What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-11-14 compared with 2022-08-12 · 128 added, 109 removed, 185 unchanged (56% of the section changed)

Financial Statements

Technologies, Inc.

BALANCE SHEETS

Novint Technologies, Inc.

CONDENSED BALANCE SHEETS

September 30,

CURRENT ASSETS:

11 unchanged sentences

Preferred stock, $ 0.0001 par value;

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

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

500,000,000 shares authorized, 202,308,728 shares issued and outstanding as of September 30, 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.

Technologies, Inc.

STATEMENTS OF OPERATIONS

For the Three Months Ended June 30,

For the Six Months Ended June 30,

The accompanying notes are an integral part

of these financial statements.

Novint Technologies, Inc.

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Operating Expenses

8 unchanged sentences

Provision for income taxes

$ ( 122,628 )

$ ( 112,073 )

Net loss per share

2 unchanged sentences

Basic and Diluted

accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part

of these financial statements.

Novint Technologies, Inc.

STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three Months Ended June 30, 2022

Balances, March 31, 2022

CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three Months Ended September 30, 2022

Balances, June 30, 2022

$ ( 41,710,802 )

$ ( 631,278 )

Balances, June 30, 2022

Net Loss for the Three Months

Balances, September 30, 2022

$ ( 41,747,258 )

$ ( 667,734 )

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Balances, December 31, 2021

1 unchanged sentence

$ ( 545,106 )

Balances, June 30, 2022

Net Loss for the Nine Months

Balances, September 30, 2022

$ ( 41,747,258 )

$ ( 667,734 )

Three Months Ended June 30, 2021

Balances, March 31, 2021

Three Months Ended September 30, 2021

Balances, June 30, 2021

$ ( 41,538,983 )

$ ( 459,459 )

Balances, June 30, 2021

Net Loss for the Three Months

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 )

Balances, June 30, 2021

Net Loss for the Nine Months

Balances, September 30, 2021

$ ( 41,566,194 )

3 unchanged sentences

Novint Technologies, Inc.

CONDENSED STATEMENTS

OF CASH FLOWS

For the Period Ended June 30,

CONDENSED STATEMENTS OF CASH FLOWS

For the Period Ended

September 30,

Cash flows from operating activities:

$ ( 122,628 )

$ ( 112,073 )

Changes in operating assets and liabilities:

4 unchanged sentences

Net cash used in operating activities

cash used in financing activities

Net cash used in financing activities

Net decrease in cash

9 unchanged sentences

FINANCIAL STATEMENTS

JUNE 30, 2022

SEPTEMBER 30,

NOTE 1 – DESCRIPTION OF BUSINESS

14 unchanged sentences

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.

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.

The Company has incurred recurring losses and at September 30, 2022, had an accumulated deficit of $ 41,747,258 .

the period ended September 30, 2022, the Company sustained a net loss of $ 122,628 .

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.

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.

Based on management’s current assessment,

the Company does not expect any material impact on its liquidity due to the COVID-19 pandemic.

While the Company is experiencing

limited financial impacts at this time, given the global economic slowdown, and the other risks and uncertainties associated with

the pandemic, it could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

In addition, to the extent the ongoing COVID-19 pandemic adversely affects our business and results of operations, it may also

have the effect of heightening many of the other risks and uncertainties faced by the Company.

NOTE 2 – BASIS OF PRESENTATION

AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

statements were prepared using generally accepted accounting principles (“U.S.

GAAP”) for interim financial information

and the instructions to Form 10-Q and Article 8 of Regulation S-X set forth by the Securities and Exchange Commission (“SEC”).

Accordingly, they do not include all information or notes required by U.S.

GAAP for complete 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

1 unchanged sentence

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.

Such adjustments are of a normal recurring

The results of operations for the three and nine months ended September 30, 2022 may not be indicative of results for the

Use of Estimates and Assumptions

The preparation of financial statements

in conformity with U.S.

GAAP 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.

The Company bases estimates and assumptions

on historical experience, when available, and on various factors that it believes to be reasonable under the circumstances.

evaluates its estimates and assumptions on an ongoing basis.

Actual results could differ from those estimates.

Cash and Cash Equivalents

3 unchanged sentences

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.

of $ 250,000 for each institution where accounts are held.

At September 30, 2022 and December 31, 2021, our primary operating accounts

held approximately $ 97,708 and $ 185,935 , respectively.

At times our cash balances may exceed FDIC insured limits.

The Company has

not experienced any losses in such accounts.

Revenue and Cost Recognition

17 unchanged sentences

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 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.

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.

Accounts Receivable

5 unchanged sentences

collection have been exhausted and the potential for recovery is considered remote.

As of June 30, 2022 and December 31, 2021,

As of September 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.

at September 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.

arise from proceeds from the sale of the Company’s products that were collected by a director of the Company on behalf of

As of September 30, 2022 and December 31, 2021, the total accounts receivable from the related party was $ 0 and $ 1,360 ,

respectively.

The Company accounts for income taxes under

the asset and liability method as provided in ASC Topic 740, “Income Taxes”.

Under this method, deferred tax assets

are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured

using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled.

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 based on the weight of available evidence, including expected future earnings.

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.

As of September 30, 2022, the Company assessed

its income tax expense based on its projected future taxable income for the year ending December 31, 2022 and therefore recorded

no amount of income tax expense for the nine months ended September 30, 2022.

In addition, the Company has significant deferred

tax assets available to offset income tax expense due to net operating loss carry forwards, which currently are subject to a full

valuation allowance based on the Company’s assessment of future taxable income.

For further information, see our Annual Report

on Form 10-K for the fiscal year ended December 31, 2021.

Fair Value of Financial Instruments

22 unchanged sentences

Accounts payable and accrued expenses are

September 30,

Trade payables

1 unchanged sentence

Total accounts payable and accrued expenses

Accrued Royalties

NOTE 4 – ACCRUED ROYALTIES

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.

licensing agreements with various parties providing gaming software to the Company.

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

royalties as of September 30, 2022 and December 31, 2021 were $ 670,632 and $ 633,132 , respectively.

If contested, the Company may

be found to be in breach of obligations to pay these amounts (though the Company believes this obligation is no longer due), thus

the remaining obligation under this agreement remains as a liability on the Company’s Balance Sheet.

NOTE 5 – COMMITMENTS AND CONTINGENCIES

19 unchanged sentences

The Company had 202,308,728 shares of common

stock issued and outstanding as of June 30, 2022, and December 31, 2021.

stock issued and outstanding as of September 30, 2022, and December 31, 2021.

NOTE 7 – SUBSEQUENT EVENTS

3 unchanged sentences

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