What changed in this filing

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Item 1. Financial Statements

2022-05-13 compared with 2021-11-12 · 86 added, 122 removed, 164 unchanged (56% of the section changed)

1 unchanged sentence

Technologies, Inc.

September 30,

BALANCE SHEETS

CURRENT ASSETS:

11 unchanged sentences

Preferred stock, $ 0.0001 par value;

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

12,500,000 shares authorized, 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021

Common stock, $ 0.0001 par value;

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

500,000,000 shares authorized, 202,308,728 shares issued and outstanding as of March 31, 2022 and December 31, 2021

Additional paid in capital

4 unchanged sentences

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

accompanying notes are an integral part of these financial statements.

The 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,

STATEMENTS OF OPERATIONS

For Three Months Ended March 31,

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

accompanying notes are an integral part of these financial statements.

Weighted-average common shares outstanding

Basic and Diluted

The accompanying notes are an integral part of these financial statements

Technologies, Inc.

OF STOCKHOLDERS’ DEFICIT

Three Months Ended September 30, 2021

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

Net Loss for the Three Months

Balances, September 30, 2021

$ ( 41,566,194 )

$ ( 486,670 )

Nine Months Ended September 30, 2021

STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three Months Ended March 31, 2022

Balances, December 31, 2021

1 unchanged sentence

$ ( 545,106 )

Net Loss for the Nine Months

Balances, September 30, 2021

$ ( 41,566,194 )

$ ( 486,670 )

Three Months Ended September 30, 2020

Balances, June 30, 2020

$ ( 41,368,099 )

$ ( 288,575 )

Net Loss for the Three Months

Balances, September 30, 2020

Balances, March 31, 2022

$ ( 41,673,944 )

$ ( 594,420 )

Nine Months Ended September 30, 2020

Three Months Ended March 31, 2021

Balances, December 31, 2020

1 unchanged sentence

$ ( 374,597 )

Net Loss for the Nine Months

Balances, September 30, 2020

Balances, March 31, 2021

$ ( 41,501,625 )

$ ( 422,101 )

accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements

Technologies, Inc.

CONDENSED STATEMENTS

OF CASH FLOWS

For the Nine Months Ended

September 30,

For the Period Ended March 31,

Cash flows from operating activities:

$ ( 112,073 )

$ ( 133,520 )

Changes in operating assets and liabilities:

10 unchanged sentences

Cash paid for taxes

accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

TECHNOLOGIES, INC.

2 unchanged sentences

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.

(the “Company”, “Novint”, “we” or “us”) 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.

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

Haptics refers to one’s sense of touch.

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.

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

Haptics refers to one’s sense

The Company’s focus is on the consumer interactive computer gaming market but the Company also does project work

in other areas.

The Company’s operations are based in New Mexico with sales of its haptics products primarily to consumers

through retail outlets.

Concern and Management’s Plans

1 unchanged sentence

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.

The Company has incurred recurring losses and at March 31, 2022, had an accumulated

deficit of $ 41,673,944 .

For the three-month period ended March 31, 2022, the Company sustained a net loss of $ 49,314 .

These factors,

among others, raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months

from the date these financial statements are 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 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.

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

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

28 unchanged sentences

Such adjustments are of a normal recurring nature.

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.

The results of operations for the three months ended March 31, 2022 may not

be indicative of results for the full year.

and Cash Equivalents

6 unchanged sentences

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.

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

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 the following five-step process to achieve this core principle (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.

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.

shown in these financial statements relates to revenue from 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 are met.

receivables are stated at the amounts management expects to collect.

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.

receivable are stated at the amounts management expects to collect.

An allowance for doubtful accounts is recorded based on a

2 unchanged sentences

the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

As of September

31, 2022, the company has recorded $ 0 in accounts receivable.

Management has determined that $ 0 allowance is required at September

Management has determined that $ 0 allowance is required at March

31, 2022 and December 31, 2021.

2 unchanged sentences

on behalf of the Company.

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

During the period ended March 31, 2022, the Company received $ 1,065 in respect of accounts receivables

from a related party.

Company accounts for its income taxes under the provisions of ASC Topic 740, “Income Taxes”.

16 unchanged sentences

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.

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.

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.

carrying amounts of the Company’s financial assets and liabilities, including cash, inventory, 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

4 unchanged sentences

payable and accrued expenses are as follows:

September 30,

Trade payables

1 unchanged sentence

Total accounts payable and accrued expenses

Accrued Royalties

royalties relate to the Company’s 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 fee per end user 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 March 31, 2022 and December 31, 2021 were $ 645,632 and $ 633,132 , 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 on the Company’s

Balance Sheet.

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.

12 unchanged sentences

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.

Company had 202,308,728 shares of common stock issued and outstanding as of March 31, 2022 and December 31, 2021.

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.

Company has evaluated all subsequent events through the date these financial statements were issued.

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