THEGLOBE COM INC 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA FINANCIAL STATEMENTS THEGLOBE.COM, INC. INDEX TO FINANCIAL STATEMENTS Page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ( CBIZ CPAs P.C. - PCAOB ID 199 ) 10 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ( Marcum LLP - PCAOB ID 688 ) 11 ​ ​ BALANCE SHEETS 12 STATEMENTS OF OPERATIONS 13 STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) 14 STATEMENTS OF CASH FLOWS 15 NOTES TO FINANCIAL STATEMENTS 16 ​ ​ ​ 9 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of theglobe.com, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheet of theglobe.com, Inc. (the “Company”) as of December 31, 2025, the related statements of operations, stockholders’ deficit and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Explanatory Paragraph – Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant working capital deficiency and has limited access to the capital resources it needs to maintain its existence. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ CBIZ CPAs P.C. CBIZ CPAs P.C. We have served as the Company’s auditor since 2001 (such date takes into account the acquisition of the attest business of Marcum llp by CBIZ CPAs P.C. effective November 1, 2024). Fort Lauderdale, Florida March 31, 2026 ​ 10 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of theglobe.com, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheet of theglobe.com, Inc. (the “Company”) as of December 31, 2024, the related statements of operations, stockholders’ equity deficit and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Explanatory Paragraph – Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ Marcum LLP Marcum LLP We have served as the Company’s auditor since 2001 through April 17, 2025. Fort Lauderdale, Florida March 20, 2025 11 Table of Contents THEGLOBE.COM, INC. BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ December 31, 2024 ASSETS ​ ​ ​ ​ Current Assets: ​ ​ ​ ​ Cash ​ $ 3,632 ​ $ 23,750 Total current assets ​ $ 3,632 ​ $ 23,750 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ DEFICIT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Liabilities: ​ ​ ​ ​ ​ Accounts payable ​ $ 4,113 ​ $ 2,136 Accrued expenses and other current liabilities ​ 28,938 ​ ​ 25,870 Accrued interest due to related party ​ 460,145 ​ ​ 366,119 Notes payable due to related party ​ 1,220,000 ​ ​ 1,113,000 Total current liabilities ​ 1,713,196 ​ ​ 1,507,125 ​ ​ ​ ​ ​ ​ ​ Stockholders’ Deficit: ​ ​ ​ ​ Common stock, $ 0.001 par value; 500,000,000 shares authorized; 441,480,473 shares issued and outstanding at December 31, 2025 and December 31, 2024 ​ 441,480 ​ ​ 441,480 Preferred stock, $ 0.001 par value; 3,000,000 shares authorized; 0 shares issued at December 31, 2025 and 2024 ​ ​ — ​ ​ — Additional paid in capital ​ 296,594,042 ​ ​ 296,594,042 Accumulated deficit ​ ( 298,745,086 ) ​ ​ ( 298,518,897 ) Total stockholders’ deficit ​ ( 1,709,564 ) ​ ​ ( 1,483,375 ) Total liabilities and stockholders’ deficit ​ $ 3,632 ​ $ 23,750 ​ ​ See notes to financial statements. ​ 12 Table of Contents THEGLOBE.COM, INC. STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Net Revenue ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Operating Expenses: ​ ​ ​ ​ General and administrative ​ 132,163 ​ 126,984 Total Operating Expenses ​ 132,163 ​ 126,984 ​ ​ ​ ​ ​ ​ ​ Operating Loss ​ ( 132,163 ) ​ ( 126,984 ) ​ ​ ​ ​ ​ ​ ​ Other Income ​ — ​ 7,032 ​ ​ ​ ​ ​ ​ ​ Related party interest expense ​ ( 94,026 ) ​ ( 84,915 ) ​ ​ ​ ​ ​ ​ ​ Loss Before Income Taxes ​ ( 226,189 ) ​ ( 204,867 ) ​ ​ ​ ​ ​ ​ ​ Income Taxes ​ — ​ — Net Loss ​ $ ( 226,189 ) ​ $ ( 204,867 ) ​ ​ ​ ​ ​ ​ ​ Loss Per Share: ​ ​ ​ ​ Basic and Diluted: ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Weighted Average Common Shares Outstanding ​ 441,480,473 ​ 441,480,473 ​ ​ See notes to financial statements. ​ 13 Table of Contents THEGLOBE.COM, INC. STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ Paid-in ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ Amount Capital Deficit ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, January 1, 2024 441,480,473 ​ $ 441,480 ​ $ 296,594,042 ​ $ ( 298,314,030 ) ​ $ ( 1,278,508 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Loss — ​ ​ — ​ ​ — ​ ​ ( 204,867 ) ​ ​ ( 204,867 ) Balance December 31, 2024 441,480,473 ​ $ 441,480 ​ $ 296,594,042 ​ $ ( 298,518,897 ) ​ $ ( 1,483,375 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Loss — ​ ​ — ​ ​ — ​ ​ ( 226,189 ) ​ ​ ( 226,189 ) Balance, December 31, 2025 441,480,473 ​ $ 441,480 ​ $ 296,594,042 ​ $ ( 298,745,086 ) ​ $ ( 1,709,564 ) ​ See notes to financial statements. ​ 14 Table of Contents THEGLOBE.COM, INC. STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Cash Flows from Operating Activities: ​ ​ ​ ​ Net Loss ​ $ ( 226,189 ) ​ $ ( 204,867 ) ​ ​ ​ ​ ​ Adjustments to reconcile net loss from operations to net cash used in operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in operating assets and liabilities: ​ ​ ​ ​ Accounts payable ​ 1,977 ​ ​ ( 1,525 ) Accrued expenses and other current liabilities ​ 3,068 ​ ​ 122 Accrued interest due to related party ​ 94,026 ​ ​ 84,915 ​ ​ ​ ​ ​ Net cash flows used in operating activities ​ ( 127,118 ) ​ ​ ( 121,355 ) ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ ​ ​ Proceeds from related party loans ​ 107,000 ​ ​ 136,000 Net cash flows provided by financing activities ​ 107,000 ​ ​ 136,000 ​ ​ ​ ​ ​ ​ Net change in cash ​ ( 20,118 ) ​ ​ 14,645 Cash at beginning of the year ​ 23,750 ​ ​ 9,105 Cash at end of the year ​ $ 3,632 ​ $ 23,750 ​ ​ See notes to financial statements. ​ 15 Table of Contents THEGLOBE.COM, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2025 and 2024 (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THE COMPANY 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. On December 20, 2017, Delfin Midstream Inc. (“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. 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 expenses during the reporting period. FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic on Fair Value Measurements and Disclosure (“ASC 820”) requires that the Company disclose estimated fair values of its financial instruments. The carrying amount of certain of the Company’s financial instruments, including cash, accounts payable and accrued expenses, are a reasonable estimate of their fair values at December 31, 2025 and 2024, respectively, due to their short maturities. INCOME TAXES The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases for operating loss and tax credit carryforwards. 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 results of operations in the period that the tax change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. NET LOSS PER COMMON SHARE The Company reports basic and diluted net loss per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic loss 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 and warrants (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 years ended December 31, 2025 and 2024. 16 Table of Contents RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements. The adoption did not have a significant impact on the financial statements. ​ (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. The Company currently has no sources of operating cash flow and its only source of working capital consists of loans made by Delfin, its principal stockholder. Management has no expectation that this circumstance will change in the foreseeable future due to the absence of any business plan. Cash flows used in operating activities consist solely of professional fees and administrative expenses incurred in the normal course of maintaining the Company’s legal existence as an inactive public entity. Delfin loaned the Company an additional $ 36,000 pursuant to an amendment to the exiting note agreement on January 10, 2026. Although the Company anticipates that Delfin will provide the Company with the ongoing funding it needs to maintain its legal existence, Delfin has not committed to do so and further funding, if any, will be made at the sole discretion of Delfin. However, for the reasons described below, Company management does not believe that cash on hand and cash flow generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months. These conditions 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. 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. ​ (3) DEBT In March 2018, the Company executed a promissory note with Delfin for $ 50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years to $ 1,220,000 , which was our balance at December 31, 2025. The Promissory Note is used 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) INCOME TAXES The provision (benefit) for income taxes is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Operations ​ $ — ​ $ — ​ ​ $ — ​ $ — ​ 17 Table of Contents A reconciliation of the income tax benefit to the amount computed by applying the 21 % statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ ​ Amount ​ ​ ​ Percent Statutory federal income tax rate ​ $ 47,500 21.00 % State income taxes, net of federal benefit (a) ​ — 0.00 ​ Change in valuation allowance ​ ( 47,500 ) ( 21.00 ) ​ ​ ​ ​ ​ ​ ​ ​ Effective tax rate ​ $ — — % (a) State taxes in Florida made up the majority (greater than 50 percent) of the tax effect in this category The following is a reconciliation of the federal income tax provision at the federal statutory rate to the Company’s tax provision attributable to operations prior to the adoption of ASU 2023-09: ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2024 ​ Percent ​ Statutory federal income tax rate 21.00 % State income taxes, net of federal benefit 4.35 ​ Change in valuation allowance ( 25.35 ) ​ ​ ​ ​ Effective tax rate ​ % ​ ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ Deferred tax assets (liabilities): ​ ​ ​ ​ Net operating loss carryforwards ​ $ 427,000 ​ $ 369,000 Total gross deferred tax assets ​ 427,000 ​ ​ 369,000 Less: valuation allowance ​ ( 427,000 ) ​ ​ ( 369,000 ) Total net deferred tax assets ​ $ — ​ $ — ​ ​ Because of the Company’s lack of earnings history, the net deferred tax assets, which consists solely of net operating losses, have been fully offset by a 100 % valuation allowance. The valuation allowance for net deferred tax assets was $ 427,000 and $ 369,000 as of December 31, 2025 and 2024, respectively. The net change in the total valuation allowance was $( 58,000 ) and $ 955,000 for the years ended December 31, 2025 and 2024, respectively. At December 31, 2025, the Company had net operating loss carryforwards available for U.S. tax purposes of approximately $ 1,684,000 which will carry forward indefinitely. ​ 18 Table of Contents (5) RELATED PARTY TRANSACTIONS Under terms of the debt with its majority stockholder (See Note 3), the Company recorded accrued interest of approximately $ 460,000 and $ 366,000 as of December 31, 2025 and 2024, respectively and interest expense of approximately $ 94,000 and $ 85,000 for the years ended December 31, 2025 and 2024, respectively. ​ (6) SUBSEQUENT EVENTS Subsequent events have been evaluated through the date these financial statements have been issued. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date other than the additional funding received from Delfin of $ 36,000 on January 10, 2026. The Twenty - Fourth Amended and Restated promissory note are attached as an exhibit. ​ 19 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ​