0001264931-18-000049.txt : 20180515 0001264931-18-000049.hdr.sgml : 20180515 20180515151157 ACCESSION NUMBER: 0001264931-18-000049 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLDS INC CENTRAL INDEX KEY: 0000001961 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 221848316 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24115 FILM NUMBER: 18835752 BUSINESS ADDRESS: STREET 1: 11 ROYAL ROAD CITY: BROOKLINE STATE: MA ZIP: 02445 BUSINESS PHONE: 617-725-8900 MAIL ADDRESS: STREET 1: 11 ROYAL ROAD CITY: BROOKLINE STATE: MA ZIP: 02445 FORMER COMPANY: FORMER CONFORMED NAME: Worlds.com, Inc. DATE OF NAME CHANGE: 20080521 FORMER COMPANY: FORMER CONFORMED NAME: WORLDS COM INC DATE OF NAME CHANGE: 20000519 FORMER COMPANY: FORMER CONFORMED NAME: WORLDS INC DATE OF NAME CHANGE: 19980213 10-Q 1 wddd10q12018.htm FORM 10-Q

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

FORM 10-Q

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

For the Quarterly Period ended March 31, 2018

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission File number 000-24115

WORLDS INC.

(Exact Name of Registrant as Specified in Its Charter)

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

11 Royal Road
Brookline, MA 02445
(Address of Principal Executive Offices)


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

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,  a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

(Check One):

Large Accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☐

(Do not check if a smaller reporting company)

 Smaller reporting company ☒
Emerging growth company ☐  

 

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

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

 

As of March 31, 2018, 49,354,833 shares of the Issuer's Common Stock were outstanding.

 

 

 (1) 

 

 

 

  

Worlds Inc.

 

Table of Contents

   Page
Balance Sheets as of March 31, 2018 (unaudited) and December 31, 2017 (audited)   4 
Statements of Operations for the three months ended March 31, 2018 and 2017 (unaudited)   5 
Statements of Cash Flows for the three months ended March 31, 2018 and 2017 (unaudited)   6 
Notes to Financial Statements   7 

 

 

 (2) 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 (3) 

 

 

Worlds Inc.      
Balance Sheets      
March 31, 2018 and December 31, 2017      
   Unaudited  Audited
   March 31, 2018  December 31, 2017
       
ASSETS:          
Current Assets          
Cash and cash equivalents  $1,147,409   $168,229 
Due from related party   20,998    15,998 
           
Total Current Assets   1,168,407    184,227 
           
Total assets  $1,168,407   $184,227 
           
           
LIABILITIES AND STOCKHOLDERS' DEFICIT:          
Current Liabilities          
Accounts payable  $797,908   $797,908 
Accrued expenses   2,307,268    2,813,656 
Notes payable   773,279    773,279 
Notes Payable   750,000    25,000 
           
Total Current Liabilities   4,628,455    4,409,843 
           
Long Term Liabilities          
Notes payable   —      725,000 
           
Total Long Term Liabilities   —      725,000 
           
Stockholders' (Deficit)          
           
Common stock (Par value $0.001 authorized 250,000,000 shares, issued and outstanding 49,354,833 at March 31, 2018 and December 31, 2017, reflecting the reverse split respectively)   49,355    49,355 
Common stock subscribed but not yet issued 7,000 at March 31, 2018 and 0 at December 31, 2017, reflecting the reverse split respectively)   7,000    —   
Additional paid in capital   40,126,237    37,918,817 
Common stock-warrants   1,206,913    1,206,913 
Accumulated deficit   (44,849,553)   (44,125,701)
Total stockholders deficit   (3,460,046)   (4,950,614)
           
Total Liabilities and stockholders' deficit  $1,168,407   $184,228 
           
           
The accompanying notes are an integral part of these financial statements

 

 

 (4) 

 

 

Worlds Inc.       
Statements of Operations        
For the Three Months Ended March 31, 2018 and 2017        
   Unaudited   Unaudited
   2018   2017
        
Revenues           
Revenue  $—      $—   
            
Total Revenue   —       —   
            
            
Cost and Expenses           
            
Cost of Revenue   —       —   
            
Gross Profit/(Loss)   —       —   
            
            
Warrant expense   1,339,420     —   
Selling, General & Admin.   206,931     145,579 
Salaries and related   70,460     64,054 
            
Operating loss   (1,616,811)    (209,633)
            
            
Other Income (Expense)           
Gain on sale of marketable securities   904,054     —   
Loss on conversion of payable to common stock   —       (5,394)
Interest Expense   (11,096)    (11,096)
Net Income/(Loss)  $(723,852)   $(226,123)
            
Weighted Average Loss per share  $(0.01)     **  
Weighted Average Common Shares Outstanding (reflecting the reverse stock split)   49,354,888     48,345,830 
            
**=less than $0.01           
            
The accompanying notes are an integral part of these financial statements

 

 

 (5) 

 

 

 

 

Worlds Inc.      
Statements of Cash Flows      
Three Months Ended March 31, 2018 and 2017      
    
   Unaudited  Unaudited
   3/31/18  3/31/17
Cash flows from operating activities:          
Net gain/(loss)  $(723,852)   (226,123)
Adjustments to reconcile net loss to net cash (used in) operating activities          
Fair value of warrants issued   1,339,420    —   
Accounts payable and accrued expenses   (506,389)   23,962 
Due from/to related party   (5,000)   (9,279)
Net cash (used in) operating activities:   104,179    (211,440)
           
           
Cash flows from financing activities          
Proceeds from exercise of warrants   875,000    292,800 
Issuance of common stock as payment for account payable   —      25,582 
Net cash provided by financing activities   875,000    318,382 
           
Net increase/(decrease) in cash and cash equivalents   979,178    106,942 
           
Cash and cash equivalents, including restricted, beginning of period   168,229    93,378 
           
Cash and cash equivalents, including restricted, end of period  $1,147,409    200,320 
           
Non-cash financing activities          
           
           
Supplemental disclosure of cash flow information:          
Cash paid during the year for:          
Interest  $—      —   
Income taxes  $—      —   
           
The accompanying notes are an integral part of these financial statements

 

 

 (6) 

 

 

  

  

 

Worlds Inc.

NOTES TO FINANCIAL STATEMENTS

Three Months Ended March 31, 2018

(Unaudited)

 

NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

 

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers. The Company also entered into a License Agreement with MariMed Inc. to sublicense its patented technologies.

 

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"), which contemplates continuation of the Company as a going concern. The Company has always been considered a developmental stage business, has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for development and enforcement of its patent portfolio. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As the Company has focused its attention on increasing its patent portfolio and enforcing it, the Company has been operating at a significantly reduced capacity, with only one full time employee and using consultants to perform any additional work that may be required.

 

Use of Estimates

 

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

 

Cash and Cash Equivalents

 

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

 

Revenue Recognition

 

Effective for the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s current sources of revenue after the spin off are expected to be from any revenue that may be generated from enforcing its patents. The Company recognizes revenue when all of the following criteria are met: evidence of an arrangement exists such as a signed contract, delivery has occurred, the price is fixed or determinable, and collectability is reasonable assured. This will usually be in the form of a receipt of a customer’s acceptance indicating the product has been completed to their satisfaction except for development work and service revenue which is recognized when the services have been performed.

 

Research and Development Costs

 

Research and development costs are charged to operations as incurred.

 

 

 (7) 

 

   

 

Property and Equipment

 

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

 

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during 2017 and thus far in 2018.

 

Stock-Based Compensation

 

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

 

Income Taxes

 

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

 

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

 

 

 (8) 

 

 

 

Notes Payable

 

The Company has $773,279 in short term notes outstanding at March 31, 2017 and December 31, 2017. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 

The Company has an additional $750,000 in short term notes outstanding at March 31, 2018. As of December 31, 2017 $725,000 of such additional notes were categorized as long term notes and only $25,000 were categorized as short term notes.

 

Comprehensive Income (Loss)

 

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

 

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of March 31, 2018 there were 5,430,000 options and 4,480,000 warrants whose effect is anti-dilutive and not included in diluted net loss per share. As of December 31, 2017, there were 5,430,000 (post reverse split) options and 7,980,000 (post reverse split) warrants, whose effect is anti-dilutive and not included in diluted net loss per share for December 31, 2017. The options and warrants may dilute future earnings per share.

 

Commitments and Contingencies

 

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

 

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

 

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

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of March 31, 2018 and December 31, 2017, the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.

 

 

 (9) 

 

 

Risk and Uncertainties

 

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

 

Off Balance Sheet Arrangements

 

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

 

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2017.

 

Fair Value of Financial Instruments

 

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

 

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

 

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

 

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

 

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

 

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

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 5.

 

 (10) 

 

  

Embedded Conversion Features 

 

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

 

Derivative Financial Instruments

 

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

 

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

 

Subsequent Events

 

The Company evaluated for subsequent events through the issuance date of the Company’s financial statements.

 

Recent Accounting Pronouncements

 

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

 

The Company has reviewed the new tax law recently enacted and determined that there will not be a material impact on the financial statements.

 

 (11) 

 

 

 

 NOTE 2 - GOING CONCERN 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Since its inception, the Company has had periods where it had only minimal revenues from operations. There can be no assurance that the Company will be able to obtain the additional capital resources to fully implement its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company is pursuing sources of additional financing and there can be no assurance that any such financing will be available to the Company on commercially reasonable terms, or at all. Any inability to obtain additional financing will likely have a material adverse effect on the Company, including possibly requiring the Company to completely reduce and/or cease operations.

 

These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

NOTE 3 - EQUITY 

 

On February 9, 2018 the Company implemented a 5 for 1 reverse split of the Company’s common stock.

 

During the three months ended March 31, 2018 the Company received an additional $875,000 upon the exercise of 35,000,000 warrants (pre reverse split) to purchase 35,000,000 (pre reverse split) shares of the Company’s common stock at $0.025 per share.

 

During the three months ended March 31, 2018, the Company issued 3,500,000 warrants as part of a subscription agreement. Each warrant entitles the holder to purchase one share of common stock at a price of $0.325. The warrants expire in five years.  The Company recorded a warrant expense of $1,339,420 equal to the estimated fair value of the warrants at the date of issuance. The fair market value was calculated using the Binomial option price calculation method assuming approximately 2.52% risk-free interest, 0% dividend yield, 443% volatility, exercise price of $0.325 per share with a current market price of $0.385 and an expected life of 5 years.

 

During the three months ended March 31, 2017 the Company received an additional $292,800 upon the exercise of 24,400,000 warrants (pre reverse split) to purchase 24,400,000 (pre reverse split) shares of the Company’s common stock at $0.012 per share.

 

 

NOTE 4 - NOTES PAYABLE 

 

Notes payable at March 31, 2018 consist of the following:   
Entire balance of principal and unpaid interest due on demand  $124,230 
Entire balance of principal and unpaid interest due on demand  $649,049 
Promissory notes  $700,000 
Notes Payable - related party  $50,000 
Total notes  $1,523,279 
2018  $773,279 
2019  $750,000 
2020  $-0- 
2021  $-0- 
2022  $-0- 
   $1,523,279 

 

The promissory notes and note payable related party carry a 6% annual interest rate and are payable upon the earlier of (a) 24 months from the date of the promissory note or (b) the Company reaching a settlement(s) on a patent infringement claim(s) and receiving an aggregate of at least $2 million net proceeds from such settlement(s). The holders of the promissory notes shall receive repayment in the full face amount of the note from the initial $500,000 the Company actually receives from the net proceeds of its patent infringement claim(s) or from the net proceeds of a public offering. In addition the holder shall receive a preferred return (i) in an amount equal to up to 200% of the initial face amount of the note out of available cash by sharing with all other investors in this series of notes in the allocation of 50% of the available cash received by the Company from $2M - $4M and (ii) in an amount equal to up to 100% of the initial face amount of the note out of available cash by sharing with all other investors in this series of notes in the allocation of 25% of the available cash received by the Company from $4M - $6M. In other words, if the Company collects $6M in the net proceeds of available cash, the holder will receive a return equal to 400% of its investment. All of the promissory notes had reached their maturity date and extension agreements have been signed for all of the $750,000 in notes. 

 (12) 

 

NOTE 5 – STOCK OPTIONS

 

No stock options were issued during the three months ended March 31, 2018 and no stock options were exercised during the three months ended March 31, 2018.

 

During the three months ended March 31, 2018, the Company issued 3,500,000 warrants as part of a subscription agreement. Each warrant entitles the holder to purchase one share of common stock at a price of $0.325. The warrants expire in five years.  The Company recorded a warrant expense of $1,339,420 equal to the estimated fair value of the warrants at the date of issuance. The fair market value was calculated using the Binomial option price calculation method assuming approximately 2.52% risk-free interest, 0% dividend yield, 443% volatility, exercise price of $0.325 per share with a current market price of $0.385 and an expected life of 5 years.

 

No stock options were issued during the three months ended March 31, 2017 and no stock options were exercised during the three months ended March 31, 2017. 

 

Stock Warrants and Options
Stock warrants/options outstanding and exercisable on a post reverse split basis on March 31, 2018 are as follows:
 
Exercise Price per Share   Shares Under Option/warrant   Remaining Life in Years
Outstanding and Exercisable        
$ 0.325       3,500,000       4.83  
$ 0.15       5,220,000       4.50  
$ 0.15       580,000       2.70  
$ 0.05       200,000       4.70  
$ 0.30       200,000       4.70  
$ 0.775       40,000       0.75  
$ 0.70       50,000       0.75  
$ 0.55       60,000       2.25  
$ 0.65       60,000       2.25  

 

 

 

NOTE 6 - COMMITMENTS AND CONTINGENCIES

 

The Company is committed to an employment agreement with its President and CEO, Thom Kidrin. The agreement, dated as of August 30, 2012, is for five years with a one-year renewal option held by Mr. Kidrin.  Mr. Kidrin exercised his one-year renewal option. The agreement provides for a base salary of $175,000, which increases 10% on September 1 of each year; a monthly car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows: $75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%) percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 7.5 million shares of Worlds Inc. common stock at an exercise price of  $0.076 per share, all of which vested on August 30, 2012; a death benefit of at least $2 million dollars; and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the agreement).  The option portion of Mr. Kidrin’s employment agreement has expired and has been replaced by an option agreement giving Mr. Kidrin the option to purchase 5,000,000 million post reverse split shares of Worlds Inc. common stock at an exercise price of $0.15 per share, all of which vest on October 1, 2017. The remaining parts of the agreement have been renewed by Mr. Kidrin for one year. The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is subject to restrictive covenants for 12 months after termination.  

 

 (13) 

 

 

 

NOTE 7 - RELATED PARTY TRANSACTIONS

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, MariMed Inc., the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers.

 

Due from related party account is comprised of cash payments for operating expenses made by Worlds Inc on behalf of MariMed Inc. The balance at March 31, 2018 is a due from related party of $20,998 and the balance on December 31, 2017 is $15,998.

 

NOTE 8 - PATENTS

Worlds Inc. currently has nine patents, 6,219,045 - 7,181,690 - 7,493,558 – 7,945,856, - 8,082,501, – 8,145,998 – 8,161,383, – 8,407,592 and 8,640,028. On March 30, 2012, the Company filed a patent infringement lawsuit against Activision Bizzard Inc., Blizzard Entertainment Inc. and Activision Publishing Inc. in the United States District Court for the District of Massachusetts. Susman Godfrey LLP is lead counsel for the Company. The costs to prosecute those parties that the Company and our legal counsel believe to be infringing on said patents were capitalized under patents until a resolution is reached.

 

There can be no assurance that the Company will be successful in its ability to prosecute its IP portfolio or that we will be able to acquire additional patents.

 

NOTE 9 – SALE OF MARKETABLE SECURITIES

 

When Worlds Inc. spun off Worlds Online Inc. in January 2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained on the books of the Company with a book value of $0. During the three months ended March 31, 2018, the Company sold 1,069,045 shares at an average price of $0.85 per share raising $904,054. The proceeds from the sale are treated as a gain on sale of marketable securities in the financial statements. 

 

 (14) 

 

 

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

Forward Looking Statements

 

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

 

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different. These factors include, but are not limited to, changes that may occur to general economic and business conditions; changes in political, social and economic conditions in the jurisdictions in which we operate and changes to regulations that pertain to our operations.

 

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

 

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

 

Overview

 

General

 

Starting in mid-2001 we were not able to generate enough revenue to sustain full operations and other sources of capital were not available. As a result, we have had to significantly curtail our operations since that time and at times almost halt them all together. Since mid-2007, as more funds became available from our financings, we were able to increase operations and become more active operationally.

 

On May 16, 2011, we transferred, through a spin-off to our then wholly owned subsidiary, Worlds Online Inc., the majority of our operations and related operational assets. We retained our patent portfolio which we intend to continue to increase and to more aggressively enforce against alleged infringers. We also entered into a License Agreement with MariMed Inc. to sublicense patented technologies.

 

At present, the Company’s anticipated sources of revenue after the spin off will be from revenue that may be generated from enforcing its patents. 

 (15) 

 

Revenues

 

We generated no revenue during the quarter because we transferred the operations of the Company to MariMed Inc. and our other anticipated revenue generation streams did not produce any income during the quarter.

 

Expenses

 

We classify our expenses into two broad groups:

 

 •  Cost of revenues; and

 

 •  selling, general and administration.

  

 

Liquidity and Capital Resources

 

We have had to limit our operations since mid 2001 due to a lack of liquidity.  However, we were able to issue equity and convertible debt in the last few years and raise small amounts of capital from time to time that, prior to the spinoff, was used to enable us to begin upgrading our technology, develop new products and actively solicit additional business, and more recently to protect, increase and enforce our patent portfolio.  We continue to pursue additional sources of capital though we have no current arrangements with respect to, or sources of, additional financing at this time and there can be no assurance that any such financing will become available. If we cannot raise additional capital, form an alliance of some nature with another entity, or start to generate sufficient revenues, we may need to once again scale back operations. 

  

RESULTS OF OPERATIONS

 

Our net revenues for each of the three months ended March 31, 2018 and 2017 were $0.  All the operations were transferred over to MariMed Inc. in the spin off. The Company’s sources of revenue are anticipated to be from enforcing our patents in litigation or otherwise. 

Three months ended March 31, 2018 compared to three months ended March 31, 2017

 

Revenue is $0 for the three months ended March 31, 2018 and 2017. All the operations were transferred over to Worlds Online Inc. in the spin off. The business up to the spin off continued to run in a severely diminished mode due to the lack of liquidity. Post spin off we still need to raise a sufficient amount of capital to provide the resources required that would enable us to continue running the business.

 

Cost of revenues is $0 in the three months ended March 31, 2018 and 2017.

 

Selling general and administrative (SG&A) expenses increased by $61,352 from $145,579 to $206,931 for the three months ended March 31, 2017 and 2018, respectively. Increase is due to activity related to the patent litigation.

 

Salaries and related increased by $6,406 to $70,460 from $64,054 for the three months ended March 31, 2018 and 2017, respectively. The increase is due to the increase in the CEO’s salary based on the terms of his employment agreement.

  

For the three months ended March 31, 2018, the Company recorded a warrant expense of $1,339,420, equal to the estimated fair value of the warrants at the date of grants. The warrant expense was due to 3,500,000 (post reverse split) warrants granted to investors of the company. For the three months ended March 31, 2017, there was no warrant expense.

 

For the three months ended March 31, 2018 and 2017 the Company had an interest expense of $11,096.

 

For the three months ended March 31, 2018 we had a gain on sale of marketable securities of $904,054. The Company sold shares in the spin-off company MariMed Inc. For the three months ended March 31, 2017 we had $0. 

 

As a result of the foregoing, we realized a net loss of $732,852 for the three months ended March 31, 2018 compared to a net loss of $226,123 in the three months ended March 31, 2017.

 

 

 (16) 

 

 

 

Liquidity and Capital Resources

 

At March 31, 2018, our cash and cash equivalents were $1,147,409. During the three months ended March 31, 2018, we raised an aggregate of $875,000 from warrants being exercised for common stock. We raised an additional $904,054 through the sale of shares of stock that the Company retained in the spin off company MariMed Inc.

 

At March 31, 2017, our cash and cash equivalents were $200,320. During the three months ended March 31, 2017, we raised an aggregate of $292,800 from warrants being exercised for common stock.

  

There were no capital expenditures in the three months ended March 31, 2018 or in the three months ended March 31, 2017.

 

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

 

The funds raised in our 2018 and 2017 financings were and will be used to enhance our patent portfolio, pay salaries to management and pay professional fees to our attorneys and auditors to prepare and file reports with the Securities and Exchange Commission.  We hope to raise additional funds to be used for further developing our portfolio of patents and to document our technology in order to enforce our patents where there is infringement.  No assurances can be given that we will be able to raise any additional funds.  

 

Item 4. Controls And Procedures

 

As of March 31, 2018, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2018. The above statement notwithstanding, you are cautioned that no system is foolproof.

 

Changes in Internal Control Over Financial Reporting

 

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

 

 (17) 

 

 

 

 

PART II OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Federal case before Judge Denise Casper has been stayed pending the outcome of the IPR appeal to the United States Court of Appeals for the Federal Circuit (“CAFC”).

 

On May 26, 2015, Bungie, Inc. filed three Petitions for Inter Partes Review with the U.S. Patent & Trademark Office (“USPTO”), and specifically, the Patent Trial and Appeal Board (“PTAB”). These Petitions for Inter Partes Review, Case Nos. IPR2015-01264, -01268, and -01269 respectively contained validity challenges of three U.S. patents assigned to the Company.  On June 1, 2015, Bungie, Inc. filed three additional Petitions for Inter Partes Review with the USPTO, and specifically the PTAB. The Petition for Inter Partes Review, Case No. IPR201501319 contained validity challenges of one additional U.S. patent assigned to the Company. The Petitions for Inter Partes Review, Case Nos. IPR2015-01321 and 01325 contained validity challenges of one additional U.S. patent assigned to the Company. In each Inter Partes Review, Bungie, Inc. was asking the PTAB to cancel issued claims from the Company’s patents.

 

The Company’s legal counsel represented the Company before the USPTO with regard to these six Petitions for Inter Partes Review, Case Nos. IPR2015-01264, -01268, -01269, -01319, -01321, and -01325, instituted against the five U.S. patents assigned to the Company.  The Company vigorously contested each Inter Partes Review. 

 

On November 10, 2016, the PTAB issued its final written decision in IPR201501264, canceling claim 1 of Company’s U.S. Patent No. 7,945,856.

 

On November 30, 2016, the PTAB issued its final written decision in IPR201501268, canceling claims 1-3, 5-7, 10-12, 14, 15, 17, and 19 of Company’s U.S. Patent No. 7,181,690.  Of the claims reviewed, the PTAB did not cancel claims 4, 8, 13, and 16. 

 

On November 28, 2016, the PTAB issued its final written decision in IPR201501269, canceling claims 4, 6, 8, and 9 of Company’s U.S. Patent No. 7,493,558. Of the claims reviewed, the PTAB did not cancel claims 5 and 7. 

 

On December 6, 2016, the PTAB issued its final written decision in IPR201501319, canceling claims 1-8, 10, 12, and 14-16 of Company’s U.S. Patent No. 8,082,501.

 

On November 28, 2016, the PTAB issued its final written decision in IPR201501321, canceling claims 1-3, 7, 8, 12-18, and 20 of Company’s U.S. Patent No. 8,145,998.

 

On November 28, 2016, the PTAB issued its final written decision in IPR201501325, canceling claims 1 and 20 of Company’s U.S. Patent No. 8,145,998.  Of the claims reviewed, the PTAB did not cancel claims 2-3, 7, 8, and 11-18 in this proceeding.

 

The Company did not appeal the final written decisions in IPR2015-01268, IPR201501269, and IPR2015-01325. 

 

 (18) 

 

 

On January 12, 2017, February 7, 2017, and January 30, 2017, respectively, Company appealed the outcomes in IPR2015-01264, IPR2015-01319, and IPR2015-01321 to the United States Court of Appeals for the Federal Circuit (“CAFC”).  These three cases have been consolidated.

 The company filed formal appeal briefs with the United States Court of Appeals for the Federal Circuit (“CAFC”) on June 26, 2017.

On June 19, 2017 Appelle, Bungie Inc., filed an extension request to respond which the CAFC granted on June 27, 2017.

On August 25, 2017, Appellee Bungie Inc. filed its Response Brief with CAFC.

On September 22, Appellant Worlds Inc. filed its Reply Brief with CAFC.

On January 22, 2018, the United States Court of Appeals for the Federal Circuit scheduled the oral argument for Worlds’ appeal of the U.S. Patent & Trademark Office Patent Trial & Appeal Board (USPTO PTAB) Inter Partes Review (IPR) decisions that issued in November and December, 2016. The oral argument took place before a panel of three judges of the Federal Circuit on March 9, 2018.  A decision on these appeals is expected within the 2018 calendar year.

Item 1A. Risk Factors

 

We are not obligated to disclose our risk factors in this report, however, limited information regarding our risk factors appears in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Forward-Looking Statements” contained in this Quarterly Report on Form 10-Q and in “Item 1A. RISK FACTORS” of our 2017 Annual Report on Form 10-K. There have been no material changes from the risk factors previously disclosed in our 2017 Annual Report on Form 10-K.

 

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

 

During the three months ended March 31, 2018 we raised an aggregate of $875,000 from warrants being exercised for common stock.

 

During the three months ended March 31, 2017 we raised an aggregate of $292,800 from warrants being exercised for common stock.

  

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosure

 

Not applicable. 

 

Item 5. Other Information

 

None.

 

 (19) 

 

  

 

Item 6. Exhibits

 

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

 

a) Filed previously with the Proxy Statement Form DEF 14A on May 9, 2010 and incorporated herein by reference.

 

 

 

 

 (20) 

  

SIGNATURES

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

Date: May 15, 2018

WORLDS INC.

 

By: /s/Thomas Kidrin

Thomas Kidrin

President and CEO

 

By: /s/Christopher Ryan

Christopher Ryan

Chief Financial Officer 

 

 

 (21) 

 

 

 INDEX TO EXHIBITS

 

  Exhibit No.     Description
  3.1     Certificate of Incorporation (a)
         
  3.2     By - Laws Restated as Amended (a)
         
  31.1     Certification of Chief Executive Officer
         
  31.2     Certification of Chief Financial Officer
         
  32.1     Statement required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
         
  32.2     Statement required by 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
         
   101.INS* XBRL      Instance Document
         
   101.SCH* XBRL      Taxonomy Extension Schema
         
   101.CAL* XBRL      Taxonomy Extension Calculation Linkbase
         
   101.DEF* XBRL      Taxonomy Extension Definition Linkbase
         
   101.LAB* XBRL      Taxonomy Extension Label Linkbase
         
   101.PRE* XBRL      Taxonomy Extension Presentation Linkbase

 

a) Filed previously with the Proxy Statement Form DEF 14A on May 9, 2010 and incorporated herein by reference.

 

 (22) 

 EX-31 2 ex31_1.htm CERTIFICATIONS

EXHIBIT 31.1  

Certifications

I, Thomas Kidrin, certify that: 

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

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

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

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

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

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

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

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

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

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

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

 

Date: May 15, 2018

 

/s/ Thomas Kidrin

Thomas Kidrin

Chief Executive Officer

 EX-31 3 ex31_2.htm CERTIFICATIONS

EXHIBIT 31.2 

 

Certifications

I, Christopher J. Ryan, certify that:

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

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

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

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

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

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

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

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

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

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

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

 

Date: May 15, 2018

/s/ Christopher J. Ryan

Christopher J. Ryan

Chief Financial Officer

 EX-32.1 4 ex32_1.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 32.1

  

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Worlds Inc. (the "Company") on Form 10-Q for the three months ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas Kidrin, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge: 

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

 

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

 

  WORLDS INC
  (Registrant)
   
Date: May 15, 2018 By:/s/ Thomas Kidrin
  Thomas Kidrin
  Chief Executive Officer 

 

 

EX-32.2 5 ex32_2.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 32.2 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Worlds Inc. (the "Company") on Form 10-Q for the three months ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. Ryan, Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge: 

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

 

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

  

  WORLDS INC
  (Registrant)
   
Date: May 15, 2018 By:/s/ Christopher J. Ryan
  Christopher J. Ryan
  Chief Financial Officer

 

 

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Due from related party 20,998 15,998
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Total Assets 1,168,407 184,227
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Accounts payable 797,908 797,908
Accrued expenses 2,307,268 2,813,656
Notes payable 773,279 773,279
Notes payables 750,000 25,000
Total Current Liabilities 4,628,455 4,409,843
Long Term Liabilities    
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Total Long Term Liabilities 725,000
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Loss on conversion of payable to common stock (5,394)
Interest Expense (11,096) (11,096)
Net Income/ (Loss) $ (723,852) $ (226,123)
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Weighted Average Common Shares Outstanding (refelecting the reverse stock split) 49,354,888 48,345,830
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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net (loss) $ (723,852) $ (226,123)
Adjustments to reconcile net (loss) to net cash (used in) operating activities    
Fair value for warrants issued 1,339,420
Accounts payable and accrued expenses (506,389) 23,962
Due from/to related party (5,000) (9,279)
Net cash (used in) operating activities: 104,179 (211,440)
Cash flows from financing activities    
Proceeds from exercise of warrants 875,000 292,800
Issuance of common stock as payment for account payable 25,582
Net cash provided by financing activities 875,000 318,382
Net increase/(decrease) in cash and cash equivalents 979,178 106,942
Cash and cash equivalents, including restricted, beginning of period 168,229 93,378
Cash and cash equivalents, including restricted, end of period 1,147,409 200,320
Supplemental disclosure of cash flow information:    
Interest
Income taxes
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF ACCTING POLICIES
 3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF ACCTING POLICIES

NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES

 

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers. The Company also entered into a License Agreement with MariMed Inc. to sublicense its patented technologies.

 

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"), which contemplates continuation of the Company as a going concern. The Company has always been considered a developmental stage business, has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for development and enforcement of its patent portfolio. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As the Company has focused its attention on increasing its patent portfolio and enforcing it, the Company has been operating at a significantly reduced capacity, with only one full time employee and using consultants to perform any additional work that may be required.

 

Use of Estimates

 

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

 

Cash and Cash Equivalents

 

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

 

 

Revenue Recognition

 

Effective for the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s current sources of revenue after the spin off are expected to be from any revenue that may be generated from enforcing its patents. The Company recognizes revenue when all of the following criteria are met: evidence of an arrangement exists such as a signed contract, delivery has occurred, the price is fixed or determinable, and collectability is reasonable assured. This will usually be in the form of a receipt of a customer’s acceptance indicating the product has been completed to their satisfaction except for development work and service revenue which is recognized when the services have been performed.

 

Research and Development Costs

 

Research and development costs are charged to operations as incurred.

 

Property and Equipment

 

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

 

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during 2017 and thus far in 2018.

 

Stock-Based Compensation

 

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

 

Income Taxes

 

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

 

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

 

Notes Payable

 

The Company has $773,279 in short term notes outstanding at March 31, 2017 and December 31, 2017. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 

The Company has an additional $750,000 in short term notes outstanding at March 31, 2018. As of December 31, 2017 $725,000 of such additional notes were categorized as long term notes and only $25,000 were categorized as short term notes.

 

Comprehensive Income (Loss)

 

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

 

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of March 31, 2018 there were 5,430,000 options and 4,480,000 warrants whose effect is anti-dilutive and not included in diluted net loss per share. As of December 31, 2017, there were 5,430,000 (post reverse split) options and 7,980,000 (post reverse split) warrants, whose effect is anti-dilutive and not included in diluted net loss per share for December 31, 2017. The options and warrants may dilute future earnings per share.

 

Commitments and Contingencies

 

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

 

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

 

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

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of March 31, 2018 and December 31, 2017, the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.

 

Risk and Uncertainties

 

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

 

Off Balance Sheet Arrangements

 

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

 

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2017.

 

Fair Value of Financial Instruments

 

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

 

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

 

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

 

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

 

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

 

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

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 5.

 

Embedded Conversion Features 

 

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

 

Derivative Financial Instruments

 

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

 

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

 

Subsequent Events

 

The Company evaluated for subsequent events through the issuance date of the Company’s financial statements.

 

Recent Accounting Pronouncements

 

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

 

The Company has reviewed the new tax law recently enacted and determined that there will not be a material impact on the financial statements.

  
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 2 - GOING CONCERNS
 3 Months Ended
Mar. 31, 2018
Note 2 - Going Concerns  
NOTE 2 - GOING CONCERNS

NOTE 2 - GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Since its inception, the Company has had periods where it had only minimal revenues from operations. There can be no assurance that the Company will be able to obtain the additional capital resources to fully implement its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company is pursuing sources of additional financing and there can be no assurance that any such financing will be available to the Company on commercially reasonable terms, or at all. Any inability to obtain additional financing will likely have a material adverse effect on the Company, including possibly requiring the Company to completely reduce and/or cease operations.

 

These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 3 - EQUITY
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
NOTE 3 - EQUITY

NOTE 3 - EQUITY

 

On February 9, 2018 the Company implemented a 5 for 1 reverse split of the Company’s common stock.

 

During the three months ended March 31, 2018 the Company received an additional $875,000 upon the exercise of 35,000,000 warrants (pre reverse split) to purchase 35,000,000 (pre reverse split) shares of the Company’s common stock at $0.025 per share.

 

During the three months ended March 31, 2018, the Company issued 3,500,000 warrants as part of a subscription agreement. Each warrant entitles the holder to purchase one share of common stock at a price of $0.325. The warrants expire in five years.  The Company recorded a warrant expense of $1,339,420 equal to the estimated fair value of the warrants at the date of issuance. The fair market value was calculated using the Binomial option price calculation method assuming approximately 2.52% risk-free interest, 0% dividend yield, 443% volatility, exercise price of $0.325 per share with a current market price of $0.385 and an expected life of 5 years.

 

During the three months ended March 31, 2017 the Company received an additional $292,800 upon the exercise of 24,400,000 warrants (pre reverse split) to purchase 24,400,000 (pre reverse split) shares of the Company’s common stock at $0.012 per share.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - NOTES PAYABLE
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
NOTE 4 - NOTES PAYABLE

NOTE 4 - NOTES PAYABLE

 

Notes payable at March 31, 2018 consist of the following:    
Entire balance of principal and unpaid interest due on demand   $ 124,230  
Entire balance of principal and unpaid interest due on demand   $ 649,049  
Promissory notes   $ 700,000  
Notes Payable - related party   $ 50,000  
Total notes   $ 1,523,279  
2018   $ 773,279  
2019   $ 750,000  
2020   $ -0-  
2021   $ -0-  
2022   $ -0-  
    $ 1,523,279  

 

The promissory notes and note payable related party carry a 6% annual interest rate and are payable upon the earlier of (a) 24 months from the date of the promissory note or (b) the Company reaching a settlement(s) on a patent infringement claim(s) and receiving an aggregate of at least $2 million net proceeds from such settlement(s). The holders of the promissory notes shall receive repayment in the full face amount of the note from the initial $500,000 the Company actually receives from the net proceeds of its patent infringement claim(s) or from the net proceeds of a public offering. In addition the holder shall receive a preferred return (i) in an amount equal to up to 200% of the initial face amount of the note out of available cash by sharing with all other investors in this series of notes in the allocation of 50% of the available cash received by the Company from $2M - $4M and (ii) in an amount equal to up to 100% of the initial face amount of the note out of available cash by sharing with all other investors in this series of notes in the allocation of 25% of the available cash received by the Company from $4M - $6M. In other words, if the Company collects $6M in the net proceeds of available cash, the holder will receive a return equal to 400% of its investment. All of the promissory notes had reached their maturity date and extension agreements have been signed for all of the $750,000 in notes. 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - STOCK OPTIONS
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
NOTE 5 - STOCK OPTIONS

NOTE 5 – STOCK OPTIONS

 

No stock options were issued during the three months ended March 31, 2018 and no stock options were exercised during the three months ended March 31, 2018.

 

During the three months ended March 31, 2018, the Company issued 3,500,000 warrants as part of a subscription agreement. Each warrant entitles the holder to purchase one share of common stock at a price of $0.325. The warrants expire in five years.  The Company recorded a warrant expense of $1,339,420 equal to the estimated fair value of the warrants at the date of issuance. The fair market value was calculated using the Binomial option price calculation method assuming approximately 2.52% risk-free interest, 0% dividend yield, 443% volatility, exercise price of $0.325 per share with a current market price of $0.385 and an expected life of 5 years. 

 

No stock options were issued during the three months ended March 31, 2017 and no stock options were exercised during the three months ended March 31, 2017. 

 

Stock Warrants and Options
Stock warrants/options outstanding and exercisable on a post reverse split basis on March 31, 2018 are as follows:
 
Exercise Price per Share   Shares Under Option/warrant   Remaining Life in Years
Outstanding and Exercisable        
$ 0.325       3,500,000       4.83  
$ 0.15       5,220,000       4.50  
$ 0.15       580,000       2.70  
$ 0.05       200,000       4.70  
$ 0.30       200,000       4.70  
$ 0.775       40,000       0.75  
$ 0.70       50,000       0.75  
$ 0.55       60,000       2.25  
$ 0.65       60,000       2.25  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
NOTE 6 - COMMITMENTS AND CONTINGENCIES

NOTE 6 - COMMITMENTS AND CONTINGENCIES

 

The Company is committed to an employment agreement with its President and CEO, Thom Kidrin. The agreement, dated as of August 30, 2012, is for five years with a one-year renewal option held by Mr. Kidrin.  Mr. Kidrin exercised his one-year renewal option. The agreement provides for a base salary of $175,000, which increases 10% on September 1 of each year; a monthly car allowance of $500; an annual bonus equal to 2.5% of Pre-Tax Income (as defined in the agreement); an additional bonus as follows: $75,000, if Pre-Tax Income for the year is between 150% and 200% of the prior fiscal year’s Pre-Tax Income or (B) $100,000, if Pre-Tax Income for the year is between 201% and 250% of the prior fiscal year’s Pre-Tax Income or (C) $200,000, if Pre-Tax Income for the year is 251% or greater than the prior fiscal year’s Pre-Tax Income, but in no event shall this additional bonus exceed five (5%) percent of Pre-Tax Income for such year; payment of up to $10,000 in life insurance premiums; options to purchase 7.5 million shares of Worlds Inc. common stock at an exercise price of  $0.076 per share, all of which vested on August 30, 2012; a death benefit of at least $2 million dollars; and a payment equal to 2.99 times his base amount (as defined in the agreement) in the event of a Change of Control (as defined in the agreement).  The option portion of Mr. Kidrin’s employment agreement has expired and has been replaced by an option agreement giving Mr. Kidrin the option to purchase 5,000,000 million post reverse split shares of Worlds Inc. common stock at an exercise price of $0.15 per share, all of which vest on October 1, 2017. The remaining parts of the agreement have been renewed by Mr. Kidrin for one year. The agreement also provides that Mr. Kidrin can be terminated for cause (as defined in the agreement) and that he is subject to restrictive covenants for 12 months after termination.  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 7 - RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
NOTE 7 - RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, MariMed Inc., the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers.

 

Due from related party account is comprised of cash payments for operating expenses made by Worlds Inc on behalf of MariMed Inc. The balance at March 31, 2018 is a due from related party of $20,998 and the balance on December 31, 2017 is $15,998.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 8 - PATENTS
 3 Months Ended
Mar. 31, 2018
Note 8 - Patents  
NOTE 8 - PATENTS

NOTE 8 - PATENTS

 

Worlds Inc. currently has nine patents, 6,219,045 - 7,181,690 - 7,493,558 – 7,945,856, - 8,082,501, – 8,145,998 – 8,161,383, – 8,407,592 and 8,640,028. On March 30, 2012, the Company filed a patent infringement lawsuit against Activision Bizzard Inc., Blizzard Entertainment Inc. and Activision Publishing Inc. in the United States District Court for the District of Massachusetts. Susman Godfrey LLP is lead counsel for the Company. The costs to prosecute those parties that the Company and our legal counsel believe to be infringing on said patents were capitalized under patents until a resolution is reached.

 

There can be no assurance that the Company will be successful in its ability to prosecute its IP portfolio or that we will be able to acquire additional patents.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 9 - SALE OF MARKETABLE SECURITIES
 3 Months Ended
Mar. 31, 2018
Marketable Securities [Abstract]  
NOTE 9 - SALE OF MARKETABLE SECURITIES

NOTE 9 – SALE OF MARKETABLE SECURITIES

 

When Worlds Inc. spun off Worlds Online Inc. in January 2011, the Company retained 5,936,115 shares of common stock in Worlds Online Inc. (now named MariMed Inc.). Those shares were retained on the books of the Company with a book value of $0. During the three months ended March 31, 2018, the Company sold 1,069,045 shares at an average price of $0.85 per share raising $904,054. The proceeds from the sale are treated as a gain on sale of marketable securities in the financial statements. 
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF ACCTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Description of Business

Description of Business

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc. (currently called MariMed Inc.), the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers. The Company also entered into a License Agreement with MariMed Inc. to sublicense its patented technologies.
Basis of Presentation

Basis of Presentation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"), which contemplates continuation of the Company as a going concern. The Company has always been considered a developmental stage business, has incurred significant losses since its inception and has had minimal revenues from operations. The Company will require substantial additional funds for development and enforcement of its patent portfolio. There can be no assurance that the Company will be able to obtain the substantial additional capital resources to pursue its business plan or that any assumptions relating to its business plan will prove to be accurate. The Company has not been able to generate sufficient revenue or obtain sufficient financing which has had a material adverse effect on the Company, including requiring the Company to reduce operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As the Company has focused its attention on increasing its patent portfolio and enforcing it, the Company has been operating at a significantly reduced capacity, with only one full time employee and using consultants to perform any additional work that may be required.
Use of Estimates

Use of Estimates

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

Cash and Cash Equivalents

 

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

Revenue Recognition

 

Effective for the second quarter of 2011, the Company spun off its online businesses to MariMed Inc. The Company’s current sources of revenue after the spin off are expected to be from any revenue that may be generated from enforcing its patents. The Company recognizes revenue when all of the following criteria are met: evidence of an arrangement exists such as a signed contract, delivery has occurred, the price is fixed or determinable, and collectability is reasonable assured. This will usually be in the form of a receipt of a customer’s acceptance indicating the product has been completed to their satisfaction except for development work and service revenue which is recognized when the services have been performed.
Research and Development Costs

Research and Development Costs

 

Research and development costs are charged to operations as incurred.
Property and Equipment

Property and Equipment

 

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

Impairment of Long Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during 2017 and thus far in 2018.
Stock-Based Compensation

Stock-Based Compensation 

 

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

Income Taxes

 

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

 

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

Notes Payable

 

The Company has $773,279 in short term notes outstanding at March 31, 2017 and December 31, 2017. These are old notes payable for which the statute of limitations has passed and therefore the Company does not expect it will ever have to repay those notes.

 

The Company has an additional $750,000 in short term notes outstanding at March 31, 2018. As of December 31, 2017 $725,000 of such additional notes were categorized as long term notes and only $25,000 were categorized as short term notes.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

 

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

Loss Per Share

 

Net loss per common share is computed pursuant to section 260-10-45 of the FASB ASC. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of March 31, 2018 there were 5,430,000 options and 4,480,000 warrants whose effect is anti-dilutive and not included in diluted net loss per share. As of December 31, 2017, there were 5,430,000 (post reverse split) options and 7,980,000 (post reverse split) warrants, whose effect is anti-dilutive and not included in diluted net loss per share for December 31, 2017. The options and warrants may dilute future earnings per share.
Commitments and Contingencies

Commitments and Contingencies

 

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

 

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

 

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

 

During 2000 the Company was involved in a lawsuit relating to unpaid consulting services. In April, 2001 a judgment against the Company was rendered for approximately $205,000. As of March 31, 2018, and December 31, 2017 the Company recorded a reserve of $205,000 for this lawsuit, which is included in accrued expenses in the accompanying balance sheets.
Risk and Uncertainties

Risk and Uncertainties

 

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

Off Balance Sheet Arrangements

 

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

Uncertain Tax Positions

 

The Company did not take any uncertain tax positions and had no adjustments to unrecognized income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2017.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

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

 

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

 

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

 

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

 

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

 

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

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3. See Note 5.
Embedded Conversion Features

Embedded Conversion Features

 

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

Derivative Financial Instruments

 

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

 

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

Subsequent Events

The Company evaluated for subsequent events through the issuance date of the Company’s financial statements.
Recent Accounting Pronouncements

Recent Accounting Pronouncements 

 

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

 

The Company has reviewed the new tax law recently enacted and determined that there will not be a material impact on the financial statements.

 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - NOTES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Notes payable

Notes payable at March 31, 2018 consist of the following:   
Entire balance of principal and unpaid interest due on demand  $124,230 
Entire balance of principal and unpaid interest due on demand  $649,049 
Promissory notes  $700,000 
Notes Payable - related party  $50,000 
Total notes  $1,523,279 
2018  $773,279 
2019  $750,000 
2020  $-0- 
2021  $-0- 
2022  $-0- 
   $1,523,279 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - STOCK OPTIONS (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock option table

Stock Warrants and Options
Stock warrants/options outstanding and exercisable on a post reverse split basis on March 31, 2018 are as follows:
 
Exercise Price per Share   Shares Under Option/warrant   Remaining Life in Years
Outstanding and Exercisable        
$ 0.325       3,500,000       4.83  
$ 0.15       5,220,000       4.50  
$ 0.15       580,000       2.70  
$ 0.05       200,000       4.70  
$ 0.30       200,000       4.70  
$ 0.775       40,000       0.75  
$ 0.70       50,000       0.75  
$ 0.55       60,000       2.25  
$ 0.65       60,000       2.25  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF ACCTING POLICIES (Details Narrative) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Short term notes outstanding $ 773,279 $ 773,279
Notes outstanding 750,000 725,000
Options $ 5,430,000 $ 5,430,000
Warrants 4,480,000 7,980,000
Reserve for litigation $ 205,000 $ 205,000
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 3 - EQUITY (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Equity [Abstract]    
Company received additional funds $ 875,000 $ 292,800
Warrants exercised 35,000,000 24,400,000
Shares purchased 35,000,000 24,400,000
Price per share $ 0.025 $ 0.012
Additional warrants issued 3,500,000
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - NOTES PAYABLE (Details Narrative)
 3 Months Ended
Mar. 31, 2018
USD ($)
Debt Disclosure [Abstract]  
Promissory note - annual interest 60.00%
Net proceeds from settlements $ 2,000,000
Holder of promissory note shall receive payment of $ 500,000
Holder shall receive a preferred return 20.00%
Promissory notes $ 750,000
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - COMMITMENTS AND CONTINGENCIES (Details Narrative)
Oct. 01, 2017
$ / shares
shares
Aug. 30, 2012
USD ($)
shareholders
$ / shares
shares
Term of employment agreement | shareholders   5
Officer compensation   $ 175,000
Yearly increase   10.00%
Car allowance   $ 500
Annual bonus   0.025
Additional bonus   $ 75,000
Pre-tax income range   1.50
Pre-tax income range   2.00
Llife insurance premium   $ 10,000
Option to purchase stock | shares 5,000,000 7,500,000
Exercise price per share | $ / shares $ 0.15 $ 0.076
Death benefit   $ 2,000,000
Payment of base amount   2.99
Restrictive convenants time | shareholders   12
Additional bonus 1    
Additional bonus   $ 100,000
Pre-tax income range   2.01
Pre-tax income range   2.50
Additional bonus 2    
Annual bonus   0.05
Additional bonus   $ 200,000
Pre-tax income   2.51
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 7 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Related Party Transactions [Abstract]    
Due from related party $ 20,998 $ 15,998
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 8 - PATENTS (Details Narrative)
Mar. 31, 2018
USD ($)
Note 8 - Patents  
Patent I $ 6,219,045
Patent II 7,181,690
Patent III 7,493,558
Patent IV 7,945,856
Patent V 8,082,501
Patent VI 8,145,998
Patent VII 8,161,383
Patent VIII 8,407,592
Patent IX $ 8,640,028
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - NOTES PAYABLE (Details)
Mar. 31, 2018
USD ($)
Debt Disclosure [Abstract]  
Entire balance of principal and unpaid interest due on demand 1 $ 124,230
Entire balance of principal and unpaid interest due on demand 2 649,049
Promissory notes 700,000
Notes payable - related party 50,000
Total current 1,523,279
Notes payable due within 2018 773,279
Notes payable due within 2019 750,000
Notes payable due within 2020 0
Notes payable due within 2021 0
Notes payable due within 2022 0
Notes Payable Total $ 1,523,279
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - STOCK OPTIONS - Stock option table (Details)
Mar. 31, 2018
$ / shares
shares
Outstanding & Exercisable (1)  
Shares under options | shares 3,500,000
Price per shares | $ / shares $ 0.325
Remaining life in years 4.83
Outstanding & Exercisable (2)  
Shares under options | shares 5,220,000
Price per shares | $ / shares $ 0.15
Remaining life in years 4.50
Outstanding & Exercisable (3)  
Shares under options | shares 580,000
Price per shares | $ / shares $ 0.15
Remaining life in years 2.70
Outstanding & Exercisable (4)  
Shares under options | shares 200,000
Price per shares | $ / shares $ 0.05
Remaining life in years 4.70
Outstanding & Exercisable (5)  
Shares under options | shares 200,000
Price per shares | $ / shares $ 0.30
Remaining life in years 4.70
Outstanding & Exercisable (6)  
Shares under options | shares 40,000
Price per shares | $ / shares $ 0.775
Remaining life in years 0.75
Outstanding & Exercisable (7)  
Shares under options | shares 50,000
Price per shares | $ / shares $ 0.070
Remaining life in years 0.75
Outstanding & Exercisable (8)  
Shares under options | shares 60,000
Price per shares | $ / shares $ 0.55
Remaining life in years 2.25
Outstanding & Exercisable (9)  
Shares under options | shares 60,000
Price per shares | $ / shares $ 0.65
Remaining life in years 2.25
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 9 - SALE OF MARKETABLE SECURITIES (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Jan. 31, 2011
Marketable Securities [Abstract]      
Shares issued to spin off Company     5,936,115
Shares sold 1,069,045    
Price per share $ 0.85    
Gain on sale of marketable securities $ 904,054  
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