 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (782,463 | ) | |
| (782,463 | ) |
Balance as of June 30, 2023 | |
| 32,427,446 | | |
$ | 32,428 | | |
| - | | |
$ | - | | |
$ | 13,341,407 | | |
| 39,100 | | |
$ | (13,733,446 | ) | |
$ | (320,511 | ) |
Balance | |
| 32,427,446 | | |
$ | 32,428 | | |
| - | | |
$ | - | | |
$ | 13,341,407 | | |
| 39,100 | | |
$ | (13,733,446 | ) | |
$ | (320,511 | ) |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
ROCKETFUEL
BLOCKCHAIN, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Three Months
Ended | | |
Three Months
Ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (782,463 | ) | |
| (948,728 | ) |
Adjustments to reconcile
net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 172,331 | | |
| 87,081 | |
Stock based compensation | |
| 285,576 | | |
| 291,382 | |
Debt discount amortization | |
| 2,470 | | |
| - | |
Gain from legal settlement | |
| - | | |
| (549,059 | ) |
Changes in operating assets
and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (1,450 | ) | |
| 2,113 | |
Prepaid expenses and other
current assets | |
| (32,343 | ) | |
| (68,707 | ) |
Accounts payable and accrued
expenses | |
| (51,090 | ) | |
| 170,230 | |
Payable to related party | |
| (25,562 | ) | |
| 36,402 | |
Accrued interest | |
| 17,371 | | |
| - | |
Deferred
revenue | |
| (1,387 | ) | |
| (3,781 | ) |
Net
cash used in operating activities | |
| (416,547 | ) | |
| (974,067 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Purchase of property and
equipment | |
| - | | |
| (5,393 | ) |
Software
development cost | |
| - | | |
| (162,488 | ) |
Net
cash used in investing activities | |
| - | | |
| (167,881 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Proceeds from note payable | |
| 125,000 | | |
| - | |
Payment
on note payable | |
| (18,015 | ) | |
| - | |
Net
cash provided by financing activities | |
| 106,985 | | |
| - | |
| |
| | | |
| | |
Net change in cash | |
| (309,562 | ) | |
| (1,141,948 | ) |
Cash at beginning
of period | |
| 421,566 | | |
| 2,634,794 | |
Cash at end of period | |
$ | 112,004 | | |
| 1,492,846 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash
paid for interest | |
$ | 1,448 | | |
| - | |
Cash
paid for income taxes | |
$ | - | | |
| - | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
NOTE
1. Business
We
(or the “Company”) provide payment solutions to businesses enabling them to make and receive payments with cryptocurrencies
and via bank transfers, including ACH. Our primary solutions consist of a blockchain-based check-out system enabling shoppers on e-commerce
sites to pay using cryptocurrencies and direct bank transfers. We have also recently introduced a payouts solution that enables businesses,
including those in the in the “gig economy,” to make payments to their vendors and service providers via cryptocurrencies
and bank transfers. We also provide businesses with the ability to send cross-border payments to themselves and their affiliates and
subsidiaries using stable coins.
Our
corporate headquarters are located in San Francisco, California.
NOTE
2. Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”) for interim condensed consolidated financial information pursuant to Rule 8-03 of Regulation S-X.
Accordingly, these unaudited financial statements do not include all of the information and disclosures required by U.S. GAAP for
complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments
(consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial
statements. The results of operations for the three months ended June 30, 2023 and cash flows for the three months ended June 30,
2023 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year.
These unaudited financial statements should be read in conjunction with our consolidated financial statements as of March 31, 2023 as
filed with the Securities and Exchange Commission (the “SEC”) on August 21, 2023.
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with
consolidation accounting guidance. The Company’s subsidiaries consist of RocketFuel Blockchain Company (RBC) (incorporated in Nevada),
RocketFuel A/S (incorporated in Denmark), and RocketFuel (BVI) (incorporated in the British Virgin Islands). All intercompany balances
and transactions have been eliminated in consolidation.
Use
of Accounting Estimates
The
preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments,
which are evaluated on an ongoing basis, and 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 revenues and expenses during
the reporting periods. Management bases its estimates on historical experience and on various other assumptions that it believes are
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from
those estimates and judgments.
Cash
and Cash Equivalents
Financial
instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and accounts receivable. The
Company’s cash is deposited with major financial institutions. At times, such deposits may be in excess of the Federal Deposit
Insurance Corporation insurable amount (“FDIC”).
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Software
Development Costs
The
Company accounts for software development costs in accordance with ASC 350-40. Research and development costs are expensed as incurred,
except for certain costs which are capitalized in connection with the development of its internal-use software and website. These capitalized
costs are primarily related to the application software that is hosted by the Company and accessed by its customers through the Company’s
website. In addition, the Company capitalizes certain general and administrative costs related to the customization and development of
our internal business systems. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application
has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially
complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product
is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of internal-use software
when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred.
Capitalized internal use software costs are recorded as part of property and equipment and are amortized on a straight-line basis over
an estimated useful life of two years.
Property
and Equipment
Property
and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated
useful lives of the assets, which is three years for the Company. Maintenance and repairs are charged to operations as incurred. Significant
improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property
and equipment are recognized in operating expenses.
The
Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying
value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.
In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an
amount by which the carrying value exceeds the fair value of the related assets. The factors considered by management in performing this
assessment include current operating results, trends and prospects, the manner in which the property is used, the effects of obsolescence,
demand, competition, and other economic factors.
Revenue
Recognition
Our
revenues are generated from (i) fees charged in connection with the implementation of our software platform; (ii) ongoing daily transactional
fees derived as a negotiated percentage of the transactional revenues paid by our merchant customers, (iii) gains from the spread between
the exchange rates on cryptocurrency transactions and (iiv) software development fees.
Our
revenue recognition policy follows the guidance from Accounting Standards Codification (“ASC”) 606, “Revenue Recognition,”
and Accounting Standards Update No. 2014-09 - Revenue from Contracts with Customers (Topic 606) which provide guidance on the recognition,
presentation, and disclosure of revenue in financial statements. We determine revenue recognition through the following steps: (i) identification
of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination
of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract and (v) recognition
of revenue when a performance obligation is satisfied. Collectability is assessed based on a number of factors, including the creditworthiness
of a client, the size and nature of a client’s website and transaction history. Amounts billed or collected in excess of revenue
recognized are included as deferred revenue. An example of this deferred revenue would be arrangements where clients request or are required
by us to pay in advance of delivery.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Revenue
from fees charged in connection with the implementation of our software platform are recognized over the term specified in the contract
with the merchant, which is primarily one year. Revenues from ongoing daily transactional fees derived as a negotiated percentage of
the transactional revenues paid by our merchant customers are recognized when each transaction occurs. Revenues from software development
contracts are recognized at the time each performance obligation set forth in the contract has been completed, in the amounts allocated
to the completed obligation, and as all measurements and criteria for revenue recognition are satisfied.
Fair
Value of Financial Instruments
We
follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,”
for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over
entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in
the valuation of an asset or liability as of the measurement date.
The
hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under
ASC 820-10 are described below:
Level
1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC
820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably
impact the quoted price.
Level
2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially
the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal
or contractual restrictions specific to these investments.
Level
3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about
the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little
or no market activity.
We have determined that our derivative liability for the fiscal quarter
ended June 30, 2023 was an immaterial amount.
Under our
contract ordering policy, we first consider common shares issued and outstanding as well as reserved but unissued equity awards, such
as under an equity award program. All remaining equity linked instruments such as, but not limited to, options, warrants, and debt and
equity with conversion features are evaluated based on the date of issuance. If the number of shares which may be issued under our agreements
exceed the authorized number of shares or are unable to be determined, equity linked instruments from that date forward are considered
to be derivative liabilities until such time as the number of shares which may be issued under our agreements no longer exceed the authorized
number of shares and are able to be determined.
On May 11,
2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”),
pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760 (the “Note”).
See Note 7. The Note contains provisions meeting the definition of a derivative liability which therefore require bifurcation.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
At June 30, 2022, we
estimated the fair value of the conversion feature derivatives embedded in the Note as the difference between the value of the Note
with a conversion discount and without a conversion discount. Upon an event of default, the Lender has the right to convert
outstanding principal plus accrued interest into common stock at a conversion price of 61% multiplied by the lowest trading price of
our common stock. We
then computed the present value of the bond components of the Note assuming (1) conversion upon an event of default and (2)
repayment of the Note in full in cash, in each case using a 35% discount factor for a term of 0.86 years, and weighted the resulting
present values based on assumed probabilities of 85% for conversion upon an event of default, 10% for repayment in full and 5% for
complete default. We then applied a 6.4% issuance negotiation discount to the resulting probability-weighted bond value. The 35%
discount rate was calculated by adding the observed issuance spread of 29.6% to the risk-free rate of 5.4% per annum for the
remaining term of 0.86 years. We determined that the amount of derivative liability for the fiscal quarter ended June 30, 2023, as well as the
change from the previous quarter, was not material.
Convertible
Instruments
We evaluate
and account for conversion options embedded in convertible instruments in accordance with ASC Topic 815, Derivatives and Hedging Activities.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial
instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the
embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b)
the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded
derivative instrument would be considered a derivative instrument.
We account
for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host
instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded
in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term
of the related debt to their stated date of redemption.
Net
Loss Per Share
Net
loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting
period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares
outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The dilutive effect,
if any, of convertible instruments or warrants is calculated using the treasury stock method. There are no outstanding dilutive instruments
as the outstanding convertible instruments, stock options and warrants would be anti-dilutive if converted or exercised for the three
months ended June 30, 2023 and 2022.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common shares:
Schedule of Antidilutive Securities from the Diluted Per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
Stock options – vested and
exercisable | |
| 3,500,139 | | |
| 2,735,290 | |
Common Stock Warrants | |
| 10,410,897 | | |
| 10,655,982 | |
Total potential dilution | |
| 13,911,036 | | |
| 13,401,272 | |
Anti-dilutive securities | |
| 13,911,036 | | |
| 13,401,272 | |
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Stock-based
Compensation
The
Company applies the provisions of ASC 718, Compensation - Stock Compensation, (“ASC 718”) which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board) for their services, the Company estimates
the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model
requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock
consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards
subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation
expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally
the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.
Pursuant
to Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to
Non-employee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services
in accordance with ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process
for valuing employee stock options noted above.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that
may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative
guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact
will not be material to our financial position, results of operations and cash flows when implemented.
NOTE
3. Going Concern
Our
consolidated financial statements have been presented on the basis that we are a going concern, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of business. We incorporated our business on January 12, 2018, the date of
our inception, and commenced commercial operations in March 2021. During the three months ended June 30, 2023, we reported a net loss
of $782,463, which included as a component of general and administrative expenses in the statements of operations a non-cash stock-based
compensation charge of $285,576, and cash flows used in operating activities during the three months ended June 30, 2023 of $416,547. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
We
will require additional financing to continue to develop our product and execute on our business plan. However, there can be no assurances
that we will be successful in raising the additional capital necessary to continue operations and execute on our business plan. During
the year ended March 31, 2023, we raised $700,000 through the private placement of units consisting of common stock, warrants and token
purchase agreements and $150,000 through the issuance of notes convertible into shares of our Series A Preferred Stock. We have used
and plan to continue using the net proceeds of the public offering and warrant exercise to recruit key management and operational personnel,
to retain software and blockchain developers and to develop our blockchain based check-out solution. Management believes the funding
from the public offering, the exercise of the common stock purchase warrant, and the growth strategy actions executed and planned for
execution could contribute to our ability to mitigate any substantial doubt as to our ability to continue as a going concern.
NOTE
4. Intangible Assets; Property, Plant & Equipment
The
Company’s property, plant and equipment assets are comprised of the following:
Schedule of Property Plant And Equipment
| |
Useful
Life | |
June
30, 2023 | | |
March
31, 2023 | |
Capitalized software development
costs | |
2 years | |
$ | 1,278,062 | | |
$ | 1,278,062 | |
Computer equipment | |
3 years | |
| 28,202 | | |
| 39,105 | |
Less: Accumulated depreciation
and amortization | |
| |
| (827,664 | ) | |
| (666,146 | ) |
Combined intangible
assets, property and equipment, net | |
| |
$ | 478,600 | | |
$ | 650,931 | |
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Capitalized
software development costs represent the costs incurred during the development stage, when direct and incremental internal and external
costs, are capitalized until the software is substantially complete and ready for its intended use. The Company also capitalizes costs
related to specific upgrades and enhancements of internal-use software when it is probable that the expenditures will result in additional
functionality.
Depreciation
and amortization expenses amount to $172,331 and $87,081 for the three months ended June 30, 2023 and 2022, respectively.
NOTE
5. Related Party Transactions
During
the three months ended June 30, 2023, and 2022, our chief financial officer was affiliated with legal counsel who provided us with general
legal services (the “Affiliate”). We recorded legal fees paid to the Affiliate of $6,663 and $58,058 for the three months
ended June 30, 2023 and 2022, respectively. As of June 30, 2023, and March 31, 2023, we had $25,562 and $25,633 respectively, payable
to the Affiliate.
On
January 13, 2023, we completed a private of placement $150,000 principal amount of our secured convertible promissory notes. The purchase
price was $150,000. There were three purchasers, including Gert Funk, our Chairman, and Peter M. Jensen, our Chief Executive Officer
and a member of our Board of Directors. The third purchaser was a private investor. Each investor purchased a note for $50,000. The notes
bear interest at 10% per annum and mature on July 13, 2023. The notes may be prepaid by us at any time. If we prepay the entire outstanding
principal amount of a note on or before April 13, 2023, then there is no prepayment premium. If we prepay the entire outstanding principal
amount of a note between April 14, 2023, and the maturity date, then we must also pay accrued interest on such principal amount in an
amount equal to 50% of such principal amount. If we repay the outstanding principal amount of a note on or after the maturity date, then
we shall also pay accrued interest on such principal amount in an amount equal to 100% of such principal amount. As of June 29, 2023,
we have not made any payments on any of these notes; however, the note purchasers have not yet declared a default. The notes are convertible into shares of our Series A Preferred Stock at a conversion
price equal to (a) the outstanding principal amount of, plus all accrued interest on, the note divided by (b) $0.2065. The conversion
price is subject to adjustment for certain stock splits, recapitalizations and other similar events. The notes are secured by a security
interest in all of our assets. Up to 1,000,000 shares of Series A Preferred Stock were approved by our board of directors. The Series
A Preferred Stock has a 200% liquidation preference over the common stock and any other future series of preferred stock, payable in
the event of a liquidation or merger of us. In such event, the holders of the Series A Preferred Stock will be entitled to a priority
distribution equal to 200% of the deemed issue price of $0.2065 per share, (i.e., $0.4130 per share). The Series A Preferred Stock
is convertible at the option of the stockholder into shares of common stock at a conversion price of $0.2065 per share, subject to adjustment
for certain stock splits, recapitalizations and other similar events. We used the $150,000 net proceeds of the offering for general corporate
purposes and to fund ongoing operations and expansion of our business.
On
June 30, 2023, we issued convertible notes to Officers Gert Funk, Bennett Yankowitz, and Peter Jensen totaling $383,652 for deferred
compensation and bonuses. See Note 7.
NOTE
6. Deferred Revenue
We
enter into certain contracts typically having initial one-year terms which define the scope of services to be provided. These contracts
can include agreed-upon setup fees during the initial one-year term, which setup fees are recorded as deferred revenue and amortized
ratably over the initial one-year term. During the three months ended June 30, 2023 and 2022, we recorded revenues of $235,459 and $8,132
respectively. Deferred revenue was $55,844 and $57,231 as of June 30, 2023 and March 31, 2023, respectively.
NOTE
7. Stockholders’ Equity (Deficit)
Stock:
On
January 13, 2023, we completed a private of placement $150,000 principal
amount of its secured convertible promissory notes. See Note 5. We used the $150,000 net
proceeds of the offering for general corporate purposes and to fund ongoing operations and expansion of our business.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Our chief executive
officer, Peter Jensen, and our chief financial officer, Bennett Yankowitz, agreed to accept convertible notes in lieu of salary for
a portion of the fiscal quarter ended June 30, 2023. The total amount of salary deferred was $64,583.35 The terms of the notes are as
follows: (i) the principal amount thereof
shall equal the amount of salary deferred; (ii) the Notes shall mature on October 1, 2023; (iii) the
Notes shall bear interest at a rate of 10% per annum; (iv) if not repaid by December 31, 2023, there shall be a 50% premium, and if the
Notes are not repaid by their maturity, there shall a 100% premium; (v) the Note holder shall have the option to convert all
outstanding principal, interest and premium to shares of Series A Preferred at any time at $0.2065 per
share; and (vi) the Notes shall otherwise have the same terms and conditions as the convertible notes issued in the January 2023 $150,000 financing
round.
Warrants:
As
of June 30, 2023, the total outstanding warrants to purchase of the Company’s common stock were 10,410,982 with a weighted average
exercise price of $0.71. There were no new warrants issued during the three months ended June 30, 2023. As of June 30, 2023, the weighted
average remaining contractual term was 3.84 years.
Loan
On
May 11, 2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the
Lender”), pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760
(the “Note”). A one-time interest charge of 12%
($17,371)
was applied on the issuance date, resulting in net loan proceeds to us of $125,000.
Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in nine payments each in the
amount of $18,014.58
(a total payback to the Lender of $162,131.00).
The first payment was due and was paid on June 30, 2023 with eight subsequent payments due each month thereafter. The loan closed on
May 15, 2023. The Company has the right to prepay the Note at any time without premium of penalty.
Upon
the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and we will be
obligated to pay to the Lender, in full satisfaction of our obligations, an amount equal to 150% times the sum of (w) the then outstanding
principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus
(y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts
owed to the Holder pursuant to the conversion rights referred to below.
Following
a default, the Lender may in its option, convert the outstanding principal and interest on the Note into shares of our common stock at
a conversion price per share equal to 61% of the lowest daily volume weighted average price (“VWAP”) of our common stock
during the 10 trading days prior to the date of conversion. We agreed to reserve a number of shares of our common stock equal to 4.5
times the number of shares of common stock which may be issuable upon conversion of the Note at all times.
NOTE
8. Stock- Based Compensation
Stock
Option Plan:
On
August 8, 2018, the Board and stockholders holding a majority of our voting power approved the RocketFuel Blockchain, Inc., 2018 Plan,
which plan enables us to make awards that qualify as performance-based compensation. Under the terms of the 2018 Plan, the options will
(i) be incentive stock options, (ii) have an exercise price equal to the fair market value per share of our common stock on the date
of grant as determined by an independent valuation by a qualified appraiser, (iii) have a term of 10 years, (iv) vest and become exercisable
pursuant to the terms set forth in the grantees stock option agreement, (v) be subject to the exercise, forfeiture and termination provisions
set forth in the 2018 Plan and (vi) otherwise be evidenced by and subject to the terms of our standard form of stock option agreement.
We initially reserved 2,000,000 shares of our common stock for issuance in connection with awards under the plan. On September 15, 2020
and March 18, 2021, our board of directors unanimously resolved to amend the 2018 Plan to increase the number of shares of our common
stock available for grant to 4,000,000 shares and 6,000,000 shares, respectively. On May 10, 2022, the Board has approved a plan to increase
the number of shares to 8,000,000 for 2018 plan. As of June 30, 2023 and March 31, 2023, there were 1,408,144 and 1,658,144 shares,
respectively, of our common stock available for grant pursuant to the 2018 Plan.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2022
(UNAUDITED)
Activity
under the 2018 Plan for all service-based stock options for the three months ended June 30, 2023 are as follows:
Schedule
of Service - Based Stock Options
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at March 31, 2023: | |
| 6,481,013 | | |
| 0.33 | | |
| 7.74 | | |
| - | |
Granted | |
| 250,000 | | |
| - | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| - | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 6,731,013 | | |
| 0.33 | | |
| 7.49 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 3,500,139 | | |
| | | |
| | | |
| | |
Performance-Based
Stock Option Grants
We
also granted performance-based options pursuant to the 2018 Plan to Rohan Hall, our chief technology officer, which are exercisable into
600,000 shares of our common stock subject to certain designated milestones. On March 18, 2021, our Board of Directors determined that
Mr. Hall earned all of the performance-based options effective February 1, 2021. The Board of Directors also entered into a resolution
whereby 75,000 shares of our common stock underlying the performance-based options would vest immediately and 525,000 shares of our common
stock underlying the performance-based option would vest ratably over a 48-month period with the first vesting date being February 1,
2021.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
Activity
under the 2018 Plan for all performance-based stock options for the three months ended June 30, 2023 is as follows:
Schedule
of Stock Option Activity
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at April 1, 2023: | |
| 600,000 | | |
| 0.33 | | |
| 7.46 | | |
| - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 600,000 | | |
| 0.33 | | |
| 7.21 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 435,945 | | |
| 0.33 | | |
| | | |
| | |
NOTE
9. Commitments and Contingencies
Legal
Proceedings
Other
than as set forth below, we are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings
are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no
director or executive officer is party to any action in which any has an interest adverse to us.
On
October 8, 2020, we filed a lawsuit in the U.S. District Court for the Central District of California against Joseph Page, our former
director and chief technology officer. On January 13, 2021, the case was transferred to the U.S. District Court for the District of Nevada,
Las Vegas Division. The causes of action include securities fraud under Federal and California law; fraud, breach of fiduciary duty,
negligent misrepresentation and unjust enrichment under California law; and violation of California Business and Professions Code §17200
et seq.
We
were seeking injunctive and declaratory relief as well as damages of at least $5.1 million. On May 29, 2019, Mr. Page resigned from our
board. After his resignation, we retained independent patent counsel to review our patent applications. In connection with this review,
we discovered certain deficiencies in some of the applications and in their assignments to us. We determined that all of the applications
had been abandoned. Based on this review, we decided to refile three of our applications with the U.S. Patent and Trademark Office, which
we did in May 2020. It is our belief that the three newly filed patent applications cover and/or disclose the same subject matter as
we disclosed in the five original patent applications. In this case, our rights may be subject to any intervening patent applications
made after the dates of the original applications. In the lawsuit, we were alleging that Mr. Page was aware of the abandonments when
he assigned the patents to RocketFuel Blockchain Company (“RBC”), a private corporation that he controlled, and that he failed
to disclose to us the abandonments when the Company acquired RBC in exchange for shares of the Company’s Common Stock. Mr. Page
filed an answer denying the Company’s claims and asserted cross- and counterclaims against the Company and several of the Company’s
shareholders alleging breach of contract and fraud. In September 2021, Mr. Page voluntarily dismissed all of the counterclaims against
the shareholders.
On
June 7, 2022, RBC entered into a settlement agreement in the legal proceedings between the Company as plaintiff, and Joseph Page as defendant,
whereunder Page surrendered 3,600,394 shares of the Company’s common stock, and kept 1,500,000 shares. Mr. Page represents and
warrants that he has not filed or assisted anyone else in filing any patent applications that would preempt or infringe upon the Company’s
patent applications. Plaintiff and defendant have each released their claims against each other and covenanted not to sue the other,
including related parties and stakeholders, with the exclusion of current or future claims against EGS. The parties agreed to a Stipulated
Dismissal of the Action with Prejudice filed with the court. In connection with this settlement, we recognized a gain of $540,059, calculated based on the Company’s share
price of $0.15 per share on the date of settlement of the legal proceedings. This gain was recorded in other income for the three months
ended June 30, 2022 in the accompanying consolidated statements of operations (see Note 7).
On
March 2, 2021, we filed a lawsuit in the U.S. District Court for the Southern District of New York against Ellenoff Grossman & Schole
LLP (“EGS”) for negligence and legal malpractice, breach of contract and breach of fiduciary duty. EGS had represented RBC
prior to the Business Combination and represented us after the closing of the Business Combination through August 2019. In the litigation
against Mr. Page, he has alleged that he provided information to an EGS partner that the patent applications had been abandoned and that
EGS failed to inform RBC and us of the fact. On February 8, 2023 we entered into a settlement agreement with EGS, pursuant to which EGS
agreed to pay us $750,000 in full settlement of the lawsuit. After payment of our legal fees, the net payment to us, which was received
on February 14, 2023, was $525,000. As part of the settlement (i) we have agreed to dismiss the lawsuit with prejudice and (ii) each
party has agreed to grant a mutual general release to the other party and its affiliates, related parties and agents.
In
January 2022, the Company terminated its agreement with Scarola Schaffzib Zubatov PLLC (“SSZ”), which the Company had retained
to represent it in litigation against Ellenoff Grossman & Schole LLP. The reason for the termination was that the Company believed
that SSZ had overcharged for legal services provided. Subsequent to the termination, SSZ sent the Company additional invoices, to which
the Company also objected. In August 2022 SZZ filed a lawsuit in the Supreme Court of the State of New York, County of New York, claiming
it is owed approximately $120,000 in legal fees. The Company disputed that this amount was owed and contended that a portion of the legal
fees previously paid should have been refunded. On July 11, 2023 the Court granted SSZ’s motion for summary judgement on its account
stated cause of action and denied the Company’s cross-motion for an adjournment of the motion pending discovery. The Company has
filed a notice of appeal and has accrued approximately $120,000 in accounts payable.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
NOTE
10. Subsequent Events
We
evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these financial statements
and, other than the matters discussed below, we did not have any other material recognizable subsequent events during this period.
Issuance
of Series B-1 and B-2 Preferred Stock
In
July and August 2023, we sold 500,000 shares of our Series B-1 Preferred Stock and 400,000 shares of our Series B-2 Preferred Stock to
three private investors for a cash purchase price of $0.25 per share.
The
Series B-1 Preferred Stock has a 100% liquidation preference over the common stock and any other future series of preferred stock, payable
in the event of a liquidation or merger of us. The Series B-1 Preferred Stock is convertible at the option of the stockholder into shares
of common stock at a conversion price of $0.25 per share, subject to adjustment for certain stock splits, recapitalizations and other
similar events. The Series B-2 Preferred Stock has a 200% liquidation preference over the common stock and any other future series of
preferred stock, payable in the event of a liquidation or merger of us. The Series B-2 Preferred Stock is convertible at the option of
the stockholder into shares of common stock at a conversion price of $0.25 per share, subject to adjustment for certain stock splits,
recapitalizations and other similar events.
As
a condition to the sale of the Series B-1 and B-2 preferred shares, we agreed to use the net proceeds from the sale of the securities
for working capital purposes and not to use such proceeds: (a) for the satisfaction of any portion of our debt (other than payment of
trade payables in the ordinary course of our business and prior practices), (b) for the redemption of any common stock or other securities,
(c) for the settlement of any outstanding litigation or (d) in violation of the Foreign Corrupt Practices Act of 1977, as amended or
any regulations of the Office of Foreign Assets Control of the U.S. Treasury Department. The form of Subscription Agreement for the Series
B-1 and B-2 preferred shares and the Certificates of Designation for the Series B-1 and B-2 preferred shares are filed as Exhibits 10.1,
3.1, and 3.2, respectively, to this Current Report on Form 8-K. The foregoing summaries of the terms of these documents are subject to,
and qualified in their entirety by, such documents, which are incorporated herein by reference.
The
representations, warranties and covenants contained in the Subscription Agreements were made only for purposes of such agreements and
as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the
contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution
of the Subscription Agreements. The representations and warranties may have been made for the purposes of allocating contractual risk
between the parties to the agreement instead of establishing these matters as facts and may be subject to standards of materiality applicable
to the contracting parties that differ from those applicable to investors. Moreover, information concerning the subject matter of the
representations and warranties may change after the date of the Subscription Agreements, and this subsequent information may or may not
be fully reflected in the Company’s public disclosures.
The
shares of Series B-1 and B-2 Preferred Stock and the shares of common stock to be issued upon conversion of the Series B-1 and B-2 preferred
shares sold in the private placement and to be issued have not been registered under the Securities Act or any state or other applicable
jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.
Issuances
of Convertible Note
In
September 2023, we agreed to issue a $35,000 principal amount convertible note to a vendor in exchange for services. While the terms
of the note have not yet been determined, we expect that the note will mature on September
14, 2025, bear interest at 6%
per annum and be convertible into shares of our common stock at a conversion price of $0.10 per
share.
Our chief executive officer, Peter
Jensen, and our chief financial officer, Bennett Yankowitz, agreed to accept convertible notes in lieu of salary for a portion of the
fiscal quarter ended June 30, 2023. See Note 7. For the period July 1 through August 31, 2023, they deferred additional salary totaling
$41,667, which will be converted to convertible notes.
In December 2022, Messers Jensen
and Yankowitz had agreed to accept restricted shares of our common stock in lieu of salary and accrued bonuses for the fiscal quarter
ended December 31, 2022. The amount owed Mr. Jensen was $55,000 and the amount owed Mr. Yankowitz was $21,250. The shares were to be issued
at the closing market price on December 5, 2022 of $0.11 per share. The shares were issued by our transfer agent on July 11, 2023; Mr.
Jensen received 500,000 shares and Mr. Yankowitz received 193,182 shares.
Issuance
of Common Stock, Warrants and Options
On
August 15, 2023 we sold 484,262 shares of our common stock to a private investor at a price of $0.2065 per share. The investor also received
warrants to purchase 245,700 shares of our common stock at $0.2065 per share. The warrants expire on August 15, 2028. The investor was
also invited to join our advisory board and received 100,000 stock options as compensation therefor. The options have a term of 10 years,
an exercise price of $0.2065 per share and were fully vested on the date of grant.
Our chief executive officer,
Peter Jensen, and our chief financial officer, Bennett Yankowitz ,agreed to accept convertible notes in lieu of salary for a portion
of the fiscal quarter ended June 30, 2023. See Note 7. For the period July 1 through August 31, 2023, they deferred additional salary
totaling $41,667, which will be converted to convertible notes.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking
Statements
This
Quarterly Report on Form 10-Q contains certain statements that are “forward-looking” within the meaning of the federal securities
laws. These forward-looking statements and other information are based on our beliefs as well as assumptions made by us using information
currently available.
The
words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,”
“should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, and are not
guaranties of future performance. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or
using other similar expressions. We are making investors aware that such forward-looking statements, because they relate to future events,
are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated
by the forward-looking statements contained in this Quarterly Report on Form 10-Q. Important factors that could cause actual results
to differ from our predictions include, without limitation:
|
● |
Market
acceptance of our products and services; |
|
● |
Competition
from existing products or new products that may emerge; |
|
● |
The
implementation of our business model and strategic plans for our business and our products; |
|
● |
Estimates
of our future revenue, expenses, capital requirements and our need for financing; |
|
● |
Our
financial performance; |
|
● |
Current
and future government regulations; |
|
● |
Developments
relating to our competitors; and |
|
● |
Other
risks and uncertainties, including those listed under the section titled “Risk Factors” in our annual report filed on
Form 10-K filed with the Securities and Exchange Commission on July 15, 2022. |
Although
we have sought to identify the most significant risks to our business, we cannot predict whether, or to what extent, any of such risks
may be realized, nor can there be any assurance that we have identified all possible issues which we might face. For all of these reasons,
the reader is cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date hereof.
We assume no responsibility to update any forward-looking statements as a result of new information, future events, or otherwise except
as required by law. We urge readers to review carefully the risk factors described in this Quarterly Report and in our annual report
filed on Form 10-K filed with the Securities and Exchange Commission on August 21, 2023. You can read these documents at www.sec.gov.
Overview
Our
Business
We
provide payment solutions to businesses enabling them to make and receive payments with cryptocurrencies and via bank transfers, including
ACH. Our solutions consist of a blockchain-based check-out system enabling shoppers on e-commerce sites to pay using cryptocurrencies
and direct bank transfers, a payouts solution that enables businesses, including those in the in the “gig economy,” to make
payments to their vendors and service providers via cryptocurrencies and bank transfers, and a B2B cross border solution allowing businesses
to send cross-border payments to themselves and their affiliates and subsidiaries using stable coins.
Our
corporate headquarters are located in San Francisco, California.
Critical
Accounting Policies
Our
significant accounting policies are described in Note 2 to the financial statements as of March 31, 2023 which are included in our Annual
Report on Form 10-K. There were no changes to our significant accounting policies during the three months ended June 30, 2023 as compared
to the significant account policies described in our Annual Report on Form 10-K for the year ended March 31, 2023. Our discussion and
analysis of our financial condition and results of operations are based upon these financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires
us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience
and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In the past, actual results
have not been materially different from our estimates. However, results may differ from these estimates under different assumptions or
conditions.
Results
of Operations
For
the Three Months Ended June 30, 2023 vs June 30, 2022
Revenues
During
the three months ended June 30, 2023, we recorded revenues of $235,459, including a combined total of $55,561 of transaction fees
and the recognition of amortization of deferred setup fee revenues in connection with the execution of contracts with customers. During
the three months ended June 30, 2023, we recorded revenues of $55,844 for similar recognition of deferred revenues.
We
anticipate that future revenues will continue to be generated from (i) fees charged under the software development contract; (ii) fees
charged in connection with conversion of crypto currencies to and from fiat currencies; (iii) fees charged in connection with our ecommerce
checkout solutions and other solutions; and (iv) ongoing daily transactional fees derived as a negotiated percentage of the transactional
revenues earned by our merchant customers.
Research
and Development Expenses
Research
and development expenses for the three months ended June 30, 2023 were $0 as compared with $258,965 for the prior year period, a
decrease of $258,965. The decrease is primarily a result of a larger portion of effort of contract developers and the payroll
expenses being directed toward capitalized development of and improvements in our blockchain technology software for payment
processing.
General
and Administrative Expenses
General
and administrative expenses for the three months ended June 30, 2023 were $915,072 as compared with $1,237,954 for the prior year period,
a decrease of $322,882. The decrease is primarily a result of (i) less costs due to more streamlining of our payment software and payout
processes. (ii) less fees paid for processing payments.
Stock-based
compensation for the three months ended June 30, 2023 of $285,576 was composed of (i) stock options granted to employees including repricing
of prior options granted.
Liquidity
and Capital Resources
We
will require additional financing in order to continue to develop our product and execute on our business plan. However, there can be
no assurances that we will be successful in raising the additional capital necessary to continue operations and execute on our business
plan. Any potential future sale of equity or debt securities may result in dilution to our stockholders, and we cannot be certain that
additional public or private financing will be available in amounts or on terms acceptable to us, or at all. If we are required to raise
additional financing, but are unable to obtain such financing, we may be required to delay, reduce the scope of, or eliminate one or
more aspects of our operations or business development activities.
As
of June 30, 2023, we had cash of $112,004, an decrease of $1,324,886 as compared to a cash balance of $1,436,890 as of June 30, 2022.
Our current cash requirements are approximately $138,849 per month.
During
the three months ended June 30, 2023, net cash of $416,547 was used in operating activities. Net cash used in operating activities was
primarily composed of our net loss of $699,454 and offset by (i) $285,576 of non-cash stock-based compensation in connection with the
grant of employee stock options and; (ii) increase in depreciation and amortization of $172,331.
During
the three months ended June 30, 2023, no net cash was provided by investing activities. There were no options exercised during the three
months ended June 30, 2023 and 2022.
During
the three months ended June 30,2023, net cash of $106,985 was used in financing activities. There were proceeds from notes payable of
$125,000 offset by $18,015 of payments on notes payables.
Our
financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. During the three months ended June 30, 2023, we reported a net loss of $699,454, which
included non-cash stock-based compensation of $285,576 and cash flows used in operating activities of $416,547. As a result, management
believes that there is substantial doubt about our ability to continue as a going concern.
We
will require additional financing in order to continue to develop our product and execute on our business plan. However, there can be
no assurances that we will be successful in raising the additional capital necessary to continue operations and execute on our business
plan. Any potential future sale of equity or debt securities may result in dilution to our stockholders, and we cannot be certain that
additional public or private financing will be available in amounts or on terms acceptable to us, or at all. If we are required to raise
additional financing, but are unable to obtain such financing, we may be required to delay, reduce the scope of, or eliminate one or
more aspects of our operations or business development activities.
Commitments
Incentive
Bonus Payable
In
March 2023 we entered into a license agreement with a merchant pursuant to which we agreed to develop software for our Payouts product,
which provides that we will convert amounts deposited in dollars with us into USD Coin (USDT) or another stablecoin. The license fee
was $100,000, payable at the signing of the agreement. The merchant agreed to pay us a fee of 0.35% of each fiat deposit made, plus wire
charges and ither direct expenses. We also agreed to pay the merchant a $110,000 incentive bonus payable when the merchant’s aggregate
payouts made during the initial 24-month of the license equals or exceeds $3,000,000.
Off-Balance
Sheet Arrangements
As
of June 30, 2023, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future
material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
applicable.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Based
on an evaluation under the supervision and with the participation of our management, our principal executive officer and principal financial
officer have concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act
were not effective as of June 30, 2023 to ensure that information required to be disclosed by us in reports that we file or submit under
the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and
(ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate,
to allow timely decisions regarding required disclosure. Based on this evaluation, our management concluded that, as of June 30, 2023,
our internal controls over financial reporting were not effective.
Changes
in Internal Control Over Financial Reporting
The
following changes have been made in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the
Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
We
have engaged a new accountant and an independent Controller to transact and oversee the financial activities of the Company, with preparation
of our public filings by an SEC Manager, each with the guidance of our SEC Director. These persons are under the purview of our CFO.
We
intend to perform additional internal control improvements, beginning with written documentation of financial processes.
Inherent
Limitations of the Effectiveness of Internal Controls
A
control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can
provide absolute assurance that all control issues, if any, within a company have been detected.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
In
January 2022, the Company terminated its agreement with Scarola Schaffzib Zubatov PLLC (“SSZ”), which the Company had retained
to represent it in litigation against Ellenoff Grossman & Schole LLP. The reason for the termination was that the Company believed
that SSZ had overcharged for legal services provided. Subsequent to the termination, SSZ sent the Company additional invoices, to which
the Company also objected. In August 2022 SZZ filed a lawsuit in the Supreme Court of the State of New York, County of New York, claiming
it is owed approximately $120,000 in legal fees. The Company disputed that this amount was owed and contended that a portion of the legal
fees previously paid should have been refunded. On July 11, 2023 the Court granted SSZ’s motion for summary judgement on its account
stated cause of action and denied the Company’s cross-motion for an adjournment of the motion pending discovery. The Company has
filed a notice of appeal and has accrued approximately $120,000 in accounts payable.
Item
1A. Risk Factors
The
Risk Factors identified in our Annual Report on Form 10-K for the year ended March 31, 2023 continue to represent the most significant
risks to the Company’s future results of operations and financial conditions, without further modification or amendment.
Item
2. Unregistered Sales of Equity Securities
We
had no placements or sales of the Company’s equity securities during the three-month period ended June 30, 2023.
Item
6. Exhibits
The
following are filed as part of this Form 10-Q:
Exhibit |
|
|
|
|
|
|
|
Filed
or Furnished |
Number |
|
Exhibit
Description |
|
Form |
|
Exhibit |
|
Filing
Date |
|
Herewith |
2.1 |
|
Contribution Agreement, dated June 27, 2018, by and among the Company, RocketFuel Blockchain Company, Joseph Page, Gert Funk, PacificWave Partners Limited, PacificWave Partners UK Ltd. And Saxton Capital Ltd. |
|
8-K |
|
2.1 |
|
6/29/18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1 |
|
Articles
of Incorporation |
|
S-1 |
|
3.1 |
|
9/8/87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
Amended and Restated Bylaws |
|
8-K |
|
3.1 |
|
6/29/18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3 |
|
Certificates of Amendment to Articles of Incorporation through December 31, 2017 |
|
S-1 |
|
3.3 |
|
3/30/21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4 |
|
Certificate of Designation for Series B-1 Preferred Stock |
|
8-K |
|
3.1 |
|
8/8/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
Certificate of Designation for Series B-2 Preferred Stock |
|
8-K |
|
3.2 |
|
8/8/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4 |
|
Certificate of Amendment, dated September 25, 2018, as filed with the Secretary of State of the State of Nevada |
|
S-1 |
|
3.4 |
|
3/30/21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.5 |
|
Certificate of Designation of Series A Preferred Stock |
|
8-K |
|
3.1 |
|
1/19/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1 |
|
Form of Warrant |
|
8-K |
|
4.1 |
|
9/23/22 |
|
|
|
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|
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|
|
|
|
4.2 |
|
Form of Token Sale Agreement |
|
8-K |
|
4.2 |
|
9/23/22 |
|
|
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|
|
|
|
|
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4.3 |
|
Form of Convertible Note |
|
8-K |
|
4.1 |
|
1/9/23 |
|
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|
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|
10.1 |
|
Indemnification Agreement dated as of January 19, 2016, between Bennett Yankowitz and the Company |
|
8-K |
|
10.2 |
|
1/22/16 |
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|
10.2 |
|
Indemnification Agreement dated as of January 19, 2016, between Henrik Rouf and the Company |
|
8-K |
|
10.3 |
|
1/22/16 |
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|
10.3 |
|
2018 Stock Incentive Plan |
|
14-C |
|
Annex
B |
|
8/28/18 |
|
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10.4 |
|
Subscription Agreement, dated April 29, 2020, between the Company and Investorlisten ApS |
|
S-1 |
|
10.4 |
|
3/30/21 |
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|
10.5 |
|
Warrant Agreement, dated May 1, 2020, between the Company and Investorlisten ApS |
|
S-1 |
|
10.5 |
|
3/30/21 |
|
|
10.6 |
|
Agreement with Investorlisten ApS |
|
S-1 |
|
10.6 |
|
3/30/21 |
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|
10.7 |
|
Executive Employment Agreement, dated as of September 15, 2020, between the registrant and Peter M. Jensen |
|
8-K |
|
10.1 |
|
9/21/20 |
|
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|
10.8 |
|
Indemnification Agreement dated as of September 15, 2020, between Peter M. Jensen and the Company |
|
S-1 |
|
10.8 |
|
3/30/21 |
|
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|
10.9 |
|
Amendment No. 1 to 2018 Stock Option Plan |
|
8-K |
|
10.2 |
|
9/21/20 |
|
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|
10.10 |
|
Executive Employment Agreement, dated as of September 14, 2020, between the registrant and Rohan Hall |
|
8-K |
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10.1 |
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10/8/20 |
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10.11 |
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Indemnification Agreement dated as of September 14, between Rohan Hall and the Company |
|
S-1 |
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10.11 |
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3/30/21 |
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10.12 |
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Common Stock Purchase Agreement dated as of February 25, 2021 between Triton Funds LP and RocketFuel Blockchain, Inc. |
|
8-K |
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10.1 |
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3/3/21 |
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10.13 |
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Common Stock Purchase Warrant dated as of February 25, 2021 between Triton Funds LP and RocketFuel Blockchain, Inc. |
|
8-K |
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10.2 |
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3/3/21 |
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10.14 |
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Indemnification Agreement dated as of January 1, 2021, between Gert Funk and the Company |
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S-1 |
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10.14 |
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3/30/21 |
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10.15 |
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Indemnification Agreement dated as of February 15, 2021, between Kurt Kumar and the Company |
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S-1 |
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10.15 |
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3/30/21 |
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10.16 |
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Amendment No. 2 to 2018 Stock Option Plan |
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S-1 |
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10.16 |
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3/30/21 |
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10.17 |
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Executive Employment Agreement, dated as of February 15, 2021, between the registrant and Bennett J. Yankowitz |
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S-1 |
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10.17 |
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3/30/21 |
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10.18 |
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Executive Employment Agreement, dated as of February 15, 2021, between the registrant and Gert Funk |
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S-1 |
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10.18 |
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3/30/21 |
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10.19 |
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Warrant dated February 15, 2021, from the Company to Peter M. Jensen |
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S-1 |
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10.19 |
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3/30/21 |
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10.20 |
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Settlement Agreement and Mutual Release, dated June 8, 2022, between RocketFuel Blockchain, Inc., RocketFuel Blockchain Company and Joseph Page |
|
8-K |
|
10.1 |
|
6/13/22 |
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10.21 |
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Securities Purchase Agreement dated September 19, 2022 |
|
8-K |
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10.1 |
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9/23/22 |
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10.22 |
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Form of Subscription Agreement dated January 13, 202 |
|
8-K |
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10.1 |
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1/19/23 |
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10.23 |
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Securities Purchase Agreement between 1800 Diagonal Lending LLC and RocketFuel Blockchain, Inc., dated as of May 11, 2023 |
|
8-K |
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10.1 |
|
5/18/23 |
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10.24 |
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$144,760 Promissory Note between 1800 Diagonal Lending LLC and RocketFuel Blockchain, Inc., dated May 11, 2023 |
|
8-K |
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10.2 |
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5/18/23 |
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10.25 |
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Form of Subscription Agreement for Series B-1 and B-2 Preferred Stock |
|
8-K |
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10.1 |
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8/8/23 |
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14.1 |
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Code of Ethics |
|
10-KSB |
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99.1 |
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3/30/04 |
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14.2 |
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Amended and Restated Code of Ethics |
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S-1 |
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14.2 |
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3/30/21 |
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21.1 |
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Subsidiaries of the registrant |
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S-1 |
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21.1 |
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3/30/21 |
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31.1 |
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Certification of Principal Executive Officer pursuant to Section 302 Sarbanes-Oxley Act of 2002 |
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X |
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31.2 |
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Certification of Principal Financial and Accounting Officer pursuant to Section 302 Sarbanes-Oxley Act of 2002 |
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X |
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32.1 |
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Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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X |
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32.2 |
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Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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X |
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101.INS |
|
Inline
XBRL Instance Document. |
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X |
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101.SCH |
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Inline
XBRL Taxonomy Extension Schema Document. |
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X |
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101.CAL |
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Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
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X |
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101.LAB |
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Inline
XBRL Taxonomy Extension Label Linkbase Document. |
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X |
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101.PRE |
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Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
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X |
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101.DEF |
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Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
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X |
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104 |
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Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
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|
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
|
RocketFuel
Blockchain, Inc. |
|
|
|
|
By: |
/s/
Peter M. Jensen |
|
|
Peter
M. Jensen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Bennett J. Yankowitz |
|
|
Bennett
J. Yankowitz |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
|
|
|
Dated:
October 16, 2023 |
|
|
Exhibit 31.1
CERTIFICATION
I, Peter M. Jensen, hereby certify that:
1. I have reviewed this Quarterly
Report on Form 10-Q of RocketFuel Blockchain, Inc. (the “Company”);
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 Company as of, and for, the periods presented in this report;
4. The Company’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 Company 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 Company 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 Company’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 Company’s internal control over financial reporting that occurred during the Company’s fourth fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting;
and
5. The Company’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s
auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely
affect the Company’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 Company’s internal control over financial reporting.
Date: October 16, 2023 |
|
|
|
/s/ Peter M. Jensen |
|
Peter M. Jensen |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION
I, Bennett J. Yankowitz, hereby certify that:
1. I have reviewed this Quarterly
Report on Form 10-Q of RocketFuel Blockchain, Inc. (the “Company”);
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 Company as of, and for, the periods presented in this report;
4. The Company’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 Company 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 Company 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 Company’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 Company’s internal control over financial reporting that occurred during the Company’s fourth fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting;
and
5. The Company’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s
auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely
affect the Company’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 Company’s internal control over financial reporting.
Date: October 16, 2023 |
|
|
|
/s/ Bennett J. Yankowitz |
|
Bennett J. Yankowitz |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
|
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly
Report of RocketFuel Blockchain, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period ended June 30, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter M. Jensen, Chief Executive
Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that, to the best of 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 results of operations of the Company.
Date: October 16, 2023 |
|
|
|
/s/ Peter M. Jensen |
|
Peter M. Jensen |
|
Chief Executive Officer |
|
This certification accompanies
each report of the Company on Form 10-Q and Form 10-K pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange
Act of 1934, as amended.
A signed original of this written
statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and
Exchange Commission or its staff upon request.
Exhibit 32.2
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 RocketFuel Blockchain, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period ended June 30, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bennett J. Yankowitz, Chief Financial
Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that, to the best of 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 results of operations of the Company.
Date: October 16, 2023 |
|
|
|
/s/ Bennett J. Yankowitz |
|
Bennett J. Yankowitz |
|
Chief Financial Officer |
|
This certification accompanies
each report of the Company on Form 10-Q and Form 10-K pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange
Act of 1934, as amended.
A signed original of this written
statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and
Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Jun. 30, 2023 |
Oct. 16, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--03-31
|
|
Entity File Number |
033-17773-NY
|
|
Entity Registrant Name |
ROCKETFUEL
BLOCKCHAIN, INC.
|
|
Entity Central Index Key |
0000823546
|
|
Entity Tax Identification Number |
90-1188745
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
201
Spear Street
|
|
Entity Address, Address Line Two |
Suite 1100
|
|
Entity Address, City or Town |
San
Francisco
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
94105
|
|
City Area Code |
(424)
|
|
Local Phone Number |
256-8560
|
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Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
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|
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Entity Small Business |
true
|
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Entity Emerging Growth Company |
true
|
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Elected Not To Use the Extended Transition Period |
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Current Assets: |
|
|
Cash |
$ 112,004
|
$ 421,566
|
Accounts receivable |
1,450
|
|
Prepaid and other current assets |
176,212
|
143,870
|
Total current assets |
289,666
|
565,436
|
Intangible assets, net of accumulated amortization of $827,664 and $655,333, respectively |
450,398
|
622,729
|
Property and equipment, net of accumulated depreciation and amortization of $4,721, and $10,814, respectively |
28,202
|
28,202
|
Total Assets |
768,266
|
1,216,367
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
603,878
|
680,460
|
Notes payable, net of discount of $17,290 and $0, respectively |
403,493
|
276,667
|
Deferred revenue |
55,844
|
57,231
|
Total current liabilities |
1,088,777
|
1,039,991
|
Total liabilities |
1,088,777
|
1,039,991
|
Stockholders’ equity: |
|
|
Preferred stock; $0.001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and March 31, 2023 |
|
|
Common stock, $0.001 par value; 250,000,000 shares authorized; 32,427,446 and 32,427,446 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively |
32,428
|
32,428
|
Additional paid in capital |
13,341,407
|
13,055,831
|
Accumulated deficit |
(13,733,446)
|
(12,950,983)
|
Common Shares to be issued-related party |
39,100
|
39,100
|
Total stockholders’ equity |
(320,511)
|
176,376
|
Total Liabilities and Stockholders’ Equity |
768,266
|
1,216,367
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Payable to related party |
$ 25,562
|
$ 25,633
|
X |
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accumulated amortization of intangible assets |
$ 827,664
|
$ 655,333
|
Accumulated depreciation |
4,721
|
10,814
|
Debt instrument, unamortized discount, current |
$ 17,290
|
$ 0
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
32,427,446
|
32,427,446
|
Common stock, shares outstanding |
32,427,446
|
32,427,446
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Revenue, net |
$ 235,459
|
$ 8,132
|
Operating expenses: |
|
|
Research and development expenses |
|
258,965
|
General and administrative expenses |
998,081
|
1,237,954
|
Total operating expenses |
998,081
|
1,496,919
|
Loss from operations |
(762,622)
|
(1,488,787)
|
Other income (expense): |
|
|
Interest expense |
(19,841)
|
|
Other income – Gain from legal settlement |
|
540,059
|
Total other (expense) income |
(19,841)
|
540,059
|
Loss before provision for income taxes |
(782,463)
|
(948,728)
|
Provision for income taxes |
|
|
Net loss |
$ (782,463)
|
$ (948,728)
|
Loss per common share: |
|
|
Loss per share - basic |
$ (0.02)
|
$ (0.03)
|
Loss per share - diluted |
$ (0.02)
|
$ (0.03)
|
Weighted average common shares outstanding: |
|
|
Weighted average common shares outstanding - basic |
32,427,446
|
31,205,000
|
Weighted average common shares outstanding - diluted |
32,427,446
|
31,205,000
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Common Shares To Be Issued Related Party [Member] |
Retained Earnings [Member] |
Total |
Balance at Mar. 31, 2022 |
$ 31,975
|
$ (3,000)
|
$ 11,214,820
|
|
$ (8,646,550)
|
$ 2,597,245
|
Balance, shares at Mar. 31, 2022 |
31,975,083
|
(10,000)
|
|
|
|
|
Cancellation of common stock |
$ (3,610)
|
$ 3,000
|
(13,440)
|
|
(562,009)
|
(540,059)
|
Cancellation of common stock, shares |
(3,610,394)
|
10,000
|
|
|
|
|
Stock-based compensation – employees and consultants option grants |
|
|
291,382
|
|
|
291,682
|
Net loss |
|
|
|
|
(948,728)
|
(948,728)
|
Balance at Jun. 30, 2022 |
$ 28,365
|
|
11,492,762
|
|
(10,121,287)
|
1,399,840
|
Balance, shares at Jun. 30, 2022 |
28,364,689
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 32,428
|
|
13,055,831
|
39,100
|
(12,950,983)
|
176,376
|
Balance, shares at Mar. 31, 2023 |
32,427,446
|
|
|
|
|
|
Stock-based compensation – employees and consultants option grants |
|
|
285,576
|
|
|
285,576
|
Net loss |
|
|
|
|
(782,463)
|
(782,463)
|
Balance at Jun. 30, 2023 |
$ 32,428
|
|
$ 13,341,407
|
$ 39,100
|
$ (13,733,446)
|
$ (320,511)
|
Balance, shares at Jun. 30, 2023 |
32,427,446
|
|
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.3
Condensed Consolidated Statements of CashFlows (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net loss |
$ (782,463)
|
$ (948,728)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
172,331
|
87,081
|
Stock based compensation |
285,576
|
291,382
|
Debt discount amortization |
2,470
|
|
Gain from legal settlement |
|
(549,059)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(1,450)
|
2,113
|
Prepaid expenses and other current assets |
(32,343)
|
(68,707)
|
Accounts payable and accrued expenses |
(51,090)
|
170,230
|
Payable to related party |
(25,562)
|
36,402
|
Accrued interest |
17,371
|
|
Deferred revenue |
(1,387)
|
(3,781)
|
Net cash used in operating activities |
(416,547)
|
(974,067)
|
Cash Flows from Investing Activities: |
|
|
Purchase of property and equipment |
|
(5,393)
|
Software development cost |
|
(162,488)
|
Net cash used in investing activities |
|
(167,881)
|
Cash Flows from Financing Activities: |
|
|
Proceeds from note payable |
125,000
|
|
Payment on note payable |
(18,015)
|
|
Net cash provided by financing activities |
106,985
|
|
Net change in cash |
(309,562)
|
(1,141,948)
|
Cash at beginning of period |
421,566
|
2,634,794
|
Cash at end of period |
112,004
|
1,492,846
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
1,448
|
|
Cash paid for income taxes |
|
|
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v3.23.3
Business
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Business |
NOTE
1. Business
We
(or the “Company”) provide payment solutions to businesses enabling them to make and receive payments with cryptocurrencies
and via bank transfers, including ACH. Our primary solutions consist of a blockchain-based check-out system enabling shoppers on e-commerce
sites to pay using cryptocurrencies and direct bank transfers. We have also recently introduced a payouts solution that enables businesses,
including those in the in the “gig economy,” to make payments to their vendors and service providers via cryptocurrencies
and bank transfers. We also provide businesses with the ability to send cross-border payments to themselves and their affiliates and
subsidiaries using stable coins.
Our
corporate headquarters are located in San Francisco, California.
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v3.23.3
Summary of Significant Accounting Policies
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE
2. Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”) for interim condensed consolidated financial information pursuant to Rule 8-03 of Regulation S-X.
Accordingly, these unaudited financial statements do not include all of the information and disclosures required by U.S. GAAP for
complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments
(consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial
statements. The results of operations for the three months ended June 30, 2023 and cash flows for the three months ended June 30,
2023 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year.
These unaudited financial statements should be read in conjunction with our consolidated financial statements as of March 31, 2023 as
filed with the Securities and Exchange Commission (the “SEC”) on August 21, 2023.
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with
consolidation accounting guidance. The Company’s subsidiaries consist of RocketFuel Blockchain Company (RBC) (incorporated in Nevada),
RocketFuel A/S (incorporated in Denmark), and RocketFuel (BVI) (incorporated in the British Virgin Islands). All intercompany balances
and transactions have been eliminated in consolidation.
Use
of Accounting Estimates
The
preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments,
which are evaluated on an ongoing basis, and 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 revenues and expenses during
the reporting periods. Management bases its estimates on historical experience and on various other assumptions that it believes are
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from
those estimates and judgments.
Cash
and Cash Equivalents
Financial
instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and accounts receivable. The
Company’s cash is deposited with major financial institutions. At times, such deposits may be in excess of the Federal Deposit
Insurance Corporation insurable amount (“FDIC”).
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Software
Development Costs
The
Company accounts for software development costs in accordance with ASC 350-40. Research and development costs are expensed as incurred,
except for certain costs which are capitalized in connection with the development of its internal-use software and website. These capitalized
costs are primarily related to the application software that is hosted by the Company and accessed by its customers through the Company’s
website. In addition, the Company capitalizes certain general and administrative costs related to the customization and development of
our internal business systems. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application
has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially
complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product
is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of internal-use software
when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred.
Capitalized internal use software costs are recorded as part of property and equipment and are amortized on a straight-line basis over
an estimated useful life of two years.
Property
and Equipment
Property
and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated
useful lives of the assets, which is three years for the Company. Maintenance and repairs are charged to operations as incurred. Significant
improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property
and equipment are recognized in operating expenses.
The
Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying
value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.
In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an
amount by which the carrying value exceeds the fair value of the related assets. The factors considered by management in performing this
assessment include current operating results, trends and prospects, the manner in which the property is used, the effects of obsolescence,
demand, competition, and other economic factors.
Revenue
Recognition
Our
revenues are generated from (i) fees charged in connection with the implementation of our software platform; (ii) ongoing daily transactional
fees derived as a negotiated percentage of the transactional revenues paid by our merchant customers, (iii) gains from the spread between
the exchange rates on cryptocurrency transactions and (iiv) software development fees.
Our
revenue recognition policy follows the guidance from Accounting Standards Codification (“ASC”) 606, “Revenue Recognition,”
and Accounting Standards Update No. 2014-09 - Revenue from Contracts with Customers (Topic 606) which provide guidance on the recognition,
presentation, and disclosure of revenue in financial statements. We determine revenue recognition through the following steps: (i) identification
of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination
of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract and (v) recognition
of revenue when a performance obligation is satisfied. Collectability is assessed based on a number of factors, including the creditworthiness
of a client, the size and nature of a client’s website and transaction history. Amounts billed or collected in excess of revenue
recognized are included as deferred revenue. An example of this deferred revenue would be arrangements where clients request or are required
by us to pay in advance of delivery.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Revenue
from fees charged in connection with the implementation of our software platform are recognized over the term specified in the contract
with the merchant, which is primarily one year. Revenues from ongoing daily transactional fees derived as a negotiated percentage of
the transactional revenues paid by our merchant customers are recognized when each transaction occurs. Revenues from software development
contracts are recognized at the time each performance obligation set forth in the contract has been completed, in the amounts allocated
to the completed obligation, and as all measurements and criteria for revenue recognition are satisfied.
Fair
Value of Financial Instruments
We
follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,”
for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over
entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in
the valuation of an asset or liability as of the measurement date.
The
hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under
ASC 820-10 are described below:
Level
1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC
820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably
impact the quoted price.
Level
2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially
the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal
or contractual restrictions specific to these investments.
Level
3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about
the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little
or no market activity.
We have determined that our derivative liability for the fiscal quarter
ended June 30, 2023 was an immaterial amount.
Under our
contract ordering policy, we first consider common shares issued and outstanding as well as reserved but unissued equity awards, such
as under an equity award program. All remaining equity linked instruments such as, but not limited to, options, warrants, and debt and
equity with conversion features are evaluated based on the date of issuance. If the number of shares which may be issued under our agreements
exceed the authorized number of shares or are unable to be determined, equity linked instruments from that date forward are considered
to be derivative liabilities until such time as the number of shares which may be issued under our agreements no longer exceed the authorized
number of shares and are able to be determined.
On May 11,
2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”),
pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760 (the “Note”).
See Note 7. The Note contains provisions meeting the definition of a derivative liability which therefore require bifurcation.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
At June 30, 2022, we
estimated the fair value of the conversion feature derivatives embedded in the Note as the difference between the value of the Note
with a conversion discount and without a conversion discount. Upon an event of default, the Lender has the right to convert
outstanding principal plus accrued interest into common stock at a conversion price of 61% multiplied by the lowest trading price of
our common stock. We
then computed the present value of the bond components of the Note assuming (1) conversion upon an event of default and (2)
repayment of the Note in full in cash, in each case using a 35% discount factor for a term of 0.86 years, and weighted the resulting
present values based on assumed probabilities of 85% for conversion upon an event of default, 10% for repayment in full and 5% for
complete default. We then applied a 6.4% issuance negotiation discount to the resulting probability-weighted bond value. The 35%
discount rate was calculated by adding the observed issuance spread of 29.6% to the risk-free rate of 5.4% per annum for the
remaining term of 0.86 years. We determined that the amount of derivative liability for the fiscal quarter ended June 30, 2023, as well as the
change from the previous quarter, was not material.
Convertible
Instruments
We evaluate
and account for conversion options embedded in convertible instruments in accordance with ASC Topic 815, Derivatives and Hedging Activities.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial
instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the
embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b)
the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded
derivative instrument would be considered a derivative instrument.
We account
for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host
instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded
in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term
of the related debt to their stated date of redemption.
Net
Loss Per Share
Net
loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting
period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares
outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The dilutive effect,
if any, of convertible instruments or warrants is calculated using the treasury stock method. There are no outstanding dilutive instruments
as the outstanding convertible instruments, stock options and warrants would be anti-dilutive if converted or exercised for the three
months ended June 30, 2023 and 2022.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common shares:
Schedule of Antidilutive Securities from the Diluted Per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
Stock options – vested and
exercisable | |
| 3,500,139 | | |
| 2,735,290 | |
Common Stock Warrants | |
| 10,410,897 | | |
| 10,655,982 | |
Total potential dilution | |
| 13,911,036 | | |
| 13,401,272 | |
Anti-dilutive securities | |
| 13,911,036 | | |
| 13,401,272 | |
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Stock-based
Compensation
The
Company applies the provisions of ASC 718, Compensation - Stock Compensation, (“ASC 718”) which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board) for their services, the Company estimates
the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model
requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock
consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards
subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation
expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally
the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.
Pursuant
to Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to
Non-employee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services
in accordance with ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process
for valuing employee stock options noted above.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that
may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative
guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact
will not be material to our financial position, results of operations and cash flows when implemented.
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v3.23.3
Going Concern
|
3 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
NOTE
3. Going Concern
Our
consolidated financial statements have been presented on the basis that we are a going concern, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of business. We incorporated our business on January 12, 2018, the date of
our inception, and commenced commercial operations in March 2021. During the three months ended June 30, 2023, we reported a net loss
of $782,463, which included as a component of general and administrative expenses in the statements of operations a non-cash stock-based
compensation charge of $285,576, and cash flows used in operating activities during the three months ended June 30, 2023 of $416,547. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
We
will require additional financing to continue to develop our product and execute on our business plan. However, there can be no assurances
that we will be successful in raising the additional capital necessary to continue operations and execute on our business plan. During
the year ended March 31, 2023, we raised $700,000 through the private placement of units consisting of common stock, warrants and token
purchase agreements and $150,000 through the issuance of notes convertible into shares of our Series A Preferred Stock. We have used
and plan to continue using the net proceeds of the public offering and warrant exercise to recruit key management and operational personnel,
to retain software and blockchain developers and to develop our blockchain based check-out solution. Management believes the funding
from the public offering, the exercise of the common stock purchase warrant, and the growth strategy actions executed and planned for
execution could contribute to our ability to mitigate any substantial doubt as to our ability to continue as a going concern.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.3
Intangible Assets; Property, Plant & Equipment
|
3 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Intangible Assets; Property, Plant & Equipment |
NOTE
4. Intangible Assets; Property, Plant & Equipment
The
Company’s property, plant and equipment assets are comprised of the following:
Schedule of Property Plant And Equipment
| |
Useful
Life | |
June
30, 2023 | | |
March
31, 2023 | |
Capitalized software development
costs | |
2 years | |
$ | 1,278,062 | | |
$ | 1,278,062 | |
Computer equipment | |
3 years | |
| 28,202 | | |
| 39,105 | |
Less: Accumulated depreciation
and amortization | |
| |
| (827,664 | ) | |
| (666,146 | ) |
Combined intangible
assets, property and equipment, net | |
| |
$ | 478,600 | | |
$ | 650,931 | |
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Capitalized
software development costs represent the costs incurred during the development stage, when direct and incremental internal and external
costs, are capitalized until the software is substantially complete and ready for its intended use. The Company also capitalizes costs
related to specific upgrades and enhancements of internal-use software when it is probable that the expenditures will result in additional
functionality.
Depreciation
and amortization expenses amount to $172,331 and $87,081 for the three months ended June 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.23.3
Related Party Transactions
|
3 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE
5. Related Party Transactions
During
the three months ended June 30, 2023, and 2022, our chief financial officer was affiliated with legal counsel who provided us with general
legal services (the “Affiliate”). We recorded legal fees paid to the Affiliate of $6,663 and $58,058 for the three months
ended June 30, 2023 and 2022, respectively. As of June 30, 2023, and March 31, 2023, we had $25,562 and $25,633 respectively, payable
to the Affiliate.
On
January 13, 2023, we completed a private of placement $150,000 principal amount of our secured convertible promissory notes. The purchase
price was $150,000. There were three purchasers, including Gert Funk, our Chairman, and Peter M. Jensen, our Chief Executive Officer
and a member of our Board of Directors. The third purchaser was a private investor. Each investor purchased a note for $50,000. The notes
bear interest at 10% per annum and mature on July 13, 2023. The notes may be prepaid by us at any time. If we prepay the entire outstanding
principal amount of a note on or before April 13, 2023, then there is no prepayment premium. If we prepay the entire outstanding principal
amount of a note between April 14, 2023, and the maturity date, then we must also pay accrued interest on such principal amount in an
amount equal to 50% of such principal amount. If we repay the outstanding principal amount of a note on or after the maturity date, then
we shall also pay accrued interest on such principal amount in an amount equal to 100% of such principal amount. As of June 29, 2023,
we have not made any payments on any of these notes; however, the note purchasers have not yet declared a default. The notes are convertible into shares of our Series A Preferred Stock at a conversion
price equal to (a) the outstanding principal amount of, plus all accrued interest on, the note divided by (b) $0.2065. The conversion
price is subject to adjustment for certain stock splits, recapitalizations and other similar events. The notes are secured by a security
interest in all of our assets. Up to 1,000,000 shares of Series A Preferred Stock were approved by our board of directors. The Series
A Preferred Stock has a 200% liquidation preference over the common stock and any other future series of preferred stock, payable in
the event of a liquidation or merger of us. In such event, the holders of the Series A Preferred Stock will be entitled to a priority
distribution equal to 200% of the deemed issue price of $0.2065 per share, (i.e., $0.4130 per share). The Series A Preferred Stock
is convertible at the option of the stockholder into shares of common stock at a conversion price of $0.2065 per share, subject to adjustment
for certain stock splits, recapitalizations and other similar events. We used the $150,000 net proceeds of the offering for general corporate
purposes and to fund ongoing operations and expansion of our business.
On
June 30, 2023, we issued convertible notes to Officers Gert Funk, Bennett Yankowitz, and Peter Jensen totaling $383,652 for deferred
compensation and bonuses. See Note 7.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Deferred Revenue
|
3 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Deferred Revenue |
NOTE
6. Deferred Revenue
We
enter into certain contracts typically having initial one-year terms which define the scope of services to be provided. These contracts
can include agreed-upon setup fees during the initial one-year term, which setup fees are recorded as deferred revenue and amortized
ratably over the initial one-year term. During the three months ended June 30, 2023 and 2022, we recorded revenues of $235,459 and $8,132
respectively. Deferred revenue was $55,844 and $57,231 as of June 30, 2023 and March 31, 2023, respectively.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Stockholders’ Equity (Deficit)
|
3 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity (Deficit) |
NOTE
7. Stockholders’ Equity (Deficit)
Stock:
On
January 13, 2023, we completed a private of placement $150,000 principal
amount of its secured convertible promissory notes. See Note 5. We used the $150,000 net
proceeds of the offering for general corporate purposes and to fund ongoing operations and expansion of our business.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Our chief executive
officer, Peter Jensen, and our chief financial officer, Bennett Yankowitz, agreed to accept convertible notes in lieu of salary for
a portion of the fiscal quarter ended June 30, 2023. The total amount of salary deferred was $64,583.35 The terms of the notes are as
follows: (i) the principal amount thereof
shall equal the amount of salary deferred; (ii) the Notes shall mature on October 1, 2023; (iii) the
Notes shall bear interest at a rate of 10% per annum; (iv) if not repaid by December 31, 2023, there shall be a 50% premium, and if the
Notes are not repaid by their maturity, there shall a 100% premium; (v) the Note holder shall have the option to convert all
outstanding principal, interest and premium to shares of Series A Preferred at any time at $0.2065 per
share; and (vi) the Notes shall otherwise have the same terms and conditions as the convertible notes issued in the January 2023 $150,000 financing
round.
Warrants:
As
of June 30, 2023, the total outstanding warrants to purchase of the Company’s common stock were 10,410,982 with a weighted average
exercise price of $0.71. There were no new warrants issued during the three months ended June 30, 2023. As of June 30, 2023, the weighted
average remaining contractual term was 3.84 years.
Loan
On
May 11, 2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the
Lender”), pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760
(the “Note”). A one-time interest charge of 12%
($17,371)
was applied on the issuance date, resulting in net loan proceeds to us of $125,000.
Accrued, unpaid interest and outstanding principal, subject to adjustment, is required to be paid in nine payments each in the
amount of $18,014.58
(a total payback to the Lender of $162,131.00).
The first payment was due and was paid on June 30, 2023 with eight subsequent payments due each month thereafter. The loan closed on
May 15, 2023. The Company has the right to prepay the Note at any time without premium of penalty.
Upon
the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and we will be
obligated to pay to the Lender, in full satisfaction of our obligations, an amount equal to 150% times the sum of (w) the then outstanding
principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus
(y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts
owed to the Holder pursuant to the conversion rights referred to below.
Following
a default, the Lender may in its option, convert the outstanding principal and interest on the Note into shares of our common stock at
a conversion price per share equal to 61% of the lowest daily volume weighted average price (“VWAP”) of our common stock
during the 10 trading days prior to the date of conversion. We agreed to reserve a number of shares of our common stock equal to 4.5
times the number of shares of common stock which may be issuable upon conversion of the Note at all times.
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v3.23.3
Stock- Based Compensation
|
3 Months Ended |
Jun. 30, 2023 |
Compensation Related Costs [Abstract] |
|
Stock- Based Compensation |
NOTE
8. Stock- Based Compensation
Stock
Option Plan:
On
August 8, 2018, the Board and stockholders holding a majority of our voting power approved the RocketFuel Blockchain, Inc., 2018 Plan,
which plan enables us to make awards that qualify as performance-based compensation. Under the terms of the 2018 Plan, the options will
(i) be incentive stock options, (ii) have an exercise price equal to the fair market value per share of our common stock on the date
of grant as determined by an independent valuation by a qualified appraiser, (iii) have a term of 10 years, (iv) vest and become exercisable
pursuant to the terms set forth in the grantees stock option agreement, (v) be subject to the exercise, forfeiture and termination provisions
set forth in the 2018 Plan and (vi) otherwise be evidenced by and subject to the terms of our standard form of stock option agreement.
We initially reserved 2,000,000 shares of our common stock for issuance in connection with awards under the plan. On September 15, 2020
and March 18, 2021, our board of directors unanimously resolved to amend the 2018 Plan to increase the number of shares of our common
stock available for grant to 4,000,000 shares and 6,000,000 shares, respectively. On May 10, 2022, the Board has approved a plan to increase
the number of shares to 8,000,000 for 2018 plan. As of June 30, 2023 and March 31, 2023, there were 1,408,144 and 1,658,144 shares,
respectively, of our common stock available for grant pursuant to the 2018 Plan.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2022
(UNAUDITED)
Activity
under the 2018 Plan for all service-based stock options for the three months ended June 30, 2023 are as follows:
Schedule
of Service - Based Stock Options
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at March 31, 2023: | |
| 6,481,013 | | |
| 0.33 | | |
| 7.74 | | |
| - | |
Granted | |
| 250,000 | | |
| - | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| - | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 6,731,013 | | |
| 0.33 | | |
| 7.49 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 3,500,139 | | |
| | | |
| | | |
| | |
Performance-Based
Stock Option Grants
We
also granted performance-based options pursuant to the 2018 Plan to Rohan Hall, our chief technology officer, which are exercisable into
600,000 shares of our common stock subject to certain designated milestones. On March 18, 2021, our Board of Directors determined that
Mr. Hall earned all of the performance-based options effective February 1, 2021. The Board of Directors also entered into a resolution
whereby 75,000 shares of our common stock underlying the performance-based options would vest immediately and 525,000 shares of our common
stock underlying the performance-based option would vest ratably over a 48-month period with the first vesting date being February 1,
2021.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
Activity
under the 2018 Plan for all performance-based stock options for the three months ended June 30, 2023 is as follows:
Schedule
of Stock Option Activity
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at April 1, 2023: | |
| 600,000 | | |
| 0.33 | | |
| 7.46 | | |
| - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 600,000 | | |
| 0.33 | | |
| 7.21 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 435,945 | | |
| 0.33 | | |
| | | |
| | |
|
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- DefinitionThe entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
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v3.23.3
Commitments and Contingencies
|
3 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
NOTE
9. Commitments and Contingencies
Legal
Proceedings
Other
than as set forth below, we are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings
are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no
director or executive officer is party to any action in which any has an interest adverse to us.
On
October 8, 2020, we filed a lawsuit in the U.S. District Court for the Central District of California against Joseph Page, our former
director and chief technology officer. On January 13, 2021, the case was transferred to the U.S. District Court for the District of Nevada,
Las Vegas Division. The causes of action include securities fraud under Federal and California law; fraud, breach of fiduciary duty,
negligent misrepresentation and unjust enrichment under California law; and violation of California Business and Professions Code §17200
et seq.
We
were seeking injunctive and declaratory relief as well as damages of at least $5.1 million. On May 29, 2019, Mr. Page resigned from our
board. After his resignation, we retained independent patent counsel to review our patent applications. In connection with this review,
we discovered certain deficiencies in some of the applications and in their assignments to us. We determined that all of the applications
had been abandoned. Based on this review, we decided to refile three of our applications with the U.S. Patent and Trademark Office, which
we did in May 2020. It is our belief that the three newly filed patent applications cover and/or disclose the same subject matter as
we disclosed in the five original patent applications. In this case, our rights may be subject to any intervening patent applications
made after the dates of the original applications. In the lawsuit, we were alleging that Mr. Page was aware of the abandonments when
he assigned the patents to RocketFuel Blockchain Company (“RBC”), a private corporation that he controlled, and that he failed
to disclose to us the abandonments when the Company acquired RBC in exchange for shares of the Company’s Common Stock. Mr. Page
filed an answer denying the Company’s claims and asserted cross- and counterclaims against the Company and several of the Company’s
shareholders alleging breach of contract and fraud. In September 2021, Mr. Page voluntarily dismissed all of the counterclaims against
the shareholders.
On
June 7, 2022, RBC entered into a settlement agreement in the legal proceedings between the Company as plaintiff, and Joseph Page as defendant,
whereunder Page surrendered 3,600,394 shares of the Company’s common stock, and kept 1,500,000 shares. Mr. Page represents and
warrants that he has not filed or assisted anyone else in filing any patent applications that would preempt or infringe upon the Company’s
patent applications. Plaintiff and defendant have each released their claims against each other and covenanted not to sue the other,
including related parties and stakeholders, with the exclusion of current or future claims against EGS. The parties agreed to a Stipulated
Dismissal of the Action with Prejudice filed with the court. In connection with this settlement, we recognized a gain of $540,059, calculated based on the Company’s share
price of $0.15 per share on the date of settlement of the legal proceedings. This gain was recorded in other income for the three months
ended June 30, 2022 in the accompanying consolidated statements of operations (see Note 7).
On
March 2, 2021, we filed a lawsuit in the U.S. District Court for the Southern District of New York against Ellenoff Grossman & Schole
LLP (“EGS”) for negligence and legal malpractice, breach of contract and breach of fiduciary duty. EGS had represented RBC
prior to the Business Combination and represented us after the closing of the Business Combination through August 2019. In the litigation
against Mr. Page, he has alleged that he provided information to an EGS partner that the patent applications had been abandoned and that
EGS failed to inform RBC and us of the fact. On February 8, 2023 we entered into a settlement agreement with EGS, pursuant to which EGS
agreed to pay us $750,000 in full settlement of the lawsuit. After payment of our legal fees, the net payment to us, which was received
on February 14, 2023, was $525,000. As part of the settlement (i) we have agreed to dismiss the lawsuit with prejudice and (ii) each
party has agreed to grant a mutual general release to the other party and its affiliates, related parties and agents.
In
January 2022, the Company terminated its agreement with Scarola Schaffzib Zubatov PLLC (“SSZ”), which the Company had retained
to represent it in litigation against Ellenoff Grossman & Schole LLP. The reason for the termination was that the Company believed
that SSZ had overcharged for legal services provided. Subsequent to the termination, SSZ sent the Company additional invoices, to which
the Company also objected. In August 2022 SZZ filed a lawsuit in the Supreme Court of the State of New York, County of New York, claiming
it is owed approximately $120,000 in legal fees. The Company disputed that this amount was owed and contended that a portion of the legal
fees previously paid should have been refunded. On July 11, 2023 the Court granted SSZ’s motion for summary judgement on its account
stated cause of action and denied the Company’s cross-motion for an adjournment of the motion pending discovery. The Company has
filed a notice of appeal and has accrued approximately $120,000 in accounts payable.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Subsequent Events
|
3 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE
10. Subsequent Events
We
evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these financial statements
and, other than the matters discussed below, we did not have any other material recognizable subsequent events during this period.
Issuance
of Series B-1 and B-2 Preferred Stock
In
July and August 2023, we sold 500,000 shares of our Series B-1 Preferred Stock and 400,000 shares of our Series B-2 Preferred Stock to
three private investors for a cash purchase price of $0.25 per share.
The
Series B-1 Preferred Stock has a 100% liquidation preference over the common stock and any other future series of preferred stock, payable
in the event of a liquidation or merger of us. The Series B-1 Preferred Stock is convertible at the option of the stockholder into shares
of common stock at a conversion price of $0.25 per share, subject to adjustment for certain stock splits, recapitalizations and other
similar events. The Series B-2 Preferred Stock has a 200% liquidation preference over the common stock and any other future series of
preferred stock, payable in the event of a liquidation or merger of us. The Series B-2 Preferred Stock is convertible at the option of
the stockholder into shares of common stock at a conversion price of $0.25 per share, subject to adjustment for certain stock splits,
recapitalizations and other similar events.
As
a condition to the sale of the Series B-1 and B-2 preferred shares, we agreed to use the net proceeds from the sale of the securities
for working capital purposes and not to use such proceeds: (a) for the satisfaction of any portion of our debt (other than payment of
trade payables in the ordinary course of our business and prior practices), (b) for the redemption of any common stock or other securities,
(c) for the settlement of any outstanding litigation or (d) in violation of the Foreign Corrupt Practices Act of 1977, as amended or
any regulations of the Office of Foreign Assets Control of the U.S. Treasury Department. The form of Subscription Agreement for the Series
B-1 and B-2 preferred shares and the Certificates of Designation for the Series B-1 and B-2 preferred shares are filed as Exhibits 10.1,
3.1, and 3.2, respectively, to this Current Report on Form 8-K. The foregoing summaries of the terms of these documents are subject to,
and qualified in their entirety by, such documents, which are incorporated herein by reference.
The
representations, warranties and covenants contained in the Subscription Agreements were made only for purposes of such agreements and
as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the
contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution
of the Subscription Agreements. The representations and warranties may have been made for the purposes of allocating contractual risk
between the parties to the agreement instead of establishing these matters as facts and may be subject to standards of materiality applicable
to the contracting parties that differ from those applicable to investors. Moreover, information concerning the subject matter of the
representations and warranties may change after the date of the Subscription Agreements, and this subsequent information may or may not
be fully reflected in the Company’s public disclosures.
The
shares of Series B-1 and B-2 Preferred Stock and the shares of common stock to be issued upon conversion of the Series B-1 and B-2 preferred
shares sold in the private placement and to be issued have not been registered under the Securities Act or any state or other applicable
jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.
Issuances
of Convertible Note
In
September 2023, we agreed to issue a $35,000 principal amount convertible note to a vendor in exchange for services. While the terms
of the note have not yet been determined, we expect that the note will mature on September
14, 2025, bear interest at 6%
per annum and be convertible into shares of our common stock at a conversion price of $0.10 per
share.
Our chief executive officer, Peter
Jensen, and our chief financial officer, Bennett Yankowitz, agreed to accept convertible notes in lieu of salary for a portion of the
fiscal quarter ended June 30, 2023. See Note 7. For the period July 1 through August 31, 2023, they deferred additional salary totaling
$41,667, which will be converted to convertible notes.
In December 2022, Messers Jensen
and Yankowitz had agreed to accept restricted shares of our common stock in lieu of salary and accrued bonuses for the fiscal quarter
ended December 31, 2022. The amount owed Mr. Jensen was $55,000 and the amount owed Mr. Yankowitz was $21,250. The shares were to be issued
at the closing market price on December 5, 2022 of $0.11 per share. The shares were issued by our transfer agent on July 11, 2023; Mr.
Jensen received 500,000 shares and Mr. Yankowitz received 193,182 shares.
Issuance
of Common Stock, Warrants and Options
On
August 15, 2023 we sold 484,262 shares of our common stock to a private investor at a price of $0.2065 per share. The investor also received
warrants to purchase 245,700 shares of our common stock at $0.2065 per share. The warrants expire on August 15, 2028. The investor was
also invited to join our advisory board and received 100,000 stock options as compensation therefor. The options have a term of 10 years,
an exercise price of $0.2065 per share and were fully vested on the date of grant.
Our chief executive officer,
Peter Jensen, and our chief financial officer, Bennett Yankowitz ,agreed to accept convertible notes in lieu of salary for a portion
of the fiscal quarter ended June 30, 2023. See Note 7. For the period July 1 through August 31, 2023, they deferred additional salary
totaling $41,667, which will be converted to convertible notes.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”) for interim condensed consolidated financial information pursuant to Rule 8-03 of Regulation S-X.
Accordingly, these unaudited financial statements do not include all of the information and disclosures required by U.S. GAAP for
complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments
(consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial
statements. The results of operations for the three months ended June 30, 2023 and cash flows for the three months ended June 30,
2023 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year.
These unaudited financial statements should be read in conjunction with our consolidated financial statements as of March 31, 2023 as
filed with the Securities and Exchange Commission (the “SEC”) on August 21, 2023.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with
consolidation accounting guidance. The Company’s subsidiaries consist of RocketFuel Blockchain Company (RBC) (incorporated in Nevada),
RocketFuel A/S (incorporated in Denmark), and RocketFuel (BVI) (incorporated in the British Virgin Islands). All intercompany balances
and transactions have been eliminated in consolidation.
|
Use of Accounting Estimates |
Use
of Accounting Estimates
The
preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments,
which are evaluated on an ongoing basis, and 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 revenues and expenses during
the reporting periods. Management bases its estimates on historical experience and on various other assumptions that it believes are
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from
those estimates and judgments.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Financial
instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and accounts receivable. The
Company’s cash is deposited with major financial institutions. At times, such deposits may be in excess of the Federal Deposit
Insurance Corporation insurable amount (“FDIC”).
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
|
Property and Equipment |
Software
Development Costs
The
Company accounts for software development costs in accordance with ASC 350-40. Research and development costs are expensed as incurred,
except for certain costs which are capitalized in connection with the development of its internal-use software and website. These capitalized
costs are primarily related to the application software that is hosted by the Company and accessed by its customers through the Company’s
website. In addition, the Company capitalizes certain general and administrative costs related to the customization and development of
our internal business systems. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application
has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially
complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product
is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of internal-use software
when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred.
Capitalized internal use software costs are recorded as part of property and equipment and are amortized on a straight-line basis over
an estimated useful life of two years.
Property
and Equipment
Property
and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated
useful lives of the assets, which is three years for the Company. Maintenance and repairs are charged to operations as incurred. Significant
improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property
and equipment are recognized in operating expenses.
The
Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying
value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.
In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an
amount by which the carrying value exceeds the fair value of the related assets. The factors considered by management in performing this
assessment include current operating results, trends and prospects, the manner in which the property is used, the effects of obsolescence,
demand, competition, and other economic factors.
Revenue
Recognition
Our
revenues are generated from (i) fees charged in connection with the implementation of our software platform; (ii) ongoing daily transactional
fees derived as a negotiated percentage of the transactional revenues paid by our merchant customers, (iii) gains from the spread between
the exchange rates on cryptocurrency transactions and (iiv) software development fees.
Our
revenue recognition policy follows the guidance from Accounting Standards Codification (“ASC”) 606, “Revenue Recognition,”
and Accounting Standards Update No. 2014-09 - Revenue from Contracts with Customers (Topic 606) which provide guidance on the recognition,
presentation, and disclosure of revenue in financial statements. We determine revenue recognition through the following steps: (i) identification
of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination
of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract and (v) recognition
of revenue when a performance obligation is satisfied. Collectability is assessed based on a number of factors, including the creditworthiness
of a client, the size and nature of a client’s website and transaction history. Amounts billed or collected in excess of revenue
recognized are included as deferred revenue. An example of this deferred revenue would be arrangements where clients request or are required
by us to pay in advance of delivery.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Revenue
from fees charged in connection with the implementation of our software platform are recognized over the term specified in the contract
with the merchant, which is primarily one year. Revenues from ongoing daily transactional fees derived as a negotiated percentage of
the transactional revenues paid by our merchant customers are recognized when each transaction occurs. Revenues from software development
contracts are recognized at the time each performance obligation set forth in the contract has been completed, in the amounts allocated
to the completed obligation, and as all measurements and criteria for revenue recognition are satisfied.
Fair
Value of Financial Instruments
We
follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,”
for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over
entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in
the valuation of an asset or liability as of the measurement date.
The
hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under
ASC 820-10 are described below:
Level
1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC
820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably
impact the quoted price.
Level
2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially
the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal
or contractual restrictions specific to these investments.
Level
3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about
the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little
or no market activity.
We have determined that our derivative liability for the fiscal quarter
ended June 30, 2023 was an immaterial amount.
Under our
contract ordering policy, we first consider common shares issued and outstanding as well as reserved but unissued equity awards, such
as under an equity award program. All remaining equity linked instruments such as, but not limited to, options, warrants, and debt and
equity with conversion features are evaluated based on the date of issuance. If the number of shares which may be issued under our agreements
exceed the authorized number of shares or are unable to be determined, equity linked instruments from that date forward are considered
to be derivative liabilities until such time as the number of shares which may be issued under our agreements no longer exceed the authorized
number of shares and are able to be determined.
On May 11,
2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”),
pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760 (the “Note”).
See Note 7. The Note contains provisions meeting the definition of a derivative liability which therefore require bifurcation.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
At June 30, 2022, we
estimated the fair value of the conversion feature derivatives embedded in the Note as the difference between the value of the Note
with a conversion discount and without a conversion discount. Upon an event of default, the Lender has the right to convert
outstanding principal plus accrued interest into common stock at a conversion price of 61% multiplied by the lowest trading price of
our common stock. We
then computed the present value of the bond components of the Note assuming (1) conversion upon an event of default and (2)
repayment of the Note in full in cash, in each case using a 35% discount factor for a term of 0.86 years, and weighted the resulting
present values based on assumed probabilities of 85% for conversion upon an event of default, 10% for repayment in full and 5% for
complete default. We then applied a 6.4% issuance negotiation discount to the resulting probability-weighted bond value. The 35%
discount rate was calculated by adding the observed issuance spread of 29.6% to the risk-free rate of 5.4% per annum for the
remaining term of 0.86 years. We determined that the amount of derivative liability for the fiscal quarter ended June 30, 2023, as well as the
change from the previous quarter, was not material.
Convertible
Instruments
We evaluate
and account for conversion options embedded in convertible instruments in accordance with ASC Topic 815, Derivatives and Hedging Activities.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial
instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the
embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b)
the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded
derivative instrument would be considered a derivative instrument.
We account
for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host
instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded
in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term
of the related debt to their stated date of redemption.
Net
Loss Per Share
Net
loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting
period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares
outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The dilutive effect,
if any, of convertible instruments or warrants is calculated using the treasury stock method. There are no outstanding dilutive instruments
as the outstanding convertible instruments, stock options and warrants would be anti-dilutive if converted or exercised for the three
months ended June 30, 2023 and 2022.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common shares:
Schedule of Antidilutive Securities from the Diluted Per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
Stock options – vested and
exercisable | |
| 3,500,139 | | |
| 2,735,290 | |
Common Stock Warrants | |
| 10,410,897 | | |
| 10,655,982 | |
Total potential dilution | |
| 13,911,036 | | |
| 13,401,272 | |
Anti-dilutive securities | |
| 13,911,036 | | |
| 13,401,272 | |
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
|
Revenue Recognition |
Revenue
Recognition
Our
revenues are generated from (i) fees charged in connection with the implementation of our software platform; (ii) ongoing daily transactional
fees derived as a negotiated percentage of the transactional revenues paid by our merchant customers, (iii) gains from the spread between
the exchange rates on cryptocurrency transactions and (iiv) software development fees.
Our
revenue recognition policy follows the guidance from Accounting Standards Codification (“ASC”) 606, “Revenue Recognition,”
and Accounting Standards Update No. 2014-09 - Revenue from Contracts with Customers (Topic 606) which provide guidance on the recognition,
presentation, and disclosure of revenue in financial statements. We determine revenue recognition through the following steps: (i) identification
of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination
of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract and (v) recognition
of revenue when a performance obligation is satisfied. Collectability is assessed based on a number of factors, including the creditworthiness
of a client, the size and nature of a client’s website and transaction history. Amounts billed or collected in excess of revenue
recognized are included as deferred revenue. An example of this deferred revenue would be arrangements where clients request or are required
by us to pay in advance of delivery.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
Revenue
from fees charged in connection with the implementation of our software platform are recognized over the term specified in the contract
with the merchant, which is primarily one year. Revenues from ongoing daily transactional fees derived as a negotiated percentage of
the transactional revenues paid by our merchant customers are recognized when each transaction occurs. Revenues from software development
contracts are recognized at the time each performance obligation set forth in the contract has been completed, in the amounts allocated
to the completed obligation, and as all measurements and criteria for revenue recognition are satisfied.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
We
follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,”
for fair value measurements. ASC 820-10 defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The standard provides a consistent definition of fair value, which focuses on an exit price, which is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over
entity specific information and establishes a three-level hierarchy for fair value measurement based on the nature of inputs used in
the valuation of an asset or liability as of the measurement date.
The
hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under
ASC 820-10 are described below:
Level
1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC
820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably
impact the quoted price.
Level
2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially
the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal
or contractual restrictions specific to these investments.
Level
3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about
the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little
or no market activity.
We have determined that our derivative liability for the fiscal quarter
ended June 30, 2023 was an immaterial amount.
Under our
contract ordering policy, we first consider common shares issued and outstanding as well as reserved but unissued equity awards, such
as under an equity award program. All remaining equity linked instruments such as, but not limited to, options, warrants, and debt and
equity with conversion features are evaluated based on the date of issuance. If the number of shares which may be issued under our agreements
exceed the authorized number of shares or are unable to be determined, equity linked instruments from that date forward are considered
to be derivative liabilities until such time as the number of shares which may be issued under our agreements no longer exceed the authorized
number of shares and are able to be determined.
On May 11,
2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”),
pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $144,760 (the “Note”).
See Note 7. The Note contains provisions meeting the definition of a derivative liability which therefore require bifurcation.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
(UNAUDITED)
At June 30, 2022, we
estimated the fair value of the conversion feature derivatives embedded in the Note as the difference between the value of the Note
with a conversion discount and without a conversion discount. Upon an event of default, the Lender has the right to convert
outstanding principal plus accrued interest into common stock at a conversion price of 61% multiplied by the lowest trading price of
our common stock. We
then computed the present value of the bond components of the Note assuming (1) conversion upon an event of default and (2)
repayment of the Note in full in cash, in each case using a 35% discount factor for a term of 0.86 years, and weighted the resulting
present values based on assumed probabilities of 85% for conversion upon an event of default, 10% for repayment in full and 5% for
complete default. We then applied a 6.4% issuance negotiation discount to the resulting probability-weighted bond value. The 35%
discount rate was calculated by adding the observed issuance spread of 29.6% to the risk-free rate of 5.4% per annum for the
remaining term of 0.86 years. We determined that the amount of derivative liability for the fiscal quarter ended June 30, 2023, as well as the
change from the previous quarter, was not material.
|
Convertible Instruments |
Convertible
Instruments
We evaluate
and account for conversion options embedded in convertible instruments in accordance with ASC Topic 815, Derivatives and Hedging Activities.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial
instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the
embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b)
the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded
derivative instrument would be considered a derivative instrument.
We account
for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host
instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded
in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term
of the related debt to their stated date of redemption.
|
Net Loss Per Share |
Net
Loss Per Share
Net
loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting
period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares
outstanding are increased to include additional shares from the assumed exercise of share options, if dilutive. The dilutive effect,
if any, of convertible instruments or warrants is calculated using the treasury stock method. There are no outstanding dilutive instruments
as the outstanding convertible instruments, stock options and warrants would be anti-dilutive if converted or exercised for the three
months ended June 30, 2023 and 2022.
The
following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these
potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the
average market price of the common shares:
Schedule of Antidilutive Securities from the Diluted Per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
Stock options – vested and
exercisable | |
| 3,500,139 | | |
| 2,735,290 | |
Common Stock Warrants | |
| 10,410,897 | | |
| 10,655,982 | |
Total potential dilution | |
| 13,911,036 | | |
| 13,401,272 | |
Anti-dilutive securities | |
| 13,911,036 | | |
| 13,401,272 | |
|
Stock-based Compensation |
Stock-based
Compensation
The
Company applies the provisions of ASC 718, Compensation - Stock Compensation, (“ASC 718”) which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board) for their services, the Company estimates
the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option pricing model
requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock
consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards
subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation
expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally
the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.
Pursuant
to Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to
Non-employee Share-Based Payment Accounting, the Company accounts for stock options issued to non-employees for their services
in accordance with ASC 718. The Company uses valuation methods and assumptions to value the stock options that are in line with the process
for valuing employee stock options noted above.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that
may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative
guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact
will not be material to our financial position, results of operations and cash flows when implemented.
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Antidilutive Securities from the Diluted Per Share |
Property
and Equipment
Property
and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated
useful lives of the assets, which is three years for the Company. Maintenance and repairs are charged to operations as incurred. Significant
improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property
and equipment are recognized in operating expenses.
The
Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying
value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.
In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an
amount by which the carrying value exceeds the fair value of the related assets. The factors considered by management in performing this
assessment include current operating results, trends and prospects, the manner in which the property is used, the effects of obsolescence,
demand, competition, and other economic factors.
|
Schedule of Antidilutive Securities from the Diluted Per Share |
Schedule of Antidilutive Securities from the Diluted Per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
Stock options – vested and
exercisable | |
| 3,500,139 | | |
| 2,735,290 | |
Common Stock Warrants | |
| 10,410,897 | | |
| 10,655,982 | |
Total potential dilution | |
| 13,911,036 | | |
| 13,401,272 | |
Anti-dilutive securities | |
| 13,911,036 | | |
| 13,401,272 | |
|
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v3.23.3
Intangible Assets; Property, Plant & Equipment (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property Plant And Equipment |
The
Company’s property, plant and equipment assets are comprised of the following:
Schedule of Property Plant And Equipment
| |
Useful
Life | |
June
30, 2023 | | |
March
31, 2023 | |
Capitalized software development
costs | |
2 years | |
$ | 1,278,062 | | |
$ | 1,278,062 | |
Computer equipment | |
3 years | |
| 28,202 | | |
| 39,105 | |
Less: Accumulated depreciation
and amortization | |
| |
| (827,664 | ) | |
| (666,146 | ) |
Combined intangible
assets, property and equipment, net | |
| |
$ | 478,600 | | |
$ | 650,931 | |
|
X |
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v3.23.3
Stock- Based Compensation (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Service Based Stock Option [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
Schedule
of Service - Based Stock Options
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at March 31, 2023: | |
| 6,481,013 | | |
| 0.33 | | |
| 7.74 | | |
| - | |
Granted | |
| 250,000 | | |
| - | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| - | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 6,731,013 | | |
| 0.33 | | |
| 7.49 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 3,500,139 | | |
| | | |
| | | |
| | |
Performance-Based
Stock Option Grants
We
also granted performance-based options pursuant to the 2018 Plan to Rohan Hall, our chief technology officer, which are exercisable into
600,000 shares of our common stock subject to certain designated milestones. On March 18, 2021, our Board of Directors determined that
Mr. Hall earned all of the performance-based options effective February 1, 2021. The Board of Directors also entered into a resolution
whereby 75,000 shares of our common stock underlying the performance-based options would vest immediately and 525,000 shares of our common
stock underlying the performance-based option would vest ratably over a 48-month period with the first vesting date being February 1,
2021.
ROCKETFUEL
BLOCKCHAIN, INC.
NOTES
TO FINANCIAL STATEMENTS
JUNE
30, 2023
Activity
under the 2018 Plan for all performance-based stock options for the three months ended June 30, 2023 is as follows:
Schedule
of Stock Option Activity
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at April 1, 2023: | |
| 600,000 | | |
| 0.33 | | |
| 7.46 | | |
| - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 600,000 | | |
| 0.33 | | |
| 7.21 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 435,945 | | |
| 0.33 | | |
| | | |
| | |
|
Performance Based Options [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
Activity
under the 2018 Plan for all performance-based stock options for the three months ended June 30, 2023 is as follows:
Schedule
of Stock Option Activity
| |
Options Outstanding | | |
Weighted- Average
Exercise Price
per Share | | |
Weighted- Average Remaining Contractual Term
in Years | | |
Aggregate Intrinsic
Value | |
Options outstanding at April 1, 2023: | |
| 600,000 | | |
| 0.33 | | |
| 7.46 | | |
| - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Cancelled
or forfeited | |
| - | | |
| | | |
| | | |
| | |
Options outstanding as of June 30, 2023 | |
| 600,000 | | |
| 0.33 | | |
| 7.21 | | |
| - | |
Options vested and exercisable as of June
30, 2023 | |
| 435,945 | | |
| 0.33 | | |
| | | |
| | |
|
X |
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v3.23.3
Schedule of Antidilutive Securities from the Diluted Per Share (Details) - shares
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Offsetting Assets [Line Items] |
|
|
Anti-dilutive securities |
13,911,036
|
13,401,272
|
Equity Option [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Anti-dilutive securities |
3,500,139
|
2,735,290
|
Common Stock Warrants [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Anti-dilutive securities |
10,410,897
|
10,655,982
|
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Jun. 30, 2023 |
May 11, 2023 |
Jan. 13, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Estimated useful lives of property plant and equipment |
3 years
|
|
|
Principal amount |
|
|
$ 150,000
|
Debt Instrument, Convertible, Terms of Conversion Feature |
We
then computed the present value of the bond components of the Note assuming (1) conversion upon an event of default and (2)
repayment of the Note in full in cash, in each case using a 35% discount factor for a term of 0.86 years, and weighted the resulting
present values based on assumed probabilities of 85% for conversion upon an event of default, 10% for repayment in full and 5% for
complete default. We then applied a 6.4% issuance negotiation discount to the resulting probability-weighted bond value. The 35%
discount rate was calculated by adding the observed issuance spread of 29.6% to the risk-free rate of 5.4% per annum for the
remaining term of 0.86 years. We determined that the amount of derivative liability for the fiscal quarter ended June 30, 2023, as well as the
change from the previous quarter, was not material.
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Principal amount |
|
$ 144,760
|
|
Software Development [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Estimated useful lives of property plant and equipment |
2 years
|
|
|
X |
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v3.23.3
Going Concern (Details Narrative) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net income loss |
$ 782,463
|
$ 948,728
|
Share based compensation |
285,576
|
291,382
|
Cash flows used in operating activities |
416,547
|
$ 974,067
|
Proceeds from convertible debt |
150,000
|
|
Common Stock and Warrant [Member] |
|
|
Proceeds from net of the issuance costs |
$ 700,000
|
|
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v3.23.3
Schedule of Property Plant And Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Estimated useful life |
3 years
|
|
Less: Accumulated depreciation and amortization |
$ (827,664)
|
$ (666,146)
|
Combined intangible assets, property and equipment, net |
$ 478,600
|
650,931
|
Software and Software Development Costs [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated useful life |
2 years
|
|
Intangible assets, property plant and equipment gross |
$ 1,278,062
|
1,278,062
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated useful life |
3 years
|
|
Intangible assets, property plant and equipment gross |
$ 28,202
|
$ 39,105
|
X |
- DefinitionAccumulated depreciation depletion and amortization intangible assets and property plant and equipment.
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- DefinitionThe aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
12 Months Ended |
Jun. 29, 2023 |
Jan. 13, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Legal fees |
|
|
$ 6,663
|
$ 58,058
|
|
Repayments of related party debt |
|
|
25,562
|
|
$ 25,633
|
Prinicipal amount |
|
$ 150,000
|
|
|
|
Debt instrument description |
|
(i) the principal amount thereof
shall equal the amount of salary deferred; (ii) the Notes shall mature on October 1, 2023; (iii) the
Notes shall bear interest at a rate of 10% per annum; (iv) if not repaid by December 31, 2023, there shall be a 50% premium, and if the
Notes are not repaid by their maturity, there shall a 100% premium
|
|
|
|
Convertible Notes Subscription Agreement [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Net proceeds of offering |
$ 150,000
|
$ 150,000
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Liquidation preference price, per share |
|
$ 0.2065
|
|
|
|
Series A Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Liquidation preference price, per share |
$ 0.2065
|
|
|
|
|
Number of shares issued |
1,000,000
|
|
|
|
|
Series A Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Liquidation preference price, per share |
$ 0.4130
|
|
|
|
|
Secured Convertible Promissory Notes [Member] | Private Placement [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Prinicipal amount |
|
$ 150,000
|
|
|
|
Purchase price |
|
$ 150,000
|
|
|
|
Debt instrument interest rate stated percentage |
|
10.00%
|
|
|
|
Debt instrument description |
|
The notes may be prepaid by us at any time. If we prepay the entire outstanding
principal amount of a note on or before April 13, 2023, then there is no prepayment premium. If we prepay the entire outstanding principal
amount of a note between April 14, 2023, and the maturity date, then we must also pay accrued interest on such principal amount in an
amount equal to 50% of such principal amount. If we repay the outstanding principal amount of a note on or after the maturity date, then
we shall also pay accrued interest on such principal amount in an amount equal to 100% of such principal amount
|
|
|
|
Secured Convertible Promissory Notes [Member] | Private Placement [Member] | Investor [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Purchase price |
|
$ 50,000
|
|
|
|
Convertible Promissory Note [Member] | Officer [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Deferred compensation |
|
|
$ 383,652
|
|
|
X |
- DefinitionPer share excess of preference in liquidation over convertible debt instrument's if-converted par or stated value of share.
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- DefinitionAmount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.
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v3.23.3
Stockholders’ Equity (Deficit) (Details Narrative)
|
Jun. 29, 2023
USD ($)
|
May 11, 2023
USD ($)
|
Jan. 13, 2023
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Principal amount |
|
|
$ 150,000
|
|
Deferred Compensation Liability, Current and Noncurrent |
|
|
|
$ 64,583.35
|
Debt Instrument, Description |
|
|
(i) the principal amount thereof
shall equal the amount of salary deferred; (ii) the Notes shall mature on October 1, 2023; (iii) the
Notes shall bear interest at a rate of 10% per annum; (iv) if not repaid by December 31, 2023, there shall be a 50% premium, and if the
Notes are not repaid by their maturity, there shall a 100% premium
|
|
Debt instrument description of variable interest rate |
|
Upon
the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and we will be
obligated to pay to the Lender, in full satisfaction of our obligations, an amount equal to 150% times the sum of (w) the then outstanding
principal amount of the Note plus (x) accrued and unpaid interest on the unpaid principal amount of the Note to the date of payment plus
(y) default interest, if any, at the rate of 22% per annum on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts
owed to the Holder pursuant to the conversion rights referred to below
|
|
|
Debt instrument convertible conversion ratio |
|
0.61
|
|
|
Warrant [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Warrants issued to purchase stock | shares |
|
|
|
10,410,982
|
Warrants exercise price | $ / shares |
|
|
|
$ 0.71
|
Warrants issued | shares |
|
|
|
0
|
Warrants weighted average remaining contractual terms |
|
|
|
3 years 10 months 2 days
|
Series A Preferred Stock [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Debt Instrument, Convertible, Liquidation Preference, Per Share | $ / shares |
|
|
$ 0.2065
|
|
Convertible Notes Subscription Agreement [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Proceeds from Issuance Initial Public Offering |
$ 150,000
|
|
$ 150,000
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Principal amount |
|
$ 144,760
|
|
|
Debt instrument, interest rate |
|
12.00%
|
|
|
Interest charge |
|
$ 17,371
|
|
|
Proceeds from loan originations |
|
125,000
|
|
|
Debt instrument periodic payment principal |
|
18,014.58
|
|
|
Debt instrument periodic payment |
|
$ 162,131.00
|
|
|
Secured Convertible Promissory Notes [Member] | Private Placement [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Principal amount |
|
|
$ 150,000
|
|
Debt Instrument, Description |
|
|
The notes may be prepaid by us at any time. If we prepay the entire outstanding
principal amount of a note on or before April 13, 2023, then there is no prepayment premium. If we prepay the entire outstanding principal
amount of a note between April 14, 2023, and the maturity date, then we must also pay accrued interest on such principal amount in an
amount equal to 50% of such principal amount. If we repay the outstanding principal amount of a note on or after the maturity date, then
we shall also pay accrued interest on such principal amount in an amount equal to 100% of such principal amount
|
|
Debt instrument, interest rate |
|
|
10.00%
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.3
Schedule of Stock Option Activity (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Service Based Stock Option [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Option Outstanding, Number, Beginning Balance |
6,481,013
|
|
Weighted Average Exercise price per share, Ending Option Outstanding |
$ 0.33
|
|
Weighted Average Remaining Contractual Term In Years, Option Outstanding |
7 years 5 months 26 days
|
7 years 8 months 26 days
|
Aggregate Intrinsic Value, Beginning Balance |
|
|
Option Outstanding, Granted |
250,000
|
|
Weighted Average Exercise Price Per Share, Granted |
|
|
Option Outstanding, Exercised |
|
|
Weighted Average Exercise Price Per Share,Exercised |
|
|
Option Outstanding, Cancelled or Forfeited |
|
|
Weighted Average Exercise Price Per Share, Cancelled or forfeited |
|
|
Option Outstanding, Number, Ending Balance |
6,731,013
|
6,481,013
|
Weighted Average Exercise price per share, Ending Option Outstanding |
$ 0.33
|
$ 0.33
|
Aggregate Intrinsic Value, Ending Balance |
|
|
Option Outstanding, Options Exercisable Ending Balance |
3,500,139
|
|
Performance Based Options [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Option Outstanding, Number, Beginning Balance |
600,000
|
|
Weighted Average Exercise price per share, Ending Option Outstanding |
$ 0.33
|
|
Weighted Average Remaining Contractual Term In Years, Option Outstanding |
7 years 2 months 15 days
|
7 years 5 months 15 days
|
Aggregate Intrinsic Value, Beginning Balance |
|
|
Option Outstanding, Granted |
|
|
Option Outstanding, Exercised |
|
|
Option Outstanding, Cancelled or Forfeited |
|
|
Option Outstanding, Number, Ending Balance |
600,000
|
600,000
|
Weighted Average Exercise price per share, Ending Option Outstanding |
|
$ 0.33
|
Aggregate Intrinsic Value, Ending Balance |
|
|
Option Outstanding, Options Exercisable Ending Balance |
435,945
|
|
Weighted Average Exercise price per share, Option Vested and Exercisable |
$ 0.33
|
|
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v3.23.3
Stock- Based Compensation (Details Narrative) - shares
|
May 10, 2022 |
Mar. 18, 2021 |
Aug. 08, 2018 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 15, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
Stock option description |
On May 10, 2022, the Board has approved a plan to increase
the number of shares to 8,000,000 for 2018 plan
|
|
|
|
|
|
Performance Based Options [Member] |
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
Number of stock option vesting description |
|
The Board of Directors also entered into a resolution
whereby 75,000 shares of our common stock underlying the performance-based options would vest immediately and 525,000 shares of our common
stock underlying the performance-based option would vest ratably over a 48-month period with the first vesting date being February 1,
2021
|
|
|
|
|
Number of stock option vesting |
|
75,000
|
|
|
|
|
Performance Based Options [Member] | February 2021 [Member] |
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
Number of stock option vesting |
|
525,000
|
|
|
|
|
2018 Plan [Member] |
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
Stock option, term |
|
|
10 years
|
|
|
|
Common stock, capital shares reserved for future issuance |
|
|
2,000,000
|
|
|
|
Shares available for grant |
|
6,000,000
|
|
1,408,144
|
1,658,144
|
4,000,000
|
2018 Plan [Member] | Mr.Hall [Member] | Performance Based Options [Member] |
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
Number of stock option exercisable |
|
|
|
600,000
|
|
|
X |
- DefinitionAggregate number of common shares reserved for future issuance.
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v3.23.3
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
Feb. 14, 2023 |
Feb. 08, 2023 |
Jun. 07, 2022 |
Oct. 08, 2020 |
Jan. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Registration Payment Arrangement [Line Items] |
|
|
|
|
|
|
|
Damages sought value |
|
|
|
$ 5,100,000
|
|
|
|
Gain on settlement |
|
|
|
|
|
|
$ 540,059
|
Payment of full settlement |
|
$ 750,000
|
|
|
|
|
|
Net payment |
$ 525,000
|
|
|
|
|
|
549,059
|
Legal fees |
|
|
|
|
|
$ 6,663
|
$ 58,058
|
Scarola Schaffzib Zubatov PLLC [Member] |
|
|
|
|
|
|
|
Registration Payment Arrangement [Line Items] |
|
|
|
|
|
|
|
Legal fees |
|
|
|
|
$ 120,000
|
|
|
Settlement Agreement [Member] |
|
|
|
|
|
|
|
Registration Payment Arrangement [Line Items] |
|
|
|
|
|
|
|
Gain on settlement |
|
|
$ 540,059
|
|
|
|
|
Share price |
|
|
$ 0.15
|
|
|
|
|
Joseph Page [Member] |
|
|
|
|
|
|
|
Registration Payment Arrangement [Line Items] |
|
|
|
|
|
|
|
Common stock shares |
|
|
1,500,000
|
|
|
|
|
Joseph Page [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Registration Payment Arrangement [Line Items] |
|
|
|
|
|
|
|
Common stock shares |
|
|
3,600,394
|
|
|
|
|
X |
- DefinitionTotal number of shares of other common stock instruments held by shareholders, such as exchangeable shares. May be all or portion of the number of common shares authorized.
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v3.23.3
Subsequent Events (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
2 Months Ended |
12 Months Ended |
|
|
|
|
Aug. 15, 2023 |
Jul. 11, 2023 |
Sep. 30, 2023 |
Aug. 30, 2023 |
Dec. 31, 2022 |
Aug. 31, 2023 |
Jun. 30, 2023 |
Jan. 13, 2023 |
Dec. 05, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
$ 150,000
|
|
Deferred additional salary |
|
|
|
|
|
|
$ 64,583.35
|
|
|
Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Option exercise price per share |
|
|
|
|
|
|
|
|
$ 0.11
|
Convertible Note [Member] | Mr Jensen [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Restricted Stock Award, Gross |
|
|
|
|
$ 55,000
|
|
|
|
|
Convertible Note [Member] | Mr Yankowitz [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Restricted Stock Award, Gross |
|
|
|
|
$ 21,250
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
484,262
|
|
|
|
|
|
|
|
|
Share price |
$ 0.2065
|
|
|
|
|
|
|
|
|
Warrants to purchase |
245,700
|
|
|
|
|
|
|
|
|
Warrants exercise price |
$ 0.2065
|
|
|
|
|
|
|
|
|
Warrants expire |
Aug. 15, 2028
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Equity Option [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Option exercise price per share |
$ 0.2065
|
|
|
|
|
|
|
|
|
Stock options compensation |
$ 100,000
|
|
|
|
|
|
|
|
|
Stock option, term |
10 years
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.10
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 35,000
|
|
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
Sep. 14, 2025
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
6.00%
|
|
|
|
|
|
|
Subsequent Event [Member] | Convertible Note [Member] | Mr Jensen [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
500,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Convertible Note [Member] | Mr Yankowitz [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
193,182
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Three Investor [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.25
|
|
|
|
|
|
Subsequent Event [Member] | Peter Jensen and Bennett Yankowitz [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Deferred additional salary |
|
|
|
|
|
$ 41,667
|
|
|
|
Series B-1 Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
500,000
|
|
|
|
|
|
Share price |
|
|
|
$ 0.25
|
|
|
|
|
|
Conversion basis |
|
|
|
The
Series B-1 Preferred Stock has a 100% liquidation preference over the common stock and any other future series of preferred stock, payable
in the event of a liquidation or merger of us
|
|
|
|
|
|
Series B-2 Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
400,000
|
|
|
|
|
|
Share price |
|
|
|
$ 0.25
|
|
|
|
|
|
Conversion basis |
|
|
|
The Series B-2 Preferred Stock has a 200% liquidation preference over the common stock and any other future series of
preferred stock, payable in the event of a liquidation or merger of us
|
|
|
|
|
|
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RocketFuel Blockchain (CE) (USOTC:RKFL)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
RocketFuel Blockchain (CE) (USOTC:RKFL)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024