What changed in this filing

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Item 1. Financial Statements

2021-11-12 compared with 2021-08-12 · 213 added, 209 removed, 73 unchanged (85% of the section changed)

Financial Statements

Novint Technologies,

Technologies, Inc.

September 30,

CURRENT ASSETS:

1 unchanged sentence

Accounts receivables - related party

Prepaid expenses and other current assets

Prepaid expenses

Total Current Assets

2 unchanged sentences

Accounts payable and accrued expenses

Accrued Royalties

Total Current Liabilities

2 unchanged sentences

Preferred stock, $ 0.0001 par value;

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

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

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

Additional paid in capital

4 unchanged sentences

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

The accompanying notes are an integral part of these financial statements

Novint Technologies, Inc.

STATEMENTS OF OPERATIONS

For Three Months Ended June 30,

For Six Months Ended June 30,

accompanying notes are an integral part of these financial statements.

Technologies, Inc.

OF OPERATIONS

For Three Months Ended September 30,

For Nine Months Ended September 30,

Operating Expenses

8 unchanged sentences

Provision for income taxes

$ ( 112,073 )

$ ( 133,520 )

Net loss per share

Basic and Diluted

Weighted-average common shares outstanding

Basic and Diluted

The accompanying notes are an integral part of these financial statements

Novint Technologies,

Weighted-average common

shares outstanding Basic and Diluted

accompanying notes are an integral part of these financial statements.

Technologies, Inc.

OF STOCKHOLDERS’ DEFICIT

Three Months Ended June 30, 2021

Balances, March 31, 2021

Three Months Ended September 30, 2021

Balances, June 30, 2021

$ ( 41,538,983 )

1 unchanged sentence

Net Loss for the Three Months

Balances, June 30, 2021

Balances, September 30, 2021

$ ( 41,566,194 )

$ ( 486,670 )

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Balances, December 31, 2020

1 unchanged sentence

$ ( 374,597 )

Net Loss for the Six Months

Balances, June 30, 2021

Net Loss for the Nine Months

Balances, September 30, 2021

$ ( 41,566,194 )

$ ( 486,670 )

Three Months Ended June 30, 2020

Balances, March 31, 2020

Three Months Ended September 30, 2020

Balances, June 30, 2020

$ ( 41,368,099 )

1 unchanged sentence

Net Loss for the Three Months

Balances, June 30, 2020

Balances, September 30, 2020

$ ( 41,419,655 )

$ ( 340,131 )

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

Balances, December 31, 2019

1 unchanged sentence

$ ( 206,611 )

Net Loss for the Six Months

Balances, June 30, 2020

Net Loss for the Nine Months

Balances, September 30, 2020

$ ( 41,419,655 )

$ ( 340,131 )

The accompanying notes are an integral part of these financial statements

Novint Technologies,

accompanying notes are an integral part of these financial statements.

Technologies, Inc.

OF CASH FLOWS

For the Priod Ended June 30,

For the Nine Months Ended

September 30,

Cash flows from operating activities:

$ ( 112,073 )

$ ( 133,520 )

Changes in operating assets and liabilities:

2 unchanged sentences

Accounts payable and accrued expenses

Accrued Royalties

Net cash used in operating activities

5 unchanged sentences

Cash paid for taxes

The accompanying notes are an integral part of these financial statements

NOVINT TECHNOLOGIES, INC.

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.

accompanying notes are an integral part of these financial statements.

TECHNOLOGIES, INC.

TO CONDENSED FINANCIAL STATEMENTS

1 – DESCRIPTION OF BUSINESS

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.

Nature of Business

The Company currently

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

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

Haptics refers to one’s sense of touch.

The Company’s

focus is in the consumer interactive computer gaming market, but the Company also does project work in other areas.

The Company sells

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

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.

Company’s focus is in the consumer interactive computer gaming market, but the Company also does project work in other areas.

The Company sells its haptics products primarily to consumers through online retail marketplaces.

Concern and Management’s Plans

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 September 30, 2021, had

an accumulated deficit of $ 41,566,194 .

For the period ended September 30, 2021, the Company sustained a net loss of $ 112,073 .

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 from product sales.

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

Risks that could affect our business include the duration and scope of the COVID-19 pandemic and the impact on the demand for

our products;

actions by governments, businesses and individuals taken in response to the pandemic;

the length of time of the COVID-19

pandemic and the possibility of its reoccurrence;

the timing required to develop effective treatments and a vaccine in the event of future

the eventual impact of the pandemic and actions taken in response to the pandemic on global and regional economies;

pace of recovery when the COVID-19 pandemic subsides.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING

Use of Estimates and Assumptions

The preparation of financial statements in conformity

with accounting principles generally accepted in the United States of America 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 revenues and expenses during the reporting period.

The most significant estimates and assumptions

made in the preparation of the financial statements relate to accrued royalties and contingent consideration.

Actual results could

differ from those estimates.

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.

In the opinion of management, the unaudited condensed

financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and the

results of its operations and cash flows for the interim periods presented.

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

Risks that could affect our business include the duration and scope

of the COVID-19 pandemic and the impact on the demand for our products;

actions by governments, businesses and individuals taken

in response to the pandemic;

the length of time of the COVID-19 pandemic and the possibility of its reoccurrence;

the timing required

to develop effective treatments and a vaccine in the event of future outbreaks;

the eventual impact of the pandemic and actions

taken in response to the pandemic on global and regional economies;

and the pace of recovery when the COVID-19 pandemic subsides.

2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

of Estimates and Assumptions

preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

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 revenues and expenses

during the reporting period.

The most significant estimates and assumptions made in the preparation of the financial statements

relate to accrued royalties and contingent consideration.

Actual results could differ from those estimates.

of Presentation

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 opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present

fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.

Such adjustments are of a normal recurring nature.

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

Cash and Cash Equivalents

The Company considers all highly liquid investments

purchased with maturities of three months or less to be cash equivalents.

The Company maintains cash balances at financial institutions

that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to federally insured limits.

At times balances may

exceed FDIC insured limits.

The Company has not experienced any losses in such accounts.

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”).

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 results of operations for the nine months ended September 30, 2021 may

not be indicative of results for the full year.

Reclassification

of Prior Presentations

Royalties amounts for prior quarter and years have been reclassified for consistency with current quarter’s presentation.

These reclassifications had no effect on reported liabilities and reported results of operations.

of Accrued Royalties previously reported with Accounts Payable and Accrued

Expenses for the year ended December 31, 2020 have been reclassified on the Balance Sheet.

Similarly, a reclassification of $ 37,500 to the Statements of Cash Flows for nine months ended September 30, 2020, has been

made to identify the non-cash expense.

These changes in reclassification does not affect previously reported totals on the Balance

Sheets and on the cash flows from operating activities in the Statements of Cash Flows.

and Cash Equivalents

Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents.

Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”)

up to federally insured limits.

At times balances may exceed FDIC insured limits.

The Company has not experienced any losses in

such accounts.

and Cost Recognition

May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

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.

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 handle.

The Falcons are manufactured by an unrelated party.

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.

Consequently,

if revenue recognition requirements are not met, such sales will be recorded as deferred revenue until revenue recognition requirements

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.

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 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.

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

method which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have

been included in the financial statements or tax returns.

Under this method, deferred tax assets and liabilities are based on the differences

between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences

are expected to reverse.

Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely

than not that the assets will not be realized.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply

to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax

assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment

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 below:

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

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their

fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant

model assumption or input is unobservable.

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.

Recently Issued Accounting Pronouncements

The Company has reviewed the recent accounting

pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and

the SEC and they did not or are not believed by management to have a material impact on the Company’s present or future consolidated

financial statement presentation or disclosures.

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED

Accounts payable and accrued expenses are as follows:

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.

Consequently, if revenue recognition requirements are not met, such sales will be recorded

as deferred revenue until revenue recognition requirements are met.

receivables 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 September

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

Management has determined that $ 0 allowance is required at September

30, 2021 and December 31, 2020.

Receivable – Related Party

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 September 30, 2021, the total accounts receivable from a related party was $ 1,360 .

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 method which requires recognition of deferred tax assets and liabilities

for the expected future tax consequences of events that have been included in the financial statements or tax returns.

method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets

and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will

not be realized.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income

in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and

liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date.

Value of Financial Instruments

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.

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:

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

Pricing inputs other

than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting

Pricing inputs that

are generally observable inputs and not corroborated by market data.

assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or

similar techniques and at least one significant model assumption or input is unobservable.

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.

Issued Accounting Pronouncements

Company has reviewed the recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American

Institute of Certified Public Accountants, and the SEC and they did not or are not believed by management to have a material impact

on the Company’s present or future consolidated financial statement presentation or disclosures.

3 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

payable and accrued expenses are as follows:

September 30,

Trade payables

Accrued expenses

Accrued royalties

Total accounts payable and accrued expenses

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.

Although there can be no assurances

as to the ultimate disposition of any such matters, it is the opinion of management, based upon the information available at this time,

that there are no matters, individually or in the aggregate, that will have a material adverse effect on the results of operations and

financial condition of the Company.

The Company has licensing agreements with various

parties providing gaming software.

These licensing agreements have royalty fees ranging from 5 % to 50 % of either gross or net revenue,

and a flat per user end fee of $ 0.50 .

Under one or more of these agreements, there was an annual aggregate minimum payment due of $ 50,000

which has been recorded as accrued royalties but remains unpaid.

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

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

If contested, the Company may be found to be in breach of obligations to pay these amounts (although

the Company believes this obligation is no longer ongoing), thus the remaining obligation under this agreement will remain as a liability.

NOTE 5 – STOCKHOLDERS’ EQUITY

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.

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 June 30, 2021, and December 31, 2020.

NOTE 6 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through

the date these financial statements were issued.

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

4 – COMMITMENTS AND CONTINGENCIES

Company has licensing agreements with various parties providing gaming software.

These licensing agreements have royalty fees

ranging from 5 % to 50 % of either gross or net revenue, and a flat per user end fee of $ 0.50 .

Under one or more of these agreements,

there was an annual aggregate minimum payment due of $ 50,000 which has been recorded as accrued royalties but remains unpaid.

Accrued royalty fees as of September 30, 2021 and December 31, 2020, were $ 620,632 and $ 583,132 , respectively.

If contested, the

Company may be found to be in breach of obligations to pay these amounts (although the Company believes this obligation is no

longer ongoing), thus the remaining obligation under this agreement will remain as a liability.

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

there can be no assurances as to the ultimate disposition of any such matters, it is the opinion of management, based upon the

information available at this time, that there are no matters, individually or in the aggregate, that will have a material adverse

effect on the results of operations and financial condition of the Company.

5 – STOCKHOLDERS’ EQUITY

Company is currently authorized to issue up to 12,500,000 shares of $ 0.0001 par value preferred stock.

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.

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.

Company is currently authorized to issue up to 500,000,000 shares of $ 0.0001 par value common stock.

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

Company had 202,308,728 shares of common stock issued and outstanding as of September 30, 2021, and December 31, 2020.

6 – SUBSEQUENT EVENTS

Company has evaluated subsequent events through 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