THEGLOBE COM INC 10-Q

10-Q 1 tm2111772d1_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . COMMISSION FILE NUMBER: 0-25053 THEGLOBE.COM, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) STATE OF DELAWARE 14-1782422 (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER IDENTIFICATION NO.) 14643 DALLAS PARKWAY, SUITE 650, DALLAS, TX 75254 c/o Toombs Hall and Foster (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES (214) 369-5695 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.001 per share tglo None Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ¨ No x Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ¨ Large accelerated filer ¨ Accelerated filer x Non-accelerated filer x Smaller reporting company ¨ Emerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨ The number of shares outstanding of the Registrant’s Common Stock, $.001 par value (the “Common Stock”) as of May 3, 2021 was 441,480,473. THEGLOBE.COM, INC. FORM 10-Q TABLE OF CONTENTS PART I - FINANCIAL INFORMATION 2 ITEM 1. FINANCIAL STATEMENTS 2 CONDENSED BALANCE SHEETS AT MARCH 31, 2021 (UNAUDITED) AND DECEMBER 31, 2020 2 UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 3 UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 4 UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 5 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS 6 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 10 ITEM 4. CONTROLS AND PROCEDURES 10 PART II - OTHER INFORMATION 10 ITEM 1. LEGAL PROCEEDINGS 10 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 11 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 11 ITEM 4. MINE SAFETY DISCLOSURES 11 ITEM 5. OTHER INFORMATION 11 ITEM 6. EXHIBITS 11 SIGNATURES 12 PART I - FINANCIAL INFORMATION ITEM 1. CONDENSED FINANCIAL STATEMENTS THEGLOBE.COM, INC. CONDENSED BALANCE SHEETS MARCH 31, DECEMBER 31, 2021 2020 (Unaudited) ASSETS Current Assets: Cash $ 25,604 $ 7,624 Total current assets $ 25,604 $ 7,624 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable $ 19,922 $ 2,000 Accrued expenses and other current liabilities 18,008 24,000 Accrued interest due to related party 101,139 88,901 Notes payable due to related party 637,500 600,000 Total current liabilities 776,569 714,901 Stockholders’ Deficit: Common stock, $0.001 par value; 500,000,000 shares authorized; 441,480,473 shares issued at March 31, 2021 and December 31, 2020 441,480 441,480 Preferred stock, $0.001 par value; 3,000,000 shares authorized; 0 shares issued at March 31, 2021 and December 31, 2020 -- -- Additional paid in capital 296,594,042 296,594,042 Accumulated deficit (297,786,487 ) (297,742,799 ) Total stockholders’ deficit (750,965 ) (707,277 ) Total liabilities and stockholders’ deficit $ 25,604 $ 7,624 See notes to unaudited condensed financial statements 2 THEGLOBE.COM, INC. CONDENSED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2021 2020 (UNAUDITED) Net Revenue $ — $ — Operating Expenses: General and administrative 31,450 36,323 Operating Loss (31,450 ) (36,323 ) Other Expense: Related party interest expense 12,238 11,052 Loss from Operations Before Income Tax (43,688 ) (47,375 ) Income Tax Provision — — Loss from Operations (43,688 ) (47,375 ) Net Loss $ (43,688 ) $ (47,375 ) Loss Per Share - Basic and Diluted: — — Weighted Average Common Shares Outstanding $ 441,480,473 $ 441,480,473 See notes to unaudited condensed financial statements 3 THEGLOBE.COM, INC. UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) Three Month Period Ended March 31, 2021 Common Stock Additional Paid-in Accumulated Shares Amount Capital Deficit Total Balance, January 1, 2021 441,480,473 441,480 296,594,042 (297,742,799 ) (707,277 ) Quarter Ended March 31, 2021 Net Loss — — — (43,688 ) (43,688 ) Balance, March 31, 2021 441,480,473 $ 441,480 $ 296,594,042 $ (297,786,487 ) $ (750,965 ) Three Month Period Ended March 31, 2020 Common Stock Additional Paid-in Accumulated Shares Amount Capital Deficit Total Balance, January 1, 2020 441,480,473 441,480 296,594,042 (297,578,963 ) (543,441 ) Quarter Ended March 31, 2020 Net Loss — — — (47,375 ) (47,375 ) Balance, March 31, 2020 441,480,473 $ 441,480 $ 296,594,042 $ (297,626,338 ) $ (590,816 ) See notes to unaudited condensed financial statements 4 THEGLOBE.COM, INC. CONDENSED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2021 2020 (UNAUDITED) (UNAUDITED) Cash Flows from Operating Activities Net Loss $ (43,688 ) $ (47,375 ) Adjustments to reconcile net loss to net cash flows used in operating activities Changes in operating assets and liabilities Increase/(Decrease) Accounts payable 17,922 (4,589 ) Increase/(Decrease) Accrued expenses and other current liabilities (5,992 ) 6,759 Increase/(Decrease) Accrued interest due to related party 12,238 11,052 Net cash flows used in operating activities (19,520 ) (34,153 ) Cash Flows from Financing Activities Borrowings on notes payable 37,500 - Net cash flows provided by financing activities 37,500 - Net Increase/(Decrease) in Cash 17,980 (34,153 ) Cash at beginning of period 7,624 86,961 Cash at end of period $ 25,604 $ 52,808 See notes to unaudited condensed financial statements. 5 THEGLOBE.COM, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THEGLOBE.COM 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, 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. 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 (the “Purchase Agreement”). 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 March 31, 2021, 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 beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act. UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION The unaudited interim condensed financial statements of the Company at March 31, 2021 and for the three months ended March 31, 2021 and 2020 included herein have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements. In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at March 31, 2021 and the results of its operations and its cash flows for the three months ended March 31, 2021 and 2020. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses. NET INCOME PER SHARE The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended March 31, 2021. 6 RECENT ACCOUNTING PRONOUNCEMENTS Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations. (2) LIQUIDITY AND GOING CONCERN CONSIDERATIONS The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. However, for the reasons described below, Company management does not believe that cash on hand and cash flows generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months. These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company (see Note 3). At March 31, 2021, the Company had a net working capital deficit of approximately $751,000. Such working capital deficit included accrued expenses of approximately $18,000, accounts payable of approximately $20,000 and approximately $739,000 in principal and accrued interest owed under the Promissory Note with Delfin. The coronavirus (COVID-19) pandemic and its impact on debt and equity markets could also have a material adverse effect on our financial condition and ability to operate as a going concern. MANAGEMENT’S PLANS Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company. (3) DEBT In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000 and then again in February 2021 to increase the principal amount to up to $637,500 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company. (4) RELATED PARTY TRANSACTIONS Under terms of the debt with its majority stockholder ( See Note 3), the Company has recorded accrued interest of approximately $101,000 as of March 31, 2021 and approximately $89,000 as of December 31, 2020 and interest expense of approximately $12,000 and $11,000 for the three months ended March 31, 2021 and 2020, respectively. (5) SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the time of the filing of this report on Form 10-Q. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements. 7 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD LOOKING STATEMENTS This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology, such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “intend,” “potential” or “continue” or the negative of such terms or other comparable terminology, although not all forward-looking statements contain such terms. In addition, these forward-looking statements include, but are not limited to, statements regarding: • our need for additional equity and debt capital financing to continue as a going concern, and the sources of such capital; • our intent with respect to future dividends; • the continued forbearance of certain related parties from making demand for payment under certain contractual obligations of, and loans to, the Company; and • our estimates with respect to certain accounting and tax matters. These forward-looking statements reflect our current view about future events and are subject to risks, uncertainties and assumptions. Unless required by law, we do not intend to update any of the forward-looking statements after the date of this Form 10-Q or to conform these statements to actual results. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. A description of risks that could cause our results to vary appears under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward- looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following: • our ability to raise additional and sufficient capital; • our ability to continue to receive funding from related parties; • our ability to successfully estimate the impact of certain accounting and tax matters. The following discussion should be read together in conjunction with the accompanying unaudited condensed financial statements and related notes thereto and the audited financial statements and notes to those statements contained in the Annual Report on Form 10-K for the year ended December 31, 2020. OVERVIEW 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, 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. We currently have no material operations or assets. On December 20, 2017, our former Chief Executive Officer and majority stockholder, Mr. Egan entered into the Purchase Agreement with Delfin for the purchase by Delfin of shares owned by Mr. Egan 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 March 31, 2021, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets. 8 BASIS OF PRESENTATION OF CONDENSED FINANCIAL STATEMENTS; GOING CONCERN We received a report from our independent registered public accountants, relating to our December 31, 2020 audited financial statements, containing an explanatory paragraph regarding our ability to continue as a going concern. As a shell company, our management believes that we will not be able to generate operating cash flows sufficient to fund our operations and pay our existing current liabilities. Based upon our current limited cash resources and without the infusion of additional capital and/or the continued forbearance of our creditors, our management does not believe we can operate as a going concern beyond the next twelve months. See “Future and Critical Need for Capital” section of this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further details. Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, our condensed financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern. RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2021 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2020 NET REVENUE. Commensurate with the sale of our Tralliance business on September 29, 2008, we became a shell company, and we have not had any material operations since then. As a result, net revenue for both the three months ended March 31, 2021 and 2020 was $0. GENERAL AND ADMINISTRATIVE. General and administrative expenses include only customary public company expenses, including accounting, legal, audit, insurance and other related public company costs. General and administrative expenses totaled approximately $31,000 in the first quarter of 2021 as compared to approximately $36,000 for the same quarter of the prior year. This was due to a decrease in legal expenses related to our filings. RELATED PARTY INTEREST EXPENSE. Related party interest expense for the three months ended March 31, 2021 totaled $12,238 compared to $11,052 for the three months ended March 31, 2020. This increase consisted of interest due and payable to Delfin for additional loan amounts. NET LOSS. Net loss for the three months ended March 31, 2021 was approximately $44,000 as compared to a net loss of approximately $47,000 for the three months ended March 31, 2020. This decrease was primarily due to decreased legal expenses, partially offset by an increase in interest expenses. LIQUIDITY AND CAPITAL RESOURCES CASH FLOW ITEMS As of March 31, 2021, we had $25,604 in cash as compared to $7,624 as of December 31, 2020. Net cash flows used in operating activities totaled approximately $20,000 for the three months ended March 31, 2021 compared to net cash flows used in operating activities of approximately $34,000 for the three months ended March 31, 2020. Net cash flows provided by financing activities totaled approximately $37,500 for the three months ended March 31, 2021 compared to $0 for the three months ended March 31, 2020. FUTURE AND CRITICAL NEED FOR CAPITAL The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern. However, for the reasons described below, our management does not believe that cash on hand and cash flow generated internally by us will be adequate to fund our limited overhead and other cash requirements beyond the next twelve months. These reasons raise significant doubt about our ability to continue as a going concern. Additionally, the COVID 19 pandemic could have an adverse effect on our ability to continue operating. Please see Item 1A. Risk Factors. In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, and then again in February 2021 to increase the principal amount to up to $637,500 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. The Company expects continued funding from Delfin over the next twelve months. At March 31, 2021, we had a net working capital deficit of approximately $751,000. This deficit included accrued expenses of approximately $18,000, accounts payable of approximately $20,000 and approximately $739,000 in principal and accrued interest owed under the Promissory Note with Delfin, the Company’s majority stockholder. 9 EFFECTS OF INFLATION Management believes that inflation has not had a significant effect on our results of operations during 2021 and 2020. MANAGEMENT’S DISCUSSION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires us 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 revenue and expenses during the reporting period. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates. Certain of our accounting policies require higher degrees of judgment than others in their application. Primarily, these include valuation of accounts payable and accrued expenses. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK Not applicable to smaller reporting companies such as the Company. ITEM 4. CONTROLS AND PROCEDURES We maintain disclosure controls and procedures that are designed to ensure (1) that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (“SEC”) rules and forms, and (2) that this information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost benefit relationship of possible controls and procedures. Our Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer has concluded that, as of March 31, 2021, our disclosure controls and procedures were effective in alerting him in a timely manner to material information regarding us that is required to be included in our periodic reports to the SEC. Our Chief Executive Officer and Chief Financial Officer has evaluated any change in our internal control over financial reporting that occurred during the quarter ended March 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting, and has determined there to be no reportable changes. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 1A. RISK FACTORS You should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which could materially affect our business, financial position, or future results of operations. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial position, or future results of operations. 10 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS (a) Unregistered Sales of Equity Securities. None. (b) Use of Proceeds From Sales of Registered Securities. Not applicable. (c) Repurchases. None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS 10.2 $637,500 Sixth Amended and Restated Bridge Promissory Note dated February 8, 2021 by and between Delfin Midstream LLC and the Company (incorporated by reference to Exhibit 10.2 of our Form 10-K filed on March 26, 2021). 31.1 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a). 32.1 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and Rule 15d-14(b). 101.1NS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definitions Linkbase Document 101.LAB XBRL Taxonomy Extension Label Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 11 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: May 14, 2021 theglobe.com, inc. By: /s/ Frederick Jones Frederick Jones Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Duly Authorized Officer) 12