10K Highlights, AN ABSOLUTE JOKE OF A COMPANY!
For the year ended December 31, 2018 the Company had a loss from continuing operations of $7,110,000 on $388k revenue. HOLY COW...388K WHAT A GREAT PLATFORM THIS CO HAS
During the year ended December 31, 2018, the Company issued an aggregate of 6,068,681 shares of restricted common stock to consultants with a total fair value of $1,968,000. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $1,968,000 upon issuance. The shares issued were valued at the date earned under the respective agreements based upon closing market price of the Company’s common stock.restricted stock awards granted to employees and third-party service providers as compensation, recorded at fair value of $3,672,000 during the year ended December 31, 2018 THIS IS $3MM TO BROKERS AND CONSULTANTS FOR DOING NOTHING
During 2017, the Company capitalized $175,000 pursuant to a licensing agreement for the non-exclusive, limited right to incorporate certain intellectual property (IP) from various STAR TREK television series in to future updates to and expansions of the Pocket Starships game. As of December 31, 2018, the company has not met certain development milestones, is in default and has recognized an impairment loss of $175,000 in the consolidated statement of operations for the year ended December 31, 2018. The Company is seeking an extension of time to meet these milestones and cure the default. WOW...CANT EVEN MAKE $ ON THE STAR TREK BRAND NAME AND IS IN DEFAULT
The Company currently does not have sufficient cash and liquidity to meet its anticipated working capital for the next twelve months. The Company expects future development and expansion will be financed through cash flows from operations and other forms of financing such as the sale of additional equity and debt securities, capital leases and other credit facilities. If our sales goals for our products do not materialize as planned, we believe that the Company can reduce its operating and product development costs that would allow us to maintain sufficient cash levels to continue operations. However, if we are not able to achieve profitable operations at some point in the future, we may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion, marketing, and product development plans. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.
The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business, however, the issues described below raise substantial doubt about the Company’s ability to do so.
THE PRIOR 2 PARAGRAPHS SAY IT ALL....BANKRUPTCY IN THE OFFING...THEY WILL NEVER BE CF POSITIVE
