Crypto Co
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 19, 2024
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-19.
0001493152-24-032964
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-19.
0001493152-24-046833
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 57 previous paragraphs and 63 current paragraphs.
42 unchanged; 14 reworded; 7 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Effective September 5, 2024, the Company amended its Articles of Incorporation (the “Articles”), to amend and restate Sections 1 and 2 of Article 4 of the Articles to increase the number of authorized shares of the Company’s common stock (“Common Stock”) from 2,000,000,000 to 19,000,000,000 and create a new class of stock, par value $0.001 per share, designated as Series A Preferred Stock consisting of 10 authorized shares, as set forth in Certificate of Amendment to the Articles of Incorporation (the “Amendment”). Pursuant to the Amendment, Common Stock and Preferred Stock are identical in all respects, except that each share of Common Stock is entitled to one vote and each share of Preferred Stock is entitled to 950,000,000 votes.
Current report
Effective September 5, 2024, the Company entered into a stock agreement (the “Stock Agreement”) with Ronald Levy (the “Recipient”), pursuant to which the Company issued a total of ten (10) shares of the Company’s Series A preferred stock (“Preferred Stock”) as a bonus to the Recipient. The shares of Preferred Stock were offered and sold in reliance upon exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder.
Current report
On August 28, 2024, the Company borrowed funds pursuant to the terms of a Securities Purchase Agreement (the “AJB SPA”) entered into with AJB Capital Investments, LLC (“AJB”), and issued a Promissory Note in the principal amount of $120,000 (the “AJB Note”) to AJB in a private transaction for a purchase price of $108,000, each dated as of August 28, 2024. In connection with the sale of the AJB Note, the Company also paid certain fees and expenses of AJB. After payment of the fees and expenses, the net proceeds to the Company were $98,000, which will be used for working capital, to fund potential acquisitions or other forms of strategic relationships, and other general corporate purposes.
Current report
The maturity date of the AJB Note is February 28, 2025. The AJB Note bears interest at a rate of twelve percent (12%) per calendar year from the date of issuance. The interest shall accrue on a monthly basis and is payable on the maturity date or upon acceleration or by prepayment or otherwise. The Company may prepay the AJB Note at any time without penalty. Under the terms of the AJB Note, the Company may not issue additional debt that is not subordinate to AJB, must comply with the Company’s reporting requirements under the Securities Exchange Act of 1934, and must maintain the listing of the Company’s common stock on the OTC Market or other exchange, among other restrictions and requirements. The Company’s failure to make required payments under the AJB Note or to comply with any of these covenants, among other matters, would constitute an event of default. Upon an event of default under the AJB SPA or AJB Note, the AJB Note will bear interest at the lesser of 18% per annum or the maximum amount permitted under law, AJB may immediately accelerate the AJB Note due date, AJB may convert the amount outstanding under the AJB Note into shares of Company common stock at a discount to the market price of the stock, and AJB will be entitled to its costs of collection, among other penalties and remedies.
Current report
Effective June 28, 2024, the Company entered into stock agreements (each, a “Stock Agreement”) with five separate recipients (each, a “Recipient”). Pursuant to the terms of the Stock Agreements, the Company issued a total of 910,770,639 shares of Company common stock as a bonus granted to certain Recipients who are employees and as a consideration for certain contractors’ services for the Recipients who are contractors. Ronald Levy, Chief Executive Officer, Interim Chief Financial Officer, Chief Operating Officer, Chairman of the Board and Secretary of the Company, was one the Recipients. The shares of Company common stock were issued in a private transaction. The shares of Company common stock described in this Current Report on Form 8-K were offered and sold in reliance upon exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. Each of the Recipients had access to information about the Company or is a person to whom the Company believes the offer was exempt from registration.
Current report
Comparison of the nine months ended September 30, 2024 and September 30, 2023
Current report
During the nine months ended September 30, 2024 and September 20, 2023, other expense was $-0- and ($31,000), respectively.
Removed paragraphs (1)
Previous report
Comparison of the six months ended June 30, 2024 and June 30, 2023
Reworded paragraphs (14)
Previous wording
Revenues for the three months ended June 30, 2024 and June 30, 2023, were $9,841 and $106,610, respectively. The decrease in revenue was due to less of a demand for blockchain training services. Revenue for the 2024 period consisted primarily of fees received for blockchain training and consulting generated by the Company’s BTA subsidiary which was acquired in April 2021.
Current wording
Revenues for the three months ended September 30, 2024 and September 30, 2023, were $10,299 and $124,195, respectively. The decrease in revenue was due to less demand for blockchain training services. Revenue for the 2024 period consisted primarily of fees received for blockchain training and consulting generated by the Company’s BTA subsidiary which was acquired in April 2021.
Previous wording
For the three months ended June 30, 2024, our general and administrative expenses were $243,823, a decrease of $76,677 compared to $320,500 for the period ended June 30, 2023. General and administrative expenses consist primarily of costs relating to professional services, payroll, and payroll-related expenses. Professional services included in general and administrative expenses consist primarily of contracting fees, consulting fees, and accounting fees.
Current wording
For the three months ended September 30, 2024, our general and administrative expenses were $309,364, an increase of $65,181 compared to $244,183 for the period ended September 30, 2023. General and administrative expenses consist primarily of costs relating to professional services, payroll, and payroll-related expenses. Professional services included in general and administrative expenses consist primarily of contracting fees, consulting fees, and accounting fees.
Previous wording
Amortization expense was $10,833 for the three months ended June 30, 2024 and June 30, 2023, respectively. Depreciation expense was $0 and $0 for the three months ended June 30, 2024 and June 30, 2023, respectively.
Current wording
Amortization expense was $-0- for the three months ended September 30, 2024 and $10,833 as of September 30, 2023, respectively. Depreciation expense was $0 and $0 for the three months ended September 30, 2024 and September 30, 2023, respectively.
Previous wording
Share-based compensation was $439,487 and $119,919 for the three months ended June 30, 2024 and June 30, 2023, respectively.
Current wording
Share-based compensation was $281,000 and $113,818 for the three months ended September 30, 2024 and September 30, 2023, respectively.
Previous wording
During the three months ended June 30, 2024, interest expense was $193,192 compared to $346,402 during the three months ended June 30, 2023. The decrease is primarily attributed to the less issuances of warrant debt discounts during the 2024 period.
Current wording
During the three months ended September 30, 2024, interest expense was $76,807 compared to $99,306 during the three months ended September 30, 2023. The decrease is primarily attributed to the less issuances of warrant debt discounts during the 2024 period.
Previous wording
Revenues for the six months ended June 30, 2024 and June 30, 2023, were $25,647 and $255,202, respectively. The decrease in revenue was due to less of a demand for blockchain training services. Revenue for the 2024 period consisted primarily of fees received for blockchain training and consulting generated by the Company’s BTA subsidiary which was acquired in April 2021.
Current wording
Revenue for the nine months ended September 30, 2024 and September 30, 2023, were $35,946 and $379,107, respectively. The decrease in revenue was due to less of a demand for blockchain training services. Revenue for the 2024 period consisted primarily of fees received for blockchain training and consulting generated by the Company’s BTA subsidiary which was acquired in April 2021.
Previous wording
For the six months ended June 30, 2024, our general and administrative expenses were $686,653, a decrease of $78,872 compared to $765,525 for the period ended June 30, 2023. General and administrative expenses consist primarily of costs relating to professional services, payroll, and payroll-related expenses. Professional services included in general and administrative expenses consist primarily of contracting fees, consulting fees, and accounting fees.
Current wording
For the nine months ended September 30, 2024, our general and administrative expenses were $996,017, an increase of $16,693 compared to $979,324 for the period ended September 30, 2023. General and administrative expenses consist primarily of costs relating to professional services, payroll, and payroll-related expenses. Professional services included in general and administrative expenses consist primarily of contracting fees, consulting fees, and accounting fees.
Previous wording
Amortization expense was $21,666 for the six months ended June 30, 2024 and June 30, 2023, respectively. Depreciation expense was $0 and $0 for the six months ended June 30, 2024 and June 30, 2023, respectively.
Current wording
Amortization expense was $21,666 and $32,499 for the nine months ended September 30, 2024 and September 30, 2023, respectively. Depreciation expense was $0 and $0 for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Previous wording
Share-based compensation was $1,706,700 and $506,479 for the six months ended June30, 2024 and June 30, 2023, respectively.
Current wording
Share-based compensation was $1,865,099 and $620,298 for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Previous wording
During the six months ended June 30, 2024 and June 30, 2023, other income was $0.
Current wording
During the nine months ended September 30, 2024 and September 30, 2023, other income was $0 and $25,775, respectively.
Previous wording
During the six months ended June 30, 2024, interest expense was $393,349 compared to $2,317,315 during the six months ended June 30, 2023. The decrease is primarily attributed to the less issuances of warrant debt discounts during the 2024 period.
Current wording
During the nine months ended September 30, 2024, interest expense was $470,157 compared to $2,416,621 during the nine months ended September 30, 2023. The decrease is primarily attributed to the less issuances of warrant debt discounts during the 2024 period.
Previous wording
Net cash used in operating activities was $601,383 for the six months ended June 30, 2024, compared to net cash used by operating activities of $590,630 for the six months ended June 30, 2023. The increase in net cash used in operating activities during the 2024 period was primarily due to an increase in accounts payable and accrued expenses of $101,840 for the six months ended June 30, 2024.
Current wording
Net cash used in operating activities was $1,395,798 for the nine months ended September 30, 2024, compared to net cash used by operating activities of $763,615 for the nine months ended September 30, 2023. The increase in net cash used in operating activities during the 2024 period was primarily due to an increase in accounts payable and accrued expenses of $257,846 for the nine months ended September 30, 2024.
Previous wording
Net cash used in investing activities was $0 and $0 for the six months ended June 30, 2024 and June 30, 2023.
Current wording
Net cash used in investing activities was $0 and $0 for the nine months ended September 30, 2024 and September 30, 2023.
Previous wording
Net cash from financing activities for the six months ended June 30, 2024, was $559,799, compared to $497,705 for the six months ended June 30, 2023. The increase in net cash from financing activities was mainly due to the resulting issuance of promissory notes during the six months ended June 30, 2024.
Current wording
Net cash from financing activities for the nine months ended September 30, 2024, was $1,329,490, compared to $673,444 for the nine months ended September 30, 2023. The increase in net cash from financing activities was mainly due to the resulting issuance of promissory notes during the nine months ended September 30, 2024.