Item 1. Business
Item 1. BUSINESS
DESCRIPTION
OF BUSINESS
General
theglobe.com, inc. (the “Company,”
“theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that
date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29,
2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”),
to Tralliance Registry Management Company, LLC (“Tralliance Registry Management”), an entity controlled by Michael
S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance
business, which was our last remaining operating business, we became a “shell company,” as that term is defined in
Rule 12b-2 of the Exchange Act, with no material operations or assets.
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On December 20, 2017, Delfin Midstream LLC
(“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total
of 312,825,952 shares of our common stock, par value $0.001 per share (“Common Stock”), representing approximately
70.9% of our Common Stock.
As a shell company, our operating expenses
have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including
personnel, accounting, financial reporting, legal, audit and other related public company costs.
As of December 31, 2020, as reflected in
our accompanying Balance Sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under
the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity
securities, we may not be able to continue to operate as a going concern for any significant length of time in the future. Notwithstanding
the above, we currently intend to continue operating as a public company and make all the requisite filings under the Exchange
Act.
EMPLOYEES
As of March 1, 2021, we had no employees.
Our executive officer currently devotes very limited time to our business and receives no compensation from us. Our executive officer
is an officer, director and/or stockholder of other companies which may have ongoing business relationships with the Company. See
the section in this annual report entitled “Item 1A. Risk Factors—Our management may have other interests that may
conflict with the interests of our stockholders.”
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