What changed in this filing

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Item 1. Financial Statements

2023-05-12 compared with 2022-11-14 · 147 added, 212 removed, 101 unchanged (78% of the section changed)

2 unchanged sentences

CONDENSED BALANCE SHEETS

September 30,

CURRENT ASSETS:

Cash and cash equivalents

Accounts receivables - related party

Prepaid expenses

8 unchanged sentences

Preferred stock, $ 0.0001 par value;

12,500,000 shares authorized, 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021

12,500,000 shares authorized, 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022

Common stock, $ 0.0001 par value;

500,000,000 shares authorized, 202,308,728 shares issued and outstanding as of September 30, 2022 and December 31, 2021

500,000,000 shares authorized, 202,308,728 shares issued and outstanding as of March 31, 2023 and December 31, 2022

Additional paid in capital

Accumulated deficit

( 41,747,258 )

( 41,624,630 )

TOTAL STOCKHOLDERS' DEFICIT

4 unchanged sentences

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

For the Three

Operating Expenses

4 unchanged sentences

Other expense:

Interest expense, net

Interest expense

Total other expense

1 unchanged sentence

Provision for income taxes

$ ( 122,628 )

$ ( 112,073 )

Net loss per share

6 unchanged sentences

CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three Months Ended September 30, 2022

Balances, June 30, 2022

$ ( 41,710,802 )

$ ( 631,278 )

Net Loss for the Three Months

Balances, September 30, 2022

$ ( 41,747,258 )

$ ( 667,734 )

Nine Months Ended September 30, 2022

Three Months Ended March 31, 2023

Balances, December 31, 2022

$ ( 41,624,630 )

$ ( 545,106 )

Net Loss for the Nine Months

Balances, September 30, 2022

$ ( 41,747,258 )

$ ( 667,734 )

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

Balances, March 31, 2023

Three Months Ended March 31, 2022

Balances, December 31, 2021

$ ( 41,454,121 )

$ ( 374,597 )

Net Loss for the Nine Months

Balances, September 30, 2021

$ ( 41,566,194 )

$ ( 486,670 )

Balances, March 31, 2022

The accompanying notes are an integral part

2 unchanged sentences

CONDENSED STATEMENTS OF CASH FLOWS

For the Period Ended

September 30,

For the Three Months Ended

Cash flows from operating activities:

$ ( 122,628 )

$ ( 112,073 )

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

Accounts receivables – related party

Accounts receivables

Accounts payable and accrued expenses

1 unchanged sentence

Net cash used in operating activities

Net cash used in investing activities

Net cash used in financing activities

10 unchanged sentences

FINANCIAL STATEMENTS

SEPTEMBER 30,

MARCH 31, 2023

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

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.

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

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 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 (“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

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

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

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.

Going Concern and Management’s

These financial statements

have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in

the normal course of business.

The Company has incurred recurring losses and at March 31, 2023, had an accumulated deficit of $ 41,853,759 .

For the three-month period ended March 31, 2023, the Company sustained a net loss of $ 50,379 .

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 seek

additional funding through debt or equity financing during the next twelve months to source new inventory and generate revenue

from product sales.

The novel coronavirus,

known as the global COVID-19 pandemic, was first identified in December 2019.

We continue to monitor the COVID-19 pandemic and

its effect on our business and results of operations;

however, we cannot predict the duration, scope or severity of the COVID-19

pandemic or its future impact on our business, results of operations, cash flows and financial condition

NOTE 2 – SUMMARY OF SIGNIFICANT

ACCOUNTING POLICIES

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.

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

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, 2022, as filed with the SEC on March 31, 2023.

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 months ended March 31, 2023 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

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.

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 on deposit may exceed FDIC insured limits.

The Company has not experienced any losses in such

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.

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 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.

Company recognizes revenue from sales 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

Revenue 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.

1 unchanged sentence

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 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 September 30, 2022 and December 31, 2021.

Accounts Receivable – Related

Accounts receivable from related party

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.

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.

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:

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.

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.

1 unchanged sentence

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.

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 and

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

Recently Issued Accounting Pronouncements

1 unchanged sentence

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

and the SEC and determined that these pronouncements do not have a material impact on the Company’s current or anticipated

consolidated financial statement presentation or disclosures.

2 unchanged sentences

Accounts payable and accrued expenses are

September 30,

Trade payables

2 unchanged sentences

NOTE 4 – ACCRUED ROYALTIES

Accrued royalties relate to the Company’s

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 .

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 per user end fee 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.

Accrued royalty fees as of March 31, 2023 and December 31, 2022 were $ 695,632 and $ 683,132 , 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 these agreements remains presented as a liability on the Company’s Consolidated Balance

NOTE 5 – 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 6 – STOCKHOLDERS’ EQUITY

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.

NOTE 6 – STOCKHOLDERS’ DEFICIT

Preferred Stock

The Company is currently authorized to

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

The Company is authorized

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

No shares of preferred stock are currently

3 unchanged sentences

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 September 30, 2022, and December 31, 2021.

The Company is authorized

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

All issued shares of common stock are

entitled to vote on a 1 share/1 vote basis .

The Company had 202,308,728 shares of common stock issued and outstanding

as of March 31, 2023 and December 31, 2022.

NOTE 7 – 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.

The Company has evaluated

events subsequent to March 31, 2023, through the date these financial statements were issued.

In the opinion of management, there

were no subsequent events that would require disclosure or adjustments to the accompanying financial statements through the date

the 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