What changed in this filing

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Item 1. Financial Statements

2022-08-12 compared with 2022-05-13 · 220 added, 176 removed, 74 unchanged (84% of the section changed)

15 unchanged sentences

Preferred stock, $ 0.0001 par value;

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

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

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

accompanying notes are an integral part of these financial statements.

Technologies, Inc.

STATEMENTS OF OPERATIONS

For Three Months Ended March 31,

For the Three Months Ended June 30,

For the Six Months Ended June 30,

Operating Expenses

12 unchanged sentences

Basic and Diluted

The accompanying notes are an integral part of these financial statements

Technologies, Inc.

accompanying notes are an integral part of these financial statements.

Novint Technologies, Inc.

STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three Months Ended March 31, 2022

Three Months Ended June 30, 2022

Balances, March 31, 2022

$ ( 41,673,944 )

$ ( 594,420 )

Balances, June 30, 2022

$ ( 41,710,802 )

$ ( 631,278 )

Six Months Ended June 30, 2022

Balances, December 31, 2021

1 unchanged sentence

$ ( 545,106 )

Balances, June 30, 2022

$ ( 41,710,802 )

$ ( 631,278 )

Three Months Ended June 30, 2021

Balances, March 31, 2021

1 unchanged sentence

$ ( 422,101 )

Three Months Ended March 31, 2021

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

Six Months Ended June 30, 2021

Balances, December 31, 2020

1 unchanged sentence

$ ( 374,597 )

Balances, March 31, 2021

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

The accompanying notes are an integral part of these financial statements

Technologies, Inc.

The accompanying notes are an integral part

of these financial statements.

Novint Technologies, Inc.

CONDENSED STATEMENTS

OF CASH FLOWS

For the Period Ended March 31,

For the Period Ended June 30,

Cash flows from operating activities:

1 unchanged sentence

Prepaid expenses and other current assets

Accounts receivables

Accounts receivables - related party

Accounts payable and accrued expenses

1 unchanged sentence

Net cash used in operating activities

cash used in financing activities

Net decrease in cash

4 unchanged sentences

Cash paid for taxes

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

TECHNOLOGIES, INC.

TO CONDENSED FINANCIAL STATEMENTS

1 – DESCRIPTION OF BUSINESS

Technologies, Inc.

(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.

The accompanying notes are an integral part

of these financial statements.

NOVINT TECHNOLOGIES, INC.

NOTES TO CONDENSED

FINANCIAL STATEMENTS

JUNE 30, 2022

NOTE 1 – DESCRIPTION OF BUSINESS

Novint Technologies,

(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

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

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

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, 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 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.

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;

Nature of Business

The Company is

engaged in the business of sales 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.

Additionally, the Company conducts project work in

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

The Company has incurred recurring losses and at June 30, 2022, had an accumulated deficit of $41,710,802.

period ended June 30, 2022, the Company sustained a net loss of $ 86,172 .

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 these 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.

The 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 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;

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.

NOTE 2 – SUMMARY OF SIGNIFICANT

ACCOUNTING POLICIES

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.

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, 2021, as filed with the SEC on March 23, 2022.

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.

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

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.

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, 2021, as filed with the SEC on March 23, 2022.

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.

Such adjustments are of a normal

recurring nature.

The results of operations for the three and six months ended June 30, 2022 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.

and Cost Recognition

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.

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 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”).

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:

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.

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

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.

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

Management has determined that $ 0 allowance is required at March

31, 2022 and December 31, 2021.

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.

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”.

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:

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, 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

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:

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

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

revenue recognition requirements are met.

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, 2022 and December 31, 2021,

the company has recorded $ 0 and $ 0 in accounts receivable, respectively.

Management has determined that $ 0 allowance is required

at June 30, 2022 and December 31, 2021.

Accounts Receivable – Related

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.

of June 30, 2022 and December 31, 2021, the total accounts receivable from a related party was $ 0 and $ 1,360 , respectively.

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 date.

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.

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 EXPENSES

Accounts payable and accrued expenses are

Trade payables

2 unchanged sentences

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

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 March 31, 2022 and December 31, 2021.

6 – SUBSEQUENT EVENTS

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

Accrued 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 royalties

as of June 30, 2022 and December 31, 2021 were $ 658,132 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 remains as a liability on the Company’s Balance Sheet.

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.

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

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, 2022, and December 31, 2021.

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.

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