Table
of Contents
As filed with the U.S. Securities and Exchange
Commission on August 27, 2024
Registration No. 333-276881
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 2
TO
FORM
S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Go
Green Global Technologies Corp.
(Exact name of registrant
as specified in its charter)
| Nevada |
3990 |
46-0853279 |
| (State or Other Jurisdiction of Incorporation or Organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification No.) |
5 Production Drive
Brookfield, CT 06804
(866) 847-3366
(Address, including zip code, and telephone number,
including area code,
of registrant’s principal executive offices)
Direct Transfer LLC
One Glenwood Avenue, Suite 1001
Raleigh, NC 27603
(919) 744-2722
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies to:
Ross D. Carmel, Esq.
Shane Wu, Esq.
Sichenzia
Ross Ference Carmel LLP
1185
Avenue of the Americas, 31st Floor
New
York, NY 10036
Telephone:
(212) 930-9700
Approximate date of commencement of proposed
sale to the public: As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities
Act”), check the following box. ☒
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Securities
Exchange Act of 1934.
| Large accelerated filer ☐ |
Accelerated filer ☐ |
| Non-accelerated filer ☒ |
Smaller reporting company ☒ |
| |
Emerging growth company ☒ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided to Section 7(a)(2)(B) of the Securities Act. ☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective
on such date as the SEC, acting pursuant to said Section 8(a) may determine.
The information in this
prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an
offer to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.
Subject to Completion, dated __________, 2024
PRELIMINARY PROSPECTUS
Go
Green Global Technologies Corp.
Up to 11,171,136 Shares of Common Stock
Up to 21,100,000 Shares of Common Stock Issuable
Upon Exercise of Warrants
This prospectus relates to up to 11,171,136
shares of common stock of Go Green Global Technologies Corp., par value $0.001 per share (“Common Stock”), that the selling
security holders identified in this prospectus (the “Selling Shareholders,” and each, “Selling Shareholder”)
may sell from time to time in one or more transactions in amounts, at prices and on terms that will be determined at the time of the
offering. The shares of Common Stock being offered for resale pursuant to this prospectus include up to (i) 3,076,923 shares of Common
Stock (collectively, the “Outstanding AJB Shares”) issued to one Selling Shareholder, AJB Capital Investments LLC (“AJB
Capital”), in our February 2022 bridge financing round (“2022 Bridge Financing”); (ii) 750,000 shares of Common Stock
issued to AJB Capital pursuant to amended terms of pre-funded warrants issued to AJB Capital in our May 2023 bridge financing round;
(iii) 7,344,213 shares of Common Stock held by certain Selling Shareholders (such shares, collectively and together with the Outstanding
AJB Capital Shares, the “Outstanding Shares”); (iv) 2,500,000 shares of Common Stock issuable upon exercise of our warrants
to purchase Common Stock, such warrants issued to AJB Capital in the 2022 Bridge Financing and which are exercisable for five years from
issuance, at an exercise price of $0.01 per share (the “2022 Warrants”); (v) 9,600,000 shares of Common Stock, in the aggregate,
issuable upon the exercise of warrants issued to certain Selling Shareholders in 2022 and 2023 as compensation for their services and
which are exercisable for five years from issuance, at various exercise prices (collectively, “Additional Warrants”); and
(vi) 9,000,000 shares of Common Stock issuable upon the exercise of our pre-funded warrants to purchase Common Stock, such pre-funded
warrants issued to AJB Capital in our May 2023 bridge financing round and which are exercisable at an exercise price of $0.001 per share
(collectively, the “2023 Warrants,” and, together with the 2022 Warrants and the Additional Warrants, the “Warrants,”
and the Common Stock underlying the Warrants, the “Warrant Shares”). We issued all of the aforesaid Common Stock and Warrants
to the Selling Shareholders in transactions which were not public securities offerings. See the section entitled “Selling
Shareholders” herein.
Our registration of the Outstanding Shares and
Warrant Shares (collectively, the “Shares”) does not mean that any or all of the Selling Shareholders will offer or sell any
of their respective Shares. The Selling Shareholders may sell the Shares registered pursuant to this prospectus on an existing public
trading market at prevailing market prices or privately negotiated prices. We will not receive any of the proceeds from such sales of
the Shares, except with respect to amounts received by us upon exercise of the Warrants. We will bear all costs, expenses and fees in
connection with the registration of the Shares, including with regard to compliance with state securities or “blue sky” laws.
The Selling Shareholders will bear all of the commissions and discounts, if any, attributable to its sale of their respective Shares.
Each Selling Shareholder may be considered an “underwriter” within the meaning of the Securities Act.
This prospectus describes the general manner
in which the Shares may be offered and sold by the Selling Shareholders. If necessary, the specific manner in which the Shares may be
offered and sold will be described in a supplement to this prospectus. Any such prospectus supplement may also add, update or change
information in this prospectus. You should carefully read this prospectus and any applicable prospectus supplement carefully before you
invest. For additional information on the methods of sale, you should refer to the section entitled “Plan of Distribution”
in this prospectus.
As
of the date of this prospectus, management holds 6.34% of the voting power of the Company. Additionally, our Chief Executive
Officer, President, and Director, Danny G. Bishop, holds all of the shares of our Series B Preferred Stock, which entitle their
holder to 20 votes per share. See “Risk Factors” for a discussion of the risks associated with (i) the significant
voting power of our Series B Preferred Stock; and (ii) future issuances of preferred stock, additional Common Stock or securities
convertible into shares of Common Stock in connection with our incentive plans, acquisitions or otherwise.
Our
Common Stock is quoted on the OTCQB under the symbol “GOGR.” The closing price of our Common Stock on August 26,
2024, as reported by the OTC Markets Group Inc. (the “OTC Markets Group”), was $0.07 per share.
Investing in our Common Stock involves a
high degree of risk. See “Risk Factors” beginning on page 11 of this prospectus for a
discussion of information that should be considered in connection with an investment in our Common Stock.
Neither the U.S. Securities and Exchange Commission
(“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.
We are an “emerging growth company”
as that term is used in the Jumpstart Our Business Startups Act of 2012, and we have elected to comply with certain reduced public company
reporting requirements.
Table of Contents
ABOUT
THIS PROSPECTUS
This prospectus describes the general manner
in which the Selling Shareholders may offer, from time to time, up to 32,271,136 Shares held by the Selling Shareholders as described
in the cover page of this prospectus. You should rely only on the information contained in this prospectus and the related exhibits,
any prospectus supplement or amendment thereto and the documents incorporated by reference, or to which we have referred you, before
making your investment decision. Neither we nor the Selling Shareholders have authorized anyone to provide you with different information.
If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus, any prospectus supplement
or amendments thereto do not constitute an offer to sell, or a solicitation of an offer to purchase, the Common Stock offered by this
prospectus, any prospectus supplement or amendments thereto in any jurisdiction to or from any person to whom or from whom it is unlawful
to make such offer or solicitation of an offer in such jurisdiction. You should not assume that the information contained in this prospectus,
any prospectus supplement or amendments thereto, as well as information we have previously filed with the SEC, is accurate as of any
date other than the date on the front cover of the applicable document.
If necessary, the specific manner in which the
Shares may be offered and sold will be described in a supplement to this prospectus, which supplement may also add, update or change
any of the information contained in this prospectus. To the extent there is a conflict between the information contained in this prospectus
and any prospectus supplement, you should rely on the information in such prospectus supplement, provided that if any statement in one
of these documents is inconsistent with a statement in another document having a later date, for example, a document incorporated by
reference in this prospectus or any prospectus supplement, the statement in that document having the later date modifies or supersedes
the earlier statement.
Neither the delivery of this prospectus nor any
distribution of Common Stock pursuant to this prospectus shall, under any circumstances, create any implication that there has been no
change in the information set forth or incorporated by reference into this prospectus or in our affairs since the date of this prospectus.
Our business, financial condition, results of operations and prospects may have changed since such date.
Unless the context indicates otherwise, the terms
“Go Green,” “Company,” “we,” “us” and “our” in this prospectus refer to Go
Green Global Technologies Corp., a Nevada corporation.
PROSPECTUS
SUMMARY
This summary highlights information contained
elsewhere in this prospectus and does not contain all the information you should consider before investing in our Common Shares and it
is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus.
You should carefully consider, among other things, the sections titled “Risk Factors,” “Cautionary Note Regarding
Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and our financial statements and the related notes included elsewhere in this prospectus.
Introduction
We are a technology and manufacturing company
based in Brookfield, Connecticut. We own the patented Sonical™ technology (U S. Patent Number 11,634,344 B2), which is designed
to render impurities inert in fluids, in a way that is cost-saving and avoids the use of harsh chemicals for fluid treatment. Our Sonical™
technology is intended to be installed into existing water supply and fuel consumption systems. The Sonical™ apparatus is designed
such that, after installation into an existing water or fuel treatment system, fluid can pass through the electromagnetic field created
within the apparatus and undergo molecular-level changes, resulting in cleaner water and fuel.
We envision our Sonical™ technology to
be a revolutionary catalyst in the global transition to a green economy. Our mission is to provide global access to this technology,
allowing for the extension of fuel life, a decrease in carbon emissions, and the elimination of harsh chemicals in water treatment worldwide.
Currently, we are in a pre-revenue stage of
development. As of the date of this prospectus, we have not launched any of the products discussed herein. We are in the process of finalizing
our manufacturing processes and sourcing materials to manufacture and commercialize our products at scale. We expect to begin launching
certain products approximately between the second and third fiscal quarters of 2024, assuming these products are successfully manufactured
and commercialized. We cannot assure that any or all of our products will ever launch, launch successfully, or that we will be able to
generate revenue from these products or adequate revenue to continue as a going concern.
The
report from our independent registered public accounting firm for the year ended December
31, 2023 includes an explanatory paragraph stating that we have suffered recurring losses
from operations and have a net capital deficiency that raises substantial doubt about its
ability to continue as a going concern. We have incurred net losses of $787,452 for the six
months ended June 30, 2024 and $3,454,183 for the year ended December 31, 2023 and our net
capital deficiency was $1,909,231 as of June 30, 2024 and $1,803,754 as of December 31, 2023.
Our Technology and Anticipated Products
The Sonical™ apparatus
is the technology supporting and incorporated into all of our water and fuel treatment products. This is a patented technology utilizing
pulsed power, which features unique coil design configurations that can create and conduct an electromagnetic field within the Sonical™
apparatus. The electromagnetic field triggers a forced sequential re-phasing arrangement within fluid passing through, which renders impurities
in the fluid inert.
We believe that our
Sonical™ technology, when incorporated into fuel and water treatment systems, can effectively address some of the issues with conventional
methods for fuel and water treatment. For one, conventional methods for water treatment typically involve the addition of chemical disinfectants
to remove bacteria within water, which can be harmful to human and environmental health. Disinfectants such as chlorine also have an
unpleasant taste and smell, which are especially significant concerns pertaining to potable water. There is also the persistent problem
of mineral buildup, specifically calcium carbonate, in distribution networks such as pipes and water flow devices. Ion-exchange water
softeners have been commonly used to remove minerals from (descale) pipes and water flow devices, but these softeners require continuous
and consistent maintenance, which can compound the costs associated with water treatment. Pipe repair and cleanup at large facilities
is also costly and poses significant safety concerns. The pulse power technology of the Sonical™ removes the need for chemical
disinfectants to water treatment systems while descaling water and controlling bacterial growth. The Sonical™ products are
customizable and easy to install and following installation require little to no maintenance. We believe that incorporating our Sonical™
products into existing water treatment and distribution systems will be a less costly and more environmentally sound alternative to conventional
methods.
Conventional methods
for extracting fuel from crude oil are also costly and harmful to the environment. Refinement costs for the production of commonly used
fuel from petroleum are substantial. To save on costs, producers may sell fuel products which may not be entirely free from impurities
such as hydrocarbons, even though the products can technically still be used for combustion. As a result, existing hydrocarbons in such
fuels can be emitted into the atmosphere, adding significant pollution to the environment. We believe the technology behind the Sonical™
apparatus, which produces varying electromagnetic wavelengths to alter the molecular structure of fuel, can potentially enable fuel to
burn more efficiently and result in cost savings and fewer carbon emissions.
We intend to have our
Sonical™ fuel products tested extensively in private laboratories to evaluate significant fuel efficiency increases, as well as
decreases in overall carbon emissions. For our Sonical™ water products, we intend to have our technology tested extensively at
private laboratories to evaluate the product's ability to eliminate the minerals causing scale buildup, as well as the elimination of
harmful microorganisms, such as bacteria in water.
Business Plans
We are presently ramping up manufacturing and
solidifying our market strategy to commercialize our products. We are in the process of finalizing our manufacturing processes and
sourcing materials to manufacture and commercialize our products at scale. Below are the business lines we expect to launch between
the second and third fiscal quarters of 2024, if and when our manufacturing and marketing goals are achieved. Currently, we have prototypes
for certain categories of these products and are finalizing their testing and techniques for manufacturing.
| Fuel
Treatment |
|
Water
Treatment & Descaling |
| Commercial
Boilers |
|
HVAC
Cooling Towers |
| Residential
Boilers |
|
Commercial
Descaling |
| Diesel
Generators |
|
Residential
Water |
| Automotive/Trucking |
|
Municipal
Water |
| Locomotive
(Heavy Rail) |
|
|
| Maritime
Vessels |
|
|
Our fuel treatment products are aimed at increasing
the efficiency of fuel, improving overall engine function, and decreasing lifetime carbon emissions. We believe this is achieved by installing
our fuel devices, which contain the Sonical™ technology, on a pre-combustion location within any fossil-fuel-burning system, such
as an oil-burning furnace, a generator, a car, a truck, and more. We believe the products in the planned fuel treatment line will experience
rapid growth due to increased fuel costs on a global level and increased levels of interest to decrease carbon dioxide emissions.
Our water treatment products are aimed at eliminating
the minerals causing scale buildup in water, allowing for better maintenance of water systems without the use of chemicals, and providing
improved life span of pipes. We believe the water treatment products are capable of increasing microbial control and eliminating unwanted
organic compounds, including viruses and bacteria both in potable water and industrial applications, such as HVAC systems. We anticipate
that the water treatment and descaling product lines will experience slower but more long-term growth compared to the fuel treatment
product lines.
We anticipate launching our boiler products and
diesel generator products first, anytime between the second and third fiscal quarters of 2024, using our existing distributor networks
to target (i) consumers in the northeast region of the United States utilizing residential and commercial boilers and (ii) consumers in
the diesel generator market in Canada. As our production capabilities grow and we obtain the necessary and desired certifications for
our products (including but not limited to UL certification and National Science Foundation water safety certification) within the next
year, we plan to expand our business to target the following segments for water treatment: residential potable water treatment, municipal
potable water treatment, municipal wastewater treatment, and industrial and commercial wastewater treatment. As to fuel treatment, after
our production capabilities grow, we plan to target the automotive, small and medium duty trucks, locomotive engines, and maritime vessels
markets.
After a year of commercializing and manufacturing
these products, we anticipate being able to target other markets and industry verticals to achieve larger scale installations of our
fuel and water products amongst our client base. Within a year from the start of production, we anticipate being able to scale up our
product output and generating more demand for our products.
In the long term, we plan to target the maritime
industry and the locomotive industry. There is a great demand for cost savings and reductions in carbon emissions in both of these industries,
which we believe we can directly address with our Sonical™ technology in the future.
Industry Overview
We operate in the “green-tech” or
“clean-tech” manufacturing space, which is a relatively new, emerging sector. The novel technology that this sector centers
around is still limited in use. We believe there are currently few existing competitors in this space, which provides us with a strong
path to market.
We believe there has been trending interest in
green technology and sustainability both in the public and private sectors and an increasingly expanding market for simple, retrofit
devices that can solve certain challenges in the treatment of water and fuel. Particularly in the public sector, there has been significant
legislation regarding emissions standards and mandates to address carbon footprint. Private automobiles, small and medium duty trucks,
locomotives, maritime vessels, and furnaces for heating of residential and commercial spaces are all examples of technologies which we
believe could benefit from the integration of our Sonical™ apparatus.
Additionally, there has been significant legislation
addressing the minimization of chemicals used to treat both potable water and water used in commercial and industrial processes. Residential
drinking water, municipal drinking water supplies, swimming pool maintenance, commercial water treatment of HVAC cooling towers, and
wastewater treatment are examples of functions that could benefit from the integration of our Sonical™ apparatus.
According
to our internal calculations based on addressable market sizes for various fuel and water treatment products, derived from public data
sources and guided pricing from our existing distributor networks, at just 1% of domestic market penetration across the variety of residential,
commercial, and industrial applications for our Sonical™ water and fuel treatment technology, there is potential for over $3 billion
in annual gross revenue at full-scale operation and production of our products. We calculated gross revenue for each product (“Gross
Revenue”) in our water and fuel treatment lines by using the addressable market size of each product (in units of product), approximated
from public data sources, multiplied by (i) 1% market penetration and (ii) wholesale pricing based on guided pricing within our existing
distributor networks. Then, we added the Gross Revenues for each of our products based on the formula in this paragraph and derived a
total gross revenue (“Total Gross Revenue”) of approximately $3 billion. [1] In our calculation for Total Gross
Revenue, material assumptions included: (i) the addressable market size of each product derived from each public data source was accurate;
(ii) the wholesale pricing based on guiding pricing within existing distributor networks are accurate; and (iii) there will indeed be
1% market penetration for our products. We did not commission
any of the industry or market data referenced in this prospectus.
Market and Growth
We believe there is a large, addressable market
for our Sonical™ fuel and water treatment technology. We have staggered plans to target various sectors of this market based on
our stage of development.
According to the U.S. Energy Information Administration’s
Short-Term Energy Outlook report, roughly 4.96 million households used heating oil as their main source of space heating fuel,
with 82% of those households in the northeast region of the country.[2] According to the same report, households spent an average
of $2,094 for the 2022 to 2023 winter season, a 13% increase from the 2021 to 2022 season. With oil prices continuing to rise, we anticipate
high consumer demand for a product with a high return on investment in a relatively short timeframe, which can increase fuel efficiency,
with the added benefit of decreasing consumer household carbon footprint.
As to water treatment, we plan to target
consumers who use descaling HVAC cooling towers and consumers who struggle with scale buildup in their water systems within the
commercial space, including restaurants, fast food chains, and other retailers. According to Forbes, in 2023, a new HVAC
system can cost anywhere from $5,000 to $34,000 depending on size. On average, HVAC installations cost around $8,000.[3] HVAC
systems must also be regularly maintained and are subject to scale buildup. To eliminate scale, HVAC technicians currently use
chemical maintenance programs that are costly and dangerous for human health. If these programs are not executed effectively, scale
buildup of just 0.18 of an inch on the fireside of boiler tubes can reduce heat transfer by 69%,[4] which thereby
increases fuel consumption and costs. We believe the installation of a Sonical™ unit can lead to cost savings for homeowners
and commercial buildings by eliminating the need for chemical descaling programs and decreasing the need for costly repairs and
replacements. We anticipate significant demand for our HVAC products, as well as demand for our general descaling product across a
variety of industries where descaling is a costly problem.
_________________________
[1] For a list of public data sources
which we consulted in arriving at these addressable market sizes, see footnote 1 in “Business – Industry Overview”
below.
[2]
U.S. Energy Information Administration, Short-Term Energy Outlook, Winter Fuels Outlook, Table WFO1, March
2023.
[3] Weimert,
Kelly. “How Much Does a New HVAC System Cost in 2023?” Forbes, Salaky, Kristin (editor). Last updated July 31,
2023.
https://www.forbes.com/home-improvement/hvac/new-hvac-system-cost/#:~:text=The%20price%20of%20a%20new,%248%2C000%2C%20including%20parts%20and%20labor.
[4]
As reported by the government of Canada. “Increasing the Energy Efficiency of Boiler and Heater Installations.”
Last modified February 17, 2016. https://natural-resources.canada.ca/energy/publications/efficiency/industrial/cipec/6699
To our knowledge, there is currently no product
in the residential, commercial, or industrial fuel and water treatment markets utilizing pulse power. Given the lack of competition, we
believe it is possible to achieve a 1% to 2% overall market penetration across the variety of potential vertical business niches in the
fuel and water treatment space.
In the longer term, we plan to target two other
major markets, the maritime industry, and the locomotive industry. These markets are currently in need of solutions for reducing carbon
emissions and decreasing costs. We believe these markets have great revenue potential and our products can effectively address cost saving
and carbon emissions concerns in the future.
The maritime industry currently uses exhaust
gas cleaning systems, or “scrubbers,” to decrease its carbon footprint, but this is not a holistic solution. With scrubbers,
carbon emissions are redirected from the atmosphere into the aquatic environment, which contributes to rising oceanic temperatures and
harms marine ecosystems. Scrubbers are also very expensive, ranging anywhere from $500,000 to $2.5 million to install one per vessel.
Go Green can integrate its Sonical™ technology into products geared towards the maritime industry, servicing large and small fleets,
including passenger vessels. We believe our Sonical™ products can increase fuel efficiency as well as decrease carbon emissions,
a two-fold solution that scrubbers do not provide. The Sonical™ product is also a more affordable solution compared to scrubbers,
as they are much simpler to install. We believe our products have the technology that increases fuel efficiency and decrease carbon emissions
directly, as opposed to scrubbers, which simply redirect air pollutants. Within the maritime industry, we believe we can also offer water
treatment solutions for both potable water usage and wastewater treatment. The installation of the Sonical™ apparatus on fleets
are projects of large scale by virtue of the size of maritime vessels, and costs to install our apparatus range from $250,000 to $1 million
per installation. We believe these projects offer significant revenue potential.
Within the locomotive industry, railway operators
are also under significant global pressure to modernize their systems and decrease their overall emissions output. At present, not many
solutions are available to address these issues. We believe we can offer our fuel products to locomotive companies across the globe,
providing a simple and affordable solution to improve fuel efficiency, increase the lifespan of engine components, and decrease lifetime
emissions. Our water treatment products can provide a chemical-free solution to descaling water systems. The installation of our products
into locomotive systems are conceivably projects of large scale and earnings associated therewith could significantly increase our overall
revenue stream.
Competition
With respect to the water treatment market, there
is one known company, Evapco Inc., which offers a similar product to the Sonical™, a descaling device similar to ours called Pulse-Pure.
Notably, one of Evapco’s main patents references two past patents of the inventor of our Sonical™ technology.[5] We
believe that the Pulse-Pure product has a lower efficiency rate than our products. We believe that the newest generation of the patented
Sonical™ technology, with its increased power, can offer customers even more efficient descaling.
With respect to the fuel treatment market, to
our knowledge and as of the date of this prospectus, there are no existing competitors that offer fuel efficiency devices utilizing pulsed
power technology. In the automobile market, there are other retrofit devices such as the EcoMax Fuel Saver that claim to offer fuel savings,
most of these being chip devices that connect to a vehicle’s electronic control unit (“ECU”). The companies launching
these products claim that after a consumer has driven for a certain number of miles, the chip will be able to read data from the ECU and
tune the vehicle’s computer for lower fuel consumption specific to the particular driver’s statistics, such as speed and driving
habits, among other things. In our view, there is limited data as to the efficacy of these products. We believe that our Sonical™
technology, when installed directly into a fuel line on a pre-burn location of nearly any fossil-fuel-burning engine, decreases fuel consumption
and thereby lifetime emissions. To our knowledge, no market participant has such capabilities.
[5] Patent No. 7,704,364, one of the
patents supporting Pulse-Pure, cites two past patents of Mr. Pandolfo, the inventor of our Sonical™ technology. The two patents
referenced were for decalcifier descaling devices for water treatment, utilizing variable resonance technology.
Intellectual Property
As of the date of this prospectus, we own the
following patents:
|
Patent
Number |
Place of
registration |
Title |
Owner |
Filing date |
Publication date |
| US 11,634,344 B2 |
United States |
Apparatus and method for treating substances using asymmetric-vector electrical fields |
Go Green Global Technologies Corp.[6] |
September 10, 2021 |
April 25, 2023 |
| |
|
|
|
|
|
| PCT/US2022/043068 |
International[7];
the Company submitted applications during the national entry phase
to Mexico on March 8, 2024 (Application no. MX/a/2024/003051) and Canada on March 11, 2024 (Application no. 3231504). |
Apparatus and method for treating substances using asymmetric-vector electrical fields |
Go Green Global Technologies Corp.[8] |
September 9, 2022 |
March 16, 2023 |
As of the date of this prospectus, we have the
following trademark applications pending:
| Trademark |
Place
of
registration |
Application
Number |
Owner |
Class |
Filing
date |
| SONICAL[9] |
Canada |
209183 |
Go Green Global Technologies Corp. |
009 |
March 26, 2021 |
| |
|
|
|
|
|
|
SONICAL[10]
|
United States |
90631615 |
Go Green Global Technologies Corp.[11] |
009 |
April 8, 2021 |
Recent Developments
On July 22, 2024, the Company’s Common Stock
started trading on the OTCQB.
On
July 3, 2024, the Company entered into a Distribution Agreement (“Distribution Agreement”)
with CALCLEAR Investments PTY Limited, (“CALCLEAR”) an Australian corporation
selling water conditioning products. The term of the Distribution Agreement will last until
July 3, 2027, after which the Distribution Agreement will be automatically renewed for an
additional three (3)-year term if the Company sells the minimum amount of CALCLEAR’s
water treatment products specified in the Distribution Agreement. Pursuant to the Distribution
Agreement, the Company will serve as the exclusive North American distributor of certain
CALCLEAR water treatment products developed using CALCLEAR’s patented technology and
related products manufactured or marketed by CALCLEAR during the term of the Distribution
Agreement. Certain individuals identified in “Item 15 – Recent Sales of Unregistered
Securities” will receive Common Stock as consideration for CALCLEAR ’s entry
into the Distribution Agreement. CALCLEAR will also receive value in the form of royalty
payments as consideration pursuant to the Distribution Agreement. The Distribution Agreement
is filed as Exhibit 10.7.
On June 3, 2024, we filed the Certificate of Amendment
to Designation, Preferences, and Rights of the Series A Preferred Stock, which, among other things, clarified that (i) the Series A Preferred
Stock will convert upon a securities offering of the Company or any of its subsidiaries which raises proceeds of $2,000,000 or more; and
(ii) the holders of Series A Preferred Stock have liquidation rights senior to holders of Common Stock.
On May 29, 2024, we filed the Certificate of Amendment
to Designation of the Series B Preferred Stock, which clarified that holders of the Series B Preferred Stock have liquidation rights senior
to holders of Series A Preferred Stock and holders of Common Stock, in such order.
On May 6, 2024, we filed the Certificate of Amendment
to the Articles of Incorporation, which increased our authorized capital stock to 525,000,000 and our authorized Common Stock to 500,000,000.
The Certificate of Amendment to the Articles of Incorporation is filed as Exhibit 3.11.
[6] The
inventor is Salvatore Mario Pandolfo, who previously assigned the patent to us pursuant to the APA (as defined below). We
were the applicant for this patent.
[7]
This patent was filed on the International Patent System, which allows patent holders to seek protection for their intellectual
property in its 57 participating countries, which list of countries can be accessed here: https://www.wipo.int/pct/en/pct_contracting_states.html.
[8] The
inventor is Salvatore Mario Pandolfo, who previously assigned the patent to us. We were the applicant for this patent.
[9] Goods associated with trademark as claimed in this
application: Fluid treatment apparatus for effecting physical or chemical changes to fluids or particles carried by fluids using variable
magnetic fields.
[10]
Goods and services associated with trademark as claimed in application: Scientific fluid treatment apparatus for domestic
and industrial use, namely, fluid handling device for effecting physical or chemical changes to fluids or particles carried by fluids
using variable magnetic fields used for disposable bioprocessing applications and parts and fittings therefor.
[11]
This trademark application (the “Pending U.S. Trademark”) has been suspended by the USPTO. The Canadian trademark
for application number 2095183 (the “Pending Canadian Trademark”) was filed prior to the Pending U.S. Trademark. Pursuant
to the Paris Convention for the Protection of Industrial Property, subsequent applications can be filed within six months of the Pending
Canadian Trademark application and claim the benefit of the Canadian filing date. In order for the priority date of the Pending Canadian
Trademark to apply for the Pending U.S. Trademark, the Pending Canadian Trademark must first be registered. Since the Pending Canadian
Trademark is still under review, the suspension on the Pending U.S. Trademark will continue until the Pending Canadian Trademark is registered.
On February 16, 2023, we entered into that certain
First Amended and Restated Asset Purchase Agreement with Salvatore Mario Pandolfo (“Pandolfo,” and the aforesaid agreement,
the “2023 APA Amendment”), which amended and restated that certain Asset Purchase Agreement between the Company and Pandolfo
dated May 2017 (the “APA”) to reflect (i) Pandolfo’s finalization of sale to us of all of the assets of the water and
fuel treatment business of his entity, Sonical s.r.l., an Italian company (the “Purchased Assets”), which Purchased Assets
includes, among other things, the intellectual property rights supporting the Sonical™ technology, (ii) Pandolfo’s transfer
of all of the intellectual property associated with the Purchased Assets, and (iii) Pandolfo’s delivery of certain Sonical™
testing units to us. A copy of the 2023 APA Amendment is filed as Exhibit 10.3 to this registration statement. The APA is filed as Exhibit
10.1 to this registration statement. The Amendment to the Asset Purchase Agreement dated June 2019 (the “2019 APA Amendment”)
is filed as Exhibit 10.2 to this registration statement, which, among other things, amended certain terms in the APA regarding our consideration
for the Purchased Assets. The 2023 APA Amendment superseded the terms of the 2019 APA Amendment and the Asset Purchase Agreement in their
entirety.
On April 25, 2023, the USPTO issued Patent
Number 11,634,344 to us for our proprietary Sonical™ technology.
On September 9, 2022, we submitted a Patent Cooperation
Treaty application for international patent registration for our Sonical™ technology. The application was published on March
16, 2023.
Corporate History
We were originally incorporated in Nevada on
February 22, 2006, under the name “Photomatica, Inc.” On August 12, 2008, we changed our name to “Secure Runway Systems
Corp.” On June 22, 2010, we changed our name to “Diversified Secure Ventures Corp.” We changed our name to Go Green
Global Technologies Corp., our current name, on March 5, 2012. We are currently in good standing with the State of Nevada.
We were previously a reporting company when we
registered our Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on
May 10, 2007. On June 21, 2011, we ceased to be a reporting company when we terminated our duty to file periodic reports with the filing
of a Form 15, pursuant to Rule 12g-4(a)(1).
Summary of Risk Factors
Below is a summary of
material factors that make an investment in our securities speculative or risky. Importantly, this summary does not address all of the
risks and uncertainties that we face. Additional discussion of the risks and uncertainties summarized in this risk factor summary, as
well as other risks and uncertainties that we face, can be found under the section titled “Risk Factors” in this prospectus.
The below summary is qualified in its entirety by that more complete discussion of such risks and uncertainties. You should consider
carefully the risks and uncertainties described under the section titled “Risk Factors” as part of your evaluation of an
investment in our securities:
| · | Our
business is currently in a pre-revenue stage of development and there is no assurance that
we will ever operate profitably. |
| · | We
cannot assure that we will launch any or all of our products. |
| · | Certain
models of our products will be launched prior to the completion of laboratory testing regarding
their efficacy, efficiency, and safety and before we obtain product certifications for them,
which means there are risks that our products could be subject to product liability
claims. We have not independently consulted any legal counsel regarding our regulatory requirements
concerning the launch and offering of our products in the United States and abroad. |
| · | We
operate in an industry that is still relatively new and subject to many uncertainties. |
| · | Our
products incorporate pulsed power technology, which applications have yet to be widely accepted. |
| · | We
cannot assure that there will be positive consumer reception or adequate consumer demand
for our products. |
| · | We
may fail to maintain a competitive position within our market sector. |
| · | Increases in manufacturing
and/or distribution costs and disruptions in our distribution networks or supplies could
materially and adversely impact our business. |
| · | Our costs of operations
may exceed estimates due to various factors, including but not limited to those outside of
our control, such as labor shortages or external price increases, and we may be unable to
pass these increased costs to our customers, which would negatively impact our financial
results. |
| · | We
are heavily dependent on our executive management, and a loss of a member of our executive
management team or our failure to attract and retain other highly qualified personnel in
the future, could materially harm our business. |
| · | Damage to our reputation
could negatively impact our business, financial condition, and results of operations. |
| | · | Our performance may be negatively impacted by general and
regional economic volatility or an economic downturn. |
| · | Unforeseen or unavoidable
events or market conditions may negatively impact our financial performance. Our business
may be affected by new or changing government regulations particularly by the Environmental
Protection Agency (EPA) and other state and federal bodies. |
| · | Our ability to protect
our intellectual property and proprietary technology is uncertain. |
| · | Patent
terms are limited, and we may not be able to effectively protect our devices and business. |
| · | Changes
in U.S. patent law could diminish the value of patents in general, thereby impairing our
ability to protect our devices. |
| · | We
may not be able to protect our intellectual property rights throughout the world. |
| · | Third
parties may assert that our employees or consultants have wrongfully used or disclosed confidential
information or misappropriated trade secrets. |
| · | Patents
covering our products could be found invalid or unenforceable if challenged in court or before
administrative bodies in the United States or abroad. |
| · | Obtaining
and maintaining our patent protection depends on compliance with various procedural, document
submission, fee payment and other requirements imposed by government patent agencies, and
our patent protection could be reduced or eliminated for non-compliance with these
requirements. |
| · | Third
parties may attempt to commercialize competitive products or services in countries where
we do not have any patents or patent applications and/or where legal recourse may be limited.
Some countries also compel patent owners to grant licenses to third parties. These conditions
may have a negative commercial impact on our non-U.S. business operations. |
| · | We
may be subject to claims challenging the ownership or inventorship of our patents and other
intellectual property and, if unsuccessful in any of these proceedings, we may be required
to obtain licenses from third parties, which may not be available on commercially reasonable
terms, or at all, or to cease the development, manufacture and commercialization of one or
more of our products. |
| · | Our
commercial success depends in part on our and any potential future collaborators’ ability
to develop, manufacture, market, and sell any products that we may develop and use our proprietary
technologies without infringing, misappropriating and otherwise violating the patents and
other intellectual property rights of third parties. It is uncertain whether the issuance
of any third-party patent would require us or any potential collaborators to alter our development
or commercial strategies, obtain licenses or cease certain activities. |
| · | If
our trademarks and trade names are inadequately protected, then we may not be able to build
name recognition in our markets of interest and our business may be adversely affected. |
| · | This
is not an initial public offering of stock to investors at large, and there is no guarantee
that any of the Selling Shareholders will sell the Shares. Alternatively, if a large number
of Shares are sold, the public price of our Common Stock on the OTCQB will decrease. |
| · | Our
Common Stock is currently thinly traded on the OTCQB and the public price for our
Common Stock is volatile. We can offer no assurance that an active trading market for our
Common Stock will develop or that the public price of our Common Stock will become less volatile. |
| · | Future
sales of Common Stock by the Selling Shareholders and our other existing shareholders, or
lack thereof, may contribute to price volatility of our Common Stock on the OTCQB. |
| · | You
may be diluted by future issuances of preferred stock, additional Common Stock or securities
convertible into shares of Common Stock in connection with our incentive plans, acquisitions
or otherwise. Future sales of such shares in the public market, or the expectations that
such sales may occur, could lower our stock price. |
| | · | Our Series B Preferred Stock
entitles its holders to 20 votes per share and all currently issued and outstanding shares of such stock are held by our Chief Executive officer, President,
and Director, Danny G. Bishop, or 62% of the Company’s voting power. Minority shareholders will have no say in the Company’s
policies or corporate matters and future issuances of Series B Preferred Stock will dilute their voting power and may lower the perceived
value of our Common Stock. |
| · | We
do not anticipate paying any cash dividends on our Common Stock in the foreseeable future. |
| · | We
may need to raise additional capital in the future, and our failure to do so could restrict
our operations or adversely affect our ability to operate and continue our business. There
is no guarantee that we will successfully raise additional capital on favorable terms or
at all and if and when we need it. |
| · | If
securities or industry analysts do not publish research or reports about our business, or
if they downgrade their recommendations regarding our Common Stock, its trading price and
volume could decline. |
| · | We
are a “smaller reporting company,” and our election to comply with the reduced
disclosure requirements as a public company may make our Common Stock less attractive to
investors. |
| · | We
are an “emerging growth company,” and our election to comply with the
reduced disclosure requirements as a public company may make our Common Stock less attractive
to investors. |
| · | Provisions
in our Articles of Incorporation (“Articles of Incorporation”) and Bylaws (“Bylaws”)
could discourage a change in control, or an acquisition of us by a third party, even if the
acquisition would be favorable to you, thereby adversely affecting existing shareholders. |
RISK
FACTORS
Our business is subject to many risks and
uncertainties, which may affect our future financial performance. If any of the events or circumstances described below occur, our business
and financial performance could be adversely affected, our actual results could differ materially from our expectations, and the price
of our stock could decline. The risks and uncertainties discussed below are not the only ones we face. There may be additional risks
and uncertainties not currently known to us or that we currently do not believe are material that may adversely affect our business and
financial performance. You should carefully consider the risks described below, together with all other information included in this
prospectus including our financial statements and related notes, before making an investment decision. The statements contained in this
prospectus that are not historic facts are forward-looking statements that are subject to risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by forward-looking statements. If any of the following risks actually
occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our Common Stock
could decline, and investors in our securities may lose all or part of their investment.
Risks Related to Our Business and Operations
Our business is
currently in a pre-revenue stage of development and there is no assurance that we will ever operate profitably.
To date, we have not generated any revenue from
our products. We are in the process of finalizing our manufacturing processes and sourcing materials to manufacture and commercialize
our products at scale. We plan to launch our products approximately between the second and third fiscal quarters of 2024, but we
cannot assure that our products will indeed launch as planned, within the expected timeframe, or even after they launch will generate
revenue. Many factors could affect our profitability, including but not limited to costs of production, consumer reception to our products,
unpredictable market conditions, amongst others, as well as unforeseen events. There is a possibility that we may never generate revenue
or generate adequate revenue to operate profitably or continue as a going concern.
Additionally, we currently have a contractual
obligation with Dr. Pandolfo, the inventor of the Sonical™ devices, which requires us to remit payment to Dr. Pandolfo if sales
of our products reach a certain threshold. If Dr. Pandolfo does not waive this payment and we do not generate enough revenue to compensate
for payment made to Dr. Pandolfo, there is a risk that this would disrupt our ability to continue as a going concern or negatively impact
our financial performance.
We cannot assure
that we will launch any or all of our products.
Although we plan to launch
many of our products after intensifying their manufacture and successfully marketing them, we cannot provide assurance that we will launch
our products within the estimated time frames, will launch the products set forth in this prospectus, or launch any products at all. Additionally,
certain products, such as our planned residential water treatment devices, are contingent on us scaling up our product output and generating
more demand for them, and there is no assurance that these events may take place. The water and fuel treatment products featuring our
Sonical™ technology are our core revenue source and if we do not launch any or all of them or manufacture and sell them at adequate
levels, we will be at significant risk of failing to operate profitably and continue as a going concern.
Certain
models of our products will be launched prior to the completion of laboratory testing regarding their efficacy, efficiency, and
safety and before we obtain product certifications for them, which means there are risks that our products could be subject to
product liability claims. We have not independently consulted any legal counsel regarding our regulatory requirements concerning the
launch and offering of our products in the United States and abroad.
We do not know of any
legal requirements for the products in our anticipated fuel and water treatment lines to undergo laboratory testing or certification
prior to launch, and we have not consulted regulatory counsel in this regard. Sichenzia Ross Ference Carmel LLP is acting only as our
securities law counsel with respect to the registration of the Shares pursuant to this prospectus and not as our regulatory counsel in
any capacity, especially with respect to our legal compliance obligations as to our products.
For the majority of
our products, we plan to obtain UL Solutions (“UL”) and European Conformity (“CE”) certifications for our products
and complete laboratory testing following their launch. Within our manufacturing facility in Brookfield, Connecticut, we have a full
setup for quality control of our products prior to launch, but this setup addresses product functioning, not their efficacy, efficiency,
and safety, especially compared to other products on the market. Even after obtaining results from laboratory tests and certifications,
including UL and CE certifications, we can offer no assurance that our products will be free from third party product liability claims.
If these third parties bring product liability claims against us, we will have to divert additional resources to address them. This may
result in financial and reputational harm to our business, especially if we do not prevail against such claims.
Our financial projections may differ materially from actual results.
The financial projections included in this prospectus
are based on our estimates and assumptions as of the date of this prospectus concerning various factors which are subject to significant
risks and uncertainties, many of which are beyond our control. Therefore, our actual results may differ materially from financial projections.
Significantly, we state in the “Industry
Overview” subsection that at just 1% of domestic market penetration, there is potential for over $3 billion in annual gross revenue
at full-scale operation and production of our products. This figure is dependent on certain material assumptions being true, including
that: (i) the addressable market size of each product derived from each public data source was accurate; (ii) the wholesale pricing based
on guiding pricing within existing distributor networks are accurate; and (iii) there will indeed be 1% market penetration for our products.
Actual annual gross revenue for our anticipated products could be significantly less than $3 billion and we cannot provide any assurance
that our anticipated products will garner the market acceptance necessary to reach hypothetical domestic market penetration levels.
These estimates and assumptions are subject to various factors beyond our control, including, for example, changes in
customer demand, increased costs and price stability in our supply chain, increased labor costs, changes in the regulatory environment,
the impact of global health crises (including the COVID-19 pandemic and COVID-19 variants) and changes in our executive
team. Accordingly, our future financial condition and results of operations may differ materially from our projections. We do not have
any duty to update the financial projections included in this prospectus. Our failure to achieve our projected results could harm the
trading price of the Common Stock and our financial position.
We operate in
an industry that is still relatively new and subject to many uncertainties.
Our business operates
in the “clean-tech” or “green-tech” manufacturing space, which is a relatively new, emerging sector. As such,
this sector faces many uncertainties, including, amongst others, technological and financial ones. New technologies may emerge in this
field with unexpected costs required to further develop and/or implement them. New market participants may also emerge in this sector
which we cannot anticipate. While this sector is forecasted to grow, there is no guarantee that it will, at a level that will benefit
our business, or even if it grows, we cannot assure that our business will operate profitably in spite of favorable market conditions
in this industry.
Our products incorporate
pulsed power technology, which applications have yet to be widely accepted.
The Sonical™ apparatus
we incorporate into all of our fuel and water treatment products operates on pulsed power technology, in which the energy stored within
a generated electromagnetic field is released over a short period of time to render inert unwanted elements in fluids. We cannot be certain
as to the pace of development of and/or improvements in pulsed power technology applications over time, especially for fuel and water
treatment. Increased scientific development of this technology and applications for fuel and water treatment may contribute to an increased
number of market participants offering efficient products within the clean-tech manufacturing sector. This may limit our competitive
position and adversely affect our financial performance. Unanticipated issues or consequences of applying pulsed power technology could
also arise over time which could have an adverse impact on our product development and financial performance.
We cannot assure
that there will be positive consumer reception or adequate consumer demand for our products.
While we believe in
our fuel and water treatment products’ ability to provide more cost-efficient and environmentally friendly solutions than the ones
currently available on the market, we cannot guarantee that these are the ultimate impacts our products will have. Consumers of our products
may not receive our products favorably or favorably enough for us to generate profit. If our products are not found to generate the results
we believe they can provide, or if they do not our business may suffer reputational and/or monetary harm.
We may fail to
maintain a competitive position within our market sector.
The profitability of our business, like others,
is subject to general economic conditions, competition, the desirability of particular products, the relationship between supply of and
demand for particular technological devices, and other factors. While we operate in a market with few competitors, there are some companies
that offer a similar product to ours in one arena of our addressable market which may be further along in operations and better funded
than we are. Furthermore, there may be additional competitors outside of our knowledge, who may have a stronger competitive position
in the market than we anticipated. Our continued success will depend, in large part, upon our ability to compete in areas such as cost,
quality, and effectiveness of the treatments offered. Our operational and growth prospects also depend on the strength and desirability
of our product and our ability to address the market for our products favorably. Our commercial opportunities may be reduced or eliminated
if a competitor emerges and develops and markets products that are less expensive, more effective than our products, or gains greater
consumer reception than our products do. There is no assurance that we can maintain a robust competitive position in our market sector,
and if we fail to do so, we may fail to operate profitably, and our financial performance may be negatively impacted.
Increases in manufacturing and/or distribution
costs and disruptions in our distribution networks or supplies could materially and adversely impact our business.
We may experience increases in manufacturing
and distribution costs or an interruption in our distribution networks or supplies for the manufacturing of our products. Any such an
increase or interruption could materially and negatively impact our business, prospects, financial condition and operating results by
affecting our product output and subsequently sales. Especially, reliable distributor networks are crucial to our product output and
disruptions therein will negatively impact our business operations and financial performance. Various market conditions such as inflationary
pressures could also increase the costs in manufacturing and/or distribution costs associated with our products and could adversely affect
our business and operating results. Such price increases will also increase our operating costs and could reduce our margins (assuming
we generate any) if we cannot recoup the increased costs through increased prices for our product lines.
Our costs of operations may exceed estimates
due to various factors, including but not limited to those outside of our control, such as labor shortages or external price increases,
and we may be unable to pass these increased costs to our customers, which would negatively impact our financial results.
We depend on our employees and operations teams
to assist in manufacturing and distributing our products. We rely on access to a competitive, local labor supply, including skilled and
unskilled positions, to operate our business consistently and reliably. Any labor shortage and/or any disruption in our ability to hire
workers may negatively impact our operations and financial condition. If we experience a sustained labor shortage, we may need to increase
wages to attract workers, which would increase our costs of production. Furthermore, if our operating costs increased, including due
to inflationary pressures, we may be unable to pass those increased costs on to our customers. If we are unable to do so, any profit
margin we generate in the future (if any) will decline, and our financial results will be negatively impacted.
We are heavily
dependent on our executive management, and a loss of a member of our executive management team or our failure to attract and retain other
highly qualified personnel in the future, could materially harm our business.
If we lose members of our senior management, we
may not be able to find appropriate replacements on a timely basis, and our business could be materially and adversely affected. Our existing
operations and continued future development depend to a significant extent upon the performance and active participation of certain key
individuals, including Danny Bishop, our President and Chief Executive Officer (CEO), Corrine Couch, our current Chief Operating Officer
(COO) and Director, Dennis Beckert, an independent director, and John Eric D’Alessandro, Jr., a Director on the Board and Director
of Manufacturing. If we were to lose any of these senior officers or Directors, we may not be able to find appropriate replacements on
a timely basis and our financial condition and results of operations could be materially and adversely affected. Furthermore, we do not
have key person life insurance policies on such individuals and must bear sole financial risk of the departure of such management team
members.
In addition, to execute our growth plan, we must
attract and retain highly qualified personnel. Competition for these employees is intense, and we may not be successful in attracting
and retaining qualified personnel. We could also experience difficulty in hiring and retaining highly skilled employees with appropriate
qualifications. If we fail to attract new personnel, or fail to retain our current personnel, our business and future growth prospects
could be severely harmed.
Damage to our reputation could negatively
impact our business, financial condition and results of operations.
Our reputation and the quality of our brand are
critical to our business and success in existing markets and will be critical to our success as we continue to develop our business.
Any incident that erodes consumer loyalty for our brand could significantly reduce its value and damage our business. We may be adversely
affected by any negative publicity, regardless of its accuracy. Also, there has been a marked increase in the use of social media platforms
and similar devices, including blogs, social media websites and other forms of internet-based communications that provide individuals
with access to a broad audience of consumers and other interested persons. The availability of information on social media platforms
is virtually immediate as is its impact. Information posted may be averse to our interests or may be inaccurate, each of which may harm
our performance, prospects or business. The harm may be immediate and may disseminate rapidly and broadly, without affording us an opportunity
for redress or correction.
Our performance may be negatively impacted by general and
regional economic volatility or an economic downturn.
An overall decline in economic activity could
adversely impact our business and financial results, and the severity and/or duration of such declines are hard or impossible to predict.
Economic uncertainty may reduce end user spending on water and fuel treatment products. Inadequate demand for our products will result
in decreased revenue and worsen our financial performance.
Unforeseen or unavoidable events or market
conditions may negatively impact our financial performance.
Our ability to increase sales, and to profitably
sell our products, is subject to a number of risks, including changes in our business relationships with various service providers, competitive
risks such as the entrance of additional competitors into our markets, pricing and other competitive risks associated with the development
and marketing of new products in order to remain competitive and risks associated with changing economic conditions and government regulation.
Global health crises or catastrophes may occur in the future which drive down the demand for our products and adversely affect our business
operations and financial performance.
We cannot control global events or market factors
which affect the demand for our products and the revenue we generate from sales of our products. Therefore, our financial performance
may be negatively impacted by events which we may not foresee or adequately prepare for.
Our business may
be negatively affected by new or changing government regulations, particularly by the Environmental Protection Agency (EPA) and other
state and federal bodies.
Our products incorporate pulsed power technology,
using electromagnetic wavelengths to break down organic material found in fuel to increase fuel efficiency and to eliminate compounds
in water such as the minerals known to cause scale build-up and the presence of microorganisms such as bacteria. While this technology
has been around for a number of years and the various electromagnetic wavelengths used are not necessarily subject to any regulation,
any changes in regulations that might impact their use in commercial products may negatively impact our ability to sell our equipment
into the market, reduce our earnings, increase our costs and compliance requirements. Our financial performance may be negatively impacted
as a result.
Risks Related to Our Intellectual Property
Our ability to protect our intellectual
property and proprietary technology is uncertain.
While the patent supporting the Sonical™
has been issued in the U.S. and we have filed an international patent application for this technology under the Patent Cooperation Treaty,
the potential for the patent to be rendered unenforceable or to be challenged does exist. Furthermore, the scope of the subject matter
in the patent applications for different patent offices of different countries varies and might be restricted by varying amounts in the
final patents, if any, issued to us by the various patent offices. We cannot guarantee that the scope of coverage of any patent issued
to us will be exactly the same in each of the jurisdictions where we have already filed, or will file, patent applications. Consequently,
the issuance and scope of patents cannot be predicted with certainty. Patents, even if issued, may be challenged, invalidated or circumvented.
U.S. patents and patent applications may also be subject to interference or derivation proceedings, and U.S. patents may be subject to
inter partes review, post grant review and ex parte reexamination proceedings in the U.S. Patent and Trademark Office (and
foreign patents may be subject to opposition or comparable proceedings in the corresponding foreign patent office), which proceedings
could result in either loss of the patent or denial of the patent application or loss or reduction in the scope of one or more of the
claims of the patent or patent application. Similarly, opposition or invalidity proceedings could result in loss of rights or reduction
in the scope of one or more claims of a patent in foreign jurisdictions. Such interference, inter partes review, post grant review
and ex parte reexamination and opposition proceedings may be costly. Accordingly, rights under any issued patents may not provide
us with sufficient protection against competitive products or processes.
Moreover, we have a pending trademark application
at the USPTO but there is no guarantee that our trademark application will be approved. Even if approved, the scope of protection afforded
by the trademark may not be sufficiently broad.
If we are unable
to obtain and maintain patent or other intellectual property protection for our product, or if the scope of the patent and other intellectual
property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar
or identical to ours, and our ability to successfully commercialize any products we may develop as well as our financial performance
may be adversely affected.
Patent terms are limited, and we may not
be able to effectively protect our devices and business.
Patents have a limited lifespan. In the United
States, the natural expiration of a utility patent is generally 20 years after its effective filing date and the natural expiration of
a design patent is generally 14 years after its issue date, unless the filing date occurred on or after May 13, 2015, in which case
the natural expiration of a design patent is generally 15 years after its issue date. Various extensions may be available; however, the
life of a patent, and the protection it affords, is limited. Without patent protection for our products and services, we may be open
to competition. Further, if we encounter delays in our development efforts, the period of time during which we could market our products
and services under patent protection would be reduced and, given the amount of time required for the development, testing and regulatory
review of planned or future products, patents protecting such products may expire before or shortly after such products are commercialized.
As a result, our intellectual property might not provide us with sufficient rights to exclude others from commercializing products similar
or identical to ours.
Moreover, the coverage claimed in a patent application
can be significantly reduced before the patent is issued, and its scope can be reinterpreted after issuance. Even if patent applications
we license or own, currently or in the future, are issued as patents, they may not be issued in a form that will provide us with any
meaningful protection, prevent competitors or other third parties from competing with us, or otherwise provide us with any competitive
advantage. Any patents that we own may be challenged, narrowed, circumvented or invalidated by third parties. Consequently, we cannot
guarantee that our products or other technologies will be protectable, or will remain protected, by valid and enforceable patents. Our
competitors or other third parties may be able to circumvent our patents by developing similar or alternative technologies or products
in a non-infringing manner which could materially adversely affect our business, financial condition, and results of operations.
Changes in U.S. patent law could diminish
the value of patents in general, thereby impairing our ability to protect our devices.
Our success is heavily dependent on our proprietary
Sonical™ technology, the intellectual property rights protecting it, as well as any future intellectual property we own, particularly
patents. Obtaining and enforcing patents involves both technological and legal complexity. Therefore, obtaining and enforcing patents
is costly, time-consuming and inherently uncertain. In addition, the U.S. has recently enacted and is currently implementing wide-ranging
patent reform legislation. Recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances
and weakened the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain
patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending
on future actions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in
unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain
in the future.
We may not be able to protect our intellectual
property rights throughout the world.
Filing, prosecuting and defending patents on
product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some
countries outside the U.S. can be less extensive than those in the U.S. In addition, the laws of some foreign countries do not protect
intellectual property rights to the same extent as federal and state laws in the U.S. Competitors may use our technologies in jurisdictions
where we have not obtained patent protection to develop their own products and may also export otherwise infringing products to territories
where we have patent protection, but enforcement is not as strong as that in the U.S. These products may compete with our devices and
our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.
Many companies have encountered significant problems
in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly
certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protection, particularly
those relating to biotechnology products, which could make it difficult for us to stop the infringement of our patents or marketing of
competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions,
whether or not successful, could result in substantial costs and divert our efforts and attention from other aspects of our business,
could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could
provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies
awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights around the
world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.
Third parties may assert that our employees
or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
We employ individuals who previously worked with
other companies. Although we try to ensure that our employees and consultants do not use the proprietary information or know-how of others
in their work for us, we may be subject to claims that we or our employees, consultants or independent contractors have inadvertently
or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of a former employer
or other third party. Litigation may be necessary to defend against these claims. If we fail in defending any such claims or settling
those claims, in addition to paying monetary damages or a settlement payment, we may lose valuable intellectual property rights or personnel.
Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management
and other employees.
Patents covering our products could be
found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad.
The issuance of a patent is not conclusive as
to its inventorship, scope, validity or enforceability, and our patents may be challenged in the courts or patent offices in the United
States and/or other countries. We may be subject to a third-party pre-issuance submission of prior art to the USPTO, or become involved
in opposition, derivation, revocation, reexamination, post-grant and inter partes review, or interference proceedings or
other similar proceedings challenging our patent rights. An adverse determination in any such submission, proceeding or litigation could
reduce the scope of, or invalidate or render unenforceable, our patent rights, allow third parties to commercialize our technology or
products and compete directly with us, without payment to us, or result in our inability to manufacture or commercialize products without
infringing third-party patent rights. Moreover, we may have to participate in interference proceedings declared by the USPTO to determine
priority of invention or in post-grant challenge proceedings, such as oppositions in a non-United States (non-US) patent office, that
challenge our priority of invention or other features of patentability with respect to our patents and patent applications. Such challenges
may result in loss of patent rights, in loss of exclusivity, or in patent claims being narrowed, invalidated or held unenforceable, which
could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration
of the patent protection of our technology or products. Such proceedings also may result in substantial cost and require significant
time from our scientists and management, even if the eventual outcome is favorable to us.
In addition, if we initiate legal proceedings
against a third party to enforce a patent covering our products, the defendant could counterclaim that such patent is invalid or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for
a validity challenge could be an alleged failure to meet any of several statutory requirements, including failure to constitute patent
eligible subject matter, lack of novelty, obviousness, or non-enablement. Grounds for an unenforceability assertion could be an allegation
that someone connected with prosecution of the patent withheld relevant information from the USPTO or made a misleading statement during
prosecution. Third parties may also raise claims challenging the validity or enforceability of our patents before administrative bodies
in the United States or in other countries, even outside the context of litigation, including through re-examination, post-grant
review, inter partes review, interference proceedings, derivation proceedings and equivalent proceedings in non-US jurisdictions
(e.g., opposition proceedings). Such proceedings could result in the revocation of, cancellation of, or amendment to our patents in such
a way that they no longer cover our products. The outcome following legal assertions of invalidity and unenforceability is unpredictable.
With respect to the validity question, for example, we cannot be certain that there is no invalidating prior art, of which we or the patent
examiner were unaware during prosecution. If a third party were to prevail on a legal assertion of invalidity or unenforceability, we
would lose at least part, and perhaps all, of the patent protection on our products. Such a loss of patent protection would have a material
adverse effect on our business, financial condition, and results of operations.
Obtaining and maintaining our patent
protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government
patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
Periodic maintenance fees, renewal fees, annuity
fees, and various other government fees on patents and applications will be due to be paid to the USPTO and various government patent
agencies outside of the United States over the lifetime of our patents and applications. The USPTO and various non-U.S. government
agencies require compliance with several procedural, documentary, fee payment, and other similar provisions during the patent application
process. In some cases, an inadvertent lapse can be cured by payment of a late fee or by other means in accordance with the applicable
rules. There are situations, however, in which non-compliance can result in the abandonment or lapse of the patent or patent
application, resulting in a partial or complete loss of patent rights in the relevant jurisdiction. In such an event, potential competitors
might be able to enter the market with similar or identical products or technology, which could have a material adverse effect on our
business, financial condition and results of operations.
Third parties may attempt to commercialize
competitive products or services in countries where we do not have any patents or patent applications and/or where legal recourse may
be limited. Some countries also compel patent owners to grant licenses to third parties. These conditions may have a negative commercial
impact on our non-U.S. business operations.
Filing, prosecuting, and defending the patents
supporting our products in all countries throughout the world would be prohibitively expensive, and the laws of other countries may not
protect our rights to the same extent as the laws of the United States. Consequently, we may not be able to prevent third parties from
practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions
in and into the United States or other jurisdictions. Competitors may use our technologies to develop their own products in jurisdictions
where we have not obtained patent protection and, further, may export otherwise infringing products to territories where we have patent
protection, but enforcement may not be as strong as that in the United States. These products may compete with our products, and our
patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.
Many companies have encountered significant problems
in protecting and defending intellectual property rights in non-U.S. jurisdictions. The legal systems of certain countries, particularly
certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protection, which
could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our intellectual
property and proprietary rights generally. Proceedings to enforce our intellectual property and proprietary rights in non-U.S. jurisdictions
could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk
of being invalidated or interpreted narrowly and at risk of not being issued, and could provoke third parties to assert claims against
us. We may not prevail in any lawsuits that we initiate to enforce our patent rights, and the damages or other remedies awarded, if any,
may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world
may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license and may adversely
impact our financial performance.
Finally, many countries have compulsory licensing
laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability
of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which
could materially diminish the value of such a patent. If we are forced to grant a license to third parties with respect to any patents
relevant to our business, our competitive position may be impaired, and our business, financial condition and results of operations may
be adversely affected.
Our reliance on third parties requires
us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be
misappropriated or disclosed. If we are unable to protect the confidentiality of our trade secrets, our business and competitive position
could be adversely impacted.
In addition to seeking patent protection for
our products, we also rely upon unpatented trade secrets, know-how, and continuing technological innovation to develop and
maintain a competitive position in the marketplace. We seek to protect such proprietary information, in part, through non-disclosure
and other confidentiality agreements with our employees, collaborators, contractors, advisors, consultants and other third parties and
invention assignment agreements with our employees. We also have agreements with some of our consultants that require them to assign
to us any inventions created as a result of their working with us. The consultant confidentiality agreements are designed to protect
our proprietary information and, in the case of agreements or clauses containing invention assignment, to grant us ownership of technologies
that are developed through a relationship with employees or third parties.
Ultimately, however, we cannot guarantee that
we have entered into such agreements with every party that has or may have had access to our trade secrets or proprietary information.
Additionally, despite these efforts, any of these parties may breach the agreements and disclose our proprietary information, including
our trade secrets, and we may not be able to obtain adequate remedies for such breaches. Enforcing a claim that a party illegally disclosed
or misappropriated a trade secret is difficult, expensive, and time-consuming, and the outcome is unpredictable. In addition, some courts
inside and outside the United States are less willing, or unwilling, to protect trade secrets. If any of our trade secrets were to be
lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that
technology or information to compete with us. If any of our trade secrets were to be disclosed to, or independently developed by, a competitor
or other third party, our competitive position would be materially and adversely harmed.
We also seek to preserve the integrity and confidentiality
of our data and trade secrets by maintaining physical security of our premises and physical and electronic security of our information
technology systems. While we have confidence in these individuals, organizations, and systems, agreements or security measures may be
breached, and we may not immediately have adequate remedies for any breach. To the extent that our employees, consultants, contractors,
or collaborators use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and
inventions, which could have a material adverse effect on our business, financial condition, and results of operations.
We may be subject to claims challenging
the ownership or inventorship of our patents and other intellectual property and, if unsuccessful in any of these proceedings, we may
be required to obtain licenses from third parties, which may not be available on commercially reasonable terms, or at all, or to cease
the development, manufacture, and commercialization of one or more of our products.
We may be subject to claims that current or former
employees, collaborators, or other third parties have an interest in our patents, trade secrets, or other intellectual property as an
inventor or co-inventor. For example, inventorship disputes may arise from conflicting obligations of employees, consultants,
or others who are involved in developing our products. Litigation may be necessary to defend against these and other claims challenging
inventorship of our patents, trade secrets, or other intellectual property. If we fail in defending any such claims, in addition to paying
monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership of, or right to use, intellectual property
that is important to our products. Third-party claims of intellectual property infringement, misappropriation or other violation against
us or our collaborators may prevent or delay the sale and marketing of our products. If we were to lose exclusive ownership of such intellectual
property, other owners may be able to license their rights to other third parties, including our competitors. We also may be required
to obtain and maintain licenses from third parties, including parties involved in any such disputes. Such licenses may not be available
on commercially reasonable terms, or at all, or may be non-exclusive. If we are unable to obtain and maintain such licenses,
we may need to cease the development, manufacture, and commercialization of one or more of our products. The loss of exclusivity or the
narrowing of our patent claims could limit our ability to stop others from using or commercializing similar or identical technology and
products. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction
to management and other employees. Any of the foregoing could have a material adverse effect on our business, financial condition, and
results of operations.
The cleantech industry we operate in is highly
competitive and dynamic. Due to the focused research and development that is taking place by several companies, including us and our competitors,
in this field, the intellectual property landscape is in flux, and it may remain uncertain in the future. As such, we could become subject
to significant intellectual property-related litigation and proceedings relating to our or third-party intellectual property and proprietary
rights.
Our commercial success depends in part
on our and any potential future collaborators’ ability to develop, manufacture, market, and sell any products that we may develop
and use our proprietary technologies without infringing, misappropriating and otherwise violating the patents and other intellectual
property rights of third parties. It is uncertain whether the issuance of any third-party patent would require us or any potential collaborators
to alter our development or commercial strategies, obtain licenses or cease certain activities.
Third parties, including our competitors, may
currently have patents, or obtain patents in the future, and claim that the manufacture, use, or sale of our products infringes upon
these patents. We have not conducted an extensive search of patents issued or assigned to other parties, including our competitors, and
no assurance can be given that patents containing claims covering our products, parts of our products, technology or methods do not exist,
have not been filed, or could not be filed or issued. In addition, because patent applications can take many years to issue, and because
publication schedules for pending applications vary by jurisdiction, there may be applications currently pending of which we are unaware,
and which may result in issued patents which our current or future products infringe. Also, because the claims of published patent applications
can change between publication of a patent application and issuance of a patent, there may be published patent applications that may
ultimately issue with claims that we infringe. As the number of competitors in our market grows and the number of patents issued in this
area increases, the possibility of patent infringement claims against us escalates. Moreover, we may face claims from non-practicing entities
(“NPEs”), entities which own patents but do not practice the patented invention, have no relevant product revenue and against
whom our own patent portfolio may have no deterrent effect. Third parties, including NPEs, may in the future claim that our products
infringe or violate their patents or other intellectual property rights.
If any third-party claims that we infringe their
patents or that we are otherwise employing their proprietary technology without authorization and initiates litigation against us, even
if we believe such claims are without merit, there is no assurance that a court would find in our favor on questions of infringement,
validity, enforceability, or priority. A court of competent jurisdiction could hold that these third-party patents are valid, enforceable,
and infringed by our products. In order to successfully challenge the validity of any such U.S. patent in federal court, we would need
to overcome a presumption of validity. As this evidentiary burden is a high one, requiring us to present clear and convincing evidence
as to the invalidity of any such U.S. patent claim, there is no assurance that a court of competent jurisdiction would invalidate the
claims of any such U.S. patent. If we are found to infringe third-party patents, and we are unsuccessful in demonstrating that such patents
are invalid or unenforceable, such third parties may block our efforts to commercialize the applicable products or technology unless we
obtain a license to employ the technology or subject matter described by such patents, or until such patents expire or are finally determined
to be held invalid or unenforceable. Such a license may not be available on commercially reasonable terms, or at all. Even if we are able
to obtain a license, the license could obligate us to pay significant license fees and/or royalties, and the rights granted to us might
be non-exclusive, which might result in our competitors gaining access to the same technology. If we are unable to obtain a necessary
license to a third-party patent on commercially reasonable terms, or at all, we may be unable to commercialize our products, or such commercialization
efforts may be significantly delayed, which could in turn significantly harm our business. If we are found liable for infringing
on third party patents, our business may suffer reputational and financial harm. These harmful effects may be more pronounced for us as
a small company.
If our trademarks and trade names are
inadequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely
affected.
Our trademarks or trade names may be challenged,
infringed, circumvented, declared generic or determined to be violating or infringing on other marks. We may not be able to protect our
rights to these trademarks and trade names, which we need to build name recognition among potential partners and customers in our markets
of interest. At times, competitors or other third parties may adopt trade names or trademarks similar to ours, thereby impeding our ability
to build brand identity and possibly leading to market confusion. In addition, there could be potential trade name or trademark infringement,
or dilution claims brought by owners of other trademarks. Over the long term, if we are unable to establish name recognition based on
our trademarks and trade names, then we may not be able to compete effectively, and our business may be adversely affected. Our efforts
to enforce or protect our proprietary rights related to trademarks, trade secrets, domain names or other intellectual property may be
ineffective, could result in substantial costs and diversion of resources and could adversely affect our business, financial condition,
and results of operations.
Risks Related to Ownership of our Common Stock
This is not an initial public offering
of stock to investors at large, and there is no guarantee that any of the Selling Shareholders will sell the Shares. Alternatively, if
a large number of Shares are sold, the public price of our Common Stock on the OTCQB will decrease.
This registration statement is being filed to
offer liquidity to the Selling Shareholders, who are our existing security holders and security holders who have rights to the Common
Stock underlying warrants previously issued to them in our previous financing rounds. This is not an initial public offering of stock
to investors at large, and there is not a fixed number of securities available for sale. Each Selling Shareholder may offer, sell or
distribute all or a portion of his, her or its Shares publicly or through private transactions at prevailing market prices or at negotiated
prices, or choose not to sell any or part of the Shares at all. Given the Selling Shareholder’s discretion in this regard, a reader
should not expect a guaranteed ability to purchase any of the Shares registered hereunder. We disclaim any responsibility for causing
the Selling Shareholder to sell to any person reading this registration statement and offer no assurance as to how many Selling Shareholders
will decide to sell their Shares. The reader should be advised that if, alternatively, a large number of Selling Shareholders sell their
Shares or there is a public perception that a large number of Selling Shareholders may sell their Shares, the public price of our Common
Stock on the OTCQB may decrease in value.
Our Common Stock is currently thinly traded
on the OTCQB and the public price for our Common Stock is volatile. We can offer no assurance that an active trading market for
our Common Stock will develop or that the public price of our Common Stock will become less volatile.
An active market for our shares of Common Stock
may never develop. In the absence of an active public trading market, investors may not be able to liquidate their investments in our
shares of Common Stock. An inactive market may also impair our ability to raise capital by selling our shares of Common Stock, our ability
to motivate our employees through future equity incentive awards and our ability to acquire other companies, products or technologies
by using our shares of Common Stock as consideration. We can offer no assurance that the public price of our Common Stock will cease
to be volatile, as there are many factors which affect the public price which are beyond our control. These factors include, without
limitation:
| · | the
number of shares of our Common Stock publicly owned and available for trading; |
| · | overall
performance of the equity markets and/or publicly-listed companies that offer competing services
and products; |
| · | actual
or anticipated fluctuations in our revenue or other operating metrics; |
| · | our
actual or anticipated operating performance and the operating performance of our competitors; |
| · | changes in the financial projections
we provide to the public or our failure to meet these projections; |
| · | failure
of securities analysts to initiate or maintain coverage of us, changes in financial estimates
by any securities analysts who follow our company, or our failure to meet the estimates or
the expectations of investors; |
| · | any major change in our Board, management,
or key personnel; |
| · | the economy as a whole and market
conditions in our industry; |
| · | rumors and market speculation involving
us or other companies in our industry; |
| · | announcements
by us or our competitors of significant innovations, new products, services, features, integrations
or capabilities, acquisitions, strategic investments, partnerships, joint ventures, or capital
commitments; |
| · | new
laws or regulations or new interpretations of existing laws or regulations applicable to
our business, in the U.S. or globally; |
| · | lawsuits
threatened or filed against us; |
| · | other
events or factors, including those resulting from war, incidents of terrorism, or responses
to these events and |
| · | sales
or expected sales of our Common Stock by us and our officers, directors, and principal shareholders. |
In addition, stock markets have experienced price
and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices
of many companies have fluctuated in a manner often unrelated to the operating performance of those companies. In the past, shareholders
have instituted securities class action litigation against companies following periods of market volatility. If we were to become involved
in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business
and harm our business, results of operations and financial condition.
Future sales of Common Stock by the Selling
Shareholders and our other existing shareholders, or lack thereof, may contribute to price volatility of our Common Stock on the OTCQB.
Following the effectiveness of this registration
statement, the Shares may be sold on the OTCQB. Our other existing shareholders may also sell their shares in the Company in accordance
with an available securities exemption or successful registration. There can be no assurance that the Selling Shareholders will not sell
all of the Shares, which may cause a substantial decline in the price of our Common Stock on the OTCQB. There is also no assurance
that the Selling Shareholders will sell all of their Shares on the OTCQB. Institutional investors may be discouraged from purchasing
our Common Stock if they are unable to purchase a block of our Common Stock in the open market due to a potential unwillingness of our
existing shareholders to sell a sufficient amount of Common Stock at the price offered by such institutional investors and the greater
influence individual investors have in setting the trading price. If institutional investors are unable to purchase our Common Stock,
the market for our Common Stock may be more volatile without the influence of long-term institutional investors holding significant amounts
of our Common Stock. Conversely, if there is a lack of market demand for our Common Stock, the trading price of our Common Stock could
decline significantly and rapidly on the OTCQB. Furthermore, the decision by our Directors and officers, who retain significant
ownership of our Common Stock, to sell, or refrain from selling, shares of Common Stock from time to time, could impact the market supply
and trading volumes of our Common Stock, thereby affecting market prices and creating additional volatility. This impact will increase
if the percentage of shares sold by non-affiliated shareholders of the Company decreases from time to time. Therefore, an active, liquid
and orderly trading market for our Common Stock may not initially develop or be sustained, which could significantly depress the public
price of our Common Stock and/or result in significant volatility, which could affect an investor’s ability to sell their shares
of Common Stock.
You may be diluted by future issuances
of preferred stock, additional Common Stock or securities convertible into shares of Common Stock in connection with future adopted incentive
plans, acquisitions or otherwise. Future sales of such shares in the public market, or the expectations that such sales may occur, could
lower our stock price.
Our
Articles of Incorporation authorizes us to issue up to 525,000,000 shares of Common Stock
and up to 25,000,000 shares of preferred stock. We could issue a significant number of shares
of Common Stock in the future in connection with investments or acquisitions. In the future,
we may also adopt one or more incentive plans which will provide for the issuance, pursuant
to the terms and subject to the conditions set forth in any plan as adopted, of long-term
incentive compensation which may take the form of options, restricted stock units or other
securities. Any of these issuances could dilute our existing shareholders, and such dilution
could be significant. Moreover, such dilution could have a material adverse effect on the
market price for the shares of our Common Stock.
We currently have 4,200,000 shares of Series A
Preferred Stock issued and outstanding and 3,000,000 shares of Series B Preferred Stock issued and outstanding. The future issuance of
shares of preferred stock with voting rights (whether equal or disproportionate) may adversely affect the voting power of the holders
of shares of our Common Stock, either by diluting the voting power of our Common Stock if the preferred stock votes together with the
Common Stock as a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a
separate class vote, even if the action were approved by the holders of our shares of our Common Stock. Our Series B Preferred Stock entitle
their holders to 20 votes per share held. Therefore, future sales of Series B Preferred Stock, if such sales shall occur, would significantly
dilute the voting power of the Common Stockholders even more so than future sales of Series A Preferred Stock or sales of Common Stock.
Expectations of such sales or future sales of preferred stock and our Series B Preferred Stock especially could lower our stock price.
The future issuance of shares of preferred stock
with dividend rights, liquidation preferences, conversion rights (in the case of our Series A Preferred Stock and other series of preferred
stock we may authorize in the future which have conversion rights) or other economic terms favorable to the holders of preferred stock
could adversely affect the market price for our Common Stock by making an investment in the Common Stock less attractive. For example,
investors in the Common Stock may not wish to purchase Common Stock at a price above the conversion price of the Series A Preferred Stock
(other series of preferred stock we may authorize in the future which have conversion rights) because the holders of such preferred stock
would effectively be entitled to own Common Stock upon a qualified securities offering or at a lower conversion price, causing economic
dilution to the holders of Common Stock.
Additionally, we have a history of issuing our
Common Stock as compensation to officers, employees, and consultants. Continued issuance of Common Stock or securities exercisable for
or convertible into capital stock of the Company may have a dilutive effect on holders of our Common Stock and other equity securities.
Our Series B Preferred Stock entitles
its holders to 20 votes per share and all currently issued and outstanding shares of such stock are held by our Chief Executive officer,
President, and Director, Danny G. Bishop, or 62% of the Company’s voting power. Minority shareholders will have no say in the Company’s
policies or corporate matters and future issuances of Series B Preferred Stock will dilute their voting power and may lower the perceived
value of our Common Stock.
Our Series B Preferred Stock entitles its
holders to 20 votes per share. Therefore, future sales of Series B Preferred Stock, if such sales shall occur, will significantly dilute
the voting power of the Common Stockholders, to a greater extent than future sales of Series A Preferred Stock or sales of Common Stock.
Expectations of such sales or future sales of preferred stock and our Series B Preferred Stock especially could lower our stock price.
Additionally, as of the date of this prospectus, our Chief Executive Officer, President, and Director, Danny G. Bishop, is the sole shareholder
of the Series B Preferred Stock, or 62% of the voting power of the Company, which enables him to exert significant influence over the
Company’s policies or any other corporate matter, including the election of directors; changes to the Company’s governance
documents (with limited exceptions); the expansion of any employee equity or option pool; any merger, consolidation, sale of all or substantially
all of our assets; or any other major action requiring stockholder approval. Therefore, minority shareholders will have no say in
the Company’s policies or corporate matters. This fact may also lower the perceived value of our Common Stock and subsequently
its trading price.
We do not anticipate paying any cash dividends
on our Common Stock in the foreseeable future.
We currently intend to retain our future earnings,
if any, for the foreseeable future, to fund the development and growth of our business. Therefore, we do not intend to pay any dividends
to holders of our Common Stock in the foreseeable future. Any decision to declare and pay dividends in the future will be made at the
discretion of our Board taking into account various factors, including our business, operating results and financial condition, current
and anticipated cash needs, plans for expansion, any legal or contractual limitations on our ability to pay dividends under our loan
agreements or otherwise. As a result, if the Board does not declare and pay dividends, the capital appreciation in the price of our Common
Stock, if any, will be your only source of gain on an investment in our Common Stock, and you may have to sell some or all of your Common
Stock to generate cash flow from your investment.
We may need to raise additional capital
in the future, and our failure to do so could restrict our operations or adversely affect our ability to operate and continue our business.
There is no guarantee that we will successfully raise additional capital on favorable terms or at all and if and when we need it.
If we need to raise additional capital in the
future for any reason, we cannot be certain that we will be able to obtain additional financing on favorable terms, if at all, and any
additional financings may result in additional dilution to holders of the common stock. For instance, debt financing, if available, may
involve agreements that include covenants limiting or restricting our ability to take specific actions such as incurring additional debt,
expending capital, or declaring dividends, or which impose financial covenants on us that limit our ability to achieve our business objectives.
Additionally, if we enter into secured debt arrangements, we could be required to dispose of material assets or operations to meet our
debt service and other obligations, which could negatively impact the business or cause the business to be discontinued. If we need additional
capital and cannot raise it on acceptable terms, we may not be able to meet our business objectives and be unable to continue operating
as a going concern.
If securities or industry analysts do not
publish research or reports about our business, or if they downgrade their recommendations regarding our Common Stock, its trading price
and volume could decline.
We expect the trading market for our Common Stock
to be influenced by the research and reports that industry or securities analysts publish about us, our business or our industry. We
do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts
commence coverage of our company, the trading price for our stock may be negatively impacted. If we obtain securities or industry analyst
coverage and if one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose
visibility in the financial markets, which in turn could cause our stock price or trading volume to decline and our Common Stock to be
less liquid. Moreover, if one or more of the analysts who cover us downgrades our stock or publishes inaccurate or unfavorable research
about our business, or if our results of operations do not meet their expectations, our stock price could decline.
We are an “emerging growth
company,” and our election to comply with the reduced disclosure requirements as a public company may make our
Common Stock less attractive to investors.
For so long as we remain an “emerging
growth company” as defined in the JOBS Act, we may take advantage of certain exemptions from various requirements that are applicable
to public companies that are not “emerging growth companies,” including not being required to comply with the independent
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, being required to provide fewer years of audited
financial statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved. We may lose our emerging growth company status and become subject
to the SEC’s internal control over financial reporting management and auditor attestation requirements. If we are unable to certify
the effectiveness of our internal controls, or if our internal controls have a material weakness, we could be subject to regulatory scrutiny
and a loss of confidence by shareholders, which could harm our business and adversely affect the market price of our Common Stock.
We will cease to be an “emerging growth
company” upon the earliest to occur of: (i) the last day of the fiscal year in which we have more than $1.235 billion in annual
revenue; (ii) the date we qualify as a large accelerated filer, with at least $700 million of equity securities held by non-affiliates;
(iii) the date on which we have, in any three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv)
(the last day of the fiscal year following the fifth anniversary of becoming a public company). As an emerging growth company, we may
choose to take advantage of some but not all of these reduced reporting burdens. Accordingly, the information we provide to our shareholders
may be different than the information you receive from other public companies in which you hold stock. In addition, the JOBS Act
also provides that an “emerging growth company” can take advantage of an extended transition period for complying with new
or revised accounting standards.
We have elected to take advantage of this
extended transition period under the JOBS Act. As a result, our operating results and financial statements may not be comparable to the
operating results and financial statements of other companies who have adopted the new or revised accounting standards. It is possible
that some investors will find our Common Stock less attractive as a result, which may result in a less active trading market for our
Common Stock and higher volatility in our stock price.
We are
a “smaller reporting company,” and our election to comply with the reduced disclosure
requirements as a public company may make our Common Stock less attractive to investors.
For so long as we remain a smaller reporting
company, we are permitted and intend to rely on exemptions from certain disclosure and other requirements that are applicable to other
public companies that are not smaller reporting companies, such as providing only two years of audited financing statements. We may continue
to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million measured
on the last business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed
fiscal year and the market value of our stock held by non-affiliates is less than $700 million measured on the last business day of our
second fiscal quarter.
If we are a smaller reporting company at the
time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements
that are available to smaller reporting companies. It is possible that some investors will find our Common Stock less attractive as
a result, which may result in a less active trading market for our Common Stock and higher volatility in our stock price.
Provisions in our Articles of Incorporation
and Bylaws could discourage a change in control, or an acquisition of us by a third party, even if the acquisition would be favorable
to you, thereby adversely affecting existing shareholders.
Our Articles of Incorporation and Bylaws contain
provisions that may have the effect of making more difficult or delaying attempts by others to obtain control of our Company, even when
these attempts may be in the best interests of our shareholders. For example, the Articles of Incorporation currently authorizes our
Board, without stockholder approval, to issue one or more series of preferred stock, which could have voting and conversion rights that
adversely affect or dilute the voting power of the holders of common stock. These provisions and others that could be adopted in the
future could deter unsolicited takeovers or delay or prevent changes in our control or management, including transactions in which shareholders
might otherwise receive a premium for their shares over then-current market prices. These provisions may also limit the ability of shareholders
to approve transactions that they may deem to be in their best interests.
IN ADDITION TO THE ABOVE RISKS, BUSINESSES
ARE OFTEN SUBJECT TO RISKS NOT FORESEEN OR FULLY APPRECIATED BY MANAGEMENT. IN REVIEWING THIS FILING, POTENTIAL INVESTORS SHOULD KEEP
IN MIND THAT OTHER POSSIBLE RISKS MAY ADVERSELY IMPACT OUR BUSINESS OPERATIONS AND THE VALUE OF OUR COMMON STOCK.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains “forward-looking
statements”. Forward-looking statements reflect the current view about future events. When used in this prospectus, the words “anticipate,”
“believe,” “estimate,” “expect,” “future,” “intend,” “plan,”
or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements.
Such statements, include, but are not limited to, statements contained in this prospectus relating to our business strategy, our future
operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions
regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ
materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of
assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors
that could cause actual results to differ materially from those in the forward-looking statements include, without limitation:
| |
1. |
Our ability to effectively operate our business segments; |
| |
2. |
Our ability to manage our research, development, expansion,
growth and operating expenses; |
| |
3. |
Our ability to evaluate and measure our business, prospects
and performance metrics; |
| |
4. |
Our ability to compete, directly and indirectly, and succeed
in a competitive and evolving industry; |
| |
5. |
Our ability to respond and adapt to changes in technology
and customer behavior; |
| |
6. |
Our ability to protect our intellectual property and to
develop, maintain and enhance a strong brand; and |
| |
7. |
Other factors (including the risks contained in the section
of this prospectus entitled “Risk Factors”) relating to our industry, our operations and results of operations. |
Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.
Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results,
levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to conform these statements to actual results.
MARKET DATA
Market data and certain industry data and forecasts
used throughout this prospectus were obtained from market research, publicly available information, reports of governmental agencies and
industry publications. There is no guarantee for the accuracy and completeness of information we obtained from such sources. In addition,
we cannot be certain as to all assumptions which were used by third parties to prepare the data we cite. Statements as to our market position
are based on the most currently available data. While we are not aware of any misstatements regarding the industry data presented in this
prospectus, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed
under “Risk Factors.” We did not commission any of the industry or market data referenced in this prospectus.
USE
OF PROCEEDS
We will not receive any proceeds from the sale
of the Shares by the Selling Shareholders (See “Selling Shareholders”) under this prospectus (and/or
their respective pledgees, donees, transferees, distributees, or other successors in interest that receive such Shares as a gift, partnership
distribution or other non-sale related transfer), which includes up to 11,171,136 Outstanding Shares and 21,100,000 Warrant Shares.
We will, however, bear the costs incurred in connection with the registration of the Shares. We will also receive payment from AJB Capital’s
exercise of the 2022 Warrants and certain Selling Shareholders’ exercise of the AGES Warrants. We have received proceeds from AJB
Capital’s purchase of the 2023 Warrants prior to the registration of the Common Stock underlying the 2023 Warrants and as such,
these proceeds will not be included as part fee calculations for the filing of this registration statement. If all of the 2022 Warrants
and Additional Warrants are to be exercised in cash at their respective exercise prices, we would receive gross proceeds of approximately
$25,000, and approximately $557,000, respectively, and a total of approximately $582,000 in proceeds from the Warrants’ exercise.
We cannot predict when or if the Warrants will be exercised or when. It is possible that the Warrants will expire before their exercise
period and that they may never be exercised.
DIVIDEND POLICY
Since our inception, we have not paid any dividends
on our capital stock, and we currently expect that, for the foreseeable future, all earnings, if any, will be retained for use in the
development and operation of our business. In the future, our Board may decide, at its discretion, whether dividends may be declared
and paid to holders of our Common Stock.
MANAGEMENT’S DISCUSSION
AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and
analysis of our financial condition and results of operations together with our financial statements and the notes to those statements
included elsewhere in this Registration Statement on Form S-1. In addition to historical financial information, this discussion and analysis
contains forward-looking statements that reflect our plans, estimates and beliefs. You should not place undue reliance on these forward-looking
statements, which involve risks and uncertainties. As a result of many factors, including but not limited to those set forth under ‘‘Risk Factors,’’ our actual results may differ materially from those anticipated in these forward-looking statements. See “Cautionary
Note Regarding Forward-Looking Statements.”
Corporate History
We were originally incorporated in Nevada on February
22, 2006 under the name Photomatica, Inc. On August 12, 2008, we changed our name to “Secure Runway Systems Corp.” On June
22, 2010, we changed our name to “Diversified Secure Ventures Corp.” On March 5, 2012, we changed our name to Go Green Global
Technologies Corp., our current name. We are currently in good standing in the State of Nevada as of the date hereof.
We were previously a reporting company when we
registered our Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on
May 10, 2007. On June 21, 2011, we ceased to be a reporting company when we terminated our duty to file periodic reports with the filing
of a Form 15, pursuant to Rule 12g-4(a)(1).
Business
We are an innovative, publicly traded U.S. company
that aims to provide proprietary disruptive technology for use in the water and fuel industries for both commercial and consumer segments
of these markets. We intend to provide solutions worldwide through our patented Sonical™ apparatus, which is designed to be utilized
for both non-chemical water treatment and fuel combustion applications. Such applications include industrial, automotive, transportation,
maritime and railway industries. We are a pioneer and leader in the emerging pulsed power technology sector. Since inception, we have
focused on technologies that lead to a cleaner and more efficient planet. We are still currently in a pre-revenue stage of development
and have yet to launch products integrating our Sonical™ technology.
Results of Operations
The following table summarizes our results of
operations for the periods presented:
| |
|
For the Six Months
Ended |
|
|
For the Years Ended |
|
| |
|
June 30,
2024 |
|
|
June 30,
2023 |
|
|
Change |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
|
Change |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative |
|
$ |
374,059 |
|
|
$ |
298,619 |
|
|
$ |
75,440 |
|
|
$ |
798,809 |
|
|
$ |
2,291,645 |
|
|
$ |
(1,492,836 |
) |
| Research and developments |
|
|
– |
|
|
|
625,000 |
|
|
|
(625,000 |
) |
|
|
795,000 |
|
|
|
– |
|
|
|
795,000 |
|
| Depreciation and amortization |
|
|
1,346 |
|
|
|
1,414 |
|
|
|
(68 |
) |
|
|
2,689 |
|
|
|
6,647 |
|
|
|
(3,958 |
) |
| Total operating expenses |
|
|
375,405 |
|
|
|
925,033 |
|
|
|
(549,628 |
) |
|
|
1,596,498 |
|
|
|
2,298,292 |
|
|
|
(701,794 |
) |
| Loss from operations |
|
|
(375,405 |
) |
|
|
(925,033 |
) |
|
|
549,628 |
|
|
|
(1,596,498 |
) |
|
|
(2,298,292 |
) |
|
|
701,794 |
|
| Other Income / (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(448,618 |
) |
|
|
(610,930 |
) |
|
|
162,312 |
|
|
|
(1,737,685 |
) |
|
|
(303,937 |
) |
|
|
(1,433,748 |
) |
| Gain on change in fair value of derivative liability |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
35,862 |
|
|
|
(35,862 |
) |
| Gain (loss) on debt extinguishment |
|
|
36,571 |
|
|
|
(120,000 |
) |
|
|
156,571 |
|
|
|
(120,000 |
) |
|
|
1,423,023 |
|
|
|
(1,543,023 |
) |
| Total other expenses |
|
|
(412,047 |
) |
|
|
(730,930 |
) |
|
|
318,883 |
|
|
|
(1,857,685 |
) |
|
|
1,154,948 |
|
|
|
(3,012,633 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(787,452 |
) |
|
$ |
(1,655,963 |
) |
|
$ |
868,511 |
|
|
$ |
(3,454,183 |
) |
|
$ |
(1,143,344 |
) |
|
$ |
(2,310,839 |
) |
Revenue
We did not generate any revenue in the six months ending on June
30, 2024 and 2023.
We did not generate any revenue in the fiscal year ending on December
31, 2023 (the “2023 Fiscal Year”) and the fiscal year ending on December 31, 2022 (the “2022 Fiscal Year”).
Operating Expenses
Our operating expenses for the six months
ending on June 30, 2024 were $375,405, compared to $925,033 for the six months ending on June 30, 2023, representing a decrease of $549,628.
Our operating expenses for the 2023 Fiscal Year
and 2022 Fiscal Year were $1,596,498 and $2,298,292, respectively, representing a decrease of $701,794.
General and administrative expenses for the
six months ending on June 30, 2024 were $374,059, compared to $298,619 for the six months ending on June 30, 2023, representing an increase
of $75,440. This increase is attributable to an increase in accounting and legal fees, partially offset by a decrease in stock-based
compensation, rent expense, and payroll costs.
General and administrative expenses were
$798,809 for the 2023 Fiscal Year, compared to $2,291,645 for the 2022 Fiscal Year, representing a decrease of $1,492,836. This
decrease is attributable to our 2022 financings and the relaunch of our business operations in the 2022 Fiscal Year. During the 2022
Fiscal Year, we incurred greater finance fees, consulting fees, payroll fees, office supply expenses, and other startup costs as
compared to the 2023 Fiscal Year. During the 2023 Fiscal Year, finance fees decreased by $123,851, consulting fees decreased by
$12,000, payroll fees decreased by $66,000, and office supply expense decreased by $57,923.
Research and development expenses for the
six months ending on June 30, 2024 was $0, compared to $625,000 for the six months ending on June 30, 2023, representing a decrease of
$625,000. The decrease is primarily due to the expense recognized in the six months ending on June 30, 2023 in connection with the
2023 APA Amendment, when the Company acquired certain patents and the “know-how” required to perform its manufacturing processes.
Research and development expenses were $795,000
for the 2023 Fiscal Year, compared to $0 for the 2022 Fiscal Year. The increase is primarily due to the expense recognized in connection
with the 2023 APA Amendment when the Company acquired certain patents and the “know-how” required to perform its manufacturing
processes.
Depreciation expenses were $1,346 for the
six months ending on June 30, 2024, compared to $1,414 for the six months ending on June 30, 2023, representing a decrease of $68.
Depreciation expenses were $2,689 for the 2023
Fiscal Year, compared to those for the $6,647 for the 2022 Fiscal Year, representing a decrease of $3,958 and such decrease was mainly
attributed to a decrease in property and equipment and no major capitalized purchases in the 2023 Fiscal Year.
Other Expenses
For the six months ending on June 30, 2024,
we incurred other expenses of $412,047. For the six months ending on June 30, 2023, we incurred other expenses totaling $730,930, representing
a decrease in expense quarter over quarter of approximately $318,883.
For the six months ending on June 30, 2024
and 2023, our interest expenses were $448,618 and $610,930, respectively. This decrease in interest expenses is attributable to a greater
number of warrants and shares of stock issued during the six months ended June 30, 2023 as compared to the corresponding period in
2024.
For the six months ending on June 30, 2024,
we incurred a gain on extinguishment of debt of $36,571, as compared to a loss on extinguishment of $120,000 for the six months ending
on June 30, 2023 as a result of debt settlement in both periods and a number of stock and stock value issued for extinguishment of promissory
notes during the six months ended June 30, 2024.
For the 2023 Fiscal Year, we incurred other expenses
of $1,857,685. For the 2022 Fiscal Year, we incurred other income totaling $1,154,948, representing a decrease in other income (expense)
year over year of approximately $(3,012,633).
For the 2023 Fiscal Year and the 2022 Fiscal Year,
our interest expenses were $1,737,685 and $303,937, respectively. This significant increase in interest expenses is due to the amortization
of debt discount on warrants and shares of common stock issued during the year ended December 31, 2023.
For the 2023 Fiscal Year we incurred a loss on
extinguishment of debt of $120,000, as compared to a gain of $1,423,023 for the 2022 Fiscal Year.
Net Loss
For the six months ending on June 30, 2024,
we had a net loss of $787,452, compared to $1,655,963 for the six months ending on June 30, 2023. The reason for the decrease quarter
over quarter is a large decrease in research and development expenses, coupled with a decrease in interest expense.
For the 2023 Fiscal Year, we had a net loss of
$3,454,183 compared to net loss of $1,143,344 for the 2022 Fiscal Year. The reason for the decrease from the 2022 Fiscal Year to the 2023
Fiscal Year was a significant increase in interest expense as well as a decrease in gains from debt settlements partially offset by a
decrease in operating expenses of $701,794.
Liquidity and Capital Resources
Liquidity is the ability of a company to generate
funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing
basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and
accounts payable and capital expenditures.
To date we have financed our operations through
sales of common stock and the issuance of debt and warrants.
Our ability to continue as a going concern depends
on continued financial support from management, its ability to identify future investment opportunities and obtain the necessary debt
or equity financing as well as its ability to generate profit from future operations. We do not currently have sufficient cash on hand
to cover our operating expenses and as such will continue to raise capital through the sale of stock and notes. We have produced several
prototype devices for some of our anticipated products to permit production testing. In the next six to twelve months, testing of our
devices and manufacturing techniques will be finalized. We expect to commence sales as soon as the aforementioned are completed.
As of the date of this prospectus, we believe
that our current cash on hand will meet our anticipated cash requirements for the next 30 days.
Working Capital
| | |
June 30, | | |
December 31, | | |
| | |
December 31, | | |
December 31, | | |
| |
| | |
2024 | | |
2023 | | |
Change | | |
2023 | | |
2022 | | |
Change | |
| Current Assets | |
$ | 8,817 | | |
$ | 33,453 | | |
$ | (24,636 | ) | |
$ | 33,453 | | |
$ | 4,671 | | |
$ | 28,782 | |
| Current Liabilities | |
| 1,918,048 | | |
| 1,837,207 | | |
| 80,841 | | |
| 1,837,207 | | |
| 1,118,323 | | |
| 718,884 | |
| Working Capital Deficit | |
$ | (1,909,231 | ) | |
$ | (1,803,754 | ) | |
$ | (105,477 | ) | |
$ | (1,803,754 | ) | |
$ | (1,113,652 | ) | |
$ | (690,102 | ) |
Current Assets
The value of our current assets as of June
30, 2024 was $8,817, comprised of cash. Our cash balance was $8,817 as of June 30, 2024, and our prepaid expenses were $0. The decrease
in cash balance from December 31, 2023 to June 30, 2024 is attributable to certain reductions of general expenses coupled with proceeds
from the sale of Common Stock.
As of December 31, 2023 and December 31, 2022,
our current assets were comprised of cash and prepaid expenses. Our cash balance was $33,453 and $1,072, respectively, and our prepaid
expenses were $0 and $3,599, respectively. The increase in cash balance from the 2022 Fiscal Year to the 2023 Fiscal Year is attributable
to proceeds from short term debt and the sale of Common Stock, partially offset by routine business activity.
Current Liabilities
As of June 30, 2024 and December 31, 2023,
we had total current liabilities of $1,918,048 and $1,837,207, respectively. The increase in current liabilities is attributable to an
increase in accrued interest and short-term debt entered into during the six months ended June 30, 2024.
As of December 31, 2023, and December 31, 2022,
we had total current liabilities of $1,837,207 and $1,118,323, respectively. The increase in current liabilities is attributable to an
increase in accounts payable, accrued expenses, and short-term debt during the year ended December 31, 2023.
Working Capital Deficit
As of June 30, 2024 and the fiscal year ending
on December 31, 2023, we had a working capital deficit of $1,909,231 and $1,803,754, respectively. The increase in working capital deficit
is due to increases in accounts payable and accrued interest.
As of December 31, 2023 and December 31, 2022
we had a working capital deficit of $1,803,754 and $1,113,652, respectively. The increase in working capital deficit is primarily due
to an increase in notes payable, accounts payable, and accrued interest, partially offset by reductions of convertible debt.
Cash Flows
| | |
For the Six Months Ended | | |
For the Twelve Months Ended | |
| | |
June 30, | | |
June 30, | | |
| | |
December 31, | | |
December 31, | | |
| |
| | |
2024 | | |
2023 | | |
Change | | |
2023 | | |
2022 | | |
Change | |
| Cash Used in Operating Activities | |
$ | (203,536 | ) | |
$ | (499,184 | ) | |
$ | 295,648 | | |
$ | (668,194 | ) | |
$ | (348,974 | ) | |
$ | (319,220 | ) |
| Cash Used in Investing Activities | |
| – | | |
| (8,197 | ) | |
| 8,197 | | |
| – | | |
| (9,589 | ) | |
| 9,589 | |
| Cash Provided by Financing Activities | |
| 178,900 | | |
| 520,646 | | |
| (341,746 | ) | |
| 700,575 | | |
| 357,500 | | |
| 343,075 | |
| Net (Decrease) Increase in Cash | |
$ | (24,636 | ) | |
$ | 13,265 | | |
$ | (37,901 | ) | |
$ | 32,381 | | |
$ | (1,063 | ) | |
$ | 33,444 | |
Cash flows from Operating Activities
For the fiscal period ending on June 30, 2024
and the fiscal period ending on June 30, 2023, the cash used in operating activities totaled $203,536 and $499,184, respectively. The
decrease in cash used in operating activities is due to a greater net loss amount for the six months ended June 30, 2023 as compared
to June 30, 2024.
For the 2023 Fiscal Year and 2022 Fiscal Year,
the cash used in operating activities totaled $668,194 and $348,974, respectively. The reason for the increase in cash used in operating
activities from the 2022 Fiscal Year to the 2023 Fiscal Year is attributable to a significant increase in non-cash interest expenses as
well as common stock issued for the acquisition of technology, coupled with a greater net loss amount for the year ended December 31,
2023.
Cash flows from Investing Activities
For the periods ending June 30, 2024 and 2023,
we used $0 and $8,197, respectively, in investing activities.
For the 2023 Fiscal Year and 2022 Fiscal Year,
we used $0 and $9,589, respectively, in investing activities.
Cash flows from Financing Activities
For the periods ending June 30, 2024 and 2023,
we generated $178,900 and $520,646, respectively, in financing activities. The decrease in cash from the six months ended June 30, 2023
to the corresponding period in 2024 was due to greater proceeds from notes payable during the six months ended June 30, 2023 as compared
to June 30, 2024.
For the 2023 Fiscal Year and 2022 Fiscal Year,
we generated $700,575 and $357,500 from financing activities, respectively. The increase in cash from financing activities from
the 2022 Fiscal Year to the 2023 Fiscal Year was due to a large increase in proceeds received from notes payable as well as proceeds
received from the sale of Common Stock.
Off-Balance Sheet Arrangements
We do not currently have any off-balance sheet
arrangements.
Recent Accounting
Pronouncements
Management does not
believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect
on our financial statements.
Factors That May Adversely Affect Our
Results of Operations
Our results of operations may be adversely affected
by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control.
Our business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil
prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects
of the COVID-19 pandemic, including resurgences and the emergence of new variants, economic instability and inflation, and geopolitical
instability, such as the military conflict in Ukraine. We cannot at this time fully predict the likelihood of one or more of the above
events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete the initial
business combination.
BUSINESS
This section should be read in conjunction
with the more detailed information about us contained in this prospectus, including our audited financial statements and other information
appearing in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Our Mission & Vision
At Go Green Global Technologies Corp., we believe
in a present and future in which cost-effective and environmentally friendly solutions for individuals, communities and industries are
accessible to all. It is our guiding principle that sustainability and affordability should go hand-in-hand, and that making a greener
choice for the health of our shared planet should not be cost-prohibitive. We envision our Sonical™ technology to be a revolutionary
catalyst in the global transition to a green economy. Our mission is to provide global access to this technology, allowing for the extension
of fuel life, a decrease in carbon emissions, and the elimination of harsh chemicals in water treatment worldwide.
Corporate History
We were originally incorporated in Nevada on
February 22, 2006, under the name “Photomatica, Inc.” On August 12, 2008, we changed our name to “Secure Runway Systems
Corp.” On June 22, 2010, we changed our name to “Diversified Secure Ventures Corp.” We changed our name to Go Green
Global Technologies Corp., our current name, on March 5, 2012. We are in good standing with the State of Nevada as of the date of this
prospectus.
We were previously a reporting company when we
registered our Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on
May 10, 2007. On June 21, 2011, we ceased to be a reporting company when we terminated our duty to file periodic reports with the filing
of a Form 15, pursuant to Rule 12g-4(a)(1).
Introduction
We are a technology and manufacturing company
based in Brookfield, Connecticut. We own the patented Sonical™ technology[13] designed to render impurities in fluids
inert, in a way that is cost-saving and avoids the use of harsh chemicals for fluid treatment. Our Sonical™ technology can be installed
into existing water supply and fuel consumption systems. After this installation, fluid can pass through the electromagnetic field created
within the Sonical™ apparatus and undergo molecular-level changes, resulting in cleaner water and fuel.
Currently, we are in a pre-revenue stage of development,
and expect to launch our products anytime between Q2 and Q3 of 2024, following their successful manufacturing and commercialization.
As of the date of this prospectus, we have not
launched any of the products discussed herein. We are in the process of finalizing our manufacturing processes and sourcing materials
to manufacture and commercialize our products at scale. We expect to begin launching certain products approximately between the second
and third fiscal quarters of 2024, assuming these products are successfully manufactured and commercialized. We cannot assure that any
or all of our products will ever launch, launch successfully, or that we will be able to generate revenue from these products or adequate
revenue to continue as a going concern.
We have a manufacturing facility located in Brookfield, Connecticut,
in which we have a full setup for final assembly, quality control, and testing of our products. This facility also has two manual winding
machines to produce the copper coils central to the Sonical™ technology.
[13]
Patent No. US 11,634,344 B2.
The Sonical™ technology
The Sonical™ apparatus
contains unique coil design configurations that can conduct an electromagnetic field. The electromagnetic field triggers a forced sequential
re-phasing arrangement within fluid passing through, which renders fluid impurities inert.
We believe that our
Sonical™ technology, when incorporated into fuel and water treatment systems, can effectively address some of the issues found
with conventional methods for fuel and water treatment. For one, conventional methods for water treatment typically involve the addition
of chemical disinfectants to remove bacteria within water, which can be harmful to human and environmental health. Disinfectants such
as chlorine also have an unpleasant taste and smell, which are especially significant concerns pertaining to potable water. There is
also the persistent problem of mineral buildup, specifically calcium carbonate, in distribution networks such as pipes and water flow
devices. Ion-exchange water softeners have been commonly used to remove minerals from (descale) pipes and water flow devices, but these
softeners require continuous and consistent maintenance, which can compound the costs associated with water treatment. Pipe repair and
cleanup at large facilities is also costly and poses significant safety concerns. The pulse power technology of the Sonical™ removes
the need for chemical disinfectants to water treatment systems while descaling water and controlling bacterial growth. The Sonical™
products are customizable and easy to install and following installation requires little to no maintenance. We believe that incorporating
our Sonical™ products into existing water treatment and distribution systems will be a cheaper and more environmentally sound alternative
to conventional methods.
Conventional methods
for extracting fuel from crude oil are also costly and harmful to the environment. Refinement costs for the production of commonly used
fuel from petroleum are substantial. To save on costs, producers may sell fuel products which may not be entirely free from impurities
such as hydrocarbons, even though the products can technically still be used for combustion. As a result, existing hydrocarbons in such
fuels can be emitted into the atmosphere, adding significant pollution to the environment. We believe the technology behind the Sonical™
apparatus, which produces varying electromagnetic wavelengths to alter the molecular structure of fuel, can potentially enable fuel to
burn more efficiently and result in cost savings and fewer carbon emissions.
We intend to have our
Sonical™ fuel products tested extensively in private laboratories to demonstrate significant fuel efficiency increases, as well
as decreases in overall carbon emissions. For our Sonical™ water products, we intend to have our technology tested extensively
at private laboratories to demonstrate the product's ability to eliminate the minerals causing scale buildup, as well as the elimination
of harmful microorganisms, such as bacteria in water.
Business Plan
We are presently ramping up manufacturing and
solidifying our market strategy to commercialize our products. We are in the process of finalizing our manufacturing processes and
sourcing materials to manufacture and commercialize our products at scale. Below are the business lines we plan to launch between
the second and third fiscal quarters of 2024 after our manufacturing and marketing goals are achieved.
| Fuel
Treatment |
Water
Treatment & Descaling |
| Commercial
Boilers |
HVAC
Cooling Towers |
| Residential
Boilers |
Commercial
Descaling |
| Diesel
Generators |
Residential
Water |
| Automotive/Trucking |
Municipal
Water |
| Locomotive
(Heavy Rail) |
|
| Maritime
Vessels |
|
Our fuel treatment products are aimed at increasing
the efficiency of fuel, improving overall engine function, and decreasing lifetime carbon emissions. We believe this is achieved by installing
our fuel devices, which contain the Sonical™ technology, on a pre-combustion location within any fossil-fuel-burning system, such
as an oil-burning furnace, a generator, a car, a truck, and more. We believe the products in the planned fuel treatment line will experience
rapid growth due to their capacity to reduce fuel consumption and significantly reduce carbon dioxide emissions.
Our water treatment products are aimed at eliminating
the minerals causing scale buildup in water, allowing for better maintenance of water systems without the use of chemicals, and providing
improved life span of pipes. We believe the water treatment products are capable of increasing microbial control and eliminating unwanted
organic compounds, including viruses and bacteria both in potable water and industrial applications, such as HVAC systems.
We anticipate that the water treatment and descaling
product lines will experience slower but long-term growth compared to the fuel treatment product lines.
In the second or third fiscal quarter of 2024,
we intend to submit an application for our Sonical™ water device to the National Sanitation Foundation for testing in order to achieve
ANSI/NSF Standard 61 certification. This certification applies to all products in contact with potable and drinking water in the United
States, and attests that certain products are safe for installation potable water systems for public use or consumption and are verified
by a third party. Once we receive ANSI/NSF Standard 61 certification, we will launch our residential and municipal water product lines
in the U.S. In the fourth fiscal quarter of this year, we also intend to begin the process for obtaining Underwriter Laboratories (“UL”)
and CE certifications. UL is one of several companies approved for safety testing by U.S. federal agency Occupational Safety and Health
Administration, and its product certification attests that the product has met applicable industry standards. CE certifications are affirmations
from a manufacturer that its product complies with all applicable European health, safety, and environmental protection standards.
In the first 6 months of production, beginning
in the fourth fiscal quarter of this year, we plan to launch the following product lines and anticipate the below monthly production
volumes for each line:
| Product Line |
Average
Units Sold Per Month |
| Fuel
- Residential Boiler 3/8in |
30 |
| Fuel
- Residential Boiler 1/2in |
30 |
| Fuel
- Commercial Boiler |
10 |
| Fuel
- Diesel Generators |
100 |
| Water
- HVAC Cooling Tower |
2 |
| Water
- Commercial De-Scaling |
10 |
The above projections are based on pending agreements
with existing distributors in the HVAC and diesel generator industries and our anticipated product output capabilities in our initial
ramp-up phase. The terms of such pending agreements are not finalized and that it is uncertain whether the terms of such agreements
will ever be finalized or if such agreements will ever be entered into.
Within a year from the start of production, Go
Green anticipates scaling up its output and generating more demand for its products. At that stage, we also plan to add another product
line for residential water treatment.
| Product Line |
Average
Units Sold Per Month |
| Fuel
- Residential Boiler 3/8in |
50 |
| Fuel
- Residential Boiler 1/2in |
50 |
| Fuel
- Commercial Boiler |
20 |
| Fuel
- Diesel Generators |
200 |
| Water
- HVAC Cooling Tower |
5 |
| Water
- Commercial De-Scaling |
25 |
| Water
- Residential Water Treatment |
50 |
After a year of commercializing and manufacturing
the above products, we anticipate being able to target other markets and industry verticals to achieve larger scale installations of our
fuel and water products amongst our client base.
We plan to target the maritime industry and the
locomotive industry as part of our business plans in the long term. There is a great demand for cost savings and reductions in carbon
emissions in both of these industries, which we believe we can directly address with our Sonical™ technology in the future.
Please see the “Industry Overview”
subsection below for more detail on the estimates and assumptions underlying our financial projections.
Industry Overview
We operate in the “green-tech” or
“clean-tech” manufacturing space, which is a relatively new, emerging sector. The novel technology that this sector centers
around is still limited in use. We believe there are currently few existing competitors in this space, which provides us with a strong
path to market.
We believe there has been trending interest in
green technology and sustainability both in the public and private sectors and an increasingly expanding market for simple, retrofit
devices that can solve certain challenges in the treatment of water and fuel. Particularly in the public sector, there has been significant
legislation regarding emissions standards and mandates to address carbon footprint. Private automobiles, small and medium duty trucks,
locomotives, maritime vessels, and furnaces for heating of residential and commercial spaces are all examples of technologies which we
believe could benefit from the integration of our Sonical™ apparatus.
Additionally, there has been significant legislation
addressing the minimization of chemicals used to treat both potable water and water used in commercial and industrial processes. Residential
drinking water, municipal drinking water supplies, swimming pool maintenance, commercial water treatment of HVAC cooling towers, and
wastewater treatment are examples of functions that could benefit from the integration of our Sonical™ apparatus.
At just 1% of domestic market penetration across
the variety of residential, commercial, and industrial applications for our Sonical™ water and fuel treatment technology, there
is potential for over $3 billion in annual gross revenue based on an assumption of full-scale operation and production of our products.
We calculated Gross Revenue for our water and fuel treatment lines by using the addressable market size of each product (in units
of product), approximated from public data sources, multiplied by (i) 1% market penetration and (ii) wholesale pricing based on guided
pricing within our existing distributor networks. Then, we added the Gross Revenues for each of our products based on the formula in
this paragraph and derived a Total Gross Revenue of approximately $3 billion.[14] In our calculation for Total Gross Revenue,
material assumptions included: (i) the addressable market size of each product derived from each public data source was accurate; (ii)
the wholesale pricing based on guiding pricing within existing distributor networks are accurate; and (iii) there will indeed be 1% market
penetration for our products. We did not commission any of the industry or market data referenced in this prospectus.
Market and Growth
We believe there is a large, addressable market
for our Sonical™ fuel and water treatment technology. We have staggered plans to target various sectors of this market based on
our stage of development.
In the early stages of production, we anticipate
utilizing our existing distributor networks to cater to the most accessible sectors. As to fuel treatment, we plan to first target (i)
consumers in the northeast region of the United States utilizing residential and commercial boilers and (ii) consumers in the diesel
generator market in Canada.
According to the U.S. Energy Information Administration’s
Short-Term Energy Outlook report, roughly 4.96 million households used heating oil as their main source of space heating fuel,
with 82% of those households in the northeast region of the country.[14]
According to the same report, households spent an average of $2,094 for the 2022 to 2023 winter season, a 13% increase from
the 2021 to 2022 season. With oil prices continuing to rise, we anticipate high consumer demand for a product with a high return on investment
in a relatively short timeframe, which can increase fuel efficiency, with the added benefit of decreasing consumer household carbon footprint.
[14]
Below are the
public data sources which we consulted in arriving at these addressable market sizes.
https://www.edf.org/sites/default/files/documents/EDFMHDVEVFeasibilityReport22jul21.pdf
https://askwonder.com/research/explore-topic-number-diesel-generators-u-s-globally-
npadnargx#:~:text=Based%20on%20the%20understanding%20that,can%20be%20approximated%20at%207.68
https://www.aga.org/natural-gas/affordable/good-for-business/
https://www.eia.gov/energyexplained/heating-oil/use-of-heating-oil.php
https://www.fhwa.dot.gov/policyinformation/statistics/2020/mv1.cfm
https://www.transportation.gov/testimony/state-us-flag-maritime-industry
https://dieselforum.org/rail
https://www.weareteachers.com/how-many-schools-are-in-the-us/
https://www.aha.org/statistics/fast-facts-us-hospitals
https://thesmallbusinessblog.net/restaurant-industry-statistics/
https://www.census.gov/quickfacts/fact/table/US/HSD410221
https://www.ansi.org/standards-news/all-news/2013/04/voluntary-standards-cover-the-spectrum-from-pool-and-spa-efficiency-to-identity-management-30
https://www.transportation.gov/testimony/state-us-flag-maritime-industry
[14]
U.S. Energy Information Administration, Short-Term Energy Outlook, Winter Fuels Oulook, Table WFO1, March
2023.
As to water treatment, we plan to target consumers
who use descaling HVAC cooling towers and consumers who struggle with scale buildup in their water systems within the commercial space,
including restaurants, fast food chains, and other retailers. According to Forbes, in 2023, a new HVAC system can cost anywhere
from $5,000 to $34,000 depending on size. On average, HVAC installations cost around $8,000.[16] HVAC systems must also be
regularly maintained and are subject to scale buildup. To eliminate scale, HVAC technicians currently use chemical maintenance programs
that are costly and dangerous for human health. If these programs are not executed effectively, scale buildup of just 0.18 of an inch
on the fireside of boiler tubes can reduce heat transfer by 69%,[17] which thereby increases fuel consumption and costs.[18]
We believe the installation of a Sonical™ unit can lead to cost savings for homeowners and commercial buildings by eliminating the
need for chemical descaling programs and decreasing the need for costly repairs and replacements. We anticipate significant demand for
our HVAC products, as well as demand for our general descaling product across a variety of industries where descaling is a costly problem.
As our production capabilities grow and we obtain
the necessary and desired certifications for our products (including but not limited to UL certification and National Science Foundation
water safety certification) within the next year, we plan to expand our business to target the following segments for water treatment:
residential potable water treatment, municipal potable water treatment, municipal wastewater treatment, and industrial and commercial
wastewater treatment. As to fuel treatment, after our production capabilities grow, we plan to target the automotive, small, and medium
duty trucks, locomotive engines, and maritime vessels markets.
To our knowledge, there is currently no product
in the residential, commercial, or industrial fuel and water treatment markets utilizing pulse power. Given the lack of competition, we
believe it is possible to achieve a 1% to 2% overall market penetration across the variety of potential vertical business niches in the
fuel and water treatment space.
In the longer term, we plan to target two other
major markets, the maritime industry and the locomotive industry. These markets are currently in need of solutions for reducing carbon
emissions and decreasing costs. We believe these markets have great revenue potential and our products can effectively address cost saving
and carbon emissions concerns in the future.
The maritime industry currently uses exhaust
gas cleaning systems, or “scrubbers,” to decrease its carbon footprint, but this is not a holistic solution. With scrubbers,
carbon emissions are redirected from the atmosphere into the aquatic environment, which contributes to rising oceanic temperatures and
harms marine ecosystems. Scrubbers are also very expensive, ranging anywhere from $500,000 to $2.5 million to install one per vessel.
Go Green can integrate its Sonical™ technology into products geared towards the maritime industry, servicing large and small fleets,
including passenger vessels. We believe our Sonical™ products can increase fuel efficiency as well as decrease carbon emissions,
a two-fold solution that scrubbers do not provide. The Sonical™ product is also a more affordable solution compared to scrubbers,
as they are much simpler to install. We believe our products have the technology that increases fuel efficiency and decrease carbon emissions
directly, as opposed to scrubbers, which simply redirect air pollutants. Within the maritime industry, we believe we can also offer water
treatment solutions for both potable water usage and wastewater treatment. The installation of the Sonical™ apparatus on fleets
are projects of large scale by virtue of the size of maritime vessels, and costs to install our apparatus range from $250,000 to $1 million
per installation. We believe these projects offer us significant revenue potential.
[16]
Weimert, Kelly. “How Much Does a New HVAC System Cost in 2023?” Forbes, Salaky, Kristin (editor). Last
updated July 31, 2023.https://www.forbes.com/home-improvement/hvac/new-hvac-system-cost/#:~:text=The%20price%20of%20a%20new,%248%2C000%2C%20including%20parts%20and%20labor.
[17]
As reported by the government of Canada. “Increasing the Energy Efficiency of Boiler and Heater Installations.”
Last modified February 17, 2016. https://natural-resources.canada.ca/energy/publications/efficiency/industrial/cipec/6699
Within the locomotive industry, railway operators
are also under significant global pressure to modernize their systems and decrease their overall emissions output. At present, not many
solutions are available to address these issues. We believe we can offer our fuel products to locomotive companies across the globe,
providing a simple and affordable solution to improve fuel efficiency, increase the lifespan of engine components, and decrease lifetime
emissions. Our water treatment products can provide a chemical-free solution to descaling water systems. The installation of our products
into locomotive systems are conceivably projects of large scale and earnings associated therewith could significantly increase our overall
revenue stream.
Competition
With respect to the water treatment market, there
is one known company, Evapco Inc., which offers a similar product to the Sonical™, a descaling device similar to ours called Pulse-Pure.
Notably, one of Evapco’s main patents references two past patents of the inventor of our Sonical™ technology.[19] We
believe that the Pulse-Pure product has a lower efficiency rate than our products. We believe that the newest generation of the patented
Sonical™ technology, with its increased power, can offer customers even more efficient descaling.
With respect to the fuel treatment market, to
our knowledge and as of the date of this prospectus, there are no existing competitors that offer fuel efficiency devices utilizing pulsed
power technology. In the automobile market, there are other retrofit devices such as the EcoMax Fuel Saver that claim to offer fuel savings,
most of these being chip devices that connect to a vehicle’s electronic control unit (“ECU”). The companies launching
these products claim that after a consumer has driven for a certain number of miles, the chip will be able to read data from the ECU and
tune the vehicle’s computer for lower fuel consumption specific to the particular driver’s statistics, such as speed and driving
habits, among other things. In our view, there is limited data as to the efficacy of these products. We believe that our Sonical™
technology, when installed directly into a fuel line on a pre-burn location of nearly any fossil-fuel-burning engine, decreases fuel consumption
and thereby lifetime emissions. To our knowledge, no market participant has such capabilities.
Intellectual Property
As of the date of this prospectus, we own the
following patents:
|
Patent
Number |
Place of
registration |
Title |
Owner |
Filing date |
Publication date |
| US 11,634,344 B2 |
United States |
Apparatus and method for treating substances using asymmetric-vector electrical fields |
Go Green Global Technologies Corp.[20] |
September 10, 2021 |
April 25, 2023 |
| |
|
|
|
|
|
| PCT/US2022/043068 |
International[21];
the Company submitted applications during the national entry phase
to Mexico on March 8, 2024 (Application no. MX/a/2024/003051) and Canada on March 11, 2024 (Application no. 3231504). |
Apparatus and method for treating substances using asymmetric-vector electrical fields |
Go Green Global Technologies Corp.[22] |
September 9, 2022 |
March 16, 2023 |
[19]
Patent No. 7,704,364, one of the patents supporting Pulse-Pure, cites two past patents of Mr. Pandolfo, the inventor of
our Sonical™ technology. The two patents referenced were for decalcifier descaling devices for water treatment, utilizing variable
resonance technology.
[20] The
inventor is Salvatore Mario Pandolfo who previously assigned the patent to us. We were the applicant for this patent.
[21]
This patent was filed on the International Patent System, which allows patent holders to seek protection for their intellectual
property in its 57 participating countries, which list of countries can be accessed here: https://www.wipo.int/pct/en/pct_contracting_states.html.
[22] The
inventor is Salvatore Mario Pandolfo, who previously assigned the patent to us. We were the applicant for this patent.
As of the date of this prospectus, we have the following
trademark applications pending:
| Trademark |
Place
of
registration |
Owner |
Class |
Filing
date |
| SONICAL[23] |
Canada |
Go Green Global
Technologies Corp
|
009 |
March 26, 2021 |
| |
|
|
|
|
| SONICAL[24] |
United States |
Go Green
Global
Technologies
Corp.[25] |
009 |
April 8, 2021 |
Employees & Human Capital
As of the date of this prospectus, we have one
full-time employee who is our chief executive officer, Danny G. Bishop.
Legal Proceedings
From time to time, we may be involved in legal
proceedings arising from the normal course of business activities. Defending such proceedings is costly and can impose a significant burden
on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the
outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other
factors. We are not presently a party to any litigation the outcome of which, if determined adversely to us, would in our estimation,
have a material adverse effect on our business, operating results, cash flows or financial condition.
Property
We lease and maintain our primary offices at 5
Production Drive, Brookfield, CT 06804, which is a commercial building providing both office and manufacturing spaces. We do not currently
own any real estate. Effective April 1, 2022, our lease is month to month at our current location.
Corporate Information
We were incorporated on February 22, 2006, in
Nevada. Our principal executive offices are located at 5 Production Drive, Brookfield, CT 06804, and our telephone number is (866) 847-3366. Our
website address is www.gogreen-tech.org. The information on, or that can be accessed through, our website is not part of
this prospectus.
[23] Goods associated with trademark
as claimed in this application: Fluid treatment apparatus for effecting physical or chemical changes to fluids or particles carried by
fluids using variable magnetic fields.
[24] Goods and services associated
with trademark as claimed in application: Scientific fluid treatment apparatus for domestic and industrial use, namely, fluid handling
device for effecting physical or chemical changes to fluids or particles carried by fluids using variable magnetic fields used for disposable
bioprocessing applications and parts and fittings therefor.
[25] This Pending U.S. Trademark has
been suspended by the USPTO. The Pending Canadian Trademark was filed prior to the Pending U.S. Trademark. Pursuant to the Paris Convention
for the Protection of Industrial Property, subsequent applications can be filed within six months of the Pending Canadian Trademark application
and claim the benefit of the Canadian filing date. In order for the priority date of the Pending Canadian Trademark to apply for the
Pending U.S. Trademark, the Pending Canadian Trademark must first be registered. Since the Pending Canadian Trademark is still under
review, the suspension on the Pending U.S. Trademark will continue until the Pending Canadian Trademark is registered.
MANAGEMENT
The following table sets forth certain information
as of the date of this prospectus about our executive officers and members of our Board of Directors.
| Name |
|
Age |
|
Position |
Term
of Office |
| Danny G. Bishop |
|
69 |
|
President, Chief Executive Officer, Chief Financial
Officer, Director1 |
July 2019 (President, Chief Executive
Officer, Director)
August 2022 (Chief Financial Officer) |
| Hattie Corrine Couch |
|
30 |
|
Chief Operating Officer, Director2 |
June 2022 (Chief Operating Officer)
March 2023 (Director) |
| John E. D’Alessandro, Jr. |
|
34 |
|
Director, Director of Manufacturing3 |
January 2018 |
| Dennis Beckert |
|
54 |
|
Director4 |
November 2023 |
Danny Bishop, Chief Executive Officer and
Chief Financial Officer
Dan Bishop has over two decades of healthcare
administrative management experience, including an extensive background in marketing strategy and sales. Having received his B.S. in
Occupational Therapy from Eastern Michigan University in 1976, Danny went on to have an extensive career in healthcare and hospital management.
In these roles, Danny was responsible not only for the care and well-being of patients, but for budgeting, reviewing financial information,
reporting to the board of directors of the hospitals he served, and managing the overall success of the programs that he oversaw. Mr.
Bishop was also responsible for overseeing several programs within the various hospitals that he worked at, lending him tremendous leadership
and managerial experience.
In his former role as manager of outpatient rehabilitation
services for a large healthcare group in Toledo, Ohio, Mr. Bishop was responsible for the daily operations of an extensive product line
of outpatient therapy products with a $12 million annual budget. This experience, in conjunction with many other roles in which Mr. Bishop
was directly involved with in day-to-day operations, imbues Mr. Bishop with the skills to effectively lead and manage a complex business
structure.
Over time, Mr. Bishop’s career evolved
into one with a sales-oriented focus. After approximately twenty years of healthcare administrative management, Mr. Bishop worked as
a consultant for various technology and manufacturing companies, utilizing his extensive connections within the healthcare network to
bring sales and relationships to his clients. One such client was us, for which Danny served as National Sales Manager from 2010 to 2013.
In this role, Danny sold the original version of Go Green’s proprietary Sonical™ technology nationwide. After this period
of success, the Company was unfortunately dormant for some time, but Mr. Bishop returned to us as its Chief Executive Officer and President
in 2019 with hopes of leading us back to success. In August of 2022, Mr. Bishop started serving as our Chief Financial Officer. The Board
was resolute in its confidence to bring Mr. Bishop into executive management knowing that with his knowledge and passion for our products
and his extensive management and leadership experience, he was the right person for the role. Mr. Bishop has never been involved in any
legal proceedings and is of upstanding character, suitable for his service on the Board and as a member of executive management.
Hattie Corrine Couch, Chief Operating Officer
and Director
Hattie Corrine Couch (Corrine Couch) is our Chief
Operating Officer and Director, having served as Chief Operating Officer since June 2022 and Director since March 2023. Ms. Couch is an
experienced administrative manager, operations coordinator, and program logistics overseer. She received her B.A. in Political Science
from the University of Memphis in 2020, graduating magna cum laude. After, Corrine worked in various campaign management positions
for a couple of years, first during her undergraduate years from 2017 to 2018 and then in 2020 to 2021. In her most recent position, which
she held from April 2021 to June 2022, prior to joining Go Green, Corrine served as the Senior Administrative Manager for Field Strategies,
a top nationwide firm providing electoral campaign management services and civic engagement strategies. In this role, Corrine was responsible
for overseeing and executing all day-to-day administrative and operational needs, including payroll, human resources, tax compliance,
and internal financial controls. Corrine originally started with Field Strategies as a campaign operations supervisor, with prior experience
as a field manager for a variety of public interest campaigns. As a manager, Corrine has demonstrated excellent leadership qualities on
a variety of nationwide electoral and issue-based campaigns, applying her experience in managing personnel and executing tasks required
to advance the program’s management.
[1] Mr. Bishop provides services to
the Company in his role as Chief Executive Officer and President pursuant to the Employment Agreement filed as Exhibit 10.4.
[2] Ms. Couch does not have an employment
agreement with the Company for services provided as Chief Operating Officer. She provides services to the Company in her role as Chief
Operating Officer pursuant to the Independent Contractor Agreement filed as Exhibit 10.5.
[3] The Director of Manufacturing position
is not an executive officer position.
[4] Mr. Beckert provides services to
the Company in his role as Director pursuant to the Director Agreement filed as Exhibit 10.6.
Prior to her career in campaign management, Corrine
worked in the real estate management and multi-family leasing space for approximately 3 years, roles in which she was responsible for
a variety of administrative and operational tasks. In these capacities, she was integral to ensuring the overall productivity and success
of the businesses in which she was essential to core management. From her combined professional experience over the last 6 years, Corrine
has a keen understanding of the inner workings of a company and how best to manage administrative and operational logistics for success.
The Board deemed Corrine a qualified candidate
for her role as Chief Operating Officer, and a subsequent Director based upon her extensive experience in administrative and operations
management, as well as her capacity to lead and manage personnel effectively. Additionally, Corrine’s unique experience in politics
provides the Company with astute knowledge of the inner workings of local, state, and federal government programs from which the Company
in its capacity as a manufacturer of green technology devices stands to benefit in the form of grants or pilot programs. Corrine has
never been involved in any legal proceedings and is of upstanding character suitable for that of an officer and director.
John Eric D’Alessandro, Jr., Director
and Director of Manufacturing
John Eric D’Alessandro, Jr. is our Director
and Director of Manufacturing, having served us in these capacities since January of 2018. John Eric is a respected professional with
several years of experience in managerial operations, financial oversight, and inventory management in both professional and laboratory
settings. He received his B.S. in Microbiology with a minor in Chemistry from Southern Connecticut University in 2016.
From 2014 to 2016, John Eric worked in a cancer
research laboratory, where he was responsible for overseeing proper laboratory maintenance and ensuring the success of various projects.
In this role, he developed research and development skills, as well as a keen understanding of working in a controlled environment to
ensure operational success.
Since 2016, John Eric has served as the owner
and manager of a prominent restaurant in the Connecticut area with over $1.2 million in annual sales. In this role, he oversees revenue
generation, financial oversight, maintaining the books and records, inventory control, and managing his staff.
Based on both his educational background in the
sciences, his experience in laboratory settings, and his business acumen, we determined that John Eric was befitting of his role as a
Director, as well as the title of Director of Manufacturing. John Eric has extensive knowledge of our proprietary technology, the Sonical™,
in both a scientific context and in the context needed to run our manufacturing operations. He is of upstanding character and has never
been involved in any legal proceedings.
Dennis Beckert, Independent Director
Dennis Beckert was appointed to a three-year term
as Director in November 2023.
Mr. Beckert received both a M.S. in Accounting
and an MBA from Northeastern University in 1996. As the principal of Alpine Advisory Group from 2006 to the present, a consulting firm
that provides contract CFO and COO consulting services to manufacturing, service and media companies from startup to $100 million in revenue
throughout the US and Europe. Mr. Beckert brings a deep background in financial and operational analysis, cash management and forecasting,
and corporate governance.
In 2016, Mr. Beckert contracted with Equities.com,
Inc. (“Equities”) to provide CFO services and help manage its transition from the print to the digital news market. In 2018
he was appointed interim CEO of Equities. From 2021 to 2023 he acted as Chief Operating and Chief Financial Officer for ESG News Corp.
During his time at Equities and ESG News Corp., Mr. Beckert helped lead both companies to the leading market position in their niche.
Prior to starting Alpine Advisory Group, Mr. Beckert
was Controller for a resort, Whiteface Lodge in Lake Placid, from 2004 to 2006 during its period of construction, where he managed a $75
million construction budget and oversaw the implementation of all banking and point-of-sale systems necessary to operate a luxury property.
Prior to Whiteface Lodge, Mr. Beckert was the Treasurer of Kaz, Inc. (“Kaz”) from 1999 to 2004, where he managed approximately
50 employees. During his time there, Kaz increased its annual sales from $80 million to over $500 million and opened manufacturing operations
in North America, Asia, and Europe. Mr. Beckert began his career in public accounting, working first at a large regional CPA firm before
joining PricewaterhouseCoopers.
We believe Mr. Beckert is well-qualified for his position as Director
and has never been involved in any legal proceedings.
EXECUTIVE COMPENSATION
The following summary compensation table provides
information regarding the compensation paid to the following individuals for the fiscal year(s) indicated.
Summary Compensation Table
| Name and Principal Position | |
(Salary $)(1) | | |
($) Bonus | | |
Stock/Option/RSU Awards ($) | | |
Total ($) | |
| Danny G. Bishop, Chief Executive Officer, Chief Financial Officer, and President (Principal Executive Officer and Principal Financial Officer) | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| Fiscal year ending December 31, 2022 | |
$ | 24,500 | | |
$ | 0 | | |
$ | 0 | | |
$ | 24,500 | |
| Fiscal year ending December 31, 2021 | |
$ | 0 | | |
$ | 0 | | |
$ | 1,500 | (1) | |
$ | 1,500 | |
| Hattie Corrine Couch, Chief Operating Officer | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 72,000 | | |
$ | 0 | | |
$ | 15,875 | | |
$ | 87,875 | |
| Fiscal year ending December 31, 2022 | |
$ | 0 | | |
$ | 0 | | |
$ | 77,500 | (2) | |
$ | 77,500 | |
| (1) |
On April 1, 2021, we awarded Mr. Bishop 1,500,000 shares of Common Stock valued at 1,500, this includes the compensation for such individual’s services in all capacities within the Company, including as an executive director and Director of the Board, for the fiscal year indicated. |
| (2) | We awarded Ms. Couch 450,000 shares of Common Stock for her service as Chief Operating
Officer in the fiscal year ending December 31, 2022. In this fiscal year, we additionally issued 400,000 shares
of Common Stock valued at $60,000 to Ms. Couch, but prior to serving as Chief Operating Officer and Director and
not as compensation for her services in these capacities. |
Board Compensation
The following summary compensation table provides
information regarding the compensation paid to the following individuals for the fiscal year(s) indicated.
Summary Compensation Table
| Name and Principal Position | |
(Salary $)(1) | | |
($) Bonus | | |
Stock/Option/RSU Awards ($) | | |
Total ($) | |
| Danny G. Bishop, Director | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| Fiscal year ending December 31, 2022 | |
$ | 24,500 | | |
$ | 0 | | |
$ | 0 | | |
$ | 24,500 | |
| Fiscal year ending December 31, 2021 | |
$ | 0 | | |
$ | 0 | | |
$ | 1,500 | (1) | |
$ | 1,500 | |
| Hattie Corrine Couch, Director | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 72,000 | | |
$ | 0 | | |
$ | 15,875 | | |
$ | 87,875 | |
| Fiscal year ending December 31, 2022 | |
$ | 0 | | |
$ | 0 | | |
| 77,500 | (2) | |
$ | 77,500 | |
| John E. D’Alessandro, Jr., Director | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 3,000 | | |
$ | 0 | | |
$ | 0 | | |
$ | 3,000 | |
| Fiscal year ending December 31, 2022 | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| Fiscal year ending December 31, 2021 | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| Dennis Beckert, Director | |
| | | |
| | | |
| | | |
| | |
| Fiscal year ending December 31, 2023 | |
$ | 0 | | |
$ | 0 | | |
$ | 4,200 | | |
$ | 4,200 | |
| (1) |
On April 1, 2021, we awarded Mr. Bishop 1,500,000 shares of Common Stock valued at 1,500, This includes the compensation for such individual’s services in all capacities within the Company, including as an executive director and Director of the Board, for the fiscal year indicated. |
| (2) | We awarded Ms. Couch 450,000 shares of Common Stock for her services as Chief
Operating Officer in the fiscal year ending December 31, 2022. In this fiscal year, we additionally issued 400,000
shares of Common Stock valued at $60,000 to Ms. Couch, but prior to serving as Chief Operating Officer and Director
and not as compensation for her services in these capacities. |
| (3) | We issued John E. D’Alessandro, Jr. 750,000 shares of Common Stock for his services as
Director, at a price of $0.001 per share. |
PLAN OF DISTRIBUTION
Each
Selling Shareholder and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their Shares on the OTCQB at prevailing market prices
or at privately negotiated prices. A Selling Shareholder may use any one or more of the following
methods when selling securities:
| · | ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| · | block
trades in which the broker-dealer will attempt to sell the securities as agent but may position
and resell a portion of the block as principal to facilitate the transaction; |
| · | purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
| · | privately
negotiated transactions; |
| · | settlement
of short sales; |
| · | in
transactions through broker-dealers that agree with the Selling Shareholders to sell a specified
number of such securities at a stipulated price per share; |
| · | through
the writing or settlement of options or other hedging transactions; |
| · | a
combination of any such methods of sale; or |
| · | any
other method permitted pursuant to applicable law. |
If the Selling Shareholders sell their securities
through purchases by a broker-dealer as principal and resales by the broker-dealer for its account, these events would constitute a material
change to the Company’s plan of distribution. This material change would require a post-effective amendment to this registration
statement.
The Selling Shareholders may also sell securities
under Rule 144 (“Rule 144”) or any other exemption from registration under the Securities Act, if available, rather than
under this prospectus.
Broker-dealers engaged by the Selling Shareholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but except as
set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in
compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.
In connection with the sale of the Shares, the
Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage
in short sales of the securities in the course of hedging the positions they assume. The Selling Shareholders may also sell securities
short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn
may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial
institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution
of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).
The Selling Shareholders and any broker-dealers
or agents that are involved in selling the Shares may be deemed to be “underwriters” within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling
Shareholder has informed us that he, she, or it does not have any written or oral agreement or understanding, directly or indirectly,
with any person to distribute the securities.
We will bear the costs incurred in connection
with the registration of the Shares.
The Shares will be sold only through registered
or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the Shares covered
hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration
or qualification requirement is available and is complied with.
We agreed to keep this prospectus effective until
the earlier of (i) the date on which the securities may be resold by the Selling Shareholders without registration and without regard
to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with the current
public information under Rule 144 or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus
or Rule 144 or any other rule of similar effect. Under applicable rules and regulations under the Exchange Act, any person engaged in
the distribution of the resale securities may not simultaneously engage in market making activities with respect to the Common Stock
for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling
Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation
M, which may limit the timing of purchases and sales of the Common Stock by the Selling Shareholders or any other person. We will make
copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus
to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The
following table sets forth certain information, as of August 15, 2024 with respect to the
holdings of (1) each natural or legal person who is the beneficial owner of more than 5%
of each class of our voting stock, (2) each of our directors, (3) each executive officer,
and (4) all of our current directors and executive officers as a group.
Beneficial ownership of the voting stock is determined
in accordance with the rules of the SEC and includes any shares of our voting stock over which a natural or legal person exercises sole
or shared voting or investment power, or of which such person has a right to acquire ownership at any time within 60 days of August 15,
2024. Except as otherwise indicated, we believe that the persons named in this table have sole voting and investment power with respect
to all shares of voting stock held by them. Applicable percentage ownership in the following table is based on 97,380,590 shares of Common
Stock issued and outstanding on August 15, 2024, on both a fully diluted and non-fully diluted basis. Common Stock subject to convertible
securities which are currently exercisable or exercisable within 60 days of August 15, 2024 are deemed to be outstanding for the purpose
of computing the percentage ownership of any natural or legal person or group.
To the best of our knowledge, except as otherwise
indicated, each of the persons named in the table has sole voting and investment power with respect to the shares of our Common Stock
beneficially owned by such person, except to the extent such power may be shared with a spouse. To our knowledge, none of the shares listed
below are held under a voting trust or similar agreement, except as noted. To our knowledge, there is no arrangement, including any pledge
by any person of our securities, the operation of which may at a subsequent date result in a change in control of the Company.
| Beneficial Owner |
Beneficially
Owned Before Offering, Fully Diluted Basis |
Percent of Class
Before Offering, Fully Diluted Basis |
Beneficially Owned
After Offering, Fully Diluted Basis |
Percent of Class
After Offering, Fully Diluted Basis |
Common Stock
Ownership Before Offering, Non-Diluted Basis |
Percent of Class
Before Offering, Non-Diluted Basis |
Common Ownership
After Offering, Non-Diluted Basis |
Percent of Class
After Offering, Non-Diluted Basis |
| |
|
|
|
|
|
|
|
|
| Officers and Directors |
|
|
|
|
|
|
|
|
| Common Stock |
|
|
|
|
|
|
|
|
| Hattie Corrine Couch |
1,025,000 |
0.76% |
1,025,000 |
0.76% |
1,025,000 |
1.05% |
1,025,000 |
1.05% |
| Danny G. Bishop |
2,540,000 |
1.88% |
2,040,000 |
1.51% |
2,540,000 |
2.61% |
2,040,000 |
2.09% |
| John Eric D’Alessandro, Jr. |
2,374,250 |
1.76% |
2,374,250 |
1.76% |
2,374,250 |
2.44% |
2,374,250 |
2.44% |
| Dennis Beckert |
235,000 |
0.17% |
235,000 |
0.17% |
235,000 |
0.24% |
235,000 |
0.24% |
| Officers and Directors as a Group (total of 4 persons) |
6,174,250 |
4.57% |
5,674,250 |
4.19% |
6,174,250 |
6.34% |
5,674,250 |
5.83% |
| |
|
|
|
|
|
|
|
|
| Series A Preferred Stock |
|
|
|
|
|
|
|
|
| Officers and Directors as a Group (total of 4 persons) |
0 |
0.00% |
0 |
0.00% |
0 |
0.00% |
0 |
0.00% |
| |
|
|
|
|
|
|
|
|
| Series B Preferred Stock |
|
|
|
|
|
|
|
|
| Officers and Directors as a Group (total of 4 persons) |
3,000,000 |
100.00% |
3,000,000 |
100% |
3,000,000 |
100.00% |
3,000,000 |
100.00% |
| |
|
|
|
|
|
|
|
|
| 5%+ Stockholders |
|
|
|
|
|
|
|
|
| Common Stock |
|
|
|
|
|
|
|
|
| John D’Alessandro, Sr. |
7,500,000 |
5.55% |
7,500,000 |
5.55% |
7,500,000 |
7.70% |
7,500,000 |
7.70% |
| Salvatore Mario Pandolfo |
8,000,000 |
5.92% |
8,000,000 |
5.92% |
8,000,000 |
8.22% |
8,000,000 |
8.22% |
| David Zevetchin |
10,482,500 |
7.76% |
8,482,500 |
6.28% |
8,482,500 |
8.71% |
6,482,500 |
6.66% |
| Joseph Zizzadoro |
9,000,000 |
6.66% |
7,000,000 |
5.18% |
8,000,000 |
8.22% |
6,000,000 |
6.16% |
| AJB Capital Investments LLC |
17,326,923 |
12.82% |
2,000,000 |
1.48% |
5,826,923 |
5.98% |
2,000,000 |
2.05% |
| |
|
|
|
|
|
|
|
|
| Series A Preferred Stock |
|
|
|
|
|
|
|
|
| Pensco Trust Company, fbo Xavier Mimaud IRA |
800,000 |
19.05% |
800,000 |
19.05% |
800,000 |
19.05% |
800,000 |
19.05% |
| Mark Del Priore |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
| James Scatuorchio |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
| Todd Pletcher Trust |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
400,000 |
9.52% |
| Joan Schultz |
300,000 |
7.14% |
300,000 |
7.14% |
300,000 |
7.14% |
300,000 |
7.14% |
| |
|
|
|
|
|
|
|
|
| Series B Preferred Stock |
|
|
|
|
|
|
|
|
| Danny G. Bishop |
3,000,000 |
100.00% |
3,000,000 |
100.00% |
3,000,000 |
100.00% |
3,000,000 |
100.00% |
SELLING SHAREHOLDERS
The Shares being offered by the Selling Shareholders
are those previously issued to the Selling Shareholders, and those issuable to the Selling Shareholders, upon exercise of their respective
warrants. We are registering the Shares in order to permit the Selling Shareholders to offer the shares for resale from time to time.
Except as disclosed in “Certain Relationships and Related Party Transactions” for the applicable Selling Shareholders,
the other Selling Shareholders have not had any material relationship with us within the past three years.
The table below lists the Selling Shareholders
and other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling Shareholders. The second
column lists the number of shares of Common Stock beneficially owned by each Selling Shareholder, based on its ownership of the shares
of Common Stock and warrants, as of August 15, 2024, assuming exercise of the warrants held by the Selling Shareholders on August 15,
2024, without regard to any limitations on exercises.
Except as otherwise indicated below, based on
information provided to us by each Selling Stockholder, and to the best of our knowledge, the Selling Stockholders are not broker-dealers
or affiliates of broker-dealers. Based on information provided to us by each Selling Stockholder indicated below as affiliates of broker-dealers,
each of such Selling Shareholders purchased the securities in the ordinary course of business, and at the time of purchase of the securities
to be resold, such Selling Shareholders had no agreements or understandings, directly or indirectly, with any person to distribute the
securities.
The third column lists the shares of Common Stock
being offered by the Selling Shareholders which are covered by this prospectus.
This prospectus generally covers the resale of
the sum of (i) the number of shares of Common Stock issued to the Selling Shareholders in the described above and (ii) the maximum number
of shares of Common Stock issuable upon exercise of the related warrants, determined as if the outstanding warrants were exercised in
full as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of the
trading day immediately preceding the applicable date of determination, without regard to any limitations on the exercise of the warrants.
The fourth column lists the Warrant Shares being
offered by the Selling Shareholders which are covered by this prospectus. The fifth column assumes the sale of all of the shares offered
by the Selling Shareholders pursuant to this prospectus.
Under the terms of the warrants and other warrants
held by Selling Shareholders, a Selling Shareholder may not exercise any such warrants to the extent such exercise would cause such Selling
Shareholder, together with its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which would
exceed 4.99% or 9.99%, as applicable, of our then outstanding Common Stock following such exercise, excluding for purposes of such determination
shares of Common Stock issuable upon exercise of such warrants which have not been exercised. The number of shares in the second and
fourth columns do not reflect this limitation. The Selling Shareholders may sell all, some or none of their shares in this offering.
See “Plan of Distribution.”
| Name of Selling Shareholder |
Number
of Shares of Common Stock Owned Prior to Offering(1) |
Maximum
Number of Shares of Common Stock to Be Sold Pursuant to this Prospectus |
Maximum
Number of Shares of Common Stock Underlying Warrants to be Sold Pursuant to this Prospectus |
Number
of Shares Owned After Offering (2) |
Percentage
Beneficial Ownership After Offering(3) |
| AJB
Capital Investments LLC |
17,326,923 |
3,826,923(4) |
11,500,000(5)
|
2,000,000 |
1.48% |
| Jeffrey
Morfit(6) |
3,478,000 |
0 |
3,478,000(7) |
0 |
0% |
| Ryan
Ebner(6) |
4,895,333 |
0 |
2,162,000(7) |
2,733,333 |
2.02% |
| David
Zevetchin |
10,482,500 |
2,000,000 |
0 |
8,482,500 |
6.28% |
| Joseph
Zizzadoro |
9,000,000 |
2,000,000 |
0 |
7,000,000 |
5.18% |
| Ryan
Hanavan(6) |
1,410,000 |
0 |
1,410,000(7) |
0 |
0% |
| Michael
Squitieri(6) |
1,410,000 |
0 |
1,410,000(7) |
0 |
0% |
| Nobadeer
Ventures LLC |
3,289,213 |
1,739,213 |
0 |
1,550,000 |
1.15% |
| William
McCance(7) |
940,000 |
0 |
940,000 |
0 |
0% |
| Erwin
Vahlsing, Jr. |
1,800,000 |
25,000 |
200,000 |
1,575,000 |
1.17% |
| Danny
G. Bishop |
2,540,000 |
500,000 |
0 |
2,040,000 |
1.51% |
| Alexandra
Vino |
200,000 |
200,000 |
0 |
0 |
0% |
| Michael
Morfit |
230,000 |
180,000 |
0 |
50,000 |
0.04% |
| Mike
Casson |
200,000 |
200,000 |
0 |
0 |
0% |
| The
CFO Squad LLC |
450,000 |
450,000 |
0 |
0 |
0% |
| Cortiera
LLC |
50,000 |
50,000 |
0 |
0 |
0% |
| |
|
|
|
|
|
| Total |
57,701,969 |
11,171,136 |
21,100,000 |
25,430,833 |
18.82% |
______________________
(1) Number indicated is on a fully diluted basis, representing
the total number of common stock and common stock underlying the securities convertible into common stock (as if such securities had been
converted), owned by such Selling Shareholder prior to this Offering.
(2) Number indicated assumes the sale of the maximum amount
of the Selling Shareholder’s Shares to be sold pursuant to this prospectus.
(3) Number indicated is on a fully diluted basis, rounded
to the nearest hundredth digit.
(4) Includes (i) the Outstanding AJB Shares (3,076,923 shares
of Common Stock) previously issued to AJB Capital in the 2022 Bridge Financing, and (ii) 750,000 shares of Common Stock issued pursuant
to amended terms of pre-funded warrants issued to AJB Capital in our May 2023 bridge financing round.
(5) Includes (i) 2,500,000 shares of Common Stock issuable
upon exercise of the 2022 Warrants and (iii) 9,000,000 shares of Common Stock issuable upon exercise of the 2023 Warrants.
(6) This Selling Shareholder has represented to us that
it is an affiliate of a broker-dealer.
(7) We previously issued warrants
to Advisory Group Equity Services, Ltd (“AGES”) pursuant to the 2021 Engagement Letter (as defined in Item 15), the Amended
2021 Engagement Letter (as defined in Item 15), and 2022 Engagement Letter (as defined in Item 15) for its financial advisory services
to us with respect to certain transactions. In 2023, AGES assigned a certain number of warrants to this Selling Shareholder. This number
represents the shares of Common Stock underlying the warrants issued to this Selling Shareholder which such Selling Shareholder is selling
in this Offering. AGES was sold to another entity and the securities previously issued to AGES, including the Shares registered pursuant
to this prospectus, are now held by William McCance. William McCance has represented to us that he is an affiliate of a broker-dealer.
CERTAIN RELATIONSHIPS AND
RELATED PARTY TRANSACTIONS
Below are all of the related party transactions
required to be disclosed pursuant to Regulation S-K, Item 404(d) for smaller reporting companies.
Fiscal Year Ending on December 31, 2021
We had no related party transactions for the fiscal year ending
on December 31, 2021.
2022 Fiscal Year
2022 Bridge Financing; Payments to AJB
Capital Pursuant to the 2022 AJB Note
AJB Capital is a holder of over five percent
(5%) of the Company’s issued and outstanding Common Stock, a voting security.
On February 18, 2022, we consummated the 2022
Bridge Financing, pursuant to which we issued to AJB Capital: (i) the 2022 AJB Note; (ii) 3,076,923 shares of Common Stock (such shares,
“Commitment Shares”) as a commitment fee; and (iii) the 2022 Warrants. The terms of the 2022 Warrants are set forth in Item
15 above. As disclosed in the financial statements filed with this registration statement, the allocated value of the 2022 Warrants was
$134,384 and the Commitment Shares was $42,675.
The largest aggregate principal amount we
owed to AJB Capital in the 2022 Fiscal Year pursuant to the 2022 AJB Note was $300,000. The amount of interest payable on the 2022 AJB
Note in the 2022 Fiscal Year was $34,500. We did not repay any amount of the principal pursuant to the 2022 AJB Note in the 2022 Fiscal
Year. We paid interest in the amount of $30,750 in the 2022 Fiscal Year.
September 2022 Note with David Zevetchin;
October 2022 Note with David Zevetchin; November 2022 Note with David Zevetchin
David Zevetchin is a holder of over five percent
(5%) of the Company’s issued and outstanding Common Stock, a voting security.
We entered into a short-term promissory note with David
Zevetchin on September 17, 2022 in the principal amount of $30,000 (the “September 2022 Zevetchin Note”), which bore
interest at a rate of 10% per annum. As partial consideration for entering into the September 2022 Zevetchin Note, we issued 50,000
shares of Common Stock to David Zevetchin.
We entered into a short-term promissory note
with David Zevetchin in the principal amount of $20,000 on October 3, 2022 (the “October 2022 Zevetchin Note”) and bore interest
at a rate of 10% per annum. As partial consideration for entering into the October 2022 Zevetchin Note, we issued 50,000 shares of Common
Stock to David Zevetchin.
The September 2022 Zevetchin Note and October
2022 Note were later consolidated into one promissory note dated November 18, 2022 (the “November 2022 Zevetchin Note”).
The principal amount on the November 2022 Note is still outstanding as of the date of this prospectus. We did not repay any principal
owed on the November 2022 Note in the 2022 Fiscal Year. The total amount of interest payable on the November 2022 Zevetchin Note in the
2022 Fiscal Year was $1,337. We paid interest in the amount of $939.64 pursuant to the November 2022 Zevetchin Note in the 2022 Fiscal
Year.
In the 2022 Fiscal Year, David Zevetchin the
total allocated value of the Common Stock we issued to David Zevetchin as consideration for the promissory notes entered into in the
2022 Fiscal Year was $22,268.
Loan from Joseph Zizzadoro
Joseph Zizzadoro is a holder of over five
percent (5%) of the Company’s issued and outstanding Common Stock, a voting security.
We entered into a short-term promissory note
with Joseph Zizzadoro on November 10, 2022 (the “2022 Zizzadoro Note”), for a principal amount of $100,000. The principal
amount owed on the 2022 Zizzadoro Note in the 2022 Fiscal Year was $100,000. The total amount of interest payable pursuant to the 2022
Zizzadoro Note was $1,288. We did not repay any principal or interest under the 2022 Zizzadoro Note in the 2022 Fiscal Year.
In the 2022 Fiscal Year, we issued Common Stock to Joseph Zizzadoro
as consideration for the promissory note with a total allocated value of $39,663.
2023 Fiscal Year
Extension of the Maturity Date on the 2022
AJB Note
On March 1, 2023, AJB Capital agreed to amend
the 2022 AJB Note to extend the maturity date to March 13, 2023. As consideration, the Company issued 1,500,000 common stock warrants
to AJB Capital, which had an exercise price of $0.01 per share, a term of exercise equal to 5 years after their issuance date; and
which were exercisable immediately after their issuance. Such warrants were valued at $225,00, as disclosed in the Company’s financial
statements filed with this prospectus.
Payments to AJB Capital on the 2022 AJB
Note
In the 2023 Fiscal Year, the largest aggregate
principal amount owed to AJB Capital pursuant to the 2022 AJB Note was $300,000, which amount was fully outstanding at the beginning
of the 2023 Fiscal Year. The amount of interest payable for the 2023 Fiscal Year pursuant to the 2022 AJB Note was $10,500.00. We repaid
the principal amount and interest payable on the 2022 AJB Note in full by March 30, 2023.
2023 Bridge Financing; Payments to AJB
Capital on the 2023 AJB Note
On May 5, 2023, we consummated the 2023 Bridge
Financing, pursuant to which we issued the 2023 AJB Note to AJB Capital in the principal amount of $300,000. The largest aggregate principal
amount we owed to AJB Capital in the 2023 Fiscal Year pursuant to the 2023 AJB Note was $300,000. The amount of interest payable on the
2023 AJB Note in the 2023 Fiscal Year was $23,500.00. We paid AJB Capital $21,7500 on the interest owed under the 2023 AJB Note in the
2023 Fiscal Year.
We also issued the 2023 Warrants to AJB Capital
pursuant to the 2023 Bridge Financing. As disclosed in the financial statements filed with this registration statement, the allocated
value of the 2023 Warrants was $219,375.
On June 7, 2024, we entered into the 2023
AJB Note Amendment, pursuant to which we and AJB Capital agreed to extend the maturity date of the 2023 AJB Note to November 8, 2024.
The 2023 AJB Note Amendment also provided that as consideration for AJB Capital’s extension of such maturity date, we issued 1,500,000
shares of Common Stock to AJB Capital at a price of $0.13 per share, for a total consideration of $195,000.
Pursuant to the 2023 Bridge Financing, we
also issued the 2023 Warrants to AJB Capital. The 2023 Warrants were exercisable any time after the date of issuance until exercised
in full, at an exercise price of $0.001 per share of Common Stock and are eligible for a cashless exercise at the option of the holder.
Our aggregate gross proceeds from the 2023 Bridge Financing were $300,000.
Mutual Release Agreement with Joseph Zizzadoro
for the Zizzadoro Note
On February 28, 2023, the Company entered
into a mutual release agreement with Joseph Zizzadoro, pursuant to which we issued 2,000,000 shares of Common Stock in exchange for full
settlement of the Zizzadoro Note. The fair value of the Common Stock issued was determined using the stock price as of the date of the
mutual release agreement, at $0.11 per share, and an aggregate consideration of $220,000.
Common Stock issued to Salvatore Mario
Pandolfo
Salvatore Mario Pandolfo is a holder of over
five percent (5%) of the Company’s issued and outstanding Common Stock, a voting security.
On April 25, 2023, we issued 2,000,000 shares
of Common Stock to Salvatore Mario Pandolfo in connection with the Amended and Restated Asset Purchase Agreement. The shares were issued
at a price of $0.12 per share, for a total purchase price of $240,000.
On February 16, 2023, we issued 3,000,000
shares of Common Stock to Salvatore Mario Pandolfo in connection with the Amended and Restated Asset Purchase Agreement. The shares were
issued at a price of $0.12 per share, for a total purchase price of $360,000.
Loans from David Zevetchin
On January 31, 2023, we entered into a short-term
promissory note with David Zevetchin (the “January 2023 Zevetchin Note”) in the principal amount of $50,000, which bore interest
at a rate of 10% per annum and had an initial maturity of 60 days. As partial consideration for entering into the January 2023 Zevetchin
Note, we also issued 150,000 shares of Common Stock to David Zevetchin. As disclosed in the financial statements filed with this registration
statement, the allocated value of such shares was $18,000.
On January 31, 2023, we sold 2,000,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, at a price of $0.05 per share, for an aggregate
purchase price of $100,000.
On November 1, 2023, we entered into a short-term
promissory note with David Zevetchin (the “First November 2023 Zevetchin Note”) in the principal amount of $50,000, which
bore interest at a rate of 10% per annum and had an initial maturity of 60 days. As partial consideration for entering into the First
November 2023 Zevetchin Note, we also issued 750,000 shares of Common Stock to David Zevetchin. As disclosed in the financial statements
filed with this registration statement, the allocated value of such shares was $23,684.
On November 17, 2023, we entered into a short-term
promissory note with David Zevetchin (the “Second November 2023 Zevetchin Note,” and, together with the First November 2023
Zevetchin Note, the November 2023 Zevetchin Notes) in the principal amount of $50,000, which bore interest at a rate of 10% per annum
and had an initial maturity of 60 days. As partial consideration for entering into the Second November 2023 Zevetchin Note, we also issued
187,500 shares of Common Stock to David Zevetchin. As disclosed in the financial statements filed with this registration statement, the
allocated value of such shares was $14,602.
The principal amounts owed on the January
2023 Zevetchin Note and the November 2023 Zevetchin Notes are still outstanding as of the date of this prospectus. No amount of principal
or interest was repaid on the January 2023 Zevetchin Note and the November 2023 Zevetchin Notes in the 2023 Fiscal Year.
In the 2023 Fiscal Year, the total allocated
value of the shares of Common Stock David Zevetchin received as consideration for the promissory notes entered into as of the 2023 Fiscal
Year and the extensions of such notes was $249,202.
On February 1, 2024, we entered into a Cancellation
and Consolidation Agreement with David Zevetchin, pursuant to which we cancelled the November 2022 Zevetchin Note, the January 2023 Zevetchin
Note, and November 2023 Zevetchin Notes and consolidated such notes into one note (such consolidated note, the “Consolidated 2024
Zevetchin Note”). The Consolidated 2024 Zevetchin Note had a 6-month term and was issued in the principal amount of $217,625.30.
As consideration for the consolidation of the outstanding principals on the notes abovementioned in this paragraph, the Company issued
470,000 shares of Common Stock to David Zevetchin at $0.07 per share. The Company also issued warrants to David Zevetchin purchase 2,000,000
shares of Common Stock at a price of $0.10 per share as consideration for consolidation of the outstanding principals on these notes.
Loans from Joseph Zizzadoro
On January 12, 2023, we entered into a short-term
promissory note with Joseph Zizzadoro in the principal amount of $50,000 (the “January 2023 Zizzadoro Note”). The January
2023 Zizzadoro Note bore interest at a rate of 10% per annum. As partial consideration for entering into the January 2023 Zizzadoro Note,
we issued 125,000 shares of Common Stock to Joseph Zizzadoro. The largest aggregate principal amount we owed to Joseph Zizzadoro pursuant
to the January 2023 Zizzadoro Note in the 2023 Fiscal Year was $50,000. We did not pay any principal outstanding or interest accrued
on the January 2023 Zizzadoro Note in the 2023 Fiscal Year.
On March 6, 2023, we entered into a
short-term promissory note with Joseph Zizzadoro in the principal amount of $150,000 (the “March 2023 Zizzadoro Note”).
This promissory note did not bear interest. As partial consideration for entering into the March 2023 Zizzadoro Note, we issued
250,000 shares of Common Stock to Joseph Zizzadoro. The largest aggregate principal amount we owed to Joseph Zizzadoro pursuant to
the March 2023 Zizzadoro Note in the 2023 Fiscal Year was $150,000. We did not pay any principal outstanding or interest accrued on
the March 2023 Zizzadoro Note in the 2023 Fiscal Year.
On December 20, 2023, we entered into a short-term
promissory note with Joseph Zizzadoro in the principal amount of $30,000 (the “December 2023 Zizzadoro Note”). The December
2023 Zizzadoro Note bore interest at a rate of 10% per annum. As partial consideration for entering into the December 2023 Zizzadoro
Note, we issued 225,000 shares of Common Stock to Joseph Zizzadoro. The largest aggregate principal amount we owed to Joseph Zizzadoro
pursuant to the December 2023 Zizzadoro Note in the 2023 Fiscal Year was $30,000. We did not pay any principal outstanding or interest
accrued on the December 2023 Zizzadoro Note in the 2023 Fiscal Year.
On February 1, 2024, we entered into a Cancellation
and Consolidation Agreement with Joseph Zizzadoro, pursuant to which $150,000 of the aggregate principal amount outstanding on the January
2023 Zizzadoro Note, the March 2023 Zizzadoro Note, and the December 2023 Zizzadoro Note ($230,000) was extinguished in exchange for
our issuance of 1,500,000 shares of Common Stock to Joseph Zizzadoro. As of the date of this prospectus, the aggregate principal balance
outstanding on the January 2023 Zizzadoro Note, the March 2023 Zizzadoro Note, and the December 2023 Zizzadoro Note is $80,000.
In the 2023 Fiscal Year, Joseph Zizzadoro
received shares of Common Stock as consideration for the promissory notes and the extension of their maturity dates, with a total allocated
value of $432,983.
DESCRIPTION
OF SECURITIES
The following description of our securities is
only a summary and is qualified in its entirety by reference to the actual terms and provisions of the capital stock contained in our
Articles of Incorporation and our Bylaws.
General
We are authorized to issue two classes of stock.
The total number of shares of stock which we are authorized to issue is 525,000,000 shares of capital stock, consisting of 500,000,000
shares of Common Stock, $0.001 par value per share, and 25,000,000 shares of preferred stock, $0.001 par value per share, of which 9,000,000
shares are designated “Series A Preferred Stock” and 5,000,000 shares are designated “Series B Preferred Stock.”
As of August 15, 2024, we have (i) 97,380,590 shares of Common Stock, (ii) 4,200,000 shares of Series A Preferred Stock, and (iii) 3,000,000
shares of Series B Preferred Stock issued and outstanding.
Common Stock
The holders of our Common Stock are entitled
to the following rights:
Voting Rights. Each share of our
Common Stock entitles its holder to one vote per share on all matters to be voted or consented upon by the shareholders. Holders of our
Common Stock are not entitled to cumulative voting rights with respect to the election of directors.
Dividend Rights. Subject to limitations
under Nevada law and preferences that may apply to any shares of preferred stock that we may decide to issue in the future, holders of
our Common Stock are entitled to receive ratably such dividends or other distributions, if any, as may be declared by our Board out of
funds legally available therefor.
Liquidation Rights. In the event
of the liquidation, dissolution or winding up of our business, the holders of our Common Stock are entitled to share ratably in the assets
available for distribution after the payment of all of our debts and other liabilities, subject to the prior rights of the holders of
our preferred stock.
Other Matters. The holders of our
Common Stock have no subscription, redemption or conversion privileges. Our Common Stock does not entitle its holders to preemptive rights.
All of the outstanding shares of our Common Stock are fully paid and non-assessable. The rights, preferences and privileges of the holders
of our Common Stock are subject to the rights of the holders of shares of any series of preferred stock which we may issue in the future.
Series A Preferred Stock
The holders of our Series A Preferred Stock are
entitled to the following rights:
Voting Rights.
Each share of Series
A Preferred Stock entitles its holder to one vote per share on all matters to be voted or consented upon by the shareholders on an as-converted
basis. Holders of the Series A Preferred Stock will vote together with the holders of Common Stock. Holders of our Series A Preferred
Stock are not entitled to cumulative voting rights with respect to the election of directors.
Conversion.
Each share of Series A Preferred Stock will automatically
convert to Common Stock upon any securities offering of the Company which raises $2 million or more in proceeds.
Reorganizations and Related Transactions
If there is a reorganization, share exchange,
sale conveyance, or reclassification, in a transaction or series of related transactions, including where there is a shift in more than
50% of our voting power, each holder of Series A Preferred Stock has the option of converting such holder’s shares into the kind
and number of shares of stock and/or other securities, cash or other property that the holder of such share of Series A Preferred Stock
would have been entitled to receive if such holder held the Common Stock issuable upon conversion of such share of Series A Preferred
Stock immediately prior to the reorganizations, share exchange, sale, conveyance or reclassification.
If there is a merger or consolidation which results
in a shift in more than 50% of our voting power, each share of Series A Preferred Stock, after such merger or consolidation, will be
convertible at the option of the holder of the Series A Preferred Stock into the kind and number of shares of stock and/or other securities,
cash or other property that the holder of such share of Series A Preferred Stock would have been entitled to receive if such holder held
the Common Stock issuable upon conversion of such share of Series A Preferred Stock immediately prior to the merger or consolidation
which results in a shift in more than 50% of our voting power, in addition to all accrued and unpaid dividends on the shares of Series
A Preferred Stock through the conversion.
Liquidation Rights. In the event
of the liquidation, dissolution or winding up of our business, before any distribution or payment shall be made to the holders of any
Junior Stock (as defined below), the holders of Series A Preferred Stock are entitled to be paid out of the assets of the Company legally
available for distribution to its stockholders, after (i) payment of or provision for the Company’s debts and liabilities and (ii)
payment to the holders of Series B Preferred Stock of (A) $0.001 per share (the “Preference Value”) plus (B) all declared
but unpaid dividends for each share of Series B Preferred Stock: the highest of (i) the bid price quoted on the day of liquidation, dissolution,
or winding up, (ii) the price paid for such shares of Series A Preferred Stock, and (iii) the price per share established in any merger
agreement. If upon any such liquidation, dissolution, or winding up of our business the remaining assets of the Company available for
distribution to its stockholders, after payment in full of the Preference Value and declared but unpaid dividends to the holders of Series
B Preferred Stock, shall be insufficient to pay the holders of shares of Series A Preferred Stock, then the holders of Series A Preferred
Stock shall share ratably in any distribution of the remaining assets of the Company in proportion to the respective amounts which would
otherwise be payable in respect to the shares of Series A Preferred Stock held by them upon such distribution if all amounts payable on
or with respect to such shares were paid in full.
“Junior Stock” means the Common Stock
and such other classes or series of stock designated from time to time as having liquidation rights junior to the holders of Series A
Preferred Stock.
Series B Preferred Stock
The holders of our Series B Preferred Stock are
entitled to the following rights:
Voting Rights. Each share of Series
B Preferred Stock entitles its holder to 20 votes per share for any election or vote placed before our shareholders.
Dividend Rights. Subject to the
requirements of the NRS, holders of our Series B Preferred Stock are entitled to receive dividends or other distributions, if any, as
may be declared by our Board.
No Conversion Rights. The Series
B Preferred Stock, unlike the Series A Preferred Stock, are not convertible into Common Stock.
Liquidation
Rights. In the event of the liquidation, dissolution or winding up of our business,
the holders of Series B Preferred Stock are entitled, before any distribution or payment
is made upon any holder of Junior Stock (as defined directly below this paragraph), to be
paid out of the assets of the Company legally available for distribution to its shareholders,
after payment of or provision for the Company’s debts and liabilities, the Preference
Value plus all declared but unpaid dividends, for each share of Series B Preferred Stock.
After payment of the Preference Value plus all declared but unpaid dividends to the holders
of Series B Preferred Stock, the remaining assets of the Company legally available for distribution,
if any, shall be distributed ratably to the holders of the Junior Stock. If upon liquidation
the remaining assets of the Company available for distribution to its stockholders shall
be insufficient to pay the holder of shares of Series B Preferred Stock, then the holders
of the Series B Preferred Stock shall share ratably in any distribution of the remaining
assets of the Company in proportion to the respective amounts which would otherwise be payable
in repsect to the shares of Series B Preferred Stock held by them upon such distribution
if all amounts payable on or with respect to such shares were paid in full.
“Junior Stock” means the Series A
Preferred Stock, Common Stock, and such other classes or series of stock designated from time to time as having liquidation rights junior
to those of the holders of Series B Preferred Stock.
2022 Bridge Financing
On February 18, 2022, we consummated the 2022
Bridge Financing, pursuant to which we issued a short-term promissory note to AJB Capital (the “2022 AJB Note”) in addition
to the 2022 Warrants to AJB Capital in a private placement. The Securities Purchase Agreement which we entered into pursuant to the 2022
Bridge Financing, provided for, amongst other things and in addition to the Company’s offering of the 2022 AJB Note and 2022 Warrants
to AJB Capital, that the Company issue to AJB Capital 3,076,923 shares of Common Stock as a commitment fee. Prior to the 2022 Bridge
Financing Amendment (as defined below), the 2022 Warrants were initially exercisable for five years from issuance, at an exercise price
of $0.20 per share, and were exercisable for, in the aggregate, 1,000,000 shares of Common Stock. AJB Capital, as the holder of the 2022
AJB Note and the 2022 Warrants, was not entitled to exercise any portion thereof, as applicable, if the holder (together with its affiliates)
would beneficially own more than 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the 2022 AJB Note or 2022 Warrants.
We amended the terms of the 2022 Bridge Financing
on March 1, 2023 (such amendment, the “2022 Bridge Financing Amendment”). Pursuant to the 2022 Bridge Financing Amendment,
we entered into that certain Amendment to Promissory Note with AJB, dated March 1, 2023 (the “2022 AJB Note Amendment”),
which, amongst other things, (i) extended the maturity date of the 2022 AJB Note and (ii) provided for our payment of $150,000 of the
aggregate principal and interest due on the 2022 AJB Note by a date certain specified within the 2022 AJB Note Amendment, and (iii) waived
certain events of default under the 2022 AJB Note. We also entered into that certain Amended and Restated Common Stock Purchase Warrant
with AJB dated March 1, 2023, which changed the exercise price of the 2022 Warrants to $0.01 and the aggregate number of shares of Common
Stock underlying the 2022 Warrants to 2,500,000.
Our aggregate gross proceeds
from the 2022 Bridge Financing were $270,000. We repaid the 2022 AJB Note in full on March 30, 2023.
2023 Bridge Financing
On May 5, 2023, we consummated our 2023 Bridge
Financing round, pursuant to which we issued a short-term promissory note to AJB Capital (the “2023 AJB Note”) in addition
to the 2023 Warrants in a private placement. The 2023 AJB Note was only convertible, at the option of AJB Capital, in part or in full,
upon an event of default, as defined therein. The 2023 Warrants were exercisable any time after the date of issuance until exercised in
full, at an exercise price of $0.001 per share of Common Stock and are eligible for a cashless exercise at the option of the holder.
AJB Capital, as the holder of the 2023 AJB Note
and the 2023 Warrants, was not entitled to exercise any portion thereof, as applicable, if the holder (together with its affiliates)
would beneficially own more than 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the 2022 AJB Note or 2022 Warrants. The 2023 AJB Note has
a six-month term, subject to extension at our option. On June 7, 2024, we entered into the First Amendment to the 2023 AJB Note with
AJB Capital (the “2023 AJB Note Amendment”), pursuant to which we and AJB Capital agreed to extend the maturity date of the
2023 AJB Note to November 8, 2024. The 2023 AJB Note Amendment also provides that as consideration for AJB Capital’s extension
of such maturity date, we issued 1,500,000 shares of Common Stock to AJB Capital at a price of $0.13 per share.
Our aggregate gross proceeds from the 2023 Bridge
Financing were $300,000.
As of July 26, 2024, the amount outstanding on the 2023 AJB Note
was $300,000.
Additional Warrants
Issuances
Warrants issued to AGES
We previously entered into that certain TCM Proposed
Offering Engagement Letter dated December 23, 2021 with AGES (the “2021 Engagement Letter”) to act as our non-exclusive financial
advisor with respect to certain business transactions and capital raises (each, a “Proposed Offering”). Pursuant to the 2021
Engagement Letter’s financial advisory payment provision, we issued multiple warrants from 2022 to 2023 as partial consideration
for AGES’s services. Each of these warrants had a five-year exercise period after issuance and an exercise price of $0.055 per
share of Common Stock underlying each warrant. The number of shares of Common Stock underlying these warrants issued pursuant to this
financial advisory payment provision totaled 2,700,000.
The 2021 Engagement Letter’s warrant compensation
provision also stipulated that we were to issue common stock purchase warrants with underlying shares of Common Stock equal to 4% of
the total number of shares of Common Stock sold in a Proposed Offering (the “Fee Warrants”). Pursuant to this warrant compensation
provision, in 2022 we issued to AGES several warrants with a five-year exercise period and an exercise price of $0.055 per share of Common
Stock underlying each warrant, which warrants covered, in the aggregate, 327,273 shares of Common Stock.
We entered into that certain TCM Proposed Offering
Engagement Letter dated May 4, 2022 with AGES (the “2022 Engagement Letter”), which provided for, among other things, AGES’s
serving as financial advisor to our future merger and acquisitions transactions and customer relationships. The financial advisory payment
provision of the 2022 Engagement Letter stipulated that we would issue warrants to AGES with five-year exercise periods, and with exercise
prices of $0.055 per share of Common Stock. The number of shares of Common Stock underlying the warrants we issued pursuant to this payment
provision totaled 2,200,000.
We entered into that certain TCM Proposed Offering
Engagement Letter dated September 20, 2022 with AGES (the “Amended 2021 Engagement Letter”), which amended certain terms
of the 2021 Engagement Letter. Pursuant to the Amended 2021 Engagement Letter, among other things, we would additionally issue to AGES
warrants to purchase 1,500,000 shares of Common Stock at an exercise price of $0.055 per share.
We entered into that certain Engagement Letter
Amendment dated February 22, 2023 with AGES (the “Second Amended 2021 Engagement Letter,” and, together with the 2021 Engagement
Letter, the Amended 2021 Engagement Letter, and the 2022 Engagement Letter, the “Engagement Letters”), which amended certain
terms of the 2021 Engagement Letter. Pursuant to the Second Amended 2021 Engagement Letter, among other things, and in addition to those
warrants we agreed to issue pursuant to the 2021 Engagement Letter and Amended 2021 Engagement Letter, we would issue to AGES an increased
number of warrants to purchase 3,000,000 shares of Common Stock at an exercise price of $0.055 per share. The aggregate number of shares
of Common Stock underlying the warrants to be issued pursuant to the Engagement Letters (excluding the Fee Warrants) and which are being
registered pursuant to this registration statement (the “AGES Warrants”) is 9,400,000.
In 2023, AGES assigned a certain number of warrants
issued pursuant to the Engagement Letters to those Selling Shareholders identified in the “Selling Shareholders” section.
Warrants issued to Erwin Vahlsing, Jr.
The Additional Warrants consist also of warrants
issued to Erwin Vahlsing, Jr., in connection with his separation agreement with us. This warrant has a five-year exercise period and
an exercise price $0.20. The number of shares of Common Stock underlying these warrants total 250,000.
On November 1, 2022, we issued a warrant to Erwin
Vahlsing, Jr. for prior services rendered to us in his former positions as our Director and Chief Financial Officer. This warrant has
a five-year exercise period and an exercise price $0.20. The number of shares of Common Stock underlying these warrants total 1,000,000.
Anti-Takeover Effects
of Nevada Law and the Articles of Incorporation and Bylaws
Certain provisions of our
Articles of Incorporation and Bylaws, and certain provisions of the Nevada Revised Statutes (the “NRS”) could make our acquisition
by a third party, a change in our incumbent management, or a similar change of control more difficult. These provisions, which are summarized
below, are likely to reduce our vulnerability to an unsolicited proposal for the restructuring or sale of all or substantially all of
our assets or an unsolicited takeover attempt. The summary of the provisions set forth below does not purport to be complete and is qualified
in its entirety by reference to the Articles of Incorporation and the Bylaws and the relevant provisions of the NRS.
Authorized but Unissued
Shares
Our authorized but unissued shares of Common Stock
and preferred stock are available for future issuance. These additional shares may be used for a variety of corporate finance transactions,
acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved Common Stock and preferred stock could
make it more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Our authorized capital includes “blank check”
preferred stock. Our Board has the authority to issue preferred stock in one or more classes or series and determine the price, designation,
rights, preferences, privileges, restrictions, and conditions, including voting and dividend rights, of those shares without any further
vote or action by shareholders. The rights of the holders of Common Stock will be subject to and may be adversely affected by the rights
of holders of any preferred stock that may be issued in the future. The issuance of additional preferred stock, while providing desirable
flexibility in connection with possible financings and acquisitions and other corporate purposes, could make it more difficult for a third
party to acquire a majority of the voting power of our outstanding voting securities, which could deprive our holders of Common Stock
of a premium that they might otherwise realize in connection with a proposed acquisition of our Company.
Action by Written
Consent
Our Bylaws provide that any action required or
permitted to be taken at a meeting of our shareholders may be taken without a meeting if a consent or consents in writing, setting forth
the action so taken, shall be signed by shareholders of all outstanding shares entitled to vote on the applicable matter.
Special Meetings
Our Bylaws provide that a special meeting of
shareholders may only be called by the Board, the Chairman of the Board, or President, and shall be called by the Board upon written
request of the holders of a majority of our outstanding shares entitled to vote at the meeting requested to be called. Business transacted
at all special meetings shall be confined to the purposes stated in the notice of the special meeting.
Board Vacancies
Our Bylaws provide that
a vacancy on our Board, other than one created by the removal of Directors by shareholders, may be filled by a majority vote of the Directors
then in office, even if less than a quorum exists. Vacancies created by the removal of Directors by shareholders shall be filled by the
shareholders. A Director elected to fill a vacancy shall be elected to hold office for the unexpired term of such Director’s predecessor.
Removal of Directors
Our Bylaws provide that
any Director may be removed either with or without cause by vote of the shareholders, and for cause by action of the Board.
Right to Alter, Amend
or Repeal Bylaws
Our Bylaws provide that
they may be adopted, amended or repealed by vote of the shareholders then entitled to vote in the election of Directors. The Bylaws may
also be adopted, amended or repealed by the Board, but any Bylaws adopted by the Board may be amended or repealed by the shareholders
entitled to vote thereon.
Indemnification of
Officers and Directors
According to Nevada law,
our Directors and executive officers may be individually liable for damages resulting from their act or failure to act in their respective
capacities if i) the presumption is rebutted that they act in good faith, on an informed basis and with a view to the interests of the
corporation, and ii) the Director or executive officer’s act or failure to act constituted a breach of his or her fiduciary duties
as a Director or officer; and such breach involved intentional misconduct, fraud or a knowing violation of law.
Under Nevada law, we may
generally indemnify a director or officer against liability incurred in a proceeding if he or she acted in good faith and believed that
his or her conduct was in our best interest and that he or she had no reason to believe his or her conduct was unlawful. We may not indemnify
a Director or officer if the person was adjudged liable to us or in the event it is adjudicated that the Director or officer received
an improper personal benefit.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable.
Nevada Anti-Takeover
Statutes
The NRS contains provisions
restricting the ability of a Nevada corporation to engage in business combinations with an interested stockholder. Under the NRS, except
under certain circumstances, business combinations with interested shareholders are not permitted for a period of two years following
the date such stockholder becomes an interested stockholder. The NRS defines an interested stockholder, generally, as a person who is
the beneficial owner, directly or indirectly, of 10% of the outstanding shares of a Nevada corporation. In addition, the NRS generally
disallows the exercise of voting rights with respect to “control shares” of an “issuing corporation” held by
an “acquiring person,” unless such voting rights are conferred by a majority vote of the disinterested shareholders. “Control
shares” are those outstanding voting shares of an issuing corporation which an acquiring person and those persons acting in association
with an acquiring person (i) acquire or offer to acquire in an acquisition of a controlling interest and (ii) acquire within
90 days immediately preceding the date when the acquiring person became an acquiring person. An “issuing corporation” is
a corporation organized in Nevada that has two hundred or more shareholders, at least one hundred of who are shareholders of record and
residents of Nevada, and which does business in Nevada directly or through an affiliated corporation. The NRS also permits directors
to resist a change or potential change in control of the corporation if the directors determine that the change or potential change is
opposed to or not in the best interest of the corporation.
Transfer Agent and Registrar
Our transfer agent and
registrar is Direct Transfer LLC, located at One Glenwood Avenue, Suite 1001, Raleigh, NC 27603. Direct Transfer LLC’s telephone
number is (919) 744-2722.
OTCQB
Our Common Stock is listed
on the OTCQB under the symbol “GOGR.”
Penny Stock Regulation
The SEC has adopted regulations
that generally define “penny stock” to be any equity security that has a market price of less than five dollars ($5.00) per
share or an exercise price of less than five dollars ($5.00) per share. Such securities are subject to rules that impose additional
sales practice requirements on broker-dealers who sell them. For transactions covered by these rules, the broker-dealer must make a special
suitability determination for the purchaser of such securities and have received the purchaser’s written consent to the transaction
prior to the purchase. Additionally, for any transaction involving a penny stock, unless exempt, the rules require the delivery, prior
to the transaction, of a disclosure schedule prepared by the SEC relating to the penny stock market. The broker-dealer also must disclose
the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the
broker-dealer is the sole market maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over
the market. Finally, among other requirements, monthly statements must be sent disclosing recent price information for the penny stock
held in the account and information on the limited market in penny stocks. As our Common Stock immediately following this offering may
be subject to such penny stock rules, purchasers in this offering will in all likelihood find it more difficult to sell their Common
Stock in the secondary market.
Dividend Policy
To date, we have never
declared a dividend on our capital stock. We currently intend to retain future earnings, if any, to finance the expansion of our business
and for general corporate purposes. We cannot assure you that we will distribute any cash in the future. Our cash distribution policy
is within the discretion of our Board and will depend upon various factors, including our results of operations, financial condition,
capital requirements and investment opportunities.
EXPERTS
RBSM LLP, an independent registered public accounting
firm, audited our financial statements for the years ended December 31, 2023 and December 31, 2022. Its auditor’s report dated
May 30, 2024 includes an explanatory paragraph as to the Company’s ability to continue as a going concern. We have included
our financial statements with its reports in this prospectus and elsewhere in the registration statement in reliance on the reports of,
given its authority as experts in accounting and auditing.
LEGAL
MATTERS
Certain legal matters with respect to the
validity of the securities being offered by this prospectus will be passed upon by Sichenzia Ross Ference Carmel LLP, New York, New York.
As of August 15, 2024, Sichenzia Ross Ference Carmel LLP owns 948,182 shares of our Common Stock.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-1 under the Securities Act, with respect to the securities that we are offering under this prospectus. It is important for
you to read and consider all of the information contained in the registration statement and you should refer to our registration statement
and its exhibits for further information.
Our SEC filings are available to the public over
the internet at the SEC’s web site at http://www.sec.gov, the contents of which are not a part of this prospectus.
Item 3. Index to
Financial Statements
| |
Page No. |
| Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 |
F-2 |
| Condensed Statements of Operations for the six months ended June 30, 2024 and 2023 (Unaudited) |
F-3 |
| Condensed Statements of Changes in Stockholders’ Deficit for the six months ended June 30, 2024 and June 30, 2023 (Unaudited) |
F-4 |
| Condensed Statements of Cash Flows for the six months ended June 30, 2024 and June 301, 2023 (Unaudited) |
F-5 |
| Notes to the Unaudited Condensed Financial Statements |
F-6 |
| |
|
| Report of Independent Registered Public Accounting Firm |
F-23 |
| Balance Sheets as of December 31, 2023 and 2022 |
F-24 |
| Statements of Operations for the years ended December 31, 2023 and 2022 |
F-25 |
| Statements of Changes in Stockholders’ Deficit for the years ended December 31, 2023 and 2022 |
F-26 |
| Statements of Cash Flows for the years ended December 31, 2023 and 2022 |
F-27 |
| Notes to the Financial Statements |
F-28 |
Go Green Global Technologies Corp.
Condensed Balance Sheets
| | |
June 30, 2024 | | |
December 31, 2023 | |
| | |
(unaudited) | | |
| |
| ASSETS | |
| | |
| |
| Current assets: | |
| | | |
| | |
| Cash | |
$ | 8,817 | | |
$ | 33,453 | |
| Total current assets | |
| 8,817 | | |
| 33,453 | |
| | |
| | | |
| | |
| Fixed assets, net | |
| 4,575 | | |
| 5,921 | |
| Deposits | |
| 6,000 | | |
| 6,000 | |
| Total other assets | |
| 10,575 | | |
| 11,921 | |
| | |
| | | |
| | |
| Total assets | |
$ | 19,392 | | |
$ | 45,374 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 733,121 | | |
$ | 601,631 | |
| Accrued expenses | |
| 163,640 | | |
| 163,640 | |
| Accrued interest | |
| 62,894 | | |
| 37,804 | |
| Notes payable (net of debt discount of $0 and $15,608, respectively) | |
| 877,134 | | |
| 982,626 | |
| Common stock to be issued | |
| 70,950 | | |
| 41,197 | |
| Loans from officer | |
| 10,309 | | |
| 10,309 | |
| Total current liabilities | |
| 1,918,048 | | |
| 1,837,207 | |
| | |
| | | |
| | |
| Total long-term liabilities | |
| – | | |
| – | |
| | |
| | | |
| | |
| Total liabilities | |
| 1,918,048 | | |
| 1,837,207 | |
| | |
| | | |
| | |
| Commitments and contingencies (see Note 10) | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ deficit | |
| | | |
| | |
| Preferred shares, $0.001 par value, 25,000,000 shares authorized, 11,000,000 shares undesignated as of June 30, 2024, and December 31, 2023, respectively | |
| – | | |
| – | |
| Series A Convertible Preferred Stock, $0.001 par value, 9,000,000 shares designated; 4,200,000 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively | |
| 4,200 | | |
| 4,200 | |
| Series B Preferred Stock, $0.001 par value, 5,000,000 shares designated; 3,000,000 and 3,000,000 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively | |
| 3,000 | | |
| 3,000 | |
| Common stock, $0.001 par value, 500,000,000 shares authorized; and 95,648,997 and 89,101,468 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively | |
| 95,649 | | |
| 89,102 | |
| Additional paid-in capital | |
| 7,963,265 | | |
| 7,289,183 | |
| Accumulated deficit | |
| (9,964,770 | ) | |
| (9,177,318 | ) |
| Total stockholders' deficit | |
| (1,898,656 | ) | |
| (1,791,833 | ) |
| | |
| | | |
| | |
| Total liabilities and stockholders' deficit | |
$ | 19,392 | | |
$ | 45,374 | |
See accompanying notes to the condensed unaudited
financial statements
Go Green Global Technologies Corp.
Condensed Statements of Operations
| | |
For the six months ended June 30, | |
| | |
2024 | | |
2023 | |
| Operating expenses: | |
| | | |
| | |
| General and administrative | |
$ | 374,059 | | |
$ | 298,619 | |
| Research and development | |
| – | | |
| 625,000 | |
| Depreciation | |
| 1,346 | | |
| 1,414 | |
| Total operating expenses | |
| 375,405 | | |
| 925,033 | |
| | |
| | | |
| | |
| Loss from operations | |
| (375,405 | ) | |
| (925,033 | ) |
| | |
| | | |
| | |
| Other (expense) income: | |
| | | |
| | |
| Interest expense | |
| (448,618 | ) | |
| (610,930 | ) |
| (Loss) gain on debt settlements | |
| 36,571 | | |
| (120,000 | ) |
| Total other expense | |
| (412,047 | ) | |
| (730,930 | ) |
| | |
| | | |
| | |
| Provision for income taxes | |
| – | | |
| – | |
| | |
| | | |
| | |
| Net loss | |
$ | (787,452 | ) | |
$ | (1,655,963 | ) |
| | |
| | | |
| | |
| Per share data | |
| | | |
| | |
| Net loss per share - basic and diluted | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
| | |
| | | |
| | |
| Weighted average shares outstanding - basic and diluted | |
| 93,220,717 | | |
| 78,333,109 | |
See accompanying notes to the condensed unaudited
financial statements
Go Green Global Technologies Corp.
Condensed Statements of Changes in Stockholders’
Deficit
For the Six Months Ended June 30, 2024 and
2023
(unaudited)
| | |
Series A Convertible Preferred Stock | | |
Series B Preferred Stock | | |
Common Stock | | |
Additional Paid-In | | |
Accumulated | | |
Total Stockholders' | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance, December 31, 2023 | |
| 4,200,000 | | |
$ | 4,200 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 89,101,468 | | |
$ | 89,102 | | |
$ | 7,289,183 | | |
$ | (9,177,318 | ) | |
$ | (1,791,833 | ) |
| Common stock sold | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,000,000 | | |
| 1,000 | | |
| 149,000 | | |
| – | | |
| 150,000 | |
| Common stock issued in connection with debt financing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 945,000 | | |
| 945 | | |
| 68,955 | | |
| – | | |
| 69,900 | |
| Common stock issued to employees for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 110,000 | | |
| 110 | | |
| 10,425 | | |
| – | | |
| 10,535 | |
| Common stock issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| 352,745 | | |
| 353 | | |
| 38,692 | | |
| – | | |
| 39,045 | |
| Common stock shares issued as settlement | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,500,000 | | |
| 1,500 | | |
| 103,500 | | |
| – | | |
| 105,000 | |
| Common stock warrants issued for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,369 | | |
| – | | |
| 1,369 | |
| Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| | | |
| (166,633 | ) | |
| (166,633 | ) |
| Balance, March 31, 2024 | |
| 4,200,000 | | |
$ | 4,200 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 93,009,213 | | |
$ | 93,010 | | |
$ | 7,661,124 | | |
$ | (9,343,951 | ) | |
$ | (1,582,617 | ) |
| Shares issued in connection with AJB loan amendment | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,500,000 | | |
| 1,500 | | |
| 189,750 | | |
| – | | |
| 191,250 | |
| Common stock issued in connection with debt financing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 500,000 | | |
| 500 | | |
| 47,500 | | |
| – | | |
| 48,000 | |
| Common stock issued to employees for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 25,000 | | |
| 25 | | |
| 3,725 | | |
| – | | |
| 3,750 | |
| Common stock issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| 164,784 | | |
| 164 | | |
| 15,268 | | |
| – | | |
| 15,432 | |
| Common stock issued in connection with debt forgiveness | |
| – | | |
| – | | |
| – | | |
| – | | |
| 450,000 | | |
| 450 | | |
| 45,675 | | |
| – | | |
| 46,125 | |
| Warrants issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 223 | | |
| – | | |
| 223 | |
| Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (620,819 | ) | |
| (620,819 | ) |
| Balance, June 30, 2024 | |
| 4,200,000 | | |
$ | 4,200 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 95,648,997 | | |
$ | 95,649 | | |
$ | 7,963,265 | | |
$ | (9,964,770 | ) | |
$ | (1,898,656 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance, December 31, 2022 | |
| 5,176,000 | | |
$ | 5,176 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 72,644,160 | | |
$ | 72,644 | | |
$ | 4,543,230 | | |
$ | (5,723,135 | ) | |
$ | (1,099,085 | ) |
| Common stock sold | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,000,000 | | |
| 2,000 | | |
| 98,000 | | |
| – | | |
| 100,000 | |
| Issuance of warrants in connection with AJB Note | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 225,000 | | |
| – | | |
| 225,000 | |
| Common stock issued in connection with debt financing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,500,000 | | |
| 1,500 | | |
| 201,500 | | |
| – | | |
| 203,000 | |
| Common stock issued for acquisition of technology | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,000,000 | | |
| 3,000 | | |
| 325,850 | | |
| – | | |
| 328,850 | |
| Common stock issued to employees for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 12,500 | | |
| 13 | | |
| 1,862 | | |
| – | | |
| 1,875 | |
| Common stock issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,403 | | |
| 3 | | |
| 364 | | |
| – | | |
| 367 | |
| Common stock issued in connection with extinguishment of notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,000,000 | | |
| 2,000 | | |
| 218,000 | | |
| – | | |
| 220,000 | |
| Conversion of Convertible Preferred stock into common stock | |
| (180,000 | ) | |
| (180 | ) | |
| – | | |
| – | | |
| 180,000 | | |
| 180 | | |
| – | | |
| – | | |
| – | |
| Cancellation of shares returned by shareholders | |
| – | | |
| – | | |
| – | | |
| – | | |
| (5,000,000 | ) | |
| (5,000 | ) | |
| 5,000 | | |
| – | | |
| – | |
| Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (974,626 | ) | |
| (974,626 | ) |
| Balance, March 31, 2023 | |
| 4,996,000 | | |
$ | 4,996 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 76,340,063 | | |
$ | 76,340 | | |
$ | 5,618,806 | | |
$ | (6,697,761 | ) | |
$ | (994,619 | ) |
| Warrants issued in connection with AJB loan amendment | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 219,375 | | |
| – | | |
| 219,375 | |
| Common stock issued in connection with debt financing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,350,000 | | |
| 2,350 | | |
| 327,150 | | |
| – | | |
| 329,500 | |
| Common stock issued for acquisition of technology | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,000,000 | | |
| 2,000 | | |
| 138,000 | | |
| – | | |
| 140,000 | |
| Common stock issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| 5,833 | | |
| 6 | | |
| 729 | | |
| – | | |
| 735 | |
| Conversion of Convertible Preferred stock into common stock | |
| (796,000 | ) | |
| (796 | ) | |
| – | | |
| – | | |
| 796,000 | | |
| 796 | | |
| – | | |
| – | | |
| – | |
| Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (681,337 | ) | |
| (681,337 | ) |
| Balance, June 30, 2023 | |
| 4,200,000 | | |
$ | 4,200 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 81,491,896 | | |
$ | 81,492 | | |
$ | 6,304,060 | | |
$ | (7,379,098 | ) | |
$ | (986,346 | ) |
See accompanying notes to the condensed unaudited
financial statements
Go Green Global Technologies Corp.
Condensed Statements of Cash Flows
For the Six Months Ended June 30, 2024 and
2023
(unaudited)
| | |
For the six months ended | |
| | |
June 30, 2024 | | |
June 30, 2023 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net loss | |
$ | (787,452 | ) | |
$ | (1,655,963 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 1,346 | | |
| 1,414 | |
| Common stock issued for services | |
| 86,927 | | |
| 1,102 | |
| Common stock issued for compensation | |
| 14,285 | | |
| 1,875 | |
| Common stock issued in connection with AJB note | |
| 191,250 | | |
| – | |
| Common stock issued for acquisition of technology | |
| – | | |
| 468,850 | |
| Warrants issued in exchange for professional services | |
| 223 | | |
| – | |
| Non-cash interest expenses | |
| 134,877 | | |
| 523,601 | |
| Loss on extinguishment of accounts payable | |
| 46,125 | | |
| – | |
| (Gain) loss on extinguishment of debt | |
| (47,697 | ) | |
| 120,000 | |
| Changes in operating asset and liability account balances: | |
| | | |
| | |
| Prepaid expenses | |
| – | | |
| 3,599 | |
| Due to related party | |
| – | | |
| 7,938 | |
| Accrued interest | |
| 25,090 | | |
| 21,708 | |
| Accounts payable and accrued expenses | |
| 131,490 | | |
| 6,692 | |
| Total adjustments | |
| 583,916 | | |
| 1,156,779 | |
| | |
| | | |
| | |
| Net cash used in operating activities | |
$ | (203,536 | ) | |
$ | (499,184 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities | |
| | | |
| | |
| Purchase of equipment | |
| – | | |
| (8,197 | ) |
| Net cash used in investing activities | |
| – | | |
| (8,197 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from sale of common stock | |
| 150,000 | | |
| 100,000 | |
| Proceeds from notes payable | |
| 87,000 | | |
| 720,646 | |
| Payment of notes payable | |
| (58,100 | ) | |
| (300,000 | ) |
| Net cash provided by financing activities | |
| 178,900 | | |
| 520,646 | |
| | |
| | | |
| | |
| Net (decrease) increase in cash | |
| (24,636 | ) | |
| 13,265 | |
| Cash at beginning of period | |
$ | 33,453 | | |
$ | 1,072 | |
| Cash at end of period | |
$ | 8,817 | | |
$ | 14,337 | |
| | |
| | | |
| | |
| Supplemental Schedule of Cash Flow Information: | |
| | | |
| | |
| Cash paid for interest | |
| 20,675 | | |
| – | |
| Cash paid for income taxes | |
| – | | |
| – | |
| | |
| | | |
| | |
| Supplemental Schedules of Noncash Investing and Financing Activities: | |
| | | |
| | |
| Issuance of warrants in connection with the promissory notes | |
| – | | |
| 225,000 | |
| Issuance of common stock in connection with settlement of debt | |
| 105,000 | | |
| 220,000 | |
| Issuance of common stock in connection with promissory notes | |
| 69,900 | | |
| 203,000 | |
| Cancellation of shares returned by shareholders | |
| – | | |
| 5,000 | |
| Common stock to be issued in prior year, issued during the year | |
| – | | |
| 30,500 | |
See accompanying notes to the condensed unaudited
financial statements
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
NOTE 1 - ORGANIZATION AND OPERATIONS
Go Green Global Technologies Corp. (OTC Pink:
GOGR) is a Nevada corporation originally incorporated in February 2006 under the name Photomatica, Inc.
Go Green Global Technologies Corp. (“the
Company”) is an innovative publicly traded U.S. company that provides proprietary disruptive technology for use in the water and
fuel industries of both commercial and consumer segments of these markets. Solutions are provided worldwide utilizing the proprietary
Sonical™ process for both non-chemical water treatment and fuel combustion applications which including industrial, automotive,
transportation, maritime and railway industries. The Company is a pioneer and leader in the emerging Pulsed Power technology sector. Since
inception, the Company has focused on technologies that lead to a cleaner and more efficient planet.
Going Concern Basis of Accounting
The Company’s financial statements are prepared
using accounting principles generally accepted in the United States (“U.S. GAAP”) applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the
Company has an accumulated deficit balance of $9,964,770 as of June 30, 2024, has suffered significant net losses and negative cash flows
from operations and has limited working capital. The Company expects to incur substantial expenses for the foreseeable future relating
to research, development and commercialization of its potential future technologies. The ability of the Company to continue as a going
concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes
profitable. Management’s plans to continue as a going concern include raising additional capital through sales of equity securities
and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce
the scope of, or eliminate one or more of the Company’s research and development activities or commercialization efforts or perhaps
even cease the operation of its business. These factors raise substantial doubt about the Company’s ability to continue as a going
concern for one year from the date the financials were issued.
The accompanying unaudited condensed financial
statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets
and the settlement of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments
that might result from this uncertainty.
Uncertainty Due to Geopolitical Events
The ongoing Israel-Hamas war which began in October
2023 has precipitated ongoing conflict between the two parties and has enveloped the Middle East region in unrest. This conflict has
extended to the Persian Gulf where increasing attacks on international shipping have caused worldwide concern due to its potential economic
impact due to supply chain concerns. These recent events coupled with Russia’s invasion of Ukraine, which began in February
2022, resulting in sanctions and other actions against Russia and Belarus, have created uncertainty and disruption in the global
economy. Although neither of the aforementioned conflicts have had a material adverse impact on the Company’s financial results
for the six months ended June 30, 2024, and none for the year ended December 31, 2023, at this time the Company is unable to
fully assess the aggregate impact that both conflicts will have on its business due to various uncertainties, which include, but are not
limited to, the duration of the wars, their effect on the economy, their impact to the business of the Company’s, and actions that
may be taken by governmental authorities related to these conflicts.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Interim Financial Statements
The accompanying unaudited condensed financial
statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and
disclosures required by U.S. GAAP for annual financial statements. These condensed financial statements should be read in conjunction
with the audited financial statements and related disclosures of the Company as of December 31, 2023 and 2022 and for the years then ended,
included in the Company’s annual report for the year ended December 31, 2023. Operating results for the six months ended June 30,
2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Use of Estimates
The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
Segment Information
Operating segments are identified as components
of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker
(“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company has
one operating segment.
Advertising Costs
Advertising and promotion costs are expensed incurred.
The Company has no material advertising expenses during the six month periods ended June 30, 2024 and 2023.
Research and Development
The Company expenses internal and external research
and development costs, including costs of funded research and development arrangements, in the period incurred. The Company incurred $0
and $140,000 in external research and development costs during the three months ended June 30, 2024, and June 30, 2023, respectively.
The Company incurred $0 and $625,000 in external research and development costs during the six months ended June 30, 2024, and June 30,
2023, respectively.
Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with the guidance of FASB ASC Topic 718, Compensation-Stock Compensation (“ASC 718”), which requires
all share-based payments be recognized in the financial statements based on their fair values. In accordance with ASC 718, the Company
has elected to use the Black-Scholes option pricing model to determine the fair value of options granted and recognizes the compensation
cost of share-based awards on a straight-line basis over the vesting period of the award.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
Warrants
The Company accounts for stock warrants as either
equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. As of June 30, 2024, and December
31, 2023, all outstanding warrants granted were classified as equity being the fixed exercise price.
Net loss per Common Share
Basic earnings per share are calculated by dividing
income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based
on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed
by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period
(or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price
during the period. Common stock equivalents in amounts of $31,758,113 and $28,618,273 were excluded from the computation of diluted earnings
per share for the periods ended June 30, 2024, and December 31, 2023, respectively, because their effects would have been anti-dilutive.
| | |
June 30, 2024 | | |
December 31, 2023 | |
| Warrants | |
$ | 27,558,113 | | |
$ | 24,418,113 | |
| Series A Convertible preferred stock | |
| 4,200,000 | | |
| 4,200,000 | |
| Total | |
$ | 31,758,113 | | |
$ | 28,618,113 | |
Related Party Transactions
Parties are considered to be related to the Company
if the parties that, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control
with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and 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. The Company discloses all related party transactions. All transactions shall be recorded at fair
value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any
payment to or on behalf of the related party in excess of the cost is reflected as a distribution to the related party.
The Company considers all officers, directors,
senior management personnel, and senior level consultants to be related parties to the Company.
Recently Adopted Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standards Board (“FASB") and are adopted by us as of the specified effective date. We
believe that the impact of recently adopted and recently issued accounting pronouncements will not have a material impact on our balance
sheets, results of operations and cash flows.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
Accounting Pronouncements Issued but not
yet Adopted
In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280) -
Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which improves reportable segment disclosure requirements,
primarily through enhanced disclosures about significant expenses. ASU 2023-07 is required to be adopted for annual periods beginning
after December 15, 2023, and interim period within fiscal years beginning after December 15, 2024, with early adoption permitted. The
Company will adopt the standard in its interim reporting beginning with Q1-2025, and the Company will adopt the standard in its annual
reporting for the year ending December 31, 2024. The Company expects that the adoption of the standard will not have a material impact
on our financial statements but will enhance our current disclosures.
In December 2023, the FASB issued ASU 2023-09,
“Income Taxes (Topic 740)—Improvements to Income Tax Disclosure” (“ASU 2023-09”), which establishes new
income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 is required to
be adopted for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt this accounting
standard update effective January 1, 2025. The Company expects that the adoption of the standard will not have a material impact on our
financial statements.
Any new accounting standards that have been issued
or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements
upon adoption.
NOTE 3 – FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC 825-10 defines fair value as the price that
would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the
Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes
a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices in active markets for
identical assets or liabilities.
Level 2 - Observable inputs other than Level 1
prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions
(less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or
corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs to the valuation
methodology that are significant to the measurement of fair value of assets or liabilities.
To the extent that valuation is based on models
or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases,
the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input
that is significant to the fair value measurement.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
NOTE 4 – NOTES PAYABLE
AJB 2022 and 2023 Notes
On February 18, 2022, the Company entered into
a Securities Agreement (the “2022 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company
of (i) Promissory Note in the aggregate principal amount of $300,000 (“AJB 2022 Note”), which includes an aggregate $30,000
original issue discount in respect of the Note; (ii) Warrants to purchase an aggregate of 1,000,000 shares of Common Stock (“AJB
2022 Warrants); and (iii) 3,076,923 shares of common stock as commitment fee shares (“AJB Commitment Shares”). The
aggregate gross proceeds for the sale of the Notes, Warrants and commitment fee shares was $270,000.
The AJB 2022 Note bears interest on the unpaid
principal balance at a rate equal to twelve percent (12%) per annum accruing from the closing date until the AJB 2022 Note becomes due
and payable at maturity. All principal and interest owing hereunder, along with any and all other amounts, shall be due and owing on August
18, 2022. The note maturity term was further extended to February 18, 2023. Interest shall accrue on a monthly basis and is payable on
the first of each month following the issue date or upon acceleration or by prepayment or otherwise. In the event that the Maturity Date
is extended, the interest rate shall equal fifteen percent (15%) per annum for any period following the original Maturity Date, payable
monthly. Any amount of principal or Interest on this AJB 2022 Note which is not paid when due shall bear interest at the rate of the lesser
of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted under law from the due date thereof until the same is paid.
The holder shall have the right from time to time only following an event of default (as defined per note agreement) to convert
all or any part of the outstanding and unpaid principal, interest, penalties, and all other amounts under this AJB 2022 Note into fully
paid and non-assessable shares of common stock at the variable price as defined per note agreement. As of date, there were no events default
and therefore the note classified as debt. The note is secured by substantially all of the Company’s property and assets, including
all machinery, equipment, and inventory as a guarantee of performance under the AJB 2022 Note.
During the year ended December 31, 2023, the Company
recorded interest expense on the AJB 2022 Note of approximately $238,482 consisting of interest paid of $34,500, accretion of original
issued debt discount of $173,982 and originally issued discount of $30,000.
The AJB 2022 warrants issued with the note (i)
have an exercise price of $0.20 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2022 Warrants were valued as of February 18, 2022, using the Black Scholes Model
with assumptions disclosed within Note 9.
The Company accounted for the 2022 AJB Note, the
2022 AJB Warrants, and the AJB Commitment Shares in accordance with ASC 470-20-25-2 “Debt” which states that the allocation
of the proceeds from the financing shall be based on the relative fair values of the securities issued at the time of the issuance. The
AJB Commitment Shares and the AJB 2022 Warrants, which are indexed to the Company’s stock, are classified within stockholders’
deficit in the accompanying financial statements.
The allocated value of the AJB Commitment Shares
and the AJB 2022 Warrants were $134,384 and $42,675, respectively, and are being accounted for as debt issuance costs and are classified
within stockholders’ deficit in the accompanying financial statements. The allocated value of the AJB 2022 Note of $96,018 was
allocated as notes payable in the accompanying financial statements. The related debt issuance costs $177,059 in aggregate were amortized
over the initial term of the 2022 AJB Note and included within the interest expense in the accompanying statement of operation. As of
December 31, 2022, the net carrying amount of the 2022 AJB Note was $300,000 and accrued interest of $3,750.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
On March 1, 2023, the Company entered into an agreement
with AJB to amend the AJB Note extending the maturity date to March 13, 2023. As a consideration, the Company additional 1,500,000 common
stock warrants that (i) have an exercise price of $0.01 per share; (ii) have a term of exercise equal to 5 years after their issuance
date; (iii) became exercisable immediately after their issuance. The Amended AJB 2023 Warrants were valued as of March 1, 2023, using
the Black Scholes Model with assumptions disclosed within Note 9. The related debt issuance costs of $225,000 in aggregate were amortized
over the remaining term of the 2022 AJB Note and included within the interest expense of the accompanying statement of operations for
the year ended December 31, 2023.
The AJB 2022 Note and related accrued interest
totaling $314,500 was repaid in full on March 9, 2023.
On May 5, 2023, the Company entered into a Securities
Agreement (the “2023 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company of (i) Promissory
Note in the aggregate principal amount of $300,000 (“AJB 2023 Note”), which includes an aggregate $30,000 original issue discount
in respect of the Note; (ii) Warrants to purchase an aggregate of 9,000,000 shares of Common Stock (“AJB 2023 Warrants). The
aggregate gross proceeds for the sale of the AJB 2023 Note and AJB 2023 Warrants was $270,000.
The AJB 2023 Note bears interest on the unpaid
principal balance at a rate equal to twelve percent (12%) per annum accruing from the closing date until the AJB 2022 Note becomes due
and payable at maturity. All principal and interest owing hereunder, along with any and all other amounts, shall be due and owing on November
5, 2023. The note maturity term was further extended numerous times and the AJB 2023 Note will now mature on November 8, 2024, with an
increased interest rate up to 15% upon the extension date. Interest shall accrue on a monthly basis and is payable on the first of each
month following the issue date or upon acceleration or by prepayment or otherwise. Any amount of principal or Interest on this AJB 2023
Note which is not paid when due shall bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum and (ii) the maximum
amount permitted under law from the due date thereof until the same is paid. The holder shall have the right from time to time only following
an event of default (as defined per note agreement) to convert all or any part of the outstanding and unpaid principal, interest,
penalties, and all other amounts under this AJB 2023 Note into fully paid and non-assessable shares of common stock at the conversion
price as defined per note agreement. The note was secured by substantially all of the Company’s property and assets, including all
machinery, equipment, and inventory as a guarantee of performance under the AJB 2023 Note.
The AJB 2023 warrants issued with the note (i)
have an exercise price of $0.001 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2023 Warrants were valued as of May 5, 2023, using the Black Scholes Model with
assumptions disclosed within Note 9.
The Company accounted for the 2023 AJB Note and
the 2023 AJB Warrants in accordance with ASC 470-20-25-2 “Debt” which states that the allocation of the proceeds from the
financing shall be based on the relative fair values of the securities issued at the time of the issuance. The AJB 2023 Warrants, which
are indexed to the Company’s stock, are classified within stockholders’ deficit in the accompanying financial statements.
The allocated value of the AJB 2023 Warrants was
$219,375 and is accounted for as debt issuance costs and classified within stockholders’ deficit in the accompanying financial statements.
The related debt issuance costs of $166,381 in aggregate were amortized over the initial term of the 2023 AJB Note and included within
the interest expense in the accompanying statement of operation for the six months ended June 30, 2024. The debt discount was fully amortized
as of November 5, 2023.
On June 7, 2024, the Company and AJB Capital Investments
entered into the First Amendment to the Promissory Note, effectively extending the maturity of the 2023 AJB Note to November 8, 2024 and
agreeing to issue the noteholder 1,500,000 shares of common stock in connection with the extension. These shares were issued on June 7,
2024 at a fair value of $0.13 per share and aggregated fair value of $191,250. Such common stock shares issued are being accounted for
as debt extinguishment and recognized as interest expense in the accompanying statement of operation for the six months ended June 30,
2024. As of June 30, 2024, the net carrying amount of the 2023 AJB Note was $300,000.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
April 22, 2024 Note
On April 22, 2024, the Company entered into a
90-day promissory note with a lender for $30,000 that carries a fixed interest payment of $900 payable upon maturity (the “April
22, 2024 Note”). As of June 30, 2024, the net carrying amount of the April 22, 2024 Note was $30,000.
April 2024 Note
On April 2, 2024, the Company entered into a promissory
unsecured loan agreement for $45,000 (the “April 2024 Note”). The April 2024 Note bears interest at ten percent (10%) per
annum and had an initial maturity of 30 days. In addition, the Company issued the lender 200,000 shares of Company’s common stock.
The allocated value of such shares was $16,000 and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the period ended June 30, 2024. During the six months ended June 30,
2023, the Company entered into an amendment to the April 2024 Note, extending the maturity date to June 30, 2024. In accordance with this
amendment, the Company issued the lender 150,000 common stock shares valued at $18,750. Such common stock shares issued are being accounted
for as common stock to be issued and recognized as an expense for stock issued for financing for the period ended June 30, 2024. As of
June 30, 2024, the net carrying amount of the January 2023 Note was $45,000.
February 1, 2024 Consolidated Notes
On February 1, 2024, the Company entered
into a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note (the February 1, 2024 Consolidated Note). The
Note bears interest at ten percent (10%) per annum, and maturing on August 1, 2024. As consideration for the consolidation of outstanding
principal, the Company issued the Noteholder an aggregate of 470,000 common stock shares valued at $32,900. In addition, the company also
issued as holder of February 1, 2024 Consolidated Note common stock warrants to purchase 2,000,000 shares of Company’s common stock,
priced at $0.10, with a cashless exercise price, and a 3-year expiration term as of the date of the agreements. Such warrants were valued
using the Black Scholes Model with assumptions disclosed within Note 9. The value of the common stock shares and warrants issued are being
accounted for as debt discount and recognized as interest expense and recognized during the six months ended June 30, 2024.
The Cancellation and Consolidation
Agreement was amended on May 9, 2024 extend payment due dates for a number of specific notes covered by the agreement and to include provisions
for penalty shares to be issued if payments are not made as such.
On February 1, 2024, the Company entered into
a Conversion, Cancellation and Consolidation Agreement with the January, March, and December 2023 Noteholder to cancel their outstanding
promissory notes, convert a portion of their outstanding principal into common shares, and consolidate the remaining principal into a
single note. At the time of the Agreement, the lender had $230,000 in outstanding principal. The Noteholder agreed to convert $150,000
of outstanding principal for a total of 1,500,000 shares of common stock. The fair value of the common stock issued was determined using
the stock price as of the date of the mutual release agreement at $0.07 per share or $105,000 in total. As a result of this transaction
the Company recorded a gain on extinguishment of debt for the total amount of $45,000 included in other income (expenses) within accompanying
statement of operations for the six months ended June 30, 2024.
The remaining $80,000 of principal
was placed into a 10-month note, maturing on November 1, 2024. The principal bears interest at 10%. As consideration for this agreement,
the Lender was issued 350,000 shares of common stock at the FV price of $0.07 and issued a warrant to purchase 1,000,000 shares of common
stock, priced at $0.15 with a cashless exercise and three-year expiration term.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
January 2023 Note
On January 31, 2023, the Company entered into
a promissory unsecured loan agreement for $50,000 (the “January 2023 Note”). The January 2023 Note bears interest at ten percent
(10%) per annum and had an initial maturity of 60 days. In addition, the Company issued the lender 150,000 shares of Company’s common
stock. The allocated value of such shares was $18,000 and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31,
2023, the Company entered into a number of amendments to the January 2023 Note, extending the maturity date to December 31, 2023, and
borrowing an additional $17,525 that was added to the outstanding principal of January 2023 Note. In accordance with these amendments,
the Company issued the lender in aggregate of 1,850,000 common stock shares valued at $196,600. Such common stock shares issued are being
accounted for as debt discount and recognized as interest expense for the period ended December 31, 2023. As of December 31, 2023, the
net carrying amount of the January 2023 Note was $67,525.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note, maturing on August 1, 2024 (see February 1, 2024
Consolidated Note).
January, March, and December 2023 Notes
On January 12, 2023, the Company entered into
a promissory unsecured loan agreement for $50,000 with the lender with additional $150,000 and $30,000 promissory unsecured loan issued
with the same lender on March 6, 2023, and December 20, 2023, respectively (together the “January, March, and December 2023 Notes”).
Each note bears interest at ten percent, (10%), and the January, March, and December 2023 Notes had an initial maturity of 45 days, 30
days, and 90 days, respectively. In addition, the Company issued the lender 375,000 shares of Company’s common stock. The allocated
value of such shares was $54,983 in aggregate and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. During the period ended December 31, 2023, the Company entered into a number of amendments
to the January and March 2023 Notes, extending the maturity dates to January 10, 2024, and January 12, 2024, respectively. In accordance
with these amendments, the Company issued the lender in aggregate of 3,375,000 common stock shares, valued at $378,000. Such common stock
shares issued are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023. As of
December 31, 2023, the net carrying amount of the January, March, and December 2023 Notes was $230,000.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, convert $150,000 of principal to common stock, and consolidate the total principal of $80,000 into one six-month note,
maturing on November 1, 2024 (see February 1, 2024 Consolidated Note).
March 9, 2023 Note
On March 9, 2023, the Company entered into a promissory unsecured loan
agreement for $150,000 with the lender (the “March 9, 2023 Note”). The March 9, 2023 Note bears no interest and had an initial
maturity of 30 days. In addition, the Company issued the lender 250,000 shares of Company’s common stock. The allocated value of
such shares was $33,117 and is being accounted for as debt issuance costs and is classified within stockholders’ deficit in the
accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within the interest
expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31, 2023, the
Company entered into a number of amendments to the March 9, 2023 Note, extending the maturity date to February 11, 2024. In accordance
with these amendments, the Company issued the lender in aggregate of 1,750,000 common stock shares valued $225,000 Such common stock shares
issued are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023. As of June 30,
2024, and December 31, 2023, the net carrying amount of the January 2023 Note was $150,000.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
August 2023 Note
On August 11, 2023, the Company entered into a
120-day promissory note with a lender for $14,000 that carries a fixed interest payment of $1,000 payable on maturation (the “August
2023 Note”). On December 9, 2023, the Company extended the August 2023 Note for additional 60 days. As of December 31, 2023, the
net carrying amount of the August 2023 Note was $14,000.
The August 2023 Note was repaid in full on February
21, 2024.
September 2023 Note
On September 6, 2023, the Company entered into
a promissory unsecured loan agreement for $25,000 with a lender (the “September 2023 Note”). The September 2023 Note bears
interest at $1,000 and had an initial maturity of 21 days. In addition, the Company issued a lender 75,000 shares of Company’s common
stocks. The allocated value of such shares was $6,203 and are being accounted for as debt issuance costs and are classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31,
2023, the Company entered into an amendment to the September 2023 Note extending the maturity date to January 25, 2024. In accordance
with the amendment, the Company issued a lender in aggregate of 200,000 common stock shares valued at $28,000. Such common stock shares
issued are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023. As of June 30,
2024, and December 31, 2023, the net carrying amount of the January 2023 Note was $25,000.
The Company is currently negotiating with the
lender to extend the maturity of the September 2023 Note.
October 2023 Note
On October 4, 2023, the Company entered into a
90-day promissory note with a lender for $45,000 that carries a loan origination fee of $900 and a fixed interest payment of $1,350 payable
upon maturity (the “October 2023 Note”). As of December 31, 2023, the net carrying amount of the October 2023 Note was $45,000.
The October 2023 Note was repaid in full on March
1, 2024.
November 2023 Notes
On November 1, 2023, the Company issued an unsecured
promissory note in the amount of $50,000 to an individual lender. The note bears interest at 10% per annum and has a maturity date of
May 1, 2024. In addition, the Company agreed to issue the lender 750,000 common shares, to be issued at a rate of 125,000 shares per month
for the duration of the note. The allocated value of such shares was $23,684 and is being accounted for as debt issuance costs, classified
within stockholders’ deficit in the accompanying financial statements. The related debt issuance costs are amortized ratably over
the initial term and are included within interest expense for the period ended December 31, 2023. During the period ended December 31,
2023, the Company has issued 250,000 common shares to this lender, valued at $20,000. These common shares issued are being accounted for
as debt discounts and recognized as interest expense for the period ended December 31, 2023. As of December 31, 2023, the net carrying
amount of the November 1, 2023 Note was $50,000.
On November 17, 2023, the Company entered into
another unsecured promissory note for an additional $50,000 with the same lender (together, “the November 2023 Notes”). The
November 17, 2023 Note bears interest at 10% per annum and has a maturity date of January 1, 2024. In addition, the Company agreed to
issue the lender 187,500 common shares with an allocated value of $14,602.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note, maturing on August 1, 2024. The principal bears
interest at 10%. For consideration of this agreement, the Lender was issued 470,000 shares of common stock and issued a warrant to purchase
2,000,000 shares of common stock, priced at $0.15 with a cashless exercise and three-year expiration term. The common stock was issued
at the FV price of $0.07.
November 2022 Note
On September 17, 2022, the Company entered into
a promissory unsecured loan agreement for $30,000 (the “September 2022 Note”). The September 2022 Note bears interest at ten
percent (10%) per annum and had an initial maturity date on October 17, 2022. On October 3, 2022, the Company entered into another promissory
unsecured loan agreement for an additional $20,000 with the same lender (the “October 2022 Note”). The October 2022 Note 2022
Note bears interest at ten percent (10%) per annum and had an initial maturity date of December 2, 2022. In addition, on September 30,
2022, and October 3, 2022, the Company issued a lender 50,000 shares of common stock on each note’s issuance day. The allocated
value of the issued shares was $13,768 and they are being accounted for as debt issuance costs classified within stockholders’ deficit
in the accompanying financial statements. The related debt issuance costs were amortized over the initial term of the September 2022 and
the October 2022 Notes and are included within the interest expense in the accompanying statement of operation.
On November 18, 2022, both notes were amended
to consolidate the principles of the September 2022 Note and October 2022 into one November 2022 Note with a new aggregated principal
of $50,000 and extended the maturity date of the November 2022 Note to January 2, 2023. With this amendment, the Company is also obligated
to issue 50,000 shares of common stock, that were valued at $8,500 and recorded as common stock, to be issued as a liability within accompanying
balance sheets as of December 31, 2022. Additionally, under the amended terms, the lender will receive an additional 100,000 common shares
for each 45-day extension period until such time that the Company repays the principal amount. As of December 31, 2022, the net carrying
amount of the November 2022 Note was $50,000.
As of December 31, 2023 and 2022, the net carrying
amount of the November 2022 Note was $50,000.
The November 2022 Note was subsequently amended
in December of 2023 to extend the maturity date to December 31, 2023.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, convert $150,000 of principal to common stock, and consolidate the total remaining principal of $80,000 into one six-month
note, maturing on November 1, 2024 (February 1, 2024 Consolidated Note).
November 10, 2022 Note
On November 10, 2022, the Company entered into
a promissory unsecured loan agreement for $100,000 (the “November 2022 Note”). The November 10, 2022 Note bears interest at
ten percent (10%) per annum and had an initial maturity date on December 10, 2022. In addition, the Company issued a lender 150,000 shares
of Company’s common stocks. The allocated value of such shares was $14,163 and are being accounted for as debt issuance costs and
are classified within stockholders’ equity (deficit) in the accompanying financial statements. The related debt issuance costs were
amortized over the initial term of the November 10, 2022 Note and included within the interest expense in the accompanying statement of
operation. On December 10, 2022, the Company entered into amendment to the November 10, 2022 Note extending the maturity date to January
10, 2023. With this amendment, the Company is also obligated to issue 150,000 shares of common stock that were valued at $25,500 and recorded
as common stock to be issued liability within accompanying balance sheets as of December 31, 2022. As of December 31, 2022, the net carrying
amount of the November 10, Note was $100,000.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
On February 28, 2023, the Company entered into
a mutual release agreement with the lender to issue to the lender 2,000,000 shares of the Company’s common stock in exchange for
the settlement of the November 10, 2022 Note. All interest accrued under the November 10, 2022 Note as of the extinguishment date was
repaid. The fair value of the common stock issued was determined using the stock price as of the date of the mutual release agreement
at $0.11 per share. As a result of this transaction the Company recorded a loss on extinguishment of debt for the total amount of $120,000
being included in other income (expenses) within accompanying statement of operation for the year ended December 31, 2023.
March 2015 Note
On March 1, 2015, the Company issued an unsecured
promissory note (the “March 2015 Note”) in the amount of $40,000 to an individual lender. The note was amended multiple times
through the years increasing the principal amount of the March 2015 Note to $65,000. The March 2015 Note was payable on demand and carried
interest at 10% per annum.
On June 30, 2022, the Company entered into a release
agreement with the lender to issue to the lender 3,200,000 of the Company’s common stock in exchange for the settlement of the March
2015 Note with the outstanding principal of $65,000, together with aggregate outstanding accrued interest as of the date of the transaction
in total of $293,362. The fair value of the common stock issued was determined using the stock price as of the date of the release agreement
at $0.04 per share or $128,000 in total. In addition to that, the Company also granted warrants to purchase an aggregate of 1,000,000 shares
of Company’s common stock. Warrants (i) have an exercise price of $0.20 per share; (ii) have a term of exercise equal to 5
years after their issuance date; (iii) became exercisable immediately after their issuance. The warrants were valued as of July 30, 2022, using
the Black Scholes Model with assumptions disclosed within Note 9. The total fair value of the warrant was determined to be $39,988. As
a result of this transaction the Company recorded a gain on extinguishment of debt for the total amount of $190,374 included in other
income (expenses) within accompanying statement of operations for the year ended December 31, 2022.
As of June 30, 2024, and December 31, 2023, notes
payable consisted of the following:
| | |
June 30, 2024 | | |
December 31, 2023 | |
| Notes payable | |
$ | 877,134 | | |
$ | 998,234 | |
| Unamortized debt discount | |
| – | | |
| (15,608 | ) |
| Less: current portion, net | |
| (877,134 | ) | |
| (982,626 | ) |
| Long-term notes payable, net | |
$ | – | | |
$ | – | |
NOTE 5 – ACCOUNTS PAYABLE
As of June 30, 2024, and December 31, 2023, the
Company had $733,121 and $601,631 in outstanding accounts payable, respectively.
On June 14, 2024, the Company entered into a Debt
Release agreement with a vendor to release $35,000 related to an open accounts payable balance in exchange for the immediate issuance
of 450,000 shares of common stock at the $0.10 per share stock price on the date of the transaction. As a result of this transaction,
the Company recognized a loss of $11,125 included in other income (expenses) within the accompanying statement of operations for the three
and six months ended June 30, 2024.
NOTE 6 – COMMON STOCK TO BE ISSUED
As of June 30, 2024, and December 31, 2023, the
Company’s outstanding liability in connection to common stock to be issued was $70,950 and $41,197.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
The balance of $70,950 in common stock to be issued
as of June 30, 2024 represents the Company’s obligation to issue 300,000 shares of common stock in connection with the First Amendment
to the February 1, 2024 Cancellation and Consolidation Agreement and 300,000 shares of common stock in connection with the April 2, 2024
Note.
The balance of $41,197 in common stock to be issued
as of December 31, 2023, represents the Company’s obligation to issue 500,000 shares of common stock in connection to the November
1, 2023 Note and 350,000 shares of common stock in connection with legal services provided during the year ended December 31, 2023.
NOTE 7 – STOCKHOLDERS’ DEFICIT
Authorized
Authorized capital stock as of June 30, 2024,
and December 31, 2023, consists of 500,000,000 and 125,000,000 common shares, respectively, with a par value of $0.001 per share; and
25,000,000 Preferred shares with a par value of $0.001 per share.
On April 26, 2024, the Company amended its article of incorporation
increasing the number of common stock shares authorized from 125,000,000 to 500,000,000.
Preferred Stock
The Company has designated the issuance of 9,000,000
of Series A Convertible Preferred Stock (the “Series A Convertible Preferred”) and 5,000,000 of Series B Preferred Stock (the
“Series B Preferred”). The Series A Convertible Preferred and Series B Preferred stockholders have the following rights and
preferences:
Dividends: Series A Convertible Preferred and
Series B Preferred stockholders shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole
discretion.
Liquidation Preference: Upon any liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary, before any distribution or payment shall be made to the
holders of any stock ranking junior to the Series B Preferred Stock, the holders of the Series B Preferred Stock shall be entitled to
be paid out of the assets of the Corporation an amount equal to $0.001 per share (the “Preference Value”), plus all declared
but unpaid dividends, for each share of Series B Preferred Stock held by them. After the payment of the full applicable Preference Value
of each share of the Series B Preferred Stock as set forth herein, the remaining assets of the Corporation legally available for distribution,
if any, shall be distributed to the holders of the Series A Convertible stock and common stock. Then Series B Preferred Stock shall be
entitled, before any distribution or payments made upon any common stocks, to be paid on a pro-rata basis the highest of (i) the bid price
quoted on a day of liquidation (ii) the price paid for such shares, (iii) the price per share established in any merger agreements (as
defined). After the holders of the Series B Preferred Stock is paid in full the remaining assets of the Company may be distributed ratably
per share to the holder of common stock.
Voting Rights: Each holder of Series A Convertible
Preferred Stock and Series B Preferred Stock shall vote with holders of the Common Stock upon any matter submitted to a vote of shareholders,
in which event it shall have the number of votes equal to the number of shares of Common Stock into which such share of Series A Convertible
Preferred Convertible Stock would be convertible on the record date for the vote or consent of shareholders. Each holder of Series A Convertible
Preferred Stock shall also be entitled to one vote per share on each submitted to a class vote of the holders of Series A Preferred Stock.
Each holder of Series B Preferred Stock shall also be entitled to twenty (20) votes per each share on all votes along with the common
stock shareholders.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
Conversion Rights: Each share of Series A Convertible
Preferred Stock is convertible into 1 share of common stock at the option of the holder thereof. Series B Preferred Stock is not convertible
into the Company’s common stock.
On May 29, 2024, the Company filed the Certificate
of Amendment to Designation of the Series B Preferred Stock, which clarified that holders of the Series B Preferred Stock have liquidation
rights senior to holders of Series A Preferred Stock and holders of Common Stock, in such order.
On June 3, 2024, the Company filed the Certificate
of Amendment to Designation, Preferences, and Rights of the Series A Preferred Stock, which, among other things, clarified that (i) the
Series A Preferred Stock will convert upon a securities offering of the Company or any of its subsidiaries which raises proceeds of $2,000,000
or more; and (ii) the holders of Series A Preferred Stock have liquidation rights senior to holders of Common Stock.
As of June 30, 2024, and December 31, 2023,
there were 4,200,000 shares of Series A Convertible Preferred Stock remaining outstanding. As of June 30, 2024, and December 31,
2023, there were 3,000,000 shares of Series B Convertible Preferred Stock remaining outstanding.
Common stock issuances
On February 13, 2024, the Company sold 1,000,000 shares of its common
stock for cash proceeds of $150,000.
On January 31, 2023, the Company sold 2,000,000
shares of its common stock for cash proceeds of $100,000.
On February 16, 2023, in connection with 2023
APA (see Note 11) the Company issued to the Seller 3,000,000 shares of its common stock valued at $360,000 and paid cash consideration
of $125,000 upon the execution of the 2023 APA.
On February 28, 2023, the Company issued 2,000,000
shares of Company’s common stock issued to the lender for extinguishment of the November 10, 2022 Note. As a result of this transaction
the Company recorded a loss on extinguishment of debt for the total amount of $120,000 being included in other income (expenses) within
accompanying statement of operation for the period ended December 31, 2023 (see Note 4).
On March 31, 2023, the Company received back a
share certificate for 5,000,000 shares of common stock previously issued to the shareholder with a request to outright cancel the shares.
No funds were exchanged in connection with this cancellation, and it was cancelled on the books of the Company and on the register with
the transfer agent.
On April 25, 2023, the Company issued additional
2,000,000 shares of common valued at $260,000 upon the issuance of a patent by the US Patent and Trademark Office (“USPTO”)
for US Patent.
During the periods ended June 30, 2024 and 2023,
the Company issued an aggregate of 1,445,000 and 3,850,000 shares of common stock, respectively, valued at $117,900 and $532,500, respectively,
in connection with the Promissory Notes issued and amended during the periods (see Note 4).
During the periods ended June 30, 2024 and 2023,
the Company issued in aggregate of 135,000 and 12,500 shares of common stock, respectively, valued at $14,285 and $1,875, respectively,
to its employees as compensation for the services performed.
During the periods ended June 30, 2024 and 2023,
the Company issued an aggregate of 517,529 and 9,236 shares of common stock, respectively, valued at $54,477 and $1,102, respectively,
to its vendor as payment consideration for the services performed.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
During the periods ended June 30, 2024, the Company
issued an aggregate of 450,000 shares of common stock, valued at $46,125, to vendors in connection to forgiveness for accounts payable
balances (see Note 5).
During the period ended June 30, 2024, the Company
issued an aggregate of 1,500,000 shares of common stock, valued at $191,250, to AJB in connection with an amendment to an outstanding
debt agreement (see Note 4).
As of June 30, 2024, and December 31, 2023, the
Company had 95,648,997 and 89,101,468 shares of common stock issued and outstanding.
NOTE 8 – WARRANTS
Warrant grants issued with debt financing
On March 1, 2023, the Company entered into an
agreement with AJB to amend the AJB 2022 Note extending the maturity date to March 13, 2023 (see Note 4). As a consideration, the Company
issued additional 1,500,000 common stock warrants (the “Amended AJB 2023 Warrants”) that (i) have an exercise price of $0.01 per
share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately after their issuance.
The Amended AJB 2023 Warrants, which are indexed to the Company’s stock, are classified within stockholders’ deficit in the
accompanying financial statements. The Amended AJB 2023 Warrants were valued as of March 1, 2023, using the Black Scholes Model with assumptions
disclosed below. The related debt issuance costs $225,000 in aggregate were amortized over the remaining term of the 2022 AJB Note and
included within the interest expense in the accompanying statement of operation for the year ended December 31, 2023.
On May 5, 2023, the Company entered into a Securities
Agreement (the “2023 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company of (i)
Promissory Note in the aggregate principal amount of $300,000 (“AJB 2023 Note”), which includes an aggregate $30,000 original
issue discount in respect of the Note; (ii) Warrants to purchase an aggregate of 9,000,000 shares of Common Stock (“AJB
2023 Warrants) (see Note 4).
The AJB 2023 Warrants issued with the note (i)
have an exercise price of $0.001 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2023 Warrants were valued as of May 5, 2023, using the Black Scholes Model with
assumptions disclosed below.
The Company accounted for the 2023 AJB Note and
the 2023 AJB Warrants in accordance with ASC 470-20-25-2 “Debt” which states that the allocation of the proceeds from the
financing shall be based on the relative fair values of the securities issued at the time of the issuance. The AJB 2023 Warrants, which
are indexed to the Company’s stock, are classified within stockholders’ deficit in the accompanying financial statements.
The allocated value of the AJB 2023 Warrants were
$219,375 and is accounted for as debt issuance costs and classified within stockholders’ deficit in the accompanying financial statements.
The related debt issuance costs $166,381 in aggregate were amortized over the initial term of the 2023 AJB Note and included within the
interest expense in the accompanying statement of operation for the year ended December 31, 2023.
Warrant grants issued in exchange of services
During the six months ended June 30, 2024, the
Company issued warrants to purchase an aggregate of 3,220,000 shares of common stock to its lenders for consolidation of notes outstanding
(see Note 4). The warrants were valued as of the dates of the issuance using the Black Scholes Model with the total fair value of the
warrants determined to be $1,369 and recognized as stock compensation expense during the six months ended June 30, 2024. The warrants
issued with this service agreement (i) have the exercise prices of $0.10 per share; (ii) have a term of exercise equal to 3 years after
their issuance date; (iii) became exercisable immediately after their issuance.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
During the six months ended June 30, 2024, the
Company also issued warrants to purchase 20,000 shares of common stock to a vendor for professional services. The warrants were valued
as of the date of issuance using the Black Scholes Model with the total fair value of the warrants determined to be $223 and recognized
as stock compensation expense during the three and six months ended June 30, 2024. The warrants issued with this service agreement (i)
have the exercise prices of $0.10 per share; (ii) have a term of exercise equal to 3 years after their issuance date; (iii) became exercisable
immediately after their issuance.
During the year ended December 31, 2023, the Company
issued warrants to purchase an aggregate of 916,456 shares of common stock to employees for services performed. The warrants were valued
as of the dates of the issuance using the Black Scholes Model with the total fair value of the warrant determined to be $101,829 and recognized
as stock compensation expense during the year ended December 31, 2023. The warrants issued with these service agreements have the exercise
prices of $0.055, $0.001, and $0.20 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance.
| | |
| | |
| | |
Weighted | |
| | |
| | |
Weighted | | |
Average | |
| | |
| | |
Average | | |
Contractual | |
| | |
Number of | | |
Exercise | | |
Term | |
| | |
Warrants | | |
Price | | |
(Years) | |
| Balance outstanding at December 31, 2022 | |
| 13,527,113 | | |
$ | 0.05 | | |
| 4.39 | |
| Granted | |
| 10,891,000 | | |
| 0.00 | | |
| 5.00 | |
| Exercised | |
| – | | |
| – | | |
| – | |
| Expired/Canceled | |
| – | | |
| – | | |
| – | |
| Balance outstanding at December 31, 2023 | |
| 24,418,113 | | |
| 0.05 | | |
| 3.81 | |
| Granted | |
| 3,220,000 | | |
| 0.10 | | |
| 3.00 | |
| Exercised | |
| – | | |
| – | | |
| – | |
| Expired/Canceled | |
| – | | |
| – | | |
| – | |
| Balance outstanding at March 31, 2024 | |
| 27,638,113 | | |
| 0.06 | | |
| 3.48 | |
| Granted | |
| 20,000 | | |
| 0.15 | | |
| 5.00 | |
| Exercised | |
| – | | |
| – | | |
| – | |
| Expired/Canceled | |
| (100,000 | ) | |
| (0.05 | ) | |
| – | |
| Balance outstanding at June 30, 2024 | |
| 27,558,113 | | |
| 0.06 | | |
| 3.28 | |
| Exercisable at June 30, 2024 | |
| 27,558,113 | | |
$ | 0.06 | | |
| 3.28 | |
The fair values of warrants granted during the
six months ended June 30, 2024 and 2023 were estimated using Black-Scholes option-pricing model with the following assumptions:
| |
|
For the six months ended June 30, |
| |
|
2024 |
|
2023 |
| Exercise Price |
|
$0.10 |
|
$0.04 -$0.25 |
| Risk-free interest rates |
|
3.96% - 4.43% |
|
1.43% - 4.27% |
| Expected life (in years) |
|
3.28 |
|
5.00 |
| Expected volatility |
|
303% - 305% |
|
310% - 352% |
| Dividend yield |
|
0% |
|
0% |
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
NOTE 9 – RELATED PARTY TRANSACTIONS
Due to related parties
As of June 30, 2024, and December 31, 2023, the
Company had an amount due to an office of the Company in the amount of $10,309 as advance payable. This amount does not have specific
repayment terms and does not bear interest.
NOTE 10 – COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company
enters into various agreements containing standard indemnification provisions. The Company’s indemnification obligations under such
provisions are typically in effect from the date of execution of the applicable agreement through the end of the applicable statute of
limitations. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. As of
June 30, 2024, and December 31, 2023, no amounts have been accrued related to such indemnification provisions.
From time to time, the Company may be exposed
to litigation in connection with its operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes
related to legal matters, as well as ranges of probable losses.
Asset purchase agreement
The Company is a party to amended and restated
Assets Purchase Agreement (“2023 APA”) dated February 16, 2023, with individual seller (“Seller”), where for agreed
consideration, the company acquired certain patents and the “know-how” required to perform manufacturing process. The Company
shall pay to Seller a total of $500,000 in cash upon the (i) $125,000 due upon signing of the agreement, (2) $125,000 to be paid upon
Seller’s delivery to the Company of certain testing devices and full and complete written descriptions of the manufacturing, as
defined, and (iii) $250,000 achieving at minimum $500,000 in gross revenue from sales for the device. As additional consideration in accordance
to 2023 APA, the Company shall issue to Seller shares of its restricted common stock upon the (i) 3,000,000 shares of its common stock
upon the execution of the 2023 APA, (ii) 3,000,000 shares of its common stock upon Seller’s completion of Seller’s delivery
to the Company a certain number of testing devices, as defined, (iii) 2,000,000 shares of its common stock upon the completion of production
of one testing units within the United States, (iv) 1,000,000 shares of its common stock upon the Company attaining gross revenue of $5,000,000
from sales of the units. (V) 2,000,000 shares of its common stock upon the issuance of a patent by the US Patent and Trademark Office
(“USPTO”) for US Patent. The Company shall pay to Seller 7.5% of net revenues generated by the Company from the 2023 APA for
a period of five years beginning on the first day such revenues are realized by the Company. On February 16, 2023, in connection with
2023 APA the Company issued to the Seller 3,000,000 shares of its common stock valued at $360,000 and paid cash consideration of $125,000
upon the execution of the 2023 APA. On April 25, 2023, the Company issued additional 2,000,000 shares of common stock valued at $260,000
upon the issuance of a patent by the US Patent and Trademark Office (“USPTO”) for US Patent. Additional cash consideration
of $50,000 was paid to the Seller on November 2, 2023. As of December 31, 2023, and to the date that this report was filed, the Seller
has not fulfilled obligations that would further oblige the Company to fulfill further consideration, either for cash, equity, or royalty
payments stipulated in the 2023 APA. The value of the consideration paid was recorded within research and development expenses for the
year ended December 31, 2023, with $625,000 recorded during the period ended June 30, 2023.
Go Green Global Technologies Corp.
Notes to the Unaudited Financial Statements
For the Six Months Ended June 30, 2024 and June
30, 2023
NOTE 11 – SUBSEQUENT EVENTS
On July 3, 2024, the Company entered into a Distribution Agreement
with a manufacturer for a three-year term. In connection with this agreement, the Company issued an aggregate of 400,000 shares of restricted
common stock to the vendor.
On July 3, 2024, the Company issued an aggregate of 100,000 shares
of restricted common stock to vendors as compensation for professional services.
On July 5, 2024, the Company issued 25,000 shares of restricted common
stock to an employee as compensation for services performed.
On July 8, 2024, the Company issued an aggregate of 26,593 shares of
restricted common stock to a vendor as compensation for professional services.
On July 8, 2024, the Company issued 300,000 shares of restricted common
stock to a noteholder pursuant to the terms of the April 2, 2024 “April 2024 Note” for failure to pay the principal at maturity.
On July 16, 2024, the Company entered into a thirty-day promissory
note with a lender in the amount of $27,000 with an interest rate of 10% per year.
On July 21, 2024, the Company extended the April 22, 2024 Note maturity
date to October 21, 2024. As consideration for this note, the noteholder was issued 50,000 shares of restricted common stock.
 |
New York Office:
805 Third Avenue
New York, NY 10022
212.838-5100
www.rbsmllp.com |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Stockholders’ and Board of directors of
Go Green Global Technologies Corp.
Opinion on the Financial Statements
We have audited the accompanying balance sheets
of Go Green Global Technologies Corp. (the “Company”) as of December 31, 2023, and 2022, and the related statements of operations,
changes in stockholders’ deficit, and cash flows for each of the two years in the period ended December 31, 2023, and the related
notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows
for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United
States of America.
The Company's Ability to Continue as a Going
Concern
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in note 1 to the financial statements, the Company has
suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue
as a going concern. Management’s plans in regard to these matters are also described in note 1. The financial statements do not
include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
| /s/ RBSM LLP |
| |
| We have served as the Company’s auditor since 2022. |
| |
| New York, NY |
|
May 30, 2024
PCAOB ID Number 587 |
Go Green Global Technologies Corp.
Balance Sheets
For the Years Ended December 31, 2023 and 2022
| | |
December 31, 2023 | | |
December 31, 2022 | |
| | |
| | |
| |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash | |
$ | 33,453 | | |
$ | 1,072 | |
| Prepaid expenses | |
| – | | |
| 3,599 | |
| Total current assets | |
| 33,453 | | |
| 4,671 | |
| | |
| | | |
| | |
| Fixed assets, net | |
| 5,921 | | |
| 8,567 | |
| | |
| | | |
| | |
| Other assets: | |
| | | |
| | |
| Deposits | |
| 6,000 | | |
| 6,000 | |
| Total other assets | |
| 6,000 | | |
| 6,000 | |
| | |
| | | |
| | |
| Total assets | |
$ | 45,374 | | |
$ | 19,238 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 601,631 | | |
$ | 539,920 | |
| Accrued expenses | |
| 163,640 | | |
| 89,500 | |
| Accrued interest | |
| 37,804 | | |
| 6,032 | |
| Notes payable (net of debt discount of $15,608 and $0, respectively) | |
| 982,626 | | |
| 450,000 | |
| Common stock to be issued | |
| 41,197 | | |
| 30,500 | |
| Loans from officer | |
| 10,309 | | |
| 2,371 | |
| Total current liabilities | |
| 1,837,207 | | |
| 1,118,323 | |
| | |
| | | |
| | |
| Total long-term liabilities | |
| – | | |
| – | |
| | |
| | | |
| | |
| Total liabilities | |
| 1,837,207 | | |
| 1,118,323 | |
| | |
| | | |
| | |
| Commitments and contingencies (see Note 12) | |
| – | | |
| – | |
| | |
| | | |
| | |
| Stockholders’ deficit | |
| | | |
| | |
| Preferred shares, $0.001 par value, 25,000,000 shares authorized, 11,000,000 and 11,000,000 shares undesignated as of December 31, 2023 and December 31, 2022, respectively | |
| – | | |
| – | |
| Series A Convertible Preferred Stock, $0.001 par value, 9,000,000 shares designated; 4,200,000 and 5,176,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | |
| 4,200 | | |
| 5,176 | |
| Series B Preferred Stock, $0.001 par value, 5,000,000 shares designated; 3,000,000 and 3,000,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | |
| 3,000 | | |
| 3,000 | |
| Common stock, $0.001 par value, authorized - 125,000,000, 89,101,468 and 72,644,160 shares issued and outstanding, as of December 31, 2023 and December 31, 2022 respectively | |
| 89,102 | | |
| 72,644 | |
| Additional paid-in capital | |
| 7,289,183 | | |
| 4,543,230 | |
| Accumulated deficit | |
| (9,177,318 | ) | |
| (5,723,135 | ) |
| Total stockholders' deficit | |
| (1,791,833 | ) | |
| (1,099,085 | ) |
| | |
| | | |
| | |
| Total liabilities and stockholders' deficit | |
$ | 45,374 | | |
$ | 19,238 | |
See accompanying notes to the financial statements
Go Green Global Technologies Corp.
Statements of Operations
For the Years Ended December 31, 2023 and 2022
| | |
For the Years Ended | |
| | |
December 31, 2023 | | |
December 31, 2022 | |
| | |
| | |
| |
| Operating expenses: | |
| | | |
| | |
| | |
| | | |
| | |
| General and administrative | |
$ | 798,809 | | |
$ | 2,291,645 | |
| Research and development | |
| 795,000 | | |
| – | |
| Depreciation | |
| 2,689 | | |
| 6,647 | |
| Total operating expenses | |
| 1,596,498 | | |
| 2,298,292 | |
| | |
| | | |
| | |
| Loss from operations | |
| (1,596,498 | ) | |
| (2,298,292 | ) |
| | |
| | | |
| | |
| Other (expense) income | |
| | | |
| | |
| | |
| | | |
| | |
| Interest expense | |
| (1,737,685 | ) | |
| (303,937 | ) |
| Change in fair value of derivative liability | |
| – | | |
| 35,862 | |
| (Loss) gain on debt extinguishment | |
| (120,000 | ) | |
| 1,423,023 | |
| Total other (expense) income | |
| (1,857,685 | ) | |
| 1,154,948 | |
| | |
| | | |
| | |
| Provision for income taxes | |
| – | | |
| – | |
| | |
| | | |
| | |
| Net loss | |
$ | (3,454,183 | ) | |
$ | (1,143,344 | ) |
| | |
| | | |
| | |
| Per share data | |
| | | |
| | |
| Net loss per share - basic and diluted | |
$ | (0.04 | ) | |
$ | (0.02 | ) |
| | |
| | | |
| | |
| Weighted average number of shares outstanding- basic and diluted | |
| 82,036,031 | | |
| 66,806,179 | |
See accompanying notes to the financial statements
Go Green Global Technologies Corp.
Statements of Changes in Stockholders’
Deficit
For the Years Ended December 31, 2023 and 2022
| | |
Series A Convertible Preferred Stock | | |
Series B Preferred Stock | | |
Common Stock | | |
Additional Paid-In | | |
Accumulated | | |
Total Stockholders' | |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance, December 31, 2021 | |
| 5,176,000 | | |
$ | 5,176 | | |
| 5,000,000 | | |
$ | 5,000 | | |
| 59,729,358 | | |
$ | 59,729 | | |
$ | 2,062,076 | | |
$ | (4,579,791 | ) | |
$ | (2,447,810 | ) |
| Issuance of shares for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Issuance of common stock in connection with AJB Note | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,076,923 | | |
| 3,077 | | |
| 131,307 | | |
| – | | |
| 134,384 | |
| Issuance of warrants in connection with AJB Note | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 42,675 | | |
| – | | |
| 42,675 | |
| Issuance of common stock in connection with notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| 250,000 | | |
| 250 | | |
| 27,731 | | |
| – | | |
| 27,981 | |
| Cancellation of shares returned by shareholders | |
| – | | |
| – | | |
| (2,000,000 | ) | |
| (2,000 | ) | |
| (2,050,000 | ) | |
| (2,050 | ) | |
| 4,050 | | |
| – | | |
| – | |
| Issuance of common stock in connection to accounts payable settlement | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,704,546 | | |
| 1,705 | | |
| 179,023 | | |
| – | | |
| 180,728 | |
| Common stock issued to employees for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,000,000 | | |
| 1,000 | | |
| 142,500 | | |
| – | | |
| 143,500 | |
| Common stock issued to vendors for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 133,333 | | |
| 133 | | |
| 9,200 | | |
| – | | |
| 9,333 | |
| Common stock issued in connection with extinguishment of convertible debt and notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| 8,800,000 | | |
| 8,800 | | |
| 375,200 | | |
| – | | |
| 384,000 | |
| Warrant issued in connection with extinguishment of convertible debt and notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 39,988 | | |
| – | | |
| 39,988 | |
| Warrants issued for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,529,480 | | |
| – | | |
| 1,529,480 | |
| Net loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (1,143,344 | ) | |
| (1,143,344 | ) |
| Balance, December 31, 2022 | |
| 5,176,000 | | |
$ | 5,176 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 72,644,160 | | |
$ | 72,644 | | |
$ | 4,543,230 | | |
$ | (5,723,135 | ) | |
$ | (1,099,085 | ) |
| Common stock sold | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,000,000 | | |
| 2,000 | | |
| 98,000 | | |
| – | | |
| 100,000 | |
| Issuance of warrants in connection with AJB Notes | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 444,375 | | |
| – | | |
| 444,375 | |
| Issuance of common stock in connection with AJB Notes | |
| – | | |
| – | | |
| – | | |
| – | | |
| 750,000 | | |
| 750 | | |
| 51,750 | | |
| – | | |
| 52,500 | |
| Common stock issued in connection with debt financing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 10,137,500 | | |
| 10,138 | | |
| 1,148,302 | | |
| – | | |
| 1,158,440 | |
| Common stock issued for acquisition of technology | |
| – | | |
| – | | |
| – | | |
| – | | |
| 5,000,000 | | |
| 5,000 | | |
| 615,000 | | |
| – | | |
| 620,000 | |
| Common stock issued to employees for compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 190,000 | | |
| 190 | | |
| 16,322 | | |
| – | | |
| 16,512 | |
| Common stock issued to vendors for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| 403,808 | | |
| 404 | | |
| 47,375 | | |
| – | | |
| 47,779 | |
| Common stock issued in connection with extinguishment of notes payable | |
| – | | |
| – | | |
| – | | |
| – | | |
| 2,000,000 | | |
| 2,000 | | |
| 218,000 | | |
| – | | |
| 220,000 | |
| Conversion of Convertible Preferred stock into common stock | |
| (976,000 | ) | |
| (976 | ) | |
| – | | |
| – | | |
| 976,000 | | |
| 976 | | |
| – | | |
| – | | |
| – | |
| Cancellation of shares returned by shareholders | |
| – | | |
| – | | |
| – | | |
| – | | |
| (5,000,000 | ) | |
| (5,000 | ) | |
| 5,000 | | |
| – | | |
| – | |
| Common stock warrants issued for services | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 101,829 | | |
| – | | |
| 101,829 | |
| Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| | | |
| (3,454,183 | ) | |
| (3,454,183 | ) |
| Balance, December 31, 2023 | |
| 4,200,000 | | |
$ | 4,200 | | |
| 3,000,000 | | |
$ | 3,000 | | |
| 89,101,468 | | |
$ | 89,102 | | |
$ | 7,289,183 | | |
$ | (9,177,318 | ) | |
$ | (1,791,833 | ) |
See accompanying notes to the financial statements
Go Green Global Technologies Corp.
Statements of Cash Flows
For the Years Ended December 31, 2023 and 2022
| | |
For the Years Ended | |
| | |
December 31, 2023 | | |
December 31, 2022 | |
| | |
| | |
| |
| Cash flows from operating activities: | |
| | | |
| | |
| Net loss | |
$ | (3,454,183 | ) | |
$ | (1,143,344 | ) |
| Adjustments to reconcile net loss to net cash used in
operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 2,689 | | |
| 6,647 | |
| Common stock issued and to be issued for services | |
| 86,279 | | |
| 9,333 | |
| Common stock issued for compensation | |
| 16,512 | | |
| 143,500 | |
| Common stock issued for acquisition of technology | |
| 620,000 | | |
| – | |
| Common stock warrants issued for services | |
| 101,829 | | |
| 1,529,480 | |
| Non-cash interest expense | |
| 1,688,776 | | |
| 271,402 | |
| Change in fair value of derivative liability | |
| – | | |
| (35,862 | ) |
| (Gain) loss on extinguishment of debt | |
| 120,000 | | |
| (1,423,023 | ) |
| | |
| | | |
| | |
| Changes in operating asset and liability account balances: | |
| | | |
| | |
| Prepaid expenses | |
| 3,599 | | |
| (3,599 | ) |
| Due to related party | |
| 7,938 | | |
| 1,165 | |
| Accrued interest | |
| 31,772 | | |
| 28,889 | |
| Accounts payable and accrued expenses | |
| 106,595 | | |
| 266,438 | |
| Total adjustments | |
| 2,785,989 | | |
| 794,370 | |
| | |
| | | |
| | |
| Net cash used in operating activities | |
| (668,194 | ) | |
| (348,974 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities | |
| | | |
| | |
| Leasehold improvements | |
| – | | |
| (5,684 | ) |
| Purchase of equipment | |
| – | | |
| (3,905 | ) |
| Net cash used in investing activities | |
| – | | |
| (9,589 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from sale of common stock | |
| 100,000 | | |
| – | |
| Proceeds from notes payable | |
| 900,575 | | |
| 420,000 | |
| Payments of notes payable | |
| (300,000 | ) | |
| (62,500 | ) |
| Net cash provided by financing activities | |
| 700,575 | | |
| 357,500 | |
| | |
| | | |
| | |
| Net (decrease) increase in cash | |
| 32,381 | | |
| (1,063 | ) |
| | |
| | | |
| | |
| Cash at beginning of year | |
| 1,072 | | |
| 2,135 | |
| | |
| | | |
| | |
| Cash at end of year | |
$ | 33,453 | | |
$ | 1,072 | |
| | |
| | | |
| | |
| Supplemental Schedule of Cash Flow Information: | |
| | | |
| | |
| Cash paid for interest | |
$ | 46,026 | | |
$ | 33,096 | |
| Cash paid for income taxes | |
$ | – | | |
$ | – | |
| | |
| | | |
| | |
| Supplemental Schedules of Noncash Investing and Financing Activities: | |
| | | |
| | |
| Issuance of common stock in connection
with promissory notes | |
$ | 1,127,940 | | |
$ | 27,981 | |
| Issuance of stock in connection
with the AJB Note | |
$ | 444,375 | | |
$ | 27,981 | |
| Extinguishment of debt and accrued
interest into common stock | |
$ | 220,000 | | |
$ | 423,988 | |
| Issuance of common stock in
connection with AJB Note | |
$ | 52,500 | | |
$ | 134,384 | |
| Common stock to be issued in prior
year, issued during the year | |
$ | 30,500 | | |
$ | 248,600 | |
| Cancellation of shares returned
by shareholders | |
$ | 5,000 | | |
$ | 2,000 | |
| Conversion of Convertible Preferred
Stock into common stock | |
$ | 976 | | |
$ | – | |
| Common stock issued in settlement
of accounts payable | |
$ | – | | |
$ | 180,728 | |
See accompanying notes to the financial statements
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 1 – ORGANIZATION, OPERATIONS AND GOING CONCERN
Go Green Global Technologies Corp. (OTC Pink:
GOGR) is a Nevada corporation originally incorporated in February 2006 under the name Photomatica, Inc.
Go Green Global Technologies Corp. (“the
Company”) is an innovative publicly traded U.S. company that provides proprietary disruptive technology for use in the water and
fuel industries of both commercial and consumer segments of these markets. Solutions are provided worldwide utilizing the proprietary
Sonical™ process for both non-chemical water treatment and fuel combustion applications which including industrial, automotive,
transportation, maritime and railway industries. The Company is a pioneer and leader in the emerging Pulsed Power technology sector. Since
inception, the Company has focused on technologies that lead to a cleaner and more efficient planet.
Going Concern Basis of Accounting
The Company’s financial statements are prepared
using accounting principles generally accepted in the United States (“U.S. GAAP”) applicable to a going concern, which contemplates
the realization of assets and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the
Company has an accumulated deficit balance of $9,177,318 as of December 31, 2023, has suffered significant net losses and negative cash
flows from operations and has limited working capital. The Company expects to incur substantial expenses for the foreseeable future relating
to research, development and commercialization of its potential future technologies. The ability of the Company to continue as a going
concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes
profitable. Management’s plans to continue as a going concern include raising additional capital through sales of equity securities
and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce
the scope of, or eliminate one or more of the Company’s research and development activities or commercialization efforts or perhaps
even cease the operation of its business. These factors raise substantial doubt about the Company’s ability to continue as a going
concern for one year from the date the financials were issued.
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of
liabilities and commitments in the normal course of business. The financial statements do not include any adjustments that might result
from this uncertainty.
Uncertainty Due to Geopolitical Events
The ongoing Israel-Hamas war which began in October
2023 has precipitated ongoing conflict between the two parties and has enveloped the Middle East region in unrest. This conflict has
extended to the Persian Gulf where increasing attacks on international shipping have caused worldwide concern due to its potential economic
impact due to supply chain concerns. These recent events coupled with Russia’s invasion of Ukraine, which began in February
2022, resulting in sanctions and other actions against Russia and Belarus, have created uncertainty and disruption in the global
economy. Although neither of the aforementioned conflicts have had a material adverse impact on the Company’s financial results
for the year ended December 31, 2022, and none for the year ended December 31, 2023, at this time the Company is unable to fully
assess the aggregate impact that both conflicts will have on its business due to various uncertainties, which include, but are not limited
to, the duration of the wars, their effect on the economy, their impact to the business of the Company’s, and actions that may be
taken by governmental authorities related to these conflicts.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying financial statements are prepared
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain balances
in the prior year have been reclassified to conform to the current year’s presentation.
Use of Estimates
The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
Cash
The Company considers all highly liquid investments
with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents as of December 31, 2023
and 2022.
Concentration of Credit Risk
Financial instruments that potentially subject
the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash in bank deposits accounts, which,
at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is
not exposed to any significant credit risk in cash.
Prepaid Expenses
Prepaid expenses consist primarily of short-term
prepaid expenditures or deposits that will be amortized within one year.
Leases
The Company determines if an arrangement contains
a lease at inception. Leases are included in lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet.
Lease ROU assets and lease liabilities are recognized
based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s
leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement
date in determining the present value of future payments. The operating lease ROU asset includes any lease payments made and initial direct
costs incurred and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when
it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line
basis over the lease term.
The Company has elected as an accounting policy
not to apply the recognition requirements in ASC 2016-02, Leases (“ASC 842”) to short-term leases. Short-term leases are leases
that have a term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain
to exercise. The Company recognizes the lease payments for short-term leases on a straight-line basis over the lease term. As of December
31, 2023 and 2022, the Company did not have leases that qualified as right of use assets.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
Income Taxes
In accordance with FASB ASC Topic 740, Income
Taxes (“ASC 740”), the Company recognizes deferred tax assets and liabilities for the expected future tax consequences or
events that have been included in our financial statements and/or tax returns. Deferred tax assets and liabilities are based upon the
differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit
carryforwards using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred
tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will
not be realized.
The Company provides reserves for potential payments
of tax to various tax authorities related to uncertain tax positions when management determines that it is more likely than not that a
loss will be incurred related to these matters and the amount of the loss is reasonably determinable. No tax liability was recorded as
of December 31, 2023, and 2022.
Segment Information
Operating segments are identified as components
of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker
(“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company has
one operating segment.
Advertising Costs
Advertising and promotion costs are expensed incurred.
The Company has no material advertising expenses during the years ended December 31, 2023 and 2022.
Research and Development
The Company expenses internal and external research
and development costs, including costs of funded research and development arrangements, in the period incurred. The Company incurred $795,000
in external research and development costs during the year ended December 31, 2023.
Stock-Based Compensation
The Company accounts for stock-based compensation
in accordance with the guidance of FASB ASC Topic 718, Compensation-Stock Compensation (“ASC 718”), which requires
all share-based payments be recognized in the consolidated financial statements based on their fair values. In accordance with ASC 718,
the Company has elected to use the Black-Scholes option pricing model to determine the fair value of options granted and recognizes the
compensation cost of share-based awards on a straight-line basis over the vesting period of the award.
Warrants
The Company accounts for stock warrants as either
equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. As of December 31, 2023 and 2022,
all outstanding warrants granted were classified as equity being the fixed exercise price.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
Net loss per Common Share
Basic earnings per share are calculated by dividing
income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based
on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed
by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period
(or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price
during the period. Common stock equivalents in amounts of 28,618,273 and 18,703,273 were excluded from the computation of diluted earnings
per share for the years ended December 31, 2023 and 2022, respectively, because their effects would have been anti-dilutive.
| | |
December 31, 2023 | | |
December 31, 2022 | |
| Warrants | |
| 24,418,113 | | |
| 13,527,273 | |
| Series A Convertible preferred stock | |
| 4,200,000 | | |
| 5,176,000 | |
| Total | |
| 28,618,273 | | |
| 18,703,273 | |
Related Party Transactions
Parties are considered to be related to the Company
if the parties that, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control
with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and 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. The Company discloses all related party transactions. All transactions shall be recorded at fair
value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any
payment to or on behalf of the related party in excess of the cost is reflected as a distribution to the related party.
The Company considers all officers, directors,
senior management personnel, and senior level consultants to be related parties to the Company.
Derivative Liabilities
The Company assessed the classification of its
derivative financial instruments as of December 31, 2023, which consist of convertible instruments and rights to shares of the Company’s
common stock and determined that such derivatives meet the criteria for liability classification under ASC 815.
ASC 815 generally provides three criteria that,
if met, require companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative
financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded
derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid
instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise
applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument
with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC
815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described. There was no
derivative liability as of December 31, 2023 and 2022.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
Convertible Instruments
The Company evaluates and accounts for conversion
options embedded in its convertible instruments in accordance with professional standards.
ASC 480 “Distinguishing Liabilities From
Equity” provides that instruments convertible predominantly at a fixed rate resulting in a fixed monetary amount due upon conversion
with a variable quantity of shares (“stock settled debt”) be recorded as a liability at the fixed monetary amount.
ASC 815 “Derivatives and Hedging”
generally provide three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account
for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics
and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host
contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at
fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they
occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.
Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional
standards as “The Meaning of “Conventional Convertible Debt Instrument”.
The Company accounts for convertible instruments
(when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with
professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional
standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible
notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of
the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt
discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also
records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences
between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price
embedded in the note.
ASC 815-40 provides that, among other things,
generally, if an event is not within the entity’s control or could require net cash settlement, then the contract shall be classified
as an asset or a liability.
Property and equipment
Property and equipment are stated at cost less
accumulated depreciation. The Company provides for depreciation using the straight-line method over the estimated useful lives of the
related assets, which range from three to five years. Maintenance and repair costs are expensed as they are incurred while renewals and
improvements which extend the useful life of an asset are capitalized. At the time of retirement or disposal of property and equipment,
the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated
results of operations.
Impairment of Long-Lived Assets
The carrying value of long-lived assets is reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.
An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to
result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess
of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. As
of December 31, 2023 and 2022, there was no impairment of long-lived assets.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
Recently Adopted Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standards Board (“FASB") and are adopted by us as of the specified effective date. We
believe that the impact of recently adopted and recently issued accounting pronouncements will not have a material impact on our balance
sheets, results of operations and cash flows.
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. The guidance in Accounting Standards Update
(“ASU”) 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment model requires immediate
recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It will apply to trade
receivables, loans, and held-to-maturity debt securities. Entities will be required to estimate lifetime expected credit losses. This
may result in earlier recognition of credit losses. In November 2019 the FASB issued ASU No. 2019-10, which delays this standard’s
effective date for SEC smaller reporting companies to the fiscal years beginning on or after December 15, 2022. The Company determined
that this update did not have a material impact on the financial statements upon adoption on January 1, 2023.
In August 2017, the FASB issued Accounting
Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): The amendments in the update make targeted improvements to the optional
hedge accounting model with the objective of improving hedge accounting to better portray the economic results in a Company’s financial
statements. Prior to the issuance of the amendments in Update 2017-12, companies struggled with achieving fair value hedge accounting
for interest rate risk hedges of portfolios of prepayable financial assets. The amendments in this update will apply to all entities
that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The amendments in this update are effective
for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company determined that this update
did not have a material impact on the financial statements upon adoption on January 1, 2023. Any new accounting standards, not disclosed
above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material
impact on the consolidated financial statements upon adoption.
NOTE 3 – FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC 825-10 defines fair value as the price that
would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the
Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes
a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices in active markets for
identical assets or liabilities.
Level 2 - Observable inputs other than Level 1
prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions
(less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or
corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs to the valuation
methodology that are significant to the measurement of fair value of assets or liabilities.
To the extent that valuation is based on models
or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases,
the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input
that is significant to the fair value measurement.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 4 – NOTES PAYABLE
AJB 2022 and 2023 Notes
On February 18, 2022, the Company entered into
a Securities Agreement (the “2022 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company
of (i) Promissory Note in the aggregate principal amount of $300,000 (“AJB 2022 Note”), which includes an aggregate $30,000
original issue discount in respect of the Note; (ii) Warrants to purchase an aggregate of 1,000,000 shares of Common Stock (“AJB
2022 Warrants); and (iii) 3,076,923 shares of common stock as commitment fee shares (“AJB Commitment Shares”). The
aggregate gross proceeds for the sale of the Notes, Warrants and commitment fee shares was $270,000.
The AJB 2022 Note bears interest on the unpaid
principal balance at a rate equal to twelve percent (12%) per annum accruing from the closing date until the AJB 2022 Note becomes due
and payable at maturity. All principal and interest owing hereunder, along with any and all other amounts, shall be due and owing on August
18, 2022. The note maturity term was further extended to February 18, 2023. Interest shall accrue on a monthly basis and is payable on
the first of each month following the issue date or upon acceleration or by prepayment or otherwise. In the event that the Maturity Date
is extended, the interest rate shall equal fifteen percent (15%) per annum for any period following the original Maturity Date, payable
monthly. Any amount of principal or Interest on this AJB 2022 Note which is not paid when due shall bear interest at the rate of the lesser
of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted under law from the due date thereof until the same is paid.
The holder shall have the right from time to time only following an event of default (as defined per note agreement) to convert
all or any part of the outstanding and unpaid principal, interest, penalties, and all other amounts under this AJB 2022 Note into fully
paid and non-assessable shares of common stock at the variable price as defined per note agreement. As of date, there were no events default
and therefore the note classified as debt. The note is secured by substantially all of the Company’s property and assets, including
all machinery, equipment, and inventory as a guarantee of performance under the AJB 2022 Note.
During the year ended December 31, 2023, the Company
recorded interest expense on the AJB 2022 Note of approximately $238,482 consisting of interest paid of $34,500, accretion of original
issued debt discount of $173,982 and originally issued discount of $30,000.
During the year ended December 31, 2022, the Company
recorded interest expense on the AJB 2022 Note of approximately $238,482 consisting of interest paid of $30,750, accrued interest
of approximately $3,750, accretion of original issued debt discount of $173,982 and originally issued discount of $30,000.
The AJB 2022 warrants issued with the note (i)
have an exercise price of $0.20 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2022 Warrants were valued as of February 18, 2022 using the Black Scholes Model
with assumptions disclosed within Note 9.
The Company accounted for the 2022 AJB Note, the
2022 AJB Warrants, and the AJB Commitment Shares in accordance with ASC 470-20-25-2 “Debt” which states that the allocation
of the proceeds from the financing shall be based on the relative fair values of the securities issued at the time of the issuance. The
AJB Commitment Shares and the AJB 2022 Warrants, which are indexed to the Company’s stock, are classified within stockholders’
deficit in the accompanying financial statements.
The allocated value of the AJB Commitment Shares
and the AJB 2022 Warrants were $134,384 and $42,675, respectively, and are being accounted for as debt issuance costs and are classified
within stockholders’ deficit in the accompanying financial statements. The allocated value of the AJB 2022 Note of $96,018 was
allocated as notes payable in the accompanying financial statements. The related debt issuance costs $177,059 in aggregate were amortized
over the initial term of the 2022 AJB Note and included within the interest expense in the accompanying statement of operation. As of
December 31, 2022, the net carrying amount of the 2022 AJB Note was $300,000 and accrued interest of $3,750.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
On March 1, 2023, the Company entered
into an agreement with AJB to amend the AJB Note extending the maturity date to March 13, 2023. As a consideration, the Company additional
1,500,000 common stock warrants that (i) have an exercise price of $0.01 per share; (ii) have a term of exercise equal to 5 years
after their issuance date; (iii) became exercisable immediately after their issuance. The Amended AJB 2023 Warrants were valued as of
March 1, 2023, using the Black Scholes Model with assumptions disclosed within Note 9. The related debt issuance costs of $225,000 in
aggregate were amortized over the remaining term of the 2022 AJB Note and included within the interest expense of the accompanying statement
of operations for the year ended December 31, 2023.
The AJB 2022 Note and related accrued interest
totaling $314,500 was repaid in full on March 9, 2023.
On May 5, 2023, the Company entered into a Securities
Agreement (the “2023 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company of (i) Promissory
Note in the aggregate principal amount of $300,000 (“AJB 2023 Note”), which includes an aggregate $30,000 original issue discount
in respect of the Note; (ii) Warrants to purchase an aggregate of 9,000,000 shares of Common Stock (“AJB 2023 Warrants). The
aggregate gross proceeds for the sale of the AJB 2023 Note and AJB 2023 Warrants was $270,000.
The AJB 2023 Note bears interest on the unpaid
principal balance at a rate equal to twelve percent (12%) per annum accruing from the closing date until the AJB 2022 Note becomes due
and payable at maturity. All principal and interest owing hereunder, along with any and all other amounts, shall be due and owing on November
5, 2023. The note maturity term was further extended to May 5, 2024 increasing the interest rate to 15% upon the extension date. Interest
shall accrue on a monthly basis and is payable on the first of each month following the issue date or upon acceleration or by prepayment
or otherwise. Any amount of principal or Interest on this AJB 2023 Note which is not paid when due shall bear interest at the rate of
the lesser of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted under law from the due date thereof until the
same is paid. The holder shall have the right from time to time only following an event of default (as defined per note agreement) to
convert all or any part of the outstanding and unpaid principal, interest, penalties, and all other amounts under this AJB 2023 Note into
fully paid and non-assessable shares of common stock at the conversion price as defined per note agreement. The note was secured by substantially
all of the Company’s property and assets, including all machinery, equipment, and inventory as a guarantee of performance under
the AJB 2023 Note.
The AJB 2023 warrants issued with the note (i)
have an exercise price of $0.001 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2023 Warrants were valued as of May 5, 2023 using the Black Scholes Model with assumptions
disclosed within Note 9.
The Company accounted for the 2023 AJB Note and
the 2023 AJB Warrants in accordance with ASC 470-20-25-2 “Debt” which states that the allocation of the proceeds from the
financing shall be based on the relative fair values of the securities issued at the time of the issuance. The AJB 2023 Warrants, which
are indexed to the Company’s stock, are classified within stockholders’ deficit in the accompanying financial statements.
The allocated value of the AJB 2023 Warrants were
$219,375 and is accounted for as debt issuance costs and classified within stockholders’ deficit in the accompanying financial statements.
The related debt issuance costs of $166,381 in aggregate were amortized over the initial term of the 2023 AJB Note and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. The debt discount was fully amortized
as of November 5, 2023. As of December 31, 2023, the net carrying amount of the 2023 AJB Note was $300,000.
During the period ended December 31, 2023, the
Company recorded interest expense on the AJB 2023 Note of approximately $337,875 consisting of interest paid of $21,750, accrued interest
of approximately $1,750, and non-cash interest expense of $314,375.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
January 2023 Note
On January 31, 2023 the Company entered into a
promissory unsecured loan agreement for $50,000 (the “January 2023 Note”). The January 2023 Note bears interest at ten percent
(10%) per annum and had an initial maturity of 60 days. In addition, the Company issued the lender 150,000 shares of Company’s common
stock. The allocated value of such shares was $18,000 and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31,
2023, the Company entered into a number of amendments to the January 2023 Note, extending the maturity date to December 31, 2023 and borrowing
an additional $17,525 that was added to the outstanding principal of January 2023 Note. In accordance with these amendments, the Company
issued the lender in aggregate of 1,850,000 common stock shares valued at $196,600. Such common stock shares issued are being accounted
for as debt discount and recognized as interest expense for the period ended December 31, 2023. As of December 31, 2023, the net carrying
amount of the January 2023 Note was $67,525.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note, maturing on August 1, 2024 (Note 13).
January, March, and December 2023 Notes
On January 12, 2023 the Company entered into a
promissory unsecured loan agreement for $50,000 with the lender with additional $150,000 and $30,000 promissory unsecured loan issued
with the same lender on March 6, 2023 and December 20, 2023, respectively (together the “January, March, and December 2023 Notes”).
Each note bears interest at ten percent, (10%), and the January, March, and December 2023 Notes had an initial maturity of 45 days, 30
days, and 90 days, respectively. In addition, the Company issued the lender 375,000 shares of Company’s common stock. The allocated
value of such shares was $54,983 in aggregate and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. During the period ended December 31, 2023, the Company entered into a number of amendments
to the January and March 2023 Notes, extending the maturity dates to January 10, 2024 and January 12, 2024, respectively. In accordance
with these amendments, the Company issued the lender in aggregate of 3,375,000 common stock shares, valued at $378,000. Such common stock
shares issued are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023. As of
December 31, 2023, the net carrying amount of the January, March, and December 2023 Notes was $230,000.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, convert $150,000 of principal to common stock, and consolidate the total principal of $80,000 into one six-month note,
maturing on November 1, 2024 (Note 13).
March 9, 2023 Note
On March 9, 2023, the Company entered into a promissory
unsecured loan agreement for $150,000 with the lender (the “March 9, 2023 Note”). The March 9, 2023 Note bears no interest
and had an initial maturity of 30 days. In addition, the Company issued the lender 250,000 shares of Company’s common stock. The
allocated value of such shares was $33,117 and is being accounted for as debt issuance costs and is classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31,
2023, the Company entered into a number of amendments to the March 9, 2023 Note, extending the maturity date to February 11, 2024. In
accordance with these amendments, the Company issued the lender in aggregate of 1,750,000 common stock shares valued $225,000 Such common
stock shares issued are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023.
As of December 31, 2023, the net carrying amount of the January 2023 Note was $150,000.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
August 2023 Note
On August 11, 2023, the Company entered into a
120-day promissory note with a lender for $14,000 that carries a fixed interest payment of $1,000 payable on maturation (the “August
2023 Note”). On December 9, 2023, the Company extended the August 2023 Note for additional 60 days. As of December 31, 2023, the
net carrying amount of the August 2023 Note was $14,000.
The August 2023 Note was repaid in full on February
21, 2024.
September 2023 Note
On September 6, 2023 the Company entered into
a promissory unsecured loan agreement for $25,000 with a lender (the “September 2023 Note”). The September 2023 Note bears
interest at $1,000 and had an initial maturity of 21 days. In addition, the Company issued a lender 75,000 shares of Company’s common
stocks. The allocated value of such shares was $6,203 and are being accounted for as debt issuance costs and are classified within stockholders’
deficit in the accompanying financial statements. The related debt issuance costs were amortized over the initial term and included within
the interest expense in the accompanying statement of operation for the year ended December 31, 2023. During the year ended December 31,
2023 the Company entered into an amendment to the September 2023 Note extending the maturity date to January 25, 2024. In accordance with
the amendment, the Company issued a lender in aggregate of 200,000 common stock shares valued at $28,000. Such common stock shares issued
are being accounted for as debt discount and recognized as interest expense for the year ended December 31, 2023. As of December 31, 2023,
the net carrying amount of the January 2023 Note was $25,000.
The Company is currently negotiating with the
lender to extend the maturity of the September 2023 Note.
October 2023 Note
On October 4, 2023, the Company entered into a
90-day promissory note with a lender for $45,000 that carries a loan origination fee of $900 and a fixed interest payment of $1,350 payable
upon maturity (the “October 2023 Note”). As of December 31, 2023, the net carrying amount of the October 2023 Note was $45,000.
The October 2023 Note was repaid in full on March
1, 2024.
November 2023 Notes
On November 1, 2023, the Company issued an unsecured
promissory note in the amount of $50,000 to an individual lender. The note bears interest at 10% per annum and has a maturity date of
May 1, 2024. In addition, the Company agreed to issue the lender 750,000 common shares, to be issued at a rate of 125,000 shares per month
for the duration of the note. The allocated value of such shares was $23,684 and is being accounted for as debt issuance costs, classified
within stockholders’ deficit in the accompanying financial statements. The related debt issuance costs are amortized ratably over
the initial term and are included within interest expense for the period ended December 31, 2023. During the period ended December 31,
2023, the Company has issued 250,000 common shares to this lender, valued at $20,000. These common shares issued are being accounted for
as debt discounts and recognized as interest expense for the period ended December 31, 2023. As of December 31, 2023, the net carrying
amount of the November 1, 2023 note was $50,000.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
On November 17, 2023, the Company entered into
another unsecured promissory note for an additional $50,000 with the same lender (together, “the November 2023 Notes”). The
November 17, 2023 Note bears interest at 10% per annum and has a maturity date of January 1, 2024. In addition, the Company agreed to
issue the lender 187,500 common shares with an allocated value of $14,602.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note, maturing on August 1, 2024. The principal bears
interest at 10%. For consideration of this agreement, the Lender was issued 470,000 shares of common stock and issued a warrant to purchase
2,000,000 shares of common stock, priced at $0.15 with a cashless exercise and three-year expiration term. The common stock was issued
at the FV price of $0.07.
November 2022 Note
On September 17, 2022, the Company entered into
a promissory unsecured loan agreement for $30,000 (the “September 2022 Note”). The September 2022 Note bears interest at ten
percent (10%) per annum and had an initial maturity date on October 17, 2022. On October 3, 2022, the Company entered into another promissory
unsecured loan agreement for an additional $20,000 with the same lender (the “October 2022 Note”). The October 2022 Note 2022
Note bears interest at ten percent (10%) per annum and had an initial maturity date of December 2, 2022. In addition, on September 30,
2022, and October 3, 2022, the Company issued a lender 50,000 shares of common stock on each note’s issuance day. The allocated
value of the issued shares was $13,768 and they are being accounted for as debt issuance costs classified within stockholders’ deficit
in the accompanying financial statements. The related debt issuance costs were amortized over the initial term of the September 2022 and
the October 2022 Notes and are included within the interest expense in the accompanying statement of operation.
On November 18, 2022, both notes were amended
to consolidate the principles of the September 2022 Note and October 2022 into one November 2022 Note with a new aggregated principal
of $50,000 and extended the maturity date of the November 2022 Note to January 2, 2023. With this amendment, the Company is also obligated
to issue 50,000 shares of common stock that were valued at $8,500 and recorded as common stock, to be issued as a liability within accompanying
balance sheets as of December 31, 2022. Additionally, under the amended terms, the lender will receive an additional 100,000 common shares
for each 45 day extension period until such time that the Company repays the principal amount. As of December 31, 2022, the net carrying
amount of the November 2022 Note was $50,000.
As of December 31, 2023 and 2022, the net carrying
amount of the November 2022 Note was $50,000.
The November 2022 Note was subsequently amended
in December of 2023 to extend the maturity date to December 31, 2023.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, convert $150,000 of principal to common stock, and consolidate the total remaining principal of $80,000 into one six-month
note, maturing on November 1, 2024 (Note 13).
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
November 10, 2022 Note
On November 10, 2022 the Company entered into
a promissory unsecured loan agreement for $100,000 (the “November 2022 Note”). The November 10, 2022 Note bears interest at
ten percent (10%) per annum and had an initial maturity date on December 10, 2022. In addition, the Company issued a lender 150,000 shares
of Company’s common stocks. The allocated value of such shares was $14,163 and are being accounted for as debt issuance costs and
are classified within stockholders’ equity (deficit) in the accompanying financial statements. The related debt issuance costs were
amortized over the initial term of the November 10, 2022 Note and included within the interest expense in the accompanying statement of
operation. On December 10, 2022 the Company entered into amendment to the November 10, 2022 Note extending the maturity date to January
10, 2023. With this amendment, the Company is also obligated to issue 150,000 shares of common stock that were valued at $25,500 and recorded
as common stock to be issued liability within accompanying balance sheets as of December 31, 2022. As of December 31, 2022, the net carrying
amount of the November 10, Note was $100,000.
On February 28, 2023, the Company entered into
a mutual release agreement with the lender to issue to the lender 2,000,000 shares of the Company’s common stock in exchange for
the settlement of the November 10, 2022 Note. All interest accrued under the November 10, 2022 Note as of the extinguishment date was
repaid. The fair value of the common stock issued was determined using the stock price as of the date of the mutual release agreement
at $0.11 per share. As a result of this transaction the Company recorded a loss on extinguishment of debt for the total amount of $120,000
being included in other income (expenses) within accompanying statement of operation for the year ended December 31, 2023.
May 2015 Note
On March 1, 2014, the Company issued an unsecured
promissory note in the amount of $100,000 to an individual lender. The note was payable on demand and carried interest at five percent
(5%) per annum. The note was subsequently amended on various dates through December 31, 2015 to increase the principal amount to $35,691.
On March 22, 2015 the Company issued another unsecured promissory note in the amount of $300,000 with the same lender. The note was payable
on demand and carried interest at fifteen percent (15%) per annum. On May 19, 2015 the Company issued the third on demand unsecured promissory
note in the amount of $17,809 to the same lender with carried interest at five percent (5%) per annum (together as the “May 2015
Notes”).
On June 30, 2022 the Company entered into a mutual
release agreement with the lender to issue to the lender 3,000,000 of the Company’s common stocks in exchange with the settlement
of the $300,000 April 2014 Convertible Note, and the May 2015 Notes with outstanding principal balances of $100,000, $35,691 and $17,809,
together with aggregate outstanding accrued interest as of the date of the transaction in total of $403,406, and an outstanding accounts
payable to the lender in total of $94,500. The fair value of the common stock issued was determined using the stock price as of the date
of the mutual release agreement at $0.04 per share. As a result of this transaction the Company recorded a gain on extinguishment of debt
for the total amount of $831,406 being included in other income (expenses) within accompanying statement of operations for the year ended
December 31, 2022.
February 2020 Note and March 2014 Note
On March 31, 2014, the Company issued an unsecured
promissory note (the “March 2014 Note”) in the amount of $35,926 to an individual lender. The March 2014 Note was payable
on demand and carried interest at 7.25% per annum
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
On February 12, 2020, the Company issued an unsecured
promissory note (the “February 2020 Note”) in the amount of $10,050 to the same individual lender. The note was payable on
demand and carried interest at eight percent (8%) per annum.
On June 10, 2022 the Company entered into a release
agreement with the lender to issue to the lender 800,000 shares of the Company’s common stock in exchange for the settlement of
the “September 2019 Convertible Notes” with the outstanding principal of $26,239 and $38,339, the February 2020 Note, and
the March 2014 Note with outstanding principal balances of $10,500 and $35,926, respectively, together with aggregate outstanding accrued
interest as of the date of the transaction totaling $41,045. The fair value of the common stock issued was determined using the stock
price as of the date of the mutual release agreement at $0.08 per share. As a result of this transaction the Company recorded a gain on
extinguishment of debt of $88,000 and included the amount in other income (expenses) within accompanying statement of operations for the
year ended December 31, 2022.
March 2015 Note
On March 1, 2015, the Company issued an unsecured
promissory note (the “March 2015 Note”) in the amount of $40,000 to an individual lender. The note was amended multiple times
through the years increasing the principal amount of the March 2015 Note to $65,000. The March 2015 Note was payable on demand and carried
interest at 10% per annum.
On June 30, 2022 the Company entered into a release
agreement with the lender to issue to the lender 3,200,000 of the Company’s common stock in exchange for the settlement of the March
2015 Note with the outstanding principal of $65,000, together with aggregate outstanding accrued interest as of the date of the transaction
in total of $293,362. The fair value of the common stock issued was determined using the stock price as of the date of the release agreement
at $0.04 per share or $128,000 in total. In addition to that, the Company also granted warrants to purchase an aggregate of 1,000,000 shares
of Company’s common stock. Warrants (i) have an exercise price of $0.20 per share; (ii) have a term of exercise equal to 5
years after their issuance date; (iii) became exercisable immediately after their issuance. The warrants were valued as of July 30, 2022 using
the Black Scholes Model with assumptions disclosed within Note 9. The total fair value of the warrant was determined to be $39,988. As
a result of this transaction the Company recorded a gain on extinguishment of debt for the total amount of $190,374 included in other
income (expenses) within accompanying statement of operations for the year ended December 31, 2022.
As of December 31, 2023 and 2022, notes payable
consisted of the following:
| | |
December 31, 2023 | | |
December 31, 2022 | |
| Notes payable | |
$ | 998,234 | | |
$ | 450,000 | |
| Unamortized debt discount | |
| (15,608 | ) | |
| – | |
| Less: current portion, net | |
| (982,626 | ) | |
| (450,000 | ) |
| Long-term notes payable, net | |
$ | – | | |
$ | – | |
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 5 – CONVERTIBLE DEBT
April 2014 Convertible Note
In April 2014, the Company issued a convertible
note in the amount of $300,000 to an individual lender (the “April 2014 Convertible Note”). The April 2014 Convertible Note
had a term of 18 months and carried interest at 10% per annum. The April 2014 Convertible Note was convertible into common shares at the
lower of (i) $0.25 per share, or (ii) lowest share price of any other financing in excess of $250,000. The April 2014 Convertible Note
was in default as of December 31, 2021. As of December 31, 2021, the net carrying amount and related accrued interest of the Convertible
Note was $300,000 and $301,438, respectively.
On June 30, 2022 the Company entered into a mutual
release agreement with the lender to issue 3,000,000 shares of the Company’s common stock in exchange for the settlement of the
April 2014 Convertible Note with an outstanding principal balance of $300,000, and the May 2015 above Notes with outstanding principal
balances of $100,000, $35,691 and $17,809, together with aggregate outstanding accrued interest as of the date of the transaction of $403,406,
and an outstanding accounts payable to the lender totaling $94,500. The fair value of the common stock issued was determined using the
stock price as of the date of the mutual release agreement at $0.04 per share. As a result of this transaction the Company recorded a
gain on extinguishment of debt of $831,406 which is included in other income (expenses) within accompanying statement of operations for
the year ended December 31, 2022.
September 2019 Convertible Notes
On September 26, 2019, the Company issued a convertible
note in the amount of $26,239 to an individual lender (the “September 2019 Convertible Notes”). The note had a term of two
years and carried interest at 10% per annum. The note was convertible into common shares at the lower of (i) $0.25 per share, or (ii)
lowest share price of any other financing in excess of $250,000.
On September 26, 2019, the Company issued another
convertible note in the amount of $26,239 to an individual lender. The note was amended multiple times through the years to increase the
principal amount of the note to an aggregate of 38,739. The note had a term of five years and carried interest at 10% per annum. The note
was convertible into common shares at the lower of (i) $0.25 per share, or (ii) lowest share price of any other financing in excess of
$250,000.
On June 10, 2022, the Company entered into a release
agreement with the lender to issue to the lender 800,000 of the Company’s common stocks in exchange for the settlement of the “September
2019 Convertible Notes. With the outstanding principal of $26,239 and $38,339, and the February 2020 Note and the March 2014 Note and
with outstanding principal balances of $10,500 and $35,926, respectively, together with aggregate outstanding accrued interest as of the
date of the transaction in total of $41,045. The fair value of the common stock issued was determined using the stock price as of the
date of the mutual release agreement at $0.08 per share. As a result of this transaction the Company recorded a gain on extinguishment
of debt for the total amount of $88,000 included in other income (expenses) within accompanying statement of operations for the year ended
December 31, 2022.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 6 – ACCOUNTS PAYABLE
As of December 31, 2023 and 2022, the Company
has $601,631 and $539,920 in outstanding accounts payable, respectively.
On September 30, 2022 the Company entered into
the settlement agreement to extinguish outstanding account payable balance in aggregate of $175,000 in exchange of 750,000 shares of the
Company’s common stock. The fair value of the common stock issued was determined using the stock price as of the date of the mutual
release agreement at $0.17 per share. As a result of this transaction the Company recorded a gain on extinguishment of debt for the total
amount of $47,500 being included in other income (expenses) within accompanying statement of operation for the year ended December 31,
2023.
On June 15, 2022 and September 30, 2022, the Company
entered into the settlement agreement to extinguish outstanding account payable balance in aggregate of $83,350 in exchange of 50,000
shares and 50,000 shares of the Company’s common stock respectively. The fair value of the common stock issued was determined using
the stock price as of the dates of the mutual release agreement at $0.04 and $0.17 per share, respectively. As a result of this transaction
the Company recorded a gain on extinguishment of debt for the total amount of $74,850 being included in other income (expenses) within
the accompanying statement of operation for the year ended December 31, 2022.
On July 1, 2022 the Company entered into a settlement
agreement to extinguish outstanding account payable balance in aggregate of $47,000 in exchange of 854,546 shares of the Company’s
common stock. The fair value of the common stock issued was determined using the stock price as of the date of the mutual release agreement
at $0.05 per share. As a result of this transaction the Company recorded a gain on extinguishment of debt for the total amount of $14,293
being included in other income (expenses) within the accompanying statement of operation for the year ended December 31, 2022.
| (Loss) gain on debt extinguishment of: | |
12/31/2023 | | |
12/31/2022 | |
| November 2022 Note | |
$ | (120,000 | ) | |
$ | – | |
| April 2014 convertible Note, May 2015 Notes | |
| – | | |
| 831,406 | |
| March 2015 Note and accrued interest | |
| – | | |
| 190,374 | |
| Settlement of common stock to be issued | |
| – | | |
| 176,600 | |
| Accounts payable | |
| – | | |
| 136,643 | |
| February 2020 Note and March 2014 Note | |
| – | | |
| 88,000 | |
| Total (loss) gain on debt extinguishment | |
$ | (120,000 | ) | |
$ | 1,423,023 | |
NOTE 7 – COMMON STOCK TO BE ISSUED
As of December 31, 2023 and 2022, the Company’s
outstanding liability in connection to common stock to be issued was $41,197 and $30,500, respectively.
The balance of $41,197 common stock to be issued
as of December 31, 2023 represents the Company’s obligation to issue 500,000 shares of common stock in connection to the November
1, 2023 Note and 350,000 shares of common stock in connection with legal services provided during the year ended December 31, 2023.
The balance of $30,500 common stock to be issued
as of December 31, 2022, represents the Company’s obligation to issue 50,000 shares and 150,000 shares of common stock in connection
to the October 2022 and November 2022 Notes, respectively.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 8 – STOCKHOLDERS’ DEFICIT
Authorized
Authorized capital stock consists of 125,000,000
common shares with a par value of $0.001 per share; and 25,000,000 Preferred shares with a par value of $0.001 per share.
Preferred Stock
The Company has designated the issuance of 9,000,000
of Series A Convertible Preferred Stock (the “Series A Convertible Preferred”) and 5,000,000 of Series B Preferred Stock (the
“Series B Preferred”). The Series A Convertible Preferred and Series B Preferred stockholders have the following rights and
preferences:
Dividends: Series A Convertible Preferred and
Series B Preferred stockholders shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole
discretion.
Liquidation Preference: Upon any liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary, before any distribution or payment shall be made to the
holders of any stock ranking junior to the Series B Preferred Stock, the holders of the Series B Preferred Stock shall be entitled to
be paid out of the assets of the Corporation an amount equal to $0.001 per share (the “Preference Value”), plus all declared
but unpaid dividends, for each share of Series B Preferred Stock held by them. After the payment of the full applicable Preference Value
of each share of the Series B Preferred Stock as set forth herein, the remaining assets of the Corporation legally available for distribution,
if any, shall be distributed to the holders of the Series A Convertible stock and common stock. Then Series B Preferred Stock shall be
entitled, before any distribution or payments made upon any common stocks, to be paid on a pro-rata basis the highest of (i) the bid price
quoted on a day of liquidation (ii) the price paid for such shares, (iii) the price per share established in any merger agreements (as
defined). After the holders of the Series B Preferred Stock is paid in full the remaining assets of the Company may be distributed ratably
per share to the holder of common stock.
Voting Rights: Each holder of Series A Convertible
Preferred Stock and Series B Preferred Stock shall vote with holders of the Common Stock upon any matter submitted to a vote of shareholders,
in which event it shall have the number of votes equal to the number of shares of Common Stock into which such share of Series A Convertible
Preferred Convertible Stock would be convertible on the record date for the vote or consent of shareholders. Each holder of Series A Convertible
Preferred Stock shall also be entitled to one vote per share on each submitted to a class vote of the holders of Series A Preferred Stock.
Each holder of Series B Preferred Stock shall also be entitled to twenty (20) votes per each share on all votes along with the common
stock shareholders.
Conversion Rights: Each share of Series A Convertible
Preferred Stock is convertible into 1 share of common stock at the option of the holder thereof. Series B Preferred Stock is not convertible
into the Company’s common stock.
As of December 31, 2023 and 2022 there were
4,200,000 and 5,176,000 shares of Series A Convertible Preferred Stock remaining outstanding. As of December 31, 2023 and 2022
there were 3,000,000 shares of Series B Convertible Preferred Stock remaining outstanding. On August 11, 2022, the Company received
back a share certificate for 2,000,000 Series B Preferred Stock previously issued per mutual agreement with the shareholder. No funds
were exchanged in connection with this cancellation, and it was cancelled on the books of the Company and on the register with the Transfer
Agent.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
Common stock issuances
On January 31, 2023 the Company sold 2,000,000
shares of its common stock for cash proceeds of $100,000.
On February 16, 2023 in connection with 2023 APA
(see Note 11) the Company issued to the Seller 3,000,000 shares of its common stock valued at $360,000 and paid cash consideration of
$125,000 upon the execution of the 2023 APA. On April 25, 2023 the Company issued additional 2,000,000 shares of common valued at $260,000
upon the issuance of a patent by the US Patent and Trademark Office (“USPTO”) for US Patent.
On February 28, 2023 the Company issued 2,000,000
shares of Company’s common stock issued to the lender for extinguishment of the November 10, 2022 Note. As a result of this transaction
the Company recorded a loss on extinguishment of debt for the total amount of $120,000 being included in other income (expenses) within
accompanying statement of operation for the period ended December 31, 2023 (see Note 4).
On March 31, 2023, the Company received back a
share certificate for 5,000,000 shares of common stock previously issued to the shareholder with a request to outright cancel the shares.
No funds were exchanged in connection with this cancellation, and it was cancelled on the books of the Company and on the register with
the transfer agent.
On December 5, 2023, the Company amended the AJB
Note to extend the set date pertaining to the Company’s filing of a registration statement to February 1, 2024. For this period
of extension, the Company issued to AJB 750,000 shares of common stock for a fair value of $52,500.
During the year ended December 31, 2023, the Company
issued an aggregate of 10,137,500 shares of common stock valued at $1,158,440 in connection with the 2023 Promissory Notes issued during
the year; see Note 4).
During the year ended December 31, 2023, the Company
issued in aggregate 190,000 shares of common stock valued at $16,512 to its employees as compensation for the services performed.
During the year ended December 31, 2023, the Company
issued an aggregate of 403,808 shares of common stock valued at $47,375 to its vendor as payment consideration for the services performed.
On February 18, 2022, in connection with 2022 SA
with AJB Capital Investments, LLC, the Company issued 3,076,923 shares of common stock as AJB Commitment Shares. The allocated value of
the AJB Commitment Shares was $131,307 (see Note 4).
On June 1, 2022, the Company received back a share
certificate for 2,050,000 shares of common stock previously issued to the shareholder with a request to outright cancel the shares. No
funds were exchanged in connection with this cancellation, and it was cancelled on the books of the Company and on the register with the
transfer agent.
On September 30, 2022 and October 3, 2022, the
Company issued an aggregate of 100,000 shares of Company’s common stocks in connection with the November 2022 Note. The allocated
value of such shares was $13,768. On November 10, 2022 the Company issued 150,000 shares of Company’s common stocks in connection
with November 2022 Note. The allocated value of such shares was $14,163.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
During the year ended December 31, 2022, the Company
issued in aggregate 1,000,000 shares of common stock valued at $143,500 to its employees as compensation for the services performed.
During the year ended December 31, 2022, the Company
issued an aggregate of 133,333 shares of common stock valued at $9,333 to its vendor as payment consideration for the services performed.
During the year ended December 31, 2022 the Company
entered into a number of settlement agreements to extinguish outstanding accounts payable balance issuing in aggregate 1,704,546 shares
of common stock valued at $180,728 (see Note 4).
During the year ended December 31, 2022 the Company
issued in aggregate 8,800,000 shares of common stock valued at $423,988 in connections with extinguishment of notes payable, convertible
debt and related accrued interest (see Note 4).
As of December 31, 2023 and 2022, the Company
had 89,101,468 and 72,664,160 shares of common stock issued and outstanding.
NOTE 9 – WARRANTS
2023 Warrant grants issued with debt financing
On March 1, 2023, the Company entered into agreement
with AJB to amend the AJB 2022 Note extending the maturity date to March 13, 2023 (see Note 4). As a consideration, the Company issued
additional 1,500,000 common stock warrants (the “Amended AJB 2023 Warrants”) that (i) have an exercise price of $0.01 per
share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately after their issuance.
The Amended AJB 2023 Warrants, which are indexed to the Company’s stock, are classified within stockholders’ deficit in the
accompanying financial statements. The Amended AJB 2023 Warrants were valued as of March 1, 2023 using the Black Scholes Model with assumptions
disclosed below. The related debt issuance costs $225,000 in aggregate were amortized over the remaining term of the 2022 AJB Note and
included within the interest expense in the accompanying statement of operation for the year ended December 31, 2023.
On May 5, 2023, the Company entered into a Securities
Agreement (the “2023 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company of (i)
Promissory Note in the aggregate principal amount of $300,000 (“AJB 2023 Note”), which includes an aggregate $30,000 original
issue discount in respect of the Note; (ii) Warrants to purchase an aggregate of 9,000,000 shares of Common Stock (“AJB
2023 Warrants) (see Note 4).
The AJB 2023 Warrants issued with the note (i)
have an exercise price of $0.001 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance. The AJB 2023 Warrants were valued as of May 5, 2023 using the Black Scholes Model with assumptions
disclosed below.
The Company accounted for the 2023 AJB Note and
the 2023 AJB Warrants in accordance with ASC 470-20-25-2 “Debt” which states that the allocation of the proceeds from the
financing shall be based on the relative fair values of the securities issued at the time of the issuance. The AJB 2023 Warrants, which
are indexed to the Company’s stock, are classified within stockholders’ deficit in the accompanying financial statements.
The allocated value of the AJB 2023 Warrants were
$219,375 and is accounted for as debt issuance costs and classified within stockholders’ deficit in the accompanying financial statements.
The related debt issuance costs $166,381 in aggregate were amortized over the initial term of the 2023 AJB Note and included within the
interest expense in the accompanying statement of operation for the year ended December 31, 2023.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
2023 Warrant grants issued in exchange of services
During the year ended December 31, 2023, the Company
issued warrants to purchase in an aggregate of 916,456 shares of common stock to its employees for services performed. The warrants were
valued as of the dates of the issuance using the Black Scholes Model with the total fair value of the warrant was determined to be $101,829
and recognized as stock compensation expense during the year ended December 31, 2023. The warrants issued with this service agreement
(i) have the exercise prices of $0.055 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance.
2022 Warrant grants issued with debt financing
On February 18, 2022, the Company entered into
a Securities Agreement (the “2022 SA”) with AJB Capital Investments, LLC providing for the issuance and sale by the Company
of (i) Promissory Note in the aggregate principal amount of $300,000 (“AJB 2022 Note”), which includes an aggregate $30,000
original issue discount in respect of the Note; (ii) Warrants to purchase an aggregate of 1,000,000 shares of Common Stock (“AJB
2022 Warrants); and (iii) 3,076,923 shares of common stock as commitment fee shares (“AJB Commitment Shares”) (see
Note 7). The AJB 2022 warrants issued with the note (i) have an exercise price of $0.20 per share; (ii) have a term of exercise equal
to 5 years after their issuance date; (iii) became exercisable immediately after their issuance. The allocated value of the AJB 2022 Warrants
was $42,675 and are being accounted for as debt issuance costs and are classified within stockholders’ deficit in the accompanying
financial statements.
2022 Warrant grants issued in connections with
extinguishment of debt
On June 30, 2022 the Company entered into a release
agreement with the lender to issue to the lender 3,200,000 of the Company’s common stocks in exchange for the settlement of the
March 2015 Note (see Note 7). As a part of the consideration, the Company granted warrants to purchase an aggregate of 1,000,000 shares
of the Company’s common stock. Warrants (i) have an exercise price of $0.20 per share; (ii) have a term of exercise equal to
5 years after their issuance date; (iii) became exercisable immediately after their issuance. The warrants were valued as of July 30,
2022 using the Black Scholes Model with the total fair value of the warrant was determined to be $39,988 and charged to operations.
2022 Warrant grants issued in exchange of services
The warrants issued with this service agreement
(i) have an exercise price of $0.055 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became
exercisable immediately after their issuance with the exception to monthly warrants that non-exercisable or transferrable for six (6)
months other than as permitted by FINRA Rule 5110. In connection with this agreement, through the year ended December 31, 2022, the Company
issued warrants to purchase in aggregate of 2,700,000 shares of common stock. On September 20, 2022 the company entered into the amendment
of the services agreement issuing additional consideration of in form of warrant to purchase 4,500,000 shares of Company common stock
at $0.055 per share issued at the amended date. The warrants issued with this amendment (i) have an exercise price of $0.055 per
share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately after their issuance.
These warrants were valued as of the date of the grant using the Black Scholes Model with the total fair value of the warrant determined
to be $1,070,825 and recognized as stock compensation expense during year ended December 31, 2022.
On May 4, 2022 the company entered into another
service agreement issuing a consideration of warrant to purchase 2,200,000 shares of Company common stock at 0.055 per share over the
2022 engagement period. The Company issued the first six months of warrants to purchase 1,100,000 shares of common stock upon executing
this agreement, and then additional monthly warrants each month at a rate of 181,818 warrants per month until 2,200,000 warrants have
been issued in aggregate. The warrants issued with this service agreement (i) have an exercise price of $0.055 per share; (ii) have
a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately after their issuance with the exception
to monthly warrants that non-exercisable or transferrable for six (6) months other than as permitted by FINRA Rule 5110. These warrants
were valued as of the date of the grant using the Black Scholes Model with the total fair value of the warrant determined to be $175,956
and recognized as stock compensation expense during year ended December 31, 2022.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
During the year ended December 31, 2022, the Company issued warrants
to purchase in aggregate of 377,273 shares of common stock to vendors for services performed. The warrants were valued as of the dates
of the issuance using the Black Scholes Model with the total fair value of the warrant was determined to be $49,215 and recognized as
stock compensation expense during year ended December 31, 2022. The warrants issued with this service agreement (i) have an exercise price
of $0.055-0.15 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately
after their issuance.
During the year ended December 31, 2022, the Company
issued warrants to purchase in aggregate of 1,250,000 shares of common stock to employees for services performed. The warrants were valued
as of the dates of the issuance using the Black Scholes Model with the total fair value of the warrant was determined to be $232,461 and
recognized as stock compensation expense during year ended December 31, 2022. The warrants issued with this service agreement (i) have
the exercise prices of $0.055 and $0.20 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii)
became exercisable immediately after their issuance.
During the year ended December 31, 2023, the Company issued warrants
to purchase in aggregate of 916,456 to employees for services performed. The warrants were valued as of the dates of the issuance using
the Black Scholes Model with the total fair value of the warrant determined to be $101,829 and recognized as stock compensation expense
during the year ended December 31, 2023. The warrants issued with these service agreements have the exercise prices of $0.055, $0.001,
and $0.20 per share; (ii) have a term of exercise equal to 5 years after their issuance date; (iii) became exercisable immediately
after their issuance.
| | |
| | |
| | |
Weighted | |
| | |
| | |
Weighted Ave | | |
Average | |
| | |
| | |
Average | | |
Contractual | |
| | |
Number of | | |
Exercise | | |
Term | |
| | |
Warrants | | |
Price | | |
(Years) | |
| Balance outstanding at December 31, 2021 | |
| 2,599,000 | | |
$ | 0.05 | | |
| 0.96 | |
| Granted | |
| 13,027,273 | | |
| 0.08 | | |
| – | |
| Exercised | |
| – | | |
| – | | |
| – | |
| Expired/Canceled | |
| (2,099,160 | ) | |
| (0.05 | ) | |
| – | |
| Balance outstanding at December 31, 2022 | |
| 13,527,113 | | |
$ | 0.05 | | |
| 4.39 | |
| Granted | |
| 10,891,000 | | |
| 0.00 | | |
| 5.00 | |
| Exercised | |
| – | | |
| – | | |
| – | |
| Expired/Canceled | |
| – | | |
| – | | |
| – | |
| Balance outstanding at December 31, 2023 | |
| 24,418,113 | | |
| 0.05 | | |
| 3.81 | |
| Exercisable at December 31, 2023 | |
| 24,418,113 | | |
$ | 0.05 | | |
| 3.81 | |
The fair values of warrants granted during 2023
and 2022 were estimated using Black-Scholes option-pricing model with the following assumptions:
| |
2023 | |
2022 |
| Exercise Price |
$0.04 -$0.25 | |
$0.04 -$0.25 |
| Risk-free interest rates |
1.43% - 4.27% | |
1.43% - 4.27% |
| Expected life (in years) |
5.00 | |
5.00 |
| Expected volatility |
310% - 352% | |
310% - 352% |
| Dividend yield |
0% | |
0% |
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 10 – INCOME TAXES
At December 31, 2023, the Company has approximately
$5,587,000 of net operating loss carryforwards for federal and state tax purposes that may be applied against future taxable income. Of
the $5,587,000 of the federal net operating losses, $1,701,000, will begin to expire in 2033 while $3,886,000 will not expire but will
be subject to limitation of utilization of 80%. The state net operating losses will begin to expire in the year 2033 if not utilized prior
to that date. There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full
valuation allowance against its net deferred tax assets. The valuation allowance increased by approximately $859,000 and $701,000 during
the years 2023 and 2022, respectively. The deferred tax assets are approximately $2,344,000 and $1,485,000 at December 31, 2023 and 2022,
respectively.
A reconciliation of the statutory U.S. Federal rate to the Company's
effective tax rate is as follows:
| | |
December 31, | |
| | |
2023 | | |
2022 | |
| Federal income tax benefit at statutory rate | |
| 21.00 % | | |
| 21.00% | |
| State income tax, net of federal benefits | |
| 5.72 % | | |
| 13.49% | |
| Permanent items and other | |
| (0.76)% | | |
| 26.80% | |
| Other | |
| 0.05% | | |
| –% | |
| Change in valuation allowance | |
| (26.01)% | | |
| (61.28)% | |
| Provision from income taxes | |
| – | | |
| – | |
The tax effect of temporary differences that gave rise to significant
portion of the deferred tax assets / (liabilities) were as follows:
| | |
December 31, | |
| | |
2023 | | |
2022 | |
| Net Operating loss carryforwards - Federal | |
$ | 1,173,470 | | |
$ | 774,050 | |
| Net Operating loss carryforwards - State | |
| 331,086 | | |
| 218,393 | |
| Stock based compensation | |
| 669,289 | | |
| 487,957 | |
| Deferred finance costs | |
| 4,153 | | |
| 4,153 | |
| R&D Sec 174 | |
| 163,569 | | |
| – | |
| Depreciation | |
| 1,950 | | |
| – | |
| Valuation allowance | |
| (2,343,517 | ) | |
| (1,484,552 | ) |
| Net deferred tax assets | |
$ | – | | |
$ | – | |
In assessing the realizability of deferred tax
assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized.
The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow
for the utilization of the deductible temporary difference carryforwards. At this time, based on current facts and circumstances, management
believes that is not likely that the Company will realize the benefits for its deferred tax assets, and a valuation allowance has been
recorded on the same. Pursuant to the provisions contained in Section 382 of the Internal Revenue Code relating to changes in ownership,
net operating losses may be limited in future periods.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
As of the date of this report, the Company has
not yet filed its federal and states income tax returns for the years ended December 31, 2023, and 2022. The Company is actively addressing
the delay and expects to complete the filing process in the near future. The Company has made reasonable estimates for the provision of
income taxes based on the information available and believes that any potential adjustments upon finalization of the tax returns will
not materially affect the financial position, results of operations, or cash flows.
The Company does not have any recorded unrecognized
tax benefit for uncertain tax positions as of December 31, 2023 and 2022.
NOTE 11 – RELATED PARTY TRANSACTIONS
Due to related parties
As of December 31, 2023, and 2022 the Company
had an amount due to a shareholder in the amount of $10,309 and $2,371 as advance payable. This amount does not have specific repayment
terms and does not bear interest.
NOTE 12 – COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company
enters into various agreements containing standard indemnification provisions. The Company’s indemnification obligations under such
provisions are typically in effect from the date of execution of the applicable agreement through the end of the applicable statute of
limitations. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. As of
December 31, 2023 and 2022, no amounts have been accrued related to such indemnification provisions.
From time to time, the Company may be exposed
to litigation in connection with its operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes
related to legal matters, as well as ranges of probable losses.
Asset purchase agreement
The Company is a party to amended and restated
Assets Purchase Agreement (“2023 APA”) dated February 16, 2023, with individual seller (“Seller”), where for agreed
consideration, the company acquired certain patents and the “know-how” required to perform manufacturing process. The Company
shall pay to Seller a total of $500,000 in cash upon the (i) $125,000 due upon signing of the agreement, (2) $125,000 to be paid upon
Seller’s delivery to the Company of certain testing devices and full and complete written descriptions of the manufacturing, as
defined, and (iii) $250,000 achieving at minimum $500,000 in gross revenue from sales for the device. As additional consideration in accordance
to 2023 APA, the Company shall issue to Seller shares of its restricted common stock upon the (i) 3,000,000 shares of its common stock
upon the execution of the 2023 APA, (ii) 3,000,000 shares of its common stock upon Seller’s completion of Seller’s delivery
to the Company a certain number of testing devices, as defined, (iii) 2,000,000 shares of its common stock upon the completion of production
of one testing units within the United States, (iv) 1,000,000 shares of its common stock upon the Company attaining gross revenue of $5,000,000
from sales of the units. (V) 2,000,000 shares of its common stock upon the issuance of a patent by the US Patent and Trademark Office
(“USPTO”) for US Patent. The Company shall pay to Seller 7.5% of net revenues generated by the Company from the 2023 APA for
a period of five years beginning on the first day such revenues are realized by the Company. On February 16, 2023 in connection with 2023
APA the Company issued to the Seller 3,000,000 shares of its common stock valued at $360,000 and paid cash consideration of $125,000 upon
the execution of the 2023 APA. On April 25, 2023 the Company issued additional 2,000,000 shares of common stock valued at $260,000 upon
the issuance of a patent by the US Patent and Trademark Office (“USPTO”) for US Patent. Additional cash consideration of $50,000
was paid to the Seller on November 2, 2023. As of December 31, 2023 and to the date that this report was filed, the Seller has not fulfilled
obligations that would further oblige the Company to fulfill further consideration, either for cash, equity, or royalty payments stipulated
in the 2023 APA. The value of the consideration paid was recorded within research and development expenses for the year ended December
31, 2023.
Go Green Global Technologies Corp.
Notes to the Financial Statements
For the Years Ended December 31, 2023 and 2022
NOTE 13 – SUBSEQUENT EVENTS
From January through April 2024, the Company issued
a total of 130,000 shares of common stock to employees as compensation for total consideration of $12,865.
From January through April 2024, the Company issued
a total of 352,745 shares of common stock to vendors for legal and professional services rendered for total consideration of $38,692.
On January 1, 2024, the Company issued 125,000
shares of common stock to the January 2023 and November 17, 2023 noteholder in connection with a promissory note.
On January 2, 2024, the Company extended its promissory
note for $45,000 with the October 2023 noteholder for an additional 30 days, with the new date of maturity being February 1, 2024.
On January 12, 2024, the Company extended its
March 9, 2023 promissory note for $150,000 with Note for an additional 30 days, with the new date of maturity being February 11, 2024.
The extension granted a fixed interest payment of $3,000 due on maturity, with no additional shares issued as consideration for the extension.
On February 1, 2024, the Company entered into
a Conversion, Cancellation and Consolidation Agreement with the January, March, and December 2023 Noteholder to cancel their outstanding
promissory notes, convert a portion of their outstanding principal into common shares, and consolidate the remaining principal into a
single note. At the time of the Agreement, the lender had $230,000 in outstanding principal. The Lender agreed to convert $150,000 of
outstanding principal to shares at $0.10 for a total of 1,500,000 shares of common stock. The remaining $80,000 of principal was placed
into a 10-month note, maturing on November 1, 2024. The principal bears interest at 10%. As consideration for this agreement, the Lender
was issued 350,000 shares of common stock at the FV price of $0.07 and issued a warrant to purchase 1,000,000 shares of common stock,
priced at $0.15 with a cashless exercise and three-year expiration term.
On February 1, 2024, the Company entered into
a Cancellation and Consolidation Agreement with the November 2022, January 2023, and November 2023 Noteholder to cancel their outstanding
promissory notes, consolidating the total principal of $217,525 into one six-month note, maturing on August 1, 2024. The principal bears
interest at 10%. For consideration of this agreement, the Lender was issued 470,000 shares of common stock and issued a warrant to purchase
2,000,000 shares of common stock, priced at $0.15 with a cashless exercise and three-year expiration term.
On February 13, 2024, the Company entered into
a Securities Purchase Agreement to sell 1,000,000 shares of common stock at $0.15 per share.
On April 2, 2024, the Company entered into a 30-day promissory note
with the November 2022, January 2023, and November 2023 noteholder for $45,000. The note bears interest at 10% per annum. As consideration
for this note, the noteholder was issued 200,000 shares of common stock at the FV price of $0.12.
On April 22, 2024, the Company entered into a Ninety-Day Promissory
Note with the lender for $30,000.00. The Note bears interest at 12% per annum, with a fixed interest payment of $900.00 due at the repayment
of the Note.
On April 26, 2024, the Company amended its article of incorporation
increasing the number of common stock shares authorized from 125,000,000 to 500,000,000.
On May 1, 2024, the Company issued 300,000 of common stock to the noteholder
pursuant to the terms of the April 2, 2024 Thirty-Day Promissory Note for failure to pay the principal at maturity. The maturity
date of this note has been extended to June 30, 2024.
On May 2, 2024, the Company issued 64,784 shares of common stock to
vendor in connection to professional services.
Up to 11,171,136 Shares of Common Stock
Up to 21,100,000 Shares of Common Stock Issuable
Upon Exercise of Warrants
PROSPECTUS
Part II
INFORMATION NOT REQUIRED
IN PROSPECTUS
Item 13. Other Expenses
of Issuance and Distribution.
The following table sets forth the expenses in
connection with this registration statement. All of such expenses are estimates, other than the filing fees payable to the SEC. We will
bear all of the costs incurred in connection with this registration statement.
| |
|
Amount |
|
| SEC registration fee |
|
$ |
85.91 |
* |
| Accountants’ fees and expenses |
|
|
90,000.00 |
* |
| Legal fees and expenses |
|
|
60,000.00 |
|
| Printing and engraving expenses |
|
|
3,650.00 |
* |
| Miscellaneous |
|
|
0.00 |
|
| Total expenses |
|
$ |
153,735.91 |
* |
*Amount indicated is an estimate.
Item 14. Indemnification
of Directors and Officers.
According to Nevada law, our Directors and executive
officers may be individually liable for damages resulting from their act or failure to act in their respective capacities if i) the presumption
is rebutted that they act in good faith, on an informed basis and with a view to the interests of the corporation, and ii) the Director
or executive officer’s act or failure to act constituted a breach of his or her fiduciary duties as a Director or officer; and
such breach involved intentional misconduct, fraud or a knowing violation of law.
Under Nevada law, we may generally indemnify
a director or officer against liability incurred in a proceeding if he or she acted in good faith and believed that his or her conduct
was in our best interest and that he or she had no reason to believe his or her conduct was unlawful. We may not indemnify a Director
or officer if the person was adjudged liable to us or in the event it is adjudicated that the Director or officer received an improper
personal benefit.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable.
Item 15. Recent Sales of Unregistered Securities.
Set forth below are our issuances of unregistered
securities within the past three (3) years.
On August 15, 2024, we issued 270,000 shares
of Common Stock to Nobadeer Ventures. LLC, who we reasonably believed to be an accredited investor, in connected to a debt release agreement.
The shares were issued at $0.09 per share.
On July 21, 2024, we issued 50,000 shares of
Common Stock to Cortiera LLC, who we reasonably believed to be an accredited investor, in connection to a short-term loan with us. The
shares were issued at $0.12 per share.
On July 8, 2024, we issued 300,000 shares
of Common Stock to David Zevetchin who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
The shares were issued at $0.12 per share.
On July 8, 2024, we issued a total of 26,593
shares of Common Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal
services provided to us. The shares were issued at $0.12 per share.
On July 8, 2024, we issued 85,000 shares of
Common Stock to Dennis Beckert, who we reasonably believed to be an accredited investor, in connection to his agreement as an independent
director on the Board of Directors. The shares were issued at $0.12 per share.
On July 3, 2024, we issued 100,000 shares
of Common Stock to Mike Casson, who we reasonably believed to be an accredited investor, in connection to an invoice received for professional
services. The shares were issued at $0.12 per share.
On July 3, 2024, we issued 200,000 shares
of Common Stock to Michael Delaney, who we reasonably believed to be an accredited investor, pursuant to the Distribution Agreement.
The shares were issued at $0.12 per share.
On July 3, 2024, we issued 200,000 shares
of Common Stock to Robyn Fayle, who we reasonably believed to be an accredited investor, pursuant to the Distribution Agreement. The
shares were issued at $0.12 per share.
On June 17, 2024, we issued 100,000 shares
of Common Stock to Mike Casson, who we reasonably believed to be an accredited investor, in connection to an invoice received for professional
services. The shares were issued at $0.10 per share.
On June 14, 2024, we issued 450,000 shares
of Common Stock to The CFO Squad, LLC, who we reasonably believed to be an accredited investor, in connection to a debt release agreement.
The shares were issued at $0.10 per share.
On June 7, 2024, we issued 1,500,000 shares of
Common Stock to AJB Capital, who we reasonably believed to be an accredited investor, as consideration for extension of the maturity date
of the 2023 AJB Note. The shares were issued at $0.13 per share.
On May 2, 2024, we issued 64,784 shares of Common
Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.08 per share.
On April 2, 2024, we issued 200,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
The shares were issued at $0.12 per share. An additional 300,000 shares of Common Stock were issued at $0.08 per share on May 1, 2024.
On February 29, 2024, we issued 20,000 shares
of Common Stock to Dennis Beckert, who we reasonably believed to be an accredited investor, in connection to his agreement as an independent
director on the Board of Directors. The shares were issued at $0.10 per share. An additional 20,000 shares were issued on March 31, 2024
at a price of $0.12 per share.
On February 16, 2024, we issued 100,000 shares
of Common Stock to Richard and Kathryn Krill, who we reasonably believed to be accredited investors, in connection with legal services
provided to us. The shares were issued at $0.11 per share.
On February 16, 2024, we issued 200,000 shares
of Common Stock to Nick Clevenger, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.11 per share.
On February 16, 2024, we issued 50,000 shares
of Common Stock to Michael Morfit, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.11 per share.
On February 13, 2024, we issued 1,000,000
shares of Common Stock to Diane Zizzadoro, who we reasonably believed to be an accredited investor, in connection with a Securities Purchase
Agreement with us. The shares were issued at $0.15 per share.
On February 4, 2024, we issued 2,745 shares
of Common Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal services
provided to us. The shares were issued at $0.07 per share.
On February 1, 2024, we issued 350,000 shares
of Common Stock to Joseph Zizzadoro who we reasonably believed to be an accredited investor, in connection with a short-term loan with
us. The shares were issued at $0.07 per share. An additional 1,500,000 shares of Common Stock were issued at $0.10 on February 1, 2024
in connection with settlement of short-term debt with us
On February 1, 2024, we issued 470,000 shares
of Common Stock to David Zevetchin who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
The shares were issued at $0.07 per share.
On January 31, 2024, we issued 20,000 shares
of Common Stock to Dennis Beckert who we reasonably believed to be an accredited investor, in connection to his agreement as an independent
director on the Board of Directors. The shares were issued at $0.07 per share.
On January 1, 2024, we issued 12,500 shares
of Common Stock to Hattie Corrine Couch who we reasonably believed to be an accredited investor, as compensation for her services to
us as Chief Operating Officer, pursuant to the terms of her independent contractor agreement with us. The shares were issued at a price
of $0.10 per share. An additional 12,500 shares of Common Stock were issued on February 1, 2024 at a share price of $0.07 per share.
On December 20, 2023, we issued 225,000 shares of
Common Stock to Joseph Zizzadoro who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
The shares were issued at $0.07 per share.
On December 5, 2023, we issued 750,000 shares of Common
Stock to AJB Capital Investments LLC, who we reasonably believed to be an accredited investor, in connection to an amendment to that May
2023 financing note. The shares were issued at $0.10 per share.
On November 30, 2023, we issued 20,000 shares of Common
Stock to Dennis Beckert, who we reasonably believed to be an accredited investor, in connection to his agreement as an independent director
on the Board of Directors. An additional 45,000 shares of Common Stock have been issued to date in connection with this agreement. The
November 30, 2023 shares of Common Stock were issued at $0.11 per share, with an additional 20,000 shares of Common Stock issued on December
31, 2023 and an additional 25,000 shares of Common Stock issued on January 1, 2024 at a share price of $0.10 and $0.10 respectively.
On November 17, 2023, we issued 187,500 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
The shares were issued at $0.11 per share.
On November 1, 2023, we issued 125,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date for a short-term loan with us. The shares were issued at $0.14 per share.
On November 1, 2023, we issued 125,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, in connection to a short-term loan with us.
An additional 250,000 shares of Common Stock have been issued to date in connected to this note. The Common Stock issued on November 1,
2023 were issued at $0.14 per share. The additional 125,000 shares of Common Stock issued on December 1, 2023 and January 1, 2024, issued
at $0.10 per share, and $0.10 per share respectively.
On October 6, 2023, we issued 650,000 shares of Common
Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration date
for a short-term loan with us. The shares were issued at $0.13 per share.
On October 1, 2023, we issued 125,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date for a short-term loan with us. The shares were issued at $0.14 per share.
On September 30, 2023, we issued 220,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.14 per share.
On September 27, 2023, we issued 200,000 shares of
Common Stock to Benjamin Wurts, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date from a short-term loan with us. The shares were issued at $0.14 per share.
On September 12, 2023, we issued 600,000 shares of
Common Stock to Joseph Zizzadoro who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.07 per share.
On September 6, 2023, we issued 200,000 shares of
Common Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.11 per share.
On September 6, 2023, we issued 75,000 shares of Common
Stock to Benjamin Wurts, who we reasonably believed to be an accredited investor, in connection with a short-term loan with us. The shares
were issued at $0.11 per share.
On September 4, 2023, we issued 850,000 shares of
Common Stock to Joseph Zizzadoro who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.12 per share.
On September 1, 2023, we issued 125,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.12 per share.
On August 31, 2023, we issued 350,000 shares of Common
Stock to Nobadeer Ventures LLC in connection with our capital structure. The shares were issued at $0.12 per share.
On August 31, 2023, we issued 220,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.12 per share.
On August 12, 2023, we issued 150,000 shares of Common
Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.07 per share.
On August 7, 2023, we issued 200,000 shares of Common
Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration date
on a short-term loan with us. The shares were issued at $0.08 per share.
On August 5, 2023, we issued 200,000 shares of Common
Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.08 per share.
On August 2, 2023, we issued 125,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.13 per share.
On August 1, 2023, we issued 220,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date and the increase of principal on a short-term loan with us. The shares were issued at $0.11 per share.
On August 1, 2023, we issued 1,944 shares of Common
Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.11 per share.
On July 12, 2023, we issued 150,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.10 per share.
On July 8, 2023, we issued 150,000 shares of Common
Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration date
of a short-term loan we have with him. The shares were issued at $0.09 per share.
On July 5, 2023, we issued 150,000 shares of Common
Stock to Joseph Zizzadoro who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date of a short-term loan we have with him. The shares were issued at $0.15 per share.
On July 2, 2023, we issued 125,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.09 per share.
On July 1, 2023, we issued 200,000 shares of Common Stock to David Zevetchin,
who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration date and the increase of
principal on a short-term loan with us. The shares were issued at $0.09 per share.
On June 12, 2023, we issued 150,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.16 per share.
On June 7, 2023, we issued 200,000 common shares
to Teresa Mannello in connection with the conversion of 200,000 Preferred A shares to common shares. The share exchange was an even swap.
On June 2, 2023, we issued 200,000 common shares
to John Gagas in connection with the conversion of 200,000 Preferred A shares to common shares. The share exchange was an even swap.
On June 2, 2023, we issued 125,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.09 per share.
On June 1, 2023, we issued 200,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.09 per share.
On May 31, 2023, we issued 198,000 shares of Common
Stock to Richard Zannotti in connection with the conversion of 198,000 shares of Series A Preferred Stock to Common Stock. The share exchange
was an even swap.
On May 12, 2023, we issued 125,000 shares of Common
Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.13 per share.
On May 5, 2023, the Company issued 198,000 shares
of Common Stock to Gary Gauer in connection with the conversion of 198,000 shares of Series A Preferred Stock to Common Stock. The share
exchange was an even swap.
On May 2, 2023, we issued 125,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.13 per share.
On May 1, 2023, we issued 200,000 shares of Common
Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.13 per share.
On April 25, 2023, we issued 2,000,000 shares
of Common Stock to Salvatore Mario Pandolfo, who we reasonably believed to be an accredited investor, in connection to the Amended and
Restated Asset Purchase Agreement. The shares were issued at $0.12 per share.
On April 13, 2023, we issued 5,833 shares of Common
Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.12 per share.
On April 12, 2023, we issued 150,000 shares of
Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.12 per share.
On April 9, 2023, we issued 550,000 shares of
Common Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.17 per share.
On April 6, 2023, we issued 550,000 shares of
Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.17 per share.
On April 2, 2023, we issued 125,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.13 per share.
On April 1, 2023, we issued 150,000 shares of
Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the expiration
date on a short-term loan with us. The shares were issued at $0.12 per share.
On March 9, 2023, we issued 250,000 shares of
Common Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, as partial inducement to enter into a short-term
note with us. The shares were issued at $0.17 per share.
On March 6, 2023, we issued 250,000 shares of
Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as partial inducement to enter into a short-term
note with us. The shares were issued at $0.17 per share.
On March 2, 2023, we issued 3,403 shares of Common
Stock to Bunker Hill Holdings, LLC, who we reasonably believed to be an accredited investor, in connection with legal services provided
to us. The shares were issued at $0.108 per share.
On February 28, 2023, we issued 2,000,000 shares
of Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, at a price of $0.05 per share on the conversion
of loans totaling $100,000.
On February 16, 2023, we issued 125,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as consideration for his extension of the
expiration date on a short-term loan with us. The shares were issued at $0.12 per share.
On February 16, 2023, we issued 3,000,000 shares
of Common Stock to Salvatore Mario Pandolfo, wo we reasonably believed to be an accredited investor, in connection to the Amended and
Restated Asset Purchase Agreement The shares were issued at $0.12 per share.
On February 10, 2023, we issued 150,000 shares
of Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his extension of the
expiration date on a short-term loan with us. The shares were issued at $0.13 per share.
On January 31, 2023, we issued 150,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, as partial inducement to enter into a short-term
note with us. The shares were issued at $0.12 per share.
On January 31, 2023, we sold 2,000,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, at a price of $0.05 per share.
On January 27, 2023, we issued 80,000 shares of
Common Stock to Marianne Ligozio pursuant to the conversion of 80,000 shares of Series A Preferred Stock to shares of Common Stock. The
share exchange was an even swap.
On January 26, 2023, we issued 100,000 shares
of Common Stock to Geoffrey Grzywinski pursuant to the conversion of 100,000 Series A Preferred Stock to shares of Common Stock. The share
exchange was an even swap.
On January 12, 2023, we issued 125,000 shares
of Common Stock to David Zevetchin as partial inducement to enter into a short-term note with us. The shares were issued at $0.17 per
share.
On January 12, 2023, we issued 125,000 shares
of Common Stock to Joseph Zizzadoro as consideration for his extension of the expiration date on a short-term loan with us. The shares
were issued at $0.17 per share.
On January 3, 2023, we issued 12,500 shares of
Common Stock to Hattie Corrine Couch, who we reasonably believed to be an accredited investor, as compensation for her services to us
as Chief Operating Officer, pursuant to the terms of her independent contractor agreement with us. The shares were issued at a price of
$0.15 per share.
On December 10, 2022, we issued 150,000 shares
of Common Stock to Joseph Zizzadoro, who we reasonably believed to be an accredited investor, as consideration for his agreement to extend
the maturity date on a short-term promissory note with us.
On December 1, 2022, we issued 200,000 shares
of Common Stock to Hattie Corrine Couch, who we reasonably believed to be an accredited investor, as compensation for her services, pursuant
to the terms of our independent consultant agreement with her. The shares were issued at a price of $0.15 per share.
On December 1, 2022, we issued 150,000 shares
of Common Stock to Erwin Vahlsing, Jr. as compensation for prior work performed for us. The shares were issued at a price of $0.15 per
share.
On November 10, 2022, we issued 150,000 shares
of Common Stock to Joseph Zizzadoro as partial inducement to enter into a short-term note with us. The shares were issued at $0.11 per
share.
On October 27, 2022, we issued 250,000 shares
of Common Stock to Corrine Couch, who we reasonably believed to be an accredited investor, as compensation for the services she would
provide to us as Chief Operating Officer. The shares were issued at a price of $0.15 per share.
On September 30, 2022, we sold 750,000 shares
of Common Stock to David Zevetchin, who we reasonably believed to be an accredited investor, in settlement of $175,000 of accounts payable.
The shares were issued at $0.233 per share.
On September 30, 2022, we issued 50,000 shares
of Common Stock to John Iarusso, who we reasonably believed to be an accredited investor, in settlement of $42,675 of accounts payable.
The shares were issued at $0.8535 per share.
On September 17, 2022, we issued 50,000 shares
of Common Stock to David Zevetchin as partial inducement to enter into a short-term note with us. The shares were issued at $0.05 per
share.
On August 1, 2022, we issued 200,000 shares of
Common Stock to Hattie Corrine Couch for services rendered to us as a consultant. The shares were issued at a price of $0.15 per share.
On July 1, 2022, we issued 854,546 shares of
Common Stock to Nobadeer Ventures LLC, an entity which we reasonably believed was an accredited investor, in settlement of $47,000 of
accounts payable. The shares were issued at $0.055 per share.
On June 30, 2022, we issued 1,800,000 shares
of Common Stock to Xavier Mimaud, who we reasonably believed to be an accredited investor, in settlement of $248,600 of stock to be issued
liability. The shares were issued at $0.14 per share.
On June 30, 2022, we issued 3,200,000 shares
of Common Stock to Adam and Paul Cavise, who we reasonably believed to be accredited investors, in settlement of $358,432 of notes and
accrued interest. The shares were issued at $0.11 per share.
On June 30, 2022, we issued 50,000 shares of
Common Stock to John Iarusso, who we reasonably believed to be an accredited investor, in settlement of $42,675 of accounts payable.
The shares were issued at $0.8535 per share.
On June 30, 2022, we issued 800,000 shares of
Common Stock to Debourah Mattatall, who we reasonably believed to be an accredited investor, in settlement of $148,331 of notes, and
accrued interest held personally and by her companies, Epworth Corp. and Harris-Lake Inc. The shares were issued at $0.19 per share.
On June 30, 2022, we issued 3,000,000 shares
of Common Stock to Mark and Michael Del Priore, who we reasonably believed to be accredited investors, in settlement of $950,966 of notes,
accrued interest, and accounts payable. The shares were issued at $0.32 per share.
On May 1, 2022, we issued 100,000 shares of Common
Stock to Hattie Corrine Couch, for consulting services rendered to us. The shares were issued at a price of $0.15 per share.
On April 11, 2022, we issued 133,333 shares of
Common Stock to Ryan Ebner, who we reasonably believed to be an accredited investor, a consultant and accredited investor, for services
rendered to us. The shares were issued at a price of $0.15 per share.
On March 3, 2022, we issued 100,000 shares
of Common Stock to Hattie Corrine Couch for consulting services rendered to us. The shares were issued at a price of $0.15 per
share.
On February 18, 2022, we issued 3,076,923 shares
of Common Stock to AJB Capital, an accredited investor, as collateral for the potential conversion of a note of even date issued by AJB
Capital. The shares were issued at $0.133 per share.
In August 2021, we issued 500,000 shares of Common
Stock to Erwin Vahlsing, Jr., our former Director and Chief Financial Officer, for services he rendered to us as Chief Financial Officer.
The shares were issued at a price of $0.02 per share.
2023 Bridge Financing
On May 5, 2023, in addition to the 2023 AJB Note,
we issued the 2023 Warrants to AJB Capital, which entitled the holder to purchase up to 9,000,000 shares of the Common Stock at an exercise
price of $0.001 per share. The 2023 Warrants were exercisable any time after the date of issuance until exercised in full.
Our aggregate gross proceeds from the 2023 Bridge
Financing were $270,000, which we used to pay for general operating costs and auditing and attorney’s fees pertaining to the filing
of this registration statement.
2022 Bridge Financing
On February 18, 2022, in addition to the 2022
AJB Note, we issued the 2022 Warrants to AJB Capital in connection with that certain 2022 AJB Note (as defined below), to purchase up
to 2,500,000 shares of Common Stock at an exercise price of $0.20 per share, with a 5-year exercise period. The number of shares underlying
the 2022 Warrants and exercise price of the 2022 Warrants were subject to adjustment as provided therein.
Pursuant to the 2022 Bridge Financing Amendment,
we entered into the 2022 AJB Note Amendment, which, amongst other things, (i) extended the maturity date of the 2022 AJB Note and (ii)
provided for our payment of $150,000 of the aggregate principal and interest due on the 2022 AJB Note by a date certain specified within
the 2022 AJB Note Amendment, and (iii) waived certain events of default under the 2022 AJB Note. We also entered into that certain Amended
and Restated Common Stock Purchase Warrant with AJB dated March 1, 2023, which changed the exercise price of the 2022 Warrants to $0.01
and the aggregate number of shares of Common Stock underlying the 2022 Warrants to 2,500,000.
Our aggregate gross proceeds from the 2022 Bridge
Financing were $270,000, which we used to pay for general operating costs.
The issuance of the securities listed above were
deemed exempt from registration under Regulation D, in that the issuance of the securities were made to an accredited investor and did
not involve a public offering. AJB Capital represented its intention to acquire the securities for investment purposes only and not with
a view to or for sale in connection with any distribution thereof.
Warrants issued to AGES
We previously entered into the 2021 Engagement
Letter with AGES, an investment bank and accredited investor, to act as our non-exclusive financial advisor with respect to certain Proposed
Offerings. Pursuant to the 2021 Engagement Letter’s financial advisory payment provision, we issued multiple warrants from 2022
to 2023 as partial consideration for AGES’s services. Each of these warrants had a five-year exercise period after issuance and
an exercise price of $0.055 per share of Common Stock underlying each warrant. The number of shares of Common Stock underlying these
warrants issued pursuant to this financial advisory payment provision totaled 2,700,000.
The 2021 Engagement Letter’s warrant compensation
provision also stipulated that we were to issue common stock purchase warrants with underlying shares of Common Stock equal to 4% of
the total number of shares of Common Stock sold in a Proposed Offering. Pursuant to this warrant compensation provision, in 2022 we issued
to AGES several warrants with a five-year exercise period and an exercise price of $0.055 per share of Common Stock underlying each warrant,
which warrants covered, in the aggregate, 327,273 shares of Common Stock.
We entered into the 2022 Engagement Letter, which
provided for, among other things, AGES’s serving as financial advisor to our future merger and acquisitions transactions and customer
relationships. The financial advisory payment provision of the 2022 Engagement Letter stipulated that we would issue warrants to AGES
with five-year exercise periods, and with exercise prices of $0.055 per share of Common Stock. The number of shares of Common Stock underlying
the warrants we issued pursuant to this payment provision totaled 2,200,000.
We entered into the Amended 2021 Engagement Letter,
which amended certain terms of the 2021 Engagement Letter. Pursuant to the Amended 2021 Engagement Letter, among other things, we would
additionally issue to AGES warrants to purchase 1,500,000 shares of Common Stock at an exercise price of $0.055 per share.
We entered into the Second Amended 2021 Engagement
Letter, which amended certain terms of the 2021 Engagement Letter. Pursuant to the Second Amended 2021 Engagement Letter, among other
things, and in addition to those warrants we agreed to issue pursuant to the 2021 Engagement Letter and Amended 2021 Engagement Letter,
we would issue to AGES an increased number of warrants to purchase 3,000,000 shares of Common Stock at an exercise price of $0.055 per
share.
In 2023, with our consent, AGES assigned a certain
number of warrants issued pursuant to the 2021 Engagement Letter, Amended 2021 Engagement Letter, Second Amended 2021 Engagement Letter,
and 2022 Engagement Letter to those Selling Shareholders identified in the “Selling Shareholders” section.
Warrants issued as compensation and in settlement
of liabilities
On June 30, 2022, we issued warrants to Paul
Cavise, who we reasonably believed to be an accredited investor, in settlement of our outstanding loans and accrued consulting fees.
These warrants have a five-year exercise period and an exercise price $0.20. The number of shares of Common Stock underlying these warrants
total 1,000,000.
In 2022, we issued several warrants to Nathaniel
Apgar, who we reasonably believed to be an accredited investor, as partial consideration of the consulting services he provided to us.
These warrants have a five-year exercise period and an exercise price $0.15. The number of shares of Common Stock underlying these warrants
total 50,000.
On November 1, 2022, we issued a warrant to Erwin
Vahlsing, Jr., who we reasonably believed to be an accredited investor, for prior services rendered to us in his former positions as
our Director and Chief Financial Officer. This warrant has a five-year exercise period and an exercise price $0.20. The number of shares
of Common Stock underlying these warrants total 1,000,000.
On December 31, 2022, we issued a warrant to Erwin
Vahlsing, Jr., who we reasonably believed to be an accredited investor, pursuant to his separation agreement with us. This warrant has
a five-year exercise period and an exercise price of $0.20. The number of shares of Common Stock underlying these warrants total 250,000.
(c)
Notes.
On June 9, 2021, we issued that certain convertible
promissory note to Westmount Park Investments Inc. (“WPI”), which we reasonably believed to be an accredited investor, in
the principal amount of $52,500, a two-year maturity date, and 10% interest rate (the “WPI Note”). The WPI Note allowed for
conversion at the option of the holder for the total amount outstanding on the note into Common Stock at $0.025 per share. The WPI Note
also permitted WPI to, at its option and in addition to conversion into Common Stock, convert the total amount outstanding on the note
into warrants to purchase our Common Stock, each with an exercise price of $0.05 per share of Common Stock underlying the warrant. We
repaid the WPI Note in full in April 2022.
The issuance of the WPI Note was deemed exempt
from registration under Rule 506(b) of Regulation D, in that the issuance of the note was made to an accredited investor and did not
involve a public offering. WPI represented its intention to acquire the securities for investment purposes only and not with a view to
or for sale in connection with any distribution thereof.
Item 16. Exhibits and Financial Statement
Schedules.
(a) Exhibits:
Reference is made to the Exhibit Index following the signature pages hereto, which Exhibit Index is hereby incorporated into this Item.
(b) Financial
Statement Schedules: All schedules are omitted because the required information is inapplicable or the information is presented in
the financial statements and the related notes.
Item 17. Undertakings.
The undersigned registrant hereby undertakes:
(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by section
10(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”);
(ii) To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table
in the effective registration statement; and
(iii) To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to
such information in the registration statement; provided, however, that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if
the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That, for the purpose
of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.
(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose
of determining liability under the Securities Act to any purchaser:
(A) Each prospectus filed
by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and
(B) Each prospectus filed
pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule
430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.
(5) That for the purpose of
determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of securities, the undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other
free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and
(iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to any charter provision,
by law or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes
that:
(1) For purposes of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h)
under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2) For the purpose of determining
any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Brookfield, State of Connecticut on the 27th day of August 2024.
| |
GO GREEN GLOBAL TECHNOLOGIES CORP. |
| |
|
|
By: |
/s/ Danny G. Bishop |
| |
|
Danny G. Bishop |
| |
|
President and Chief Executive Officer
(Principal Executive Officer) |
Pursuant to the requirements of the Securities
Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
| Name |
|
Capacity in Which Signed |
|
Date |
| |
|
|
|
|
| /s/ Danny G. Bishop |
|
President, Chief Executive Officer, Chief Financial Officer, and Director |
|
August 27, 2024 |
| Danny G. Bishop |
|
(Principal Financial Officer and Principal Accounting
Officer) |
|
|
| |
|
|
|
|
| |
|
|
|
|
| /s/ Hattie Corrine Couch |
|
Chief Operating Officer and Director |
|
August 27, 2024 |
| Hattie Corrine Couch |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| /s/ John E. D’Alessandro |
|
Director |
|
August 27, 2024 |
| John E. D’Alessandro, Jr. |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| /s/ Dennis Beckert |
|
Director |
|
August 27, 2024 |
| Dennis Beckert |
|
|
|
|
| |
|
|
|
|
EXHIBIT INDEX
| Exhibit No. |
|
Description |
| 3.1* |
|
Articles
of Incorporation of Photomatica, Inc. |
| 3.2* |
|
Certificate of Amendment to Articles of Incorporation of Photomatica, Inc. |
| 3.3* |
|
Certificate of Amendment to Articles of Incorporation of Secure Runway Systems Corp. |
| 3.4* |
|
Certificate of Amendment to Articles of Incorporation of Diversified Secure Ventures Corp. |
| 3.5* |
|
Certificate
of Designation of Registrant filed on March 26, 2013 |
| 3.6* |
|
Certificate
of Amendment to Articles of Incorporation of the Registrant |
| 3.7* |
|
Certificate
of Withdrawal of Certificate of Designation filed on August 14, 2014 |
| 3.8* |
|
Certificate
of Designation of Series A Preferred Stock filed on August 14, 2014 |
| 3.9* |
|
Certificate
of Amendment to Articles of Incorporation of the Registrant filed on March 19, 2018 |
| 3.10* |
|
Certificate
of Designation of Series B Preferred Stock filed on March 19, 2018 |
| 3.11* |
|
Certificate of Amendment to Articles of Incorporation filed on May 6, 2024 |
| 3.12* |
|
Certificate of Amendment to Designation of Series B Preferred Stock filed on May 29, 2024 |
| 3.13* |
|
Certificate of Amendment to Designation, Preferences, and Rights of Series A Preferred Stock filed on June 3, 2024 |
| 3.14* |
|
Bylaws
of Photomatica, Inc. |
| 3.15* |
|
Certificate
of Amendment of the Bylaws of the Registrant |
| 3.16* |
|
Amended and Restated Bylaws of the Registrant |
| 4.1* |
|
Promissory Note to AJB Capital Investments LLC |
| 4.2* |
|
Amendment to Promissory Note between the Company and AJB Capital Investments LLC dated June 7, 2024 |
| 5.1** |
|
Opinion of Sichenzia Ross Ference Carmel LLP |
| 10.1* |
|
Asset
Purchase Agreement dated as of May 2017, between the Registrant and Salvatore Mario Pandolfo |
| 10.2* |
|
Amendment
to Asset Purchase Agreement dated as of June 2019, between the Registrant and Salvatore Mario Pandolfo |
| 10.3* |
|
First
Amended and Restated Asset Purchase Agreement dated as of February 16, 2023, between the Registrant and Salvatore Mario
Pandolfo |
| 10.4* |
|
Employment
Agreement between the Registrant and Danny G. Bishop |
| 10.5* |
|
Independent
Contractor Agreement between the Registrant and Hattie Corrine Couch |
| 10.6* |
|
Director Agreement between the
Registrant and Dennis Beckert |
| 10.7**+ |
|
Distribution Agreement between the Registrant and CALCLEAR Investments PTY Limited |
| 23.1** |
|
Consent of
RBSM LLP dated August 27, 2024 |
| 107** |
|
Filing Fee Table |
__________________
| * | Filed previously. |
| ** | Filed herewith. |
| + | Portions of this exhibit have been redacted. |
Exhibit 5.1
August 27, 2024
Go Green Global Technologies Corp.
5 Production Drive
Brookfield, CT 06804
Re: Common Stock registered under Registration Statement on Form S-1
Ladies and Gentlemen:
Go Green Global Technologies
Corp., a Nevada corporation (the “Company”), has filed a Registration Statement on Form S-1 (the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) for the purpose of registering for resale under the Securities Act
of 1933, as amended (the “Securities Act”), by the selling shareholders named in the prospectus (“Prospectus”)
contained in the Registration Statement (i) an aggregate of 11,171,136 of the Company’s common stock, par value $0.001 per share
(“Common Stock”) previously issued to certain selling shareholders as set forth in more detail on the cover page of the Prospectus,
and (ii) 21,000,000 shares of Common Stock issuable upon the exercise of pre-funded warrants and warrants (such pre-funded warrants and
warrants, collectively, the “Warrants”) previously issued to certain selling shareholders as set forth in more detail on the
cover page of the Prospectus (the shares of Common Stock and Common Stock issuable upon the exercise of such pre-funded warrants and warrants,
collectively, the “Shares”).
We have examined originals
or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or
advisable for the purpose of rendering this opinion.
In rendering the opinion expressed
herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic
and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents
that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements
in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vi) all representations made
by the Company as to matters of fact in the documents that we reviewed were and are accurate.
Based upon the foregoing,
and subject to the additional qualifications set forth below, we advise you that, in our opinion that the Shares, when issued upon the
exercise of the Warrants and upon the Company’s receipt of payment of the exercise price therefore, will be validly issued, fully
paid and non-assessable.
The opinions expressed in
this opinion letter are limited to the Private Corporations Law of the State of Nevada and the reported judicial decisions interpreting
such statute and provisions and the laws of the state of New York and the federal laws of the United States of America. We are not opining
on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of (a) any other laws of
the State of Nevada; (b) the laws of any other jurisdiction; or (c) the laws of any county, municipality or other political subdivision
or local governmental agency or authority.
We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and further consent to the use of our name therein. In giving this consent,
we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.
Very truly yours,
/s/ Sichenzia Ross Ference Carmel LLP
Sichenzia Ross Ference Carmel LLP
1185 AVENUE OF THE AMERICAS | 31ST FLOOR | NEW
YORK, NY | 10036
T (212) 930-9700 | F (212) 930-9725 | WWW.SRFC.LAW
Exhibit 10.7
PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED BECAUSE IT IS NOT MATERIAL
AND OF A TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. SUCH REDACTED PORTIONS ARE INDICATED WITH “[***].”
DISTRIBUTION AGREEMENT
This Distribution Agreement (the “Agreement”)
is made and entered into as of July 3, 2024 (the “Effective Date”) by and between CALCLEAR Investments PTY Limited,
an Australian corporation with its principal address located at U 207 18-22 Dale Street, Brookvale, New South Wales, 2100 (“Vendor”)
and Go Green Global Technologies Corp., a Nevada corporation with its principal address located at 5 Production Dr, Brookfield CT, 06804
(“Distributor”).
RECITALS
WHEREAS, Vendor is the manufacturer
of various products created utilizing patented technology (CC IP US Patent No. US9650264B2) owned by Vendor,
WHEREAS,
Distributor is in the business of selling products similar to the Vendor’s products and wishes to sell such products subject to
the terms of this Agreement, and
WHEREAS, Vendor wishes to engage
Distributor, and Distributor wishes to accept such engagement, subject to the terms of this Agreement.
NOW, THEREFORE, in consideration
of the mutual covenants and conditions herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:
AGREEMENT
| 1. | Definitions. The terms defined below are used in this Agreement with the ascribed meanings
unless the context in which the term is used expressly provides otherwise. |
| a. | “Agreement” has the meaning ascribed to such term in the Preamble. |
| b. | “CALCLEAR IP” has the meaning ascribed to such term in Section 11. |
| c. | “Claim” has the meaning ascribed to such term in Section 9(a). |
| d. | “Customer(s)” means any customer of Distributor’s located in the Territory. |
| e. | “Distributor” has the meaning ascribed to such term in the Preamble. |
| f. | “Distributor Obligations” has the meaning ascribed to such term in Section 11. |
| g. | “Gross Product Sales” means the gross amount of sales of Product(s),
as defined below in Section 1(k), before any discounts, rebates, or other benefits provided by a purchaser to the Distributor in respect
of the sale of Product(s). |
| h. | “Initial Inventory” has the meaning ascribed to such term in Section 4(a). |
| i. | “Initial Order” has the meaning ascribed to such term in Section 4(a). |
| j. | “Printed Circuit Boards” has the meaning ascribed to such term in Section 12(a)(i). |
| k. | “Product(s)” means the CALCLEAR system of products developed using Vendor’s
patented technology, and related products that are manufactured or marketed by Vendor and/or Distributor during the term of this Agreement. |
| l. | “Purchase Order or P.O.” has the meaning ascribed to in in Section 4(b). |
| m. | “Royalty” has the meaning ascribed to such term in Section 5(d). |
| n. | “Shares” has the meaning ascribed to such term is Section 5(c). |
| o. | “Term” has the meaning ascribed to such term in Section 3(a). |
| p. | “Territory” means distribution to Customers located in North America. |
| q. | “Vendor” has the meaning ascribed to such term in the Preamble. |
| a. | Vendor appoints Distributor as an authorized distributor of Vendor’s Products to its Customers.
Subject to the terms and conditions of this Agreement, Vendor grants to Distributor and Distributor accepts from Vendor the exclusive,
non-transferable right to acquire, market, and sell Products to the Customers in the Territory. |
| b. | Distributor shall use its best efforts to support the sale and distribution of
the Products but is not required by this Agreement to sell any minimum quantity or number of Products, except as defined in Section 3(b)
herewithin. |
| a. | The initial term of this Agreement is for a period of three (3) years commencing on the Effective Date.
The initial term and any renewal term, as provided for below, are individually and collectively referred to as the “Term.” |
Term. |
| b. | After the initial Term, this Agreement shall be automatically renewed for an additional three (3) year renewal term, provided Distributor
has sold a minimum of three thousand (3,000) Products under the terms of this Agreement during the initial term. Upon renewal, all terms
of this Agreement shall remain in effect, with the exception of the minimum number of units to be sold under the subsequent three year
(3) term, to be increased to a mutually agreed upon amount between Vendor and Distributor. |
| c. | Section 3(b) notwithstanding, this Agreement may be terminated by either party giving the other written
notice, at least ninety (90) days prior to the expiration of the Term, that it wishes to terminate the Agreement. If such notice is given,
the Agreement shall terminate at the end of the then current Term. |
| d. | This Agreement is subject to early termination as provided in Section 7 below. |
| 4. | Orders, Shipment, and Delivery. |
| a. | Initial Order. Upon execution of this Agreement, Distributor agrees
to pay Vendor [***] as a pre-paid deposit for all of Vendor’s inventory of the Products and packaging located in the United States
as of the Effective Date, currently valued at [***] and as further described in Exhibit A (the “Initial Inventory”)
plus the cost of shipping the Initial Inventory to Distributor’s designated facility. Within thirty (30) days of submitting such
pre-paid deposit, Distributor shall pay Vendor [***] as full payment for the Initial Inventory (the “Initial Order”). |
| b. | Additional Orders. If Distributor requires additional Products beyond the Initial Order, Distributor
will order such Products from Vendor in writing, signed or transmitted by an authorized representative of Distributor (the “Purchase
Order” or “P.O.”). All orders are subject to acceptance by Vendor, and
Distributor may cancel all or part of any order prior to the date of shipment. Distributor agrees to furnish P.O.’s to Vendor for
a minimum of 100 products at a time. |
| c. | Shipment. Vendor will specify the shipping schedule in its acknowledgment of the P.O. Vendor
will use commercially reasonable efforts to meet the acknowledged delivery schedule but will not be liable for delays resulting from causes
beyond its reasonable control. |
| d. | Delivery. Vendor will ship all Products freight paid by Distributor, F.O.B. destination. Vendor
bears the risk of loss or damage to Products in transit, except as may be set forth in a rider or addendum to this agreement relating
to consignment sales, risk of loss and title to Products will pass to Distributor only
upon receipt by Distributor at its warehouse, or such other destination designated on the applicable P.O. |
| e. | Packing List. A packing list showing Distributor’s P.O. number, quantity ordered, quantity
shipped, and a detailed identification of the Products must accompany all shipments. |
| a. | Payment Terms. Payment for the Products shall be due upon Vendor’s acceptance of Distributor’s P.O. and must
be received by Vendor prior to shipment. All payments shall be made in United States dollars (USD) via wire transfer to a bank account
designated by Vendor. |
| b. | Price. The price charged to Distributor by Vendor for any Product (current or future releases)
shall be Vendor’s cost of materials plus ten percent (10%). |
| c. | Stock Issuances. As consideration for entering into this Agreement, Distributor shall issue
four hundred thousand (400,000) shares of its restricted common stock currently trading on the OTC Pink under the ticker symbol GOGR (the
“Shares”) in the following manner: i) Two hundred thousand (200,000) Shares to Robyn Fayle; and ii) Two hundred thousand
(200,000) Shares to Michael Delaney. |
| i. | Vendor acknowledges and agrees that the Shares are what are commonly known as “penny stocks.”
Vendor further acknowledges that: |
| 1. | Penny stocks are low-priced shares of small companies. Penny stocks may trade infrequently –
which means that it may be difficult to sell the Shares. Because it may also be difficult to find quotations for penny stocks, the Shares
may be impossible to accurately price. |
| 2. | While penny stocks generally trade over-the-counter, they may also trade on U.S. securities exchanges,
facilities of U.S. exchanges, or foreign exchanges. It is incumbent upon Vendor to learn about the market in which the Shares trade to
determine how much demand there is for the Shares and how difficult they will be to sell. |
| d. | Royalty. As additional consideration for entering into this Agreement, Distributor
shall pay Vendor a royalty equal to [***] of gross Product sales (“the Gross Product Sales”) made to Customers in the Territory
under the terms of this Agreement (the “Royalty”). Royalty payments will be made quarterly within thirty (30) calendar
days of the end of each quarter. |
| a. | Defective Products. Products which are returned after sale to Distributor’s customers and
are determined to be defective will be reported to Vendor. Vendor will advise Distributor regarding the disposition of such defective
Products within ten (10) business days of receipt of a return authorization request from Distributor. Vendor will be responsible for all
expenses regarding the disposition of defective Products and will issue an immediate credit to Distributor for the purchase price plus
all return freight charges. |
| b. | Returns Upon Termination. Upon the Agreement's termination, Vendor may repurchase or cause its
successor to purchase the Distributor's existing inventory of the Products at the Distributor's laid-in cost, providing the Distributor
has stored and maintained the Products in a saleable condition. Upon expiration or earlier termination of this Agreement, Vendor is not |
obligated to accept returns for a
period longer than two-hundred seventy (270) days following the effective date of termination.
| a. | Termination for Insolvency/Bankruptcy. Vendor may terminate this Agreement upon sixty (60) days’ written notice upon the
occurrence of any of the following events: |
| i. | An insolvency, bankruptcy, or similar proceeding for reorganization or protection is instituted by or
against Distributor pursuant to any present or future state or federal bankruptcy act or under any similar international law (and with
respect to any involuntary petition is not discharged within sixty (60) days; |
| ii. | Distributor makes or attempts to make an assignment for the benefit of its creditors; |
| iii. | A receiver, trustee, liquidator, custodian or similar official is appointed for the business or property
of Distributor and is not removed within sixty (60) days of the appointment; |
| iv. | Distributor is unable to pay its debts generally as they become due; |
| v. | Distributor fails to maintain good standing in the jurisdiction of its organization or fails to maintain
any licenses, certifications, and/or permits necessary to conduct its business; or |
| vi. | The acquisition, beneficially, directly or indirectly, by any person or group of persons acting jointly
or in concert, of the ownership of Distributor which, when added to all other ownership interest of the Distributor at the time held beneficially,
directly or indirectly by such person or persons acting jointly or in concert, totals for the first time more than 50% of the outstanding
ownership interest in the Distributor. |
| b. | Termination for Cause. In addition to any other rights or remedies which may be available at
law or in equity, either party may terminate this Agreement for cause upon the material breach by the other party of the terms of this
Agreement, and the failure of such other party to cure such breach within ninety (90) days of such notification. |
| c. | Termination Without Cause. Either party may terminate this Agreement upon thirty (30) days’
written notice and payment of one hundred thousand dollars ($100,000) to the non- terminating party. |
| d. | Survival. The obligations of the parties in Sections 5, 6, 8, 9, 10, and 11 of this Agreement
survive the expiration or earlier termination of this Agreement. |
| 8. | Warranties and Limitations. |
| a. | Warranties. Vendor represents and warrants that: (i) it has good and transferable title to the
Products or a valid and enforceable license to distribute the Products; (ii) the Products will perform in conformity with specifications
and documentation supplied by Vendor; (iii) the Products or their use do not infringe any patents, copyrights, trademarks, trade secrets
or any other intellectual property rights of any third parties; (iv) that there are no suits or proceedings pending or threatened which
allege an infringement of such proprietary rights; and (v) the Product sales to Distributor do not in any way constitute violations or
any law, ordinance, rule or regulation applicable to such Products or sales. |
| b. | Authority. Vendor represents and warrants that it has the full power and authority to execute
and deliver this Agreement. This Agreement constitutes the legal, valid, and binding obligation of Vendor enforceable in accordance with
its terms. No other consent, approval or authorization of any governmental authority or any third party is required in connection with
the execution and delivery of this Agreement, or the carrying out, or performance of any of the transactions required or contemplated
by this Agreement or, if required, such consent, approval, order or authorization has been obtained by Vendor prior to the date hereof. |
| c. | Limitation of Liability. Neither party, nor any of its directors, officers, or employees, shall
be liable to the other for any special, indirect, consequential or incidental damages, including, but not limited to, lost profits, however
caused. This limitation shall apply even if such party has been advised of the possibility of such damages or the damages were otherwise
foreseeable. |
| a. | Vendor’s Indemnification. Vendor shall be solely responsible for the design,
development, supply, production and performance of the Products. Vendor agrees to defend, indemnify, and hold harmless Distributor
and its Customers from and against any and all claims, suits, demands, liabilities, losses, damages, reasonable attorneys’ fee
and other costs and expenses (“Claim”) that may result, in whole or in part, from: (i) any infringement, or any
claim of infringement, of any patent, trademark, copyright, trade secret or other proprietary right with respect to the Products;
(ii) any warranty claim with respect to the Products or any breach by Vendor of this Agreement; and (iii) any injury or damage,
including but not limited to, any personal or bodily injury or property
damage, arising out of or resulting in any way from any defective Products. |
| b. | Indemnification Procedure. The party seeking indemnification will notify Vendor of any Claim
and will cooperate with and provide reasonable assistance to Vendor (at Vendor’s expense) in the defense or settlement of such Claim,
provided that the party seeking indemnification may, at its own expense, retain separate representation. Vendor has the right to control
the defense or settlement of any Claim, provided, however, that Vendor will not enter into any compromise or settlement which does not
include a complete release of all claims against Distributor and its Customers regarding the matter which is the subject of the Claim. |
| 10. | Arbitration. The Parties agree that any and all disputes that they have with one another
which arise under the terms of this Agreement shall be resolved through final and binding arbitration, as specified herein. Binding arbitration
shall be conducted in New York, New York in accordance with the rules and regulations of the American Arbitration Association. Each Party
will bear one half of the costs of the arbitration filing and hearing fees, and the cost of the arbitrator. The parties understand and
agree that the arbitration shall be in lieu of any civil litigation and that the arbitrator’s decision shall be final and binding
to the fullest extent permitted by law and enforceable by any court having jurisdiction thereof. |
| 11. | Limited License. During the term of this Agreement, Vendor grants to Distributor the use
of the CALCLEAR name, logo, and trademark for use in the pursuit of the sale of the Products, and all the products and services encompassed
thereunder, and to enable it to perform its obligations under the Agreement. The grant of this license includes permission of the Distributor
to use the name, the patent, copyrights, works of authorship, trademarks, service marks, and other information of designs to promote the
vendor products and services thereunder (the “CALCLEAR IP”)
in the pursuit of business on behalf of the Vendor in connection with its performance of the Contract Obligations. |
| 12. | Option to Manufacture; Option to Acquire. |
| a. | Option to Manufacture. Distributor shall have the option to manufacture the Products in the United
States subject to such terms as shall be defined in a future agreement between the parties. Until a separate agreement describing the
terms under which Distributor may manufacture the Products in the United States is executed between Distributor and Vendor, Distributor
shall have no right to manufacture the Products without the express written consent of Vendor. |
| i. | Orders of Printed Circuit Boards (“PCBs”) shall be made in lots
of two hundred (200) PCBs a minimum of five (5) lots in a single order for a minimum order quantity of one thousand (1,000) PCBs. |
| b. | Option to Acquire. Distributor shall have a right of first refusal to acquire Vendor’s business
at the same price and on the same terms and conditions as those offered to any prospective buyer. In the event that Vendor receives a
bona fide offer to purchase its business from a third party (the “Offer”), and Vendor intends to accept the Offer,
Vendor shall provide Distributor with written notice of its intent to accept the Offer and Distributor shall have ten (10) business days
from receipt of such notice to exercise its right of first refusal, after which time Vendor shall be free to accept the Offer from the
third party. |
| 13. | Confidentiality. Vendor and Distributor recognize that the terms
of this Agreement and the information provided to the other party pursuant to this Agreement is confidential and each party will take
reasonable steps to protect such confidential information. |
| a. | Governing Law. This Agreement and the rights and obligations of the parties hereunder will be
governed by the laws of the State of New York, without regard to its choice of law provisions. Subject to Section 10, the parties agree
that the state or federal courts located in New York County, New York have sole and exclusive jurisdiction and venue over any action relating
to this Agreement and the parties hereby consent to the jurisdiction of such courts. In the event of a dispute related to this Agreement,
the prevailing party is entitled to recover its costs and reasonable attorneys’ fees. |
| b. | Relationship of the Parties. Vendor and Distributor agree that their relationship is that of
seller and buyer. Each are independent contractors acting for their own accounts and neither is authorized to make any commitment or representation,
express or implied, on the other’s behalf unless authorized in writing. In all matters relating to this Agreement, neither par ty
nor such party’s employees or agents are, or will act as, employees of the other party within the meaning or application of any
federal or state law. |
| c. | Assignment. This Agreement may not be assigned by either party, without prior mutual agreement.
Notwithstanding the foregoing either party, by giving written notice to the other, may make any such assignment to a subsidiary, other
affiliated company or any company purchasing substantially all of its assets. The provisions, rights and obligations of this Agreement
are binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. |
| d. | Severability. If any provision of this Agreement is held invalid or unenforceable by a court
of competent jurisdiction, the invalid or unenforceable part or provision will be deemed replaced with a provision which accomplishes
to the extent possible and lawful the original purpose and intent of such provision,
and the remainder of the Agreement continues unaffected and in full force and effect. |
| e. | Waiver. No waiver of any provision or default under this Agreement will affect the right of either
party to enforce such provision or to exercise any right or remedy in the event of any other default, whether or not similar, at a later
time. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which a party would
otherwise have. |
| f. | Headings. The headings and subheadings preceding the various Sections of this Agreement are for
convenience only, have no legal significance and in no way change the construction or meaning of the terms hereof. Every word or phrase
defined herein has, unless specified to the contrary, the same meaning throughout this Agreement. As used herein, whenever applicable,
the singular includes the plural and the plural includes the singular, the masculine includes the feminine and the feminine includes the
masculine. |
| g. | Entire Agreement. This Agreement and the exhibits attached hereto constitute the entire agreement
and understanding between the parties concerning the subject matter hereof and supersede all prior and contemporaneous representations,
agreements, understandings, proposals and communications between the parties, whether written or oral. Both parties agree that to the
extent there are any terms contained in any invoices or purchase orders issued pursuant to the terms of this Agreement that vary and conflict
with the terms of this Agreement, then the terms set forth in this Agreement will govern. |
| h. | Modification and Amendment. This Agreement may not be modified, amended, rescinded, waived or
otherwise changed except pursuant to the written consent signed by a duly authorized representative of each party. |
| i. | Execution In Counterparts. This Agreement may be executed in any number of counterparts which,
when taken together, constitute one and the same instrument. |
| j. | English Language. This Agreement is written and executed in the
English language. Any translation into any other language shall not be an official version of this Agreement and in the event of any conflict
in interpretation between the English version and such translation, the English version shall prevail. |
[remainder of page left
intentionally blank]
IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed effective as of the Effective Date indicated above.
| For: Go Green Global Technologies, Corp. |
|
For:
CALCLEAR Investments PTY Limited
|
| |
|
|
| By: |
/s/ Corrine Couch, COO |
|
By: |
/s/ Robyn Fayle |
| Corrine Couch, COO |
|
Robyn Fayle, CEO
|
| |
|
|
| |
|
|
| |
|
|
| Date: 7/3/2024 |
|
Date: 7/3/2024 |
| |
|
|
EXHIBIT A
Initial Inventory Schedule
| Product |
Quantity |
Distributor Price ($) |
Total Costs ($) |
| Mobile Soft Water Blue Units |
20 |
[***] |
[***] |
| Digital Unit 50mm |
3 |
[***] |
[***] |
| Digital Unit 32mm |
1 |
[***] |
[***] |
| Digital Tube 50mm |
1 |
[***] |
[***] |
| Packaging |
1500 |
[***] |
[***] |
| Total |
|
|
[***] |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We hereby consent to the inclusion in this Registration
Statement on Form S-1 Amendment No. 2 of our report dated May 30, 2024, relating to the financial statements of Go Green Global Technologies
Corp. as of and for the years ended December 31, 2023, and 2022 (which report includes an explanatory paragraph regarding the Company’s
ability to continue as a going concern).
We also consent to the reference to us under the heading “Experts”
in such Registration Statement.
/s/ RBSM LLP
RBSM LLP
New York, NY
August 27, 2024
Exhibit 107
Calculation of Filing Fee Tables
S-1
(Form Type)
Go Green Global Technologies Corp.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward
Securities
| |
Security
Type |
Security
Class
Title |
Fee
Calculation
or Carry
Forward
Rule |
Amount
Registered |
Proposed
Maximum
Offering
Price Per
Unit |
Maximum
Aggregate
Offering
Price |
Fee
Rate |
Amount
of
Registration
Fee(1) |
Carry
Forward
Form
Type |
Carry
Forward
File
Number |
Carry
Forward
Initial
effective
date |
Filing
Fee
Previously
Paid In
Connection
with
Unsold
Securities
to be
Carried
Forward |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Newly
Registered Securities |
Fees
to Be
Paid |
Equity |
Common
Stock, par value $0.001 per share (“Common Stock”) |
|
11,171,136 |
|
$0 |
|
$0 |
|
|
|
|
| |
Equity |
Common
Stock underlying warrants with an exercise price of $0.01 per share |
457(o) |
2,500,000 |
(2)
|
$25,000 |
$0.00014760 |
$3.69 |
– |
– |
– |
– |
| |
Equity |
Common
Stock underlying pre-funded warrants with an exercise price of $0.001 per share |
– |
9,000,000 |
– |
– |
– |
– |
– |
– |
– |
– |
| |
Equity |
Common
Stock underlying warrants with an exercise price of $0.055 per share |
457(o) |
9,400,000 |
(3) |
$517,000 |
$0.00014760 |
$76.31 |
– |
– |
– |
– |
| |
Equity |
Common
Stock underlying warrants with an exercise price of $0.2 per share |
457(o) |
200,000 |
(4) |
$40,000 |
$0.00014760 |
$5.91 |
– |
– |
– |
– |
Fees
Previously
Paid |
– |
– |
– |
– |
– |
– |
– |
– |
|
|
|
|
| Carry
Forward Securities |
Carry
Forward
Securities |
|
|
|
|
|
|
|
– |
|
|
|
|
| |
Total
Offering Amounts |
|
|
|
$582,000 |
|
|
|
|
| |
Total
Fees Previously Paid |
|
|
|
$0 |
|
|
|
|
| |
Total
Fee Offsets |
|
|
|
$0 |
|
|
|
|
| |
Net
Fee Due |
|
|
|
$85.90 |
|
|
|
|
| |
(1) |
Rounded up to the nearest cent. |
| |
(2) |
The price per share used to obtain the maximum offering amount of such Common Stock for the purposes of calculating the registration fee was the exercise price per Common Stock underlying each of such warrants ($0.01). |
| |
(3) |
The price per share used to obtain the maximum offering amount of such Common Stock for the purposes of calculating the registration fee was the exercise price per Common Stock underlying each of such warrants ($0.055). |
| |
(4) |
The price per share used to obtain the maximum offering amount of such Common Stock for the purposes of calculating the registration fee was the exercise price per Common Stock underlying each of such warrants ($0.20). |
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