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BRAVO MULTINATIONAL INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

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06/25/2019 | 03:19pm EDT

The following information should be read in conjunction with our unaudited financial statements and related notes thereto included in Part I, Item 1, above. We also urge you to review and consider our disclosures describing various risks that may affect our business, which are set forth under the heading "Risk Factors," below.



Forward Looking Statements


Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements as to:



    ·our future strategic plans

    ·our future operating results;

    ·our business prospects;

    ·our contractual arrangements and relationships with third parties;

    ·the dependence of our future success on the general economy;

    ·our possible future financing; and

     ·the adequacy of our cash resources and working capital.


From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the Securities and Exchange Commission. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking statements". Such statements are qualified in their entirety by reference to and are accompanied by the above discussion of certain important factors that could cause actual results to differ materially from such forward-looking statements.

Management is currently unaware of any trends or conditions other than those mentioned in this management's discussion and analysis that could have a material adverse effect on the company's current financial position, future results of operations, or liquidity, because its current operations are limited. However, investors should also be aware of factors that could have a negative impact on the company's prospects and the consistency of progress in the areas of revenue generation, liquidity, and generation of capital resources, once it begins to implement its business plan. These may include: (i) variations in revenue, (ii) possible inability to attract investors for its equity securities or otherwise raise adequate funds from any source should the company seek to do so, (iii) increased governmental regulation or significant changes in that regulation, (iv) increased competition, (v) unfavorable outcomes to litigation involving the company or to which the company may become a party in the future, and (vi) a very competitive and rapidly changing operating environment.

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The risks identified here are not all inclusive. New risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the impact of all such risk factors on the company's business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

The financial information set forth in the following discussion should be read with the financial statements of Bravo Multinational, Inc. included elsewhere herein.




Company Overview

We were originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, our name was changed to Java Group, Inc., which tried and failed to start a chain of coffee bars. On September 1, 2004, our name was changed to Consolidated General Corp., and under that name the company attempted to buy tier 2 and 3 professional sports teams, including the Vancouver Ravens lacrosse team and the San Diego Soccers soccer team. On August 7, 2007, our name was changed to Goldcorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co.

On March 22, 2016, the board of directors of the Registrant, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interest of the Registrant that the name of the Registrant should be changed to Bravo Multinational Incorporated, to reflect its new business, what is the purchase and leasing of gaming equipment. The change of name was to be effective upon compliance with all regulatory requirements mandated by FINRA.

Further, as a result of the change of the Registrant's name the trading symbol for the shares of the Registrant's common stock has been changed to "BRVO," and Registrant's CUSIP identifier has been changed to 10568F109.

The Registrant filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

On January 16, 2017, the Company amended its certificate of incorporation to effect a one-for-three hundred (1:300) reverse stock split. This reverse stock split became effective as of the close of business on January 16, 2017. The reverse stock split had no effect on the par value of its common stock and did not reduce the number of authorized shares of common stock but reduced the number of issued and outstanding shares of common stock by the ratio. Accordingly, the issued and outstanding shares, stock options disclosures, net loss per share, and other per share disclosures for all periods presented have been retrospectively adjusted to reflect the impact of this reverse stock split. On April 3, 2017, FINRA- recognized and allowed the Company's 1:300 reverse stock split.

Current Business

We are currently engaged in the business of leasing and selling gaming equipment. We, however, ceased operations in Nicaragua due to political and economic instabilities. We are planning to operate our business in the US and other more stable democracies in Latin America.

During October 2017 severe weather, hurricanes, rain and flooding occurred in Nicaragua where the company had its gaming machines operation. Lower tourism and local traffic due to these uncontrollable weather issues had an effect on the Company's machine revenues during the fourth quarter of 2017. The Company had purchased 300 gaming machines that were placed in casinos where they were producing a monthly revenue stream based on net wins of the each machine. Consequently, revenue and account receivable due on these machines cannot be collectable due to the social and economic conditions which prevailed after the storms. Currently, the country has economic and trade sanctions in place by the U.S. Government (read Subsequent Event section).

On or about the first week of December 2017, Centro de Entretenimiento y Diversion Mombacho S.A. and GameTouch, LLC notified management of serious issues throughout the Country of Nicaragua. Civil unrest started due to lack of simple social services, like electricity, running water and destroyed infrastructure from Hurricane Nate. The ever growing political and civil unrest affected the country's economy, which had a direct effect on the gaming industry in Nicaragua. The dangerous situation throughout Nicaragua eliminated BRVO from operating its gaming interests, effectively. Subsequently, The US Government placed trade and financial sanctions on the Government of Nicaragua, which greatly affected BRVO's business practices in the Country (read "Subsequent Event Section" of the Filing).


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Former Business

We currently own 76.63 acres within seven patented claims with a 29.167% ownership interest. We allowed all of our BLM unpatented and placer claims to expire. We may look to expand on our mining claim holdings in the future. Currently, the carrying value on such patented claims were fully impaired due to lack of economic viability of such properties.

For a complete discussion of the mining activities on our mining claims conducted by other parties, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the SEC. However it should be noted that we were not at any time a mining operator. As described above, the Company owns mining claims, but none of those claims are leased to a third party. Since the mining operations of our lessee no longer have any relevance to our new business of the leasing and selling of gaming equipment, we will only include financial information relating to revenues, expenses, and results of operations and other relevant information with respect to the former mining activities of the lessee of our mining properties.

Transfer Agent

Our transfer agent is Transfer Online, Inc. whose address is 512 SE Salmon Street, Portland, Oregon 97214, and telephone number (503) 227-2950.

Company Contact Information

Our principal executive offices are located at 2020 General Booth Blvd., Unit 230, Virginia Beach, VA 23454, telephone (757) 306-6090. The information to be contained in our Internet website, www.bravomultinational.com, shall not constitute part of this report.

Current Directors

The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:


                    Merle Ferguson                  Director
                    Richard Kaiser                  Director
                    Paul Parliament                 Director*
                    Douglas Brooks                  Director*
                    * Resigned in November 19, 2018
                    (Read Subsequent Events-Item 5)





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Management's Discussion and Analysis of Financial Condition and Results of Operations




Overall Operating Results:



Three Months - June 30, 2018 and 2017 Statements

The sales revenue from the Company's gaming machine sales for the three months ended June 30, 2018 and 2017 were -0-, and $578,500, including $420,000 sale from related parties, respectively. Gaming machine sale decreased to -0- due to the political and economic instability in Nicaragua.

Cost of sales for the three months ended June 30, 2018 was $-0- and for the three months ended June 30, 2017 was $ 378,000, including $270,000, the cost of sales from related.

Gross profit for the three months ended June 30, 2018 was $-0- and for the three ended June 30, 2017 was $200,500.

Total Operating expenses for three months ended June 30, 2018 was $ 109,672 compared to $269,565 for the three months ended June 30, 2017. The decreases were attributed to decreases in commission payments, general and administrative expenses, professional fees and board of director fees.

Six Months - June 30, 2018 and 2017 Statements

The sales revenue from the Company's gaming machine sales for the six months ended June 30, 2018 and 2017 were -0-, and $1,251,500, including $1,012,500 sale from related parties, respectively. Gaming machine sale decreased to -0- due to the political and economic instability in Nicaragua.

Cost of sales for the six months ended June 30, 2018 and 2017 were $-0- and six months ended June 30, 2017 was $819,000, including $652,500, the cost of sales from related party.

Gross profit for the six months ended June 30, 2018 and 2017 were $-0- and $432,500, respectively

Total Operating expenses for six months ended June 30, 2018 was $ 258,159 compared to $612,292 for the six ended June 30, 2017. The decreases were attributed to decreases in commission payments, general and administrative expenses, professional fees and board of director fees.

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Net Loss:

Net loss for the three month ended June 30, 2018 and 2017 were $495,681 and $102,789, respectively. Net loss for the six month ended June 30, 2018 and 2017 were $719,246 and $252,912, respectively.

Liquidity and Capital Resources:

As of June 30, 2018, the Company's assets totaled $527, which consisted of cash of $230 and property and equipment-net of accumulated depreciation of $297. Our total liabilities were $1,455,527. As of June 30, 2018, the Company had an accumulated deficit of $28,657,527 and a working capital deficit of $1,455,000.

As indicated herein, we need capital for the implementation of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the company is able to raise working capital, it is likely that the Company will either have to cease operations or substantially change its methods of operations or change its business plan. For the next 12 months the Company has an oral commitment from its CEO and CFO to advance funds as necessary in meeting our operating requirements.

New Accounting Pronouncements

Bravo Multinational, Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company, or any of its subsidiaries' operating results, financial position, or cash flow.

Cash Provided by (Used in) Operating Activities

Net cash used in operating activities for the six months ended June 30, 2018 was $(6,847), and net cash provided by operating activities for the six month ended June 30, 2017 was $231,483, respectively. The decrease was attributed to the increase in net loss, the decline in the sales of gaming machines and the increase in liabilities which add to working capital deficit.

Cash Flows from Investing Activities

Net cash used in investing activities was $-0- and -0- for six months ended June 30, 2018 and 2017.

Cash Provided by (Used In) Financing Activities

Net cash provided by financing activities for six months ended June 30, 2018 was $ 7,013 and net cash used in financing activities for the six month ended June 30, 2017 was ($219,114). The increase amount was attributed to cash infusion by related parties used in operational expenses.




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Critical Accounting Policies


Our consolidated financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. Critical accounting policies include revenue recognition and impairment of long-lived assets.

Revenue Recognition

In accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: (1) Identify the contract with a client; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.

We adopted this ASU on January 1, 2018. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.



Going Concern


We have incurred net losses since our inception. We anticipate incurring additional losses before realizing growth in revenue and we will depend on additional financing in order to meet our continuing obligations and ultimately to attain profitability. Our ability to obtain additional financing, whether through the issuance of additional equity or through the assumption of debt, is uncertain. Accordingly, our independent auditors' report on our financial statements for the year ended December 31, 2017 includes an explanatory paragraph regarding concerns about our ability to continue as a going concern, including additional information contained in the notes to our financial statements describing the circumstances leading to this disclosure. The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.


Subsequent Events



(see Item 5)

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© Edgar Online, source Glimpses

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