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|
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q/A Amendment Number 1 to Form 10-Q
[X]
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE
ACT OF 1934
For
the Quarter ended June 30, 2024
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File No. 333-177532
KAYA HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
|
|
|
Delaware |
|
90-0898007 |
(State
of other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
|
|
915 Middle River Drive, Suite 316
Ft. Lauderdale, Florida 33304
(Address
of principal executive offices)
(954)-892-6911
(Registrant’s
telephone number, including area code)
Securities
registered under Section 12(b) of the Exchange Act: None
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
None |
|
|
|
|
Securities registered
under Section 12(g) of the Exchange Act:
None
(Title of Class)
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [ ] Yes [X] No
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [ ] Yes [X] No
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. [X] Yes [ ] No
☒ ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
[X] Yes [ ] No
Non-accelerated filer
As of August 16, 2024, the
Issuer had 22,172,835
shares of its common stock outstanding.
In this Quarterly Report on Form 10-Q/A, the terms “KAYS,”
“the Company,” “we,” “us” and “our” refer to Kaya Holdings, Inc. and its owned and controlled
subsidiaries, unless the context indicates otherwise.
EXPLANATORY NOTE
On
August 14, 2024, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, was inadvertently filed in error
prior to completion of the required SAS 70 review by the Company’s independent registered public accounting firm. Accordingly,
the Company is filing this Form 10-Q/A to reflect the completion of such review and changes resulting therefrom.
INDEX TO
QUARTERLY REPORT ON FORM 10 Q
Part I – Financial Information Page
Cautionary Note Regarding
Forward Looking Statements
Information
contained in this Quarterly Report on Form 10-Q, as amended contains
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities
Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the ‘Exchange Act”). These forward-looking
statements are generally identifiable by use of the words “may,” “will,” “should,” “expect,”
“anticipate,” “estimate,” “believe,” “intend” or “project” or the negative
of these words or other variations on these words or comparable terminology.
The forward-looking
statements herein represent our expectations, beliefs, plans, intentions or strategies concerning future events. Our forward-looking
statements are based on assumptions that may be incorrect, and there can be no assurance that any projections or other expectations included
in any forward-looking statements will come to pass. Moreover, our forward-looking statements are subject to various known and unknown
risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from
future results, performance or achievements expressed or implied by any forward-looking statements.
Except as required
by applicable laws, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information
becomes available or other events occur in the future.
Available Information
We file annual, quarterly and special reports and
other information with the Securities and Exchange Commission (“SEC”) that can be obtained from the SEC by telephoning 1-800-SEC-0330.
The Company’s filings are also available through the SEC’s Electronic Data Gathering Analysis and Retrieval System, known
as EDGAR, through the SEC’s website (www.sec.gov).
Kaya
Holdings, Inc. and Subsidiaries
Consolidated
Balance Sheets
June
30, 2024 and December 31, 2023
| |
| |
|
ASSETS | |
| |
|
| |
(Unaudited) | |
(Audited) |
| |
June 30, 2024 | |
December 31,
2023 |
CURRENT ASSETS: | |
| | | |
| | |
Cash
and equivalents | |
$ | 61,282 | | |
$ | 29,108 | |
Inventory | |
| — | | |
| 9,259 | |
Prepaid
expenses | |
| 25,914 | | |
| 58,588 | |
Total
current assets | |
| 87,196 | | |
| 96,955 | |
| |
| | | |
| | |
NON-CURRENT ASSETS: | |
| | | |
| | |
Right-of-use
asset - operating lease | |
| 119,402 | | |
| 29,865 | |
Property
and equipment, net of accumulated depreciation of $218,077 and $216,890 as of June 30, 2024 and
December 31, 2023, respectively | |
| 42,454 | | |
| 24,875 | |
Goodwill | |
| 22,472 | | |
| 23,682 | |
Other
Assets | |
| 29,156 | | |
| 40,479 | |
Total
non-current assets | |
| 213,484 | | |
| 118,901 | |
| |
| | | |
| | |
Total
assets | |
$ | 300,680 | | |
$ | 215,856 | |
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts
payable and accrued expense | |
$ | 605,950 | | |
$ | 589,085 | |
Accounts
payable and accrued expense-related parties | |
| 699,345 | | |
| 514,972 | |
Accrued
interest | |
| 2,658,697 | | |
| 2,369,015 | |
Right-of-use
liability - operating lease | |
| 119,521 | | |
| 30,885 | |
Taxable
Payable | |
| 902,163 | | |
| 899,344 | |
Convertible
notes payable, net of discount of $0 and $0 | |
| 135,000 | | |
| 125,000 | |
Notes
payable | |
| 9,312 | | |
| 124,312 | |
Derivative
liabilities | |
| 2,658,222 | | |
| 2,752,321 | |
Total
current liabilities | |
| 7,788,210 | | |
| 7,404,934 | |
| |
| | | |
| | |
NON-CURRENT
LIABILITIES: | |
| | | |
| | |
Notes
payable | |
| 500,000 | | |
| 500,000 | |
Notes
payable-related party | |
| 250,000 | | |
| 250,000 | |
Convertible
notes payable, net of discount of $205,093 and $742 | |
| 7,739,559 | | |
| 7,311,410 | |
Accrued
expense-related parties | |
| 500,000 | | |
| 500,000 | |
Total
non-current liabilities | |
| 8,989,559 | | |
| 8,561,410 | |
| |
| | | |
| | |
Total
liabilities | |
| 16,777,769 | | |
| 15,966,344 | |
| |
| | | |
| | |
STOCKHOLDERS' DEFICIT: | |
| | | |
| | |
Convertible preferred stock, Series D, par value $0.0001; 10,000,000
shares authorized; 40 and 40 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | |
| — | | |
| — | |
Common stock , par value
$.001; 500,000,000
shares authorized; 0 shares and 22,172,835
shares issued as of June 30, 2024 and
22,172,835 shares
outstanding as of December 31, 2023 , respectively | |
| 22,173 | | |
| 22,173 | |
Subscriptions
payable | |
| 163,630 | | |
| 163,630 | |
Additional
paid in capital | |
| 22,517,652 | | |
| 22,493,783 | |
Accumulated
deficit | |
| (37,144,863 | ) | |
| (36,462,263 | ) |
Accumulated
other comprehensive income | |
| (13,866 | ) | |
| (12,617 | ) |
Total
stockholders' deficit attributable to parent company | |
| (14,455,274 | ) | |
| (13,795,294 | ) |
Non-controlling
interest | |
| (2,021,815 | ) | |
| (1,955,194 | ) |
Total
stockholders' deficit | |
| (16,477,089 | ) | |
| (15,750,488 | ) |
| |
| | | |
| | |
Total
liabilities and stockholders' deficit | |
$ | 300,680 | | |
$ | 215,856 | |
| |
| | | |
| | |
The
accompanying notes are an integral part of these consolidated financial statements.
Kaya
Holdings, Inc. and Subsidiaries
Consolidated
Statements of Operations
| |
| | | |
| | | |
| | | |
| | |
| |
(Unaudited) | |
(Unaudited) | |
(Unaudited) | |
(Unaudited) |
| |
For The Three | |
For The Three | |
For The | |
For The |
| |
Months Ended | |
Months Ended | |
Six-months Ended | |
Six-months Ended |
| |
June
30, 2024 | |
June
30, 2023 | |
June
30, 2024 | |
June
30, 2023 |
| |
| |
| |
| |
|
Net sales | |
$ | — | | |
$ | 55,116 | | |
$ | 28,009 | | |
$ | 103,361 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| — | | |
| 19,717 | | |
| 13,406 | | |
| 36,314 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| — | | |
| 35,399 | | |
| 14,603 | | |
| 67,047 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Professional
fees | |
| 170,347 | | |
| 162,016 | | |
| 359,772 | | |
| 393,265 | |
Salaries
and wages | |
| 44,168 | | |
| 54,008 | | |
| 89,083 | | |
| 96,139 | |
General
and administrative | |
| 184,721 | | |
| 132,688 | | |
| 263,570 | | |
| 226,834 | |
Total
operating expenses | |
| 399,236 | | |
| 348,712 | | |
| 712,425 | | |
| 716,238 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
loss | |
| (399,236 | ) | |
| (313,313 | ) | |
| (697,822 | ) | |
| (649,191 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| (169,563 | ) | |
| (156,293 | ) | |
| (349,893 | ) | |
| (318,332 | ) |
Amortization
of debt discount | |
| (21,157 | ) | |
| (68,010 | ) | |
| (26,795 | ) | |
| (249,553 | ) |
Loss on
impairment of right of use assets | |
| — | | |
| (67,924 | ) | |
| — | | |
| (67,924 | ) |
Gain on
disposal | |
| — | | |
| 206,546 | | |
| — | | |
| 384,429 | |
Change
in derivative liabilities expense | |
| 947,165 | | |
| (309,296 | ) | |
| 325,245 | | |
| 233,687 | |
Other
income (expense) | |
| — | | |
| 1,500 | | |
| 3,614 | | |
| 1,500 | |
| |
| | | |
| | | |
| | | |
| | |
Total
other income (loss) | |
| 756,446 | | |
| (393,477 | ) | |
| (47,289 | ) | |
| (16,193 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income
from continuing operations before income taxes | |
| 357,210 | | |
| (706,790 | ) | |
| (745,651 | ) | |
| (665,384 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision
for Income Taxes | |
| — | | |
| (7,366 | ) | |
| (2,819 | ) | |
| (13,839 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income
(loss) | |
| 357,210 | | |
| (714,156 | ) | |
| (748,470 | ) | |
| (679,223 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss
attributed to non-controlling interest | |
| (45,182 | ) | |
| 18,612 | | |
| (65,870 | ) | |
| (13,614 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income
(loss) attributed to Kaya Holdings, Inc. | |
| 402,392 | | |
| (732,768 | ) | |
| (682,600 | ) | |
| (665,609 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
net income per common share | |
$ | 0.02 | | |
$ | (0.03 | ) | |
$ | (0.03 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number
of common shares outstanding - Basic | |
| 22,172,835 | | |
| 22,172,835 | | |
| 22,172,835 | | |
| 22,172,835 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted
net income per common share | |
$ | — | | |
$ | (0.03 | ) | |
$ | (0.03 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number
of common shares outstanding - Diluted | |
| 22,973,896 | | |
| 22,172,835 | | |
| 22,973,896 | | |
| 22,172,835 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Kaya
Holdings, Inc. and Subsidiaries
Consolidated
Statements of Comprehensive Income(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
For The Three |
|
For The Three |
|
For The |
|
For The |
|
|
Months Ended |
|
Months Ended |
|
Six-months Ended |
|
Six-months Ended |
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
357,210 |
|
|
$ |
(714,156 |
) |
|
$ |
(748,470 |
) |
|
$ |
(679,223 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency adjustments |
|
|
(316 |
) |
|
|
435 |
|
|
|
(2,000 |
) |
|
|
963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
356,894 |
|
|
|
(713,721 |
) |
|
|
(750,470 |
) |
|
|
(678,260 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributed to non-controlling interest |
|
|
(45,182 |
) |
|
|
(18,003 |
) |
|
|
(65,870 |
) |
|
|
(13,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Kaya Holdings |
|
|
402,076 |
|
|
|
(732,333 |
) |
|
|
(684,600 |
) |
|
|
(664,646 |
) |
The
accompanying notes are an integral part of these consolidated financial statements.
Kaya
Holdings, Inc. and Subsidiaries
Consolidated
Statement of Cashflows
| |
| | | |
| | |
| |
(Unaudited) | |
(Unaudited) |
| |
For The | |
For The |
| |
Six-months Ended | |
Six-months Ended |
| |
June
30, 2024 | |
June
30, 2023 |
OPERATING ACTIVITIES: | |
| | | |
| | |
Net
income (loss) | |
$ | (682,600 | ) | |
$ | (665,609 | ) |
Adjustments
to reconcile net income / loss to net cash used in operating activities: | |
| | | |
| | |
Adjustment
to non-controlling interest | |
| (65,870 | ) | |
| (13,614 | ) |
Depreciation | |
| 1,187 | | |
| 6,815 | |
Imputed
interest | |
| 11,219 | | |
| 11,158 | |
Change
in derivative liabilities | |
| (325,245 | ) | |
| (233,687 | ) |
Amortization
of debt discount | |
| 26,795 | | |
| 249,553 | |
Loss (gain)
on impairment of right-of-use asset | |
| — | | |
| 67,924 | |
Loss (gain)
on disposal of fixed assets | |
| — | | |
| (384,429 | ) |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Prepaid
expense | |
| 32,283 | | |
| 4,929 | |
Inventory | |
| 9,259 | | |
| (1,456 | ) |
Right-of-use
asset | |
| 52,693 | | |
| 37,545 | |
Other
assets | |
| 11,016 | | |
| — | |
Accrued
interest | |
| 309,682 | | |
| 278,593 | |
Accounts
payable and accrued expenses | |
| 16,865 | | |
| (25,774 | ) |
Accounts
payable and accrued expenses - Related Parties | |
| 184,373 | | |
| 7,111 | |
Right-of-use
liabilities | |
| (53,594 | ) | |
| (38,647 | ) |
Deferred
tax liabilities | |
| 2,819 | | |
| 13,839 | |
| |
| | | |
| | |
Net
cash provided by (used in) operating activities | |
| (469,118 | ) | |
| (685,749 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase
of property and equipment | |
| (18,766 | ) | |
| — | |
Proceeds
from sales of subsidiary's stock | |
| 12,650 | | |
| — | |
Proceeds
from sale of fixed assets | |
| — | | |
| 693,959 | |
Proceeds
from sales of business license | |
| — | | |
| 193,900 | |
Cash
paid for impairment of right-of use assets | |
| — | | |
| (75,000 | ) |
| |
| | | |
| | |
Net
cash provided by (used in) investing activities | |
| (6,116 | ) | |
| 812,859 | |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds
from convertible notes | |
| 622,500 | | |
| 350,000 | |
Payments
on convertible debt | |
| (115,000 | ) | |
| (370,000 | ) |
Net
cash provided by financing activities | |
| 507,500 | | |
| (20,000 | ) |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN
CASH | |
| 32,266 | | |
| 107,110 | |
| |
| | | |
| | |
Effects
of currency translation on cash and cash equivalents | |
| (92 | ) | |
| 447 | |
| |
| | | |
| | |
CASH
BEGINNING BALANCE | |
| 29,108 | | |
| 18,330 | |
| |
| | | |
| | |
CASH ENDING BALANCE | |
$ | 61,282 | | |
$ | 125,887 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION: | |
| | | |
| | |
Interest
paid | |
| 10,000 | | |
| 28,528 | |
| |
| | | |
| | |
NON-CASH TRANSACTIONS AFFECTING
OPERATING, INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | |
Initial
derivative liability on convertible note payable | |
| 231,146 | | |
| — | |
Initial
lease | |
| 142,230 | | |
| — | |
Reinvested
interest | |
| 20,000 | | |
| — | |
Settlement
of derivative liabilities | |
| — | | |
| 145,625 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Kaya Holdings,
Inc. and Subsidiaries |
Consolidated
Statements of Stockholders' Deficit |
For the three
months and six months ended June 30, 2024 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated
Comprehensive Loss |
|
Noncontrolling
Interest |
|
Total
Stockholders' Deficit |
|
|
|
|
|
|
|
Subscription
Payable |
|
|
|
|
|
|
Preferred
Stock - Series C |
|
Preferred
Stock - Series D |
|
Common
Stock |
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Amount |
|
|
|
|
|
Three months ended June 30,
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2024 (Unaudited) |
- |
|
$ - |
|
40 |
|
$ - |
|
22,172,835 |
|
$ 22,173 |
|
$ 163,630 |
|
$ 22,506,043 |
|
$ (37,547,255) |
|
$(13,614) |
|
$ (1,976,569) |
|
$ (16,845,592) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imputed interest |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,609 |
|
- |
|
- |
|
- |
|
5,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity transaction (Sale of subsidiary's stock) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
6,000 |
|
- |
|
- |
|
- |
|
6,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation Adjustment |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(252) |
|
(64) |
|
(316) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
402,392 |
|
- |
|
(45,182) |
|
357,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2024 |
- |
|
$ - |
|
40 |
|
$ - |
|
22,172,835 |
|
$ 22,173 |
|
$ 163,630 |
|
$ 22,517,652 |
|
$ (37,144,863) |
|
$(13,866) |
|
$ (2,021,815) |
|
$ (16,477,089) |
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2023 (Audited) |
- |
|
- |
|
40 |
|
- |
|
22,172,835 |
|
22,173 |
|
163,630 |
|
22,493,783 |
|
(36,462,263) |
|
(12,617) |
|
(1,955,194) |
|
(15,750,488) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imputed interest |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
11,219 |
|
- |
|
- |
|
- |
|
11,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity transaction (Sale of subsidiary's stock) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
12,650 |
|
- |
|
- |
|
- |
|
12,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation Adjustment |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,249) |
|
(751) |
|
(2,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(682,600) |
|
|
|
(65,870) |
|
(748,470) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2024 |
- |
|
- |
|
40 |
|
- |
|
22,172,835 |
|
22,173 |
|
163,630 |
|
22,517,652 |
|
(37,144,863) |
|
(13,866) |
|
(2,021,815) |
|
(16,477,089) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated
Comprehensive Loss |
|
Noncontrolling
Interest |
|
Total
Stockholders' Deficit |
|
|
|
|
|
|
|
Subscription
Payable |
|
|
|
|
|
|
Preferred
Stock - Series C |
|
Preferred
Stock - Series D |
|
Common
Stock |
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Amount |
|
|
|
|
|
Three months ended June 30,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2023 (Unaudited) |
- |
|
$ - |
|
40 |
|
$ - |
|
22,172,835 |
|
$ 22,173 |
|
$ 163,630 |
|
$ 22,428,785 |
|
$ (38,004,801) |
|
$(12,814) |
|
$ (2,014,080) |
|
$ (17,417,107) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imputed interest |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,610 |
|
- |
|
- |
|
- |
|
5,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation Adjustment |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
285 |
|
150 |
|
435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(732,768) |
|
- |
|
18,612 |
|
(714,156) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023 |
- |
|
$ - |
|
40 |
|
$ - |
|
22,172,835 |
|
$ 22,173 |
|
$ 163,630 |
|
$ 22,434,395 |
|
$ (38,737,569) |
|
$(12,529) |
|
$ (1,995,318) |
|
$ (18,125,218) |
Six months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2022 (Audited) |
- |
|
- |
|
40 |
|
- |
|
22,172,835 |
|
22,173 |
|
163,630 |
|
22,277,612 |
|
(38,071,960) |
|
(11,027) |
|
(1,984,169) |
|
(17,603,741) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imputed interest |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
11,158 |
|
- |
|
- |
|
- |
|
11,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement of derivative liabilities to additional
paid in capital |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
145,625 |
|
- |
|
- |
|
- |
|
145,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation Adjustment |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,502) |
|
2,465 |
|
963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(665,609) |
|
|
|
(13,614) |
|
(679,223) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023 |
- |
|
- |
|
40 |
|
- |
|
22,172,835 |
|
22,173 |
|
163,630 |
|
22,434,395 |
|
(38,737,569) |
|
(12,529) |
|
(1,995,318) |
|
(18,125,218) |
The accompanying notes are an integral part of these consolidated financial
statements.
Notes
to Consolidated Financial Statements
NOTE
1 – ORGANIZATION AND NATURE OF THE BUSINESS
Organization
Kaya Holdings, Inc.
FKA (Alternative Fuels Americas, Inc.) is a holding company. The Company was incorporated in 1993 and has engaged in a number of businesses.
Its name was changed on May 11, 2007 to NetSpace International Holdings, Inc. (a Delaware corporation) (“NetSpace”). NetSpace
acquired 100% of Alternative Fuels Americas, Inc. (a Florida corporation) in January 2010 in a stock-for-member interest transaction
and issued 6,567,247 shares of common stock and 100,000 shares of Series C convertible preferred stock to existing shareholders. Certificate
of Amendment to the Certificate of Incorporation was filed in October 2010 changing the Company’s name from NetSpace International
Holdings, Inc. to Alternative Fuels Americas, Inc. (a Delaware corporation). Certificate of Amendment to the Certificate of Incorporation
was filed in March 2015 changing the Company’s name from Alternative Fuels Americas, Inc. (a Delaware corporation) to Kaya Holdings,
Inc.
The Company has four
subsidiaries: Marijuana Holdings Americas, Inc., a Florida corporation (“MJAI”), which is majority-owned and was formed on
March 27, 2014 to maintain ownership of the Company’s Oregon based cannabis operations, 34225 Kowitz Road, LLC, a wholly-owned
Oregon limited liability company which held ownership of the Company’s 26 acre property in Lebanon, Oregon (inactive since Feb
28, 2023 when the subject property was sold), Kaya Brand International, Inc., a Florida Corporation (“KBI”) which is majority-owned
and was formed on October 14, 2019 to expand the business overseas (active) and Fifth Dimension Therapeutics, Inc., a Florida corporation
which is majority owned (“FDT ”) and was formed on December 13, 2022 to develop and maintain ownership of the Company’s
planned Psychedelic Treatment Centers offering psilocybin treatments.
MJAI Oregon 1 LLC is the entity that holds
the licenses for the Company’s retail store operations. MJAI Oregon 5 LLC is the entity that held the license application for the
Company’s 26 acre farm property in Lebanon Oregon (property sold 2/28/23, inactive since that date).
KBI is the entity
that holds controlling ownership interests in Kaya Farms Greece, S.A. (a Greek corporation) and Kaya Shalvah (“Kaya Farms Israel”,
an Israeli corporation). These two entities were formed to facilitate expansion of the Company’s business in Greece and Israel
respectively.
Fifth
Dimension Therapeutics, Inc. (FDT) is the entity that was formed to hold interests in psychedelic treatment facilities, with operations
initially targeted for Oregon where FDT holds a 49% stake in FDT Oregon 1, LLC (“FDT1”, an Oregon limited liability company)
and has an irrevocable option to acquire the remaining 51% stake in FDT1 after the sunsetting in January 1, 2025 of Oregon’s residency
requirements for majority ownership in entities that hold OHA issued psilocybin licenses.
Nature of the
Business
In January 2014,
KAYS incorporated MJAI, a wholly owned subsidiary, to focus on opportunities in the legal recreational and medical marijuana in the United
States.
On July 3, 2014 opened
its first Kaya Shack™ MMD in Portland, Oregon. Between April of 2014 and December 31, 2023, KAYS owned and operated four
(4 ) Kaya Shack™ retail cannabis medical and recreational dispensaries, three (3) Medical Marijuana Grow sites licensed by
the OHA and two (2) Recreational Marijuana grow sites licensed by the OLCC (all in Oregon). The statuses of these operations are as follows:
The first Kaya Shack™
(Kaya Shack™ Store 1) opened in 2014 in Portland, Oregon at the same address as an Oregon Liquor and Cannabis Commission (OLCC)
licensed medical and recreational marijuana retailer. On March 11, 2024, the Company notified the Oregon Liquor Control Commission (the
“OLCC”) that we were temporarily closing this location. The Company is currently evaluating redeploying this remaining dispensary
license to serve as a delivery hub for Portland residents, tourists and The Sacred Mushroom™ guests, among others.
Kaya Shack™
Store 2 was closed in December, 2022 as part of a sale and surrender agreement that the Company entered into with the OLCC to resolve
an Administrative Action filed by the OLCC (as previously disclosed in the Company’s Annual Report on form 10-K for the period
ending December 31, 2021 filed on April 18, 2022 and in the Company’s Quarterly report for the period ending March 31, 2022 filed
on May 16, 2022). Per the terms of the agreement the Company agreed to either enter into a purchase and sale agreement for its retail
license in South Salem by February 1, 2023 (the renewal date) or surrender the license. On April 21, 2023 the Company concluded the sale
of Store 2 for $210,000,
less a 6% closing commission and minor closing expenses. After these expenses and paying $75,000
to resolve three non-performing store leases
in South Oregon, the Company netted $118,900.
Kaya Shack™
Store 3 and Kaya Shack™ Store 4 were both closed due to consolidation moves by the Company in 2020 and 2021, respectively, and
the Company let the licenses lapse.
In August of 2017,
the Company purchased a 26-acre parcel in Lebanon, Linn County, Oregon for $510,000
on which we intended to construct a Greenhouse
Grow and Production Facility (the “Property”) and filed for OLCC licensure. In August of 2022, the Company entered
into an agreement (the “CVC Agreement”) with CVC International, Inc. (“CVC”), an institutional
investor who holds certain of the Company’s Convertible Promissory Notes (the “Notes”), one of which was secured
by a $500,000 mortgage
on the Property. CVC released its lien on the Property to enable the Company to sell the Property and utilize the proceeds therefrom
for the benefit of the Company and its shareholders, without having to repay CVC the $500,000
Note held by CVC. Additionally, CVC agreed to
advance certain sums against the sale of the Property (“Advances”), which amounted to $270,000
pending the sale of the Property. On February
28, 2023 we sold the Property for a price of $769,500,
less commissions and customary closing costs. The net proceeds of the sale were used to repay the advances plus interest (including an
additional $100,000 borrowed
from another lender interest) and the Company realized net proceeds of approximately $302,000,000. The land is reflected on the balance
sheet as assets held for sale for the year ended December 31, 2022 at a value of $516,076.
The land was sold in 2023.
On September 26,
2019, the Company formed the majority owned subsidiary Kaya Brands International, Inc. (“KBI”) to serve as the Company’s
vehicle for expansion into worldwide cannabis markets. Between September of 2019 and March 31, 2024 KBI has formed majority-owned subsidiaries
in both Greece and Israel and its local operating subsidiaries have acquired interests in various licenses and entities.
On December 13, 2022
the Company formed Fifth Dimension Therapeutics ™ (“FDT”,
a Florida Corporation) to seek to provide psychedelic services to sufferers of treatment resistant mental health diseases such as depression,
PTSD and other mental health disorders. On January 3, 2023 the Oregon Health Authority (the “OHA”) began to accept license
applications, allowing each entity to own and operate one (1) Psilocybin manufacturing and processing facility for the production of
Psilocybin Mushrooms and derived therapeutics (“Psilocybins”), and up to five (5) Psilocybin Facilitation Centers where clients
would go to ingest Psilocybins and experience effects under the supervision of State Licensed Facilitators.
On January 25, 2023
the Company confirmed that attorney Glenn E.J. Murphy was welcomed as a founding member to the FDT Board of Directors. Glenn will assist
FDT with introductions to pharmaceutical companies seeking data and access to psychedelic patients, as well as advising on the development
of intellectual property, structure of potential joint ventures, funding opportunities, acquisitions, and other related endeavors. Glenn
has twenty-five years of private and corporate practice, including ten years in-house with the Henkel Group and more than fifteen years
in private practice, Glenn's experience has touched on most every aspect of intellectual property practice.
On March 13, 2023,
Bryan Arnold (one of KAYS Vice Presidents and its longest serving Oregon Employee) completed his OHA Certified Psilocybin Education through
the Changra Institute and became one of the first eighteen graduates to obtain Psilocybin Facilitator certification in the State of Oregon.
Bryan’s Facilitation License application has been approved by the OHA, and he now may oversee up to five (5) Psilocybin Treatment
Facilities and up to one (1) Psilocybin Production Facility. Additionally, the Company expects to enroll additional potential licensee
candidates within the coming months to bolster its ranks of OHA Licensed Psilocybin Facilitators as it moves forward with plans to open
its first Psilocybin Clinic, subject to completion of financing and regulatory approvals.
On November 14, 2023
the Company filed a license application with the Oregon Department of Health (the “OHA”) for the licensure of The Sacred
Mushroom™, an approximately 11,000 square foot psilocybin treatment center located in Portland, Oregon which would serve as the
Company’s flagship psilocybin facility.
On
March 6, 2024, the OHA completed its Psilocybin Service Center License Inspection and itemized three (3) facility structural/layout items
that they wanted addressed/modified prior to issuing the facility license. On May 7, 2024, the Company had been awarded its license by
the Oregon Health Authority to operate its Portland, Oregon psilocybin treatment center, The Sacred Mushroom. On June 4, 2024, The Sacred
Mushroom which commenced operations on August 1, 2024.
NOTE
2 – LIQUIDITY AND GOING CONCERN
The Company’s
consolidated financial statements as of June 30, 2024 have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course of business. The Company incurred net loss of $682,600
for the six months ended June 30, 2024 and net loss of $665,609 for the six months ended June 30, 2023. The net loss is due to the changes
in derivative liabilities. At June 30, 2024 the Company has a working capital deficiency of $7,701,014
and is totally dependent on its ability to raise
capital. The Company has a plan of operations and acknowledges that its plan of operations may not result in generating positive working
capital in the near future. Even though management believes that it will be able to successfully execute its business plan, which includes
third-party financing and capital issuance, and meet the Company’s future liquidity needs, there can be no assurances in that regard.
These matters raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements
do not include any adjustments that might result from the outcome of this material uncertainty. Management recognizes that the Company
must generate additional funds to successfully develop its operations and activities. Management plans include:
• |
|
the sale of additional
equity and debt securities, |
• |
|
alliances and/or partnerships
with entities interested in and having the resources to support the further development of the Company’s business plan, |
• |
|
business transactions to
assure continuation of the Company’s development and operations, |
• |
|
development of a unified
brand and the pursuit of licenses to operate recreational and medical marijuana facilities under the branded name. |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Basis
of Presentation
The accompanying
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) under the accrual basis of accounting.
Reclassifications
Certain prior period amounts have
been reclassified to conform to the current period presentation.
Use
of Estimates
The preparation of
financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying notes.
Such estimates and
assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory,
estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value
of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates
of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.
Making estimates
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its
estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly
from estimates.
Risks
and Uncertainties
The Company’s
operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential
risk of business failure.
The Company has experienced,
and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute
to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product,
(ii) competition inherent at other locations where product is expected to be sold (iii) general economic conditions and (iv) the
related volatility of prices pertaining to the cost of sales.
Principles
of Consolidation
The accompanying
consolidated financial statements include the accounts of Kaya Holdings, Inc. and all wholly and majority-owned subsidiaries. All significant
intercompany balances have been eliminated.
Majority-owned subsidiaries:
Fifth Dimension Therapeutics,
Inc. (a Florida Corporation)
Kaya Brands International, Inc.
(a Florida Corporation)
Kaya Shalvah (“Kaya Farms
Israel”, an Israeli corporation) majority owned subsidiary of KBI)
Kaya Farms Greece, S.A. (a Greek
Corporation) majority owned subsidiary of KBI)
|
· |
Marijuana Holdings Americas,
Inc. (a Florida corporation) |
Non-Controlling
Interest
The company owned 55% of Marijuana Holdings
Americas until September 30, 2019. Starting October 1, 2019, Kaya Holding, Inc. owns 65% of Marijuana Holdings Americas, Inc. As of December
31, 2022, Kaya owns 65% of Marijuana Holdings Americas, Inc.
The company owned 85% of Kaya Brands International,
Inc. until July 31, 2020. Starting August 1, 2020, Kaya Holding, Inc. owns 65% of Kaya Brands International, Inc.
During
the Q2, 204, FDT increased the authorized preferred stock from 85 to 90 shares and additional 9 shares issued to the Company which means
the Company’s ownership changed to54%. The Company still keep the majority control of Fifth Dimension Therapeutics, Inc.
Cash
and Cash Equivalents
Cash and cash equivalents
are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid
investments with an original maturity of three months or less. The Company had no cash equivalents.
Inventory
Inventory consists
of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out
method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates
the impact of any anticipated changes in future demand. Total Value of Finished goods inventory as of June 30, 2024 is $0
and $9,259
as of December 31, 2023. Inventory allowance
and impairment were $0 and
$0 as
of June 30, 2024 and December 31, 2023, respectively.
Property
and Equipment
Property and equipment
is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-30
years of the respective assets. Expenditures
for maintenance and repairs are charged to expense as incurred.
Upon sale or retirement
of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected
in the statements of operations.
Long-lived
assets
The Company reviews
long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible
assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining
amortization period. The Company recognizes an impairment loss if the carrying value of the asset exceeds the expected future cash flows.
Accounting
for the Impairment of Long-Lived Assets
We evaluate long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Upon such an occurrence, the recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to
forecasted undiscounted net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated
future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value
of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined
based on discounted cash flows, appraised values or management's estimates, depending upon the nature of the assets.
Operating
Leases
We lease our retail
stores under non-cancellable operating leases. Most store leases include tenant allowances from landlords, rent escalation clauses and/or
contingent rent provisions. We recognize rent expense on a straight-line basis over the lease term, excluding contingent rent, and record
the difference between the amount charged to expense and the rent paid as a deferred rent liability.
Deferred
Rent and Tenant Allowances
Deferred rent is
recognized when a lease contains fixed rent escalations. We recognize the related rent expense on a straight-line basis starting from
the date of possession and record the difference between the recognized rental expense and cash rent payable as deferred rent. Deferred
rent also includes tenant allowances received from landlords in accordance with negotiated lease terms. The tenant allowances are
amortized as a reduction to rent expense on a straight-line basis over the term of the lease starting at the date of possession.
Earnings
Per Share
In accordance with
ASC 260, Earnings per Share, the Company calculates basic earnings per share by dividing net income (loss) by the weighted average number
of common shares outstanding during the period. Diluted earnings per share are computed if the Company has net income; otherwise it would
be anti-dilutive and would result from the conversion of a convertible note.
Income
Taxes
The Company accounts
for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income
Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between
the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions
and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers
tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies.
If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of
deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more
likely than not” criteria of ASC 740.
ASC 740-10 requires
that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would
more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold,
the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being
realized upon ultimate settlement with the relevant tax authority.
We are subject
to certain tax risks and treatments that could negatively impact our results of operations
Section 280E of the
Internal Revenue Code, as amended, prohibits businesses from deducting certain expenses associated with trafficking-controlled substances
(within the meaning of Schedule I and II of the Controlled Substances Act). The IRS has invoked Section 280E in tax audits against various
cannabis businesses in the U.S. that are permitted under applicable state laws. Although the IRS issued a clarification allowing the
deduction of certain expenses, the scope of such items is interpreted very narrowly, and the bulk of operating costs and general administrative
costs are not permitted to be deducted. While there are currently several pending cases before various administrative and federal courts
challenging these restrictions, there is no guarantee that these courts will issue an interpretation of Section 280E favorable to cannabis
businesses.
Provision
for Income Taxes
We recorded a provision
for income taxes in the amount of $93,910
during the year ended December 31, 2022 compared to $782,107
during the year ended December 31, 2021. Although
we have net operating losses that we believe are available to us to offset this entire tax liability, which arises under Section 280E
of the Code because we are a cannabis company, as a conservative measure, we have accrued this liability.
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. |
Schedule of fair value assets and liabilities
measured on recurring and nonrecurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements at June 30, 2024 |
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
Assets |
|
|
|
|
|
|
Cash |
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
61,282 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $205,093 |
|
|
— |
|
|
|
— |
|
|
|
7,874,559 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,658,222 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,532,781 |
|
|
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
(10,532,781 |
) |
|
|
|
Fair
Value Measurements at December 31, 2023 |
|
|
|
Level
1 |
|
|
|
Level
2 |
|
|
|
Level
3 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
29,108 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $742 |
|
|
— |
|
|
|
— |
|
|
|
7,436,410 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,752,321 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,188,731 |
|
|
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
(10,188,731 |
) |
The carrying amounts of the Company’s
financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain
notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.
The Company accounts
for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 7.
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 Binomial 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 reassessed at the end of each reporting period.
In July 2017, the
FASB issued ASU 2017-11 Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivative and Hedging
(Topic 815). The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments
(or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities
or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed
to an entity’s own stock. The amendment also clarifies existing disclosure requirements for equity-classified instruments. As a
result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative
liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments,
the amendments require entities that present earnings per share (“EPS”) in accordance with Topic 260 to recognize the effect
of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common
shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to
the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt-Debt with Conversion and Other Options),
including related EPS guidance (in Topic 260). The amendments in Part II of this Update recharacterize the indefinite deferral of certain
provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not
have an accounting effect.
Prior to this Update, an equity-linked financial instrument
with a down round feature that otherwise is not required to be classified as a liability under the guidance in Topic 480 is evaluated
under the guidance in Topic 815, Derivatives and Hedging, to determine whether it meets the definition of a derivative. If it meets that
definition, the instrument (or embedded feature) is evaluated to determine whether it is indexed to an entity’s own stock as part
of the analysis of whether it qualifies for a scope exception from derivative accounting. Generally, for warrants and conversion options
embedded in financial instruments that are deemed to have a debt host (assuming the underlying shares are readily convertible to cash
or the contract provides for net settlement such that the embedded conversion option meets the definition of a derivative), the existence
of a down round feature results in an instrument not being considered indexed to an entity’s own stock. This results in a reporting
entity being required to classify the freestanding financial instrument or the bifurcated conversion option as a liability, which the
entity must measure at fair value initially and at each subsequent reporting date.
In August 2020, the
FASB issued ASU 202006, Debt-Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging-Contracts in Entity's
Own Equity (Subtopic 81540): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which is intended to
simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments
and contracts on an entity's own equity. In this Update revise the guidance for instruments with down round features in Subtopic 815-40,
Derivatives and Hedging—Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial
instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would
be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do
qualify, freestanding instruments with down round features are no longer classified as liabilities and embedded conversion options with
down round features are no longer bifurcated. The guidance allows for either full retrospective adoption or modified retrospective adoption.
The guidance is effective for the Company in the first quarter of fiscal year 2025 and early adoption is permitted. The Company is evaluating
the impact the adoption of this guidance will have on its condensed consolidated financial statements and related disclosures.
The amendments in
Part 1 of this Update are a cost savings relative to former accounting. This is because, assuming the required criteria for equity classification
in Subtopic 815-40 are met, an entity that issued such an instrument no longer measures the instrument at fair value at each reporting
period (in the case of warrants) or separately accounts for a bifurcated derivative (in the case of convertible instruments) on the basis
of the existence of a down round feature. For convertible instruments with embedded conversion options that have down round features,
applying specialized guidance such as the model for contingent beneficial conversion features rather than bifurcating an embedded derivative
also reduces cost and complexity. Under that specialized guidance, the issuer recognizes the intrinsic value of the feature only when
the feature becomes beneficial instead of bifurcating the conversion option and measuring it at fair value each reporting period.
The amendments in
Part II of this Update replace the indefinite deferral of certain guidance in Topic 480 with a scope exception. This has the benefit
of improving the readability of the Codification and reducing the complexity associated with navigating the guidance in Topic 480.
The Company adopted
this new standard on January 1, 2019; however, the Company needs to continue the derivative liabilities due to variable conversion price
on some of the convertible instruments. As such, it did not have a material impact on the Company’s consolidated financial statements.
Debt
Issue Costs and Debt Discount
The Company may record
debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid
in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Original
Issue Discount
For certain convertible
debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be
recorded as a debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
Extinguishments
of Liabilities
The Company accounts
for extinguishments of liabilities in accordance with ASC 405-20 “Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities”. When the conditions are met for extinguishment accounting, the liabilities are derecognized and
the gain or loss on the sale is recognized.
Stock-Based
Compensation - Employees
The Company accounts
for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under the recognition
and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification.
Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the
consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable.
The measurement date
used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the
date on which it is probable that performance will occur.
If the Company is
a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Company’s most
recent private placement memorandum (based on sales to third parties) (“PPM”), or weekly or monthly price observations would
generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger
spread between the bid and asked quotes and lack of consistent trading in the market.
The fair value of share options and similar
instruments is estimated on the date of grant using a Binomial Option Model option-pricing valuation model. The ranges of
assumptions for inputs are as follows:
• |
|
Expected
term of share options and similar instruments: The expected life of options and similar instruments
represents the period of time the option and/or warrant are expected to be outstanding. Pursuant
to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected
term of share options and similar instruments represents the period of time the options and
similar instruments are expected to be outstanding taking into consideration of the contractual
term of the instruments and employees’ expected exercise and post-vesting employment
termination behavior into the fair value (or calculated value) of the instruments. Pursuant
to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected
term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate expected term
due to the limited period of time its equity shares have been publicly traded; (ii) A company
significantly changes the terms of its share option grants or the types of employees that
receive share option grants such that its historical exercise data may no longer provide
a reasonable basis upon which to estimate expected term; or (iii) A company has or expects
to have significant structural changes in its business such that its historical exercise
data may no longer provide a reasonable basis upon which to estimate expected term. The Company
uses the simplified method to calculate expected term of share options and similar instruments
as the company does not have sufficient historical exercise data to provide a reasonable
basis upon which to estimate expected term.
|
• |
|
Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
|
• |
|
Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
|
• |
|
Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
|
Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based
payments is recorded in general and administrative expense in the statements of operations.
Stock-Based
Compensation – Non-Employees
Equity Instruments Issued to Parties
Other Than Employees for Acquiring Goods or Services
In June 2018, the
FASB issued ASU No. 2018-07, Compensation – Stock Compensation: Improvement to Nonemployee Share-Based Payment Accounting (Topic
718). The ASU supersedes ASC 505-50, Equity-Based Payment to Non-Employment and expends the scope of the Topic 718 to include stock-based
payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based
payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of
an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new
guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.
The fair value of
share options and similar instruments is estimated on the date of grant using a Binomial option-pricing valuation model. The
ranges of assumptions for inputs are as follows:
• |
|
Expected
term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i)
of the FASB Accounting Standards Codification the expected term of share options and similar
instruments represents the period of time the options and similar instruments are expected
to be outstanding taking into consideration of the contractual term of the instruments and
holder’s expected exercise behavior into the fair value (or calculated value) of the
instruments. The Company uses historical data to estimate holder’s expected
exercise behavior. If the Company is a newly formed corporation or shares of the
Company are thinly traded the contractual term of the share options and similar instruments
is used as the expected term of share options and similar instruments as the Company does
not have sufficient historical exercise data to provide a reasonable basis upon which to
estimate expected term.
|
• |
|
Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
|
• |
|
Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
|
• |
|
Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
|
Revenue
Recognition
Effective January
1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identifying
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.
To confirm, all of
our OLCC licensed cannabis retail sales operations are conducted and operated on a “cash and carry” basis- product(s) from
our inventory accounts are sold to the customer(s) and the customer settles the account at time of receipt of product via cash payment
at our retail store; the transaction is recorded at the time of sale in our point-of-sale software system. Revenue is only reported after
the product has been delivered to the customer and the customer has paid for the product with cash.
To date the only
other revenue we have received is for ATM transactions and revenue from this activity is only reported after we receive payment via check
from the ATM service provider company.
Cost
of Sales
Cost of sales represents costs directly
related to the purchase of goods and third party testing of the Company’s products.
Related
Parties
The Company follows
subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party
transactions.
Pursuant to Section
850-10-20 the related parties include a. affiliates of the Company; b. Entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to
be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing
trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company;
f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and
g. Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The consolidated
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the
preparation of consolidated or combined financial statements is not required in those statements.
The disclosures shall
include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts
or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed
necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for
each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from
that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and,
if not otherwise apparent, the terms and manner of settlement.
Contingencies
The Company follows
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as
of the date the consolidated 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. However,
there is no assurance that such matters will not materially and adversely affect the Company’s business, consolidated financial
position, and consolidated results of operations or consolidated cash flows.
Uncertain
Tax Positions
The Company did not
take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section
740-10-25 for the reporting period ended June 30, 2024.
Subsequent
Events
The Company follows
the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company
will evaluate subsequent events through the date when the financial statements are issued.
Recently
Issued Accounting Pronouncements
From time to time,
new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified
effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective
will not have a material effect on its consolidated financial position or results of operations upon adoption.
In November 2023,
the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures
(Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses
that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a
segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an
explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the
financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures
when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024.
In December 2023,
the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements
that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included
in our consolidated financial statements, once adopted.
NOTE
4 – PROPERTY, PLANT AND EQUIPMENT
Property, plant and
equipment consisted of the following at June 30, 2024 and December 31, 2022:
Schedule of property, plant
and equipment | |
| | | |
| | |
| |
June 30, 2024 | |
December 31, 2023 |
| |
(Unaudited) | |
(Audited) |
Computer | |
| 30,713 | | |
| 30,713 | |
Furniture & Fixtures | |
| 56,978 | | |
| 56,978 | |
HVAC | |
| 25,000 | | |
| 25,000 | |
Land | |
| 17,703 | | |
| 17,703 | |
Leasehold Improvements | |
| 51,070 | | |
| 32,304 | |
Machinery and Equipment | |
| 55,067 | | |
| 55,067 | |
Vehicle | |
| 24,000 | | |
| 24,000 | |
Total | |
| 260,531 | | |
| 241,765 | |
Less: Accumulated Depreciation | |
| (218,077 | ) | |
| (216,890 | ) |
Property, Plant and Equipment
- net | |
$ | 42,454 | | |
$ | 24,875 | |
Depreciation expense
totaled of $1,187 and
$6,815 for
the six months ended June 30, 2024 and June 30, 2023, respectively.
NOTE
5 – NON-CURRENT ASSETS
Other assets consisted
of the following at March 31, 2024 and December 31, 2023:
Schedule of other assets | |
| | | |
| | |
| |
| June
30, 2024 | | |
| December
31, 2023 | |
Other receivable | |
| 10,740 | | |
| 11,047 | |
Rent deposits | |
| 12,925 | | |
| 23,941 | |
Security deposits | |
| 5,491 | | |
| 5,491 | |
Total Non-current
assets | |
| 29,156 | | |
| 40,479 | |
During the six months
ended June 30, 2024, our other receivables decreased $307,
related to changes of currency exchange rate. The decrease of the rent deposit was primarily due to the Company terminated the lease
of Oregan shop and $11,016
rent deposit of MJAI was used to pay the rent.
NOTE
6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
The accounts payable and accrued
expenses consisted of the following at June 30, 2024 and December 31, 2023 :
Schedule
of accounts payable and accrued expenses | |
| | | |
| | |
| |
June
30, 2024 | |
December 31, 2023 |
Accounts payable | |
| 578,776 | | |
| 561,551 | |
Accrued expenses | |
| 27,174 | | |
| 27,534 | |
Total | |
| 605,950 | | |
| 589,085 | |
NOTE
7 – CONVERTIBLE DEBT
These debts have
a price adjustment provision. Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.”
The derivative component of the obligation is initially valued and classified as a derivative liability with an offset to discounts
on convertible debt. Discounts have been amortized to interest expense over the respective term of the related note. In determining the
indicated value of the convertible note issued, the Company used the Binomial Options Pricing Model with a risk-free interest rate of
ranging from 4.77% to 5.37%, volatility ranging from 154.81% to 174.23%, trading prices $0.033 per share and a conversion price ranging
from $0.0264 to $0.08 per share. The total derivative liabilities associated with these notes were $2,600,509 at June 30, 2024 and $2,752,321
at December 31, 2023. As of June 30, 2024, the Company had four new convertible notes and two short-term non-convertible note were transferred
to convertible notes after due in 2024.
See Below Summary
Table
Schedule
of Convertible Debt |
Convertible
Debt Summary |
|
Debt
Type |
Debt
Classification |
Interest
Rate |
Due
Date |
Ending
|
CT
|
LT
|
6/30/2024 |
12/31/2023 |
|
|
|
|
|
|
|
|
A |
Convertible |
X
|
|
10.0% |
1-Jan-17 |
25,000
|
$ 25,000
|
B |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
82,391
|
82,391
|
C |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
41,195
|
41,195
|
D |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
262,156
|
262,156
|
O |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
136,902
|
136,902
|
P |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,173
|
66,173
|
Q |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
65,274
|
65,274
|
S |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
63,205
|
63,205
|
T |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
313,634
|
313,634
|
CC |
Convertible |
X
|
|
12.0% |
1-Jan-24 |
110,000
|
100,000
|
KK |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
188,000
|
188,000
|
LL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
749,697
|
749,697
|
MM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
124,690
|
124,690
|
NN |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
622,588
|
622,588
|
OO |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
620,908
|
620,908
|
PP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
611,428
|
611,428
|
QQ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
180,909
|
180,909
|
RR |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
586,804
|
586,804
|
SS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
174,374
|
174,374
|
TT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
345,633
|
345,633
|
UU |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
171,304
|
171,304
|
VV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
121,727
|
121,727
|
XX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
112,734
|
112,734
|
YY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
173,039
|
173,039
|
ZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
166,603
|
166,603
|
AAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
104,641
|
104,641
|
BBB |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
87,066
|
87,066
|
DDD |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,262
|
75,262
|
EEE |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
160,619
|
160,619
|
GGG |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
79,422
|
79,422
|
JJJ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
52,455
|
52,455
|
LLL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
77,992
|
77,992
|
MMM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
51,348
|
51,348
|
PPP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
95,979
|
95,979
|
SSS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
TTT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
80,000
|
80,000
|
VVV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
WWW |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
60,000
|
60,000
|
XXX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
100,000
|
100,000
|
YYY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
50,000
|
50,000
|
ZZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
40,000
|
40,000
|
AAAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,000
|
66,000
|
BBBB |
Convertible |
X
|
|
12.0% |
1-Mar-23 |
- |
150,000
|
CCCC |
Convertible |
X
|
|
10.0% |
1-Mar-23 |
- |
120,000
|
DDDD |
Convertible |
X
|
|
10.0% |
31-Dec-24 |
- |
100,000
|
EEEE |
Convertible |
|
X
|
10.0% |
25-Dec-25 |
15,000
|
- |
FFFF |
Convertible |
|
X
|
10.0% |
23-Jan-26 |
60,000
|
- |
GGGG |
Convertible |
|
X
|
10.0% |
12-Mar-26 |
150,000
|
- |
HHHH |
Convertible |
|
X
|
10.0% |
15-Mar-26 |
107,500
|
- |
IIII |
Convertible |
|
X
|
10.0% |
1-May-26 |
150,000
|
- |
JJJJ |
Convertible |
|
X
|
10.0% |
4-Jun-26 |
150,000
|
- |
|
|
|
|
|
|
|
|
Total
Convertible Debt |
8,079,652
|
7,807,152
|
Less:
Discount |
(205,093) |
(387,819) |
Convertible
Debt, Net of Discounts |
$ 7,874,559
|
$ 7,419,333
|
Convertible
Debt, Net of Discounts, Current |
$ 135,000
|
$ 240,288
|
Convertible
Debt, Net of Discounts, Long-term |
$ 7,739,559
|
$ 7,179,045
|
FOOTNOTES FOR CONVERTIBLE
DEBT ACTIVITY FOR YEAR ENDED DECEMBER31, 2023
On February 28,
2023, the Company sold the Property for a price of $769,500, less commissions and customary closing costs. The net proceeds of the sale
were used to repay the convertible notes described above, of which total principal was $370,000. On December 31, 2022, the Company and
various noteholders agree to modify the maturity date to December 31,2025 of all notes that were due to mature on December 31, 2024.
No other terms of the convertible notes were changed.
On January 23,
2024, the Company received $61,200 from selling 2.4 units to the Cayman Venture Capital Fund, including $60,000 convertible debt and
120,000 FDT shares at $0.01 per share and total value was $1,200 . Interest is stated at 10%. The Note and Interest is convertible
into common shares at $0.08 per share. The Note is Due on January 23, 2026. This note has a price adjustment provision: if the stock
price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less
of: 50% of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in
any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted
for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued
and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense
over the respective term of the related note.
On January 31,
2024, the Company signed an agreement with a third-party individual to transfer one non-convertible promissory note, including $15,000
principal and $300 accrual interest to purchase 0.6 unit, which included $15,000 convertible note and 30,000 FDT shares which is $0.01
per share and total value was $300. The convertible notes interest is stated at 10%. The Note and Interest is convertible into common
shares at $0.08 per share. The Note is Due on January 31, 2026. This note has a price adjustment provision: if the stock price 20
days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less of: 50%
of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in any event
the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted for these
Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued and classified
as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense over the respective
term of the related note.
On March 12,
2024, the Company received $150,000 from selling 6 units to the Cayman Venture Capital Fund, including $150,000 convertible debt and
300,000 FDT shares which is $0.01 per share and total value is $3,000 . Interest is stated at 10%. The Note and Interest is convertible
into common shares at $0.08 per share. The Note is Due on March 12, 2026. This note has a price adjustment provision: if the stock
price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less
of: 50% of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in
any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted
for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued
and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense
over the respective term of the related note.
On March 15,
2024, one of a promissory non-convertible notes was expired. The Company signed a purchase agreement with this third-party individual
to purchase 4.3 units using the matured note, including $100,000 principal and $96,500 accrual interest. The 4.3 units included $107,500
convertible note and 215,000 FDT shares which is $0.01 per share and total value was $2,150. The convertible notes interest is stated
at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on March 31, 2026. This note
has a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share, the
conversion price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days
before proceeding the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08
per share. Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative
component of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible debt.
Discounts are amortized to interest expense over the respective term of the related note.
On May 1, 2024,
the Company received $130,000 deposit plus $23,000 accrued interest reinvest in selling 6 units to the Cayman Venture Capital Fund. The
6 units included $150,000 convertible debt and 300,000 FDT shares which is $0.01 per share and total value is $3,000. Interest is stated
at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on May 1, 2026. This note has
a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion
price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days before proceeding
the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore,
the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation
is initially valued and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized
to interest expense over the respective term of the related note.
On June 4, 2024,
the Company received $153,000 (containing $150,000 deposit and $3,000 accrual interest reinvest) from selling 6 units to the Cayman Venture
Capital Fund, including $150,000 convertible debt and 300,000 FDT shares which is $0.01 per share and total value is $3,000. Interest
is stated at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on June 4, 2026. This
note has a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share,
the conversion price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days
before proceeding the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08
per share Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component
of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible debt. Discounts
are amortized to interest expense over the respective term of the related note.
NOTE 8 –
NON-CONVERTIBLE DEBT
Schedule
of nonconvertible debt |
|
|
|
|
|
|
|
|
|
|
June
30,
2024 |
|
December
31, 2023 |
Current non-convertible
notes |
|
|
9,312 |
|
|
|
124,312 |
|
Non-current
non-convertible notes |
|
|
500,000 |
|
|
|
500,000 |
|
Total non-convertible notes |
|
|
509,312 |
|
|
|
624,312 |
|
|
|
|
|
|
|
|
|
|
Breakdown |
|
|
|
|
|
|
|
|
Note 5 |
|
$ |
9,312 |
|
|
$ |
9,312 |
|
Note 6 |
|
|
500,000 |
|
|
|
500,000 |
|
Note 7 |
|
|
— |
|
|
|
100,000 |
|
Note 8 |
|
|
— |
|
|
|
15,000 |
|
Total non-convertible notes |
|
$ |
509,312 |
|
|
$ |
624,312 |
|
(5) On September
16, 2016, the Company received a total of $31,661 to be used for equipment in exchange for a two year note in the aggregate amount of
$31,661 with interest accruing at 18% per year and a 10% loan fee. The note is in default as of June 30, 2024 with an outstanding balance
of $9,312.
(6) On June 12, 2023,
the Company issued a 10% promissory note in the amount of $350,000 with 10% interest rate, payable to CVC International Ltd, secured
by 10% of monthly total revenues from all sources of Kaya Holdings, Inc. and any of its subsidiaries. and the noteholder also received
10 Series A preferred shares in FDT, which are convertible into a total of 10% of the common shares. The due date of the note is June
12, 2025. At the end of September 2023, the company paid $5,000, which is 10% of the total revenues from all sources of Kaya Holdings,
Inc to the Holder and the Holder agreed to reinvest it as the additional of the note. On October 6, 2023, the Company received another
$145,000 from the same investor to increase the promissory note to $500,000 total. As of June 30, 2024, the outstanding balance of the
note is $500,000.
(7) On August 28,
2023 the Company received $100,000 from the issuance of working capital loan to another investor. Interest is stated at 10%. The Note
was matured on March 31, 2024 and the $100,000 principal and $9,650 accrual interest were transferred to $107,500 convertible note and
$2,150 stocks of FDT.
(8) On December 15,
2023 the Company received $15,000 working capital loan from another investor. On January 31, 2024, the Company signed a purchase agreement
with the investor to reclass the $15,000 principal to convertible note and $300 accrual interest to purchase 30,000 FDT shares.
(9)
As of June 30, 2024 Cayman Venture Capital Fund reinvest $29,000 accrual interest of promissory notes into convertible notes and FDT
stock purchases.
Schedule
of related party transactions |
|
|
|
|
|
|
|
|
B-Related
Party |
|
|
|
|
|
|
|
|
Loan
payable - Stockholder, 0%, Due December 31, 2025 (1) |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
|
$ |
250,000 |
|
|
$ |
250,000 |
|
NOTE
9 – STOCKHOLDERS’ EQUITY
The Company has 10,000,000
shares of preferred stock authorized with a par value of $0.001, of which 100,000 shares have been designated as Series C convertible
preferred stock (“Series C” or “Series C preferred stock”). The Company has 10,000,000 shares of preferred stock
authorized. The Board has the authority to issue the shares in one or more series and to fix the designations, preferences, powers and
other rights, as it deems appropriate.
Each share of Series
C has 434 votes on any matters submitted to a vote of the stockholders of the Company and is entitled to dividends equal to the dividends
of 434 shares of common stock. Each share of Series C preferred stock is convertible at any time at the option of the holder into 434
shares of common stock.
Pursuant
to the terms and conditions of this Agreement, the Holders each agreed to (a) waive payment of approximately $338,000 of Accrued Compensation;
(b) defer payment of the remaining balance of Accrued Compensation owed to each of them of approximately $250,000 until January 1, 2025
; and (c) exchange the 50,000 Series C Shares ( at total of 100,000) for twenty (20) Series D Convertible Preferred Shares of Kaya Holdings
Stock. Mr. Frank’s Series D shares were issued to Mr. Frank and the Series D shares issued for the option held by BMN were issued
to RLH Financial Services pursuant to a private sale between BMN and RLH whereby RLH acquired the shares in exchange for a promissory
note in the amount of $1,000,000.
Each Share of 40
Series D Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, into one percent (1%)
of the Company’s Fully Diluted Capitalization as of the Conversion Date.
The Company has 500,000,000
shares of common stock authorized with a par value of $0.001. Each share of common stock has one vote per share for the election of directors
and all other items submitted to a vote of stockholders. The common stock does not have cumulative voting rights, preemptive, redemption
or conversion rights.
FDT increased the
authorized preferred stock from 85 to 90 shares and issued an additional 9 preferred stock to Kaya Holdings. As the result of the stock
changes, the Company’s ownership of FDT changed to approximately 54%.
The Company sold
1,265,000 shares of FDT as of June 30, 2024 for $12,650. It doesn’t affect the control right of the Company.
As of June 30, 2024, there were 22,172,835
shares of common stock outstanding and 1,100,000 shares subscription payable which total was 23,272,835 shares and no new issuances of
common stock during the six months ended June 30, 2024.
NOTE
10 – DERIVATIVE LIABILITIES
Effective January
1, 2019, an equity-linked financial instrument with a down round feature that otherwise is not required to be classified as a liability
under the guidance in Topic 480 is evaluated under the guidance in Topic 815, Derivatives and Hedging, to determine whether it meets
the definition of a derivative. If it meets that definition, the instrument (or embedded feature) is evaluated to determine whether it
is indexed to an entity’s own stock as part of the analysis of whether it qualifies for a scope exception from derivative accounting.
Generally, for warrants and conversion options embedded in financial instruments that are deemed to have a debt host (assuming the underlying
shares are readily convertible to cash or the contract provides for net settlement such that the embedded conversion option meets the
definition of a derivative), the existence of a down round feature results in an instrument not being considered indexed to an entity’s
own stock. This results in a reporting entity being required to classify the freestanding financial instrument or the bifurcated conversion
option as a liability, which the entity must measure at fair value initially and at each subsequent reporting date.
However, due to a
recognition of tainting, due to variable conversion price on some of the convertible notes, all convertible notes are considered to have
a derivative liability, therefore the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The
derivative component of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible
debt. Discounts are amortized to interest expense over the respective term of the related note. In determining the indicated value of
the convertible note issued, the Company used the Binomial Options Pricing Model with a risk-free interest rate of ranging 4.77%
to 5.37%,
volatility ranging from 154.81%
to 174.23%,
trading prices ranging from $0.033 per
share and a conversion price ranging from $0.0264
to $0.08
per share. The total derivative liabilities associated
with these notes were $2,658,222 at
June 30, 2024 and $2,752,321 at
December 31, 2023.
As a result of the
application of ASC No. 815, the fair value of the ratchet feature related to convertible debt is summarized as follow:
Schedule
of ratchet feature related to convertible debt | |
| | |
Balance as of December 31, 2023 | |
$ | 2,752,321 | |
Change in Derivative value | |
| (325,245 | ) |
Initial derivative | |
| 231,146 | |
Balance as of June 30, 2024 | |
$ | 2,658,222 | |
The Company recorded
the debt discount to the extent of the gross proceeds raised and expanded immediately the remaining fair value of the derivative liability,
as it exceeded the gross proceeds of the note.
The Company recorded
initial derivative liabilities of $231,146
and $0 for the new notes issued as of June 30,
2024 and December 31, 2023, respectively.
The Company recorded
a change in the value of embedded derivative liabilities gain of $325,245
as of June 30, 2024 and a gain of $3,297,215
for the year ended December 31, 2023.
The Company reclassified
derivative liabilities of $0 to additional paid in capital due to debt repayments for the six months ended June 30, 2024 and $155,342
for year ended December 31, 2023
NOTE
11 – DEBT DISCOUNT
The Company recorded
the debt discount to the extent of the gross proceeds raised and expensed immediately the remaining fair value of the derivative liability,
as it exceeded the gross proceeds of the note.
Debt discount amounted
to $205,093 and
$742 as
of June 30, 2024 and December 31, 2023, respectively.
The Company recorded
the amortization of debt discount of $26,795
and $249,553
for the six months ended June 30, 2024 and 2023,
respectively.
NOTE
12 – RELATED PARTY TRANSACTIONS
At December 31, 2014,
the Company was indebted to an affiliated shareholder of the Company for $840,955, which consisted of $737,100 principal and $103,895
accrued interest, with interest accruing at 10%. On January 2, 2014, the Company entered into a Debt Modification Agreement whereby the
total amount of the debt was reduced to $750,000 and no interest accrued until December 31, 2015. $500,000 of the debt is convertible
into 50,000 Series C Convertible Preferred Shares of KAYS. The remaining $250,000 is not convertible and booked in related party notes
payable as of June 30, 2024.
In 2019, the Company
entered into amended consulting agreements with Tudog International Consulting, Inc. which provides CEO services to the Company through
Craig Frank, an Officer of the Company and BMN Consultants, Inc. which provides business development and financial consulting services
to the Company through William David Jones, a non-officer Consultant to the Company. Pursuant to the amended consulting agreements, each
entity is entitled to monthly compensation of $25,000.
Due to the liquidity of the Company, compensations were paid partially over the periods. As of March 31, 2024, the accrued compensation
was approximately $500,000.
By agreement of the parties, the accrued compensation will not be paid until December 1, 2026 and has been recorded as a
long-term liability. As of June 30, 2024, the Company also had $561,118
of accrued compensation due to Tudog International
Consulting, Inc. and BMN Consultants, Inc.
On July 28,
2021 the Company announced that all terms had been satisfied. Pursuant to the terms of the settlement, Bruce Burwick surrendered to KAYS
1,006,671 shares of our common stock issued to him in connection with the transaction (800,003 shares which were issued for the facility
purchase, 166,667 shares which were issued for $250,000 in cash and 40,001 shares which were issued as annual compensation for Burwick
serving as a director of KAYS). The shares have been submitted to KAYS' transfer agent for cancellation. In addition, the Company received
clear title to the warehouse facility, which enables the Company to sell it without restriction. As part of the settlement, Burwick received
$160,000 from the net proceeds of the sale of the facility's grow license to an unrelated third party, resigned from the Company's board
of directors and agreed to work as a non-exclusive consultant to the Company for the next four years for a yearly fee of $35,000.00.
As of June 30, 2024, the Company had $138,227 due to Bruce.
In 2023, The
Tudog Group, BMN Consultants, Inc, Inc and 495 Oxford Consulting, Inc which all provide services to the Company through Craig Frank and
William David Jones, forgiven totally $38,329 of payable expense. The payable forgiveness were recorded as Additional paid in capital.
NOTE
13 – STOCK OPTION PLAN
On September 15,
2022 the Company approved the 2022 Equity Incentive Plan, which provides for equity incentives to be granted to the Company’s employees,
executive officers or directors or to key advisers or consultants. Equity incentives may be in the form of stock options with an exercise
price not less than the fair market value of the underlying shares as determined pursuant to the 2022 Incentive Stock Plan, restricted
stock awards, other stock based awards, or any combination of the foregoing. The 2022 Incentive Stock Plan is administered by the board
of directors. The remaining balance of the shares available in the plan is 450,000 shares.
NOTE
14 – COMMITMENTS AND CONTINGENCIES
Operating Leases
The
Company has several operating leases for an office in Fort Lauderdale, Florida and four retail store locations in Oregon under arrangements
classified as leases under ASC 842.
Effective June 1,
2019, the Company leased the office space in Fort Lauderdale, Florida under a 2-year operating lease expiring May 31, 2021 at a rate
of $1,802 per month. On June 1, 2021 the lease was extended for another year and on June 1 in 2022 the lease was extended for an additional
year. The current monthly payment inclusive of sales tax and operating expenses is $2,136 with right of use liabilities of $18,722. The
lease was terminated on May 30, 2023. On October 1, 2023, the lease was extended for another year.
Effective May 15,
2014, the Company leased a unit in Portland, Oregon under a 5-year operating lease expiring May 15, 2019. In May 2019, the lease had
been extended to April 30, 2024. The total amount of rental payments due over the lease term is being charged to rent expense according
to the straight-line method over the term of the lease. In February 2024, the landlord and the Company agreed to terminate the lease
and the Company own $8,650 rent after $5,000 against the rent deposit. As of June 30, 2024, right of use liabilities and right of use
assets are all $0.
On September 21,
2023, the Company executed a lease for approximately 11,000 square feet of space in Portland, OR for its psilocybin business. The space
takes up the entire seventh floor of commercial building which has floor to ceiling windows offering sweeping views of the Portland Skyline,
and has an existing substantial kitchen/ café area that the Company intends to utilize for a “Microdosing Café”
concept, as well as already constructed rooms that the Company intends to utilize for individual and group Psilocybin sessions. The lease
is for one year with option for an additional two years, if all conditions are met. The lease does not commence until such time as the
Company has received notice of OHA Psilocybin Service Center License approval for the location.
The Company has escrowed
$51,817.75 with an Oregon-licensed attorney in Oregon (“Escrow Holder”) pursuant to an escrow agreement between Tenant, Landlord
and the Escrow Holder, of which $38,893.75 (the “Prepaid Rent”) is prepaid Base Rent and Additional Rent for months 1 through
5 of the Term and $12,925 is the Security Deposit. The lease commencement date is April 1, 2024 at a rate of $10,761 per month and $142,230
right of use assets and right of use liability were recorded.
The Company utilizes
the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The
Company used an estimated incremental borrowing rate of 9.32% to estimate the present value of the right of use liability.
The Company has right-of-use
assets of $119,402 and
operating lease liabilities of $119,521
as of June 30, 2024. Rent expenses for the six months ended
June 31, 2024 and 2023 were $79,481 and
$29,041,
respectively. The big changes were due to the new lease in Oregon.
Schedule
of future minimum rental payments for operating leases |
|
|
Maturity
of Lease Liabilities at June 30, 2024 |
|
Amount |
2024 |
|
71,152
|
2025 |
|
53,805
|
Total
lease payments |
|
124,957 |
Less:
Imputed interest |
|
5,436 |
Present
value of lease liabilities |
$ |
119,521 |
Schedule
of operating lease assets and liability |
|
|
|
|
|
|
|
Leased
assets |
|
Operating
Lease Liability |
|
Remaining
months |
|
Weighted
average |
|
As
of June 30, 2024 |
|
|
remaining
term |
KAYA |
|
6,485
|
|
|
3 |
|
0.16 |
FDT |
|
113,036
|
|
|
11 |
|
10.4 |
Total |
|
119,521
|
|
|
|
|
10.56 |
Note
15 - SUBSEQUENT EVENTS
Events that occur after the balance sheet
date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of
subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial
statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure
in the accompanying notes.
On July 22, 2024, the
Company received $125,000 from CVC International, which together with $28,000 in accrued interest owed the investor, was applied to the
purchase in a private transaction of 6 units consisting of a $150,000 convertible note and 300,000 shares of common stock of FDT, valued
at $0.01 per share. Interest on the note accrues at the rate of 10% per annum. The note and accrued interest is convertible at any time
prior to maturity (July 22, 2024) at the option of the Institutional Investor into shares of the Company’s common stock, at a conversion
price of $0.08 per share. In addition to customary adjustments, for stock splits, stock dividends and other recapitalization events,
the conversion price and number of shares issuable upon conversion of the note is subject to adjustment if the market price of the Company’s
common stock 20 days before notice of conversion is given is less than $0.16 per share, in which case, the conversion price would be
adjusted to the lesser of 50% of the average closing price or the historical price for the 20 trading days before receipt of the conversion
notice, but in no event, less than $0.02 per share or more than $0.08 per share.
On July 31, 2024 the
Company entered into Note Modification Agreements with the following Institutional Investors: CVC International Ltd, NWP Finance LTD,
Lindsey R Perry Jr. and Gray Lady Capital. Pursuant to the existing Note Agreements held by these entities, after the issuance of the
Note to CVC International Ltd. on July 22, 2024 the conversion prices for all Notes held by these institutional investors were adjusted
to reflect those of the new Note, and all Notes held by these institutional investors were extended until December 31, 2026.
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of Operations.
Business Overview
PART I
Item 1. Business.
Overview
Kaya Holdings, Inc
is a holding company focusing on wellness and mental health through operations in psychedelic treatment clinics, medical and recreational
cannabis, and CBD products.
In 2014, KAYS became
the first US public company to own and operate a medical cannabis dispensary in the United States and has again broken ground with the
licensing and opening of The Sacred Mushroom™ Psychedelic Treatment Center. KAYS plans to operate The Sacred Mushroom™ as
part of its Fifth Dimension Therapeutics, Inc. subsidiary (“FDT”), which also plans to work cooperatively with select pharmaceutical
companies to maximize the curative and therapeutic potential of psilocybin.
KAYS has approximately
ten years of operational experience as a vertically integrated legal cannabis enterprise and is the first U.S. publicly traded company
to operate a legal marijuana dispensary, as well as the first to vertically integrate by adding cultivation and manufacturing. During
the last ten years of cannabis operations the Company has produced, distributed, and/or sold a full range of premium cannabis products
including flower, oils, vape cartridges and cannabis infused confections, baked goods and beverages through a fully integrated group
of subsidiaries and companies supporting highly distinctive brands.
In late 2019 the
Company determined that US Federal cannabis legalization was not something that would come to fruition anytime soon and began to explore
overseas opportunities for cannabis operations. The Company currently has one retail cannabis license in Oregon and two medical marijuana
production and processing licenses in Greece.
In addition, we also
began looking at opportunities within the pending legalization of Psilocybin treatments in Oregon and their potential therapeutic value
for treatment-resistant mental health disorders.
In November 2020, Oregon
became the first state in the United States to legalize and license the supervised use of psilocybin, and in January 2023 they began
accepting licensing applications for Oregon Health Authority (the “OHA”) State Licensed Psilocybin Facilitators (OHA licensed
professionals to operate the clinics), and also for the licensing of Psilocybin Manufacturing and Testing operations and the Facilitation
clinics where clients can obtain Psilocybin Treatment Services. The OHA had also launched Oregon’s medical cannabis program in
2014, giving KAYS critical experience in comprehending and complying with OHA mandates, and sets the stage for KAYS “First Mover
Advantage” in the emerging US psychedelic therapeutics industry.
On November 14, 2023,
the Company filed a license application with the OHA for the licensure of The Sacred Mushroom™, an approximately 11,000 square
foot psychedelic treatment center located in Portland, Oregon which the Company intends to operate as its flagship psychedelic treatment
facility.
On April 25, 2024 the
Company received notice from the OHA that its license had been approved and we commenced operations on August 1, 2024. It is our understanding
is that we are the first US Public Company to own and operate a US based licensed Psychedelic Treatment Facility.
Our
Psychedelic Treatment Facility Plan and KAYS Fifth Dimension Therapeutics, Inc. Subsidiary
On December 13, 2022
the Company formed Fifth Dimension Therapeutics ™ (“FDT”) to seek to provide psychedelic "mind care"
treatments to veterans suffering from PTSD, addicts seeking to break addiction, individuals with eating disorders, and others with a
wide array of treatment resistant mental health disorders.
On January 3, 2023
the OHA began to accept license applications, allowing each entity to own and operate one (1) Psilocybin manufacturing and processing
facility for the production of Psilocybin Mushrooms and derived therapeutics (“Psilocybins”), and up to five (5) Psilocybin
Facilitation Centers where clients would go to ingest Psilocybins and experience effects under the supervision of State Licensed Facilitators.
The OHA had also launched Oregon’s medical cannabis program in 2014, giving KAYS critical experience in comprehending and complying
with OHA mandates. The psilocybin opportunity is a logical extension for Kaya Holdings. The purpose, customer, regulations, and operations,
as well as our familiarity with Oregon regulators, are synergistic with our current mission, and can be leveraged within our current
operational infrastructure. We anticipate being able to respond to market demand rapidly, upon licensing. The licenses issued in Oregon
are the first ever State Legal Licensing of Psilocybin Manufacturing and Treatment Centers, and KAYS is positioned to be first in line
due to its operating history in Oregon.
On January 25, 2023
attorney Glenn E.J. Murphy became a founding member of the FDT Board of Directors. Mr. Murphy has agreed to assist FDT with introductions
to pharmaceutical companies seeking data and access to psychedelic patients, as well as advising on the development of intellectual property,
structure of potential joint ventures, funding opportunities, acquisitions, and other related endeavors. With more than 25 years of experience
in corporate legal practice (including both ten years in-house with the Henkel Group and more than 15 years in private practice), Mr.
Murphy’s experience has touched on most every aspect of intellectual property practice.
On March 13, 2023,
Bryan Arnold (one of KAYS Vice Presidents and its longest serving Oregon Employee) completed his OHA Certified Psilocybin Education through
the Changra Institute and became one of the first eighteen graduates to obtain Psilocybin Facilitator certification in the State of Oregon.
Bryan’s Facilitation License application has been approved by the OHA, and he now may oversee up to five (5) Psilocybin Treatment
Facilities and up to one (1) Psilocybin Production Facility. Additionally, the Company expects to enroll additional potential licensee
candidates within the coming months to bolster its ranks of OHA Licensed Psilocybin Facilitators as it moves forward with plans to open
its first Psychedelic Treatment Center, subject to completion of financing and regulatory approvals.
On November 14, 2023
the Company filed a license application with the OHA for the licensure of The Sacred Mushroom™, an approximately 11,000 square
foot psychedelic treatment center located in Portland, Oregon which the Company intends to operate as its flagship psychedelic treatment
facility. On April 25, 2024 the Company received notice from the OHA that its license had been approved and we commenced operations on
August 1, 2024. It is our understanding is that we are the first US Public Company to own and operate a US based licensed Psychedelic
Treatment Facility.
The Science
of Psilocybin and Treatment Resistant Mental Health Issues
Growing evidence
suggests that psychedelics act on the brain’s default network, or those regions of the brain that remain active when your brain
is not engaged in active tasks. The default network provides a “framework” for the brain’s activity, providing structure
and making order of all that is happening in the cortex and keeping external neurological information (delivered via our senses) distinct
from internally generated activity (thoughts, emotions, and memory).
Psychedelics seem
to suppress the default network, relaxing the separation of our senses, memories, thoughts, and emotions, and enabling each to influence
each other more easily. This ability to break down the brain’s “framework” has led to a focus on psychedelics as a
groundbreaking opportunity to address a wide range of mental health disorders.
Psilocybin, a naturally
occurring compound found in “magic mushrooms”, is one of an emerging class of psychedelic medicines that contain potent psychoactive
chemicals that can serve to affect human perception, emotions, and other cognitive functions. Psychedelic medicines have been found to
have ground-breaking potential in treating a range of physical and mental disorders including anxiety and panic disorder, resistant depression,
opiate addiction, adult attention deficit hyperactivity disorder (“ADHD”), post-traumatic stress disorder (“PTSD”),
and acute and chronic pain.
A 2020 study in the
Journal of the American Medical Association Psychiatry found that 71% of the patients with severe, previously treatment-resistant depression,
showed “clinically significant improvement” that lasted at least four weeks and with “low potential” for addiction
after treatment with Psilocybin. Speaking on the study one of the study’s co-authors, Alan Davis, a neuroscience researcher at
Ohio State University and adjunct professor at the Johns Hopkins Center for Psychedelic and Consciousness Research stated, “I would
say at this stage the research is showing that in safe settings, this provides relief from debilitating mental health problems for some
people.”
It is estimated that
approximately 46.5 million American adults (18%) battle an anxiety disorder such as Post Traumatic Stress Disorder (PTSD) and Panic Disorders,
24.5 million American adults (9.5%) suffer from depressive illness (with someone committing suicide every 40 seconds), 17.3 million American
adults (6.7%) have been diagnosed with Alcohol Use Disorder, 18.3 million American adults (7.1%) are considered drug dependent, and 11.4
million American women (8.5%) and 3 million American men (2.5%) struggle with an eating disorder. All of these difficult to treat mental
health disorders have been shown by research to be aided by psychedelic treatment.
Companies such as
Compass Pathways, ATAI Life Sciences, and Cybin are engaged in developing synthetic versions of psilocybin and psilocin (the active ingredient
in “magic mushrooms”) to offer as breakthrough therapies for treatment resistant mental health disorders. As a “Delivery
of Treatment” provider, it is expected that The Sacred Mushroom™ and similar facilities will be the safe environment needed
for these emerging pharma-based psychedelic treatments. As these companies endure the costly, time consuming, and unpredictable path
to FDA approval, we believe that The Scared Mushroom will establish its position as a leader in the delivery of psychedelic care, offering
more immediate relief for people with pressing mental health conditions.
Industry Treatment
Models
A recently published
report on psilocybin treatment prices in Oregon showed that initial prices for one facility range from $300 for a group microdose session
to $3,500 for an individual high-dose session, with another facility pricing first-time full dose treatments at $15,000 (these prices
do not include the cost of the psilocybin, which can run from $300 to $500).
KAYS facility offers
a superior setting, broader activity and treatment options, integrated cultivation and processing, and accessible pricing, thereby enabling
us to deliver a superior treatment experience at a much lower price than the competition, while still achieving profitability.
The Sacred
Mushroom™ Psychedelic Treatment Facility
It has been shown
that Set and Setting are the keys to the successful psilocybin journeys. (Set as in mindset, Setting as in the place). With this in mind,
the curators at The Sacred Mushroom™ (“TSM”) carefully considered every detail to enable an extraordinary setting.
TSM provides guests access to psilocybin treatments in a spacious, comfortable, carefully controlled environment under licensure by the
OHA (OHA).
Situated in downtown
Portland in Old Chinatown, The Sacred Mushroom™ is less than 30 minutes from Portland International Airport (PDX) and conveniently
accessible by public transportation. The Sacred Mushroom™ is seven floors above the city of Portland, with panoramic views of the
city skyline and Mount Hood. The Sacred Mushroom™ encompasses approximately 11,000 sq ft. and provides guests with access to private
treatment rooms, group session areas, and activity zones with movement, listening stations, journaling chairs, and art expression for
distinctive, effective, and positive psilocybin treatments. The setting and space are designed to deliver the ultimate in safe, comfortable,
and relaxing psychedelic treatments.
With peaceful gardens,
engaging sensory areas, and comfortable seating everywhere, every inch of our 11,000 square feet has been designed with your psilocybin
journey in mind.
Entrance
and Reception
A warm and welcoming
entrance with plants everywhere
and engaging images
projected onto the wall.
Psilocybin
Administration/Integration Area
A large inviting room
with video conferencing and comforting amenities.
The
East Room Group Areas
A Serenity Fountain
greets our guests as they enter the East Room Group Area.
Sitting areas with
carefully selected and spaced plants allow for
both privacy and
flow through connectivity.
A large kitchen
area allows for a comfortable café setting.
Stunning views
of Downtown Portland and Mount Hood from the café Area.
The
West Room Activity & Garden Areas
Our West Wing is
centered around an indoor garden that “brings the outdoors in”
affording our guests
the ultimate in psilocybin journey experiences.
Garden areas complete
with grass mat seating merge with sitting areas
and high-resolution
wall projections.
As with the
East area, stunning views of Downtown Portland abound in this area of the facility.
Areas dedicated
to yoga and body movement, as well as spaces for art expression
and journaling
allow guests to pursue different activities.
Private
Treatment Rooms
Comfort focused
rooms with adjustable beds, seating, and a wide range of amenities
The Global
Psilocybin and Psychedelic Medicine Industry
While Oregon is currently
the only State that has legalized Psilocybin for medical use with a regulatory framework in place to issue licenses for their manufacture
and sale, Denver Colorado, Santa Cruz and Oakland, California, Ann Arbor, Michigan, Washington D.C., and Seattle, Washington have all
decriminalized small quantities. Other activity in the U.S. include:
|
§ |
The
Connecticut legislature has begun the process toward legalizing Psilocybin centers for the treatment of veterans. Many veterans’
groups are advocating making psychedelic treatments available for veterans, particularly those with PTSD. |
|
§ |
Texas,
Utah, Maryland, and Washington State have set up task forces to study the medical use of psilocybin and have funded research to explore
the effects of psilocybin on certain mental health conditions. |
|
§ |
Colorado
and California have ballots initiatives pending that would legalize psilocybin. |
|
§ |
The
New Jersey senate is considering a bill that would legalize psilocybin to treat certain disorders. |
Internationally:
|
§ |
The
Canadian government has been sued by an advocate group to force the legalization of psilocybin and other psychedelics. |
|
§ |
Australia’s
medicines regulator, the Therapeutic Goods Administration, has down-scheduled MDMA and Psilocybin for controlled clinical used as
part of psychotherapy in clinical settings. |
|
§ |
Psilocybin
is legal to possess, sell, transport, and cultivate in Bahamas, Jamaica, Brazil, Nepal, Netherlands
(only
as a truffle), and Samoa. Possession of psilocybin is legal in Austria, British Virgin Islands, Spain, and Portugal.
|
Insight Ace Analytic,
an industry research firm, reports that the global psychedelic therapeutics market was valued at US$ 3.61 billion in 2021, and estimates
the market will reach US$ 8.31 billion by 2028, with a CAGR of 13.2% during the forecast period of 2022-2028. Other market estimates
include the research firm Research & Markets’ estimate that the psychedelic drugs market will reach US$ 10.75 billion by 2027.
As reported in the
Wall Street Journal, Venture Capitalist Brom Rector of Empath Ventures sees Psychedelics as … “a traditional biotech play,
with a high probability of failure but a potential upside of 10, 20, maybe 50 times.” Additionally, he sees many of the infrastructure
companies for the industry as having a lot higher probability of becoming cash flow positive.
Cannabis Operations
Kaya™ Family
of Brands
During
the last 10 years of cannabis operations the Company has produced, distributed, and/or sold a full range of premium cannabis products
including flower, oils, vape cartridges and cannabis infused confections, baked goods and beverages through a fully integrated group
of subsidiaries and companies supporting highly distinctive brands.
The Company
currently maintains an extensive genetic library of seeds for top strains of cannabis that it has assembled from its own grow operations
and other commercial sources which it intends to utilize to launch international grow operations in Greece and elsewhere.
Kaya Farms™
Cannabis
Kaya Buddie™
Strain Specific Cannabis Cigarettes
Kaya Brands International
In 2019 KAYS formed
Kaya Brands International, Inc. (“Kaya International” or “KBI”), to leverage its experience and expand into worldwide
cannabis markets. KBI’s current initiative includes Greece, with additional areas under consideration.
Kaya Farms Greece
In September 2017,
the Greek government announced it would be legalizing medical cannabis, and less than a year later Greek leaders approved Law 4523 and
Joint Ministerial Decision No. 51483, which permitted farming and production of medical cannabis. In 2020 the Greek Parliament passed
legislation that further relaxed cannabis export regulations, now permitting the bulk export of cannabis flower.
We have selected
Greece as the center of our European market activity because of its amenable cannabis regulations, favorable climate, affordable, capable
workforce, and the country’s position as a major pharmaceutical center in Europe.
As an EU nation Greece
opens up the entire European market (where legal) to KAYS flower and oils, and as permitted, the KAYS portfolio of brands.
On January 11, 2021,
through a majority owned subsidiary of KBI, Kaya Farms Greece (or “KFG”) and Greekkannabis (“GKC”, an Athens
based cannabis company) executed an agreement for KBI to acquire 50% of GKC. The first 25% was acquired in January, 2021 and the remaining
25% was acquired in July, 2021. GKC’s projects include two medical cannabis cultivation and processing projects in Greece- one
in Epidaurus, Greece and the other in Thebes, Greece.
Additionally, on
November 8, 2021 KAYS/KBI through a majority owned subsidiary of KBI (Kaya Farms Greece or “KFG”) executed an agreement to
acquire 50% of Greekkaya, a second medical Cannabis in Epidaurus, Greece.
GKC has a development
license from the Greek authorities that was originally issued as part of a plan purchase and develop 15 acres in Thebes, Greece as a
large-scale cultivation production and processing project. However, GKC has elected to hold off on acquiring the land until such time
as European cannabis demand warrants the investment required to develop the project.
The Epidaurus Project
consists of 2 connected industrial buildings (already constructed, approximately 50,000 square feet in total under-air space) situated
on 2.8 acres of land, with its own independent industrial electrical power center and ample water supply to service the needs of the
facility. The Epidaurus Project will include 25,000 square feet of indoor cannabis cultivation, a 15,000 square foot EU-GMP extraction
and processing facility, and a 10,000 square foot EU-GMP packing area. There is ample room for expansion with room to construct an additional
15,000 square feet on site. The joint venture is awaiting project financing and final license approval from Greek government authorities.
Neither of the two subject Greece properties
are currently owned or optioned by GKC or its operating subsidiaries, but the land for the potential project in Epidaurus is owned by
one of our Greek partner’s families and the land in Thebes is currently available for purchase or option. The Company believes
it could acquire either of the properties once funding and market conditions allow. Alternatively, both licenses are in good order, and
can be transferred to a new location pending Greek Government approval.
Kaya Kannabis- Epidaurus, Greece Project
Site of Epidaurus
Land and Overview of Building Complex
GKC plans to cultivate and manufacture
KAYS proprietary cannabis brands (CBD/THC) from the Epidaurus Project for distribution in the Greek, German and other EU markets as permitted
by local regulations.
Epidaurus Project
with 50K square feet of already constructed buildings.
Government Regulation
We are subject to
general business regulations and laws, as well as regulations and laws directly applicable to our operations. As we continue to expand
the scope of our operations, the application of existing laws and regulations could include matters such as pricing, advertising, consumer
protection, quality of products, and intellectual property ownership. In addition, we will also be subject to new laws and regulations
directly applicable to our activities.
While the State of
Oregon has created a regulatory framework through the Oregon Health Authority (OHA) that allows for the administration of psilocybin
to clients in OHA Licensed Psilocybin Treatment Facilities, the use and possession of Psilocybin is currently illegal under Federal Law.
Any existing or new
legislation applicable to us could expose us to substantial liability, including significant expenses necessary to comply with such laws
and regulations, which could hinder or prevent the growth of our business.
Federal, state and
local laws and regulations governing legal recreational and medical marijuana use are broad in scope and are subject to evolving interpretations,
which could require us to incur substantial costs associated with compliance. In addition, violations of these laws or allegations of
such violations could disrupt our planned business and adversely affect our financial condition and results of operations. In addition,
it is possible that additional or revised federal, state and local laws and regulations may be enacted in the future governing the legal
marijuana industry. There can be no assurance that we will be able to comply with any such laws and regulations and its failure to do
so could significantly harm our business, financial condition and results of operations.
Our foreign operations
will also be subject to comparable government regulation in Greece and any other various foreign jurisdictions in which KAYS intends
to operate.
Competition
The legal marijuana
sector is rapidly growing and the Company faces significant competition in the operation of retail outlets and grow facilities. Many
of these competitors will have far greater experience, more extensive industry contacts and greater financial resources than the Company.
There can be no assurance that we can adequately compete to succeed in our business plan.
The legal psychedelic
medicine sector is rapidly growing, and while the industry is at a much earlier stage than cannabis, the Company will also face significant
competition in the operation of retail outlets and grow facilities. Many of these competitors will have far greater experience, more
extensive industry contacts and greater financial resources than the Company. There can be no assurance that we can adequately compete
to succeed in our business plan.
Employees
As of the date as
of this Report, our Oregon operations have 2 full-time employees, consisting of Chad Craig, the Senior Vice President of Oregon Operations
and Bryan Arnold, Vice President of KAYS Subsidiary Fifth Dimension Therapeutics, Inc. and Lead Facilitator of the Sacred Mushroom Psychedelic
Treatment Center. Additionally, we engage several consultants to assist with daily duties and business implementation and execution.
Additional employees will be hired and other consultants engaged in the future as we execute our business plan.
Results
of Operations
Three months ended June
30, 2024 compared to three months ended June 30, 2023
Revenues
We had revenues of
$0, for the three months ended June 30, 2024, as compared to revenues of $55,116 for the three months ended June 30, 2023. The decrease
in revenue is due to our close of Oregon cannabis footprint as we are working to prepare the opening of a OHA State Licensed Psilocybin
Treatment Center in Oregon.
Cost of Goods Sold
Our cost of goods
sold for the three months ended June 30, 2024 was $0, compared to cost of goods sold of $19,717 for the three months ended June 30, 2023.
The decrease in cost of goods sold was due to lower levels of sales due to our Oregon cannabis business closing as we are preparing to
open a OHA State Licensed Psilocybin Treatment Center in Oregon.
Salaries and Wages
Salaries and Wages
decreased to $44,168 for the three months ended June 30, 2024 as compared to $54,008 for the three months ended June 30, 2023. The decrease
in salaries and wages was due to the close of retail shop in Oregon.
Selling, General and Administrative Expenses
Selling, general
and administrative increased to $184,721 for the three months ended June 30, 2024 as compared to $132,688 for the three months ended
June 30, 2023.
Professional Fees
Professional fees
were $95,347 for the three months ended June 30, 2024, as compared to $162,016 for the three months ended June 30, 2023.
Gain or Loss on Impairment of Assets
Gain on impairment of assets was $0 for
the three months ended June 30, 2023, as compared to $206,546 for the three months ended June 30, 2023.
Gain or Loss on Impairment of right of
use assets
Gain or loss on impairment of right of
use assets was $0 for the three months ended June 30, 2023, as compared to $67,924 for the three months ended June 30, 2023.
Interest Expense
Interest expense and debt amortization expense increased slightly to $169,563 for
the three months ended June 30, 2024 from $156,293 for the three months ended June 30, 2023.
Amortization of Debt Discount
Amortization of debt discount was $21,157
for the three months ended June 30, 2024, as compared to $68,010 for the three months ended June 30, 2023.
Change in Fair Value of Embedded Derivative
Liabilities
Change in fair value
of embedded derivative liabilities was a gain of $947,166 for the three months ended June 30, 2024 compared to a loss of $309,296 for
the three months ended June 30, 2023. These changes were due to the change in stock price as well as the volatility factors used in the
derivative calculations.
Other Income/(Loss)
Other income was a gain of $756,446 for
the three months ended June 30, 2024 as compared to a loss of $393,477 for the three months ended June 30, 2023. The increased loss was
due largely to a change in derivative liability expenses resulting from a change in stock price as well as the volatility factors used
in the derivative calculations.
Net Income (Loss)
We incurred net income
of $432,210 for the three months ended June 30, 2024, as compared to net loss of $714,156 for the three months ended June 30, 2023. The
majority of our income during the three-month period ending June 30, 2024 was a result of the derivative liabilities associated with
our Convertible Debt and a reduction in our stock price as well as the more volatility factors used in the derivative calculations. The
non-controlling interest for the three months ended June 30, 2024 and 2023 was a loss of $45,182 and a gain of $18,612 respectively.
Six months
ended June 30, 2024 compared to six months ended June 30, June 30, 2023
Revenues
We had revenues of
$28,009 for the six months ended June 30, 2024 as compared to revenues of $103,361 for the six months ended June 30, 2023. The decrease
in revenue is due to our closing of Oregon cannabis shop as we are working to open a OHA State Licensed Psilocybin Treatment and Production
Facility in Oregon.
Cost of Goods Sold
Our cost of goods
sold for the six months ended June 30, 2024 was $13,406 compared to cost of goods sold of $36,314 for the six months ended June 30, 2023.
The decrease in cost of goods sold was due to lower levels of sales due to our closing Oregon cannabis shop as we are working to open
a OHA State Licensed Psilocybin Treatment and Production Facility in Oregon.
Salaries and Wages
Salaries and Wages
decreased to $89,083 for the six months ended June 30, 2024 as compared to $96,139 for the six months ended June 30, 2023. The slight
decrease in salaries and wages was due to the close of retail shop in Oregon.
Selling, General
and Administrative Expenses
Selling, general
and administrative increased to $263,570 for the six months ended June 30, 2024 as compared to $226,834 for the six months ended June
30, 2023. The slight increase was primarily due increase in the brand-new psilocybin treatment center marketing and office expenses.
Professional Fees
Professional fees
were $284,772 for the six months ended June 30, 2024 as compared to $393,265 for the six months ended June 30, 2023. The decrease in
professional fees was primarily related to an decrease in expenses for consulting expenses.
Gain or Loss on Impairment of Assets
Gain on impairment of assets was $0 for
the six months ended June 30, 2024, as compared to $384,429 for the six months ended June 30, 2023 which included gain from sales of
the land and sale of the Salem retail cannabis store.
Gain or Loss on Impairment of right of
use assets
Gain or loss on impairment of right of
use assets was $0 for the six months ended June 30, 2024, as compared to $67,924 for the six months ended June 30, 2023.
Interest Expense
Interest expense and
debt amortization expense decreased to $349,893 for the six months ended June 30, 2024 from $318,332 for the six months ended June 30,
2023. The increase was related to an increase in debt incurred over the past 6 months for our operations.
Amortization of Debt Discount
Amortization of debt discount was $26,795
for the six months ended June 30, 2024, as compared to $249,553 for the six months ended June 30, 2023.
Change in fair value
of embedded derivative liabilities was a gain of $325,245 for the six months ended June 30, 2024 compared to a gain of $233,687 for the
six months ended June 30, 2023. These changes were due to the change in stock price as well as the volatility factors used in the derivative
calculations.
Net Income attributed
to Kaya Holdings Inc.
We had net loss of
$607,600 for the six months ended June 30, 2024 as compared to net loss of $665,609 for the six months ended June 30, 2023.
The majority of our
net loss during the six months ended June 30, 2024 was a result of the large amount of operating expenses with limited revenue. The non-controlling
interest for the six months ended June 30, 2024 and June 30, 2023 was a loss of $65,870 and a loss of $13,614 respectively.
Liquidity and Capital
Resources
During the second quarter
of 2024 our cash position increase by $32,174 to $61,282 and our negative working capital deficit was $7,701,014.
As of June 30, 2024,
our working capital consisted of cash of $61,282, inventories of $0 and prepaid expenses of $25,914 as compared to cash of $125,887,
inventories of $12,569 and prepaid expenses of $11,153, as of June 30, 2023.
Our current liabilities
include accounts payable and accrued expenses of $605,950, accounts payable and accrued expenses-related parties of $699,345, accrued
interest of $2,658,697, current portion of lease liability of $119,521, potential tax liability of $902,163, convertible notes payable-
net of discount of $25,000, notes payable of $9,312 and derivative liabilities of $2,658,222, as compared to accounts payable and accrued
expenses of $910,023, accounts payable and accrued expenses-related parties of $280,301 accrued interest of $2,038,262, current portion
of lease liability of $29,716, potential tax liability of $889,856, convertible notes payable- net of discount of $25,000, notes payable
of $9,312 and derivative liabilities of $5,825,566 as of June 30, 2023.
Financing Transactions
On May 1, 2024, the
Company received $130,000.00 of capital from the Institutional Investor. The $130,00 (along with $23,000 in interest that was owed the
Investor) was invested in a private placement.
On June 4, 2024,
the Company received $150,000.00 of capital from the Institutional Investor. The $150,00 (along with $3,000 in interest that was owed
the Investor) was invested in a private placement.
On July 22, 2024,
the Company received $125,000.00 of capital from the Institutional Investor. The $125,000 (along with $28,000 in interest that was owed
the Investor) was invested in a private placement.
Use
of Proceeds
The proceeds from
financing transactions that the Company has and may enter into will be used for general working capital to fund our growth plan, including
the development of its planned Oregon psilocybin business and development of its international projects in Greece.
Plan of Operations
Management believes
that further proceeds expected to be received from financing transactions that it is seeking to enter into, combined with existing and
anticipated revenues, will alleviate the Company’s financial difficulties to a significant extent and will allow the Company to
meet its anticipated working capital needs for a period of between twelve and eighteen months from the date of this report. However,
there can be no assurance that further funding from the contemplated financings will be achieved, or if achieved that they will be successful
to the level required to meet the Company’s cash needs, or that management’s belief will be correct and that the Company
will not sooner require additional financing to meet its working capital needs prior to achieving profitability or positive cash flow.
Moreover, we may not be successful in raising additional capital on commercially reasonable terms, if and when needed, in which case
our business, financial condition, cash flows and results of operations may be materially and adversely affected.
Note Conversions
No notes were converted
during the period.
Employee Stock
Plan Issuances and Director and Officer Restricted Stock issuances
No Employee
Stock Plan Issuances or Director and Officer Restricted Stock Issuances were issued during the period.
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4. Controls
and Procedures
Evaluation of
Disclosure Controls and Procedures
Under the direction
of our Chairman and President, who is our principal, executive, financial and accounting officer, we evaluated our disclosure controls
and procedures as of June 30, 2024. Our Chairman and President, who is our principal, executive, financial and accounting officer, concluded
that our disclosure controls and procedures were not effective as of June 30, 2024.
We maintain disclosure
controls and procedures that are designed to ensure that the information required to be disclosed in the reports that we file under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and
that such information is accumulated and communicated to our management, including our Chairman and President, who is our principal,
executive, financial and accounting officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and
evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed
and operated, can only provide reasonable assurance of achieving the desired control objectives, and in reaching a reasonable level of
assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls
and procedures.
As required by SEC
Rule 13a-15(b), we carried out an evaluation, under the supervision and with the participation of our management, including our Chairman
and President, who is our principal, executive, financial and accounting officer, of the effectiveness of the design and operation of
our disclosure controls and procedures as of the end of our fourth fiscal quarter covered by this report. Based on the foregoing, our
Chairman and President concluded that our disclosure controls and procedures were not effective. It should be noted that the design of
any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Management’s
Report on Internal Control Over Financial Reporting
Our management of
is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting
is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our
Chairman and President, who is our principal, executive, financial and accounting officer and effected by the Company’s board of
directors, management and other personnel, 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 and includes those policies
and procedures that:
▪ |
|
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the Company; |
▪ |
|
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and |
|
|
|
▪ |
|
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
assets that could have a material effect on the financial statements. |
Because of
its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
The Company’s
Chairman and President, who is our principal, executive, financial and accounting officer, assessed the effectiveness of the Company’s
internal control over financial reporting as of June 30, 2024.. In making this assessment, the Company’s Chairman and President,
who is our principal, executive, financial and accounting officer, used the criteria set forth by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). The COSO framework is based upon five
integrated components of control: control environment, risk assessment, control activities, information and communications and ongoing
monitoring.
Based on the assessment
performed, the Company’s Chairman and President, who is our principal, executive, financial and accounting officer, has concluded
that the Company’s internal control over financial reporting, as of June 30, 2023. is not effective to provide reasonable assurance
regarding the reliability of its financial reporting and the preparation of its financial statements in accordance with generally accepted
accounting principles. Further, the Company’s Chairman and President, who is our principal, executive, financial and accounting
officer, has identified material weaknesses in internal control over financial reporting as of June 30, 2024.
Based on an evaluation,
the Company’s Chairman and President, who is our principal, executive, financial and accounting officer, has concluded that the
Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were not effective
as of June 30, 2024. (the “Evaluation Date”), to ensure that information required to be disclosed by the Company in reports
that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission rules and forms; and (ii) accumulated and communicated to the Company’s Chairman and
President, who is our principal, executive, financial and accounting officer, as appropriate to allow timely decisions regarding required
disclosure. Each of the following is deemed a material weakness in our internal control over financial reporting:
▪ |
|
We
do not have an audit committee. While we are not currently obligated to have an audit committee, including a member who
is an “audit committee financial expert,” as defined in Item 407 of Regulation S-K, under applicable regulations or listing
standards; however, it is management’s view that such a committee is an important internal control over financial reporting,
the lack of which may result in ineffective oversight in the establishment and monitoring of internal controls and procedures. |
|
|
|
▪ |
|
We
did not maintain proper segregation of duties for the preparation of our financial statements. We currently have only
one officer overseeing all transactions. This has resulted in several deficiencies, including the lack of control over
preparation of financial statements and proper application of accounting policies |
|
|
|
▪ |
|
Lack of controls over related party transactions: As of June 30, 2024, the Company did not establish a formal written policy for the approval,
identification and authorization of related party transactions. |
The Company’s
Chairman and President, who is our principal, executive, financial and accounting officer, believes that the material weaknesses set
forth in the two items above did not have an effect on our financial results. However, the Company’s Chairman and President, who
is our principal, executive, financial and accounting officer, believes that the lack of a functioning audit committee results in ineffective
oversight in the establishment and monitoring of required internal controls and financial procedures, which could result in a material
misstatement in our consolidated financial statements in future periods.
Changes
in Internal Control over Financial Reporting
There was no change
in our internal controls or in other factors that could affect these controls during the first quarter of the year ended June 30, 2024
that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.
PART II
– OTHER INFORMATION
Item 1. Legal
Proceedings
From time-to-time
KAYS be party to various legal proceedings in the ordinary course of business. Please see paragraphs below for status and results of
legal proceedings during Q-1 2023.
Lawsuit
from Law Offices of Ross Day
On March 30, 2023
the Company was advised from its current Oregon counsel that the Court has appointed an arbitrator, and the Company intends to either
seek settlement or otherwise litigate the matter based on the results of the arbitration.
On August 24, 2023
the Company and Day Law & Associates participated in an Arbitration in an attempt to resolve the Matter without Litigation, and on
October 11, 2023 the Arbitrator ruled in favor of the Company and awarded the Company $3,000 in legal Fees and $781 in Costs.
Since that time the
Company had been advised that Day Law & Associates, P.C. appealed the Arbitration Award, and the parties were scheduled to appear
before the Oregon Bar to mediate the case. However, the Company subsequently agreed to waive the Award in consideration of Day Law dropping
the matter.
Lawsuit
from P3 Distributing LLC
On February
23, 2024 the Company received notice from its Oregon Counsel that P3 Distributing L.L.C (a vendor that supplied containers used in the
sale of cannabis) had filed suit in Marion County, Oregon seeking damages in the amount of $12,149.00 for unpaid vendor invoices, plus
interest at the rate of 9% per annum from February 29, 2020.
The
Company is working with its Oregon Counsel to resolve the matter.
Item 1A.
Risk Factors.
See “Item
1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
Please see Note 7 to
the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Report with respect to unregistered sales of securities
during the three months ended June 30, 2023.
The securities described
therein were issued in private transactions pursuant to the exemption from registration afforded by Section 4(a)(20 of the Securities
Act of 1933, as amended.
Item 3. Defaults
Upon Senior Securities.
None.
Item 4. Mine Safety
Disclosures.
Not applicable.
Item 5. Other
Information.
None
Item 6. Exhibits
SIGNATURES
In accordance with
Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Dated: August
19, 2024
KAYA HOLDINGS, INC.
By: /s/ Craig
Frank
Craig Frank, Chairman,
President, Chief Executive Officer and Acting Chief Financial Officer (Principal Executive, Financial and Accounting Officer)
Exhibit 31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL
OFFICER PURSUANT TO
18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I, Craig Frank, Chairman,
President, Chairman, President, Chief Executive Officer and Acting Chief Financial Officer of Kaya Holdings, Inc., a Delaware corporation
(the “Registrant”), certify that:
|
1. |
I have reviewed this Form 10-Q/A Amendment No.1 to Form 10-Q for the quarter ended June 30, 2024 of the Registrant; |
|
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. |
I,
as the Registrant’s sole officer, am responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control 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 my 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 my
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 my 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. |
I,
as the Registrant’s sole officer, have disclosed, based on my most recent evaluation of internal control over financial reporting,
to the Registrant’s auditors and the audit committee of the 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 over financial reporting 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 19, 2024
KAYA HOLDINGS, INC.
By: /s/ Craig Frank
Craig Frank, Chairman,
President, Chief Executive Officer and Acting Chief Financial Officer (Principal Executive, Financial and Accounting Officer)
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
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 Kaya Holdings, Inc., a Delaware corporation (the “Company”) on Form 10-Q/A Amendment
No.1 to Form 10-Q for the quarter ended June
30,, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig Frank, the Chairman,
President, Chief Executive Officer and Acting Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted
pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
|
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, the financial
condition and results of operations of the Company.
|
Date: August 19, 2024
KAYA HOLDINGS, INC .
By: /s/ Craig Frank
Chairman, President, Chief
Executive Officer and Acting Chief Financial Officer (Principal Executive, Financial and Accounting Officer)
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KAYA HOLDINGS, INC.
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v3.24.2.u1
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash and equivalents |
$ 61,282
|
$ 29,108
|
Inventory |
|
9,259
|
Prepaid expenses |
25,914
|
58,588
|
Total current assets |
87,196
|
96,955
|
NON-CURRENT ASSETS: |
|
|
Right-of-use asset - operating lease |
119,402
|
29,865
|
Property and equipment, net of accumulated depreciation of $218,077 and $216,890 as of June 30, 2024 and December 31, 2023, respectively |
42,454
|
24,875
|
Goodwill |
22,472
|
23,682
|
Other Assets |
29,156
|
40,479
|
Total non-current assets |
213,484
|
118,901
|
Total assets |
300,680
|
215,856
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued expense |
605,950
|
589,085
|
Accounts payable and accrued expense-related parties |
699,345
|
514,972
|
Accrued interest |
2,658,697
|
2,369,015
|
Right-of-use liability - operating lease |
119,521
|
30,885
|
Taxable Payable |
902,163
|
899,344
|
Convertible notes payable, net of discount of $0 and $0 |
135,000
|
125,000
|
Notes payable |
9,312
|
124,312
|
Derivative liabilities |
2,658,222
|
2,752,321
|
Total current liabilities |
7,788,210
|
7,404,934
|
NON-CURRENT LIABILITIES: |
|
|
Notes payable |
500,000
|
500,000
|
Notes payable-related party |
250,000
|
250,000
|
Convertible notes payable, net of discount of $205,093 and $742 |
7,739,559
|
7,311,410
|
Accrued expense-related parties |
500,000
|
500,000
|
Total non-current liabilities |
8,989,559
|
8,561,410
|
Total liabilities |
16,777,769
|
15,966,344
|
STOCKHOLDERS' DEFICIT: |
|
|
Convertible preferred stock, Series D, par value $0.0001; 10,000,000 shares authorized; 40 and 40 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
|
|
Common stock , par value $.001; 500,000,000 shares authorized; 0 shares and 22,172,835 shares issued as of June 30, 2024 and 22,172,835 shares outstanding as of December 31, 2023 , respectively |
22,173
|
22,173
|
Subscriptions payable |
163,630
|
163,630
|
Additional paid in capital |
22,517,652
|
22,493,783
|
Accumulated deficit |
(37,144,863)
|
(36,462,263)
|
Accumulated other comprehensive income |
(13,866)
|
(12,617)
|
Total stockholders' deficit attributable to parent company |
(14,455,274)
|
(13,795,294)
|
Non-controlling interest |
(2,021,815)
|
(1,955,194)
|
Total stockholders' deficit |
(16,477,089)
|
(15,750,488)
|
Total liabilities and stockholders' deficit |
$ 300,680
|
$ 215,856
|
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property and equipment, net of accumulated depreciation |
$ 218,077
|
$ 216,890
|
Convertible notes payable net of discount current |
0
|
0
|
Convertible notes payable net of discount non current |
$ 205,093
|
$ 742
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
22,172,835
|
22,172,835
|
Common stock, shares outstanding |
22,172,835
|
22,172,835
|
Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, share issued |
40
|
40
|
Preferred stock, shares outstanding |
40
|
40
|
X |
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v3.24.2.u1
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
|
$ 55,116
|
$ 28,009
|
$ 103,361
|
Cost of sales |
|
19,717
|
13,406
|
36,314
|
Gross profit |
|
35,399
|
14,603
|
67,047
|
Operating expenses: |
|
|
|
|
Professional fees |
170,347
|
162,016
|
359,772
|
393,265
|
Salaries and wages |
44,168
|
54,008
|
89,083
|
96,139
|
General and administrative |
184,721
|
132,688
|
263,570
|
226,834
|
Total operating expenses |
399,236
|
348,712
|
712,425
|
716,238
|
Operating loss |
(399,236)
|
(313,313)
|
(697,822)
|
(649,191)
|
Other income (expense): |
|
|
|
|
Interest expense |
(169,563)
|
(156,293)
|
(349,893)
|
(318,332)
|
Amortization of debt discount |
(21,157)
|
(68,010)
|
(26,795)
|
(249,553)
|
Loss on impairment of right of use assets |
|
(67,924)
|
|
(67,924)
|
Gain on disposal |
|
206,546
|
|
384,429
|
Change in derivative liabilities expense |
947,165
|
(309,296)
|
325,245
|
233,687
|
Other income (expense) |
|
1,500
|
3,614
|
1,500
|
Total other income (loss) |
756,446
|
(393,477)
|
(47,289)
|
(16,193)
|
Net income from continuing operations before income taxes |
357,210
|
(706,790)
|
(745,651)
|
(665,384)
|
Provision for Income Taxes |
|
(7,366)
|
(2,819)
|
(13,839)
|
Net income (loss) |
357,210
|
(714,156)
|
(748,470)
|
(679,223)
|
Net loss attributed to non-controlling interest |
(45,182)
|
18,612
|
(65,870)
|
(13,614)
|
Net income (loss) attributed to Kaya Holdings, Inc. |
$ 402,392
|
$ (732,768)
|
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|
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|
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|
$ (0.03)
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$ (0.03)
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|
22,172,835
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22,172,835
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|
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$ (0.03)
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$ (0.03)
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|
22,172,835
|
22,973,896
|
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v3.24.2.u1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net income (loss) |
$ 357,210
|
$ (714,156)
|
$ (748,470)
|
$ (679,223)
|
Other comprehensive expense |
|
|
|
|
Foreign currency adjustments |
(316)
|
435
|
(2,000)
|
963
|
Comprehensive income (loss) |
356,894
|
(713,721)
|
(750,470)
|
(678,260)
|
Other comprehensive income(expense) |
|
|
|
|
Net loss attributed to non-controlling interest |
(45,182)
|
(18,003)
|
(65,870)
|
(13,614)
|
Comprehensive loss attributable to Kaya Holdings |
$ 402,076
|
$ (732,333)
|
$ (684,600)
|
$ (664,646)
|
X |
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v3.24.2.u1
Consolidated Statement of Cashflows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ (682,600)
|
$ (665,609)
|
Adjustments to reconcile net income / loss to net cash used in operating activities: |
|
|
Adjustment to non-controlling interest |
(65,870)
|
(13,614)
|
Depreciation |
1,187
|
6,815
|
Imputed interest |
11,219
|
11,158
|
Change in derivative liabilities |
(325,245)
|
(233,687)
|
Amortization of debt discount |
26,795
|
249,553
|
Loss (gain) on impairment of right-of-use asset |
|
67,924
|
Loss (gain) on disposal of fixed assets |
|
(384,429)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expense |
32,283
|
4,929
|
Inventory |
9,259
|
(1,456)
|
Right-of-use asset |
52,693
|
37,545
|
Other assets |
11,016
|
|
Accrued interest |
309,682
|
278,593
|
Accounts payable and accrued expenses |
16,865
|
(25,774)
|
Accounts payable and accrued expenses - Related Parties |
184,373
|
7,111
|
Right-of-use liabilities |
(53,594)
|
(38,647)
|
Deferred tax liabilities |
2,819
|
13,839
|
Net cash provided by (used in) operating activities |
(469,118)
|
(685,749)
|
INVESTING ACTIVITIES: |
|
|
Purchase of property and equipment |
(18,766)
|
|
Proceeds from sales of subsidiary's stock |
12,650
|
|
Proceeds from sale of fixed assets |
|
693,959
|
Proceeds from sales of business license |
|
193,900
|
Cash paid for impairment of right-of use assets |
|
(75,000)
|
Net cash provided by (used in) investing activities |
(6,116)
|
812,859
|
FINANCING ACTIVITIES: |
|
|
Proceeds from convertible notes |
622,500
|
350,000
|
Payments on convertible debt |
(115,000)
|
(370,000)
|
Net cash provided by financing activities |
507,500
|
(20,000)
|
NET INCREASE (DECREASE) IN CASH |
32,266
|
107,110
|
Effects of currency translation on cash and cash equivalents |
(92)
|
447
|
CASH BEGINNING BALANCE |
29,108
|
18,330
|
CASH ENDING BALANCE |
61,282
|
125,887
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
Interest paid |
10,000
|
28,528
|
NON-CASH TRANSACTIONS AFFECTING OPERATING, INVESTING AND FINANCING ACTIVITIES: |
|
|
Initial derivative liability on convertible note payable |
231,146
|
|
Initial lease |
142,230
|
|
Reinvested interest |
20,000
|
|
Settlement of derivative liabilities |
|
$ 145,625
|
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v3.24.2.u1
Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Series C Preferred Stock [Member] |
Series D Preferred Stock [Member] |
Common Stock [Member] |
Subscription Payable [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 22,173
|
$ 163,630
|
$ 22,277,612
|
$ (38,071,960)
|
$ (11,027)
|
$ (1,984,169)
|
$ (17,603,741)
|
Beginning Balance at Dec. 31, 2022 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Imputed interest |
|
|
|
|
11,158
|
|
|
|
11,158
|
Settlement of derivative liabilities to additional paid in capital |
|
|
|
|
145,625
|
|
|
|
145,625
|
Translation Adjustment |
|
|
|
|
|
|
(1,502)
|
2,465
|
963
|
Net Income |
|
|
|
|
|
(665,609)
|
|
(13,614)
|
(679,223)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 22,173
|
163,630
|
22,434,395
|
(38,737,569)
|
(12,529)
|
(1,995,318)
|
(18,125,218)
|
Ending Balance at Jun. 30, 2023 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
|
$ 22,173
|
163,630
|
22,428,785
|
(38,004,801)
|
(12,814)
|
(2,014,080)
|
(17,417,107)
|
Beginning Balance at Mar. 31, 2023 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Imputed interest |
|
|
|
|
5,610
|
|
|
|
5,610
|
Translation Adjustment |
|
|
|
|
|
|
285
|
150
|
435
|
Net Income |
|
|
|
|
|
(732,768)
|
|
18,612
|
(714,156)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 22,173
|
163,630
|
22,434,395
|
(38,737,569)
|
(12,529)
|
(1,995,318)
|
(18,125,218)
|
Ending Balance at Jun. 30, 2023 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
|
|
$ 22,173
|
163,630
|
22,493,783
|
(36,462,263)
|
(12,617)
|
(1,955,194)
|
(15,750,488)
|
Beginning Balance at Dec. 31, 2023 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Imputed interest |
|
|
|
|
11,219
|
|
|
|
11,219
|
Equity transaction (Sale of subsidiary's stock) |
|
|
|
|
12,650
|
|
|
|
12,650
|
Translation Adjustment |
|
|
|
|
|
|
(1,249)
|
(751)
|
(2,000)
|
Net Income |
|
|
|
|
|
(682,600)
|
|
(65,870)
|
(748,470)
|
Ending balance, value at Jun. 30, 2024 |
|
|
$ 22,173
|
163,630
|
22,517,652
|
(37,144,863)
|
(13,866)
|
(2,021,815)
|
(16,477,089)
|
Ending Balance at Jun. 30, 2024 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
|
|
$ 22,173
|
163,630
|
22,506,043
|
(37,547,255)
|
(13,614)
|
(1,976,569)
|
(16,845,592)
|
Beginning Balance at Mar. 31, 2024 |
|
40
|
22,172,835
|
|
|
|
|
|
|
Imputed interest |
|
|
|
|
5,609
|
|
|
|
5,609
|
Equity transaction (Sale of subsidiary's stock) |
|
|
|
|
6,000
|
|
|
|
6,000
|
Translation Adjustment |
|
|
|
|
|
|
(252)
|
(64)
|
(316)
|
Net Income |
|
|
|
|
|
402,392
|
|
(45,182)
|
357,210
|
Ending balance, value at Jun. 30, 2024 |
|
|
$ 22,173
|
$ 163,630
|
$ 22,517,652
|
$ (37,144,863)
|
$ (13,866)
|
$ (2,021,815)
|
$ (16,477,089)
|
Ending Balance at Jun. 30, 2024 |
|
40
|
22,172,835
|
|
|
|
|
|
|
X |
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v3.24.2.u1
ORGANIZATION AND NATURE OF THE BUSINESS
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND NATURE OF THE BUSINESS |
NOTE
1 – ORGANIZATION AND NATURE OF THE BUSINESS
Organization
Kaya Holdings, Inc.
FKA (Alternative Fuels Americas, Inc.) is a holding company. The Company was incorporated in 1993 and has engaged in a number of businesses.
Its name was changed on May 11, 2007 to NetSpace International Holdings, Inc. (a Delaware corporation) (“NetSpace”). NetSpace
acquired 100% of Alternative Fuels Americas, Inc. (a Florida corporation) in January 2010 in a stock-for-member interest transaction
and issued 6,567,247 shares of common stock and 100,000 shares of Series C convertible preferred stock to existing shareholders. Certificate
of Amendment to the Certificate of Incorporation was filed in October 2010 changing the Company’s name from NetSpace International
Holdings, Inc. to Alternative Fuels Americas, Inc. (a Delaware corporation). Certificate of Amendment to the Certificate of Incorporation
was filed in March 2015 changing the Company’s name from Alternative Fuels Americas, Inc. (a Delaware corporation) to Kaya Holdings,
Inc.
The Company has four
subsidiaries: Marijuana Holdings Americas, Inc., a Florida corporation (“MJAI”), which is majority-owned and was formed on
March 27, 2014 to maintain ownership of the Company’s Oregon based cannabis operations, 34225 Kowitz Road, LLC, a wholly-owned
Oregon limited liability company which held ownership of the Company’s 26 acre property in Lebanon, Oregon (inactive since Feb
28, 2023 when the subject property was sold), Kaya Brand International, Inc., a Florida Corporation (“KBI”) which is majority-owned
and was formed on October 14, 2019 to expand the business overseas (active) and Fifth Dimension Therapeutics, Inc., a Florida corporation
which is majority owned (“FDT ”) and was formed on December 13, 2022 to develop and maintain ownership of the Company’s
planned Psychedelic Treatment Centers offering psilocybin treatments.
MJAI Oregon 1 LLC is the entity that holds
the licenses for the Company’s retail store operations. MJAI Oregon 5 LLC is the entity that held the license application for the
Company’s 26 acre farm property in Lebanon Oregon (property sold 2/28/23, inactive since that date).
KBI is the entity
that holds controlling ownership interests in Kaya Farms Greece, S.A. (a Greek corporation) and Kaya Shalvah (“Kaya Farms Israel”,
an Israeli corporation). These two entities were formed to facilitate expansion of the Company’s business in Greece and Israel
respectively.
Fifth
Dimension Therapeutics, Inc. (FDT) is the entity that was formed to hold interests in psychedelic treatment facilities, with operations
initially targeted for Oregon where FDT holds a 49% stake in FDT Oregon 1, LLC (“FDT1”, an Oregon limited liability company)
and has an irrevocable option to acquire the remaining 51% stake in FDT1 after the sunsetting in January 1, 2025 of Oregon’s residency
requirements for majority ownership in entities that hold OHA issued psilocybin licenses.
Nature of the
Business
In January 2014,
KAYS incorporated MJAI, a wholly owned subsidiary, to focus on opportunities in the legal recreational and medical marijuana in the United
States.
On July 3, 2014 opened
its first Kaya Shack™ MMD in Portland, Oregon. Between April of 2014 and December 31, 2023, KAYS owned and operated four
(4 ) Kaya Shack™ retail cannabis medical and recreational dispensaries, three (3) Medical Marijuana Grow sites licensed by
the OHA and two (2) Recreational Marijuana grow sites licensed by the OLCC (all in Oregon). The statuses of these operations are as follows:
The first Kaya Shack™
(Kaya Shack™ Store 1) opened in 2014 in Portland, Oregon at the same address as an Oregon Liquor and Cannabis Commission (OLCC)
licensed medical and recreational marijuana retailer. On March 11, 2024, the Company notified the Oregon Liquor Control Commission (the
“OLCC”) that we were temporarily closing this location. The Company is currently evaluating redeploying this remaining dispensary
license to serve as a delivery hub for Portland residents, tourists and The Sacred Mushroom™ guests, among others.
Kaya Shack™
Store 2 was closed in December, 2022 as part of a sale and surrender agreement that the Company entered into with the OLCC to resolve
an Administrative Action filed by the OLCC (as previously disclosed in the Company’s Annual Report on form 10-K for the period
ending December 31, 2021 filed on April 18, 2022 and in the Company’s Quarterly report for the period ending March 31, 2022 filed
on May 16, 2022). Per the terms of the agreement the Company agreed to either enter into a purchase and sale agreement for its retail
license in South Salem by February 1, 2023 (the renewal date) or surrender the license. On April 21, 2023 the Company concluded the sale
of Store 2 for $210,000,
less a 6% closing commission and minor closing expenses. After these expenses and paying $75,000
to resolve three non-performing store leases
in South Oregon, the Company netted $118,900.
Kaya Shack™
Store 3 and Kaya Shack™ Store 4 were both closed due to consolidation moves by the Company in 2020 and 2021, respectively, and
the Company let the licenses lapse.
In August of 2017,
the Company purchased a 26-acre parcel in Lebanon, Linn County, Oregon for $510,000
on which we intended to construct a Greenhouse
Grow and Production Facility (the “Property”) and filed for OLCC licensure. In August of 2022, the Company entered
into an agreement (the “CVC Agreement”) with CVC International, Inc. (“CVC”), an institutional
investor who holds certain of the Company’s Convertible Promissory Notes (the “Notes”), one of which was secured
by a $500,000 mortgage
on the Property. CVC released its lien on the Property to enable the Company to sell the Property and utilize the proceeds therefrom
for the benefit of the Company and its shareholders, without having to repay CVC the $500,000
Note held by CVC. Additionally, CVC agreed to
advance certain sums against the sale of the Property (“Advances”), which amounted to $270,000
pending the sale of the Property. On February
28, 2023 we sold the Property for a price of $769,500,
less commissions and customary closing costs. The net proceeds of the sale were used to repay the advances plus interest (including an
additional $100,000 borrowed
from another lender interest) and the Company realized net proceeds of approximately $302,000,000. The land is reflected on the balance
sheet as assets held for sale for the year ended December 31, 2022 at a value of $516,076.
The land was sold in 2023.
On September 26,
2019, the Company formed the majority owned subsidiary Kaya Brands International, Inc. (“KBI”) to serve as the Company’s
vehicle for expansion into worldwide cannabis markets. Between September of 2019 and March 31, 2024 KBI has formed majority-owned subsidiaries
in both Greece and Israel and its local operating subsidiaries have acquired interests in various licenses and entities.
On December 13, 2022
the Company formed Fifth Dimension Therapeutics ™ (“FDT”,
a Florida Corporation) to seek to provide psychedelic services to sufferers of treatment resistant mental health diseases such as depression,
PTSD and other mental health disorders. On January 3, 2023 the Oregon Health Authority (the “OHA”) began to accept license
applications, allowing each entity to own and operate one (1) Psilocybin manufacturing and processing facility for the production of
Psilocybin Mushrooms and derived therapeutics (“Psilocybins”), and up to five (5) Psilocybin Facilitation Centers where clients
would go to ingest Psilocybins and experience effects under the supervision of State Licensed Facilitators.
On January 25, 2023
the Company confirmed that attorney Glenn E.J. Murphy was welcomed as a founding member to the FDT Board of Directors. Glenn will assist
FDT with introductions to pharmaceutical companies seeking data and access to psychedelic patients, as well as advising on the development
of intellectual property, structure of potential joint ventures, funding opportunities, acquisitions, and other related endeavors. Glenn
has twenty-five years of private and corporate practice, including ten years in-house with the Henkel Group and more than fifteen years
in private practice, Glenn's experience has touched on most every aspect of intellectual property practice.
On March 13, 2023,
Bryan Arnold (one of KAYS Vice Presidents and its longest serving Oregon Employee) completed his OHA Certified Psilocybin Education through
the Changra Institute and became one of the first eighteen graduates to obtain Psilocybin Facilitator certification in the State of Oregon.
Bryan’s Facilitation License application has been approved by the OHA, and he now may oversee up to five (5) Psilocybin Treatment
Facilities and up to one (1) Psilocybin Production Facility. Additionally, the Company expects to enroll additional potential licensee
candidates within the coming months to bolster its ranks of OHA Licensed Psilocybin Facilitators as it moves forward with plans to open
its first Psilocybin Clinic, subject to completion of financing and regulatory approvals.
On November 14, 2023
the Company filed a license application with the Oregon Department of Health (the “OHA”) for the licensure of The Sacred
Mushroom™, an approximately 11,000 square foot psilocybin treatment center located in Portland, Oregon which would serve as the
Company’s flagship psilocybin facility.
On
March 6, 2024, the OHA completed its Psilocybin Service Center License Inspection and itemized three (3) facility structural/layout items
that they wanted addressed/modified prior to issuing the facility license. On May 7, 2024, the Company had been awarded its license by
the Oregon Health Authority to operate its Portland, Oregon psilocybin treatment center, The Sacred Mushroom. On June 4, 2024, The Sacred
Mushroom which commenced operations on August 1, 2024.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.2.u1
LIQUIDITY AND GOING CONCERN
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
LIQUIDITY AND GOING CONCERN |
NOTE
2 – LIQUIDITY AND GOING CONCERN
The Company’s
consolidated financial statements as of June 30, 2024 have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course of business. The Company incurred net loss of $682,600
for the six months ended June 30, 2024 and net loss of $665,609 for the six months ended June 30, 2023. The net loss is due to the changes
in derivative liabilities. At June 30, 2024 the Company has a working capital deficiency of $7,701,014
and is totally dependent on its ability to raise
capital. The Company has a plan of operations and acknowledges that its plan of operations may not result in generating positive working
capital in the near future. Even though management believes that it will be able to successfully execute its business plan, which includes
third-party financing and capital issuance, and meet the Company’s future liquidity needs, there can be no assurances in that regard.
These matters raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements
do not include any adjustments that might result from the outcome of this material uncertainty. Management recognizes that the Company
must generate additional funds to successfully develop its operations and activities. Management plans include:
• |
|
the sale of additional
equity and debt securities, |
• |
|
alliances and/or partnerships
with entities interested in and having the resources to support the further development of the Company’s business plan, |
• |
|
business transactions to
assure continuation of the Company’s development and operations, |
• |
|
development of a unified
brand and the pursuit of licenses to operate recreational and medical marijuana facilities under the branded name. |
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Basis
of Presentation
The accompanying
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) under the accrual basis of accounting.
Reclassifications
Certain prior period amounts have
been reclassified to conform to the current period presentation.
Use
of Estimates
The preparation of
financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying notes.
Such estimates and
assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory,
estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value
of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates
of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.
Making estimates
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its
estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly
from estimates.
Risks
and Uncertainties
The Company’s
operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential
risk of business failure.
The Company has experienced,
and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute
to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product,
(ii) competition inherent at other locations where product is expected to be sold (iii) general economic conditions and (iv) the
related volatility of prices pertaining to the cost of sales.
Principles
of Consolidation
The accompanying
consolidated financial statements include the accounts of Kaya Holdings, Inc. and all wholly and majority-owned subsidiaries. All significant
intercompany balances have been eliminated.
Majority-owned subsidiaries:
Fifth Dimension Therapeutics,
Inc. (a Florida Corporation)
Kaya Brands International, Inc.
(a Florida Corporation)
Kaya Shalvah (“Kaya Farms
Israel”, an Israeli corporation) majority owned subsidiary of KBI)
Kaya Farms Greece, S.A. (a Greek
Corporation) majority owned subsidiary of KBI)
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Marijuana Holdings Americas,
Inc. (a Florida corporation) |
Non-Controlling
Interest
The company owned 55% of Marijuana Holdings
Americas until September 30, 2019. Starting October 1, 2019, Kaya Holding, Inc. owns 65% of Marijuana Holdings Americas, Inc. As of December
31, 2022, Kaya owns 65% of Marijuana Holdings Americas, Inc.
The company owned 85% of Kaya Brands International,
Inc. until July 31, 2020. Starting August 1, 2020, Kaya Holding, Inc. owns 65% of Kaya Brands International, Inc.
During
the Q2, 204, FDT increased the authorized preferred stock from 85 to 90 shares and additional 9 shares issued to the Company which means
the Company’s ownership changed to54%. The Company still keep the majority control of Fifth Dimension Therapeutics, Inc.
Cash
and Cash Equivalents
Cash and cash equivalents
are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid
investments with an original maturity of three months or less. The Company had no cash equivalents.
Inventory
Inventory consists
of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out
method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates
the impact of any anticipated changes in future demand. Total Value of Finished goods inventory as of June 30, 2024 is $0
and $9,259
as of December 31, 2023. Inventory allowance
and impairment were $0 and
$0 as
of June 30, 2024 and December 31, 2023, respectively.
Property
and Equipment
Property and equipment
is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-30
years of the respective assets. Expenditures
for maintenance and repairs are charged to expense as incurred.
Upon sale or retirement
of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected
in the statements of operations.
Long-lived
assets
The Company reviews
long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible
assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining
amortization period. The Company recognizes an impairment loss if the carrying value of the asset exceeds the expected future cash flows.
Accounting
for the Impairment of Long-Lived Assets
We evaluate long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Upon such an occurrence, the recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to
forecasted undiscounted net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated
future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value
of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined
based on discounted cash flows, appraised values or management's estimates, depending upon the nature of the assets.
Operating
Leases
We lease our retail
stores under non-cancellable operating leases. Most store leases include tenant allowances from landlords, rent escalation clauses and/or
contingent rent provisions. We recognize rent expense on a straight-line basis over the lease term, excluding contingent rent, and record
the difference between the amount charged to expense and the rent paid as a deferred rent liability.
Deferred
Rent and Tenant Allowances
Deferred rent is
recognized when a lease contains fixed rent escalations. We recognize the related rent expense on a straight-line basis starting from
the date of possession and record the difference between the recognized rental expense and cash rent payable as deferred rent. Deferred
rent also includes tenant allowances received from landlords in accordance with negotiated lease terms. The tenant allowances are
amortized as a reduction to rent expense on a straight-line basis over the term of the lease starting at the date of possession.
Earnings
Per Share
In accordance with
ASC 260, Earnings per Share, the Company calculates basic earnings per share by dividing net income (loss) by the weighted average number
of common shares outstanding during the period. Diluted earnings per share are computed if the Company has net income; otherwise it would
be anti-dilutive and would result from the conversion of a convertible note.
Income
Taxes
The Company accounts
for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income
Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between
the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions
and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers
tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies.
If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of
deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more
likely than not” criteria of ASC 740.
ASC 740-10 requires
that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would
more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold,
the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being
realized upon ultimate settlement with the relevant tax authority.
We are subject
to certain tax risks and treatments that could negatively impact our results of operations
Section 280E of the
Internal Revenue Code, as amended, prohibits businesses from deducting certain expenses associated with trafficking-controlled substances
(within the meaning of Schedule I and II of the Controlled Substances Act). The IRS has invoked Section 280E in tax audits against various
cannabis businesses in the U.S. that are permitted under applicable state laws. Although the IRS issued a clarification allowing the
deduction of certain expenses, the scope of such items is interpreted very narrowly, and the bulk of operating costs and general administrative
costs are not permitted to be deducted. While there are currently several pending cases before various administrative and federal courts
challenging these restrictions, there is no guarantee that these courts will issue an interpretation of Section 280E favorable to cannabis
businesses.
Provision
for Income Taxes
We recorded a provision
for income taxes in the amount of $93,910
during the year ended December 31, 2022 compared to $782,107
during the year ended December 31, 2021. Although
we have net operating losses that we believe are available to us to offset this entire tax liability, which arises under Section 280E
of the Code because we are a cannabis company, as a conservative measure, we have accrued this liability.
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:
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Level 1 – Observable
inputs that reflect quoted market prices in active markets for identical assets or liabilities. |
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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. |
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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. |
Schedule of fair value assets and liabilities
measured on recurring and nonrecurring basis |
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Fair
Value Measurements at June 30, 2024 |
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Level
1 |
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Level
2 |
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Level
3 |
Assets |
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Cash |
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$ |
61,282 |
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$ |
— |
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$ |
— |
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Total assets |
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61,282 |
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— |
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— |
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Liabilities |
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Convertible debentures,
net of discounts of $205,093 |
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— |
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— |
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7,874,559 |
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Derivative liability |
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— |
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— |
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2,658,222 |
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Total liabilities |
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— |
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— |
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10,532,781 |
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$ |
61,282 |
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$ |
— |
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$ |
(10,532,781 |
) |
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Fair
Value Measurements at December 31, 2023 |
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Level
1 |
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Level
2 |
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Level
3 |
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Assets |
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Cash |
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$ |
29,108 |
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$ |
— |
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$ |
— |
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Total assets |
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29,108 |
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— |
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— |
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Liabilities |
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Convertible debentures,
net of discounts of $742 |
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— |
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— |
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7,436,410 |
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Derivative liability |
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— |
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— |
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2,752,321 |
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Total liabilities |
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— |
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— |
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10,188,731 |
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$ |
29,108 |
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$ |
— |
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$ |
(10,188,731 |
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The carrying amounts of the Company’s
financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain
notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.
The Company accounts
for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 7.
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 Binomial 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 reassessed at the end of each reporting period.
In July 2017, the
FASB issued ASU 2017-11 Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivative and Hedging
(Topic 815). The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments
(or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities
or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed
to an entity’s own stock. The amendment also clarifies existing disclosure requirements for equity-classified instruments. As a
result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative
liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments,
the amendments require entities that present earnings per share (“EPS”) in accordance with Topic 260 to recognize the effect
of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common
shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to
the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt-Debt with Conversion and Other Options),
including related EPS guidance (in Topic 260). The amendments in Part II of this Update recharacterize the indefinite deferral of certain
provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not
have an accounting effect.
Prior to this Update, an equity-linked financial instrument
with a down round feature that otherwise is not required to be classified as a liability under the guidance in Topic 480 is evaluated
under the guidance in Topic 815, Derivatives and Hedging, to determine whether it meets the definition of a derivative. If it meets that
definition, the instrument (or embedded feature) is evaluated to determine whether it is indexed to an entity’s own stock as part
of the analysis of whether it qualifies for a scope exception from derivative accounting. Generally, for warrants and conversion options
embedded in financial instruments that are deemed to have a debt host (assuming the underlying shares are readily convertible to cash
or the contract provides for net settlement such that the embedded conversion option meets the definition of a derivative), the existence
of a down round feature results in an instrument not being considered indexed to an entity’s own stock. This results in a reporting
entity being required to classify the freestanding financial instrument or the bifurcated conversion option as a liability, which the
entity must measure at fair value initially and at each subsequent reporting date.
In August 2020, the
FASB issued ASU 202006, Debt-Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging-Contracts in Entity's
Own Equity (Subtopic 81540): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which is intended to
simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments
and contracts on an entity's own equity. In this Update revise the guidance for instruments with down round features in Subtopic 815-40,
Derivatives and Hedging—Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial
instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would
be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do
qualify, freestanding instruments with down round features are no longer classified as liabilities and embedded conversion options with
down round features are no longer bifurcated. The guidance allows for either full retrospective adoption or modified retrospective adoption.
The guidance is effective for the Company in the first quarter of fiscal year 2025 and early adoption is permitted. The Company is evaluating
the impact the adoption of this guidance will have on its condensed consolidated financial statements and related disclosures.
The amendments in
Part 1 of this Update are a cost savings relative to former accounting. This is because, assuming the required criteria for equity classification
in Subtopic 815-40 are met, an entity that issued such an instrument no longer measures the instrument at fair value at each reporting
period (in the case of warrants) or separately accounts for a bifurcated derivative (in the case of convertible instruments) on the basis
of the existence of a down round feature. For convertible instruments with embedded conversion options that have down round features,
applying specialized guidance such as the model for contingent beneficial conversion features rather than bifurcating an embedded derivative
also reduces cost and complexity. Under that specialized guidance, the issuer recognizes the intrinsic value of the feature only when
the feature becomes beneficial instead of bifurcating the conversion option and measuring it at fair value each reporting period.
The amendments in
Part II of this Update replace the indefinite deferral of certain guidance in Topic 480 with a scope exception. This has the benefit
of improving the readability of the Codification and reducing the complexity associated with navigating the guidance in Topic 480.
The Company adopted
this new standard on January 1, 2019; however, the Company needs to continue the derivative liabilities due to variable conversion price
on some of the convertible instruments. As such, it did not have a material impact on the Company’s consolidated financial statements.
Debt
Issue Costs and Debt Discount
The Company may record
debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid
in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Original
Issue Discount
For certain convertible
debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be
recorded as a debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
Extinguishments
of Liabilities
The Company accounts
for extinguishments of liabilities in accordance with ASC 405-20 “Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities”. When the conditions are met for extinguishment accounting, the liabilities are derecognized and
the gain or loss on the sale is recognized.
Stock-Based
Compensation - Employees
The Company accounts
for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under the recognition
and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification.
Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the
consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable.
The measurement date
used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the
date on which it is probable that performance will occur.
If the Company is
a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Company’s most
recent private placement memorandum (based on sales to third parties) (“PPM”), or weekly or monthly price observations would
generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger
spread between the bid and asked quotes and lack of consistent trading in the market.
The fair value of share options and similar
instruments is estimated on the date of grant using a Binomial Option Model option-pricing valuation model. The ranges of
assumptions for inputs are as follows:
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Expected
term of share options and similar instruments: The expected life of options and similar instruments
represents the period of time the option and/or warrant are expected to be outstanding. Pursuant
to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected
term of share options and similar instruments represents the period of time the options and
similar instruments are expected to be outstanding taking into consideration of the contractual
term of the instruments and employees’ expected exercise and post-vesting employment
termination behavior into the fair value (or calculated value) of the instruments. Pursuant
to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected
term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate expected term
due to the limited period of time its equity shares have been publicly traded; (ii) A company
significantly changes the terms of its share option grants or the types of employees that
receive share option grants such that its historical exercise data may no longer provide
a reasonable basis upon which to estimate expected term; or (iii) A company has or expects
to have significant structural changes in its business such that its historical exercise
data may no longer provide a reasonable basis upon which to estimate expected term. The Company
uses the simplified method to calculate expected term of share options and similar instruments
as the company does not have sufficient historical exercise data to provide a reasonable
basis upon which to estimate expected term.
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Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
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Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
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Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
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Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based
payments is recorded in general and administrative expense in the statements of operations.
Stock-Based
Compensation – Non-Employees
Equity Instruments Issued to Parties
Other Than Employees for Acquiring Goods or Services
In June 2018, the
FASB issued ASU No. 2018-07, Compensation – Stock Compensation: Improvement to Nonemployee Share-Based Payment Accounting (Topic
718). The ASU supersedes ASC 505-50, Equity-Based Payment to Non-Employment and expends the scope of the Topic 718 to include stock-based
payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based
payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of
an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new
guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.
The fair value of
share options and similar instruments is estimated on the date of grant using a Binomial option-pricing valuation model. The
ranges of assumptions for inputs are as follows:
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Expected
term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i)
of the FASB Accounting Standards Codification the expected term of share options and similar
instruments represents the period of time the options and similar instruments are expected
to be outstanding taking into consideration of the contractual term of the instruments and
holder’s expected exercise behavior into the fair value (or calculated value) of the
instruments. The Company uses historical data to estimate holder’s expected
exercise behavior. If the Company is a newly formed corporation or shares of the
Company are thinly traded the contractual term of the share options and similar instruments
is used as the expected term of share options and similar instruments as the Company does
not have sufficient historical exercise data to provide a reasonable basis upon which to
estimate expected term.
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Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
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Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
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Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
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Revenue
Recognition
Effective January
1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identifying
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.
To confirm, all of
our OLCC licensed cannabis retail sales operations are conducted and operated on a “cash and carry” basis- product(s) from
our inventory accounts are sold to the customer(s) and the customer settles the account at time of receipt of product via cash payment
at our retail store; the transaction is recorded at the time of sale in our point-of-sale software system. Revenue is only reported after
the product has been delivered to the customer and the customer has paid for the product with cash.
To date the only
other revenue we have received is for ATM transactions and revenue from this activity is only reported after we receive payment via check
from the ATM service provider company.
Cost
of Sales
Cost of sales represents costs directly
related to the purchase of goods and third party testing of the Company’s products.
Related
Parties
The Company follows
subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party
transactions.
Pursuant to Section
850-10-20 the related parties include a. affiliates of the Company; b. Entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to
be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing
trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company;
f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and
g. Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The consolidated
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the
preparation of consolidated or combined financial statements is not required in those statements.
The disclosures shall
include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts
or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed
necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for
each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from
that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and,
if not otherwise apparent, the terms and manner of settlement.
Contingencies
The Company follows
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as
of the date the consolidated 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. However,
there is no assurance that such matters will not materially and adversely affect the Company’s business, consolidated financial
position, and consolidated results of operations or consolidated cash flows.
Uncertain
Tax Positions
The Company did not
take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section
740-10-25 for the reporting period ended June 30, 2024.
Subsequent
Events
The Company follows
the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company
will evaluate subsequent events through the date when the financial statements are issued.
Recently
Issued Accounting Pronouncements
From time to time,
new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified
effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective
will not have a material effect on its consolidated financial position or results of operations upon adoption.
In November 2023,
the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures
(Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses
that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a
segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an
explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the
financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures
when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024.
In December 2023,
the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements
that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included
in our consolidated financial statements, once adopted.
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT |
NOTE
4 – PROPERTY, PLANT AND EQUIPMENT
Property, plant and
equipment consisted of the following at June 30, 2024 and December 31, 2022:
Schedule of property, plant
and equipment | |
| | | |
| | |
| |
June 30, 2024 | |
December 31, 2023 |
| |
(Unaudited) | |
(Audited) |
Computer | |
| 30,713 | | |
| 30,713 | |
Furniture & Fixtures | |
| 56,978 | | |
| 56,978 | |
HVAC | |
| 25,000 | | |
| 25,000 | |
Land | |
| 17,703 | | |
| 17,703 | |
Leasehold Improvements | |
| 51,070 | | |
| 32,304 | |
Machinery and Equipment | |
| 55,067 | | |
| 55,067 | |
Vehicle | |
| 24,000 | | |
| 24,000 | |
Total | |
| 260,531 | | |
| 241,765 | |
Less: Accumulated Depreciation | |
| (218,077 | ) | |
| (216,890 | ) |
Property, Plant and Equipment
- net | |
$ | 42,454 | | |
$ | 24,875 | |
Depreciation expense
totaled of $1,187 and
$6,815 for
the six months ended June 30, 2024 and June 30, 2023, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
NON-CURRENT ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
NON-CURRENT ASSETS |
NOTE
5 – NON-CURRENT ASSETS
Other assets consisted
of the following at March 31, 2024 and December 31, 2023:
Schedule of other assets | |
| | | |
| | |
| |
| June
30, 2024 | | |
| December
31, 2023 | |
Other receivable | |
| 10,740 | | |
| 11,047 | |
Rent deposits | |
| 12,925 | | |
| 23,941 | |
Security deposits | |
| 5,491 | | |
| 5,491 | |
Total Non-current
assets | |
| 29,156 | | |
| 40,479 | |
During the six months
ended June 30, 2024, our other receivables decreased $307,
related to changes of currency exchange rate. The decrease of the rent deposit was primarily due to the Company terminated the lease
of Oregan shop and $11,016
rent deposit of MJAI was used to pay the rent.
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v3.24.2.u1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
The accounts payable and accrued
expenses consisted of the following at June 30, 2024 and December 31, 2023 :
Schedule
of accounts payable and accrued expenses | |
| | | |
| | |
| |
June
30, 2024 | |
December 31, 2023 |
Accounts payable | |
| 578,776 | | |
| 561,551 | |
Accrued expenses | |
| 27,174 | | |
| 27,534 | |
Total | |
| 605,950 | | |
| 589,085 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
CONVERTIBLE DEBT
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE DEBT |
NOTE
7 – CONVERTIBLE DEBT
These debts have
a price adjustment provision. Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.”
The derivative component of the obligation is initially valued and classified as a derivative liability with an offset to discounts
on convertible debt. Discounts have been amortized to interest expense over the respective term of the related note. In determining the
indicated value of the convertible note issued, the Company used the Binomial Options Pricing Model with a risk-free interest rate of
ranging from 4.77% to 5.37%, volatility ranging from 154.81% to 174.23%, trading prices $0.033 per share and a conversion price ranging
from $0.0264 to $0.08 per share. The total derivative liabilities associated with these notes were $2,600,509 at June 30, 2024 and $2,752,321
at December 31, 2023. As of June 30, 2024, the Company had four new convertible notes and two short-term non-convertible note were transferred
to convertible notes after due in 2024.
See Below Summary
Table
Schedule
of Convertible Debt |
Convertible
Debt Summary |
|
Debt
Type |
Debt
Classification |
Interest
Rate |
Due
Date |
Ending
|
CT
|
LT
|
6/30/2024 |
12/31/2023 |
|
|
|
|
|
|
|
|
A |
Convertible |
X
|
|
10.0% |
1-Jan-17 |
25,000
|
$ 25,000
|
B |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
82,391
|
82,391
|
C |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
41,195
|
41,195
|
D |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
262,156
|
262,156
|
O |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
136,902
|
136,902
|
P |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,173
|
66,173
|
Q |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
65,274
|
65,274
|
S |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
63,205
|
63,205
|
T |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
313,634
|
313,634
|
CC |
Convertible |
X
|
|
12.0% |
1-Jan-24 |
110,000
|
100,000
|
KK |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
188,000
|
188,000
|
LL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
749,697
|
749,697
|
MM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
124,690
|
124,690
|
NN |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
622,588
|
622,588
|
OO |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
620,908
|
620,908
|
PP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
611,428
|
611,428
|
QQ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
180,909
|
180,909
|
RR |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
586,804
|
586,804
|
SS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
174,374
|
174,374
|
TT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
345,633
|
345,633
|
UU |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
171,304
|
171,304
|
VV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
121,727
|
121,727
|
XX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
112,734
|
112,734
|
YY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
173,039
|
173,039
|
ZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
166,603
|
166,603
|
AAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
104,641
|
104,641
|
BBB |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
87,066
|
87,066
|
DDD |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,262
|
75,262
|
EEE |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
160,619
|
160,619
|
GGG |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
79,422
|
79,422
|
JJJ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
52,455
|
52,455
|
LLL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
77,992
|
77,992
|
MMM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
51,348
|
51,348
|
PPP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
95,979
|
95,979
|
SSS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
TTT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
80,000
|
80,000
|
VVV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
WWW |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
60,000
|
60,000
|
XXX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
100,000
|
100,000
|
YYY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
50,000
|
50,000
|
ZZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
40,000
|
40,000
|
AAAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,000
|
66,000
|
BBBB |
Convertible |
X
|
|
12.0% |
1-Mar-23 |
- |
150,000
|
CCCC |
Convertible |
X
|
|
10.0% |
1-Mar-23 |
- |
120,000
|
DDDD |
Convertible |
X
|
|
10.0% |
31-Dec-24 |
- |
100,000
|
EEEE |
Convertible |
|
X
|
10.0% |
25-Dec-25 |
15,000
|
- |
FFFF |
Convertible |
|
X
|
10.0% |
23-Jan-26 |
60,000
|
- |
GGGG |
Convertible |
|
X
|
10.0% |
12-Mar-26 |
150,000
|
- |
HHHH |
Convertible |
|
X
|
10.0% |
15-Mar-26 |
107,500
|
- |
IIII |
Convertible |
|
X
|
10.0% |
1-May-26 |
150,000
|
- |
JJJJ |
Convertible |
|
X
|
10.0% |
4-Jun-26 |
150,000
|
- |
|
|
|
|
|
|
|
|
Total
Convertible Debt |
8,079,652
|
7,807,152
|
Less:
Discount |
(205,093) |
(387,819) |
Convertible
Debt, Net of Discounts |
$ 7,874,559
|
$ 7,419,333
|
Convertible
Debt, Net of Discounts, Current |
$ 135,000
|
$ 240,288
|
Convertible
Debt, Net of Discounts, Long-term |
$ 7,739,559
|
$ 7,179,045
|
FOOTNOTES FOR CONVERTIBLE
DEBT ACTIVITY FOR YEAR ENDED DECEMBER31, 2023
On February 28,
2023, the Company sold the Property for a price of $769,500, less commissions and customary closing costs. The net proceeds of the sale
were used to repay the convertible notes described above, of which total principal was $370,000. On December 31, 2022, the Company and
various noteholders agree to modify the maturity date to December 31,2025 of all notes that were due to mature on December 31, 2024.
No other terms of the convertible notes were changed.
On January 23,
2024, the Company received $61,200 from selling 2.4 units to the Cayman Venture Capital Fund, including $60,000 convertible debt and
120,000 FDT shares at $0.01 per share and total value was $1,200 . Interest is stated at 10%. The Note and Interest is convertible
into common shares at $0.08 per share. The Note is Due on January 23, 2026. This note has a price adjustment provision: if the stock
price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less
of: 50% of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in
any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted
for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued
and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense
over the respective term of the related note.
On January 31,
2024, the Company signed an agreement with a third-party individual to transfer one non-convertible promissory note, including $15,000
principal and $300 accrual interest to purchase 0.6 unit, which included $15,000 convertible note and 30,000 FDT shares which is $0.01
per share and total value was $300. The convertible notes interest is stated at 10%. The Note and Interest is convertible into common
shares at $0.08 per share. The Note is Due on January 31, 2026. This note has a price adjustment provision: if the stock price 20
days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less of: 50%
of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in any event
the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted for these
Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued and classified
as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense over the respective
term of the related note.
On March 12,
2024, the Company received $150,000 from selling 6 units to the Cayman Venture Capital Fund, including $150,000 convertible debt and
300,000 FDT shares which is $0.01 per share and total value is $3,000 . Interest is stated at 10%. The Note and Interest is convertible
into common shares at $0.08 per share. The Note is Due on March 12, 2026. This note has a price adjustment provision: if the stock
price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion price should be adjusted to the less
of: 50% of the average closing price or the historical price for the 20 trading days before proceeding the conversion notice, but in
any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore, the Company accounted
for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation is initially valued
and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized to interest expense
over the respective term of the related note.
On March 15,
2024, one of a promissory non-convertible notes was expired. The Company signed a purchase agreement with this third-party individual
to purchase 4.3 units using the matured note, including $100,000 principal and $96,500 accrual interest. The 4.3 units included $107,500
convertible note and 215,000 FDT shares which is $0.01 per share and total value was $2,150. The convertible notes interest is stated
at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on March 31, 2026. This note
has a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share, the
conversion price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days
before proceeding the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08
per share. Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative
component of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible debt.
Discounts are amortized to interest expense over the respective term of the related note.
On May 1, 2024,
the Company received $130,000 deposit plus $23,000 accrued interest reinvest in selling 6 units to the Cayman Venture Capital Fund. The
6 units included $150,000 convertible debt and 300,000 FDT shares which is $0.01 per share and total value is $3,000. Interest is stated
at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on May 1, 2026. This note has
a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share, the conversion
price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days before proceeding
the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08 per share Therefore,
the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component of the obligation
is initially valued and classified as a derivative liability with an offset to discounts on convertible debt. Discounts are amortized
to interest expense over the respective term of the related note.
On June 4, 2024,
the Company received $153,000 (containing $150,000 deposit and $3,000 accrual interest reinvest) from selling 6 units to the Cayman Venture
Capital Fund, including $150,000 convertible debt and 300,000 FDT shares which is $0.01 per share and total value is $3,000. Interest
is stated at 10%. The Note and Interest is convertible into common shares at $0.08 per share. The Note is Due on June 4, 2026. This
note has a price adjustment provision: if the stock price 20 days before the conversion notice proceeding is less than $0.16 per share,
the conversion price should be adjusted to the less of: 50% of the average closing price or the historical price for the 20 trading days
before proceeding the conversion notice, but in any event the conversion price should be not less than $0.04 per share or more than $0.08
per share Therefore, the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The derivative component
of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible debt. Discounts
are amortized to interest expense over the respective term of the related note.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
NON-CONVERTIBLE DEBT
|
6 Months Ended |
Jun. 30, 2024 |
Non-convertible Debt |
|
NON-CONVERTIBLE DEBT |
NOTE 8 –
NON-CONVERTIBLE DEBT
Schedule
of nonconvertible debt |
|
|
|
|
|
|
|
|
|
|
June
30,
2024 |
|
December
31, 2023 |
Current non-convertible
notes |
|
|
9,312 |
|
|
|
124,312 |
|
Non-current
non-convertible notes |
|
|
500,000 |
|
|
|
500,000 |
|
Total non-convertible notes |
|
|
509,312 |
|
|
|
624,312 |
|
|
|
|
|
|
|
|
|
|
Breakdown |
|
|
|
|
|
|
|
|
Note 5 |
|
$ |
9,312 |
|
|
$ |
9,312 |
|
Note 6 |
|
|
500,000 |
|
|
|
500,000 |
|
Note 7 |
|
|
— |
|
|
|
100,000 |
|
Note 8 |
|
|
— |
|
|
|
15,000 |
|
Total non-convertible notes |
|
$ |
509,312 |
|
|
$ |
624,312 |
|
(5) On September
16, 2016, the Company received a total of $31,661 to be used for equipment in exchange for a two year note in the aggregate amount of
$31,661 with interest accruing at 18% per year and a 10% loan fee. The note is in default as of June 30, 2024 with an outstanding balance
of $9,312.
(6) On June 12, 2023,
the Company issued a 10% promissory note in the amount of $350,000 with 10% interest rate, payable to CVC International Ltd, secured
by 10% of monthly total revenues from all sources of Kaya Holdings, Inc. and any of its subsidiaries. and the noteholder also received
10 Series A preferred shares in FDT, which are convertible into a total of 10% of the common shares. The due date of the note is June
12, 2025. At the end of September 2023, the company paid $5,000, which is 10% of the total revenues from all sources of Kaya Holdings,
Inc to the Holder and the Holder agreed to reinvest it as the additional of the note. On October 6, 2023, the Company received another
$145,000 from the same investor to increase the promissory note to $500,000 total. As of June 30, 2024, the outstanding balance of the
note is $500,000.
(7) On August 28,
2023 the Company received $100,000 from the issuance of working capital loan to another investor. Interest is stated at 10%. The Note
was matured on March 31, 2024 and the $100,000 principal and $9,650 accrual interest were transferred to $107,500 convertible note and
$2,150 stocks of FDT.
(8) On December 15,
2023 the Company received $15,000 working capital loan from another investor. On January 31, 2024, the Company signed a purchase agreement
with the investor to reclass the $15,000 principal to convertible note and $300 accrual interest to purchase 30,000 FDT shares.
(9)
As of June 30, 2024 Cayman Venture Capital Fund reinvest $29,000 accrual interest of promissory notes into convertible notes and FDT
stock purchases.
Schedule
of related party transactions |
|
|
|
|
|
|
|
|
B-Related
Party |
|
|
|
|
|
|
|
|
Loan
payable - Stockholder, 0%, Due December 31, 2025 (1) |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
|
$ |
250,000 |
|
|
$ |
250,000 |
|
(1) |
|
The
$250,000 non-convertible note was issued as part of a Debt Modification Agreement dated January 2, 2014. On January 1, 2019, the
holder of the note extended the due date until December 31, 2021. The interest rate of the non-convertible note is 0%. The
Company used the stated rate of 9% as imputed interest rate, which was $78,719 and $67,500 as of June 30, 2024 and year ended December
31, 2023, respectively. As of June 30, 2024, the balance of the debt was $250,000. On December 31, 2021, the Company entered
into an agreement to further extend the debt until December 31, 2025, with no additional interest for the extension period. |
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v3.24.2.u1
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
9 – STOCKHOLDERS’ EQUITY
The Company has 10,000,000
shares of preferred stock authorized with a par value of $0.001, of which 100,000 shares have been designated as Series C convertible
preferred stock (“Series C” or “Series C preferred stock”). The Company has 10,000,000 shares of preferred stock
authorized. The Board has the authority to issue the shares in one or more series and to fix the designations, preferences, powers and
other rights, as it deems appropriate.
Each share of Series
C has 434 votes on any matters submitted to a vote of the stockholders of the Company and is entitled to dividends equal to the dividends
of 434 shares of common stock. Each share of Series C preferred stock is convertible at any time at the option of the holder into 434
shares of common stock.
Pursuant
to the terms and conditions of this Agreement, the Holders each agreed to (a) waive payment of approximately $338,000 of Accrued Compensation;
(b) defer payment of the remaining balance of Accrued Compensation owed to each of them of approximately $250,000 until January 1, 2025
; and (c) exchange the 50,000 Series C Shares ( at total of 100,000) for twenty (20) Series D Convertible Preferred Shares of Kaya Holdings
Stock. Mr. Frank’s Series D shares were issued to Mr. Frank and the Series D shares issued for the option held by BMN were issued
to RLH Financial Services pursuant to a private sale between BMN and RLH whereby RLH acquired the shares in exchange for a promissory
note in the amount of $1,000,000.
Each Share of 40
Series D Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, into one percent (1%)
of the Company’s Fully Diluted Capitalization as of the Conversion Date.
The Company has 500,000,000
shares of common stock authorized with a par value of $0.001. Each share of common stock has one vote per share for the election of directors
and all other items submitted to a vote of stockholders. The common stock does not have cumulative voting rights, preemptive, redemption
or conversion rights.
FDT increased the
authorized preferred stock from 85 to 90 shares and issued an additional 9 preferred stock to Kaya Holdings. As the result of the stock
changes, the Company’s ownership of FDT changed to approximately 54%.
The Company sold
1,265,000 shares of FDT as of June 30, 2024 for $12,650. It doesn’t affect the control right of the Company.
As of June 30, 2024, there were 22,172,835
shares of common stock outstanding and 1,100,000 shares subscription payable which total was 23,272,835 shares and no new issuances of
common stock during the six months ended June 30, 2024.
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
DERIVATIVE LIABILITIES
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE LIABILITIES |
NOTE
10 – DERIVATIVE LIABILITIES
Effective January
1, 2019, an equity-linked financial instrument with a down round feature that otherwise is not required to be classified as a liability
under the guidance in Topic 480 is evaluated under the guidance in Topic 815, Derivatives and Hedging, to determine whether it meets
the definition of a derivative. If it meets that definition, the instrument (or embedded feature) is evaluated to determine whether it
is indexed to an entity’s own stock as part of the analysis of whether it qualifies for a scope exception from derivative accounting.
Generally, for warrants and conversion options embedded in financial instruments that are deemed to have a debt host (assuming the underlying
shares are readily convertible to cash or the contract provides for net settlement such that the embedded conversion option meets the
definition of a derivative), the existence of a down round feature results in an instrument not being considered indexed to an entity’s
own stock. This results in a reporting entity being required to classify the freestanding financial instrument or the bifurcated conversion
option as a liability, which the entity must measure at fair value initially and at each subsequent reporting date.
However, due to a
recognition of tainting, due to variable conversion price on some of the convertible notes, all convertible notes are considered to have
a derivative liability, therefore the Company accounted for these Notes under ASC Topic 815-15 “Embedded Derivative.” The
derivative component of the obligation is initially valued and classified as a derivative liability with an offset to discounts on convertible
debt. Discounts are amortized to interest expense over the respective term of the related note. In determining the indicated value of
the convertible note issued, the Company used the Binomial Options Pricing Model with a risk-free interest rate of ranging 4.77%
to 5.37%,
volatility ranging from 154.81%
to 174.23%,
trading prices ranging from $0.033 per
share and a conversion price ranging from $0.0264
to $0.08
per share. The total derivative liabilities associated
with these notes were $2,658,222 at
June 30, 2024 and $2,752,321 at
December 31, 2023.
As a result of the
application of ASC No. 815, the fair value of the ratchet feature related to convertible debt is summarized as follow:
Schedule
of ratchet feature related to convertible debt | |
| | |
Balance as of December 31, 2023 | |
$ | 2,752,321 | |
Change in Derivative value | |
| (325,245 | ) |
Initial derivative | |
| 231,146 | |
Balance as of June 30, 2024 | |
$ | 2,658,222 | |
The Company recorded
the debt discount to the extent of the gross proceeds raised and expanded immediately the remaining fair value of the derivative liability,
as it exceeded the gross proceeds of the note.
The Company recorded
initial derivative liabilities of $231,146
and $0 for the new notes issued as of June 30,
2024 and December 31, 2023, respectively.
The Company recorded
a change in the value of embedded derivative liabilities gain of $325,245
as of June 30, 2024 and a gain of $3,297,215
for the year ended December 31, 2023.
The Company reclassified
derivative liabilities of $0 to additional paid in capital due to debt repayments for the six months ended June 30, 2024 and $155,342
for year ended December 31, 2023
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.24.2.u1
DEBT DISCOUNT
|
6 Months Ended |
Jun. 30, 2024 |
Debt Discount |
|
DEBT DISCOUNT |
NOTE
11 – DEBT DISCOUNT
The Company recorded
the debt discount to the extent of the gross proceeds raised and expensed immediately the remaining fair value of the derivative liability,
as it exceeded the gross proceeds of the note.
Debt discount amounted
to $205,093 and
$742 as
of June 30, 2024 and December 31, 2023, respectively.
The Company recorded
the amortization of debt discount of $26,795
and $249,553
for the six months ended June 30, 2024 and 2023,
respectively.
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
12 – RELATED PARTY TRANSACTIONS
At December 31, 2014,
the Company was indebted to an affiliated shareholder of the Company for $840,955, which consisted of $737,100 principal and $103,895
accrued interest, with interest accruing at 10%. On January 2, 2014, the Company entered into a Debt Modification Agreement whereby the
total amount of the debt was reduced to $750,000 and no interest accrued until December 31, 2015. $500,000 of the debt is convertible
into 50,000 Series C Convertible Preferred Shares of KAYS. The remaining $250,000 is not convertible and booked in related party notes
payable as of June 30, 2024.
In 2019, the Company
entered into amended consulting agreements with Tudog International Consulting, Inc. which provides CEO services to the Company through
Craig Frank, an Officer of the Company and BMN Consultants, Inc. which provides business development and financial consulting services
to the Company through William David Jones, a non-officer Consultant to the Company. Pursuant to the amended consulting agreements, each
entity is entitled to monthly compensation of $25,000.
Due to the liquidity of the Company, compensations were paid partially over the periods. As of March 31, 2024, the accrued compensation
was approximately $500,000.
By agreement of the parties, the accrued compensation will not be paid until December 1, 2026 and has been recorded as a
long-term liability. As of June 30, 2024, the Company also had $561,118
of accrued compensation due to Tudog International
Consulting, Inc. and BMN Consultants, Inc.
On July 28,
2021 the Company announced that all terms had been satisfied. Pursuant to the terms of the settlement, Bruce Burwick surrendered to KAYS
1,006,671 shares of our common stock issued to him in connection with the transaction (800,003 shares which were issued for the facility
purchase, 166,667 shares which were issued for $250,000 in cash and 40,001 shares which were issued as annual compensation for Burwick
serving as a director of KAYS). The shares have been submitted to KAYS' transfer agent for cancellation. In addition, the Company received
clear title to the warehouse facility, which enables the Company to sell it without restriction. As part of the settlement, Burwick received
$160,000 from the net proceeds of the sale of the facility's grow license to an unrelated third party, resigned from the Company's board
of directors and agreed to work as a non-exclusive consultant to the Company for the next four years for a yearly fee of $35,000.00.
As of June 30, 2024, the Company had $138,227 due to Bruce.
In 2023, The
Tudog Group, BMN Consultants, Inc, Inc and 495 Oxford Consulting, Inc which all provide services to the Company through Craig Frank and
William David Jones, forgiven totally $38,329 of payable expense. The payable forgiveness were recorded as Additional paid in capital.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
STOCK OPTION PLAN
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTION PLAN |
NOTE
13 – STOCK OPTION PLAN
On September 15,
2022 the Company approved the 2022 Equity Incentive Plan, which provides for equity incentives to be granted to the Company’s employees,
executive officers or directors or to key advisers or consultants. Equity incentives may be in the form of stock options with an exercise
price not less than the fair market value of the underlying shares as determined pursuant to the 2022 Incentive Stock Plan, restricted
stock awards, other stock based awards, or any combination of the foregoing. The 2022 Incentive Stock Plan is administered by the board
of directors. The remaining balance of the shares available in the plan is 450,000 shares.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
14 – COMMITMENTS AND CONTINGENCIES
Operating Leases
The
Company has several operating leases for an office in Fort Lauderdale, Florida and four retail store locations in Oregon under arrangements
classified as leases under ASC 842.
Effective June 1,
2019, the Company leased the office space in Fort Lauderdale, Florida under a 2-year operating lease expiring May 31, 2021 at a rate
of $1,802 per month. On June 1, 2021 the lease was extended for another year and on June 1 in 2022 the lease was extended for an additional
year. The current monthly payment inclusive of sales tax and operating expenses is $2,136 with right of use liabilities of $18,722. The
lease was terminated on May 30, 2023. On October 1, 2023, the lease was extended for another year.
Effective May 15,
2014, the Company leased a unit in Portland, Oregon under a 5-year operating lease expiring May 15, 2019. In May 2019, the lease had
been extended to April 30, 2024. The total amount of rental payments due over the lease term is being charged to rent expense according
to the straight-line method over the term of the lease. In February 2024, the landlord and the Company agreed to terminate the lease
and the Company own $8,650 rent after $5,000 against the rent deposit. As of June 30, 2024, right of use liabilities and right of use
assets are all $0.
On September 21,
2023, the Company executed a lease for approximately 11,000 square feet of space in Portland, OR for its psilocybin business. The space
takes up the entire seventh floor of commercial building which has floor to ceiling windows offering sweeping views of the Portland Skyline,
and has an existing substantial kitchen/ café area that the Company intends to utilize for a “Microdosing Café”
concept, as well as already constructed rooms that the Company intends to utilize for individual and group Psilocybin sessions. The lease
is for one year with option for an additional two years, if all conditions are met. The lease does not commence until such time as the
Company has received notice of OHA Psilocybin Service Center License approval for the location.
The Company has escrowed
$51,817.75 with an Oregon-licensed attorney in Oregon (“Escrow Holder”) pursuant to an escrow agreement between Tenant, Landlord
and the Escrow Holder, of which $38,893.75 (the “Prepaid Rent”) is prepaid Base Rent and Additional Rent for months 1 through
5 of the Term and $12,925 is the Security Deposit. The lease commencement date is April 1, 2024 at a rate of $10,761 per month and $142,230
right of use assets and right of use liability were recorded.
The Company utilizes
the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The
Company used an estimated incremental borrowing rate of 9.32% to estimate the present value of the right of use liability.
The Company has right-of-use
assets of $119,402 and
operating lease liabilities of $119,521
as of June 30, 2024. Rent expenses for the six months ended
June 31, 2024 and 2023 were $79,481 and
$29,041,
respectively. The big changes were due to the new lease in Oregon.
Schedule
of future minimum rental payments for operating leases |
|
|
Maturity
of Lease Liabilities at June 30, 2024 |
|
Amount |
2024 |
|
71,152
|
2025 |
|
53,805
|
Total
lease payments |
|
124,957 |
Less:
Imputed interest |
|
5,436 |
Present
value of lease liabilities |
$ |
119,521 |
Schedule
of operating lease assets and liability |
|
|
|
|
|
|
|
Leased
assets |
|
Operating
Lease Liability |
|
Remaining
months |
|
Weighted
average |
|
As
of June 30, 2024 |
|
|
remaining
term |
KAYA |
|
6,485
|
|
|
3 |
|
0.16 |
FDT |
|
113,036
|
|
|
11 |
|
10.4 |
Total |
|
119,521
|
|
|
|
|
10.56 |
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Note
15 - SUBSEQUENT EVENTS
Events that occur after the balance sheet
date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of
subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial
statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure
in the accompanying notes.
On July 22, 2024, the
Company received $125,000 from CVC International, which together with $28,000 in accrued interest owed the investor, was applied to the
purchase in a private transaction of 6 units consisting of a $150,000 convertible note and 300,000 shares of common stock of FDT, valued
at $0.01 per share. Interest on the note accrues at the rate of 10% per annum. The note and accrued interest is convertible at any time
prior to maturity (July 22, 2024) at the option of the Institutional Investor into shares of the Company’s common stock, at a conversion
price of $0.08 per share. In addition to customary adjustments, for stock splits, stock dividends and other recapitalization events,
the conversion price and number of shares issuable upon conversion of the note is subject to adjustment if the market price of the Company’s
common stock 20 days before notice of conversion is given is less than $0.16 per share, in which case, the conversion price would be
adjusted to the lesser of 50% of the average closing price or the historical price for the 20 trading days before receipt of the conversion
notice, but in no event, less than $0.02 per share or more than $0.08 per share.
On July 31, 2024 the
Company entered into Note Modification Agreements with the following Institutional Investors: CVC International Ltd, NWP Finance LTD,
Lindsey R Perry Jr. and Gray Lady Capital. Pursuant to the existing Note Agreements held by these entities, after the issuance of the
Note to CVC International Ltd. on July 22, 2024 the conversion prices for all Notes held by these institutional investors were adjusted
to reflect those of the new Note, and all Notes held by these institutional investors were extended until December 31, 2026.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The accompanying
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) under the accrual basis of accounting.
|
Reclassifications |
Reclassifications
Certain prior period amounts have
been reclassified to conform to the current period presentation.
|
Use of Estimates |
Use
of Estimates
The preparation of
financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying notes.
Such estimates and
assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory,
estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value
of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates
of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.
Making estimates
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its
estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly
from estimates.
|
Risks and Uncertainties |
Risks
and Uncertainties
The Company’s
operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential
risk of business failure.
The Company has experienced,
and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute
to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product,
(ii) competition inherent at other locations where product is expected to be sold (iii) general economic conditions and (iv) the
related volatility of prices pertaining to the cost of sales.
|
Principles of Consolidation |
Principles
of Consolidation
The accompanying
consolidated financial statements include the accounts of Kaya Holdings, Inc. and all wholly and majority-owned subsidiaries. All significant
intercompany balances have been eliminated.
Majority-owned subsidiaries:
Fifth Dimension Therapeutics,
Inc. (a Florida Corporation)
Kaya Brands International, Inc.
(a Florida Corporation)
Kaya Shalvah (“Kaya Farms
Israel”, an Israeli corporation) majority owned subsidiary of KBI)
Kaya Farms Greece, S.A. (a Greek
Corporation) majority owned subsidiary of KBI)
|
· |
Marijuana Holdings Americas,
Inc. (a Florida corporation) |
|
Non-Controlling Interest |
Non-Controlling
Interest
The company owned 55% of Marijuana Holdings
Americas until September 30, 2019. Starting October 1, 2019, Kaya Holding, Inc. owns 65% of Marijuana Holdings Americas, Inc. As of December
31, 2022, Kaya owns 65% of Marijuana Holdings Americas, Inc.
The company owned 85% of Kaya Brands International,
Inc. until July 31, 2020. Starting August 1, 2020, Kaya Holding, Inc. owns 65% of Kaya Brands International, Inc.
During
the Q2, 204, FDT increased the authorized preferred stock from 85 to 90 shares and additional 9 shares issued to the Company which means
the Company’s ownership changed to54%. The Company still keep the majority control of Fifth Dimension Therapeutics, Inc.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash and cash equivalents
are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid
investments with an original maturity of three months or less. The Company had no cash equivalents.
|
Inventory |
Inventory
Inventory consists
of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out
method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates
the impact of any anticipated changes in future demand. Total Value of Finished goods inventory as of June 30, 2024 is $0
and $9,259
as of December 31, 2023. Inventory allowance
and impairment were $0 and
$0 as
of June 30, 2024 and December 31, 2023, respectively.
|
Property and Equipment |
Property
and Equipment
Property and equipment
is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-30
years of the respective assets. Expenditures
for maintenance and repairs are charged to expense as incurred.
Upon sale or retirement
of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected
in the statements of operations.
|
Long-lived assets |
Long-lived
assets
The Company reviews
long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible
assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining
amortization period. The Company recognizes an impairment loss if the carrying value of the asset exceeds the expected future cash flows.
|
Accounting for the Impairment of Long-Lived Assets |
Accounting
for the Impairment of Long-Lived Assets
We evaluate long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Upon such an occurrence, the recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to
forecasted undiscounted net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated
future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value
of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined
based on discounted cash flows, appraised values or management's estimates, depending upon the nature of the assets.
|
Operating Leases |
Operating
Leases
We lease our retail
stores under non-cancellable operating leases. Most store leases include tenant allowances from landlords, rent escalation clauses and/or
contingent rent provisions. We recognize rent expense on a straight-line basis over the lease term, excluding contingent rent, and record
the difference between the amount charged to expense and the rent paid as a deferred rent liability.
|
Deferred Rent and Tenant Allowances |
Deferred
Rent and Tenant Allowances
Deferred rent is
recognized when a lease contains fixed rent escalations. We recognize the related rent expense on a straight-line basis starting from
the date of possession and record the difference between the recognized rental expense and cash rent payable as deferred rent. Deferred
rent also includes tenant allowances received from landlords in accordance with negotiated lease terms. The tenant allowances are
amortized as a reduction to rent expense on a straight-line basis over the term of the lease starting at the date of possession.
|
Earnings Per Share |
Earnings
Per Share
In accordance with
ASC 260, Earnings per Share, the Company calculates basic earnings per share by dividing net income (loss) by the weighted average number
of common shares outstanding during the period. Diluted earnings per share are computed if the Company has net income; otherwise it would
be anti-dilutive and would result from the conversion of a convertible note.
|
Income Taxes |
Income
Taxes
The Company accounts
for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income
Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between
the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions
and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers
tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies.
If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of
deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more
likely than not” criteria of ASC 740.
ASC 740-10 requires
that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would
more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold,
the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being
realized upon ultimate settlement with the relevant tax authority.
We are subject
to certain tax risks and treatments that could negatively impact our results of operations
Section 280E of the
Internal Revenue Code, as amended, prohibits businesses from deducting certain expenses associated with trafficking-controlled substances
(within the meaning of Schedule I and II of the Controlled Substances Act). The IRS has invoked Section 280E in tax audits against various
cannabis businesses in the U.S. that are permitted under applicable state laws. Although the IRS issued a clarification allowing the
deduction of certain expenses, the scope of such items is interpreted very narrowly, and the bulk of operating costs and general administrative
costs are not permitted to be deducted. While there are currently several pending cases before various administrative and federal courts
challenging these restrictions, there is no guarantee that these courts will issue an interpretation of Section 280E favorable to cannabis
businesses.
|
Provision for Income Taxes |
Provision
for Income Taxes
We recorded a provision
for income taxes in the amount of $93,910
during the year ended December 31, 2022 compared to $782,107
during the year ended December 31, 2021. Although
we have net operating losses that we believe are available to us to offset this entire tax liability, which arises under Section 280E
of the Code because we are a cannabis company, as a conservative measure, we have accrued this liability.
|
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. |
Schedule of fair value assets and liabilities
measured on recurring and nonrecurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements at June 30, 2024 |
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
Assets |
|
|
|
|
|
|
Cash |
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
61,282 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $205,093 |
|
|
— |
|
|
|
— |
|
|
|
7,874,559 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,658,222 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,532,781 |
|
|
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
(10,532,781 |
) |
|
|
|
Fair
Value Measurements at December 31, 2023 |
|
|
|
Level
1 |
|
|
|
Level
2 |
|
|
|
Level
3 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
29,108 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $742 |
|
|
— |
|
|
|
— |
|
|
|
7,436,410 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,752,321 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,188,731 |
|
|
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
(10,188,731 |
) |
The carrying amounts of the Company’s
financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain
notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.
The Company accounts
for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 7.
|
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 Binomial 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 reassessed at the end of each reporting period.
In July 2017, the
FASB issued ASU 2017-11 Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivative and Hedging
(Topic 815). The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments
(or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities
or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed
to an entity’s own stock. The amendment also clarifies existing disclosure requirements for equity-classified instruments. As a
result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative
liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments,
the amendments require entities that present earnings per share (“EPS”) in accordance with Topic 260 to recognize the effect
of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common
shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to
the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt-Debt with Conversion and Other Options),
including related EPS guidance (in Topic 260). The amendments in Part II of this Update recharacterize the indefinite deferral of certain
provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not
have an accounting effect.
Prior to this Update, an equity-linked financial instrument
with a down round feature that otherwise is not required to be classified as a liability under the guidance in Topic 480 is evaluated
under the guidance in Topic 815, Derivatives and Hedging, to determine whether it meets the definition of a derivative. If it meets that
definition, the instrument (or embedded feature) is evaluated to determine whether it is indexed to an entity’s own stock as part
of the analysis of whether it qualifies for a scope exception from derivative accounting. Generally, for warrants and conversion options
embedded in financial instruments that are deemed to have a debt host (assuming the underlying shares are readily convertible to cash
or the contract provides for net settlement such that the embedded conversion option meets the definition of a derivative), the existence
of a down round feature results in an instrument not being considered indexed to an entity’s own stock. This results in a reporting
entity being required to classify the freestanding financial instrument or the bifurcated conversion option as a liability, which the
entity must measure at fair value initially and at each subsequent reporting date.
In August 2020, the
FASB issued ASU 202006, Debt-Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging-Contracts in Entity's
Own Equity (Subtopic 81540): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which is intended to
simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments
and contracts on an entity's own equity. In this Update revise the guidance for instruments with down round features in Subtopic 815-40,
Derivatives and Hedging—Contracts in Entity’s Own Equity, which is considered in determining whether an equity-linked financial
instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would
be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do
qualify, freestanding instruments with down round features are no longer classified as liabilities and embedded conversion options with
down round features are no longer bifurcated. The guidance allows for either full retrospective adoption or modified retrospective adoption.
The guidance is effective for the Company in the first quarter of fiscal year 2025 and early adoption is permitted. The Company is evaluating
the impact the adoption of this guidance will have on its condensed consolidated financial statements and related disclosures.
The amendments in
Part 1 of this Update are a cost savings relative to former accounting. This is because, assuming the required criteria for equity classification
in Subtopic 815-40 are met, an entity that issued such an instrument no longer measures the instrument at fair value at each reporting
period (in the case of warrants) or separately accounts for a bifurcated derivative (in the case of convertible instruments) on the basis
of the existence of a down round feature. For convertible instruments with embedded conversion options that have down round features,
applying specialized guidance such as the model for contingent beneficial conversion features rather than bifurcating an embedded derivative
also reduces cost and complexity. Under that specialized guidance, the issuer recognizes the intrinsic value of the feature only when
the feature becomes beneficial instead of bifurcating the conversion option and measuring it at fair value each reporting period.
The amendments in
Part II of this Update replace the indefinite deferral of certain guidance in Topic 480 with a scope exception. This has the benefit
of improving the readability of the Codification and reducing the complexity associated with navigating the guidance in Topic 480.
The Company adopted
this new standard on January 1, 2019; however, the Company needs to continue the derivative liabilities due to variable conversion price
on some of the convertible instruments. As such, it did not have a material impact on the Company’s consolidated financial statements.
|
Debt Issue Costs and Debt Discount |
Debt
Issue Costs and Debt Discount
The Company may record
debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid
in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
|
Original Issue Discount |
Original
Issue Discount
For certain convertible
debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be
recorded as a debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
|
Extinguishments of Liabilities |
Extinguishments
of Liabilities
The Company accounts
for extinguishments of liabilities in accordance with ASC 405-20 “Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities”. When the conditions are met for extinguishment accounting, the liabilities are derecognized and
the gain or loss on the sale is recognized.
|
Stock-Based Compensation - Employees |
Stock-Based
Compensation - Employees
The Company accounts
for its stock-based compensation in which the Company obtains employee services in share-based payment transactions under the recognition
and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification.
Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the
consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received
or the fair value of the equity instrument issued, whichever is more reliably measurable.
The measurement date
used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the
date on which it is probable that performance will occur.
If the Company is
a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Company’s most
recent private placement memorandum (based on sales to third parties) (“PPM”), or weekly or monthly price observations would
generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger
spread between the bid and asked quotes and lack of consistent trading in the market.
The fair value of share options and similar
instruments is estimated on the date of grant using a Binomial Option Model option-pricing valuation model. The ranges of
assumptions for inputs are as follows:
• |
|
Expected
term of share options and similar instruments: The expected life of options and similar instruments
represents the period of time the option and/or warrant are expected to be outstanding. Pursuant
to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected
term of share options and similar instruments represents the period of time the options and
similar instruments are expected to be outstanding taking into consideration of the contractual
term of the instruments and employees’ expected exercise and post-vesting employment
termination behavior into the fair value (or calculated value) of the instruments. Pursuant
to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected
term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate expected term
due to the limited period of time its equity shares have been publicly traded; (ii) A company
significantly changes the terms of its share option grants or the types of employees that
receive share option grants such that its historical exercise data may no longer provide
a reasonable basis upon which to estimate expected term; or (iii) A company has or expects
to have significant structural changes in its business such that its historical exercise
data may no longer provide a reasonable basis upon which to estimate expected term. The Company
uses the simplified method to calculate expected term of share options and similar instruments
as the company does not have sufficient historical exercise data to provide a reasonable
basis upon which to estimate expected term.
|
• |
|
Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
|
• |
|
Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
|
• |
|
Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
|
Generally, all forms of share-based payments,
including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on
the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.
The expense resulting from share-based
payments is recorded in general and administrative expense in the statements of operations.
|
Stock-Based Compensation – Non-Employees |
Stock-Based
Compensation – Non-Employees
Equity Instruments Issued to Parties
Other Than Employees for Acquiring Goods or Services
In June 2018, the
FASB issued ASU No. 2018-07, Compensation – Stock Compensation: Improvement to Nonemployee Share-Based Payment Accounting (Topic
718). The ASU supersedes ASC 505-50, Equity-Based Payment to Non-Employment and expends the scope of the Topic 718 to include stock-based
payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based
payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of
an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new
guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.
The fair value of
share options and similar instruments is estimated on the date of grant using a Binomial option-pricing valuation model. The
ranges of assumptions for inputs are as follows:
• |
|
Expected
term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i)
of the FASB Accounting Standards Codification the expected term of share options and similar
instruments represents the period of time the options and similar instruments are expected
to be outstanding taking into consideration of the contractual term of the instruments and
holder’s expected exercise behavior into the fair value (or calculated value) of the
instruments. The Company uses historical data to estimate holder’s expected
exercise behavior. If the Company is a newly formed corporation or shares of the
Company are thinly traded the contractual term of the share options and similar instruments
is used as the expected term of share options and similar instruments as the Company does
not have sufficient historical exercise data to provide a reasonable basis upon which to
estimate expected term.
|
• |
|
Expected
volatility of the entity’s shares and the method used to estimate it. Pursuant
to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the
calculated value method shall disclose the reasons why it is not practicable for the Company
to estimate the expected volatility of its share price, the appropriate industry sector index
that it has selected, the reasons for selecting that particular index, and how it has calculated
historical volatility using that index. The Company uses the average historical
volatility of the comparable companies over the expected contractual life of the share options
or similar instruments as its expected volatility. If shares of a company are
thinly traded the use of weekly or monthly price observations would generally be more appropriate
than the use of daily price observations as the volatility calculation using daily observations
for such shares could be artificially inflated due to a larger spread between the bid and
asked quotes and lack of consistent trading in the market.
|
• |
|
Expected
annual rate of quarterly dividends. An entity that uses a method that employs
different dividend rates during the contractual term shall disclose the range of expected
dividends used and the weighted-average expected dividends. The expected dividend
yield is based on the Company’s current dividend yield as the best estimate of projected
dividend yield for periods within the expected term of the share options and similar instruments.
|
• |
|
Risk-free
rate(s). An entity that uses a method that employs different risk-free rates shall disclose
the range of risk-free rates used. The risk-free interest rate is based on the
U.S. Treasury yield curve in effect at the time of grant for periods within the expected
term of the share options and similar instruments.
|
|
Revenue Recognition |
Revenue
Recognition
Effective January
1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identifying
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.
To confirm, all of
our OLCC licensed cannabis retail sales operations are conducted and operated on a “cash and carry” basis- product(s) from
our inventory accounts are sold to the customer(s) and the customer settles the account at time of receipt of product via cash payment
at our retail store; the transaction is recorded at the time of sale in our point-of-sale software system. Revenue is only reported after
the product has been delivered to the customer and the customer has paid for the product with cash.
To date the only
other revenue we have received is for ATM transactions and revenue from this activity is only reported after we receive payment via check
from the ATM service provider company.
|
Cost of Sales |
Cost
of Sales
Cost of sales represents costs directly
related to the purchase of goods and third party testing of the Company’s products.
|
Related Parties |
Related
Parties
The Company follows
subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party
transactions.
Pursuant to Section
850-10-20 the related parties include a. affiliates of the Company; b. Entities for which investments in their equity securities would
be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to
be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing
trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company;
f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies
of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and
g. Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The consolidated
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the
preparation of consolidated or combined financial statements is not required in those statements.
The disclosures shall
include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts
or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed
necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for
each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from
that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and,
if not otherwise apparent, the terms and manner of settlement.
|
Contingencies |
Contingencies
The Company follows
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as
of the date the consolidated 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. However,
there is no assurance that such matters will not materially and adversely affect the Company’s business, consolidated financial
position, and consolidated results of operations or consolidated cash flows.
|
Uncertain Tax Positions |
Uncertain
Tax Positions
The Company did not
take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section
740-10-25 for the reporting period ended June 30, 2024.
|
Subsequent Events |
Subsequent
Events
The Company follows
the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company
will evaluate subsequent events through the date when the financial statements are issued.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
From time to time,
new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified
effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective
will not have a material effect on its consolidated financial position or results of operations upon adoption.
In November 2023,
the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures
(Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses
that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a
segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an
explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding
how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the
financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures
when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024.
In December 2023,
the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements
that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included
in our consolidated financial statements, once adopted.
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of fair value assets and liabilities measured on recurring and nonrecurring basis |
Schedule of fair value assets and liabilities
measured on recurring and nonrecurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurements at June 30, 2024 |
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
Assets |
|
|
|
|
|
|
Cash |
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
61,282 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $205,093 |
|
|
— |
|
|
|
— |
|
|
|
7,874,559 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,658,222 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,532,781 |
|
|
|
$ |
61,282 |
|
|
$ |
— |
|
|
$ |
(10,532,781 |
) |
|
|
|
Fair
Value Measurements at December 31, 2023 |
|
|
|
Level
1 |
|
|
|
Level
2 |
|
|
|
Level
3 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
|
29,108 |
|
|
|
— |
|
|
|
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debentures,
net of discounts of $742 |
|
|
— |
|
|
|
— |
|
|
|
7,436,410 |
|
Derivative liability |
|
|
— |
|
|
|
— |
|
|
|
2,752,321 |
|
Total liabilities |
|
|
— |
|
|
|
— |
|
|
|
10,188,731 |
|
|
|
$ |
29,108 |
|
|
$ |
— |
|
|
$ |
(10,188,731 |
) |
|
X |
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property, plant and equipment |
Schedule of property, plant
and equipment | |
| | | |
| | |
| |
June 30, 2024 | |
December 31, 2023 |
| |
(Unaudited) | |
(Audited) |
Computer | |
| 30,713 | | |
| 30,713 | |
Furniture & Fixtures | |
| 56,978 | | |
| 56,978 | |
HVAC | |
| 25,000 | | |
| 25,000 | |
Land | |
| 17,703 | | |
| 17,703 | |
Leasehold Improvements | |
| 51,070 | | |
| 32,304 | |
Machinery and Equipment | |
| 55,067 | | |
| 55,067 | |
Vehicle | |
| 24,000 | | |
| 24,000 | |
Total | |
| 260,531 | | |
| 241,765 | |
Less: Accumulated Depreciation | |
| (218,077 | ) | |
| (216,890 | ) |
Property, Plant and Equipment
- net | |
$ | 42,454 | | |
$ | 24,875 | |
|
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v3.24.2.u1
NON-CURRENT ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of other assets |
Schedule of other assets | |
| | | |
| | |
| |
| June
30, 2024 | | |
| December
31, 2023 | |
Other receivable | |
| 10,740 | | |
| 11,047 | |
Rent deposits | |
| 12,925 | | |
| 23,941 | |
Security deposits | |
| 5,491 | | |
| 5,491 | |
Total Non-current
assets | |
| 29,156 | | |
| 40,479 | |
|
X |
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v3.24.2.u1
CONVERTIBLE DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Convertible Debt |
Schedule
of Convertible Debt |
Convertible
Debt Summary |
|
Debt
Type |
Debt
Classification |
Interest
Rate |
Due
Date |
Ending
|
CT
|
LT
|
6/30/2024 |
12/31/2023 |
|
|
|
|
|
|
|
|
A |
Convertible |
X
|
|
10.0% |
1-Jan-17 |
25,000
|
$ 25,000
|
B |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
82,391
|
82,391
|
C |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
41,195
|
41,195
|
D |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
262,156
|
262,156
|
O |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
136,902
|
136,902
|
P |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,173
|
66,173
|
Q |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
65,274
|
65,274
|
S |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
63,205
|
63,205
|
T |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
313,634
|
313,634
|
CC |
Convertible |
X
|
|
12.0% |
1-Jan-24 |
110,000
|
100,000
|
KK |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
188,000
|
188,000
|
LL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
749,697
|
749,697
|
MM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
124,690
|
124,690
|
NN |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
622,588
|
622,588
|
OO |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
620,908
|
620,908
|
PP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
611,428
|
611,428
|
QQ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
180,909
|
180,909
|
RR |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
586,804
|
586,804
|
SS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
174,374
|
174,374
|
TT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
345,633
|
345,633
|
UU |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
171,304
|
171,304
|
VV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
121,727
|
121,727
|
XX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
112,734
|
112,734
|
YY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
173,039
|
173,039
|
ZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
166,603
|
166,603
|
AAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
104,641
|
104,641
|
BBB |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
87,066
|
87,066
|
DDD |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,262
|
75,262
|
EEE |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
160,619
|
160,619
|
GGG |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
79,422
|
79,422
|
JJJ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
52,455
|
52,455
|
LLL |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
77,992
|
77,992
|
MMM |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
51,348
|
51,348
|
PPP |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
95,979
|
95,979
|
SSS |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
TTT |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
80,000
|
80,000
|
VVV |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
75,000
|
75,000
|
WWW |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
60,000
|
60,000
|
XXX |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
100,000
|
100,000
|
YYY |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
50,000
|
50,000
|
ZZZ |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
40,000
|
40,000
|
AAAA |
Convertible |
|
X
|
8.0% |
31-Dec-25 |
66,000
|
66,000
|
BBBB |
Convertible |
X
|
|
12.0% |
1-Mar-23 |
- |
150,000
|
CCCC |
Convertible |
X
|
|
10.0% |
1-Mar-23 |
- |
120,000
|
DDDD |
Convertible |
X
|
|
10.0% |
31-Dec-24 |
- |
100,000
|
EEEE |
Convertible |
|
X
|
10.0% |
25-Dec-25 |
15,000
|
- |
FFFF |
Convertible |
|
X
|
10.0% |
23-Jan-26 |
60,000
|
- |
GGGG |
Convertible |
|
X
|
10.0% |
12-Mar-26 |
150,000
|
- |
HHHH |
Convertible |
|
X
|
10.0% |
15-Mar-26 |
107,500
|
- |
IIII |
Convertible |
|
X
|
10.0% |
1-May-26 |
150,000
|
- |
JJJJ |
Convertible |
|
X
|
10.0% |
4-Jun-26 |
150,000
|
- |
|
|
|
|
|
|
|
|
Total
Convertible Debt |
8,079,652
|
7,807,152
|
Less:
Discount |
(205,093) |
(387,819) |
Convertible
Debt, Net of Discounts |
$ 7,874,559
|
$ 7,419,333
|
Convertible
Debt, Net of Discounts, Current |
$ 135,000
|
$ 240,288
|
Convertible
Debt, Net of Discounts, Long-term |
$ 7,739,559
|
$ 7,179,045
|
|
X |
- DefinitionTabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.
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v3.24.2.u1
NON-CONVERTIBLE DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Non-convertible Debt |
|
Schedule of nonconvertible debt |
Schedule
of nonconvertible debt |
|
|
|
|
|
|
|
|
|
|
June
30,
2024 |
|
December
31, 2023 |
Current non-convertible
notes |
|
|
9,312 |
|
|
|
124,312 |
|
Non-current
non-convertible notes |
|
|
500,000 |
|
|
|
500,000 |
|
Total non-convertible notes |
|
|
509,312 |
|
|
|
624,312 |
|
|
|
|
|
|
|
|
|
|
Breakdown |
|
|
|
|
|
|
|
|
Note 5 |
|
$ |
9,312 |
|
|
$ |
9,312 |
|
Note 6 |
|
|
500,000 |
|
|
|
500,000 |
|
Note 7 |
|
|
— |
|
|
|
100,000 |
|
Note 8 |
|
|
— |
|
|
|
15,000 |
|
Total non-convertible notes |
|
$ |
509,312 |
|
|
$ |
624,312 |
|
|
Schedule of related party transactions |
Schedule
of related party transactions |
|
|
|
|
|
|
|
|
B-Related
Party |
|
|
|
|
|
|
|
|
Loan
payable - Stockholder, 0%, Due December 31, 2025 (1) |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
|
$ |
250,000 |
|
|
$ |
250,000 |
|
(1) |
|
The
$250,000 non-convertible note was issued as part of a Debt Modification Agreement dated January 2, 2014. On January 1, 2019, the
holder of the note extended the due date until December 31, 2021. The interest rate of the non-convertible note is 0%. The
Company used the stated rate of 9% as imputed interest rate, which was $78,719 and $67,500 as of June 30, 2024 and year ended December
31, 2023, respectively. As of June 30, 2024, the balance of the debt was $250,000. On December 31, 2021, the Company entered
into an agreement to further extend the debt until December 31, 2025, with no additional interest for the extension period. |
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of future minimum rental payments for operating leases |
Schedule
of future minimum rental payments for operating leases |
|
|
Maturity
of Lease Liabilities at June 30, 2024 |
|
Amount |
2024 |
|
71,152
|
2025 |
|
53,805
|
Total
lease payments |
|
124,957 |
Less:
Imputed interest |
|
5,436 |
Present
value of lease liabilities |
$ |
119,521 |
|
Schedule of operating lease assets and liability |
Schedule
of operating lease assets and liability |
|
|
|
|
|
|
|
Leased
assets |
|
Operating
Lease Liability |
|
Remaining
months |
|
Weighted
average |
|
As
of June 30, 2024 |
|
|
remaining
term |
KAYA |
|
6,485
|
|
|
3 |
|
0.16 |
FDT |
|
113,036
|
|
|
11 |
|
10.4 |
Total |
|
119,521
|
|
|
|
|
10.56 |
|
X |
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v3.24.2.u1
ORGANIZATION AND NATURE OF THE BUSINESS (Details Narrative) - USD ($)
|
Apr. 21, 2023 |
Aug. 31, 2017 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Sale of store |
$ 210,000
|
|
|
Expenses and pay |
75,000
|
|
|
Non-performing store leases |
$ 118,900
|
|
|
Intended to construct |
|
$ 510,000
|
|
Mortgage on property |
|
500,000
|
|
Sell the property and utilize proceeds |
|
500,000
|
|
Sale of property |
|
270,000
|
|
Sold property for price |
|
769,500
|
|
Borrowed from interest |
|
$ 100,000
|
|
Assets held for sale |
|
|
$ 516,076
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Cash |
$ 61,282
|
$ 29,108
|
Total assets |
61,282
|
29,108
|
Fair value, net asset (liability) |
61,282
|
29,108
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Convertible debentures, net of discounts |
7,874,559
|
7,436,410
|
Derivative liability |
2,658,222
|
2,752,321
|
Total liabilities |
10,532,781
|
10,188,731
|
Fair value, net asset (liability) |
$ (10,532,781)
|
$ (10,188,731)
|
X |
- DefinitionFair value portion of asset recognized for present right to economic benefit.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Value of finished goods inventory |
$ 0
|
|
$ 0
|
|
$ 9,259
|
|
|
Inventory allowance and impairment |
0
|
|
0
|
|
0
|
|
|
Provision for income taxes |
|
$ 7,366
|
2,819
|
$ 13,839
|
|
$ 93,910
|
$ 782,107
|
Convertible debentures, net of discounts |
|
|
$ 205,093
|
|
$ 742
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Property equipment, estimated useful lives |
|
|
|
|
5 years
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
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|
|
|
|
30 years
|
|
|
X |
- DefinitionAmount, after tax, of interest recognized on convertible debt instrument excluding interest on principal required to be paid in cash.
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v3.24.2.u1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
Computer |
$ 30,713
|
$ 30,713
|
Furniture & Fixtures |
56,978
|
56,978
|
HVAC |
25,000
|
25,000
|
Land |
17,703
|
17,703
|
Leasehold Improvements |
51,070
|
32,304
|
Machinery and Equipment |
55,067
|
55,067
|
Vehicle |
24,000
|
24,000
|
Total |
260,531
|
241,765
|
Less: Accumulated Depreciation |
(218,077)
|
(216,890)
|
Property, Plant and Equipment - net |
$ 42,454
|
$ 24,875
|
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|
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Other receivable |
$ 10,740
|
$ 11,047
|
Rent deposits |
12,925
|
23,941
|
Security deposits |
5,491
|
5,491
|
Total Non-current assets |
$ 29,156
|
$ 40,479
|
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v3.24.2.u1
CONVERTIBLE DEBT (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Total convertible debt |
$ 8,079,652
|
$ 7,807,152
|
Less: Discount |
(205,093)
|
(387,819)
|
Convertible Debt, Net of Discounts |
7,874,559
|
7,419,333
|
Convertible Debt, Net of Discounts, Current |
135,000
|
240,288
|
Convertible Debt, Net of Discounts, Long-term |
$ 7,739,559
|
7,179,045
|
Convertible Debt A [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
1-Jan-17
|
|
Total convertible debt |
$ 25,000
|
25,000
|
Convertible Debt B [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 82,391
|
82,391
|
Convertible Debt C [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 41,195
|
41,195
|
Convertible Debt D [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 262,156
|
262,156
|
Convertible Debt O [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 136,902
|
136,902
|
Convertible Debt P [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 66,173
|
66,173
|
Convertible Debt Q [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 65,274
|
65,274
|
Convertible Debt S [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 63,205
|
63,205
|
Convertible Debt T [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 313,634
|
313,634
|
Convertible Debt CC [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
12.00%
|
|
Due date |
1-Jan-24
|
|
Total convertible debt |
$ 110,000
|
100,000
|
Convertible Debt KK [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 188,000
|
188,000
|
Convertible Debt LL [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 749,697
|
749,697
|
Convertible Debt MM [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 124,690
|
124,690
|
Convertible Debt NN [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 622,588
|
622,588
|
Convertible Debt OO [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 620,908
|
620,908
|
Convertible Debt PP [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 611,428
|
611,428
|
Convertible Debt QQ [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 180,909
|
180,909
|
Convertible Debt RR [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 586,804
|
586,804
|
Convertible Debt SS [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 174,374
|
174,374
|
Convertible Debt TT [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 345,633
|
345,633
|
Convertible Debt UU [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 171,304
|
171,304
|
Convertible Debt VV [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 121,727
|
121,727
|
Convertible Debt XX [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 112,734
|
112,734
|
Convertible Debt YY [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 173,039
|
173,039
|
Convertible Debt ZZ [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 166,603
|
166,603
|
Convertible Debt AAA [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 104,641
|
104,641
|
Convertible Debt BBB [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 87,066
|
87,066
|
Convertible Debt DDD [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 75,262
|
75,262
|
Convertible Debt EEE [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 160,619
|
160,619
|
Convertible Debt GGG [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 79,422
|
79,422
|
Convertible Debt JJJ [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 52,455
|
52,455
|
Convertible Debt LLL [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 77,992
|
77,992
|
Convertible Debt MMM [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 51,348
|
51,348
|
Convertible Debt PPP [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 95,979
|
95,979
|
Convertible Debt SSS [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 75,000
|
75,000
|
Convertible Debt TTT [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 80,000
|
80,000
|
Convertible Debt VVV [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 75,000
|
75,000
|
Convertible Debt WWW [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 60,000
|
60,000
|
Convertible Debt XXX [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 100,000
|
100,000
|
Convertible Debt YYY [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 50,000
|
50,000
|
Convertible Debt ZZZ [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 40,000
|
40,000
|
Convertible Debt AAAA [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.00%
|
|
Due date |
31-Dec-25
|
|
Total convertible debt |
$ 66,000
|
66,000
|
Convertible Debt BBBB [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
12.00%
|
|
Due date |
1-Mar-23
|
|
Total convertible debt |
|
150,000
|
Convertible Debt CCCC [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
1-Mar-23
|
|
Total convertible debt |
|
120,000
|
Convertible Debt DDDD [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
31-Dec-24
|
|
Total convertible debt |
|
$ 100,000
|
Convertible Debt EEEE [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
25-Dec-25
|
|
Total convertible debt |
$ 15,000
|
|
Convertible Debt FFFF [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
23-Jan-26
|
|
Total convertible debt |
$ 60,000
|
|
Convertible Debt GGGG [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
12-Mar-26
|
|
Total convertible debt |
$ 150,000
|
|
Convertible Debt HHHH [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
15-Mar-26
|
|
Total convertible debt |
$ 107,500
|
|
Convertible Debt IIII [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
1-May-26
|
|
Total convertible debt |
$ 150,000
|
|
Convertible Debt JJJJ [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
10.00%
|
|
Due date |
4-Jun-26
|
|
Total convertible debt |
$ 150,000
|
|
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v3.24.2.u1
NON-CONVERTIBLE DEBT (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Current non-convertible notes |
$ 9,312
|
$ 124,312
|
Non-current non-convertible notes |
500,000
|
500,000
|
Total non-convertible notes |
509,312
|
624,312
|
Note 5 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Current non-convertible notes |
9,312
|
9,312
|
Note 6 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Current non-convertible notes |
500,000
|
500,000
|
Note 7 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Current non-convertible notes |
|
100,000
|
Note 8 [Member] |
|
|
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|
|
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|
$ 15,000
|
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DERIVATIVE LIABILITIES (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
Balance at beginning |
$ 2,752,321
|
|
|
Change in Derivative value |
(325,245)
|
|
|
Initial derivative |
231,146
|
|
$ 0
|
Balance at ending |
$ 2,658,222
|
|
$ 2,752,321
|
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DERIVATIVE LIABILITIES (Details Narrative)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Derivative [Line Items] |
|
|
|
Trading price | $ / shares |
$ 0.033
|
|
|
Derivative liabilities | $ |
$ 2,658,222
|
|
$ 2,752,321
|
Initial derivative liability | $ |
231,146
|
|
0
|
Derivative liabilities gain | $ |
$ 325,245
|
|
$ 3,297,215
|
Minimum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Conversion price | $ / shares |
$ 0.0264
|
|
|
Maximum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Conversion price | $ / shares |
$ 0.08
|
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative liability rate |
0.0477
|
|
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative liability rate |
0.0537
|
|
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative liability rate |
1.5481
|
|
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
|
|
Derivative [Line Items] |
|
|
|
Derivative liability rate |
1.7423
|
|
|
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v3.24.2.u1
DEBT DISCOUNT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Debt Discount |
|
|
|
|
|
|
Debt discount |
$ 21,157
|
$ 68,010
|
$ 26,795
|
$ 249,553
|
$ 205,093
|
$ 742
|
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