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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
☒ |
Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For
the quarterly period ended September 30, 2024
☐ |
Transition
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For
the transition period from _____ to _______
Commission
File Number: 000-56555
Polomar
Health Services, Inc.
(Exact
name of Registrant as specified in its charter)
Nevada |
|
86-1006313 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
10940
Wilshire Blvd. Suite 1500
Los
Angeles, CA 90024
(Address
of principal executive offices)
(213)
616-0011
(Registrant’s
telephone number, including area code)
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐ Large accelerated filer |
|
☐ Accelerated filer |
☒ Non-accelerated Filer |
|
☒ Smaller reporting company |
|
|
☐ Emerging growth company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 27,655,560
common shares as of November 12, 2024.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
Our
condensed unaudited financial statements included in this Form 10-Q are as follows:
F-1 |
Balance Sheets as of September 30, 2024, and December 31, 2023 (audited). |
|
|
F-2 |
Statements of Operations for the three and nine months ended September 30, 2023, and 2024. |
|
|
F-3 |
Statements of Stockholders’ Deficit for the three months ended September 30, 2023, and the three and nine months ended September 30, 2024. |
|
|
F-4 |
Statements of Cash Flows for the nine months ended September 30, 2024, and September 30, 2023. |
|
|
F-5 |
Notes to Condensed Unaudited Financial Statements |
These
condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments
considered necessary for a fair presentation have been included. Operating results for the interim period ended September 30, 2024, are
not necessarily indicative of the results that can be expected for the full year.
POLOMAR
HEALTH SERVICES, INC.
(formerly
TRUSTFEED CORP.)
BALANCE
SHEETS
| |
September 30, 2024 (unaudited) | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 16,202 | | |
$ | 8,808 | |
Inventory | |
| 139,903 | | |
| 3,459 | |
Total current assets | |
| 156,105 | | |
| 12,267 | |
Property, plant and equipment at cost | |
| 41,458 | | |
| - | |
Leasehold improvements | |
| 49,435 | | |
| - | |
Accumulated Depreciations | |
| (3,163 | ) | |
| - | |
Net property and equipment | |
| 87,730 | | |
| - | |
Other assets | |
| | | |
| | |
Operating lease - right-of-use asset, net | |
| 57,469 | | |
| 81,665 | |
Non-compete agreement, net | |
| - | | |
| 4,167 | |
Intellectual property | |
| 18,975,000 | | |
| - | |
Security deposit | |
| 9,000 | | |
| 9,000 | |
Total other assets | |
| 19,041,469 | | |
| 94,832 | |
Total assets | |
$ | 19,285,304 | | |
$ | 107,099 | |
| |
| | | |
| | |
LIABILITIES AND MEMBERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 86,328 | | |
$ | 39,464 | |
Due to related party | |
| 833,586 | | |
| 30,507 | |
Operating lease - current liability | |
| 33,849 | | |
| 32,484 | |
Total current liabilities | |
| 953,763 | | |
| 102,455 | |
Long-term liabilities | |
| | | |
| | |
Operating lease - long-term liability | |
| 23,620 | | |
| 49,180 | |
Total long-term liabilities | |
| 23,620 | | |
| 49,180 | |
Total liabilities | |
$ | 977,383 | | |
$ | 151,635 | |
| |
| | | |
| | |
Stockholders’ deficit | |
| | | |
| | |
Members’ deficit | |
| | | |
| 140,500 | |
Series A Preferred stock, par value $.001; 500,000 shares
authorized; 0
and 500,000 issued
and outstanding as of September 30, 2024 and December 31, 2023, respectively. | |
| - | | |
| 500 | |
Common stock; $0.001 par value; 295,000,000 shares authorized; 27,655,560 and 109,138,049 shares
issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. issued and outstanding | |
| 27,656 | | |
| 109,138 | |
Additional paid-in capital | |
| 20,472,638 | | |
| 1,275,156 | |
Accumulated deficit | |
| (2,192,373 | ) | |
| (1,569,830 | ) |
Total Stockholders’ deficit | |
| 18,307,921 | | |
| (44,536 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ deficit | |
$ | 19,285,304 | | |
$ | 107,099 | |
The
accompanying notes are an integral part of these unaudited financial statements
POLOMAR
HEALTH SERVICES, INC.
(formerly
TRUSTFEED CORP.)
STATEMENT
OF OPERATIONS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months ended | | |
For the nine months ended | |
| |
September 30 | | |
September 30 | | |
September 30 | | |
September 30 | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
| 9,849 | | |
| 21,457 | | |
| 37,954 | | |
| 24,556 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Goods Sold | |
| 985 | | |
| 1,534 | | |
| 16,121 | | |
| 2,070 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 8,864 | | |
| 19,923 | | |
| 21,833 | | |
| 22,486 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 256,349 | | |
| 147,328 | | |
| 582,119 | | |
| 341,274 | |
Sales and marketing | |
| 11,688 | | |
| 7,273 | | |
| 50,098 | | |
| 27,507 | |
Total operating expenses | |
| 268,037 | | |
| 154,601 | | |
| 632,217 | | |
| 368,781 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (259,173 | ) | |
| (134,678 | ) | |
| (610,384 | ) | |
| (346,295 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expense | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (12,160 | ) | |
| (37,485 | ) | |
| (12,160 | ) | |
| (37,485 | ) |
Total other income (expense) | |
| (12,160 | ) | |
| (37,485 | ) | |
| (12,160 | ) | |
| (37,485 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (271,333 | ) | |
$ | (172,163 | ) | |
$ | (622,544 | ) | |
$ | (383,780 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share: basic and diluted | |
$ | (0.01 | ) | |
$ | (0.00 | ) | |
$ | (0.02 | ) | |
$ | (0.00 | ) |
Basic weighted average common shares outstanding | |
| 27,655,560 | | |
| 109,138,049 | | |
| 27,655,560 | | |
| 109,138,049 | |
The
accompanying notes are an integral part of these unaudited financial statements
POLOMAR
HEALTH SERVICES, INC.
(formerly
TRUSTFEED CORP.)
STATEMENTS
OF STOCKHOLDERS’ DEFICIT
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Preferred Stock | | |
Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, June 30, 2023 | |
| 500,000 | | |
$ | 500 | | |
| 108,564,879 | | |
$ | 108,565 | | |
$ | 1,169,729 | | |
$ | (1,193,449 | ) | |
$ | 85,345 | |
Common stock issued for cash | |
| - | | |
| - | | |
| 573,170 | | |
$ | 573 | | |
$ | 105,427 | | |
| - | | |
$ | 106,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (172,163 | ) | |
$ | (172,163 | ) |
Balance, September 30, 2023 | |
| 500,000 | | |
$ | 500 | | |
| 109,138,049 | | |
$ | 109,138 | | |
$ | 1,275,156 | | |
$ | (1,365,611 | ) | |
$ | 19,182 | |
| |
Preferred Stock | | |
Common Stock/LLC interests | | |
Additional
Paid-in | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, December 31, 2023 | |
| 500,000 | | |
$ | 500 | | |
| 109,138,049 | | |
$ | 249,638 | | |
$ | 1,275,156 | | |
$ | (1,569,830 | ) | |
$ | (44,536 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (160,468 | ) | |
$ | (160,468 | ) |
Balance, March 31, 2024 | |
| 500,000 | | |
$ | 500 | | |
| 109,138,049 | | |
$ | 249,638 | | |
$ | 1,275,156 | | |
$ | (1,730,298 | ) | |
$ | (205,004 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (190,742 | ) | |
$ | (190,742 | ) |
Balance, June 30, 2024 | |
| 500,000 | | |
$ | 500 | | |
| 109,138,049 | | |
$ | 249,638 | | |
$ | 1,275,156 | | |
$ | (1,921,040 | ) | |
$ | (395,746 | ) |
Balance | |
| 500,000 | | |
$ | 500 | | |
| 109,138,049 | | |
$ | 249,638 | | |
$ | 1,275,156 | | |
$ | (1,921,040 | ) | |
$ | (395,746 | ) |
Reverse merger | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | |
Conversion
of preferred stock | |
| (500,000 | ) | |
$ | (500 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (500 | ) |
Conversion
and issuance of common stock | |
| | | |
| | | |
| (81,482,489 | ) | |
$ | (81,482) | | |
$ | 19,197,482 | | |
| | | |
$ | 19,116,000 | |
Conversion
of Acquiree’s LLC member interests | |
| - | | |
| - | | |
| - | | |
$ | (140,500 | ) | |
| - | | |
| - | | |
$ | (140,500 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (271,333 | ) | |
$ | (271,333 | ) |
Balance, September 30, 2024 | |
| - | | |
| - | | |
| 27,655,560 | | |
$ | 27,656 | | |
$ | 20,472,638 | | |
$ | (2,192,373 | ) | |
$ | 18,307,921 | |
Balance | |
| - | | |
| - | | |
| 27,655,560 | | |
$ | 27,656 | | |
$ | 20,472,638 | | |
$ | (2,192,373 | ) | |
$ | 18,307,921 | |
The
accompanying notes are an integral part of these unaudited financial statements
POLOMAR
HEALTH SERVICES, INC.
(formerly
TRUSTFEED CORP.)
STATEMENTS
OF CASH FLOWS
September
30, 2024
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the nine months ended | |
| |
September 30 | | |
September 30 | |
| |
2024 | | |
2023 | |
Cash Flows from Operating Activities | |
| | | |
| | |
Net loss | |
$ | (622,544 | ) | |
$ | (383,780 | ) |
Changes in assets and liabilities | |
| | | |
| | |
Bad debt | |
| - | | |
| 20,000 | |
Forgiveness of receivable - related party | |
| - | | |
| 37,432 | |
Inventory | |
| (136,443 | ) | |
| - | |
Depreciation and Amortization | |
| 7,330 | | |
| - | |
Accounts receivable | |
| - | | |
| 10,000 | |
Prepaid expenses | |
| - | | |
| 5,865 | |
Security deposit | |
| - | | |
| (9,000 | ) |
Accounts payable and accrued liabilities | |
| 46,865 | | |
| 5,291 | |
Net cash used in operating activities | |
| (704,792 | ) | |
| (314,191 | ) |
Cash flows from investing activities | |
| | | |
| | |
Purchases of property, plant and equipment | |
| (90,893 | ) | |
| (132,000 | ) |
Net cash used in investing activities | |
| (90,893 | ) | |
| (132,000 | ) |
Cash Flows from Financing Activities | |
| | | |
| | |
Due from related party | |
| (30,507 | ) | |
| (183,318 | ) |
Proceeds from short-term borrowings | |
| 833,586 | | |
| 1,392 | |
Proceeds from the issuance of common stock | |
| - | | |
| 439,044 | |
Net cash from financing activities | |
| 803,079 | | |
| 257,118 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 7,394 | | |
| (189,073 | ) |
| |
| | | |
| | |
Cash, beginning of period | |
| 8,808 | | |
| 225,619 | |
| |
| | | |
| | |
Cash, end of period | |
$ | 16,202 | | |
$ | 36,546 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information | |
| | | |
| | |
Cash paid for interest | |
$ | 9,128 | | |
$ | 495 | |
Cash paid for taxes | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited financial statements
POLOMAR
HEALTH SERVICES, INC.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
SEPTEMBER
30, 2024
NOTE
1 – NATURE AND DESCRIPTION OF BUSINESS
Corporate
History and Capital Structure
The Company was incorporated in the State of Nevada on September 14, 2000, under the name of Telemax Communications. On or about July 24, 2003,
the name was changed to Healthmed Services Ltd. The Company had no operations and in accordance with Accounting Standards Codification
(ASC) Topic 915 was considered to be in the development stage.
On
April 16, 2021, Fastbase, Inc., a Nevada corporation (“Fastbase”), and SCI Inc. entered into a Share Purchase Agreement with
Mr. James Shipley, the owner 50,000,000 shares of Series A Convertible Preferred Stock in Trustfeed Corp. (“Trustfeed” or
“Company”) for the purchase of 4,750,000 shares of Series A Convertible Preferred Stock for cash consideration of $108,200
USD. Mr. Shipley agreed to cancel 45,000,000 shares in the process. The transaction closed on April 21, 2021.
On
September 14, 2021, Trustfeed entered into a Contribution Agreement (the “Contribution Agreement”) with Fastbase for the
acquisition of certain assets of Fastbase in exchange for shares of super voting preferred stock in the Company. The assets were associated
with Fastbase’s review platform giving access to information about products, which includes proprietary software to crawl, organize,
verify, with A.I. rendering, algorithms to do data mining, and an A.I. rendering database of companies, websites, contacts and approximately
500,000 products descriptions. The Company paid for the assets contributed by issuing to Fastbase 45,000,000 shares of the Company’s
Series A Convertible Preferred Stock. As a result of these transactions, there was a change in control of the Company and Fastbase acquired
voting control over all aspects of the Company, including the election of directors, and other corporate actions of the Company that
require shareholder approval.
On
September 2, 2022, Trustfeed conducted a reverse split in which each shareholder was issued one common share in exchange for every two
thousand common shares of their then-currently issued common stock. On the market effective date of the reverse split, September 2, 2022,
there were a total of 266,157 issued and outstanding shares of common stock. In addition to the reverse split, the Company changed its
name to Trustfeed Corp.
On
November 4, 2022:
|
● |
Trustfeed cancelled all
outstanding shares of Series A Preferred Stock, save 500,000 shares of Series A Convertible Preferred Stock which were outstanding
and then held by Fastbase. |
|
|
|
|
● |
Trustfeed reduced its authorized
shares of common stock, par value $0.001 per share, from 1,000,000,000 shares to 295,000,000 shares. Trustfeed also reduced the authorized
shares of preferred stock, par value $0.001 per share, from 75,000,000 shares to 500,000 shares. As of November 4, 2022, Trustfeed
had authorized 295,000,000 shares of common stock and 500,000 shares of preferred stock, each with par value of $0.001 per share. |
|
|
|
|
● |
Trustfeed amended and restated
its Certificate of Designation for the Series A Preferred Stock to reduce the number of authorized shares of preferred stock designated
and available from 50,000,000 shares to 500,000 shares, with the same conversion ratio of 20 shares of common stock for every share
of Series A Preferred Stock. |
|
|
|
|
● |
Trustfeed filed Certificates
of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following
the transaction, the only designated and outstanding shares of preferred stock are the Company’s Series A Preferred Stock. |
Historically,
Trustfeed was in the business of acquiring, leasing, and licensing growers for the cultivation and production (processing and distribution
of cannabis and cannabis-related products within an incubator environment). The Company was also in the business of renewable fresh water
and real estate. As a result of the change in ownership of the Company in 2021 by Fastbase, the Company became a technology company with
access to a global database of information to provide consumers with trusted information about the companies they do business with (the
“Pre-Existing Business”).
However,
effective as of December 29, 2023 in accordance with a Stock Purchase Agreement, Fastbase, the then record and beneficial owner of (i)
90,437,591 shares of Common Stock of the Company, representing approximately 83% of Trustfeed’s issued and outstanding Common Stock
(the “Common Shares”), and (ii) 500,000 shares of the Series A Convertible Preferred Stock, par value $.001 per share, of
Trustfeed, representing 100% of the Trustfeed’s issued and outstanding shares of Preferred Stock (the “Preferred Shares”
and, with the Common Shares, the “Transferred Shares”), sold the Transferred Shares to CWR 1, LLC, a Delaware limited liability
company (“CWR”) for aggregate consideration of $350,000 (collectively referred to as the “Transaction”). Additionally,
Trustfeed’s then Chief Executive Officer (principal executive officer, principal accounting officer and principal financial officer)
and Chairman and sole member of the Company’s Board of Directors (the “Board”), resigned from all director (as of February
12, 2024), officer and employment positions with Trustfeed and its subsidiaries.
Also
as of December 29, 2023, the size of the Board was increased from one director to two directors and Brett Rosen was appointed as a director
to fill the vacancy, to serve as director until the next annual meeting of stockholders of Trustfeed, and Mr. Rosen was appointed President,
Chief Financial Officer, Secretary and Treasurer of Trustfeed.
Upon
the consummation of the Transaction on December 29, 2023, Trustfeed experienced a change in control. The Transaction and related transactions
had the following consequences:
|
● |
New management anticipated
entering into a future transaction involving the Company, which could result in the acquisition of one or more businesses, companies
or asset classes, including but not limited to intellectual property assets and that may be owned by affiliates of management. |
|
|
|
|
● |
The Company’s new
management evaluated the Company’s Pre-Existing Business as part of these possible future transactions, and had suspended operations
relating to the Pre-Existing Business, with the expectation of permanently shutting down, spinning off or assigning the Pre-Existing
Business at the time of such future transaction(s). |
Effective
as of March 21, 2024, Brett Rosen resigned from all of his officer and director positions with the Company, and he was replaced in all
such positions by Terrence M. Tierney. In furtherance of Mr. Tierney’s appointment as the Company’s sole executive officer,
the Company, Mr. Tierney and an affiliate of Mr. Tierney, have entered into a Professional Services Agreement (the “Services Agreement”).
Pursuant to the terms of the Services Agreement, among other things, Mr. Tierney, directly or through his affiliate, will fill the role
of President, Chief Financial Officer, Secretary and Treasurer of the Company and otherwise act as the Company’s principal executive
officer and principal financial officer.
The
term of the Agreement was for an initial term ending on the earlier of five months from the effective date or the filing of the Company’s
Form 10-Q for the accounting period ending June 30, 2024, and it may be extended by mutual consent or earlier terminated in the event
of certain “cause” events as specified in the Agreement.
Merger
Agreement
On
June 28, 2024, Trustfeed, Polomar Acquisition, L.L.C., a Florida limited liability company, and wholly owned subsidiary of Trustfeed
(“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) entered into
an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, subject to the terms and
conditions of the Merger Agreement, Merger
Sub will merge with and into Polomar, with Polomar continuing as the surviving company (the
“Surviving Company”) and a wholly owned subsidiary of Trustfeed (the “Merger”).
At
the effective time of the Merger on September 30, 2024 (the “Effective Time”), each 1% of the outstanding membership interest
of Polomar will be automatically converted into the right to receive 2,074,141.47 shares
of Company common stock (the “Exchange Ratio”). Following the consummation of the Merger, at the Effective Time, former members
of Polomar owned an aggregate of 75% of Trustfeed and then-existing stockholders of Trustfeed owned an aggregate of 25% of Trustfeed.
At or prior to the Effective Time, CWR, Trustfeed’s then majority owner with an 83.3% beneficial ownership stake in Trustfeed,
converted its 500,000 shares of Company Series A Convertible Preferred Stock into 10,000,000 shares of common stock, and returned for
cancellation 50,000,000 shares of the Company’s common stock for cancellation. Affiliates of CWR 1 or other related parties owned
a majority of the membership interests of Polomar immediately prior to the Effective Time.
On
September 30, 2024, the Merger and the other transactions described in the Merger Agreement were consummated. The Merger is considered
a “reverse merger” as the historical financial statements of Polomar, the accounting acquirer, have been substituted for
the historical financial statements of Trustfeed. As a result of the Merger, the Company ceased commercializing the Pre-Existing Business.
As
a result of the Merger, the Company operates Polomar Specialty Pharmacy, a State of Florida licensed retail compounding pharmacy, located
in Palm Harbor, FL, pursuant to license # PH35196. Polomar Specialty Pharmacy is also licensed as a Special Sterile Compounding Pharmacy,
permit #PH35277, which authorizes the licensed entity to dispense injectable and other sterile compounds (eye drops, infused therapeutics)
upon receipt of a valid prescription. The compounding facility operates pursuant to guidelines established under Sec. 503A “Compounding
Pharmacy” of the Federal Food, Drug and Cosmetic Act. Section 503A authorizes the licensed entity to manufacture compounded drugs
and fulfill prescriptions provided to it by licensed physicians. As a result, the Company is presently authorized to fulfill and deliver
compounded prescribed medications in 28 states. The Company is also actively seeking approval and authorization in other states and expects
to be able to provide prescription medications in a majority of U.S. states by the end of 2025. The Company also anticipates applying
for a drug export permit in early 2025.
As
part of the Merger, the Company acquired SlimRxTM (slimrx.com), a weight loss focused online platform that connects patients
with licensed physicians to prescribe weight loss medications such as semaglutide (Ozempic, Wegovy, Rybelsus) and while originally, the
Company expected to fulfill tirzepatide (Monjouro, Zepbound) prescriptions through SlimRx, since the Food and Drug Administration removed
tirzepatide from its drug shortage list, the Company no longer intends to fulfill prescriptions for that drug. SlimRx filed an application
for statutory trademark protection on August 29, 2024. The prescriptions issued via SlimRx are fulfilled by the Company. The Company
also expects to launch PoloMedsTM (polomeds.com) during the fourth quarter of 2024 to fulfill prescriptions for diabetes medications
including metformin compounds, sulfonylureas, and insulin; compounded erectile dysfunction medications sildenafil (Viagra) and tadalafil
(Cialis) and Polomar’s prescription only, exclusive dermatological formulations co-developed by a board-certified dermatologist
for the treatment of acne, alopecia areata, basal cell carcinoma, Becker’s nevus, vitiligo, and other common skin conditions.
An
integral part of the Company’s business model is to provide prescription fulfillment services for third party web based tele-health
platforms. This “wholesale” part of the business is expected to experience steady growth over the next twelve to eighteen
months.
Merger
Valuation
The
Company utilized the following process to determine the fair market value of $18,975,000 for the acquisition of all of Polomar Specialty
Pharmacy’s intellectual property, intangible assets and plant and equipment.
We
utilized a three-step process to determine the fair value of Synergistic Equity Value of the Company:
1.
we determined the aggregate equity value of Polomar. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the market approach, specifically the guideline public company method;
and (ii) the income approach, specifically the discounted cash flow method.
2.
we determined the aggregate equity value of Trustfeed. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the asset-based approach, specifically the adjusted book value method.
3.
we added the fair value of equity of Trustfeed and Polomar arrive at the Fair Value of Synergistic Equity Value of the Company.
We
used a two-step process to determine the fair value of the Transaction Consideration:
1.
we divided the fair value of Synergistic Equity Value of the Company by Trustfeed’s postclosing shares outstanding to arrive at
the per share equity value of the Company.
2.
we multiplied the per share equity value by the number of shares owned by current Company shareholders to arrive at the fair value of
Transaction Consideration.
License
Agreement
On
June 29, 2024, Trustfeed executed a Know How and Patent License Agreement (the “Agreement”) with Pinata Holdings, Inc., a
Delaware corporation (“Pinata”), to license from Pinata certain patent pending intellectual property rights and know how
(the “IP Rights”) regarding the proprietary delivery of products containing metformin, sumatriptan, semaglutide, liraglutide
and sildenafil (the “Ingredients”). The license is worldwide, non-exclusive and non-transferable but may be sub-licensed
pursuant to the terms of the Agreement.
The
Company shall be obligated to pay a royalty to Pinata ranging from ten percent (10%) to twenty percent (20%) of the net sales from products
utilizing the IP Rights containing the Ingredients.
The
Agreement has a perpetual term, subject to the right of either party to terminate (a) if the other party commits a material breach of
its obligations under the Agreement and fails to cure such breach and (b) at any time upon 180 days prior written notice to the other
party.
It
is the Company’s intention to utilize the IP Rights in products expected to be manufactured and distributed by it.
Pinata
is an affiliate of CWR.
License
Agreement Valuation
As
of the date of this filing the Company has not utilized any of the licensed intellectual property and has incurred no expenses or realized
any revenues from the license agreement. The Company presently values this agreement at -0-.
Additional
Corporate Actions
On
July 11, 2024, CWR, then a majority holder of Trustfeed’s voting stock, and the board of directors of the Company, approved the
following corporate actions:
|
1. |
To
authorize and approve an amendment to the Company’s Articles of Incorporation, as amended (the “Existing
Articles”), to effect a change of name from “Trustfeed Corp.” to “Polomar Health Services,
Inc.”. |
|
2. |
To authorize and approve
an amendment to the Existing Articles to effect an increase in the number of authorized shares of the Company’s “blank
check” preferred stock to 5,000,000. |
|
3. |
To authorize, but not require,
an amendment to the Existing Articles, to effect a reverse stock split with a ratio of 1-for-10. |
|
4. |
To
adopt the Company’s Certificate of Amendment to the Existing Articles, which makes no material changes to the
Company’s Existing Articles other than incorporating the amendments described in Actions (1), (2) and (3) above. |
|
5. |
To adopt the Company’s
2024 Equity and Incentive Compensation Plan (the “Incentive Plan”). |
As
of the Balance Sheet date, none of the foregoing corporate actions have been implemented other than the adoption of the Incentive Plan.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
The
financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and
the rules and regulations of the OTC Markets alternative reporting standard for interim financial information. Accordingly, they do not
include all the information necessary for a comprehensive presentation of financial position and results of operations.
It
is management’s opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made
which are necessary for a fair financial statement presentation. The results for the interim period are not necessarily indicative of
the results to be expected for the year.
Use
of estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
significantly from those estimates.
Cash
and cash equivalents
For
the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered
to be cash equivalents. The carrying value of these investments approximates fair value. The Company did not have any cash equivalents
as of September 30, 2024, and September 30, 2023.
Stock-based
compensation
The
Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges
its equity instruments for goods or services, including with a primary focus on transactions in which an entity obtains employee services
in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,”
and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,”
and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an
award of equity instruments based on the grant date fair value of the award (with limited exceptions). Incremental compensation costs
arising from subsequent modifications of awards after the grant date must be recognized.
Earnings
per share
The
Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share calculations are determined by dividing
net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
Revenue
recognition
The
Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard
Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers,
which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity
the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize
revenue when or as the entity satisfied a performance obligation.
Revenue
recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining
performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability
is probable and associated taxes are owed.
Fair
value of financial instruments
The
Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level
valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. To increase consistency and comparability in fair
value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value
hierarchy defined by ASC 820 are:
Level
1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level
2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability
through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level
3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation
of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets
or liabilities.
As
defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received
to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants
at the measurement date.
The
reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of
factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments
that could have been realized as of March 31, 2024, or that will be recognized in the future, and do not include expenses that could
be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts
receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and
third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related
parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to
the Company for similar financial arrangements at September 30, 2024, and September 30, 2023.
Intangible Assets
The Company accounts for intangible assets (trademarks,
copyrights, licenses, customer lists, R&D, trade secrets) and other non-physical assets at cost.
Going
Concern
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and
commitments in the normal course of business.
Management
evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the
consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to
continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability
to generate revenues and raise capital. The Company has not generated any revenues to provide sufficient cash flows to enable the
Company to finance its operations internally. As of September 30, 2024, the Company had $16,202 cash on hand. As of September 30,
2024, the Company has an accumulated deficit of $2,192,373.
For the nine months ended September 30, 2024, the Company had a net loss of $622,544 and
cash used in operations of $704,792.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date
of filing.
Over
the next twelve months, management plans to raise additional capital and to invest its working capital resources in its newly acquired
business from Polomar and in other potential business opportunities. However, there is no guarantee the Company will raise sufficient
capital to continue operations. The condensed unaudited financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
Recent
accounting pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
NOTE
3 – RELATED PARTY TRANSACTIONS
Due
to related party
During
the nine months ended September 30, 2024, Trustfeed and Polomar borrowed an aggregate of $821,425 from a related party for payment of
operating expenses, as follows:
On
August 13, 2024, Reprise Management, Inc., a California corporation affiliated with CWR (“Reprise”), issued an unsecured
promissory note to Polomar (the “Polomar Note”), pursuant to which Polomar could borrow up to an aggregate principal amount
of $700,000. The Polomar Note bears 12% per annum, simple interest up to and through December 31, 2024 (the “Initial Period”),
after the Initial Period and up to and including the date on which the Polomar Note is paid in full, the interest rate shall be equal
to 15% per annum, simple interest. Interest shall accrue on a quarterly basis and shall be due and payable on the maturity date, which
is July 31, 2025. The unpaid principal balance of the Polomar Note, together with all accrued and unpaid interest, fees and other amounts
due thereunder, shall be due and payable in full on the maturity date. As of September 30, 2024, there was $633,430, including accrued
interest, outstanding on the Promissory Note.
Effective
August 16, 2024, Trustfeed entered into a Promissory Note and Loan Agreement (the “Trustfeed Note”), as the borrower, with
CWR, as the lender. Pursuant to the terms of the Note, CWR agrees to loan to Trustfeed up to $250,000
in one or more advances from time to time. An
initial draw under the Trustfeed Note in the amount of $157,622.56
was made, which funds are being used to repay
CWR all amounts due to CWR pursuant to prior undocumented loans provided by CWR to Trustfeed. The outstanding principal of, and any and
all accrued and unpaid interest with respect to the Trustfeed Note, is due and payable on July
31, 2025 (the “Maturity Date”). The
Trustfeed Note bears interest on the outstanding principal amount thereof at a variable rate as follows: (i) up to and including September
30, 2024 (the “Initial Period”), an interest rate equal to the prime interest rate as published in the Wall Street Journal
– Money Rates, plus 5.0% per annum, simple interest and (ii) after the Initial Period, and up to and including the date on which
this Note is paid in full, an interest rate equal to the prime interest rate as published, on the first day of each month thereafter,
in the Wall Street Journal – Money Rates, plus 5.0% per annum, simple interest. Interest shall be calculated based on a year consisting
of 365 days and the actual number of days elapsed. Interest shall accrue on a calendar quarterly basis, on September 30, 2024, December
31, 2024, March 31, 2025, September 30, 2025, and shall be due and payable on the Maturity Date.
The Company may prepay all or any portion of the outstanding obligations of the Note at any time without penalty or premium. As of September
30, 2024, there was $200,156
including accrued interest, outstanding on the Promissory Note. As of September 30, 2024, and December 31, 2023, the Company had amounts
due to related party of $833,586 and
$30,507,
respectively.
For
additional related party transactions, see “Note 1-Nature and Description of Business-Merger Agreement” and “Note 1-Nature
and Description of Business-License Agreement”
NOTE
4 – STOCKHOLDERS’ DEFICIT
The
Company is authorized to issue 295,000,000
shares of common stock with a par value of $0.001
as of September 30, 2024, and December 31, 2023. On November 4, 2023, Polomar reduced its authorized shares of common stock, par
value $0.001
per share, from 1,000,000,000
shares to 295,000,000
shares. On
September 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the
Corporation’s common stock at a ratio of up to 1:2,000 at a time and exact ratio amount the Board of Directors deems
appropriate. On
March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the
Company’s Board of Directors. The Company had 119,138,049
and 109,138,049
issued and outstanding shares of common stock as of September 30, 2024, and December 31, 2023, respectively. The net loss per share
is ($0.02)
as of September 30, 2024, and ($0.00)
as of September 30, 2023. See Note “5-Subsequent Events” below.
The
Company also has 500,000
authorized shares of preferred stock with a par value of $0.001
of which the Company has designated -0-
shares and 500,000 shares as Series A Preferred Stock as of September 30, 2024, and December 31, 2023. On November 4, 2023, Polomar
reduced its authorized shares of preferred stock, par value $0.001
per share, from 50,000,000
shares to 500,000
shares. Each share of Series A Preferred Stock is convertible, at any time, at the option of the holder into fully paid and
non-assessable shares of common stock at the rate of 20
shares of common stock for each share held. In addition, the
holders of the Series A Preferred shares have voting rights equal to 20 votes for each Preferred share held. See Note
“5-Subsequent Events” below.
On
November 4, 2023, Polomar filed Certificates of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred
Stock and Series C Preferred Stock. Following the filings, the only designated and outstanding shares of preferred stock were the Company’s
Series A Preferred Stock. No shares of Series B Preferred Stock or Series C Preferred Stock are authorized, issued or outstanding.
On
September 12, 2024, Trustfeed issued 10,000,000 shares of common stock of the Company to CWR, the holder of 500,000 shares of the
Series A Convertible Preferred Stock of the Company (the “Preferred Stock”), upon the conversion in full of the Preferred
Stock in accordance with its terms.
As
of September 30, 2024, and December 31, 2023, -0- and 500,000 shares of Series A Preferred stock are authorized, issued and outstanding.
NOTE
5 – SUBSEQUENT EVENTS
On
October 9, 2024, pursuant to the terms of the Merger Agreement, CWR returned 50,000,000 shares of the Company’s common stock
for cancellation. See “Note 1-Nature and Description of Business-Merger Agreement”. Also, in October 2024, pursuant to
the terms of the Merger Agreement, the Company issued an aggregate of 207,414,147 (pre-split) shares of its common stock to the
former Polomar members in the Merger.
On
October 24, 2024, a majority of the members of the Board of Directors voted to extend the Professional Services Agreement between Trustfeed
and Mr. Tierney through December 31, 2024, by mutual consent of all the parties to the agreement.
On
November 1, 2024, Polomar effected a 10 for 1 reverse stock split. Accordingly, as of November 1, 2024, there are 27,655,560 shares of
common stock of Polomar issued and outstanding.
Also
on November 1, 2024, the Company amended the Existing Articles to effect an increase in the number of authorized shares of the Company’s
“blank check” preferred stock to 5,000,000.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements
This
quarterly report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future
economic performance or management’s plans and objectives for our future operations. In some cases, you can identify forward-looking
statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”,
“believes”, “estimates”, “predicts”, “potential” or “continue” or the negative
of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties
and other factors, including the risks in the section entitled “Risk Factors” and the risks set out below, any of which may
cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any
future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. These risks
include, by way of example and not in limitation:
|
● |
the uncertainty of profitability
based upon our history of losses; |
|
● |
legislative or regulatory
changes concerning platforms with data about companies; |
|
● |
risks related to failure
to obtain adequate financing on a timely basis and on acceptable terms to continue as going concern; |
|
● |
risks related to our operations
and uncertainties related to our business plan and business strategy; |
|
● |
changes in economic conditions; |
|
● |
uncertainty with respect
to intellectual property rights, protecting those rights and claims of infringement of other’s intellectual property; |
|
● |
competition; and |
|
● |
cybersecurity concerns. |
This
list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be
considered carefully, including those contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our
Current Report on Form 8-K dated October 4, 2024, in each case under “Risk Factors,” and readers should not place undue reliance
on our forward-looking statements. Forward looking statements are made based on management’s beliefs, estimates and opinions on
the date the statements are made, and we undertake no obligation to update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Except
as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results. Our financial statements are stated in United States dollars (US$) and are
prepared in accordance with United States Generally Accepted Accounting Principles.
Company
Overview
We
were incorporated in the State of Nevada on September 14, 2000, under the name of Telemax Communications. On or about July 24, 2003,
the name was changed to Healthmed Services, Ltd. The Company had no operations and in accordance with Accounting Standards Codification
(ASC) Topic 915 was considered to be in the development stage.
On
April 16, 2021, Fastbase, Inc., a Nevada corporation (“Fastbase”), and SCI Inc. entered into a Share Purchase Agreement with
Mr. James Shipley, the owner 50,000,000 shares of our Series A Convertible Preferred Stock, for the purchase of 4,750,000 shares of Series
A Convertible Preferred Stock for cash consideration of $108,200. Mr. Shipley agreed to cancel 45,000,000 shares in the process. The
transaction closed on April 21, 2021.
On
September 14, 2021, the Company entered into a Contribution Agreement (the “Contribution Agreement”) with Fastbase for the
acquisition of certain assets of Fastbase in exchange for shares of super voting preferred stock in the Company. The assets were associated
with Fastbase’s review platform giving access to information about products, which includes proprietary software to crawl, organize,
verify, with A.I. rendering, algorithms to do data mining, and an A.I. rendering database of companies, websites, contacts and approximately
500,000 products descriptions. The Company paid for the assets contributed by issuing to Fastbase 45,000,000 shares of the Company’s
Series A Convertible Preferred Stock. As a result of these transactions, there was a change in control of the Company and Fastbase acquired
voting control over all aspects of the Company, including the election of directors, and other corporate actions of the Company that
require shareholder approval.
On
September 2, 2022, the Company conducted a reverse split in which each shareholder was issued one common share in exchange for every
two thousand common shares of their then-currently issued common stock. On the market effective date of the reverse split, September
2, 2022, there were a total of 266,157 issued and outstanding shares of common stock. In addition to the reverse split, the Company changed
its name to Trustfeed Corp.
Also
on November 4, 2022:
|
● |
The Company cancelled all
outstanding shares of Series A Preferred Stock, save 500,000 shares of Series A Convertible Preferred Stock which were outstanding
and then held by Fastbase. |
|
|
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|
● |
The Company reduced its
authorized shares of common stock, par value $0.001 per share, from 1,000,000,000 shares to 295,000,000 shares. Polomar also reduced
the authorized shares of preferred stock, par value $0.001 per share, from 75,000,000 shares to 500,000 shares. As of November 4,
2022, Polomar had authorized 295,000,000 shares of common stock and 500,000 shares of preferred stock, each with par value of $0.001
per share. |
|
|
|
|
● |
The Company amended and
restated its Certificate of Designation for the Series A Preferred Stock to reduce the number of authorized shares of preferred stock
designated and available from 50,000,000 shares to 500,000 shares, with the same conversion ratio of 20 shares of common stock for
every share of Series A Preferred Stock. |
|
|
|
|
● |
The Company filed Certificates
of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following
the transaction, the only designated and outstanding shares of preferred stock are the Company’s Series A Preferred Stock. |
Historically,
we were in the business of acquiring, leasing, and licensing growers for the cultivation and production (processing and distribution
of cannabis and cannabis-related products within an incubator environment). The Company was also in the business of renewable fresh water
and real estate. As a result of the change in ownership of the Company in 2021 by Fastbase, the Company became a technology company with
access to a global database of information to provide consumers with trusted information about the companies they do business with (the
“Pre-Existing Business”).
However,
effective as of December 29, 2023 in accordance with a Stock Purchase Agreement, Fastbase, the then record and beneficial owner of (i)
90,437,591 shares of Common Stock of the Company, representing approximately 83% of the Company’s issued and outstanding Common
Stock (the “Common Shares”), and (ii) 500,000 shares of the Series A Convertible Preferred Stock, par value $.001 per share,
of the Company, representing 100% of the Company’s issued and outstanding shares of Preferred Stock (the “Preferred Shares”
and, with the Common Shares, the “Transferred Shares”), sold the Transferred Shares to CWR 1, LLC, a Delaware limited liability
Company (“CWR”) for aggregate consideration of $350,000 (collectively referred to as the “Transaction”). Additionally,
Rasmus Refer, the Company’s then Chief Executive Officer (principal executive officer, principal accounting officer and principal
financial officer) and Chairman and sole member of the Company’s Board of Directors (the “Board”), resigned from all
director (as of February 12, 2024), officer and employment positions with the Company and its subsidiaries.
Also
as of December 29, 2023, the size of the Board was increased from one director to two directors and Brett Rosen was appointed as a director
to fill the vacancy, to serve as director until the next annual meeting of stockholders of the Company, and Mr. Rosen was appointed President,
Chief Financial Officer, Secretary and Treasurer of the Company.
Upon
the consummation of the Transaction on December 29, 2023, the Company experienced a change in control. The Transaction and related transactions
had the following consequences:
|
● |
New management anticipated
entering into a future transaction involving the Company, which could result in the acquisition of one or more businesses, companies
or asset classes, including but not limited to intellectual property assets and that may be owned by affiliates of management. |
|
|
|
|
● |
The Company’s new
management evaluated the Company’s Pre-Existing Business as part of these possible future transactions, and had suspended our
operations relating to the Pre-Existing Business, with the expectation of permanently shutting down, spinning off or assigning the
Pre-Existing Business at the time of such future transaction(s). |
Effective
as of March 21, 2024, Brett Rosen resigned from all of his officer and director positions with the Company, and he was replaced in all
such positions by Terrence M. Tierney.
Merger
Agreement
On
June 28, 2024, the Company, Polomar Acquisition, L.L.C., a Florida limited liability company and wholly owned subsidiary of the Company
(“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) entered into
an Agreement and Plan of Merger and Reorganization (as amended on September 30, 2024, the “Merger Agreement”), pursuant to
which, subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into Polomar, with Polomar continuing
as the surviving company (the “Surviving Company”) and a wholly owned subsidiary of the Company (the “Merger”).
At
the effective time of the Merger on September 30, 2024 (the “Effective Time”), each 1% of the outstanding membership interest
of Polomar will be automatically converted into the right to receive 2,074,141.47 shares
of Company common stock (the “Exchange Ratio”). Following the consummation of the Merger, at the Effective Time, former members
of Polomar owned an aggregate of 75% of the Company and then-existing stockholders of the Company owned an aggregate of 25% of the Company.
At or prior to the Effective Time, CWR 1, LLC, the Company’s then-majority owner with an 83.3% beneficial ownership stake in the
Company, converted its 500,000 shares of Company Series A Convertible Preferred Stock into 10,000,000 shares of Company common stock,
and returned for cancellation 50,000,000 shares of the Company’s common stock for cancellation. Affiliates or other related parties
of CWR owned a majority of the membership interests of Polomar immediately prior to the Effective Time.
On
September 30, 2024, the Merger and the other transactions described in the Merger Agreement were consummated. The Merger is considered
a “reverse merger” as the historical financial statements of Polomar, the accounting acquirer, have been substituted for
the historical financial statements of Trustfeed. As a result of the Merger, the Company ceased commercializing the Pre-Existing Business
and now operates Polomar Specialty Pharmacy, a State of Florida licensed retail compounding pharmacy, located in Palm Harbor, FL, pursuant
to license # PH35196. Polomar Specialty Pharmacy is also licensed as a Special Sterile Compounding Pharmacy, permit #PH35277, which authorizes
the licensed entity to dispense injectable and other sterile compounds (eye drops, infused therapeutics) upon receipt of a valid prescription.
The compounding facility operates pursuant to guidelines established under Sec. 503A “Compounding Pharmacy” of the Federal
Food, Drug and Cosmetic Act. Section 503A authorizes the licensed entity to manufacture compounded drugs and fulfill prescriptions provided
to it by licensed physicians. As a result, the Company is presently authorized to fulfill and deliver compounded prescribed medications
in 28 states. The Company is also actively seeking approval and authorization in other states and expects to be able to provide prescription
medications in a majority of U.S. states by the end of 2025. The Company also anticipates applying for a drug export permit in early
2025.
As
part of the Merger, the Company acquired SlimRxTM (slimrx.com), a weight loss focused online platform that connects
patients with licensed physicians to prescribe weight loss medications such as semaglutide (Ozempic, Wegovy, Rybelsus) and while
originally, the Company expected to fulfill tirzepatide (Monjouro, Zepbound) prescriptions through SlimRx, since the Food and Drug
Administration removed tirzepatide from its drug shortage list, the Company no longer intends to fulfill prescriptions for that
drug. SlimRx filed an application for statutory trademark protection on August 29, 2024. The prescriptions issued via SlimRx are
fulfilled by the Company. The Company also expects to launch PoloMedsTM (polomeds.com) during the fourth quarter of 2024
to fulfill prescriptions for diabetes medications including metformin compounds, sulfonylureas, and insulin; compounded erectile
dysfunction medications sildenafil (Viagra) and tadalafil (Cialis) and Polomar’s prescription only, exclusive dermatological
formulations co-developed by a board-certified dermatologist for the treatment of acne, alopecia areata, basal cell carcinoma,
Becker’s nevus, vitiligo, and other common skin conditions.
An
integral part of the Company’s business model is to provide prescription fulfillment services for third party web based tele-health
platforms. This “wholesale” part of the business is expected to experience steady growth over the next twelve to eighteen
months.
Merger
Valuation
The
Company utilized the following process to determine the fair market value of $18,975,000 for the acquisition of all of Polomar Specialty
Pharmacy’s intellectual property, intangible assets and plant and equipment.
We
utilized a three-step process to determine the fair value of Synergistic Equity Value of the Company:
1.
we determined the aggregate equity value of Polomar. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the market approach, specifically the guideline public company method;
and (ii) the income approach, specifically the discounted cash flow method.
2.
we determined the aggregate equity value of Trustfeed. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the asset-based approach, specifically the adjusted book value method.
3.
we added the fair value of equity of Trustfeed and Polomar arrive at the Fair Value of Synergistic Equity Value of the Company.
We
used a two-step process to determine the fair value of the Transaction Consideration:
1.
we divided the fair value of Synergistic Equity Value of the Company by Trustfeed’s postclosing shares outstanding to arrive at
the per share equity value of the Company.
2.
we multiplied the per share equity value by the number of shares owned by current Company shareholders to arrive at the fair value of
Transaction Consideration.
License
Agreement
On
June 29, 2024, Polomar Health Services, Inc., a Nevada corporation (“Company”), executed a Know How and Patent License Agreement
(the “Agreement”) with Pinata Holdings, Inc., a Delaware corporation (“Pinata”), to license from Pinata certain
patent pending intellectual property rights and know how (the “IP Rights”) regarding the proprietary delivery of products
containing metformin, sumatriptan, semaglutide, liraglutide and sildenafil (the “Ingredients”). The license is worldwide,
non-exclusive and non-transferable but may be sub-licensed pursuant to the terms of the Agreement.
The
Company shall be obligated to pay a royalty to Pinata ranging from ten percent (10%) to twenty percent (20%) of the net sales from products
utilizing the IP Rights containing the Ingredients.
The
Agreement has a perpetual term, subject to the right of either party to terminate (a) if the other party commits a material breach of
its obligations under the Agreement and fails to cure such breach and (b) at any time upon 180 days prior written notice to the other
party.
It
is the Company’s intention to utilize the IP Rights in products expected to be manufactured and distributed by it.
License
Agreement Valuation
As
of the date of this filing the Company has not utilized any of the licensed intellectual property and has incurred no expenses or realized
any revenues from the license agreement. The Company presently values this agreement at -0-.
Results
of Operations for the Three and Nine Months Ended September 30, 2024, and September 30, 2023
Revenues
The
Company had revenues of $9,849 and $37,954 for the three and nine months ended September 30, 2024, compared to revenues of $21,457 and
$24,556 for the three and nine months ended September 30, 2023. The increase in revenues over the previous accounting periods was primarily
due to the Company’s fulfillment of medical prescriptions.
Operating
expenses, which consisted mainly of general and administrative expenses, increased to $280,197 for the three months ended September 30,
2024, from $154,061 for the three months ended September 30, 2023, an approximately 82% increase, and to $644,377 for the nine months
ended September 30, 2024, from $368,781 for the same period ended September 30, 2023, an approximately 75% increase from the period ended
September 30, 2023.
Our
operating expenses for the nine months ended September 30, 2024, consisted mainly of legal and accounting fees associated with our SEC
filings of $115,497 and payroll of $220,957. In comparison, our operating expenses for the nine months ended September 30, 2023, consisted
mainly of programming fees of $82.945 and consulting fees of $58,739.
Net
Loss
We
recorded a net loss of $271,333 and $622,544 for the three and nine months ended September 30, 2024, respectively, as compared with a
net loss of $172,163 and $383,780 for the three and nine months ended September 30, 2023, respectively, in all cases as a result of the
expenses incurred and insufficient revenues generated during the respective periods, as described further above.
Liquidity
and Capital Resources
To
date, we have has not generated material revenues from operations. We have incurred losses since inception and negative cash flows from
operating activities for all periods presented. As of September 30, 2024, we had total current assets of $156,105 and total
current liabilities of $953,763. We had working capital of ($797,658) as of September 30, 2024, as compared with ($90,187) as of December
31, 2023.
We
currently do not have sufficient cash to fund our operations for the next 12 months and we require additional working capital for ongoing
operating expenses, which has been funded during the nine-month period ended September 30, 2024, by related party loans. We anticipate
adding consultants or employees for the corresponding operations of the Company, but this will not occur prior to obtaining additional
capital.
Management
is currently in the process of looking for additional investors. Currently, loans from banks or other traditional lending sources for
lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital to fund operations
through related party debt or through the issuance of our restricted common stock. The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis,
which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Management
evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated
financial statements are issued and determined that substantial doubt exists about the Company’s ability to continue as a going
concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability to generate revenues
and raise capital. The Company has not generated revenues to provide sufficient cash flows to enable the Company to finance its operations
internally. As of September 30, 2024, the Company had $16,202 cash on hand and had
an accumulated deficit of $2,192,373. For the nine months ended September 30, 2024, the Company had a net loss of $622,544 and cash used
in operations of $704,792. These factors raise substantial doubt about the Company’s ability to continue as a going concern within
one year from the date of filing.
Over
the next twelve months management plans to raise additional capital and to invest its working capital resources in its existing business
and other potential business opportunities. However, there is no guarantee the Company will raise sufficient capital to continue operations.
The condensed unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue
as a going concern.
Cash
Flows
Net
cash used in operating activities was $(704,792) for the nine months ended September 30, 2024, as compared with $(314,191) net cash used
in operating activities for the nine months ended September 30, 2023. The increase in the net cash used in operating activities was due
primarily to increased staffing and facility expenses
Net
cash used in investing activities was $(90,893) for the nine months ended September 30, 2024, as compared with $(132,000) net cash used
in investing activities for the nine months ended September 30, 2023. The decrease in the net cash used in investing activities was due
to mainly to fewer purchases of durable equipment.
Financing activities provided $803,079 in cash for the nine months ended
September 30, 2024, as compared with $257,118 for the nine months ended September 30, 2023. Our financing cash flow for 2024 consisted
mainly of proceeds from related party debt and for 2023 it consisted of proceeds from the issuance of common stock.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
A
smaller reporting company is not required to provide the information required by this Item.
Item
4. Controls and Procedures Disclosure Controls and Procedures
We
carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2023. This evaluation was carried out under the supervision and with the participation
of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective due to the presence of material
weaknesses in internal control over financial reporting.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that,
as of December 31, 2023, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective
risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both US GAAP and SEC guidelines.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting during the three months ended September 30, 2024, that have materially
affected, or are reasonable likely to materially affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors,
or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.
Item
1A. Risk Factors
See
risk factors included in our Annual Report on Form 10-K filed on April 15, 2024, and in our Current Report on Form 8-K dated October 4,
2024.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
All
unregistered issuances of equity securities during the period covered by this quarterly report have been previously disclosed on our
Current Reports on Form 8-K.
Item
3. Defaults upon Senior Securities
None
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
During
the three months ended September 30, 2024, no director or officer, as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934,
as amended, of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408(a) of Regulation S-K.
Item
6. Exhibits
Exhibit
Number Description of Exhibit
2.1 |
Contribution Agreement, dated September 14, 2021 (3) |
2.2 |
Agreement and Plan of Merger and Reorganization, dated June 28, 2024 (4) |
2.3 |
Waiver and Amendment Agreement, dated September 30, 2024, to Agreement and Plan of Merger and Reorganization, dated June 28, 2024 |
3.1 |
Articles of Incorporation, dated September 14, 2000 (1) |
3.2 |
Certificate of Amendment, dated July 24, 2003 (1) |
3.3 |
Certificate of Change, dated April 27, 2010 (2) |
3.4 |
Certificate of Amendment, dated May 3, 2011 (3) |
3.5 |
Certificate of Amendment, dated March 6, 2019 (3) |
3.6 |
Certificate of Amendment, September 23, 2021 (3) |
3.7 |
Certificate of Change, September 23, 2021 (3) |
3.8 |
Bylaws (1) |
3.9 |
Amended and Restated Articles of Incorporation, dated October 10, 2024 (5) |
4.1 |
Certificate of Amendment, dated November 7, 2022 (3) |
4.2 |
Amended and Restated Certificate of Designation for Series A Preferred Stock, dated November 7, 2022 (3) |
4.3 |
Certificate of Withdrawal for Series B Preferred Stock, dated November 7, 2022 (3) |
4.4 |
Certificate of Withdrawal for Series C Preferred Stock, dated November 7, 2022 (3) |
10.1 |
Promissory Note and Loan Agreement dated August 16, 2024 (6) |
14.1 |
Code of Ethics |
31.1 |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 |
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
Inline XBRL Instance -
The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
Inline XBRL Taxonomy Extension
Schema. |
101.CAL |
Inline XBRL Taxonomy Extension
Calculation. |
101.DEF |
Inline XBRL Taxonomy Extension
Definition. |
101.LAB |
Inline XBRL Taxonomy Extension
Labels. |
101.PRE |
Inline XBRL Taxonomy Extension
Presentation. |
104 |
Cover Page Interactive
Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(1) | Incorporated
by reference to Registration Statement on Form S-1 filed July 21, 2008 |
(2) | Incorporated
by reference to the Registration Statement on 8-K filed with the Securities and Exchange
Commission on September 10, 2010 |
(3) | Incorporated
by reference to Registration Statement on Form 10 filed May 31, 2023 |
(4) | Incorporated
by Reference to the Current Report on Form 8-K filed July 2, 2024 |
(5) | Incorporated
by Reference to the Current Report on Form 8-K filed October 17, 2024 |
(6) | Incorporated
by Reference to the Current Report on Form 8-K filed August 21, 2024 |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Polomar
Health Services, Inc. |
|
|
|
|
Date: |
November 19, 2024 |
|
|
|
|
By: |
/s/
Terrence M. Tierney |
|
|
Terrence M. Tierney |
|
Title: |
Interim President, Interim Chief Financial Officer
and Director |
|
|
(Principal Executive Officer, Principal Accounting
Officer and Principal Financial Officer) |
|
Exhibit
2.3
WAIVER
AND AMENDMENT AGREEMENT
WAIVER
AND AMENDMENT AGREEMENT (this “Agreement”), dated as of September 30, 2024, by and among Trustfeed Corp., a Nevada corporation
(“Parent”), Polomar Acquisition, L.L.C., a Florida limited liability company (“Merger Sub”) and a wholly owned
subsidiary of Parent, and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (the “Company”). Capitalized
terms used herein but not otherwise defined shall have the meanings ascribed to those terms in the Merger Agreement (as defined below).
WHEREAS,
Parent, Merger Sub and the Company entered into that certain Agreement and Plan of Merger and Reorganization dated as of June 28,
2024 (the “Merger Agreement”); and
WHEREAS,
the Parties wish to amend the Merger Agreement and waive certain closing conditions described therein pursuant to the terms and conditions
contained in this Agreement, and to confirm the parties’ intention to proceed towards the Closing.
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1.
All of the above recitals are hereby incorporated by reference and made part of this Agreement.
2.
The Company hereby waives any and all breaches and/or defaults, if any, by Parent under Section 4.2 of the Merger Agreement.
3.
Parent hereby waives any and all breaches and/or defaults, if any, by the Company under Section 4.1 of the Merger Agreement.
4.
Section 5.14 of the Merger Agreement is hereby amended and restated in its entirety as follows:
“Cancellation
of Parent Capital Stock. On or prior to the Closing Date, Parent shall redeem or otherwise acquire from its majority shareholder,
for cancellation, 50,000,000 shares of Parent Capital Stock.”
5.
The Company hereby waives the closing conditions described in Section 6.3(f) and Section 6.3(h).
6.
The definition of “Exchange Ratio” in Exhibit A of the Merger Agreement is hereby amended by replacing “357,414.14”
and replacing same with “2,074,141.47”.
7.
By executing this Agreement, each Party hereby waives, releases and discharges any and all claims or causes of action, if any, of every
kind and nature whatsoever, whether at law or in equity, arising at or prior to the date hereof, which it may have against the other
Parties and/or its officers and employees in connection with this Agreement.
8.
Except as specifically provided in this Agreement, the Merger Agreement shall continue in full force and effect in accordance with its
terms.
9.
This Agreement may be executed in counterparts, each of which will be deemed an original document, but all of which together shall constitute
but a single document. An executed facsimile or .pdf of this Agreement shall be deemed to be a valid and binding agreement between the
parties hereto.
[Remainder
of Page Intentionally Left Blank; Signature Page Follows]
IN
WITNESS WHEREOF, the undersigned hereby agree to the terms and conditions as set forth hereinabove.
|
TRUSTFEED CORP. |
|
|
|
|
By: |
/s/
Terrence M. Tierney |
|
Name: |
Terrence M. Tierney |
|
Title: |
Interim President & Interim Chief Financial Officer |
|
POLOMAR SPECIALTY PHARMACY, LLC |
|
|
|
|
By: |
/s/ Kimberly Mattera |
|
Name: |
Kimberly Mattera |
|
Title: |
Manager, Authorized Signatory |
|
POLOMAR
ACQUISITION, L.L.C.
|
|
|
|
|
By: |
/s/ Terrence M.
Tierney |
|
Name: |
Terrence M. Tierney |
|
Title: |
Manager |
Exhibit
14.1
CODE
OF ETHICS
Polomar
Health Services, Inc. (“Polomar”) will conduct its business honestly and ethically wherever we operate in the world. We will
constantly improve the quality of our services, products and operations and will create a reputation for honesty, fairness, respect,
responsibility, integrity, trust and sound business judgment. No illegal or unethical conduct on the part of officers, directors, employees
or affiliates is in the company’s best interest.
Polomar
will not compromise its principles for short-term advantage. The ethical performance of this company is the sum of the ethics of the
employees who work here. Thus, we are all expected to adhere to high standards of personal integrity. Officers, directors, and employees
of the company must never permit their personal interests to conflict, or appear to conflict, with the interests of the company, its
clients or affiliates. They must be particularly careful to avoid representing Polomar in any transaction with others with whom there
is any outside business affiliation or
relationship.
They shall avoid using their company contacts to advance their private business or personal interests at the expense of the company,
its clients or affiliates.
No
bribes, kickbacks or other similar remuneration or consideration shall be given to any person or organization in order to attract or
influence business activity. Officers, directors and employees shall avoid gifts, gratuities, fees, bonuses or excessive entertainment,
in order to attract or influence business activity.
Officers,
directors and employees of Polomar will often come into contact with, or have possession of,
proprietary,
confidential or business-sensitive information and must take appropriate steps to assure that such information is strictly safeguarded.
This information – whether it’s on behalf of our company or any of our clients or affiliates – could include strategic
business plans, operating results, marketing strategies, customer lists, personnel records, upcoming acquisitions and divestitures, new
investments, and manufacturing costs, processes and methods.
Proprietary,
confidential and sensitive business information about this company, other companies, individuals and entities should be treated with
sensitivity and discretion and only be disseminated on a need-to-know basis.
Misuse
of material inside information in connection with trading in the company’s securities can expose an individual to civil liability
and penalties.
Directors,
officers, and employees in possession of material information not available to
the
public are “insiders.” Spouses, friends, suppliers, brokers, and others outside the company who may have acquired the information
directly or indirectly from a director, officer or employee are also “insiders.” This prohibits insiders from trading in,
or recommending the sale or purchase of, the company’s securities, while such inside information is regarded as “material”,
or if it’s important enough to influence you or any other person in the purchase or sale of securities of any company with which
we do business, which could be affected by the insider information.
The
following guidelines should be followed in dealing with inside information:
Until
the material information has been publicly released by the company, an employee must not disclose it to anyone except those within the
company whose positions require use of the information.
Employees
must not buy or sell the company’s securities when they have knowledge of material information concerning the company until it
has been disclosed to the public and the public has had sufficient time to absorb the information.
Officers,
directors, and employees will seek to report all information accurately and honestly, and as otherwise required by applicable reporting
requirements.
Officers,
directors, and employees will refrain from gathering competitor intelligence by illegitimate means and refrain from acting on knowledge
which has been gathered in such a manner. The officers, directors, and employees of Polomar will seek to avoid exaggerating or disparaging
comparisons of the services and competence of their competitors.
Officers,
directors, and employees will obey all Equal Employment Opportunity laws and act with respect and responsibility towards others in all
of their dealings.
Officers,
directors, and employees agree to disclose unethical, dishonest, fraudulent, and illegal behavior, or the violation of company policies
and procedures, directly to management.
Violation
of this Code of Ethics can result in discipline, including possible termination. The degree of discipline relates in part to whether
there was a voluntary disclosure of any ethical violation and whether or not the violator cooperated in any subsequent investigation.
|
The Board of Directors |
|
Polomar Health Services, Inc. |
|
October 11, 2024 |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Terrence M. Tierney, certify that:
|
1. |
I have reviewed this quarterly
report on Form 10-Q of Polomar Health Services, Inc. |
|
|
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
a. |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
|
Date: November
19, 2024 |
|
|
|
/s/ Terrence
M. Tierney |
|
Terrence M. Tierney |
|
Interim President and Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Terrence M. Tierney, certify that:
|
1. |
I have reviewed this quarterly
report on Form 10-Q of Polomar Health Services, Inc. |
|
|
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report. |
|
|
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure
controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared. |
|
|
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
a. |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
|
Date: November 19, 2024 |
|
|
|
/s/ Terrence
M. Tierney |
|
Terrence M. Tierney |
|
Interim 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 Polomar Health Services, Inc. (the “Company”) on Form 10-Q for the period ended September
30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Terrence M. Tierney,
President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the
Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the company.
|
/s/
Terrence M. Tierney |
|
Terrence M. Tierney |
|
Interim
President and Chief Financial Officer
(Principal
Executive Officer, Principal Accounting Officer and Principal Financial Officer) |
|
November 19, 2024 |
v3.24.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 12, 2024 |
Cover [Abstract] |
|
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Document Type |
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|
|
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false
|
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|
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|
|
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Q3
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-56555
|
|
Entity Registrant Name |
Polomar
Health Services, Inc.
|
|
Entity Central Index Key |
0001265521
|
|
Entity Tax Identification Number |
86-1006313
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
10940
Wilshire Blvd. Suite 1500
|
|
Entity Address, City or Town |
Los
Angeles
|
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CA
|
|
Entity Address, Postal Zip Code |
90024
|
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616-0011
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v3.24.3
Balance Sheets - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 16,202
|
$ 8,808
|
Inventory |
139,903
|
3,459
|
Total current assets |
156,105
|
12,267
|
Property, plant and equipment at cost |
41,458
|
|
Leasehold improvements |
49,435
|
|
Accumulated Depreciations |
(3,163)
|
|
Net property and equipment |
87,730
|
|
Other assets |
|
|
Operating lease - right-of-use asset, net |
57,469
|
81,665
|
Non-compete agreement, net |
|
4,167
|
Intellectual property |
18,975,000
|
|
Security deposit |
9,000
|
9,000
|
Total other assets |
19,041,469
|
94,832
|
Total assets |
19,285,304
|
107,099
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
86,328
|
39,464
|
Due to related party |
833,586
|
30,507
|
Operating lease - current liability |
33,849
|
32,484
|
Total current liabilities |
953,763
|
102,455
|
Long-term liabilities |
|
|
Operating lease - long-term liability |
23,620
|
49,180
|
Total long-term liabilities |
23,620
|
49,180
|
Total liabilities |
977,383
|
151,635
|
Stockholders’ deficit |
|
|
Members’ deficit |
|
140,500
|
Series A Preferred stock, par value $.001; 500,000 shares authorized; 0 and 500,000 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. |
|
500
|
Common stock; $0.001 par value; 295,000,000 shares authorized; 27,655,560 and 109,138,049 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. issued and outstanding |
27,656
|
109,138
|
Additional paid-in capital |
20,472,638
|
1,275,156
|
Accumulated deficit |
(2,192,373)
|
(1,569,830)
|
Total Stockholders’ deficit |
18,307,921
|
(44,536)
|
Total liabilities and stockholders’ deficit |
$ 19,285,304
|
$ 107,099
|
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v3.24.3
Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Jul. 11, 2024 |
Dec. 31, 2023 |
Nov. 04, 2023 |
Nov. 03, 2023 |
Nov. 04, 2022 |
Nov. 03, 2022 |
Sep. 02, 2022 |
Preferred stock, par value |
|
|
$ 0.001
|
|
|
$ 0.001
|
|
|
Preferred Stock, Shares Authorized |
|
5,000,000
|
500,000
|
|
|
500,000
|
75,000,000
|
|
Common stock, par value |
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
|
|
Common stock, shares authorized |
295,000,000
|
|
295,000,000
|
295,000,000
|
1,000,000,000
|
295,000,000
|
1,000,000,000
|
|
Common stock, shares issued |
27,655,560
|
|
109,138,049
|
|
|
|
|
266,157
|
Common stock, shares outstanding |
27,655,560
|
|
109,138,049
|
|
|
|
|
266,157
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock, par value |
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
Preferred Stock, Shares Authorized |
0
|
|
500,000
|
500,000
|
50,000,000
|
500,000
|
50,000,000
|
|
Preferred stock, shares issued |
0
|
|
500,000
|
|
|
|
|
|
Preferred stock, shares outstanding |
0
|
|
500,000
|
|
|
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Statement of Operations - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 9,849
|
$ 21,457
|
$ 37,954
|
$ 24,556
|
Cost of Goods Sold |
985
|
1,534
|
16,121
|
2,070
|
Gross Profit |
8,864
|
19,923
|
21,833
|
22,486
|
Operating expenses |
|
|
|
|
General and administrative |
256,349
|
147,328
|
582,119
|
341,274
|
Sales and marketing |
11,688
|
7,273
|
50,098
|
27,507
|
Total operating expenses |
268,037
|
154,601
|
632,217
|
368,781
|
Loss from operations |
(259,173)
|
(134,678)
|
(610,384)
|
(346,295)
|
Other expense |
|
|
|
|
Interest expense |
(12,160)
|
(37,485)
|
(12,160)
|
(37,485)
|
Total other income (expense) |
(12,160)
|
(37,485)
|
(12,160)
|
(37,485)
|
Net loss |
$ (271,333)
|
$ (172,163)
|
$ (622,544)
|
$ (383,780)
|
Net loss per common share: basic |
$ (0.01)
|
$ (0.00)
|
$ (0.02)
|
$ (0.00)
|
Net loss per common share: diluted |
$ (0.01)
|
$ (0.00)
|
$ (0.02)
|
$ (0.00)
|
Basic weighted average common shares outstanding |
27,655,560
|
109,138,049
|
27,655,560
|
109,138,049
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.3
Statements of Stockholders' Deficit - USD ($)
|
Series A Preferred Stock [Member]
Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Jun. 30, 2023 |
$ 500
|
$ 108,565
|
$ 1,169,729
|
$ (1,193,449)
|
$ 85,345
|
Balance, shares at Jun. 30, 2023 |
500,000
|
108,564,879
|
|
|
|
Common stock issued for cash |
|
$ 573
|
105,427
|
|
106,000
|
Common stock issued for cash, shares |
|
573,170
|
|
|
|
Net loss |
|
|
|
(172,163)
|
(172,163)
|
Balance at Sep. 30, 2023 |
$ 500
|
$ 109,138
|
1,275,156
|
(1,365,611)
|
19,182
|
Balance, shares at Sep. 30, 2023 |
500,000
|
109,138,049
|
|
|
|
Balance at Dec. 31, 2023 |
$ 500
|
$ 249,638
|
1,275,156
|
(1,569,830)
|
(44,536)
|
Balance, shares at Dec. 31, 2023 |
500,000
|
109,138,049
|
|
|
|
Net loss |
|
|
|
(160,468)
|
(160,468)
|
Balance at Mar. 31, 2024 |
$ 500
|
$ 249,638
|
1,275,156
|
(1,730,298)
|
(205,004)
|
Balance, shares at Mar. 31, 2024 |
500,000
|
109,138,049
|
|
|
|
Balance at Dec. 31, 2023 |
$ 500
|
$ 249,638
|
1,275,156
|
(1,569,830)
|
(44,536)
|
Balance, shares at Dec. 31, 2023 |
500,000
|
109,138,049
|
|
|
|
Net loss |
|
|
|
|
(622,544)
|
Balance at Sep. 30, 2024 |
|
$ 27,656
|
20,472,638
|
(2,192,373)
|
18,307,921
|
Balance, shares at Sep. 30, 2024 |
|
27,655,560
|
|
|
|
Balance at Mar. 31, 2024 |
$ 500
|
$ 249,638
|
1,275,156
|
(1,730,298)
|
(205,004)
|
Balance, shares at Mar. 31, 2024 |
500,000
|
109,138,049
|
|
|
|
Net loss |
|
|
|
(190,742)
|
(190,742)
|
Balance at Jun. 30, 2024 |
$ 500
|
$ 249,638
|
1,275,156
|
(1,921,040)
|
(395,746)
|
Balance, shares at Jun. 30, 2024 |
500,000
|
109,138,049
|
|
|
|
Net loss |
|
|
|
(271,333)
|
(271,333)
|
Reverse merger, shares |
|
|
|
|
|
Conversion of preferred stock |
$ (500)
|
|
|
|
(500)
|
Conversion of preferred stock, shares |
(500,000)
|
|
|
|
|
Conversion and issuance of common stock |
|
$ (81,482)
|
19,197,482
|
|
19,116,000
|
Conversion and issuance of common stock, shares |
|
(81,482,489)
|
|
|
|
Conversion of Acquiree’s LLC member interests |
|
$ (140,500)
|
|
|
(140,500)
|
Balance at Sep. 30, 2024 |
|
$ 27,656
|
$ 20,472,638
|
$ (2,192,373)
|
$ 18,307,921
|
Balance, shares at Sep. 30, 2024 |
|
27,655,560
|
|
|
|
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v3.24.3
Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Cash Flows from Operating Activities |
|
|
Net loss |
$ (622,544)
|
$ (383,780)
|
Changes in assets and liabilities |
|
|
Bad debt |
|
20,000
|
Forgiveness of receivable - related party |
|
37,432
|
Inventory |
(136,443)
|
|
Depreciation and Amortization |
7,330
|
|
Accounts receivable |
|
10,000
|
Prepaid expenses |
|
5,865
|
Security deposit |
|
(9,000)
|
Accounts payable and accrued liabilities |
46,865
|
5,291
|
Net cash used in operating activities |
(704,792)
|
(314,191)
|
Cash flows from investing activities |
|
|
Purchases of property, plant and equipment |
(90,893)
|
(132,000)
|
Net cash used in investing activities |
(90,893)
|
(132,000)
|
Cash Flows from Financing Activities |
|
|
Due from related party |
(30,507)
|
(183,318)
|
Proceeds from short-term borrowings |
833,586
|
1,392
|
Proceeds from the issuance of common stock |
|
439,044
|
Net cash from financing activities |
803,079
|
257,118
|
Net increase (decrease) in cash |
7,394
|
(189,073)
|
Cash, beginning of period |
8,808
|
225,619
|
Cash, end of period |
16,202
|
36,546
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
9,128
|
495
|
Cash paid for taxes |
|
|
X |
- DefinitionIncrease decrease in security deposit.
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v3.24.3
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (271,333)
|
$ (190,742)
|
$ (160,468)
|
$ (172,163)
|
$ (622,544)
|
$ (383,780)
|
X |
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v3.24.3
NATURE AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
NATURE AND DESCRIPTION OF BUSINESS |
NOTE
1 – NATURE AND DESCRIPTION OF BUSINESS
Corporate
History and Capital Structure
The Company was incorporated in the State of Nevada on September 14, 2000, under the name of Telemax Communications. On or about July 24, 2003,
the name was changed to Healthmed Services Ltd. The Company had no operations and in accordance with Accounting Standards Codification
(ASC) Topic 915 was considered to be in the development stage.
On
April 16, 2021, Fastbase, Inc., a Nevada corporation (“Fastbase”), and SCI Inc. entered into a Share Purchase Agreement with
Mr. James Shipley, the owner 50,000,000 shares of Series A Convertible Preferred Stock in Trustfeed Corp. (“Trustfeed” or
“Company”) for the purchase of 4,750,000 shares of Series A Convertible Preferred Stock for cash consideration of $108,200
USD. Mr. Shipley agreed to cancel 45,000,000 shares in the process. The transaction closed on April 21, 2021.
On
September 14, 2021, Trustfeed entered into a Contribution Agreement (the “Contribution Agreement”) with Fastbase for the
acquisition of certain assets of Fastbase in exchange for shares of super voting preferred stock in the Company. The assets were associated
with Fastbase’s review platform giving access to information about products, which includes proprietary software to crawl, organize,
verify, with A.I. rendering, algorithms to do data mining, and an A.I. rendering database of companies, websites, contacts and approximately
500,000 products descriptions. The Company paid for the assets contributed by issuing to Fastbase 45,000,000 shares of the Company’s
Series A Convertible Preferred Stock. As a result of these transactions, there was a change in control of the Company and Fastbase acquired
voting control over all aspects of the Company, including the election of directors, and other corporate actions of the Company that
require shareholder approval.
On
September 2, 2022, Trustfeed conducted a reverse split in which each shareholder was issued one common share in exchange for every two
thousand common shares of their then-currently issued common stock. On the market effective date of the reverse split, September 2, 2022,
there were a total of 266,157 issued and outstanding shares of common stock. In addition to the reverse split, the Company changed its
name to Trustfeed Corp.
On
November 4, 2022:
|
● |
Trustfeed cancelled all
outstanding shares of Series A Preferred Stock, save 500,000 shares of Series A Convertible Preferred Stock which were outstanding
and then held by Fastbase. |
|
|
|
|
● |
Trustfeed reduced its authorized
shares of common stock, par value $0.001 per share, from 1,000,000,000 shares to 295,000,000 shares. Trustfeed also reduced the authorized
shares of preferred stock, par value $0.001 per share, from 75,000,000 shares to 500,000 shares. As of November 4, 2022, Trustfeed
had authorized 295,000,000 shares of common stock and 500,000 shares of preferred stock, each with par value of $0.001 per share. |
|
|
|
|
● |
Trustfeed amended and restated
its Certificate of Designation for the Series A Preferred Stock to reduce the number of authorized shares of preferred stock designated
and available from 50,000,000 shares to 500,000 shares, with the same conversion ratio of 20 shares of common stock for every share
of Series A Preferred Stock. |
|
|
|
|
● |
Trustfeed filed Certificates
of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following
the transaction, the only designated and outstanding shares of preferred stock are the Company’s Series A Preferred Stock. |
Historically,
Trustfeed was in the business of acquiring, leasing, and licensing growers for the cultivation and production (processing and distribution
of cannabis and cannabis-related products within an incubator environment). The Company was also in the business of renewable fresh water
and real estate. As a result of the change in ownership of the Company in 2021 by Fastbase, the Company became a technology company with
access to a global database of information to provide consumers with trusted information about the companies they do business with (the
“Pre-Existing Business”).
However,
effective as of December 29, 2023 in accordance with a Stock Purchase Agreement, Fastbase, the then record and beneficial owner of (i)
90,437,591 shares of Common Stock of the Company, representing approximately 83% of Trustfeed’s issued and outstanding Common Stock
(the “Common Shares”), and (ii) 500,000 shares of the Series A Convertible Preferred Stock, par value $.001 per share, of
Trustfeed, representing 100% of the Trustfeed’s issued and outstanding shares of Preferred Stock (the “Preferred Shares”
and, with the Common Shares, the “Transferred Shares”), sold the Transferred Shares to CWR 1, LLC, a Delaware limited liability
company (“CWR”) for aggregate consideration of $350,000 (collectively referred to as the “Transaction”). Additionally,
Trustfeed’s then Chief Executive Officer (principal executive officer, principal accounting officer and principal financial officer)
and Chairman and sole member of the Company’s Board of Directors (the “Board”), resigned from all director (as of February
12, 2024), officer and employment positions with Trustfeed and its subsidiaries.
Also
as of December 29, 2023, the size of the Board was increased from one director to two directors and Brett Rosen was appointed as a director
to fill the vacancy, to serve as director until the next annual meeting of stockholders of Trustfeed, and Mr. Rosen was appointed President,
Chief Financial Officer, Secretary and Treasurer of Trustfeed.
Upon
the consummation of the Transaction on December 29, 2023, Trustfeed experienced a change in control. The Transaction and related transactions
had the following consequences:
|
● |
New management anticipated
entering into a future transaction involving the Company, which could result in the acquisition of one or more businesses, companies
or asset classes, including but not limited to intellectual property assets and that may be owned by affiliates of management. |
|
|
|
|
● |
The Company’s new
management evaluated the Company’s Pre-Existing Business as part of these possible future transactions, and had suspended operations
relating to the Pre-Existing Business, with the expectation of permanently shutting down, spinning off or assigning the Pre-Existing
Business at the time of such future transaction(s). |
Effective
as of March 21, 2024, Brett Rosen resigned from all of his officer and director positions with the Company, and he was replaced in all
such positions by Terrence M. Tierney. In furtherance of Mr. Tierney’s appointment as the Company’s sole executive officer,
the Company, Mr. Tierney and an affiliate of Mr. Tierney, have entered into a Professional Services Agreement (the “Services Agreement”).
Pursuant to the terms of the Services Agreement, among other things, Mr. Tierney, directly or through his affiliate, will fill the role
of President, Chief Financial Officer, Secretary and Treasurer of the Company and otherwise act as the Company’s principal executive
officer and principal financial officer.
The
term of the Agreement was for an initial term ending on the earlier of five months from the effective date or the filing of the Company’s
Form 10-Q for the accounting period ending June 30, 2024, and it may be extended by mutual consent or earlier terminated in the event
of certain “cause” events as specified in the Agreement.
Merger
Agreement
On
June 28, 2024, Trustfeed, Polomar Acquisition, L.L.C., a Florida limited liability company, and wholly owned subsidiary of Trustfeed
(“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) entered into
an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, subject to the terms and
conditions of the Merger Agreement, Merger
Sub will merge with and into Polomar, with Polomar continuing as the surviving company (the
“Surviving Company”) and a wholly owned subsidiary of Trustfeed (the “Merger”).
At
the effective time of the Merger on September 30, 2024 (the “Effective Time”), each 1% of the outstanding membership interest
of Polomar will be automatically converted into the right to receive 2,074,141.47 shares
of Company common stock (the “Exchange Ratio”). Following the consummation of the Merger, at the Effective Time, former members
of Polomar owned an aggregate of 75% of Trustfeed and then-existing stockholders of Trustfeed owned an aggregate of 25% of Trustfeed.
At or prior to the Effective Time, CWR, Trustfeed’s then majority owner with an 83.3% beneficial ownership stake in Trustfeed,
converted its 500,000 shares of Company Series A Convertible Preferred Stock into 10,000,000 shares of common stock, and returned for
cancellation 50,000,000 shares of the Company’s common stock for cancellation. Affiliates of CWR 1 or other related parties owned
a majority of the membership interests of Polomar immediately prior to the Effective Time.
On
September 30, 2024, the Merger and the other transactions described in the Merger Agreement were consummated. The Merger is considered
a “reverse merger” as the historical financial statements of Polomar, the accounting acquirer, have been substituted for
the historical financial statements of Trustfeed. As a result of the Merger, the Company ceased commercializing the Pre-Existing Business.
As
a result of the Merger, the Company operates Polomar Specialty Pharmacy, a State of Florida licensed retail compounding pharmacy, located
in Palm Harbor, FL, pursuant to license # PH35196. Polomar Specialty Pharmacy is also licensed as a Special Sterile Compounding Pharmacy,
permit #PH35277, which authorizes the licensed entity to dispense injectable and other sterile compounds (eye drops, infused therapeutics)
upon receipt of a valid prescription. The compounding facility operates pursuant to guidelines established under Sec. 503A “Compounding
Pharmacy” of the Federal Food, Drug and Cosmetic Act. Section 503A authorizes the licensed entity to manufacture compounded drugs
and fulfill prescriptions provided to it by licensed physicians. As a result, the Company is presently authorized to fulfill and deliver
compounded prescribed medications in 28 states. The Company is also actively seeking approval and authorization in other states and expects
to be able to provide prescription medications in a majority of U.S. states by the end of 2025. The Company also anticipates applying
for a drug export permit in early 2025.
As
part of the Merger, the Company acquired SlimRxTM (slimrx.com), a weight loss focused online platform that connects patients
with licensed physicians to prescribe weight loss medications such as semaglutide (Ozempic, Wegovy, Rybelsus) and while originally, the
Company expected to fulfill tirzepatide (Monjouro, Zepbound) prescriptions through SlimRx, since the Food and Drug Administration removed
tirzepatide from its drug shortage list, the Company no longer intends to fulfill prescriptions for that drug. SlimRx filed an application
for statutory trademark protection on August 29, 2024. The prescriptions issued via SlimRx are fulfilled by the Company. The Company
also expects to launch PoloMedsTM (polomeds.com) during the fourth quarter of 2024 to fulfill prescriptions for diabetes medications
including metformin compounds, sulfonylureas, and insulin; compounded erectile dysfunction medications sildenafil (Viagra) and tadalafil
(Cialis) and Polomar’s prescription only, exclusive dermatological formulations co-developed by a board-certified dermatologist
for the treatment of acne, alopecia areata, basal cell carcinoma, Becker’s nevus, vitiligo, and other common skin conditions.
An
integral part of the Company’s business model is to provide prescription fulfillment services for third party web based tele-health
platforms. This “wholesale” part of the business is expected to experience steady growth over the next twelve to eighteen
months.
Merger
Valuation
The
Company utilized the following process to determine the fair market value of $18,975,000 for the acquisition of all of Polomar Specialty
Pharmacy’s intellectual property, intangible assets and plant and equipment.
We
utilized a three-step process to determine the fair value of Synergistic Equity Value of the Company:
1.
we determined the aggregate equity value of Polomar. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the market approach, specifically the guideline public company method;
and (ii) the income approach, specifically the discounted cash flow method.
2.
we determined the aggregate equity value of Trustfeed. After due consideration of all appropriate and generally accepted valuation methodologies,
our analysis has been developed primarily on the basis of: (i) the asset-based approach, specifically the adjusted book value method.
3.
we added the fair value of equity of Trustfeed and Polomar arrive at the Fair Value of Synergistic Equity Value of the Company.
We
used a two-step process to determine the fair value of the Transaction Consideration:
1.
we divided the fair value of Synergistic Equity Value of the Company by Trustfeed’s postclosing shares outstanding to arrive at
the per share equity value of the Company.
2.
we multiplied the per share equity value by the number of shares owned by current Company shareholders to arrive at the fair value of
Transaction Consideration.
License
Agreement
On
June 29, 2024, Trustfeed executed a Know How and Patent License Agreement (the “Agreement”) with Pinata Holdings, Inc., a
Delaware corporation (“Pinata”), to license from Pinata certain patent pending intellectual property rights and know how
(the “IP Rights”) regarding the proprietary delivery of products containing metformin, sumatriptan, semaglutide, liraglutide
and sildenafil (the “Ingredients”). The license is worldwide, non-exclusive and non-transferable but may be sub-licensed
pursuant to the terms of the Agreement.
The
Company shall be obligated to pay a royalty to Pinata ranging from ten percent (10%) to twenty percent (20%) of the net sales from products
utilizing the IP Rights containing the Ingredients.
The
Agreement has a perpetual term, subject to the right of either party to terminate (a) if the other party commits a material breach of
its obligations under the Agreement and fails to cure such breach and (b) at any time upon 180 days prior written notice to the other
party.
It
is the Company’s intention to utilize the IP Rights in products expected to be manufactured and distributed by it.
Pinata
is an affiliate of CWR.
License
Agreement Valuation
As
of the date of this filing the Company has not utilized any of the licensed intellectual property and has incurred no expenses or realized
any revenues from the license agreement. The Company presently values this agreement at -0-.
Additional
Corporate Actions
On
July 11, 2024, CWR, then a majority holder of Trustfeed’s voting stock, and the board of directors of the Company, approved the
following corporate actions:
|
1. |
To
authorize and approve an amendment to the Company’s Articles of Incorporation, as amended (the “Existing
Articles”), to effect a change of name from “Trustfeed Corp.” to “Polomar Health Services,
Inc.”. |
|
2. |
To authorize and approve
an amendment to the Existing Articles to effect an increase in the number of authorized shares of the Company’s “blank
check” preferred stock to 5,000,000. |
|
3. |
To authorize, but not require,
an amendment to the Existing Articles, to effect a reverse stock split with a ratio of 1-for-10. |
|
4. |
To
adopt the Company’s Certificate of Amendment to the Existing Articles, which makes no material changes to the
Company’s Existing Articles other than incorporating the amendments described in Actions (1), (2) and (3) above. |
|
5. |
To adopt the Company’s
2024 Equity and Incentive Compensation Plan (the “Incentive Plan”). |
As
of the Balance Sheet date, none of the foregoing corporate actions have been implemented other than the adoption of the Incentive Plan.
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
The
financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and
the rules and regulations of the OTC Markets alternative reporting standard for interim financial information. Accordingly, they do not
include all the information necessary for a comprehensive presentation of financial position and results of operations.
It
is management’s opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made
which are necessary for a fair financial statement presentation. The results for the interim period are not necessarily indicative of
the results to be expected for the year.
Use
of estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
significantly from those estimates.
Cash
and cash equivalents
For
the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered
to be cash equivalents. The carrying value of these investments approximates fair value. The Company did not have any cash equivalents
as of September 30, 2024, and September 30, 2023.
Stock-based
compensation
The
Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges
its equity instruments for goods or services, including with a primary focus on transactions in which an entity obtains employee services
in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,”
and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,”
and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an
award of equity instruments based on the grant date fair value of the award (with limited exceptions). Incremental compensation costs
arising from subsequent modifications of awards after the grant date must be recognized.
Earnings
per share
The
Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share calculations are determined by dividing
net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
Revenue
recognition
The
Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard
Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers,
which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity
the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize
revenue when or as the entity satisfied a performance obligation.
Revenue
recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining
performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability
is probable and associated taxes are owed.
Fair
value of financial instruments
The
Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level
valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. To increase consistency and comparability in fair
value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value
hierarchy defined by ASC 820 are:
Level
1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level
2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability
through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level
3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation
of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets
or liabilities.
As
defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received
to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants
at the measurement date.
The
reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of
factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments
that could have been realized as of March 31, 2024, or that will be recognized in the future, and do not include expenses that could
be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts
receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and
third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related
parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to
the Company for similar financial arrangements at September 30, 2024, and September 30, 2023.
Intangible Assets
The Company accounts for intangible assets (trademarks,
copyrights, licenses, customer lists, R&D, trade secrets) and other non-physical assets at cost.
Going
Concern
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and
commitments in the normal course of business.
Management
evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the
consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to
continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability
to generate revenues and raise capital. The Company has not generated any revenues to provide sufficient cash flows to enable the
Company to finance its operations internally. As of September 30, 2024, the Company had $16,202 cash on hand. As of September 30,
2024, the Company has an accumulated deficit of $2,192,373.
For the nine months ended September 30, 2024, the Company had a net loss of $622,544 and
cash used in operations of $704,792.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date
of filing.
Over
the next twelve months, management plans to raise additional capital and to invest its working capital resources in its newly acquired
business from Polomar and in other potential business opportunities. However, there is no guarantee the Company will raise sufficient
capital to continue operations. The condensed unaudited financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
Recent
accounting pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
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v3.24.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
3 – RELATED PARTY TRANSACTIONS
Due
to related party
During
the nine months ended September 30, 2024, Trustfeed and Polomar borrowed an aggregate of $821,425 from a related party for payment of
operating expenses, as follows:
On
August 13, 2024, Reprise Management, Inc., a California corporation affiliated with CWR (“Reprise”), issued an unsecured
promissory note to Polomar (the “Polomar Note”), pursuant to which Polomar could borrow up to an aggregate principal amount
of $700,000. The Polomar Note bears 12% per annum, simple interest up to and through December 31, 2024 (the “Initial Period”),
after the Initial Period and up to and including the date on which the Polomar Note is paid in full, the interest rate shall be equal
to 15% per annum, simple interest. Interest shall accrue on a quarterly basis and shall be due and payable on the maturity date, which
is July 31, 2025. The unpaid principal balance of the Polomar Note, together with all accrued and unpaid interest, fees and other amounts
due thereunder, shall be due and payable in full on the maturity date. As of September 30, 2024, there was $633,430, including accrued
interest, outstanding on the Promissory Note.
Effective
August 16, 2024, Trustfeed entered into a Promissory Note and Loan Agreement (the “Trustfeed Note”), as the borrower, with
CWR, as the lender. Pursuant to the terms of the Note, CWR agrees to loan to Trustfeed up to $250,000
in one or more advances from time to time. An
initial draw under the Trustfeed Note in the amount of $157,622.56
was made, which funds are being used to repay
CWR all amounts due to CWR pursuant to prior undocumented loans provided by CWR to Trustfeed. The outstanding principal of, and any and
all accrued and unpaid interest with respect to the Trustfeed Note, is due and payable on July
31, 2025 (the “Maturity Date”). The
Trustfeed Note bears interest on the outstanding principal amount thereof at a variable rate as follows: (i) up to and including September
30, 2024 (the “Initial Period”), an interest rate equal to the prime interest rate as published in the Wall Street Journal
– Money Rates, plus 5.0% per annum, simple interest and (ii) after the Initial Period, and up to and including the date on which
this Note is paid in full, an interest rate equal to the prime interest rate as published, on the first day of each month thereafter,
in the Wall Street Journal – Money Rates, plus 5.0% per annum, simple interest. Interest shall be calculated based on a year consisting
of 365 days and the actual number of days elapsed. Interest shall accrue on a calendar quarterly basis, on September 30, 2024, December
31, 2024, March 31, 2025, September 30, 2025, and shall be due and payable on the Maturity Date.
The Company may prepay all or any portion of the outstanding obligations of the Note at any time without penalty or premium. As of September
30, 2024, there was $200,156
including accrued interest, outstanding on the Promissory Note. As of September 30, 2024, and December 31, 2023, the Company had amounts
due to related party of $833,586 and
$30,507,
respectively.
For
additional related party transactions, see “Note 1-Nature and Description of Business-Merger Agreement” and “Note 1-Nature
and Description of Business-License Agreement”
|
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v3.24.3
STOCKHOLDERS’ DEFICIT
|
9 Months Ended |
Sep. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
4 – STOCKHOLDERS’ DEFICIT
The
Company is authorized to issue 295,000,000
shares of common stock with a par value of $0.001
as of September 30, 2024, and December 31, 2023. On November 4, 2023, Polomar reduced its authorized shares of common stock, par
value $0.001
per share, from 1,000,000,000
shares to 295,000,000
shares. On
September 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the
Corporation’s common stock at a ratio of up to 1:2,000 at a time and exact ratio amount the Board of Directors deems
appropriate. On
March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the
Company’s Board of Directors. The Company had 119,138,049
and 109,138,049
issued and outstanding shares of common stock as of September 30, 2024, and December 31, 2023, respectively. The net loss per share
is ($0.02)
as of September 30, 2024, and ($0.00)
as of September 30, 2023. See Note “5-Subsequent Events” below.
The
Company also has 500,000
authorized shares of preferred stock with a par value of $0.001
of which the Company has designated -0-
shares and 500,000 shares as Series A Preferred Stock as of September 30, 2024, and December 31, 2023. On November 4, 2023, Polomar
reduced its authorized shares of preferred stock, par value $0.001
per share, from 50,000,000
shares to 500,000
shares. Each share of Series A Preferred Stock is convertible, at any time, at the option of the holder into fully paid and
non-assessable shares of common stock at the rate of 20
shares of common stock for each share held. In addition, the
holders of the Series A Preferred shares have voting rights equal to 20 votes for each Preferred share held. See Note
“5-Subsequent Events” below.
On
November 4, 2023, Polomar filed Certificates of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred
Stock and Series C Preferred Stock. Following the filings, the only designated and outstanding shares of preferred stock were the Company’s
Series A Preferred Stock. No shares of Series B Preferred Stock or Series C Preferred Stock are authorized, issued or outstanding.
On
September 12, 2024, Trustfeed issued 10,000,000 shares of common stock of the Company to CWR, the holder of 500,000 shares of the
Series A Convertible Preferred Stock of the Company (the “Preferred Stock”), upon the conversion in full of the Preferred
Stock in accordance with its terms.
As
of September 30, 2024, and December 31, 2023, -0- and 500,000 shares of Series A Preferred stock are authorized, issued and outstanding.
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- DefinitionThe entire disclosure for equity.
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v3.24.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
5 – SUBSEQUENT EVENTS
On
October 9, 2024, pursuant to the terms of the Merger Agreement, CWR returned 50,000,000 shares of the Company’s common stock
for cancellation. See “Note 1-Nature and Description of Business-Merger Agreement”. Also, in October 2024, pursuant to
the terms of the Merger Agreement, the Company issued an aggregate of 207,414,147 (pre-split) shares of its common stock to the
former Polomar members in the Merger.
On
October 24, 2024, a majority of the members of the Board of Directors voted to extend the Professional Services Agreement between Trustfeed
and Mr. Tierney through December 31, 2024, by mutual consent of all the parties to the agreement.
On
November 1, 2024, Polomar effected a 10 for 1 reverse stock split. Accordingly, as of November 1, 2024, there are 27,655,560 shares of
common stock of Polomar issued and outstanding.
Also
on November 1, 2024, the Company amended the Existing Articles to effect an increase in the number of authorized shares of the Company’s
“blank check” preferred stock to 5,000,000.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
The
financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and
the rules and regulations of the OTC Markets alternative reporting standard for interim financial information. Accordingly, they do not
include all the information necessary for a comprehensive presentation of financial position and results of operations.
It
is management’s opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made
which are necessary for a fair financial statement presentation. The results for the interim period are not necessarily indicative of
the results to be expected for the year.
|
Use of estimates |
Use
of estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
significantly from those estimates.
|
Cash and cash equivalents |
Cash
and cash equivalents
For
the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered
to be cash equivalents. The carrying value of these investments approximates fair value. The Company did not have any cash equivalents
as of September 30, 2024, and September 30, 2023.
|
Stock-based compensation |
Stock-based
compensation
The
Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges
its equity instruments for goods or services, including with a primary focus on transactions in which an entity obtains employee services
in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,”
and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,”
and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an
award of equity instruments based on the grant date fair value of the award (with limited exceptions). Incremental compensation costs
arising from subsequent modifications of awards after the grant date must be recognized.
|
Earnings per share |
Earnings
per share
The
Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share calculations are determined by dividing
net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
|
Revenue recognition |
Revenue
recognition
The
Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard
Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers,
which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity
the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize
revenue when or as the entity satisfied a performance obligation.
Revenue
recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining
performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability
is probable and associated taxes are owed.
|
Fair value of financial instruments |
Fair
value of financial instruments
The
Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level
valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally
accepted accounting principles and expands disclosures about fair value measurements. To increase consistency and comparability in fair
value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value
hierarchy defined by ASC 820 are:
Level
1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level
2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability
through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level
3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation
of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets
or liabilities.
As
defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received
to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants
at the measurement date.
The
reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of
factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments
that could have been realized as of March 31, 2024, or that will be recognized in the future, and do not include expenses that could
be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts
receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and
third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related
parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to
the Company for similar financial arrangements at September 30, 2024, and September 30, 2023.
|
Intangible Assets |
Intangible Assets
The Company accounts for intangible assets (trademarks,
copyrights, licenses, customer lists, R&D, trade secrets) and other non-physical assets at cost.
|
Going Concern |
Going
Concern
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and
commitments in the normal course of business.
Management
evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the
consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to
continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability
to generate revenues and raise capital. The Company has not generated any revenues to provide sufficient cash flows to enable the
Company to finance its operations internally. As of September 30, 2024, the Company had $16,202 cash on hand. As of September 30,
2024, the Company has an accumulated deficit of $2,192,373.
For the nine months ended September 30, 2024, the Company had a net loss of $622,544 and
cash used in operations of $704,792.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date
of filing.
Over
the next twelve months, management plans to raise additional capital and to invest its working capital resources in its newly acquired
business from Polomar and in other potential business opportunities. However, there is no guarantee the Company will raise sufficient
capital to continue operations. The condensed unaudited financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
|
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Recent
accounting pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
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v3.24.3
NATURE AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
9 Months Ended |
|
|
|
|
|
|
Sep. 30, 2024 |
Sep. 12, 2024 |
Jul. 11, 2024 |
Jun. 28, 2024 |
Dec. 29, 2023 |
Sep. 03, 2023 |
Mar. 02, 2023 |
Sep. 02, 2022 |
Sep. 14, 2021 |
Apr. 16, 2021 |
Sep. 30, 2024 |
Jun. 29, 2024 |
Dec. 31, 2023 |
Nov. 04, 2023 |
Nov. 03, 2023 |
Nov. 04, 2022 |
Nov. 03, 2022 |
Entity, state of incorporation |
|
|
|
|
|
|
|
|
|
|
NV
|
|
|
|
|
|
|
Entity, date of incorporation |
|
|
|
|
|
|
|
|
|
|
Sep. 14, 2000
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-10
|
|
|
On
September 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the
Corporation’s common stock at a ratio of up to 1:2,000
|
On
March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the
Company’s Board of Directors
|
reverse split in which each shareholder was issued one common share in exchange for every two
thousand common shares of their then-currently issued common stock
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
27,655,560
|
|
|
|
|
|
|
266,157
|
|
|
27,655,560
|
|
109,138,049
|
|
|
|
|
Common stock, shares outstanding |
27,655,560
|
|
|
|
|
|
|
266,157
|
|
|
27,655,560
|
|
109,138,049
|
|
|
|
|
Common stock, par value |
$ 0.001
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
|
Common stock, shares authorized |
295,000,000
|
|
|
|
|
|
|
|
|
|
295,000,000
|
|
295,000,000
|
295,000,000
|
1,000,000,000
|
295,000,000
|
1,000,000,000
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
|
Preferred stock, shares authorized |
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
500,000
|
75,000,000
|
Intellectual property |
$ 18,975,000
|
|
|
|
|
|
|
|
|
|
$ 18,975,000
|
|
|
|
|
|
|
Licensing Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincensed intellectual property |
$ 0
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued upon conversion |
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of ownership percentage |
|
|
|
1% of the outstanding membership interest
of Polomar will be automatically converted into the right to receive 2,074,141.47 shares
of Company common stock (the “Exchange Ratio”). Following the consummation of the Merger, at the Effective Time, former members
of Polomar owned an aggregate of 75% of Trustfeed and then-existing stockholders of Trustfeed owned an aggregate of 25% of Trustfeed.
At or prior to the Effective Time, CWR, Trustfeed’s then majority owner with an 83.3% beneficial ownership stake in Trustfeed,
converted its 500,000 shares of Company Series A Convertible Preferred Stock into 10,000,000 shares of common stock, and returned for
cancellation 50,000,000 shares of the Company’s common stock for cancellation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares cancelled |
50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty payments rate |
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
License Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty payments rate |
|
|
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
Fastbase Inc [Member] | Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of shares issued in transaction |
|
|
|
|
$ 350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Fastbase Inc [Member] | Stock Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
90,437,591
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of issued and outstanding shares |
|
|
|
|
83.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] | Merger Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares converted |
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] | Merger Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued upon conversion |
10,000,000
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] | Fastbase Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
Series A Convertible Preferred Stock [Member] | Fastbase Inc [Member] | Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of issued and outstanding shares |
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] | Fastbase Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for assets |
|
|
|
|
|
|
|
|
45,000,000
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] | James Shipley [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares owned |
|
|
|
|
|
|
|
|
|
50,000,000
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
4,750,000
|
|
|
|
|
|
|
|
Value of shares issued in transaction |
|
|
|
|
|
|
|
|
|
$ 108,200
|
|
|
|
|
|
|
|
Shares cancelled |
|
|
|
|
|
|
|
|
|
45,000,000
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
0
|
|
|
|
|
|
|
|
|
|
0
|
|
500,000
|
|
|
|
|
Preferred stock, par value |
$ 0.001
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
|
Preferred stock, shares authorized |
0
|
|
|
|
|
|
|
|
|
|
0
|
|
500,000
|
500,000
|
50,000,000
|
500,000
|
50,000,000
|
Common shares issuable upon conversion |
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
20
|
|
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
|
Cash equivalents |
$ 0
|
|
|
$ 0
|
$ 0
|
$ 0
|
|
Cash on hand |
16,202
|
|
|
|
16,202
|
|
$ 8,808
|
Accumulated deficit |
2,192,373
|
|
|
|
2,192,373
|
|
$ 1,569,830
|
Net loss |
$ 271,333
|
$ 190,742
|
$ 160,468
|
$ 172,163
|
622,544
|
383,780
|
|
Cash used in operations |
|
|
|
|
$ 704,792
|
$ 314,191
|
|
X |
- References
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v3.24.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
9 Months Ended |
|
Aug. 16, 2024 |
Aug. 13, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Proceeds used for payment of operating expenses |
|
|
$ (30,507)
|
$ (183,318)
|
|
Trustfeed Note [Member] | Promissory Note and Loan Agreement [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Maturity date |
Jul. 31, 2025
|
|
|
|
|
Note outstanding amount |
|
|
200,156
|
|
|
Proceeds from Issuance of Debt |
$ 157,622.56
|
|
|
|
|
Debt Instrument, Interest Rate Terms |
The
Trustfeed Note bears interest on the outstanding principal amount thereof at a variable rate as follows: (i) up to and including September
30, 2024 (the “Initial Period”), an interest rate equal to the prime interest rate as published in the Wall Street Journal
– Money Rates, plus 5.0% per annum, simple interest and (ii) after the Initial Period, and up to and including the date on which
this Note is paid in full, an interest rate equal to the prime interest rate as published, on the first day of each month thereafter,
in the Wall Street Journal – Money Rates, plus 5.0% per annum, simple interest. Interest shall be calculated based on a year consisting
of 365 days and the actual number of days elapsed. Interest shall accrue on a calendar quarterly basis, on September 30, 2024, December
31, 2024, March 31, 2025, September 30, 2025, and shall be due and payable on the Maturity Date
|
|
|
|
|
Trustfeed Note [Member] | Promissory Note and Loan Agreement [Member] | Maximum [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Note principal amount |
$ 250,000
|
|
|
|
|
Reprise Management Inc [Member] | Polomar Note [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Note principal amount |
|
$ 700,000
|
|
|
|
Interest rate |
|
12.00%
|
|
|
|
Interest rate after initial period |
|
15.00%
|
|
|
|
Maturity date |
|
Jul. 31, 2025
|
|
|
|
Note outstanding amount |
|
|
633,430
|
|
|
Related Party [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Proceeds used for payment of operating expenses |
|
|
821,425
|
|
|
Due to related party |
|
|
$ 833,586
|
|
$ 30,507
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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v3.24.3
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares
|
|
|
|
|
|
|
9 Months Ended |
|
|
|
|
Sep. 12, 2024 |
Jul. 11, 2024 |
Nov. 04, 2023 |
Sep. 03, 2023 |
Mar. 02, 2023 |
Sep. 02, 2022 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Nov. 03, 2023 |
Nov. 04, 2022 |
Nov. 03, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
295,000,000
|
|
|
|
295,000,000
|
295,000,000
|
1,000,000,000
|
295,000,000
|
1,000,000,000
|
Common stock, par value |
|
|
$ 0.001
|
|
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
|
Reverse split description |
|
1-for-10
|
|
On
September 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the
Corporation’s common stock at a ratio of up to 1:2,000
|
On
March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the
Company’s Board of Directors
|
reverse split in which each shareholder was issued one common share in exchange for every two
thousand common shares of their then-currently issued common stock
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
266,157
|
27,655,560
|
109,138,049
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
266,157
|
27,655,560
|
109,138,049
|
|
|
|
Preferred stock, shares authorized |
|
5,000,000
|
|
|
|
|
|
500,000
|
|
500,000
|
75,000,000
|
Preferred stock, par value |
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares issued upon conversion |
10,000,000
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
500,000
|
|
|
|
0
|
500,000
|
50,000,000
|
500,000
|
50,000,000
|
Preferred stock, par value |
|
|
$ 0.001
|
|
|
|
$ 0.001
|
$ 0.001
|
|
|
|
Common shares issuable upon conversion |
|
|
20
|
|
|
|
|
|
|
20
|
|
Preferred stock, voting rights |
|
|
the
holders of the Series A Preferred shares have voting rights equal to 20 votes for each Preferred share held
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
0
|
500,000
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
0
|
500,000
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares converted |
500,000
|
|
|
|
|
|
|
|
|
|
|
Board Of Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
|
119,138,049
|
109,138,049
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
119,138,049
|
109,138,049
|
|
|
|
Earning per share, description |
|
|
|
|
|
|
net loss per share
is ($0.02)
as of September 30, 2024, and ($0.00)
as of September 30, 2023.
|
|
|
|
|
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v3.24.3
SUBSEQUENT EVENTS (Details Narrative) - shares
|
Nov. 01, 2024 |
Oct. 09, 2024 |
Jul. 11, 2024 |
Sep. 03, 2023 |
Mar. 02, 2023 |
Sep. 02, 2022 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Nov. 04, 2022 |
Nov. 03, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-10
|
On
September 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the
Corporation’s common stock at a ratio of up to 1:2,000
|
On
March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the
Company’s Board of Directors
|
reverse split in which each shareholder was issued one common share in exchange for every two
thousand common shares of their then-currently issued common stock
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
266,157
|
27,655,560
|
109,138,049
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
266,157
|
27,655,560
|
109,138,049
|
|
|
Preferred stock, shares authorized |
|
|
5,000,000
|
|
|
|
|
500,000
|
500,000
|
75,000,000
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
10 for 1 reverse stock split
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
27,655,560
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
27,655,560
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
5,000,000
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Merger Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock, consideration |
|
50,000,000
|
|
|
|
|
|
|
|
|
Stock issued |
|
207,414,147
|
|
|
|
|
|
|
|
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
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Polomar Health Services (PK) (USOTC:TRFED)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Polomar Health Services (PK) (USOTC:TRFED)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025