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

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended June 30, 2023

( ) 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 000-24115

WORLDS INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 22-1848316
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)

11 Royal Road

Brookline, MA 02445
(Address of Principal Executive Offices)


(617) 725-8900
(Registrant's Telephone Number, Including Area Code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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. Yes [X] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] 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.

(Check One):

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

 

   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

 

As of August 10, 2023, 57,112,506 shares of the Issuer's Common Stock were outstanding.

 

  

   

 

 

Worlds Inc.

 

Table of Contents 

    Page
Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022 (audited)     2  
Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)     3  
Statements of Stockholders’ Deficit for the six months ended June 30,  2022 and 2023 (unaudited)     4  
Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)     5  
Condensed Notes to Financial Statements     6  

 

 

 

  1 

 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

       
Worlds Inc.      
Balance Sheets      
June 30, 2023 and December 31, 2022      
   Unaudited  Audited
   June 30, 2023  December 31, 2022
       
ASSETS:          
Current Assets          
Cash and cash equivalents  $45,902   $7,778 
Other Assets   —      —   
Total Current Assets   45,902    7,778 
           
Convertible Note Receivable   —      —   
Accrued interest receivable   —      —   
Patents   —      —   
Total assets  $45,902   $7,778 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT:          
Current Liabilities          
Accounts payable  $800,558   $797,908 
Accrued expenses   1,794,534    1,660,933 
Due to related party   —      —   
Loan payable related party   27,000    —   
Notes payable exceeding statute of limitations   773,279    773,279 
Total Current Liabilities   3,395,371    3,232,120 
           
Total Liabilities   3,395,371    3,232,120 
           
Common stock (Par value $0.001 authorized 250,000,000 shares, issued and outstanding 57,112,506 at June 30, 2023 and December 31, 2022   57,113    57,113 
Additional paid in capital   42,335,725    42,335,725 
Common stock-warrants   1,206,913    1,206,913 
Accumulated deficit   (46,949,220)   (46,824,093)
Total stockholders’ deficit   (3,349,469)   (3,224,342)
           
Total Liabilities and stockholders' deficit  $45,902   $7,778 
           
The accompanying notes are an integral part of these financial statements

 

 

  2 

 

             
Worlds Inc.            
Statements of Operations            
For the Six and Three Months Ended June 30, 2023 and 2022            
             
   Unaudited  Unaudited
   Six Months Ended June 30  Three Months Ended June 30
   2023  2022  2023  2022
Revenue                    
Revenue  $—      —     $—      —   
                     
Total Revenue   —      —      —      —   
                     
Cost and Expenses                    
                     
Cost of Revenue   —      —      —      —   
                     
Gross Profit/(Loss)   —      —      —      —   
                     
Option expense   —      821,296    —      15,904 
Selling, General & Admin.   56,402    377,530    30,678    140,905 
Salaries and related   107,934    101,649    53,825    51,755 
                     
Operating loss   (164,336)   (1,300,475)   (84,502)   (208,563)
                     
Other Income (Expense)                    
Gain on sale of marketable securities   76,839    606,136    7,804    238,767 
Interest income   —      7,039    —      3,539 
Interest expense   (37,630)   (37,630)   (18,919)   (18,919)
Net Income/(Loss)  $(125,127)   (724,930)  $(95,617)   14,823 
                     
Weighted Average Loss per share, basic and diluted  $ **     (0.01)  $ **      **  
Weighted Average Common Shares Outstanding, basic and diluted   57,112,506    57,112,506    57,112,506    57,112,506 
                     
**=less than $0.01                    
                     
The accompanying notes are an integral part of these financial statements

 

  3 

  

                   
Worlds Inc.                  
Statement of Stockholders' Deficit               
For the Six Months Ended June 30, 2022 and 2023 - Unaudited         
                   
         Additional  Common     Total
   Stock  Stock  Paid-in  Stock  Accumulated  stockholders'
   Shares  Amount  capital  Warrants  Deficit  Deficit
                   
 Balances, December 31, 2021   57,112,506    57,113    41,513,730    1,206,913    (45,788,666)   (3,010,910)
                               
 Fair value of stock options   —      —      805,392    —      —      805,392 
 Imputed interest   —      —      18,711    —      —      18,711 
 Net Loss   —      —      —      —      (739,753)   (739,753)
                               
 Balances, March 31, 2022   57,112,506    57,113    42,337,833    1,206,913    (46,528,419)   (2,926,560)
                               
 Fair value of stock options   —      —      15,904    —      —      15,904 
 Imputed interest   —      —      18,919    —      —      18,919 
 Net Income   —      —      —      —      14,823    14,823 
                               
 Balances, June 30, 2022   57,112,506    57,113    42,372,656    1,206,913    (46,513,596)   (2,876,914)
                               
                               
 Balances, December 31, 2022   57,112,506    57,113    42,335,725    1,206,913    (46,824,093)   (3,224,342)
                               
 Net Loss   —      —      —      —      (29,510)   (29,510)
                               
 Balances. March 31, 2023   57,112,506    57,113    42,335,725    1,206,913    (46,853,603)   (3,253,852)
                               
 Net Loss   —      —      —      —      (95,617)   (95,617)
                               
 Balances, June 30, 2023   57,112,506    57,113    42,335,725    1,206,913    (46,949,220)   (3,349,469)
                               
                               
The accompanying notes are an integral part of these financial statements

 

  4 

 

       
Worlds Inc.      
Statements of Cash Flows      
Six Months Ended June 30, 2023 and 2022      
    
   Unaudited  Unaudited
   6/30/2023  6/30/2022
Cash flows from operating activities:          
Net loss  $(125,127)  $(724,930)
Adjustments to reconcile net loss to net cash used in operating activities          
Fair value of stock options issued for services   —      821,296 
Realized gain on sale of marketable securities   (76,839)   (606,136)
Imputed interest   —      37,630 
Changes in assets and liabilities          
Accounts payable and accrued expenses   136,251    (134,405)
Net cash (used in) operating activities:   (65,715)   (606,544)
           
Cash flows from investing activities          
Cash received from sale of marketable securities   76,839    606,136 
Accrued interest receivable - related party   —      (7,039)
Cash provided by investing activities   76,839    599,097 
           
Cash flows from financing activities          
Loan payable related party   27,000    —   
Net cash provided by financing activities   27,000    —   
           
Net increase/(decrease) in cash and cash equivalents   38,124    (606,545)
           
Cash and cash equivalents, including restricted, beginning of year   7,778    44,421 
           
Cash and cash equivalents, including restricted, end of period  $45,902   $(562,124)
           
Supplemental disclosure of cash flow information:          
Cash paid during the period for:          
Interest  $—     $—   
Income taxes  $—     $—   
           
The accompanying notes are an integral part of these financial statements

 

  

  5 

 

  

 

Worlds Inc.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended June 30, 2023

(Unaudited)

 

NOTE 1 – GOING CONCERN

 

As reflected in the accompanying financial statements, the Company has a working capital deficiency of $3,349,469 and a stockholder’s deficiency of $3,349,469 and used $65,715 of cash in operations for the six months ended June 30, 2023. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Management believes that the actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern, although no assurance can be given that the Company will be successful. 

 

NOTE 2 – DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

 

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its collection of non-fungible tokens.

 

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using consultants to perform any additional work that may be required.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.  

  6 

 

 

 

Cash and Cash Equivalents

 

Cash and cash equivalents include highly liquid money market instruments, which have original maturities of three months or less at the time of purchase. 

 

Revenue Recognition

 

Effective January 1, 2018, the Company adopted ASC 606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

 

Research and Development Costs

 

Research and development costs are charged to operations as incurred. 

  

Property and Equipment

 

Property and equipment are stated at cost. Depreciation is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income. Maintenance and repairs are charged to expense in the period incurred.

 

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the six months ended June 30, 2023 and 2022.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. 

  7 

 

Income Taxes

 

The Company accounts for income taxes under Section 740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

  

Notes Payable

 

The Company has $773,279 in short term notes outstanding at June 30, 2023 and December 31, 2022. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 

Comprehensive Income (Loss)

 

The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the period covered in the financial statements.

 

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of June 30, 2023, there were 22,400,000 options and no warrants outstanding and as of June 30, 2022, there were 27,620,000 options and 4,380,000 warrants outstanding whose effect is anti-dilutive and not included in diluted net loss per share for June 30, 2023 or for June 30, 2022. The options and warrants may dilute future earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

  8 

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June 30, 2023, and December 31, 2022 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.

 

Risk and Uncertainties

 

The Company is subject to risks common to companies in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on key personnel.

 

Off Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements.

 

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2022.

 

Fair Value of Financial Instruments

 

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

  9 

 

The following are the hierarchical levels of inputs to measure fair value:

 

•   Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

 

•   Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

•   Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company’s financial assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes payable are measured at amortized cost.

 

Warrant and option expense was measured by using level 3 valuation.

 

Embedded Conversion Features 

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion feature.

 

Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.    

  10 

 

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

NOTE 3 - NOTES PAYABLE   

 

Notes payable at June 30, 2023 consist of the following:   
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand  $124,230 
      
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand  $649,049 
Total notes  $773,279 
2023  $773,279 
2024  $-0- 
2025  $-0- 
2026  $-0- 
2027  $-0- 
   $773,279 

   

The Company accrued interest of $37,630 on the notes during the six months ended June 30, 2023. 

 

NOTE 4 - EQUITY 

 

All common stock numbers and exercise prices in this Note are reflected on a post reverse split (5 to 1) basis, which reverse split was effectuated on February 9, 2018.

 

During the six months ended June 30, 2022, the Company issued 15,900,000 options. Another 900,000 options were re-issued to Directors at a new price and an extended term.

 

As consideration for the IP in the Asset Purchase Agreement between the Company and Mr. Kidrin, Mr. Kidrin was granted 15,000,000 options at an exercise price of $0.07 per share for three years. The Company recorded an option expense of $751,744. The fair market value for Mr. Kidrin’s options was calculated using the Black Scholes method assuming a risk free interest of 1.35%, 0% dividend yield, volatility of 174%, and an exercise price of $0.07 per share with a market price of $0.07 per share at issuance date and an expected life of 3 years. The options vested on January 18, 2022.

 

The active directors of the Company received 300,000 options each on January 3, 2022. The options were for service performed during 2019, 2021 and 2022 which were never issued.  The Company recorded an option expense for these options of $31,108 for the six months ended June 30, 2022. The fair market value for these options was calculated using the Black Scholes method assuming a risk free interest of 1.37%, 0% dividend yield, volatility of 142%, and an exercise price of $0.05 per share with a market price of $0.05 per share at issuance date and an expected life of 5 years. The options vest six months from the date of grant.

  11 

 

 

 

The active directors of the Company had their existing options repriced and the terms extended another 5 years. The total number of options that were repriced on February 16, 2022 was 900,000. The Company recorded an option expense for these options of $38,444 for the six months ended June 30, 2022. The fair market value for these options was calculated using the Black Scholes method assuming a risk free interest of 1.90%, 0% dividend yield, volatility of 153%, and an exercise price of $0.08 per share with a market price of $0.08 per share at issuance date and an expected life of 5 years. The options are all vested upon date of grant.

 

No options were issued during the six months ended June 30, 2023. 

 

     
  Stock Options  
  Stock options outstanding and exercisable on June 30, 2023 are as follows  
     
Exercise Price per Share Shares Under Option Remaining Life in Years
Outstanding    
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    
           
Exercisable          
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    

     

  12 

  

NOTE 5 - COMMITMENTS AND CONTINGENCIES

 

The Company is committed to an employment agreement with its President and CEO, Thom Kidrin. The agreement, dated as of August 28, 2018, is for five years with a one-year renewal option held by Mr. Kidrin.  The agreement provides for a base salary of $200,000, which increases 10% on September 1 of each year; a monthly car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows: $75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%) percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 5 million shares of Worlds Inc. common stock at an exercise price of  $0.25 per share, 2 million of which vested on August 28, 2018, 1.5 million vested on August 28, 2019 and the remaining 1.5 million vested on August 28, 2020 ; a death benefit of at least $2 million dollars; and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the agreement).  The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is subject to restrictive covenants for 12 months after termination.

 

NOTE 6 - RELATED PARTY TRANSACTIONS

 

During the six months ended June 30, 2023, Mr. Kidrin the CEO of the Company loaned to the Company $47,000 to cover operating expenses. The Company repaid Mr. Kidrin $20,000 In April of 2023.

 

During the six months ended June 30, 2022, the Company entered into an asset purchase agreement with Thom Kidrin the CEO of the Company. The Company purchased certain IP which was transferred to Worlds Online Inc., now called MariMed Inc. Mr. Kidrin received the IP as part of a settlement agreement he signed with MariMed Inc. The purchase price was 15 million options to purchase Worlds Inc. common stock at $0.07 per share for three years, the closing market price on the date of the agreement.

 

The balance in the accrued expense attributable to related parties is $140,759 and $53,688 at June 30, 2023 and December 31, 2022, respectively. 

 

See note 9 for a discussion on the convertible note receivable from the related party. 

 

NOTE 7 – ACCRUED EXPENSES

 

Accrued expenses is comprised of (i) $140,759 owed to related parties, (ii) $205,000 related to a judgment against the Company relating to unpaid consulting services dating back to April of 2001, (iii) $1,399,604 related to old accruals for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those amounts, (iv) $12,472 related to accruals for recurring operating expenses, and (v) $17,780 related to a judgement requiring the Company to reimburse litigation fees.

  13 

   

NOTE 8 – SALE OF MARKETABLE SECURITIES

 

When Worlds Inc. spun off Worlds Online Inc. in January 2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained on the books of the Company with a book value of $0.

 

During the six months ended June 30, 2023 the Company generated net cash of $76,839 from the sale of 200,000 shares of MariMed Inc. common stock. The average price was $0.40 per share. 

 

During the six months ended June 30, 2022 the Company generated net cash of $606,136 from the sale of 900,000 shares of MariMed Inc. common stock. The average price was $0.70 per share. 

 

As of June 30, 2023, the Company still owns approximately 350,000 shares of MariMed Inc. common stock.

 

NOTE 9 – SUBSEQUENT EVENTS

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.  

 

  14 

 

 

Item 2. Management's Discussions and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

 

When used in this Form 10-Q and in other filings by the Company with the Commission, the words or phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," “hope”, "may," "plan," "predict," "project," "will" or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward looking statements, each of which speak only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company has no obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.

 

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different. These factors include, but are not limited to, changes that may occur to general economic and business conditions resulting from changes in political, social and economic conditions (whether or not related to terrorism, war, pandemic, weather, environmental or other factors) in the jurisdictions in which we operate and changes to regulations that pertain to our operations.

 

The following discussion should be read in conjunction with the unaudited financial statements and related notes which are included under Item 1.

 

We do not undertake to update our forward-looking statements or risk factors to reflect future events or circumstances.

 

Overview

 

General

 

On May 16, 2011, we transferred, through a spin-off to our then wholly owned subsidiary, Worlds Online Inc. (currently named MariMed Inc.), the majority of our operations and related operational assets. On January 18, 2022 we entered into an asset purchase agreement with Thom Kidrin, our CEO, for the IP that was transferred over to MariMed Inc. Mr. Kidrin received the IP through a settlement agreement that he reached with MariMed Inc.

 

We will be focused on monetizing our collection of non-fungible tokens and our legacy celebrity virtual reality worlds and on expanding our patent portfolio. 

 

Revenues

 

We generated no revenue during the quarter.

 

Expenses

 

We classify our expenses into two broad groups: 

 

  • Cost of revenues; and
  •  selling, general and administration.

 

  15 

 

 

 

Liquidity and Capital Resources

 

We have had to limit our operations since mid- 2001 due to a lack of liquidity.  However, we were able to issue equity and convertible debt in the last few years and raise small amounts of capital from time to time that, prior to the spinoff, was used to enable us to begin upgrading our technology, develop new products and actively solicit additional business, and more recently to expand on our legacy celebrity worlds and our collection of non-fungible tokens. 


Although we have been able to generate funds through our sale of shares of MariMed Inc., we continue to pursue additional sources of capital though we have no current arrangements with respect to, or sources of, additional financing at this time and there can be no assurance that any such financing will become available. If we cannot raise additional capital, form an alliance of some nature with another entity, raise more funds through the sale of shares of MariMed Inc., or start to generate sufficient revenues, we may be unable to purchase additional patents or otherwise expand operations through acquisition or otherwise.   

  

RESULTS OF OPERATIONS

 

Our net revenues for each of the six months ended June 30, 2023 and 2022 were $0.  All the operations were transferred over to Worlds Online Inc. in the spin off and we were unsuccessful in prosecuting our patent infringement. Accordingly, going forward, the Company’s sources of revenue are anticipated to be from the monetizing our collection of non-fungible tokens and our legacy celebrity virtual reality worlds.  We still need to raise a sufficient amount of capital to provide the resources required that would enable us to expand our business.

Three months ended June 30, 2023 compared to three months ended June 30, 2022

 

Selling general and administrative (SG&A) expenses decreased substantially to $30,678 for the three months ended June 30, 2023 from $140,905 for the three months ended June 30, 2022. The decrease of $110,227 is due to a decrease in legal fees related to the patent litigation.

 

Salaries and related increased by $2,069 to $53,824 from $51,755 for the three months ended June 30, 2023 and 2022, respectively. The CEO’s salary is based on the terms of his 2018 employment agreement and he is the Company’s only salaried employee.

 

For the three months ended June 30, 2022, the Company recorded an option expense of $15,904, representing the expense associated with the options issued during the first quarter of 2022.  There was no option expense for the three months ended June 30, 2023.

 

For the three months ended June 30, 2023 the Company had an interest expense of $18,919 and for the three months ended June 30, 2022 the Company had an interest expense of $18,891.

 

For the three months ended June 30, 2022 the Company had interest income of $3,539. The Company had no interest income for the three months ended June 30, 2023.

 

For the three months ended June 30, 2023, the Company had a gain on sale of marketable securities of $7,804. For the three months ended June 30, 2022, the Company had a gain on sale of marketable securities of $238,767.  

 

As a result of the foregoing, we realized a net loss of $95,617 for the three months ended June 30, 2023 compared to net income of $14,823 in the three months ended June 30, 2022. 

  16 

  

Six months ended June 30, 2023 compared to six months ended June 30, 2022

 

Revenue is $0 for the six months ended June 30, 2023 and 2022. All the operations were transferred over to Worlds Online Inc. in the spin off. The business up to the spin off continued to run in a severely diminished mode due to the lack of liquidity. Post spin off we still need to raise a sufficient amount of capital to provide the resources required that would enable us to continue running the business.

 

Cost of revenues is $0 in the six months ended June 30, 2023 and 2022.

 

Selling general and administrative (SG&A) expenses decreased by $321,128 from $377,530 to $56,402 for the six months ended June 30, 2022 and 2023, respectively. The decrease is due to a decrease in legal costs related to the patent infringement litigation cases.  

Salaries and related increased by $6,285 to $107,934 from $101,649 for the six months ended June 30, 2023 and 2022, respectively.

 

For the six months ended June 30, 2022, the Company recorded an option expense of $821,296, the estimated fair value of the options issued in the first quarter of 2022. No option expense was recorded for the six months ended June 30, 2023. 

 

For the six months ended June 30, 2023, the Company had interest expense of $37,630. For the six months ended June 30, 2022, the Company had interest expense of $37,630.

 

For the six months ended June 30, 2022 the Company had interest income of $7,039. No interest income was recorded for the six months ended June 30, 2023.

 

For the six months ended June 30, 2023, the Company had a gain on sale of marketable securities of $76,839. For the six months ended June 30, 2022, the Company had a gain on sale of marketable securities of $606,136.

 

As a result of the foregoing, we realized a net loss of $125,127 for the six months ended June 30, 2023 compared to a net loss of $724,930 in the six months ended June 30, 2022.  

  

Liquidity and Capital Resources

 

At June 30, 2023, our cash and cash equivalents were $45,902. The Company raised funds by selling shares of stock that the Company retained in the spin off company MariMed Inc. during the six months ended June 30, 2023. The Company raised $76,839 from selling shares of MariMed Inc. common stock. The Company used $65,715 in cash to pay for operating expenses during the six months ended June 30, 2023.

 

At June 30, 2022, our cash and cash equivalents were $36,973. The Company raised funds by selling shares of stock that the Company retained in the spin off company MariMed Inc. during the six months ended June 30, 2022. The Company raised $606,136 from selling shares of MariMed Inc. common stock. The Company used $606,544 in cash to pay for operating expenses during the six months ended June 30, 2022. 

 

Historically, primary cash requirements have been used to fund the cost of operations and lawsuits, and patent enforcement, with additional funds having been used in connection with the exploration of new business lines.

  17 

 

We hope to raise additional funds to be used for further expansion of our legacy celebrity worlds and collection of non-fungible tokens. No assurances can be given that we will be able to raise any additional funds.  

 

Item 4. Controls And Procedures

 

As of June 30, 2023, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2023.

 

Changes in Internal Control Over Financial Reporting

 

During the quarter covered by this report there were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

  18 

 

  

PART II OTHER INFORMATION

 

Legal Proceedings

 

None

 

Item 1A. Risk Factors

We are not obligated to disclose our risk factors in this report, however, limited information regarding our risk factors appears in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Forward-Looking Statements” contained in this Quarterly Report on Form 10-Q and in “Item 1A. RISK FACTORS” of our 2022 Annual Report on Form 10-K. There have been no material changes from the risk factors previously disclosed in our 2022 Annual Report on Form 10-K. 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the six months ended June 30, 2023 and 2022 we did not raise any funds through the sale of equity securities. 

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable. 

Item 5. Other Information 

None.

  19 

 

 

 

Item 6. Exhibits

 

  3.1     Certificate of Incorporation (a)
         
  3.2     By-Laws Restated as Amended (b)
         
  31.1     Certification of Chief Executive Officer
         
  31.2     Certification of Chief Financial Officer
         
  32.1     Statement required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
         
  32.2     Statement required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
         
   101.INS* XBRL      Instance Document
         
  101. SCH*XBRL    Taxonomy Extension Schema
         
  101. CAL*XBRL    Taxonomy Extension Calculation Linkbase
         
  101. DEF*XBRL    Taxonomy Extension Definition Linkbase
         
  101. LAB*XBRL    Taxonomy Extension Label Linkbase
         
  101. PRE*XBRL    Taxonomy Extension Presentation Linkbase

 

(a) Filed previously with the Proxy Statement Form DEF 14A on May, 19, 2010, as amended as described in Proxy Statements on Form DEF 14A filed on June 7, 2013 and May 17, 2016, and incorporated herein by reference.
(b) Filed previously with the Proxy Statement Form DEF 14A on May, 19, 2010, and incorporated herein by reference.
  20 

 

  

 

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned thereto duly authorized.

Date: August 11, 2023

WORLDS INC.

 

By: /s/Thomas Kidrin

Thomas Kidrin

President and CEO

 

By: /s/Christopher Ryan

Christopher Ryan

Chief Financial Officer  

  21 


 

 

 

 

 

EXHIBIT 31.1  

Certifications

I, Thomas Kidrin, certify that: 

1. I have reviewed this quarterly report on Form 10-Q of Worlds Inc.;  

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): 

a) all significant deficiencies and material weaknesses in the design or operation of internal control which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date: August 11, 2023

/s/ Thomas Kidrin

Thomas Kidrin

Chief Executive Officer

   

 

EXHIBIT 31.2  

Certifications

I, Christopher J. Ryan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Worlds Inc.;  

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): 

a) all significant deficiencies and material weaknesses in the design or operation of internal control which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

Date: August 11, 2023

/s/ Christopher J. Ryan

Christopher J. Ryan

Chief Financial Officer

   

 

Exhibit 32.1

  

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Worlds Inc. (the "Company") on Form 10-Q for the six months ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas Kidrin, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge: 

 

  (1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2)   The information contained in the Report fairly presents, in all material respects, our financial condition and result of operations.

 

  WORLDS INC
  (Registrant)
   
Date: August 11, 2023 By:/s/ Thomas Kidrin
  Thomas Kidrin
  Chief Executive Officer 

 

   

 

Exhibit 32.2 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Worlds Inc. (the "Company") on Form 10-Q for the six months ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. Ryan, Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge: 

  (1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2)   The information contained in the Report fairly presents, in all material respects, our financial condition and result of operations.

  

  WORLDS INC
  (Registrant)
   
Date: August 11, 2023 By:/s/ Christopher J. Ryan
  Christopher J. Ryan
  Chief Financial Officer

 

 

   

v3.23.2
Cover - shares
 6 Months Ended
Jun. 30, 2023
Aug. 10, 2023
Cover [Abstract]    
Document Type 10-Q  
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Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2023  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2023  
Current Fiscal Year End Date --12-31  
Entity File Number 000-24115  
Entity Registrant Name WORLDS INC.  
Entity Central Index Key 0000001961  
Entity Tax Identification Number 22-1848316  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 11 Royal Road  
Entity Address, City or Town Brookline  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02445  
City Area Code 617  
Local Phone Number 725-8900  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   57,112,506
v3.23.2
Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 45,902 $ 7,778
Other Assets
Total Current Assets 45,902 7,778
Convertible Note Receivable
Accrued interest receivable
Patents
Total assets 45,902 7,778
Current Liabilities    
Accounts payable 800,558 797,908
Accrued expenses 1,794,534 1,660,933
Due to related party
Loan payable related party 27,000
Notes payable exceeding statute of limitations 773,279 773,279
Total Current Liabilities 3,395,371 3,232,120
Total Liabilities 3,395,371 3,232,120
Common stock (Par value $0.001 authorized 250,000,000 shares, issued and outstanding 57,112,506 at June 30, 2023 and December 31, 2022 57,113 57,113
Additional paid in capital 42,335,725 42,335,725
Common stock-warrants 1,206,913 1,206,913
Accumulated deficit (46,949,220) (46,824,093)
Total stockholders’ deficit (3,349,469) (3,224,342)
Total Liabilities and stockholders' deficit $ 45,902 $ 7,778
v3.23.2
Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 57,112,506 57,112,506
Common stock, shares outstanding 57,112,506 57,112,506
v3.23.2
Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue        
Revenue
Total Revenue
Cost and Expenses        
Cost of Revenue
Gross Profit/(Loss)
Option expense 15,904 821,296
Selling, General & Admin. 30,678 140,905 56,402 377,530
Salaries and related 53,825 51,755 107,934 101,649
Operating loss (84,502) (208,563) (164,336) (1,300,475)
Other Income (Expense)        
Gain on sale of marketable securities 7,804 238,767 76,839 606,136
Interest income 3,539 7,039
Interest expense (18,919) (18,919) (37,630) (37,630)
Net Income/(Loss) $ (95,617) $ 14,823 $ (125,127) $ (724,930)
Weighted Average Loss per share, basic and diluted       $ (0.01)
Weighted Average Common Shares Outstanding, basic and diluted 57,112,506 57,112,506 57,112,506 57,112,506
v3.23.2
Statement of Stockholders' Deficit - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Warrant [Member]
Retained Earnings [Member]
Total
 Balances. March 31, 2023 at Dec. 31, 2021 $ 57,113 $ 41,513,730 $ 1,206,913 $ (45,788,666) $ (3,010,910)
Beginning balance, shares at Dec. 31, 2021 57,112,506        
 Fair value of stock options 805,392 805,392
 Imputed interest 18,711 18,711
 Net Loss (739,753) (739,753)
Ending balance, value at Mar. 31, 2022 $ 57,113 42,337,833 1,206,913 (46,528,419) (2,926,560)
Ending balance, shares at Mar. 31, 2022 57,112,506        
 Balances. March 31, 2023 at Dec. 31, 2021 $ 57,113 41,513,730 1,206,913 (45,788,666) (3,010,910)
Beginning balance, shares at Dec. 31, 2021 57,112,506        
 Net Loss         (724,930)
Ending balance, value at Jun. 30, 2022 $ 57,113 42,372,656 1,206,913 (46,513,596) (2,876,914)
Ending balance, shares at Jun. 30, 2022 57,112,506        
 Balances. March 31, 2023 at Mar. 31, 2022 $ 57,113 42,337,833 1,206,913 (46,528,419) (2,926,560)
Beginning balance, shares at Mar. 31, 2022 57,112,506        
 Fair value of stock options 15,904 15,904
 Imputed interest 18,919 18,919
 Net Loss 14,823 14,823
Ending balance, value at Jun. 30, 2022 $ 57,113 42,372,656 1,206,913 (46,513,596) (2,876,914)
Ending balance, shares at Jun. 30, 2022 57,112,506        
 Balances. March 31, 2023 at Dec. 31, 2022 $ 57,113 42,335,725 1,206,913 (46,824,093) $ (3,224,342)
Beginning balance, shares at Dec. 31, 2022         57,112,506
 Net Loss (29,510) $ (29,510)
Ending balance, value at Mar. 31, 2023 $ 57,113 42,335,725 1,206,913 (46,853,603) (3,253,852)
Ending balance, shares at Mar. 31, 2023 57,112,506        
 Balances. March 31, 2023 at Dec. 31, 2022 $ 57,113 42,335,725 1,206,913 (46,824,093) $ (3,224,342)
Beginning balance, shares at Dec. 31, 2022         57,112,506
 Net Loss         $ (125,127)
Ending balance, value at Jun. 30, 2023 $ 57,113 42,335,725 1,206,913 (46,949,220) $ (3,349,469)
Ending balance, shares at Jun. 30, 2023 57,112,506       57,112,506
 Balances. March 31, 2023 at Mar. 31, 2023 $ 57,113 42,335,725 1,206,913 (46,853,603) $ (3,253,852)
Beginning balance, shares at Mar. 31, 2023 57,112,506        
 Net Loss (95,617) (95,617)
Ending balance, value at Jun. 30, 2023 $ 57,113 $ 42,335,725 $ 1,206,913 $ (46,949,220) $ (3,349,469)
Ending balance, shares at Jun. 30, 2023 57,112,506       57,112,506
v3.23.2
Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (125,127) $ (724,930)
Adjustments to reconcile net loss to net cash used in operating activities    
Fair value of stock options issued for services 821,296
Realized gain on sale of marketable securities (76,839) (606,136)
Imputed interest 37,630
Changes in assets and liabilities    
Accounts payable and accrued expenses 136,251 (134,405)
Net cash (used in) operating activities: (65,715) (606,544)
Cash flows from investing activities    
Cash received from sale of marketable securities 76,839 606,136
Accrued interest receivable - related party (7,039)
Cash provided by investing activities 76,839 599,097
Cash flows from financing activities    
Loan payable related party 27,000
Net cash provided by financing activities 27,000
Net increase/(decrease) in cash and cash equivalents 38,124 (606,545)
Cash and cash equivalents, including restricted, beginning of year 7,778 44,421
Cash and cash equivalents, including restricted, end of period 45,902 (562,124)
Cash paid during the period for:    
Interest
Income taxes
v3.23.2
GOING CONCERN
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 1 – GOING CONCERN

 

As reflected in the accompanying financial statements, the Company has a working capital deficiency of $3,349,469 and a stockholder’s deficiency of $3,349,469 and used $65,715 of cash in operations for the six months ended June 30, 2023. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Management believes that the actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern, although no assurance can be given that the Company will be successful. 

 
v3.23.2
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

NOTE 2 – DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

 

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its collection of non-fungible tokens.

 

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using consultants to perform any additional work that may be required.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.  

 

 

 

Cash and Cash Equivalents

 

Cash and cash equivalents include highly liquid money market instruments, which have original maturities of three months or less at the time of purchase. 

 

Revenue Recognition

 

Effective January 1, 2018, the Company adopted ASC 606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

 

Research and Development Costs

 

Research and development costs are charged to operations as incurred. 

  

Property and Equipment

 

Property and equipment are stated at cost. Depreciation is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income. Maintenance and repairs are charged to expense in the period incurred.

 

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the six months ended June 30, 2023 and 2022.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. 

 

Income Taxes

 

The Company accounts for income taxes under Section 740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

  

Notes Payable

 

The Company has $773,279 in short term notes outstanding at June 30, 2023 and December 31, 2022. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 

Comprehensive Income (Loss)

 

The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the period covered in the financial statements.

 

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of June 30, 2023, there were 22,400,000 options and no warrants outstanding and as of June 30, 2022, there were 27,620,000 options and 4,380,000 warrants outstanding whose effect is anti-dilutive and not included in diluted net loss per share for June 30, 2023 or for June 30, 2022. The options and warrants may dilute future earnings per share.

 

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June 30, 2023, and December 31, 2022 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.

 

Risk and Uncertainties

 

The Company is subject to risks common to companies in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on key personnel.

 

Off Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements.

 

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2022.

 

Fair Value of Financial Instruments

 

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

 

The following are the hierarchical levels of inputs to measure fair value:

 

•   Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

 

•   Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

•   Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company’s financial assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes payable are measured at amortized cost.

 

Warrant and option expense was measured by using level 3 valuation.

 

Embedded Conversion Features 

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion feature.

 

Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.    

 

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 
v3.23.2
NOTES PAYABLE
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 3 - NOTES PAYABLE   

 

Notes payable at June 30, 2023 consist of the following:   
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand  $124,230 
      
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand  $649,049 
Total notes  $773,279 
2023  $773,279 
2024  $-0- 
2025  $-0- 
2026  $-0- 
2027  $-0- 
   $773,279 

   

The Company accrued interest of $37,630 on the notes during the six months ended June 30, 2023. 

 
v3.23.2
EQUITY
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
EQUITY

NOTE 4 - EQUITY 

 

All common stock numbers and exercise prices in this Note are reflected on a post reverse split (5 to 1) basis, which reverse split was effectuated on February 9, 2018.

 

During the six months ended June 30, 2022, the Company issued 15,900,000 options. Another 900,000 options were re-issued to Directors at a new price and an extended term.

 

As consideration for the IP in the Asset Purchase Agreement between the Company and Mr. Kidrin, Mr. Kidrin was granted 15,000,000 options at an exercise price of $0.07 per share for three years. The Company recorded an option expense of $751,744. The fair market value for Mr. Kidrin’s options was calculated using the Black Scholes method assuming a risk free interest of 1.35%, 0% dividend yield, volatility of 174%, and an exercise price of $0.07 per share with a market price of $0.07 per share at issuance date and an expected life of 3 years. The options vested on January 18, 2022.

 

The active directors of the Company received 300,000 options each on January 3, 2022. The options were for service performed during 2019, 2021 and 2022 which were never issued.  The Company recorded an option expense for these options of $31,108 for the six months ended June 30, 2022. The fair market value for these options was calculated using the Black Scholes method assuming a risk free interest of 1.37%, 0% dividend yield, volatility of 142%, and an exercise price of $0.05 per share with a market price of $0.05 per share at issuance date and an expected life of 5 years. The options vest six months from the date of grant.

 

 

 

The active directors of the Company had their existing options repriced and the terms extended another 5 years. The total number of options that were repriced on February 16, 2022 was 900,000. The Company recorded an option expense for these options of $38,444 for the six months ended June 30, 2022. The fair market value for these options was calculated using the Black Scholes method assuming a risk free interest of 1.90%, 0% dividend yield, volatility of 153%, and an exercise price of $0.08 per share with a market price of $0.08 per share at issuance date and an expected life of 5 years. The options are all vested upon date of grant.

 

No options were issued during the six months ended June 30, 2023. 

 

     
  Stock Options  
  Stock options outstanding and exercisable on June 30, 2023 are as follows  
     
Exercise Price per Share Shares Under Option Remaining Life in Years
Outstanding    
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    
           
Exercisable          
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    

     

  
v3.23.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 5 - COMMITMENTS AND CONTINGENCIES

 

The Company is committed to an employment agreement with its President and CEO, Thom Kidrin. The agreement, dated as of August 28, 2018, is for five years with a one-year renewal option held by Mr. Kidrin.  The agreement provides for a base salary of $200,000, which increases 10% on September 1 of each year; a monthly car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows: $75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%) percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 5 million shares of Worlds Inc. common stock at an exercise price of  $0.25 per share, 2 million of which vested on August 28, 2018, 1.5 million vested on August 28, 2019 and the remaining 1.5 million vested on August 28, 2020 ; a death benefit of at least $2 million dollars; and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the agreement).  The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is subject to restrictive covenants for 12 months after termination.

 
v3.23.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 - RELATED PARTY TRANSACTIONS

 

During the six months ended June 30, 2023, Mr. Kidrin the CEO of the Company loaned to the Company $47,000 to cover operating expenses. The Company repaid Mr. Kidrin $20,000 In April of 2023.

 

During the six months ended June 30, 2022, the Company entered into an asset purchase agreement with Thom Kidrin the CEO of the Company. The Company purchased certain IP which was transferred to Worlds Online Inc., now called MariMed Inc. Mr. Kidrin received the IP as part of a settlement agreement he signed with MariMed Inc. The purchase price was 15 million options to purchase Worlds Inc. common stock at $0.07 per share for three years, the closing market price on the date of the agreement.

 

The balance in the accrued expense attributable to related parties is $140,759 and $53,688 at June 30, 2023 and December 31, 2022, respectively. 

 

See note 9 for a discussion on the convertible note receivable from the related party. 

 
v3.23.2
ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2023
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 7 – ACCRUED EXPENSES

 

Accrued expenses is comprised of (i) $140,759 owed to related parties, (ii) $205,000 related to a judgment against the Company relating to unpaid consulting services dating back to April of 2001, (iii) $1,399,604 related to old accruals for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those amounts, (iv) $12,472 related to accruals for recurring operating expenses, and (v) $17,780 related to a judgement requiring the Company to reimburse litigation fees.

   
v3.23.2
SALE OF MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
SALE OF MARKETABLE SECURITIES

NOTE 8 – SALE OF MARKETABLE SECURITIES

 

When Worlds Inc. spun off Worlds Online Inc. in January 2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained on the books of the Company with a book value of $0.

 

During the six months ended June 30, 2023 the Company generated net cash of $76,839 from the sale of 200,000 shares of MariMed Inc. common stock. The average price was $0.40 per share. 

 

During the six months ended June 30, 2022 the Company generated net cash of $606,136 from the sale of 900,000 shares of MariMed Inc. common stock. The average price was $0.70 per share. 

 

As of June 30, 2023, the Company still owns approximately 350,000 shares of MariMed Inc. common stock.

 
v3.23.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.  
v3.23.2
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Description of Business

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio and is looking to expand on its legacy celebrity worlds and its collection of non-fungible tokens.

 
Basis of Presentation

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The Company has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. As the Company has focused its attention historically on increasing its patent portfolio and enforcing it, and more recently on its expansion of its legacy celebrity worlds and its collection of non-fungible tokens, the Company has been operating at a reduced capacity, with only one employee and using consultants to perform any additional work that may be required.

 
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.  

 

 

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents include highly liquid money market instruments, which have original maturities of three months or less at the time of purchase. 

 
Revenue Recognition

Revenue Recognition

 

Effective January 1, 2018, the Company adopted ASC 606. There was no impact in adopting ASC 606 as the Company has no revenue at this time. In the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s sources of revenue after the spinoff was expected to be from sublicenses of the patented technology by Worlds Online and any revenue that may be generated from enforcing its patents. Commencing in the first half of 2023, the Company expects that its revenues will come from its expansion of its legacy celebrity worlds and its collection of non-fungible tokens. The Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

 
Research and Development Costs

Research and Development Costs

 

Research and development costs are charged to operations as incurred. 

  
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost. Depreciation is provided on a straight line basis over the estimated useful lives of the assets ranging from three to five years. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income. Maintenance and repairs are charged to expense in the period incurred.

 
Impairment of Long Lived Assets

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the six months ended June 30, 2023 and 2022.

 
Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB ASC for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. 

 
Income Taxes

Income Taxes

 

The Company accounts for income taxes under Section 740-10-30 of the FASB ASC. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

  
Notes Payable

Notes Payable

 

The Company has $773,279 in short term notes outstanding at June 30, 2023 and December 31, 2022. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 
Comprehensive Income (Loss)

Comprehensive Income (Loss)

 

The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB ASC which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the period covered in the financial statements.

 
Loss Per Share

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of June 30, 2023, there were 22,400,000 options and no warrants outstanding and as of June 30, 2022, there were 27,620,000 options and 4,380,000 warrants outstanding whose effect is anti-dilutive and not included in diluted net loss per share for June 30, 2023 or for June 30, 2022. The options and warrants may dilute future earnings per share.

 
Commitments and Contingencies

Commitments and Contingencies

 

The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

 

 

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of June 30, 2023, and December 31, 2022 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.

 
Risk and Uncertainties

Risk and Uncertainties

 

The Company is subject to risks common to companies in the technology industries, including, but not limited to, litigation, development of new technological innovations and dependence on key personnel.

 
Off Balance Sheet Arrangements

Off Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements.

 
Uncertain Tax Positions

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2022.

 
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

 

The following are the hierarchical levels of inputs to measure fair value:

 

•   Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

 

•   Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

•   Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company’s financial assets and liabilities, such as cash, other receivables, accounts payable & accrued expenses, due to related party, notes payable and notes payables, approximate their fair values because of the short maturity of these instruments. The Company's convertible notes payable are measured at amortized cost.

 

Warrant and option expense was measured by using level 3 valuation.

 
Embedded Conversion Features

Embedded Conversion Features 

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion feature.

 
Derivative Financial Instruments

Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.    

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 
v3.23.2
NOTES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Notes Payable
Notes payable at June 30, 2023 consist of the following:   
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand  $124,230 
      
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand  $649,049 
Total notes  $773,279 
2023  $773,279 
2024  $-0- 
2025  $-0- 
2026  $-0- 
2027  $-0- 
   $773,279 
v3.23.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stock Options
     
  Stock Options  
  Stock options outstanding and exercisable on June 30, 2023 are as follows  
     
Exercise Price per Share Shares Under Option Remaining Life in Years
Outstanding    
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    
           
Exercisable          
$ 0.25     5,000,000   0.24
$ 0.24     200,000   0.24
$ 0.07     15,000,000   1.55
$ 0.27     300,000   2.46
$ 0.3     100,000   2.50
$ 0.05     900,000   3.51
$ 0.08     900,000   3.63
Total     22,400,000    
v3.23.2
GOING CONCERN (Details Narrative)
 6 Months Ended
Jun. 30, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Working capital deficiency $ 3,349,469
Stockholders deficiency 3,349,469
Used cash in operations $ 65,715
v3.23.2
DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Apr. 01, 2001
Class of Warrant or Right [Line Items]        
Realized ultimate settlement 50.00%      
Short term notes outstanding $ 773,279 $ 773,279    
Outstanding options 22,400,000   27,620,000  
Outstanding warrants 22,400,000      
Judgment against company       $ 205,000
Lawsuit reserve $ 205,000 $ 205,000    
Antidilutive Securities, Name [Domain]        
Class of Warrant or Right [Line Items]        
Outstanding warrants 0   4,380,000  
v3.23.2
Notes Payable (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Unsecured note payable bearing 8% interest, entire balance of principal and unpaid interest due on demand $ 124,230  
Unsecured note payable bearing 10% interest, entire balance of principal and unpaid interest due on demand 649,049  
Total notes 773,279 $ 773,279
2023 773,279  
2024 0  
2025 0  
2026 0  
2027 $ 0  
v3.23.2
NOTES PAYABLE (Details Narrative)
 6 Months Ended
Jun. 30, 2023
USD ($)
Debt Disclosure [Abstract]  
Accured interest on notes $ 37,630
v3.23.2
Stock Options (Details)
Jun. 30, 2023
$ / shares
shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Total options outstanding 22,400,000
Total options exercisable 22,400,000
Outstanding 1 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.25
Shares Under Option 5,000,000
Remaining life in years 0.24
Outstanding 2 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.24
Shares Under Option 200,000
Remaining life in years 0.24
Outstanding 3 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.07
Shares Under Option 15,000,000
Remaining life in years 1.55
Outstanding 4 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.27
Shares Under Option 300,000
Remaining life in years 2.46
Outstanding 5 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.3
Shares Under Option 100,000
Remaining life in years 2.50
Outstanding 6 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.05
Shares Under Option 900,000
Remaining life in years 3.51
Outstanding 7 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.08
Shares Under Option 900,000
Remaining life in years 3.63
Exercisable 1 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.25
Shares Under Option 5,000,000
Remaining life in years 0.24
Exercisable 2 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.24
Shares Under Option 200,000
Remaining life in years 0.24
Exercisable 3 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.07
Shares Under Option 15,000,000
Remaining life in years 1.55
Exercisable 4 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.27
Shares Under Option 300,000
Remaining life in years 2.46
Exercisable 5 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.3
Shares Under Option 100,000
Remaining life in years 2.50
Exercisable 6 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.05
Shares Under Option 900,000
Remaining life in years 3.51
Exercisable 7 [Member]  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise Price per Share | $ / shares $ 0.08
Shares Under Option 900,000
Remaining life in years 3.63
v3.23.2
EQUITY (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Feb. 09, 2018
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Feb. 16, 2022
Jan. 03, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]                
Stock Split Terms All common stock numbers and exercise prices in this Note are reflected on a post reverse split (5 to 1) basis, which reverse split was effectuated on February 9, 2018.              
Options re-issued to directors           15,900,000    
Exercise price           $ 0.05    
Recorded option expense   $ 15,904   $ 821,296    
Risk free interest           1.37%    
Dividend yield           0.00%    
Volatility           142.00%    
Market price     $ 0.05     $ 0.05    
Active directors options               300,000
Recorded options expense           $ 31,108    
Options expected life           5 years    
Number of Options repriced             900,000  
Options issued         0      
Officer [Member]                
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]                
Options re-issued to directors           900,000    
Officer options granted         15,000,000 15,000,000    
Exercise price         $ 0.07      
Years for options         3 years      
Recorded option expense         $ 751,744      
Risk free interest         1.35%      
Dividend yield         0.00%      
Volatility         174.00%      
Market price   $ 0.07 0.07   $ 0.07 $ 0.07    
Option expected life         3 years 3 years    
Director [Member]                
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]                
Exercise price           $ 0.08    
Recorded option expense           $ 38,444    
Risk free interest           1.90%    
Dividend yield           0.00%    
Volatility           153.00%    
Market price     $ 0.08     $ 0.08    
Options expected life           5 years    
Term extension for directors       5 years        
v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
 48 Months Ended
Aug. 28, 2022
shares
Aug. 28, 2020
shares
Aug. 28, 2019
shares
Aug. 28, 2018
USD ($)
yr
Interger
$ / shares
shares
Length of contract | yr       5
Renewal terms | yr       1
Base salary       $ 200,000
Annual percentage increase       10.00%
Car allowance       $ 500
Annual bonus pre-tax income       0.025
Additional bonus       $ 75,000
Pre-tax income lower range       150.00%
Pre-tax income higher range       200.00%
Additional bonus       0.05
Life insurance premiums       $ 10,000
Options to purchase | shares 5,000,000      
Options exercise price | $ / shares       $ 0.25
Vested shares | shares       2,000,000
Vested shares | shares   1,500,000 1,500,000  
Death benefit       $ 2,000,000
Payment based amount       2.99
Restrictive covenants | Interger       12
Additional bonus 1        
Additional bonus       $ 100,000
Pre-tax income lower range       201.00%
Pre-tax income higher range       250.00%
Additional bonus 2        
Additional bonus       $ 200,000
Pre-tax income higher range       251.00%
v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 1 Months Ended 6 Months Ended
Apr. 30, 2023
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]        
CEO loan   $ 47,000    
Company repaid Mr, Kidrin $ 20,000      
Market price     $ 0.05  
Accrued expense balance   $ 140,759    
Accrued expense balance       $ 53,688
Officer [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]        
Officer options granted   15,000,000 15,000,000  
Market price   $ 0.07 $ 0.07  
Option expected life   3 years 3 years  
v3.23.2
ACCRUED EXPENSES (Details Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2023
Apr. 01, 2001
Payables and Accruals [Abstract]    
Owed to related parties $ 140,759  
Judgment amount   $ 205,000
Old accrual 1,399,604  
Accruals for operating expense 12,472  
Reimbursement legal fees $ 17,780  
v3.23.2
SALE OF MARKETABLE SECURITIES (Details Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jan. 01, 2011
Investments, Debt and Equity Securities [Abstract]      
Number of reatined shares from spin off     5,936,115
Ratined shares value on company books $ 0    
Generated cash of sale $ 76,839 $ 606,136  
Shares sold 200,000 900,000  
Average price per share $ 0.40 $ 0.70  
Shares owned by MariMed 350,000    
Worlds (PK) (USOTC:WDDD)
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