Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United States
  4. OTC Markets
  5. Theglobe.com, inc.
  6. News
  7. Summary
    TGLO   US88335R1014

THEGLOBE.COM, INC.

(TGLO)
  Report
Delayed OTC Markets  -  12:50 2022-11-25 pm EST
0.5000 USD    0.00%
11/03THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
AQ
11/03Theglobe.com, inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
CI
08/09THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
AQ
SummaryQuotesChartsNewsCompanyFinancialsFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

05/12/2022 | 03:40pm EST

FORWARD LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology, such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "intend," "potential" or "continue" or the negative of such terms or other comparable terminology, although not all forward-looking statements contain such terms. In addition, these forward-looking statements include, but are not limited to, statements regarding:

? our need for additional equity and debt capital financing to continue as a

going concern, and the sources of such capital;

? our estimates with respect to our ability to continue as a going concern;

? our intent with respect to future dividends;

the continued forbearance of certain related parties from making demand for

? payment under certain contractual obligations of, and loans to, the Company;

and

? our estimates with respect to certain accounting and tax matters.

These forward-looking statements reflect our current view about future events and are subject to risks, uncertainties and assumptions. Unless required by law, we do not intend to update any of the forward-looking statements after the date of this Form 10-Q or to conform these statements to actual results. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. A description of risks that could cause our results to vary appears under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated by those risks included in the Form 10-Q. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward- looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

? our ability to raise additional and sufficient capital;

? our ability to continue to receive funding from related parties; and

? our ability to successfully estimate the impact of certain accounting and tax

matters.

The following discussion should be read together in conjunction with the accompanying unaudited condensed financial statements and related notes thereto and the audited financial statements and notes to those statements contained in the Annual Report on Form 10-K for the year ended December 31, 2021.

OVERVIEW

theglobe.com, inc. (the "Company," "theglobe," "we" or "us") was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation ("Tralliance"), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a "shell company," as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets. We currently have no material operations or assets.

On December 20, 2017, our former Chief Executive Officer and majority stockholder, Mr. Egan entered into the Purchase Agreement with Delfin for the purchase by Delfin of shares owned by Mr. Egan representing approximately 70.9% of our Common Stock.


                                       9

  Table of Contents

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of March 31, 2022, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets.

BASIS OF PRESENTATION OF CONDENSED FINANCIAL STATEMENTS; GOING CONCERN

We received a report from our independent registered public accountants, relating to our December 31, 2021 audited financial statements, containing an explanatory paragraph regarding our ability to continue as a going concern. As a shell company, our management believes that we will not be able to generate operating cash flows sufficient to fund our operations and pay our existing current liabilities. Based upon our current limited cash resources and without the infusion of additional capital and/or the continued forbearance of our creditors, our management does not believe we can operate as a going concern beyond the next twelve months. See "Future and Critical Need for Capital" section of this "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further details.

Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, our condensed financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern.

                             RESULTS OF OPERATIONS

 THREE MONTHS ENDED MARCH 31, 2022 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
                                      2021

NET REVENUE. Commensurate with the sale of our Tralliance business on September 29, 2008, we became a shell company, and we have not had any material operations since then. As a result, net revenue for both the three months ended March 31, 2022 and 2021 was $0.

GENERAL AND ADMINISTRATIVE. General and administrative expenses include only customary public company expenses, including accounting, legal, audit, insurance and other related public company costs. General and administrative expenses totaled approximately $36,000 in the first quarter of 2022 as compared to approximately $31,000 for the same quarter of the prior year. This was due to an increase in legal expenses.

RELATED PARTY INTEREST EXPENSE. Related party interest expense for the three months ended March 31, 2022 totaled approximately $15,000 compared to approximately $12,000 for the three months ended March 31, 2021. This increase consisted of interest due and payable to Delfin for additional loan amounts.

NET LOSS. Net loss for the three months ended March 31, 2022 was approximately $50,000 as compared to a net loss of approximately $44,000 for the three months ended March 31, 2021. This increase was primarily due to increased legal expenses.


                        LIQUIDITY AND CAPITAL RESOURCES

CASH FLOW ITEMS

As of March 31, 2022, we had $4,495 in cash as compared to $6,374 as of December 31, 2021. Net cash flows used in operating activities totaled approximately $47,000 for the three months ended March 31, 2022 compared to net cash flows used in operating activities of approximately $20,000 for the three months ended March 31, 2021.

Net cash flows provided by financing activities totaled $45,000 for the three months ended March 31, 2022 compared to $37,500 for the three months ended March 31, 2021.


                                       10

  Table of Contents

FUTURE AND CRITICAL NEED FOR CAPITAL

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern. However, for the reasons described below, our management does not believe that cash on hand and cash flow generated internally by us will be adequate to fund our limited overhead and other cash requirements beyond the next twelve months. These reasons raise significant doubt about our ability to continue as a going concern.

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500, in June 2021 to $675,000, in October 2021 to $705,000, in January 2022 to $750,000 and then again in April 2022 to increase the principal amount to up to $791,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.

At March 31, 2022, we had a net working capital deficit of approximately $952,000. This deficit included accrued expenses of approximately $15,000, accounts payable of approximately $36,000 and approximately $906,000 in principal and accrued interest owed under the Promissory Note with Delfin, the Company's majority stockholder.

                              EFFECTS OF INFLATION

Management believes that inflation has not had a significant effect on our results of operations during 2022 and 2021.

MANAGEMENT'S DISCUSSION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates.

Certain of our accounting policies require higher degrees of judgment than others in their application.

                 IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company's financial statements or do not apply to the Company's operations.

© Edgar Online, source Glimpses

All news about THEGLOBE.COM, INC.
11/03THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
11/03Theglobe.com, inc. Reports Earnings Results for the Third Quarter and Nine Months Ended..
CI
08/09THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
08/09Theglobe.com, inc. Reports Earnings Results for the Second Quarter and Six Months Ended..
CI
05/12THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
05/12Theglobe.com, inc. Reports Earnings Results for the First Quarter Ended March 31, 2022
CI
03/24THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
03/24Theglobe.com, inc. Reports Earnings Results for the Full Year Ended December 31, 2021
CI
03/24Theglobe.com, inc. Auditor Raises 'Going Concern' Doubt
CI
2021THEGLOBE COM INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
More news
Financials (USD)
Sales 2021 - - -
Net income 2021 -0,19 M - -
Net Debt 2021 0,70 M - -
P/E ratio 2021 -185x
Yield 2021 -
Capitalization 221 M 221 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 29,1%
Chart THEGLOBE.COM, INC.
Duration : Period :
theglobe.com, inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Frederick P. Jones President, Chief Executive Officer, CFO & Director
Sector and Competitors
1st jan.Capi. (M$)
THEGLOBE.COM, INC.513.50%221
INVESTOR AB (PUBL)-14.54%58 371
CK HUTCHISON HOLDINGS LIMITED-13.42%21 356
GROUPE BRUXELLES LAMBERT SA-19.38%11 731
HAL TRUST-12.28%11 534
AB INDUSTRIVÄRDEN (PUBL)-5.69%11 259