What changed in this filing

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Item 1. Financial Statements

2021-08-12 compared with 2021-05-21 · 126 added, 101 removed, 156 unchanged (59% of the section changed)

1 unchanged sentence

Novint Technologies,

CONDENSED BALANCE SHEETS

CURRENT ASSETS:

10 unchanged sentences

Preferred stock, $ 0.0001 par value;

12,500,000 shares authorized, 0 shares

issued and outstanding as of March 31, 2021 and December 31, 2020

12,500,000 shares authorized, 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020

Common stock, $ 0.0001 par value;

500,000,000 shares authorized, 202,308,728 shares

issued and outstanding as of March 31, 2021 and December 31, 2020

500,000,000 shares authorized, 202,308,728 shares issued and outstanding as of June 30, 2021 and December 31, 2020

Additional paid in capital

Accumulated deficit

( 41,538,983 )

( 41,454,121 )

TOTAL STOCKHOLDERS' DEFICIT

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Novint Technologies, Inc.

CONDENSED STATEMENTS OF

For Three Months Ended March 31,

STATEMENTS OF OPERATIONS

For Three Months Ended June 30,

For Six Months Ended June 30,

Operating Expenses

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The accompanying notes are an integral part of these financial statements

Technologies, Inc.

CONDENSED STATEMENTS OF STOCKHOLDERS’

Three Months Ended March 31, 2021

Balances, December 31, 2020

Net Loss for the Three Months

Novint Technologies,

OF STOCKHOLDERS’ DEFICIT

Three Months Ended June 30, 2021

Balances, March 31, 2021

Three Months Ended March 31, 2020

Balances, December 31, 2019

$ ( 41,501,625 )

$ ( 422,101 )

Net Loss for the Three Months

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

Six Months Ended June 30, 2021

Balances, December 31, 2020

$ ( 41,454,121 )

$ ( 374,597 )

Net Loss for the Six Months

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

Three Months Ended June 30, 2020

Balances, March 31, 2020

$ ( 41,336,529 )

$ ( 257,005 )

Net Loss for the Three Months

Balances, June 30, 2020

$ ( 41,368,099 )

$ ( 288,575 )

Six Months Ended June 30, 2020

Balances, December 31, 2019

$ ( 41,286,135 )

$ ( 206,611 )

Net Loss for the Six Months

Balances, June 30, 2020

$ ( 41,368,099 )

$ ( 288,575 )

The accompanying notes are an integral part of these financial statements

Novint Technologies,

CONDENSED STATEMENTS OF CASH

For the Period Ended March 31,

OF CASH FLOWS

For the Priod Ended June 30,

Cash flows from operating activities:

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The accompanying notes are an integral part of these financial statements

NOVINT TECHNOLOGIES,

TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2021

NOTE 1 – DESCRIPTION OF BUSINESS

NOVINT TECHNOLOGIES, INC.

(the “Company”

or “Novint”) was originally incorporated in the State of New Mexico in April 1999.

On February 26, 2002, the Company changed

its state of incorporation to Delaware by merging with Novint Technologies, Inc., a Delaware corporation.

This merger was accounted for

as a reorganization of the Company.

NOTES TO CONDENSED

FINANCIAL STATEMENTS

JUNE 30, 2021

NOTE 1 – DESCRIPTION OF BUSINESS

Novint Technologies,

(the “Company” or “Novint”) was originally incorporated in the State of New Mexico in April 1999.

26, 2002, the Company changed its state of incorporation to Delaware by merging with Novint Technologies, Inc., a Delaware corporation.

This merger was accounted for as a reorganization of the Company.

Nature of Business

The Company currently is

engaged in the sale of 3D haptics products and equipment.

The Company currently

is engaged in the sale of 3D haptics products and equipment.

Haptics refers to one’s sense of touch.

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its haptics products primarily to consumers through online retail marketplaces.

Going Concern and Management’s Plans

These financial statements have been prepared on a

going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has incurred recurring losses and at March 31, 2021, had an accumulated deficit of $41,501,625.

For the period ended March

31, 2021, the Company sustained a net loss of $47,504.

These factors, among others, indicate that the Company may be unable to continue

as a going concern for the next twelve months from the date the financial statements were issued.

These financial statements do not include

any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of

liabilities that may be necessary should the Company be unable to continue as a going concern.

The Company’s continuation as a going

concern is contingent upon its ability to obtain additional financing, and to generate revenue and cash flow to meet its obligations

on a timely basis.

Going Concern and

Management’s Plans

These financial statements have been prepared

on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of

The Company has incurred recurring losses and at June 30, 2021, had an accumulated deficit of $ 41,538,983 .

For the period ended

June 30, 2021, the Company sustained a net loss of $ 84,862 .

These factors, among others, indicate that there is substantial doubt about

the Company’s ability to continue as a going concern for the next twelve months from the date the financial statements were issued.

These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts

or the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

The Company’s continuation as a going concern is contingent upon its ability to obtain additional financing, and to generate revenue

and cash flow to meet its obligations on a timely basis.

Management intends to source new inventory and generate revenue.

will continue to seek and raise additional funding through debt or equity financing during the next twelve months.

Company will continue to seek and raise additional funding through debt or equity financing during the next twelve months.

We may be at risk as a result of the current COVID-19

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Basis of Presentation

The accompanying unaudited condensed financial statements

were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article

8 of Regulation S-X.

Accordingly, these unaudited condensed financial statements do not include all information or notes required by generally

accepted accounting principles for annual financial statements and should be read in conjunction with the Company’s annual financial

statements included within the Company’s Special Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC

on March 24, 2021.

The accompanying unaudited condensed financial

statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form

10-Q and Article 8 of Regulation S-X.

Accordingly, these unaudited condensed financial statements do not include all information or notes

required by generally accepted accounting principles for annual financial statements and should be read in conjunction with the Company’s

annual financial statements included within the Company’s Special Report on Form 10-K for the year ended December 31, 2020, as filed

with the SEC on March 24, 2021.

In the opinion of management, the unaudited condensed

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Such adjustments are of a normal recurring nature.

of operations for the three months ended March 31, 2021 may not be indicative of results for the full year.

of operations for the six months ended June 30, 2021 may not be indicative of results for the full year.

Cash and Cash Equivalents

7 unchanged sentences

Revenue and Cost Recognition

In May 2014, the Financial Accounting Standards Board

(“FASB”) issued Accounting Standards Update (“ASU”) No.

2014-09, Revenue from Contracts with Customers (Topic

606), and has since issued amendments thereto (collectively referred to as “ASC 606”).

The core principle of ASC 606 is that

an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration

to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five-step process to achieve

this core principle.

The five-step process to achieve this principle is as follows:

(i) identify the contract(s) with a customer, (ii)

identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to

the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation.

ASC 606 also mandates additional disclosure about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer

contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.

Revenue from product sales

relates to the sale of the Falcon 3D Touch Haptic Controller (the “Falcon”), which is a human-computer user interface and

related accessories.

In May 2014, the Financial Accounting

Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2014-09, Revenue from Contracts with

Customers (Topic 606), and has since issued amendments thereto (collectively referred to as “ASC 606”).

principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in

an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and

the guidance defines a five-step process to achieve this core principle.

The five-step process to achieve this principle is as

(i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine

the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize

revenue when, or as, the entity satisfies a performance obligation.

ASC 606 also mandates additional disclosure about the nature,

amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and

changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.

Revenue from product

sales relates to the sale of the Falcon 3D Touch Haptic Controller (the “Falcon”), which is a human-computer user interface

and related accessories.

The Falcon allows the user to experience the sense of touch when using a computer, while holding its interchangeable

The Falcons are manufactured by an unrelated party.

Revenue from product sales are recognized when products are shipped to the

Revenue from product sales is recognized when products are shipped to the

customer and the Company has earned the right to receive and retain reasonable assured payments for the products sold and delivered.

2 unchanged sentences

Accounts Receivable

Accounts receivable are stated at the amounts management

expects to collect.

An allowance for doubtful accounts is recorded based on a combination of historical experience, aging analysis and

information on specific accounts.

Accounts receivable are stated at the amounts

management expects to collect.

An allowance for doubtful accounts is recorded based on a combination of historical experience, aging analysis

and information on specific accounts.

Account balances are written off against the allowance after all means of collection have been exhausted

and the potential for recovery is considered remote.

As of March 31,2021, the company has recorded $0 in accounts receivable.

has determined that $0 allowance is required at March 31, 2021 and December 31, 2020.

As of June 30, 2021, the company has recorded $ 0 in accounts receivable.

has determined that $ 0 allowance is required at June 30, 2021 and December 31, 2020.

Accounts Receivable – Related Party

Accounts receivable from related party arise

from the sale of the Company’s product that were collected by a director of the Company on behalf of the Company.

Accounts receivable from related party arise from

the sale of the Company’s product that were collected by a director of the Company on behalf of the Company.

As of June 30, 2021,

the total accounts receivable from a related party was $ 485 .

The Company accounts for its income taxes under the

provisions of ASC Topic 740, “Income Taxes”.

The Company accounts for its income taxes under

the provisions of ASC Topic 740, “Income Taxes”.

The method of accounting for income taxes under ASC 740 is an asset and liability

11 unchanged sentences

Fair Value of Financial Instruments

The Company follows the Financial Accounting

Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for disclosures about fair value of its financial

instruments and to measure the fair value of its financial instruments.

The FASB ASC establishes a fair value hierarchy which prioritizes

the inputs to valuation techniques used to measure fair value into three broad levels.

The three levels of fair value hierarchy are described

The Company follows the Financial

Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for disclosures about fair value

of its financial instruments and to measure the fair value of its financial instruments.

The FASB ASC establishes a fair value hierarchy

which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The three levels of fair value

hierarchy are described below:

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

5 unchanged sentences

The carrying amounts of the Company’s financial

assets and liabilities, including cash, prepaid expenses, accounts payable, accrued expenses, payroll and related liabilities,

and advances approximate their fair values because of the short maturity of these instruments.

assets and liabilities, including cash, prepaid expenses, accounts payable, accrued expenses, payroll and related liabilities, and advances

approximate their fair values because of the short maturity of these instruments.

Recently Issued Accounting Pronouncements

3 unchanged sentences

financial statement presentation or disclosures.

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED

Accounts payable and accrued expenses are as follows:

4 unchanged sentences

NOTE 4 – COMMITMENTS AND CONTINGENCIES

From time to time, in the

normal course of business, the Company is subject to routine litigation incidental to its business.

From time to time, in

the normal course of business, the Company is subject to routine litigation incidental to its business.

Although there can be no assurances

8 unchanged sentences

which has been recorded as accrued royalties but remains unpaid.

Accrued royalty fees as of March 31, 2021 and December 31, 2020, was

Accrued royalty fees as of June 30, 2021 and December 31, 2020, were

$ 608,132 and $ 583,132 , respectively.

3 unchanged sentences

Preferred Stock

The Company is currently authorized to issue up to 12,500,000 shares

of $0.0001 par value preferred stock.

The Company is currently authorized to issue up

to 12,500,000 shares of $ 0.0001 par value preferred stock.

No shares of preferred stock are currently outstanding.

The Board of Directors may designate

the authorized but unissued shares of the Preferred Stock with such rights and privileges as the board of directors may determine.

such, the board of directors may issue preferred shares and designate the conversion, voting and other rights and preferences without

notice to the shareholders and without shareholder approval.

The Company is currently authorized to issue up to 500,000,000 shares

of $0.0001 par value common stock.

All issued shares of common stock are entitled to vote on a 1 share/1 vote basis.

The Board of Directors may designate the authorized but unissued shares of the Preferred Stock with such rights and privileges as the

board of directors may determine.

As such, the board of directors may issue preferred shares and designate the conversion, voting and

other rights and preferences without notice to the shareholders and without shareholder approval.

The Company is currently authorized to issue up

to 500,000,000 shares of $ 0.0001 par value common stock.

All issued shares of common stock are entitled to vote on

a 1 share/1 vote basis.

The Company had 202,308,728 shares of common stock

issued and outstanding as of March 31, 2021 and December 31, 2020.

issued and outstanding as of June 30, 2021, and December 31, 2020.

NOTE 6 – SUBSEQUENT EVENTS

1 unchanged sentence

the date these financial statements were issued.

The Company confirms non-occurrence of any subsequent agreements or events.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements