Beyond Commerce, Inc 10-Q for FY2021 Q2

Beyond Commerce, Inc. (BYOC)

10-Q 2021-08-12 For: 2021-06-30

Added on April 06, 2026

About this 10-Q

Beyond Commerce, Inc filed this 10-Q on August 12, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.12M; up 43.3% from $782.01K a year earlier
Net loss: $1.05M; compared with a net loss of $2.14M a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Nevada		98-0512515
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

3773 Howard Hughes Pkwy, Suite 500 Las Vegas, Nevada 89169 (Address of Principal Executive Offices)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

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

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)	4
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.	30
ITEM 4. CONTROLS AND PROCEDURES	30
PART II – OTHER INFORMATION	30
ITEM 1. LEGAL PROCEEDINGS.	30
ITEM 1A. RISK FACTORS.	31
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.	32
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.	33
ITEM 4. MINE SAFETY DISCLOSURES.	33
ITEM 5. OTHER INFORMATION.	33
ITEM 6. EXHIBITS.	34
SIGNATURES	35

	Page
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2021 AND DECEMBER 31, 2020 (Unaudited)	6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 (Unaudited)	7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 (Unaudited)	8
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 (Unaudited)	9
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)	10

	June 30, 2021	December 31, 2020

ASSETS
Current assets:
Cash & cash equivalents	$ 470,730	$ 84,262
Accounts receivable, net	1,089,380	1,169,486
Other current assets	75,574	23,123
Total current assets	1,635,684	1,276,871
Operating Lease right of use asset	78,581	97,008
Property, equipment, and software - net	31,612	39,245
Intangible asset- net	2,454,269	2,657,458
Goodwill	1,299,144	1,299,144

Total assets:	$ 5,499,290	5,369,726

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$ 685,103	$ 892,557
Operating Lease Liability, current	44,437	41,326
Accrued Interest	725,052	699,344
Accrued payroll & related items	1,381,111	1,402,714
Accrued loss contingency	581,097	-
Derivative liability	200,372	1,005,617
Short-term borrowings – net of discount	3,167,975	2,929,983
Short-term borrowings- related party	-	54,000
Total current liabilities	6,785,147	7,025,541

Long-term borrowings – net of discount	2,510,500	3,152,580
Operating lease liability, noncurrent	43,340	66,421
Total liabilities	9,338,987	10,244,542

Commitments and Contingencies

Stockholders Equity:
Preferred stock series A, $0.001 par value of 250 shares authorized and 249.9999 and 249.9999 shares issued and outstanding, respectively.	-	-
Preferred stock Series B, $0.001 par value of 51 shares authorized and 36 and 33 shares issued and outstanding, respectively.	-	-
Preferred Stock series C, $0.001 par value of 50,000,000 authorized and 1,443,905 and 0 shares issued and outstanding, respectively	1,444	-
Common stock, $0.001 par value, 10,000,000,000 shares authorized, 6,181,691,862 and 3,410,355,200 issued and outstanding, respectively.	6,181,692	3,410,355
Additional paid in capital	55,872,345	50,263,645
Accumulated deficit	(65,983,079)	(58,645,834)
Deficit attributable to Beyond Commerce, Inc stockholder	(3,927,598)	(4,971,834)
Equity attributable to noncontrolling interest	87,901	97,018
Total stockholders' deficit	(3,839,697)	(4,874,816)

Total liabilities and stockholders’ deficit	$ 5,499,290	$ 5,369,726

		For the three months ended June 30, 2021			For the three months ended June 30, 2020			For the six months ended June 30, 2021					For the six months ended June 30, 2020
Revenues		$	1,120,599	$	782,009	$				2,234,118		$	2,029,599

Operating expenses
Cost of revenue			342,068		248,017				721,064				670,437
Selling, general and administrative			179,834		348,117				384,063				652,152
Payroll expense			780,722		588,057				1,503,130				1,257,166
Professional Fees			578,883		213,582				776,177				463,741
Depreciation and amortization			95,989		124,206				210,821				247,646
Total operating expenses			1,977,496		1,512,979				3,595,255				3,291,142

Loss from operations			(856,897)		(739,970)				(1,361,137)				(1,261,543)

Non-operating income (expense)
Interest expense			(118,051)		(646,354)				(267,117)				(903,747)
Amortization of debt discount			(26,562)		(249,823)				(53,124)				(548,651)
Derivative related expenses			(7,039)		(1,130,476)				(2,944,750)				(1,252,075)
Change in derivative liability			(26,875)		623,399				731,354				1,027,308
Loss on extinguishment of debt			(521,004)		-				(3,956,699)				-
Gain on forgiveness of PPP Loan			505,111		-				505,111				-
Total non-operating income (expense)			(194,420)		(1,403,254)				(5,985,225)				(1,667,165)

Loss from continuing operations before income tax			(1,051,317)		(2,143,224)				(7,346,362)				(2,938,708)

Income from discontinued operation, net of tax			-		-				-				350,700
Provision for income tax			-		-				-				-

Consolidated net loss		$	(1,051,317)	$	(2,143,224)		$		(7,346,362)		$		(2,588,008)

Amounts Attributable to Noncontrolling and Controlling Interest
Consolidated net income (loss) attributable to:
Noncontrolling interest	$		(4,181)	$	(7,215)		$		(9,117)		$		(27,415)

Consolidated net loss, controlling interest	$		(1,047,136)	$	(2,136,009)		$		(7,337,245)		$		(2,560,593)

Net income (loss) per common share-basic and diluted		$	(0.00)	$	(0.00)		$		(0.00)		$		(0.00)

Weighted average shares of capital outstanding – basic			5,604,768,785		1,906,073,735				4,850,306,210				1,725,314,701

Weighted average shares of capital outstanding – diluted			5,604,768,785		1,906,073,735				4,850,306,210				1,725,314,701

	2021	2020
Net (loss)	$ (7,346,362)	$ (2,588,008)
(Income) from discontinued operations	-	350,700
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Stock issued for services	43,950	-
Loss on derivative	2,944,749	1,812,208
Amortization of debt discount	53,124	548,651
Loss on extinguishment of debt	3,956,699	-
Gain on forgiveness of PPP loan	(505,111)	-
Depreciation and amortization	210,822	247,647
Change in derivative liability	(731,354)	(1,027,308)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	80,106	207,154
(Increase) decrease in other current assets	(34,023)	(48,337)
Increase (decrease) in accounts payable	(207,455)	129,190
Increase (decrease) in payroll liabilities	(21,603)	38,121
Increase (decrease) in other current liabilities	240,585	285,194
Net cash provided by (used in) in operating activities.	(1,315,873)	(746,188)
Cash flows from investing activities :
Acquisition of property and equipment	-	(16,230)
Net cash used in investing activities	-	(16,230)
Cash flows from financing activities:
Cash receipts from note payable	775,000	519,781
Proceeds from sale of preferred stock series C	1,000,000	-
Payment on note payable	(72,658)	(40,000)
Net cash provided by (used in) financing activities	1,702,342	479,781

Net increase (decrease) in cash and cash equivalents	386,469	(282,637)

Cash and cash equivalents, beginning balance	84,262	585,339
Cash and cash equivalents, ending balance	$ 470,730	$ 302,702
Supplemental Disclosure of Cash Flow Information:
Cash Paid For:
Interest	$ 8,462	$ 6,562
Income taxes	$ -	$ -
Summary of Non-Cash Investing and Financing Information:
Stock issued for conversion of debt	$ 943,289	$ 1,022,676
Stock issued for conversion of Series C preferred stock	$ 1,230,000	$ -

	Common Stock		Series A & B Preferred Stock		Non-Controlling	Additional	Accumulated	Stockholders'
	Shares	Par Value	Shares	Par Value	Interest	Paid in Capital	Deficit	Deficit
Balance, December 31, 2019	1,495,004,678	$ 1,495,004	269.9999	$ -	$ 131,250	$ 43,597,152	$ (48,227,200)	$ (3,003,794)
Common stock issued for debt conversion	132,910,000	132,910	-	-		-	-	132,910
Extinguishment of derivative liabilities on conversion	-	-	-	-		132,005	-	132,005
Net loss	-	-	-	-	(20,200)	-	(424,584)	(444,784)
Balance, March 31, 2020	1,627,914,678	$ 1,627,914	269.9999	$ -	$ 111,050	$ 43,729,157	$ (48,651,784)	$(3,183,663)
Common stock issued for debt conversion	889,766,383	889,766	-	-		-	-	889,766
Extinguishment of derivative liabilities on conversion	-	-	-	-		1,101,419	-	1,101,419
Net loss	-	-	-	-	(7,215)	-	(2,136,009)	(2,143,224)
Balance, June 30, 2020	2,517,681,061	$ 2,517,680	269.9999	$ -	$ 103,835	44,830,576	$ (50,787,793)	$(3,335,702)

	Common Stock		Series A Preferred Stock		Series B Preferred Stock		Series C Preferred Stock			Non-Controlling		Additional		Accumulated	Stockholders’
	Shares	Par Value	Shares	Par Value	Shares	Par Value	Shares	Par Value	Interest		Paid in Capital		Deficit		Deficit
Balance, January 1, 2020	3,410,355,200	$ 3,410,355	249.9999	$ -	33	$ -	-	$ -	$ 97,018		$ 50,263,645		$ (58,645,834)		$ (4,874,816)
Common stock for debt conversion	943,288,342	943,289	-	-	-	-	-	-	-		-		-		943,289
Preferred stock Series C issued	-	-	-	-	-	-	10,000	10	-		999,990				1,000,000
Preferred Series B Issuance	-	-	-	-	3	-	-	-	-		43,950				43,950
Extinguishment of Debt	598,048,320	598,048	-	-	-	-	1,556,905	1,557	-		2,836,090				3,435,695
Extinguishment of derivative liabilities on conversion											2,958,547				2,958,547
Net loss	-	-	-	-	-	-	-	-	(4,936)		-		(6,290,109)		(6,295,045)
Balance, March 31, 2021	4,951,691,862	$ 4,951,692	249.9999	$ -	36	$ -	1,566,905	$ 1,567	$ 92,082		$ 57,102,222		$ (64,935,943)		$ (2,788,381)
Common stock issued for Preferred Stock conversion	1,230,000,000	1,230,000	-	-	-	-	(123,000)	(123)	-		(1,229,877)		-		-
Net loss	-	-	-	-	-	-	-	-	(4,181)		-		(1,047,136)		(1,051,317)
Balance, June 30, 2021	6,181,691,862	$ 6,181,692	249.9999	$ -	36	$ -	1,443,905	$ 1,444	$ 87,901		$ 55,872,345		$ (65,983,079)		$ (3,839,697)

	June 30, 2021 Fair Value Measurements
	Level 1		Level 2		Level 3		Total Fair Value
Liabilities
Derivative Liabilities	$	-	$	-	$	200,372	$	200,372
Total	$	-	$	-	$	-	$	-

	December 31, 2020 Fair Value Measurements
	Level 1		Level 2		Level 3		Total Fair Value
Liabilities
Derivative Liabilities	$	-	$	-	$	1,005,617	$	1,005,617
Total	$	-	$	-	$	-	$	-

Derivative liability as of December 31, 2020	$	1,005,617
Change in derivative liability during the period		(731,354)
Reclassed to additional paid in capital for notes converted into shares of common stock		(2,958,547)
Loss on derivative liability on conversion		2,944,750
Reclass to accrued loss contingency		(60,094)
Balance at June 30, 2021	$	200,372

	June 30, 2021 Derivative Liability
Expected term	1 year to 21 months
Exercise price	$0.00077-$0.00078
Expected volatility	248% to 272%
Expected dividends	None
Risk-free rate	0.07% to 0.25%

	2020
Total net sales	$ 219,867
Cost of sales	147,829
Operating, selling, general and administrative expenses	91,133
Amortization of software	134,686
Income (loss) from discontinued operations	(153,781)
Gain on sale of discontinued operations	504,481
Income tax provision	-
Discontinued operations, net of tax	350,700

Short-term and Long-term borrowings, consist of the following:	June 30,	December 31,
Short term debt;	2021	2020
Convertible Promissory Notes, bearing an annual interest rate of 12% secured, due 08/27/2019	$ 97,259	$ 97,259
Short-Term Note – Jean Mork Bredeson cash deficit holdback, 15%, past due	210,000	210,000
Short-Term Note – Jean Mork Bredeson purchase allocation, 15%, past due	1,409,169	1,409,169
Funding from the Payroll Protection Program, annual interest of 1%, due 04/24/2022	-	500,000
Funding from the Payroll Protection Program Round 2, annual interest of 1%, due 02/28/2026	625,000	-
Convertible Promissory Notes, bearing an annual interest rate of 8% secured, due 08/07/2020	-	713,555
Senior Secured Redeemable Debenture, bearing an annual interest rate of 16%, due 12/31/2021, current	826,547	-
Total short-term debt	3,167,975	2,929,983

Long term debt;
Convertible Promissory Notes, bearing an annual interest rate of 5.0%, due 12/31/22	331,343	350,000
Funding from the SBA Program, annual interest of 3.75%, due 03/30/2051	150,000	-
Promissory Note – Jean Mork Bredeson, interest rate 5.5%, due 2/28/2022	2,100,000	2,100,000
Senior Secured Redeemable Debenture, bearing an annual interest rate of 16%, due 12/31/2021, long term	-	826,547
Total short-term and long-term borrowings, before debt discount	5,749,318	6,206,530
Less debt discount	(70,843)	(123,967)
Total short-term and long-term borrowings, net	$ 5,678,475	$ 6,082,563
Short-term and Long-term borrowings, consist of the following:
Short-term borrowings – net of discount	$ 3,167,975	$ 2,929,983
Long-term borrowings – net of discount	2,510,500	3,152,580
Total Short-Term and long term borrowings – net of discount	$ 5,678,475	$ 6,082,563

Exhibit Number	Exhibit Description	Form	Exhibit	Filing Date	Herewith

31.1	Rule 13a-14(a) Certification of Principal Executive Officer.				X

31.2	Rule 13a-14(a) Certification of Principal Financial Officer.				X

32.1*	Section 1350 Certification of Principal Executive Officer.				X

32.2*	Section 1350 Certification of Principal Financial Officer.				X

101.INS	XBRL Instance.				X

101.XSD	XBRL Schema.				X

101.PRE	XBRL Presentation.				X

101.CAL	XBRL Calculation.				X

101.DEF	XBRL Definition.				X

101.LAB	XBRL Label.				X

	Beyond Commerce, Inc.

August 12, 2021	By:	/s/ Geordan Pursglove
		Geordan Pursglove, President/CEO and Director (Principal Executive Officer)

		Six-month period ended June 30,						Three-month period ended June 30,
		2021			2020			2021			2020
Loss from continuing operations	$	(7,346,362)		$	(2,938,708)		$	(1,051,317)		$	(2,143,224)

Income from discontinued operations		-			350,700			-			-

Consolidated net loss	$	(7,346,362)			(2,588,008)		$	(1,051,317)		$	(2,143,224)
Weighted average shares used for diluted earnings per share		4,850,306,210			1,725,314,701			5,604,768,785			1,906,073,735

Incremental Diluted Shares		-	*		-	*		-	*		-	*
Weighted Average shares used for diluted earnings per share		4,850,306,210			1,725,314,701			5,604,768,785			1,906,073,735
Net income (loss) per share:
Basic and Diluted: continuing operations	$	(0.00)		$	(0.00)		$	(0.00)		$	(0.00)

Basic and Diluted: discontinued operations	$	-		$	(0.00)		$	-		$	-

Total Basic and Diluted loss per share	$	(0.00)		$	(0.00)		$	(0.00)		$	(0.00)