+Added: DESCRIPTION OF BUSINESS
theglobe.com, inc.
−Removed: (the “Company,”
−Removed: “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that
+Added: (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.
−Removed: On September 29,
−Removed: 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”),
−Removed: to Tralliance Registry Management Company, LLC (“Tralliance Registry Management”), an entity controlled by Michael
+Added: 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.
−Removed: As a result of and on the effective date of the sale of our Tralliance
−Removed: business, which was our last remaining operating business, we became a “shell company,” as that term is defined in
−Removed: Rule 12b-2 of the Exchange Act, with no material operations or assets.
−Removed: On December 20, 2017, Delfin Midstream LLC
−Removed: (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total
−Removed: of 312,825,952 shares of our common stock, par value $0.001 per share (“Common Stock”), representing approximately
−Removed: 70.9% of our Common Stock.
−Removed: As a shell company, our operating expenses
−Removed: have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including
−Removed: personnel, accounting, financial reporting, legal, audit and other related public company costs.
−Removed: As of December 31, 2020, as reflected in
−Removed: our accompanying Balance Sheet, our current liabilities exceed our total assets.
−Removed: We prefer to avoid filing for protection under
+Added: 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.
+Added: 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.
+Added: 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.
+Added: As of December 31, 2021, as reflected in our accompanying Balance Sheet, our current liabilities exceed our total assets.
+Added: We prefer to avoid filing for protection under the U.S.
Bankruptcy Code.
−Removed: However, unless we are successful in raising additional funds through the offering of debt or equity
−Removed: securities, we may not be able to continue to operate as a going concern for any significant length of time in the future.
−Removed: Notwithstanding
−Removed: the above, we currently intend to continue operating as a public company and make all the requisite filings under the Exchange
+Added: 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.
+Added: Notwithstanding the above, we currently intend to continue operating as a public company and make all the requisite filings under the Exchange Act.
As of March 1, 2022, we had no employees.
Our executive officer currently devotes very limited time to our business and receives no compensation from us.
−Removed: Our executive officer
−Removed: is an officer, director and/or stockholder of other companies which may have ongoing business relationships with the Company.
−Removed: the section in this annual report entitled “Item 1A.
−Removed: Risk Factors—Our management may have other interests that may
−Removed: conflict with the interests of our stockholders.”
+Added: Our executive officer is an officer, director and/or stockholder of other companies which may have ongoing business relationships with the Company.
+Added: See the section in this annual report entitled “Item 1A.
+Added: Risk Factors—Our management may have other interests that may conflict with the interests of our stockholders.”
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.