Forward-Looking Information
This Quarterly Report on Form 10-Q contains forward-looking statements. When
used in this Quarterly Report on Form 10-Q, the words "anticipate," "believe,"
"estimate," "will," "plan," "seeks," "intend," and "expect" and similar
expressions identify forward-looking statements. Although we believe that our
plans, intentions, and expectations reflected in any forward-looking statements
are reasonable, these plans, intentions, or expectations may not be achieved.
Our actual results, performance, or achievements could differ materially from
those contemplated, expressed, or implied, by the forward-looking statements
contained in this Quarterly Report on Form 10-Q. Important factors that could
cause actual results to differ materially from our forward-looking statements
are set forth in this Quarterly Report on Form 10-Q All forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements set forth in this
Quarterly Report on Form 10-Q. Except as required by federal securities laws, we
are under no obligation to update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
Critical Accounting Policies
There have been no material changes to our critical accounting policies and
estimates from the information provided in Item 7, "Management's Discussion and
Analysis of Financial Condition and Results of Operations", included in our
Annual report on Form 10-K for the fiscal year ended December 31, 2021.
Business of the Issuer
We were incorporated on December 23, 1998 as Findit, Inc., a Nevada corporation.
Findit, Inc. owns Findit.com and the Findit App that is available in Android and
IOS through the Google Play Store and the Apple App store. Findit.com and the
Findit App operate as a Social Media Content Management Platform, that includes
its own interactive search engine. Members can utilize Findit search to submit
URLs they want Findit to index in Findit search results. Nonmembers can come to
Findit and enter search queries, Findit returns matching search results from
content posted in Findit along with outside web pages that have been submitted.
Both Findit.com the website and the Findit App are accessible to anyone, this
means you do not need to be a member of Findit to view or search content posted
in Findit. Anyone that wants to have content indexed in Findit search or viewed
by visitors on Findit can do so by creating a free account and posting their
content to the various verticals Findit offers.
Claim Your Name - Claim Your Name is a tool offered on Findit to members that
want to have a specific URL extension after Findit.com can purchase these URLs
on Findit. The purchase price for one is currently $9.95. The price has varied
over several years. Members that run paid for online marketing campaigns with
Findit, Inc. often get multiple Finidt URLs as part of their campaign budget.
The Claim Your Name feature does provide members that have specific words in
their extension URLs do get preferential indexing in Findit's search engine.
Search Engine Optimization- Findit provides online Search Engine Optimization
services also known as SEO. Findit offers these services to clients to that are
seeking to index better in search engines that include but are not limited to
Findit, Google, Yahoo and Bing. SEO services are offered from Findit as a one
time payment for a specific task or on an ongoing basis, typically paid for
monthly.
Content Campaigns- Findit® offers businesses and individuals online content
campaigns. These campaigns provide Findit clients/customers with content that
the Findit staff creates and posts the content created within the Findit members
account that hired Findit. This content can include written words, videos,
pictures, audio and back links. The purpose of these types of campaigns is to
provide the Findit client with additional content for Findit and outside search
engines that include but are not limited to Google, Yahoo and Bings to index and
increase the clients overall online web presence organically. The content
created and posted to Findit can also be shared to outside websites that are
typically other social networking sites. These social sites are Facebook,
Twitter, Pinterest, LinkedIN, Instagram (from the APP to IM) along with
approximately 80 other social and bookmarking sites. The share function is on
the Findit.com website and is provided through ShareThis®. Content campaigns
typically are offered in 30 day intervals and clients automatically renew. At
this time Findit does not lock clients in for more than 30 days and offer this
service based on the number of pieces of content created. The content created is
typically done over 30 days, but can be done in shorter or longer period of time
depending on the clients instructions.
Social Media Campaigns- Findit offers clients Social Media campaign services as
a paid for service. These services are offered to clients that are typically
seeking more engagement from individuals on social networking sites. Clients are
looking to build brand awareness, more friends and or followers, receive
comments on posts, likes and or other reactions Members of Findit can also use
Findit themselves to run social media campaigns without paying Findit any
monies. Findit does offer some paid for tools to enhance a social media campaign
that the Findit member can opt in and pay for. This includes a promoted post
feature. A promoted post is currently offered at $19.00 per promoted post. A
post that is promoted is created in the Findit Right Now status update section
of Findit.com or from the Findit App. The member can select to have the post
promoted for $19.00. Once a member selects to have the post promoted a Findit
social media person will take that Right Now post and share it through Findit's
social networking accounts. These accounts include but are not limited to Google
My Business, Facebook, Pinterest, Twitter and LinkedIn.
Web Design - Findit offers web design services. Findit tends to develop and
build sites using Wordpress. Sites are typically built for existing clients that
are utilizing Findit's services on a monthly basis to enhance their online
presence. Findit web design services are not advertised on the website as a
service. The web design service is typically offered to an existing client that
may benefit from a newer version website. Findit provides Members the ability to
post content and once it is posted they have the option to share the content
they posted to outside websites that include but are not limited to Facebook,
Pinterest, LinkiedIN, Twitter and more. In addition to the member who posts the
content, anyone who views the content also has the ability to share the content
to their social accounts. Once content is posted in Findit, the content gets
indexed in Findit Search results.
With Findit's open platform for anyone to submit URLs that they want to have
indexed in Findit along with posting status updates through Right Now. Status
Updates posted in Findit can be crawled by outside search engines to assist in
additional organic indexing. All post can be shared to other social and
bookmarking sites.
Findit provides Real Estate Agents the ability to create their own Findit Site
where they can pull and post their listing and pull in listings through IDX
account.
Findit also provides News and Press Release Distribution. services.
Findit, Inc. has developed a social networking App that is available to Android
and iOS devices.
Findit is is focused on the development of monetized internet-based web and app
products that increase brand awareness for both private and public companies
along with individuals, entrepreneurs and artists.
Findit does provide B2C sales in the CBD space as well.
Findit downloads according to Google Android Playstore is 500 plus (we do not
have a specific count) and Apple IOS is reporting 8 as of April 14th 2021. These
numbers are provided from Google and Apple through our accounts. A Findit
member is someone who has created a Findit account by creating a username and
password on the platform. The number of members that have generated revenue in
2020 is approximately 30 customers/members . We do not determine at this time
which members are active and which members are inactive. We currently do not
have code written that provides these analytics. Part of the use of proceeds
will enable us to bring on additional developers that will be able to write code
that will provide this data.
Additionally, we may not be successful in further monetizing Findit. We
currently monetize Findit in several ways, through online content marketing
campaigns, offering online products and tools through Findit.com and through our
CBD Topical lines; Urban CBD Collective and Urban Lifestyle Collective. If users
stop using the Findit platform or we do not have growth from new user's this
will hinder Findit's growth in the event ales from CBD Topical products does not
increase this will also prevent us from future growth in this sector of our
business. If the Findit Platform does not attract new members that post content
or view content this could affect revenue, our financial performance and ability
to grow revenue could be adversely affected.
CBD Market Opportunity:
Currently the US market for industrial hemp and the products produced from
industrial hemp is roughly USD 4.63 billion with CAGR of 13.7%. The global
industrial hemp market is expected to reach USD $13.03 Billion by 2026,
according to a new report by Reports and Data. Hemp may be cultivated as a
renewable source for raw materials that can be implemented into numerous
products. It is a lucrative rotation crop for farmers attributing to the
characteristics of hemp to take in CO2, detoxify the soil, and inhibit soil
erosion. Hemp seeds and flowers find application in health foods, organic
cosmetic products, and other nutraceuticals (pharmaceutical- and standardized
nutrient) whereas the fibers and stalks are incorporated in construction
materials (such as hempcrete, hemp tile, hemp insulation), hemp clothing, paper,
plastic composites, and biofuel among others. The total revenue generated from
the sales of hemp products in the U.S. contributed to a substantial share of the
global market. However, as of today most of the raw hemp material used in U.S.
consumer products were imported from other countries.
Competition
Implications of Being an "Smaller Reporting Company"
Certain reduced reporting requirements and exemptions are available to us due to
the fact that we qualify as a "smaller reporting company" under SEC rules. For
instance, smaller reporting companies are not required to obtain an auditor
attestation report regarding management's assessment of internal control over
financial reporting; are not required to provide a compensation discussion and
analysis; are not required to a pay-for-performance graph or CEO pay ratio
disclosure; and may present only two years of audited financial statements and
related MD&A disclosure.
Investors should be aware that we will be subject to the "Penny Stock" rules
adopted by the Securities and Exchange Commission, which regulate broker-dealer
practices in connection with transactions in Penny Stocks. These regulations may
have the effect of reducing the level of trading activity, if any, in the
secondary market for our stock, and investors in our common stock may find it
difficult to sell their shares.
Competition
We face significant competition in almost every aspect of our business,
including from companies such as Google, Microsoft, Facebook, Instagram,
Twitter, Zillow and other press release distribution services. These competitors
which offer a variety of Internet products, services, content, and online
advertising offerings, as well as from mobile devices that offer products and
services that may compete with specific Findit features. We also face
competition from traditional and online media businesses for content to be
posted on the Findit Platform.
We currently are not running paid for advertising campaigns on Findit, but we
plan to in the future. When Findit does offer paid for advertising we expect to
face competition from these same companies. We compete broadly with Facebook,
Instagram and Twitters social networking offerings along with Google, Yahoo and
Bing for search queries. As we introduce new products, as our existing products
evolve, or as other companies introduce new products and services, we may become
subject to additional competition.
Some of our current and potential competitors have significantly greater
resources and better competitive positions in certain markets than we do. These
factors may allow our competitors to respond more effectively than us to new or
emerging technologies and changes in market requirements. Our competitors may
develop products, features, or services that are similar to ours or that achieve
greater market acceptance, may undertake more far-reaching and successful
product development efforts or marketing campaigns, or may adopt more aggressive
pricing policies. Certain competitors, including Google, could use strong or
dominant positions in one or more markets to gain competitive advantage against
us in creating a similar search feature that offers people the ability to submit
web pages for indexing under various titles and descriptions. Other social
networking sites or sites that do not exist yet could create similar featured
Findit offers to compete with our market share. As a result, our competitors may
acquire and engage users at the expense of the growth or engagement of our user
base, which may negatively affect our business and financial results.
We believe that our ability to compete effectively depends upon many factors
both within and beyond our control, including:
• the usefulness, ease of use, performance, and reliability of our products
compared to our competitors;
• the size and composition of our user base;
• the engagement of our users with our products;
• the timing and market acceptance of our products and our tools;
• our ability to monetize our products, including our ability to
successfully monetize app usage;
Patents, Trademarks Licenses and Other Intellectual Property
We own the following trademarks:
Findit
Findit.com
Urban CBD Collective
Urban Lifestyle Collective
Properties
The Company's corporate headquarters are located at: 5051 Peachtree Corners
Circle, #200, Peachtree Corners, Georgia 30092. The Company does not own any
real property.
RESULTS OF OPERATIONS
For the three and nine month periods ending September 30, 2021, the Company
recognized no revenues.
For the three month period ending March 31, 2022, the Company incurred total
operating losses of $37,319. This compares to the same period ending March 31,
2021. where the Company incurred total operating losses of $39,156. The net loss
applicable to common shareholders was $17,319 for the three months ending March
31, 2022 or $(0.00) per common share basic and diluted for the period ending as
compared to a net income applicable to common shareholders of $86,067 or $0.00
per common share for the same period last year.
Going Concern
Our ability to continue as a going concern is contingent upon the successful
completion of additional financing arrangements and our ability to achieve and
maintain profitable operations.
Therefore, management plans to raise equity capital to finance the operating and
capital requirements of the Company. While the Company is devoting its best
efforts to achieve the above plans, there is no assurance that any such activity
will generate funds that will be available for operations. These conditions
raise substantial doubt about the Company's ability to continue as a going
concern.
Summary of product research and development that we will perform for the term of
our plan of operation.
We have no plans to perform any product research and development at this time.
Expected purchase or sale of plant and significant equipment
Management is currently identifying equipment needed in order to begin
manufacturing.
Significant changes in the number of employees
We currently have a total of five employees, two of which serve as our officers,
one employee who serves as the Company controller and two employees who work in
the engineering and design facility. We are dependent upon our officers for our
future business development. As our operations expand we anticipate the need to
hire additional employees, consultants and professionals; however, the exact
number is not quantifiable at this time.
Liquidity and Capital Resources
As of March 31, 2022, Findit, Inc. had $3,438 in cash and cash equivalents, and
accounts receivable of $0 for total current assets of $3,438. As of March 31,
2022, Findit, Inc. had total current liabilities of $29,076.
The Company has limited financial resources available, which has had an adverse
impact on the Company's liquidity, activities and operations. These limitations
have adversely affected the Company's ability to obtain certain projects and
pursue additional business. Without realization of additional capital, it would
be unlikely for the Company to continue as a going concern. Management intends
to raise additional debt or equity financing to fund ongoing operations and
necessary working capital. However, there is no assurance that such financing
plans will be successful or be obtained in amounts sufficient to meet the
Company's needs.
Notwithstanding, Findit, Inc. anticipates generating losses and therefore may be
unable to continue operations in the future. Findit, Inc. anticipates it will
require additional capital in order to develop its business. Findit, Inc. may
use a combination of equity and/or debt instruments to funds its growth strategy
or enter into a strategic arrangement with a third party.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial condition, changes in
financial condition, revenues or expenses, results or operations, liquidity,
capital expenditures or capital resources that is material to investors.
Critical Accounting Policies and Estimates
Revenue Recognition: The Company recognizes revenue related to product sales
when (i) persuasive evidence of the arrangement exists, (ii) shipment has
occurred, (iii) the fee is fixed or determinable, and (iv) collectability is
reasonably assured.
Recent Pronouncements
The Company's management has evaluated all the recently issued accounting
pronouncements through the filing date of these financial statements and does
not believe that any of these pronouncements will have a material impact on the
Company's financial position and results of operations.
© Edgar Online, source Glimpses