Aibotics, Inc 10-Q for FY2023 Q2

Aibotics, Inc. (AIBT)

10-Q 2023-08-17 For: 2023-06-30

Added on April 07, 2026

About this 10-Q

Aibotics, Inc filed this 10-Q on August 17, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $278.68K; compared with a net loss of $410.94K a year earlier

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2023
	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: 000-56022

Mycotopia Therapies, Inc.
(Exact name of registrant as specified in its charter)

Nevada		87-0645794
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 SE 2nd Street, Suite 2000, Miami, FL 33131
(Address of principal executive offices, including zip code)

954-233-3511
(Registrant’s telephone number, including area code)

Title of each class	Trading Symbol(s)	Name of each exchange on “which registered
N/A	N/A	N/A

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, Par Value $0.001
(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Exchange Act 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. x Yes ¨ 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). x Yes ¨No

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,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ¨	Accelerated filer ¨
	Non-accelerated Filer x	Smaller reporting company ☒
	Emerging growth company ☐

Item		Page
	Part I—Financial Information

1	Financial Statements	4
	Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (restated) (unaudited)	4
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (restated) (unaudited)	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022 (restated) (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (restated) (unaudited)	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
3	Quantitative and Qualitative Disclosures about Market Risk	18
4	Controls and Procedures	18

	Part II—Other Information

6	Exhibits	18
	Signatures	19

	June 30,	December 31,
	2023	2022
		(Restated)
CURRENT ASSETS
Cash	`$338,894`	`$385,899`
TOTAL CURRENT ASSETS	`338,894`	`385,899`

NON-CURRENT ASSETS
Property and equipment, net	`1,001`	`1,496`
TOTAL ASSETS	`$339,895`	`$387,395`

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued expenses	`$408,652`	`$335,590`
Accrued expenses - related party	`432,000`	`288,000`
Convertible Note Payable, net of debt discount	`927,892`	`330,153`
TOTAL CURRENT LIABILITES	`1,768,544`	`953,743`

Convertible debt	`-`	`325,000`
TOTAL LIABILITIES	`1,768,544`	`1,278,743`

MEZZANINE EQUITY
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 and 0, shares issued and outstanding, respectively; liquidation preference of $0 and $0, respectively	`-`	`-`

STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 100,000,000 shares authorized; 14,896,791 and 14,858,357, shares issued and outstanding, respectively.	`14,895`	`14,857`
Additional paid-in capital	`6,917,776`	`6,873,429`
Accumulated deficit	`(8,361,320)`	`(7,779,634)`

TOTAL STOCKHOLDERS' DEFICIT	`(1,428,649)`	`(891,348)`

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	`$339,895`	`$387,395`

	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2023	2022	2023	2022
		(Restated)		(Restated)
OPERATING EXPENSE
General and administrative	`$117,353`	`$160,611`	`$262,364`	`$1,282,718`
TOTAL OPERATING EXPENSES	`117,353`	`160,611`	`262,364`	`1,282,718`

NET LOSS FROM OPERATIONS	`(117,353)`	`(160,611)`	`(262,364)`	`(1,282,718)`

OTHER (EXPENSE) INCOME
Interest expense	`(161,329)`	`(247,602)`	`(319,322)`	`(427,508)`
Interest expense - related party	`-`	`(2,727)`	`-`	`(5,424)`
TOTAL OTHER (EXPENSE) INCOME	`(161,329)`	`(250,329)`	`(319,322)`	`(432,932)`

NET LOSS BEFORE PROVISION FOR INCOME TAXES	`$(278,682)`	`$(410,940)`	`$(581,686)`	`$(1,715,650)`
Provision for income taxes	`-`	`-`	`-`	`-`

NET LOSS	`$(278,682)`	`$(410,940)`	`$(581,686)`	`$(1,715,650)`

NET LOSS PER SHARE – BASIC AND DILUTED	`$(0.02)`	`$(0.03)`	`$(0.04)`	`$(0.12)`

AVERAGE NUMBER OF COMMON SHARE OUTSTANDING – BASIC AND DILUTED	`14,883,698`	`14,351,954`	`14,871,098`	`14,268,731`

	For the six months ended June 30,
	2023	2022
		(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	`$(581,686)`	`$(1,715,650)`
Adjustments to Reconcile Net Income (Loss) to Net Cash Used In Operating Activities:
Depreciation expense	`495`	`498`
Stock based compensation	`44,385`	`1,020,829`
Amortization of debt discount	`272,739`	`375,774`
Changes in Operating Assets and Liabilities:
Increase (decrease) in accounts payable and accrued expenses	`73,062`	`(35,017)`
Increase in accrued expenses - related party	`144,000`	`94,000`
Accrued interest - shareholder loan	`-`	`424`
NET CASH USED IN OPERATING ACTIVITES	`(47,005)`	`(259,142)`

CASH FLOWS FROM INVESTING ACTIVITIES:
NET CASH PROVIDED (USED) IN INVESTING ACTIVITES	-	-

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of shareholder loan	`-`	`(625,000)`
Proceeds from the issuance of preferred stock	`-`	`150,000`
Proceeds from the issuance of convertible debt	`-`	`250,000`
NET CASH USED IN FINANCING ACTIVITES	`-`	`(225,000)`

NET CHANGE IN CASH	`(47,005)`	`(484,142)`
CASH AT BEGINNING OF PERIOD	`385,899`	`1,267,519`
CASH AT END OF PERIOD	`$338,894`	`$783,377`

Cash paid during the period:
Cash paid for interest	`$-`	`$5,000`
Cash paid for income taxes	`$-`	`$-`

Supplemental Disclosure of Non-Cash Financing Activities:
Conversion of preferred to common stock	`$-`	`$70,000`
Debt discount on convertible note payable	`$-`	`$250,000`

	As Reported	Reclass	Adjustment	As Restated
Accounts payable	`$171,031`	`$(50,000)`	`-`	`$121,031`
Accrued expenses – related party	`-`	`$50,000`	`$288,000`	`$338,000`
Total current liabilities	`$306,370`	`-`	`$288,000`	`$594,370`
Total liabilities	`$929,995`	`-`	`$288,000`	`$1,217,995`
Additional paid-in capital	`$3,175,959`	`-`	`$2,029,861`	`$5,205,820`
Accumulated deficit	`$(2,849,904)`		`$(2,317,861)`	`$(5,167,765)`
Total stockholders’ equity	`$340,021`	`-`	`$(288,000)`	`$52,021`

Bonus		EBITDA Milestones
$	100,000	1st $1,000,000
$	100,000	2nd $1,000,000
$	100,000	3rd $1,000,000
$	100,000	4th $1,000,000
$	100,000	5th $1,000,000

Bonus (Shares)	Market Capitalization Milestone
250,000	$	30,000,000
250,000	$	40,000,000
250,000	$	60,000,000
250,000	$	80,000,000
250,000	$	100,000,000

	Underlying Shares	Weighted Average Exercise Price	Weighted Average Term (Years)
Warrants outstanding at January 1, 2023 (restated)	1,980,079	$0.93	1.28
Granted	1,922	0.01	0.38
Exercised	-	-	-
Forfeited	-	-	-
Warrants outstanding and exercisable at June 30, 2023	1,982,001	$0.84	0.34

EXHIBIT NUMBER		DESCRIPTION
31.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
32.1		Principal Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

	Mycotopia Therapies, Inc.

Date: August 17, 2023	By:	/s/ Ben Kaplan
	Name:	Ben Kaplan
	Title:	Chief Executive Officer and Principal Accounting Officer

	As Reported		Adjustment		As Restated
General and administrative		`$86,596`		`$74,015`		`$160,611`
Total operating expenses		`$86,596`		`$74,015`		`$160,611`
Loss from operations		`$(86,596)`		`$(74,015)`		`$(160,611)`
Net loss before provision from income taxes		`$(336,925)`		`$(74,015)`		`$(410,940)`
Net loss		`$(336,925)`		`$(74,015)`		`$(410,940)`
Basic and diluted loss per share		`$(0.02)`		`$(0.01)`		`$(0.03)`

	As Reported		Adjustment		As Restated
General and administrative		`$992,327`		`$290,391`		`$1,282,718`
Total operating expenses		`$992,327`		`$290,391`		`$1,282,718`
Loss from operations		`$(992,327)`		`$(290,391)`		`$(1,282,718)`
Net loss before provision from income taxes		`$(1,425,259)`		`$(290,391)`		`$(1,715,650)`
Net loss		`$(1,425,259)`		`$(290,391)`		`$(1,715,650)`
Basic and diluted loss per share		`$(0.10)`		`$(0.02)`		`$(0.12)`

Dated: August 17, 2023

/s/ Ben Kaplan
Ben Kaplan
Chief Executive Officer and Principal Accounting Officer

/s/ Ben Kaplan
Ben Kaplan
Chief Executive Officer
Principal Accounting Officer
August 17, 2023