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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended September 30, 2023

 

or

 

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: 000-33231

 

CARBONMETA TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware   95-4868120
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)

 

13110 NE 177th Place, Suite 145    
Woodinville, WA   98072
(Address of Principal Executive Offices)   (Zip Code)

 

(206) 900-9088

(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 Section 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 ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☐ 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.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer Smaller Reporting Company
  Emerging Growth Company

 

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

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

☐ Yes ☒ No

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.001 par value per share   COWI   OTC Markets “PINK”

 

As of December 1, 2023, there were 21,244,083,966 shares of the registrant’s common stock outstanding.

 

 

 


 
 

 

CARBONMETA TECHNOLOGIES, INC.

 

TABLE OF CONTENTS

 

    Page Number
     
PART I   5
Item 1. Financial Statements 5
  Condensed Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 5
  Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (Unaudited) 6
  Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) for the three and nine months ended September 30, 2023 and 2022 (Unaudited) 7
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited) 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32
Item 3. Quantitative and Qualitative Disclosures About Market Risk 41
Item 4. Controls and Procedures 41
     
PART II   42
Item 1. Legal Proceedings 42
Item 1A. Risk Factors 42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42
Item 3. Defaults Upon Senior Securities 42
Item 4. Mine Safety Disclosures 42
Item 5. Other Information 42
Item 6. Exhibits 43
     
  Signatures 48

 

2
 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to future events including, without limitation, our ability to raise capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking statements by using terminology such as “anticipates,” “believes,” “expects,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predict,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date this Quarterly Report is filed, and we do not intend to update any of the forward-looking statements after the date this Quarterly Report is filed to confirm these statements to actual results, unless required by law.

 

You should not place undue reliance on forward-looking statements. The cautionary statements set forth in this Quarterly Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:

 

  Our ability to effectively execute our business plans including transitioning from being focused on end-to-end consumer product innovation, development, and commercialization to being focused on digital media, advertising and content technologies innovation, development, and commercialization;
  Our ability to manage our expansion, growth and operating expenses;
  Our ability to protect our brands, reputation and intellectual property rights;
  Our ability to obtain adequate financing to support our development plans;
  Our ability to repay our debts;
  Our ability to rely on third-party suppliers, content contributors, developers, and other business partners;
  Our ability to evaluate and measure our business, prospects and performance metrics;
  Our ability to compete and succeed in a highly competitive and evolving industry;
  Our ability to respond and adapt to changes in technology and consumer behavior;
  Our dependence on information technology, and being subject to potential cyberattacks, security problems, network disruptions, and other incidents;
  Our ability to comply with complex and evolving laws and regulations including those relating to privacy, data use and data protection, content, competition, safety and consumer protection, e-commerce, digital assets and other matters, many of which are subject to change and uncertain interpretation;
  Our ability to enhance disclosure and financial reporting controls and procedures and remedy the existing weakness;
  Risks in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;
  Taxes;
  The stability of the governments and political and business conditions in certain foreign countries in which we or certain of our business partners may operate now or in the future;
  Costs and results of potential litigation;
  Changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies;
  The use of social or digital media to disseminate false, misleading and/or unreliable or inaccurate information regarding our products, services or the industry in which we operate;
  Other risk factors discussed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 20, 2023.

 

These and other factors discussed above could cause results to differ materially from those expressed in the estimates made by any independent parties and by us.

 

3
 

 

TRADEMARKS, SERVICE MARKS AND TRADE NAMES

 

Solely for convenience, we refer to trademarks in this Quarterly Report without the ® or the ™ or symbols, but such references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights to our own trademarks. Other service marks, trademarks and trade names referred to in this Quarterly Report, if any, are the property of their respective owners, although for presentational convenience we may not use the ® or the ™ symbols to identify such trademarks.

 

OTHER PERTINENT INFORMATION

 

Unless the context otherwise indicates, when used in this Annual Report, the terms “CarbonMeta,” “COWI,” “we,” “us,” “our,” the “Company” and similar terms refer to CarbonMeta Technologies, Inc., a Delaware corporation, and all of our consolidated subsidiaries and variable interest entities.

 

4
 

 

PART I - FINANCIAL INFORMATION

 

CARBONMETA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2023   2022 
   (Unaudited)     
ASSETS          
           
CURRENT ASSETS:          
Cash  $(126)  $379 
Accounts receivable   -    20,525 
Inventory   3,157    3,157 
Total Current Assets   3,031    24,061 
           
Property and equipment, net of accumulated depreciation of $29,852 and $18,235 at September 30, 2023 and December 31, 2022, respectively   17,272    28,889 
Licenses, net of accumulated amortization of $18,457 and $32,229 at September 30, 2023 and December 31, 2022, respectively   60,799    138,274 
Investment in Carbon Conversion Group, Inc.   

84,998

    - 
TOTAL ASSETS  $166,100   $191,224 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable and accrued expenses  $12,435,157   $11,457,444 
Loan payable to Carbon Conversion Group, Inc.   97,080    - 
Obligations collateralized by receivables   206,236    206,236 
Convertible debt, net   2,083,340    2,160,034 
Notes payable   154,873    154,873 
Notes payable - related parties   199,415    199,415 
Small Business Administration loan   979,950    979,950 
Derivative liability   8,643,845    9,652,846 
Total Current Liabilities   24,799,896    24,810,798 
TOTAL LIABILITIES  $24,799,896   $24,810,798 
           
Commitments and contingencies   -    - 
           
STOCKHOLDERS’ DEFICIT:          
Redeemable convertible preferred stock, Series A, $0.001 par value, 125,000 shares authorized, 0 shares issued and outstanding   -    - 
Redeemable convertible preferred stock, Series B, $0.001 par value, 525,000 shares authorized, 159,666 and 159,666 shares issued and outstanding   160    160 
Redeemable convertible preferred stock, Series C, $0.001 par value, 500,000 shares authorized, 0 and 0 shares issued and outstanding   -    - 
Redeemable convertible preferred stock, Series D, $0.001 par value, 500,000 shares authorized, 100,000 and 100,000 shares issued and outstanding   100    100 
Redeemable convertible preferred stock, Series E, $0.001 par value, 1,000,000 shares authorized, 821,377 and 821,377 shares issued and outstanding, respectively   821    821 
Redeemable convertible preferred stock, Series F, $0.001 par value, 500,000 shares authorized, 190,000 and 190,000 shares issued and outstanding   190    190 
Redeemable convertible preferred stock, Series G, $0.001 par value, 500,000 shares authorized, 25,000 and 25,000 shares issued and outstanding   25    25 
Common stock; 35,000,000,000 and 35,000,000,000 shares authorized at $0.0001 par value, 21,044,083,966 and 18,831,386,254 shares issued, respectively; 21,018,786,962 and 18,643,205,254 shares outstanding, respectively   2,104,409    1,883,139 
Additional paid-in capital   37,687,120    37,515,219 
Treasury stock – 25,297,004 and 188,181,000 shares of common stock   (3,190)   (18,997)
Accumulated other comprehensive income   4,005    3,725 
Accumulated deficit   (64,427,436)   (64,003,956)
TOTAL STOCKHOLDERS’ DEFICIT   (24,633,796)   (24,619,574)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $166,100   $191,224 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5
 

 

CARBONMETA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the three and nine months ended September 30, 2023 and 2022

 

                     
  

For the Three Months

Ended September 30,

  

For the Nine Months

Ended September 30,

 
   2023   2022   2023   2022 

REVENUES

           
Contract services revenues  $-  

$

27,987

   $21,346  

$

49,542 
Consulting fees from Salvum Corporation affiliate   17,000    -    32,000    - 
Total   17,000    

27,987

    53,346    49,542 
                     
OPERATING EXPENSES:                    
Chief executive officer compensation   37,500    37,500    112,500    112,500 
Legal and professional fees   533   87,145    90,378    255,154 
Investor relations   9,427    25,357    17,147    61,139 
Consulting fees   11,525    6,948    43,350    28,839 
Sales and marketing   -   18,451    23,108    53,878 
Research and development   28,591    6,176    98,731    14,820 
Amortization of licenses   5,097    6,598    18,077    21,028 
Depreciation of equipment   3,914    3,914    11,616    11,616 
Other operating expenses   73,178    19,226    143,392    99,433 
TOTAL OPERATING EXPENSES   169,765    211,315    558,299    658,407 
                     
LOSS FROM OPERATIONS   (152,765)   (183,328)   (504,953)   (608,865)
                     
OTHER (EXPENSE) INCOME:                    
Gain from derivative liabilities   3,245,793    6,837,508    1,009,001    981,881 
Interest expense (including amortization of debt discounts of $13,096, $58,433, $114,543 and $104,035, respectively)   (304,227)   (301,854)   (967,464)   (788,963)
Gain (loss) from debt settlements   -    (2,000)   -    (7,000)
Other income - net   

600

    -    

600

    - 
Loss from deconsolidation of Carbon Conversion Group, Inc.   

(29,775

)   -    (29,775)   - 
TOTAL OTHER INCOME - NET   2,912,391    6,533,654    12,362    185,918 
                     
INCOME (LOSS) BEFORE INCOME TAXES   2,759,626    6,350,326    (492,591)   (422,947)
                     
Income taxes   -    -    -    - 
                     
Net income (loss)  $2,759,626   $6,350,326   $(492,591)  $(422,947)
Loss attributable to non-controlling interest of Carbon Conversion Group, Inc.   (19,629)   -    (19,629)   - 
Net income (loss) attributable to CarbonMeta Technologies, Inc. 

$

2,779,255   $6,350,326  

$

(472,962 

$

(422,947)
                     
Net income (loss) per common share:                    
Basic and diluted net income (loss) per common share  $0.0001   $0.0003   $(0.0000)  $(0.0000)
Weighted average number of common shares outstanding – basic and diluted   20,879,410,051    18,748,701,469    19,842,059,413    18,573,169,633 
                     
Comprehensive income (loss):                    
Net income (loss)  $2,759,626   $6,350,326   $(492,591)  $(422,947)
Foreign currency translation adjustments   3,743    (11,422)   280    (2,029)
Comprehensive income (loss)  $2,763,369   $6,338,904   $(492,311)  $(424,976)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6
 

 

CARBONMETA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT)

For the three and nine months ended September 30, 2023 and 2022

(Unaudited)

 

                                                                  
   Preferred Stock   Common Stock   Additional          

Accumulated

Other

     
   Series B   Series D   Series E   Series F   Series G   Amount   Shares   Amount  

Paid-In

Capital

  

Treasury

Stock

  

Accumulated

Deficit

  

Comprehensive

Income

   Total 
                                                     
Balances, December 31, 2021   159,666-   100,000-   791,567-   180,000-   25,000-  $1,256    17,592,057,165   $1,759,206   $36,775,736   $(18,997)  $(64,404,388)   -   $(25,887,187)
Common stock issued for license   -    -    -    -    -    -    160,000,000    16,000    48,000    -    -    -    64,000 
Common stock issued for services   -    -    -    -    -    -    203,333,334    20,333    52,667    -    -    -    73,000 
Common stock and warrants issued in connection with convertible notes financings, net of placement agent fee of $1,350   -    -    -    -    -    -    60,500,000    6,050    102,600    -    -    -    108,650 
Common stock issued for accrued executive compensation   -    -    -    -    -    -    428,571,428    42,857    107,143    -    -    -    150,000 
Common stock issued for accrued consulting fees   -    -    -    -    -    -    206,896,552    20,690    279,310    -    -    -    300,000 
Net loss for the three months ended March 31, 2022   --   --   --   --   --   -    -    -    -    -    (1,049,537)   -    (1,049,537)
Balances, March 31, 2022   159,666-   100,000-   741,567-   180,000-   25,000-  $1,256    18,651,358,479   $1,865,136   $37,365,456   $(18,997)  $(65,453,925)  $-   $(26,241,074)
Preferred stock adjustments   -    -    29,810    10,000    -    40    -    -    (40)   -    -    -    - 
Common stock issued for services   -    -    -    -    -    -    200,000,000    2,000    5,000    -    -    -    7,000 
Common stock and warrants issued in connection with convertible note financings   -    -    -    -    -    -    16,527,775    1,653    29,153    -    -    -    30,806 
Foreign currency translation adjustments   -    -    -    -    -    -    -    -    -    -    -    9,393    9,393 
Net loss for the three months ended June 30, 2022   --   --   --   --   --   -    -    -    -    -    (5,723,736)                 -    (5,723,736)
Balances, June 30, 2022   159,666-   100,000-   821,377-   190,000-   25,000-  $1,296    18,867,886,254   $1,868,789   $37,399,569   $(18,997)  $(71,177,661)  $9,393   $(31,917,611)
Common stock and warrants issued in connection with convertible note financings   -    -    -    -    -    -    90,000,000    9,000    96,000    -    -    -    105,000 
Foreign currency translation adjustments   -    -    -    -    -    -    -    -    -    -    -    (11,422)   (11,422)
Net income for the three months ended September 30, 2022   -    -    -    -    -    -    -    -    -    -    6,350,326    -    6,350,326 
Balances, September 30, 2022   159,666    100,000    821,377    190,000    25,000   $1,296    18,777,886,254   $1,877,789   $37,495,569   $(18,997)  $(64,807,335)  $(2,029)  $(25,453,707)
                                                                  
Balances, December 31, 2022   159,666-   100,000-   821,377-   190,000-   25,000-  $1,296    18,831,386,254   $1,883,139   $37,515,219   $(18,997)  $(64,003,956)  $3,725   $(24,619,574)
Common stock issued in connection with conversion of convertible notes   -    -    -    -    -    -    329,333,562    32,933    32,933    -    -    -    65,866 
Common stock issued for services   -    -    -    -    -    -    200,000,000    20,000    -    -    -    -    20,000 
Sale of Treasury stock   -    -    -    -    -    -    -    -    10,430    4,767    -    -    15,197 
Foreign currency translation adjustments   -    -    -    -    -    -    -    -    -    -    -    (1,055)   (1,055)
Net loss for three months ended March 31, 2023   --   --   --   --   --   -    -    -    -    -    (8,807,906)   -    (8,807,906)
Balances, March 31, 2023   159,666-   100,000-   821,377-   190,000-   25,000-  $1,296    19,360,719,816   $1,936,072   $37,558,582   $(14,230)  $(72,811,862)  $2,670   $(33,327,472)
Common stock issued for services   -    -    -    -    -    -    150,000,000    15,000    15,000    -    -    -    30,000 
Common stock issued in connection with conversion of convertible notes   -    -    -    -    -    -    1,270,864,150    127,087    107,886    -    -    -    234,973 
Sale of Treasury stock   -    -    -    -    -    -    -    -    6,902    11,040    -    -    17,942 
Foreign currency translation adjustments   -    -    -    -    -    -    -    -    -    -    -    (2,408)   (2,408)
Net loss for three months ended June 30, 2023   --   --   --   --   --   -    -    -    -    -    5,555,689    -    5,555,689 
Balances, June 30, 2023   159,666-   100,000-   821,377-   190,000-   25,000-  $1,296    20,781,583,966   $2,078,159   $37,688,370   $(3,190)  $(67,256,173)  $262   $(27,491,276)
Common stock and warrants issued in connection with convertible note financings   -    -    -    -    -    -    12,500,000    1,250    (1,250)   -    -    -    - 
Common Stock issued as capital contribution to Carbon Conversion Group, Inc.   -    -    -    -    -    -    250,000,000    25,000    -    -    -    -    25,000 
Deconsolidation of Carbon Conversion Group, Inc.    -    -    -    -    -    -    -    -    -    -    

69,111

    -    

69,111

 
Foreign currency translation adjustments   -    -    -    -    -    -    -    -    -    -    -    3,743    3,743 
Net income for three months ended September 30, 2023   --   --   --   --   -    -    -    -    -    -    2,759,626    -    2,759,626 
Balances, September 30, 2023   159,666-   100,000-   821,377-   190,000-   25,000-  $1,296    21,044,083,966   $2,104,409   $37,687,120   $(3,190)  $(64,427,436)  $4,005   $(24,633,796)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

7
 

 

CARBONMETA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2023 and 2022

 

           
  

For the Nine Months Ended

September 30,

 
   2023   2022 
   (Unaudited)   (Unaudited) 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income (loss)  $(492,591)  $(422,947)
Adjustment to reconcile net income (loss) to net cash used in operating activities:          
Depreciation of equipment   11,616    11,616 
Amortization of licenses   18,077    21,028 
Amortization of debt discounts   114,543    104,035 
Stock based compensation   50,000    80,000 
Gain from derivative liability   (1,009,001)   (981,881)
Loss (gain) from debt settlements   -    7,000 

Loss from deconsolidation of Carbon Conversion Group, Inc.

   29,775    - 
Changes in operating assets and liabilities:          
Accounts receivable   20,525    (9,439)
Inventory   -    (3,157)
Prepaid expenses   -    30,000 
Accounts payable and accrued expenses   1,126,053    921,102 
NET CASH USED IN OPERATING ACTIVITIES   (131,003)   (242,643)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Acquisition of license   -    (27,247)
NET CASH USED IN INVESTING ACTIVITIES   -    (27,247)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from sales of treasury stock   33,138    - 
Proceeds from convertible debt financings   -    243,400 
Proceeds from notes payable   -    30,000 
Proceeds from loan payable to Carbon Conversion Group, Inc.   97,080    - 
Payments towards notes payable   -    (5,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES   130,218    268,400 
           
Exchange Rate Effect on Cash   280    (2,029)
           
Net increase (decrease) in cash   (505)   (3,519)
Cash at beginning of year   379    10,573 
Cash at end of period  $(126)  $7,054 
           
SUPPLEMENTAL CASH FLOW INFORMATION:          
Cash paid for interest  $-   $- 
Cash paid for income taxes  $-   $- 
           
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:          
Common Stock issued in satisfaction of accrued executive compensation  $-   $150,000 
Common stock issued for accrued consulting fees  $-   $300,000 
Common Stock issued for prepaid marketing fees  $-    25,000 
Common Stock issued for license  $-   $64,000 
Common Stock and Warrants issued in connection with convertible note financings  $-   $244,456 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

8
 

 

CARBONMETA TECHNOLOGIES, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2023 and 2022

(Unaudited)

 

NOTE A – ORGANIZATION

 

CarbonMeta Technologies, Inc. (f/k/a CoroWare, Inc.) (“CarbonMeta”, the “Company”, “we”, “us”, or “our”) is a publicly quoted environmental research and development company that is commercializing technologies for processing organic wastes into hydrogen and high-value carbon products economically and sustainably.

 

The Company was incorporated on June 8, 2001 under the laws of the State of Nevada as SRM Networks, Inc. In connection with the acquisition of Hy-Tech Computer Systems, Inc. on January 31, 2003, the Company changed its name to Hy-Tech Technology Group, Inc. In connection with the Agreement and Plan of Merger of Robotics Workspace Technology, Inc., Innova Holdings, Inc. and the Company’s wholly owned subsidiary, RWT Acquisition, Inc., dated July 21, 2004, the Company’s name changed to Innova Holdings, Inc. Subsequently, the Company redomiciled in the State of Delaware and on November 20, 2006, the Company changed its name to Innova Robotics and Automation, Inc. and then on April 23, 2008, the Company changed its name to CoroWare, Inc. On or about July 28, 2021, the Company filed Articles of Amendment to its Amended and Restated Certificate of Incorporation with the State of Delaware to reflect a name change from CoroWare, Inc. to CarbonMeta Technologies, Inc.

 

The Company has six wholly-owned subsidiaries: CoroWare Technologies, Inc. (“CTI”), CoroWare Robotics Solutions, Inc. (“CRS”), Robotic Workspace Technologies, Inc. (“RWT”), Carbon Source, Inc. (“CS”), CoroWare Treasury, Inc. (“CWT”), and CarbonMeta Research Ltd. (“CMR”), From August 30, 2022 to July 24, 2023, the Company had a 50.1% interest in CarbonMeta Green Building Materials, LLC (joint venture with Salvum Corporation)(“CMGBM”). Also, the Company has a 51% interest in AriCon, LLC (“AriCon”).

 

CoroWare Technologies, Inc. (“CTI”) was incorporated in the State of Florida on May 16, 2006, was administratively dissolved on November 19, 2016, and its principal business was a software professional services company with a strong focus on information technology integration and robotics integration, business automation solutions, and unmanned systems solutions to its customers in North America and Europe.

 

CoroWare Robotics Solutions, Inc. (“CRS”) was incorporated in the State of Texas on February 27, 2015, and its principal business was as a technology incubation company whose focus was on the delivery of mobile robotics and IOT products, solutions and services for university, government and corporate researchers, and enterprise customers. CRS’s business operations were discontinued in October 2016 when the Company’s gross margins and financing costs became unsustainable.

 

Robotic Workspace Technologies, Inc. (“RWT”) was incorporated in the State of Florida on July 1, 1994, was administratively dissolved on September 25, 2009, and its principal business was developing and marketing open-architecture PC controls and related products that could improve the performance, applicability, and productivity of robots and other automated equipment. RWT’s business operations were discontinued in September 2007 when the Company’s losses became unsustainable.

 

Carbon Source, Inc. (“CS”) was incorporated in the State of Wyoming on June 14, 2021 and its principal business is waste reclamation technologies and processing.

 

CoroWare Treasury, Inc. (“CWT”) was incorporated in the State of Wyoming on July 8, 2021 and its principal business is acquisitions related to acquiring technologies and subsidiary businesses related to waste processing.

 

CarbonMeta Research Ltd. (‘CMR”) was incorporated in England and Wales on August 12, 2021 and its principal business is the development of technologies and solutions for processing organic wastes and generating economically sustainable hydrogen and high-value carbon products. Using proprietary and patented technologies, it plans to implement new industrial methods using inexpensive, environmentally friendly catalysts that process collected plastic waste material into high value products such as hydrogen gas, graphene and carbon nanotubes.

 

CarbonMeta Green Building Materials, LLC (“CMGBM”) was a joint venture with Salvum Corporation organized on August 30, 2022 to develop and market construction mix products that are carbon negative (see Production Agreement below).

 

In 2021, the Company began investigating emerging technologies, strategic intellectual property partnerships, and sustainable growth business opportunities related to the production of hydrogen and high value carbon products from organic waste streams. Working cooperatively with Oxford University Innovation, CarbonMeta plans to implement proven and patented technologies to add value to organic waste streams. By utilizing these proven proprietary technologies, collected and captured plastic waste material can be upcycled to high value products such as carbon nanotubes (“CNTs”) and hydrogen gas.

 

9
 

 

CARBONMETA TECHNOLOGIES, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2023 and 2022

(Unaudited)

 

NOTE A – ORGANIZATION (continued)

 

CNTs can be used for improved electrical conduction and reinforcing materials that are used in a wide variety of industries including the automotive industry, aviation industry, medical industry, and construction. The number one growth driver is the increasing need for high performance batteries for the electric vehicle market.

 

Plastic waste is a cheap and abundant feedstock that will allow the Company to scale quickly and produce hydrogen gas for a competitive price.

 

License Agreements

 

Oxford University Innovation Limited

 

On June 2, 2021, the Company (the “Licensee”) entered into a License Agreement (the “Agreement”) with Oxford University Innovation Limited (the “Licensor”). Under the terms of the Agreement, the Licensee will license the licensed technology (OUI Project- Hydrogen from plastics via microwave-initiated catalytic dehydrogenation). The Agreement is non-exclusive and includes the United States and European Union. Signing fees for the Agreement were £54,807 and have been paid in full by the Company. The Royalty Rate is 5% of net sales. The Agreement comprises milestone fees as: (i) £20,000 upon the first commercial sale of a licensed product; (ii) £50,000 upon generating $1,000,000 in sales; (iii) £10,000 upon the successful grant of the US patent; and (iv) £10,000 upon the successful grant of the EU patent. Whether the company realizes product sales or not, the Company is subject to a minimum payment to Oxford University Innovation of £10,000 for license year 3 and £20,000 for license year 4 and each license year thereafter.

 

The process that the Company licensed from Licensor for producing hydrogen and carbon products from waste plastics has not been demonstrated on a larger scale. It is not yet known whether the process will be cost-effective or profitable to implement on a larger scale. The Company has conducted tests to prove the percentage of carbon nanotubes up to 10 grams. The Company is working with a microwave reactor company to help demonstrate this process at a scale of 100 kilograms and 1,000 kilograms per day.

 

The Company has met the following milestones of its development plan set forth in the license agreement with Oxford University Innovation:

 

  September 2021: established subsidiary in Oxford, United Kingdom
  March 2022: produced 0.025 kilograms per day of marketable carbon nanotubes

 

Oxford University Innovation may terminate the license due to the company not using commercially reasonable efforts to develop, exploit and market the licensed technology in accordance with the development plan.

 

From July 2022 to present (see Service Award below), CarbonMeta Technologies has been working with University of Oxford on a project with a global multi-energy provider based in Europe to assess the feasibility of processing mixed plastic waste into clean hydrogen fuel and value-added carbon products using microwave catalysis on a large commercial scale.

 

Ecomena Limited

 

On December 2, 2021, the Company (“Licensee”) entered into a License of Agreement (the “Agreement”) with Ecomena Limited (an entity located in the United Kingdom) (“Licensor”). Under the terms of the Agreement, the Licensee will license the Licensed Technology to recycle industrial byproduct into cement free pavers and mortars that are environmentally friendly and continuously absorb carbon dioxide. The signing fees payable to the Licensor under the Agreement are £20,000 cash (approximately $27,247 at February 17, 2022), of which £10,000 has been paid by the Licensee, and 160,000,000 shares of the Company’s common stock, which was delivered to the Licensor on February 17, 2022. The royalty rate payable to the Licensor is 5% of net sales, subject to a minimum of £5,000 per year for license years 1 and 2, £3,000 for license year 3 and £1,000 for license year 4 and each license year thereafter. The term of the Agreement is five years from December 2, 2021 to December 2, 2026. The Licensee may terminate the Agreement for any reason at any time provided it gives Licensor six (6) months written notice to terminate expiring after December 2, 2024. If requested by the Licensee, the Licensor shall agree to the Agreement continuing in force after December 2, 2026. Effective August 28, 2023, the Company assigned its interest in the Ecomena license to Carbon Conversion Group, Inc. (see Notes E and F). As of the date of this filing, the Agreement is still in effect.

 

10
 

 

CARBONMETA TECHNOLOGIES, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2023 and 2022

(Unaudited)

 

NOTE A – ORGANIZATION (continued)

 

Production Agreement

 

On January 11, 2022, the Company entered into an Interim Joint Product Development and Sales Representation Agreement (the “Agreement”) with Salvum Corporation. Under the terms of the Agreement, the parties agree to work together to develop both CarbonMeta’s proprietary cementless paver products known as “Cementless Paver” and Salvum’s proprietary concrete alternative products known as “EarthCrete.” During the Term, Salvum agrees to manufacture CarbonMeta’s proprietary cementless paver products known as “Cementless Paver”. CarbonMeta reserves the right to appoint other manufacturers of the products and/or to engage other sales representatives for CarbonMeta’s proprietary cementless paver products known as “Cementless Paver” outside the United States of America. Although the Interim Joint Product Development and Sales Representation Agreement with Salvum Corporation had a term of 180 days and expired on July 11, 2022, the companies continued to work together, and the companies formed CarbonMeta Green Building Materials, LLC (“CMGBM”) and signed an Operating Agreement for Management of CMGBM on August 28, 2022 that superseded the Interim Joint Product Development and Sales Representation Agreement.

 

The Operating Agreement for Management of CMGBM (the “CMGBM Agreement”) provided for (1) the allocation of 501 Managing Membership units (50.1%) to CarbonMeta Technologies, Inc. (“COWI”) and 499 Managing Membership units (49.9%) to Salvum Corporation, (2) COWI capital contributions to CMGBM of (a) 250,000,000 shares of COWI common stock and (b) the assignment of the Ecomena Limited license agreement, and (3) Salvum Corporation capital contributions to CMGBM of (a) existing EarthCrete customer list and sales pipeline, and (b) license to use EarthCrete trademark worldwide. The CMGBM Agreement also provided that profits and losses (and distributions) of CMGBM shall be allocated on the basis of each Managing Member’s relative capital accounts and that a Managing Member may withdraw from CMGBM upon not less than six months prior written notice to each non-withdrawing Managing Member.

 

On July 24, 2023, the Company filed a Certificate of Conversion with the State of Wyoming for CMGBM, to convert CMGBM from a limited liability company to a corporation. In addition, the Company filed Articles of Incorporation changing the name of CMGBM to Carbon Conversion Group, Inc. (“CCGI”). CCGI has the authority to issue 100,000,000 shares of preferred stock, par value $0.0001 per share, and 500,000,000 shares of common stock, par value of $0.0001 per share. Please see NOTE F – INVESTMENT IN CARBON CONVERSION GROUP, INC. for further information.

 

On June 20, 2023, the Company announced plans to spin-off CCGI in the third quarter of 2023 on the basis of one share of CCGI common stock for every 3,000 shares of the Company’s common stock owned as of June 23, 2023.

 

Service Award

 

On June 10, 2022, our subsidiary, CarbonMeta Research Ltd. (“CMR”), was granted a Service Award (entitled “Waste Plastic Catalysis Proof of Concept”) from a business company located in Spain. The award provided for CMR to provide the customer with an initial prototype process for converting mixed waste plastic to hydrogen and solid carbon and for the customer to pay CMR a total of 50,000 Euros in four installments as certain milestones were met. As of March 31, 2023, all of the milestones had been met by CMR and CMR had invoiced the customer the full 50,000 Euros ($49,542), of which $40,103 was collected in the third quarter 2022 and $9,439 was collected in the fourth quarter 2022.

 

In October 2022, CMR was granted a second Service Award for 50,000 Euros to provide the customer with further details on the composition of the carbon products resulting from the microwave catalysis of waste plastics. In December 2022, CMR invoiced the customer for 20,000 Euros, which was collected in January 2023. In January 2023, CMR invoiced the customer for 10,000 Euros, which was collected in the quarter ended March 31, 2023. In April 2023 and May 2023, CMR invoiced the customer for a total of 10,000 Euros, which was collected in the quarter ended June 30, 2023. The project is expected to reach completion in 2024.

 

North Bay Resources Joint Venture

 

On June 21, 2023, the Company and North Bay Resources, Inc. (“NBRI”) entered into a definitive Joint Venture Agreement (the “Joint Venture Agreement”). Under the terms of the Joint Venture Agreement:

 

CarbonMeta Green Resources Canada will be a Limited Liability Company in British Columbia, Canada with initial equity ownership as follows:

 

  51% of the equity will be owned by CarbonMeta Technologies, Inc.
     
  49% of the equity will be owned by North Bay Resources, Inc.

 

CarbonMeta Green Resources Canada will be a research and development center whose focus will be on:

 

  Establish CarbonMeta Green Resources Canada as a mining and processing center for the production of carbon-negative cementless concrete using olivine
     
  Build and operate a production facility and demonstration program for the production of carbon-negative cementless concrete that can be distributed in North America.
     
  Establish an agreed upon transfer price from NBRI to CarbonMeta Green Resources Canada for purchasing olivine that shall be updated quarterly.
     
  Develop and establish supply chain relationships with potential North American distributors of carbon-negative cementless concrete, including but not limited to Carbon Conversion Group, Inc. (f/k/a CarbonMeta Green Building Materials, LLC) in the United States
     
  Establish technology licensing relationships, industry partnerships, and marketing sponsorships related to the production of carbon-negative cementless concrete using olivine

 

11
 

 

CARBONMETA TECHNOLOGIES, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2023 and 2022

(Unaudited)

 

NOTE A – ORGANIZATION (continued)

 

The contributions from each of the Joint Venturers, for the purpose of this Joint Venture, is the sum set after the name of each Joint Venturer as follows:

 

North Bay Resources, Inc. Availability of olivine from the mining claims that North Bay Resources owns; geological and operational expertise for mining and extracting olivine.
   
CarbonMeta Technologies, Inc. Research and Development and Business Development expertise to process olivine into a cementitious raw material for the creation of carbon-negative concrete

 

The transaction closed on June 21, 2023.

 

Fermion Electric Private Limited MOU

 

On April 8, 2023, CarbonMeta Technologies, Inc. (the “Company”) and Fermion Electric Private Limited (“Fermion”) signed a Memorandum of Understanding (MOU) to create a subsidiary corporation called CarbonMeta Research India as a Private Limited Company that shall be jointly owned and managed by the Company and Fermion, and whose initial objective shall be processing natural gas into hydrogen and high value carbon products.

 

Under the terms of the MOU:

 

CarbonMeta Research India will be a Private Limited Company in Kerala, India with initial equity ownership as follows:

 

  80% of the equity will be owned by CarbonMeta Technologies, Inc.; and
  20% of the equity will be owned by Fermion Electric Private Limited.

 

CarbonMeta Research India will be a research and development center whose focus will be on:

 

  Microwave catalysis of waste plastics, natural gas, and other organic waste materials;
  Carbon dioxide (CO2) capture technologies using novel technologies and adsorbents;
  Development of new catalysts for catalysis, pyrolysis, and electrolysis; and
  Commercialize and patent technologies that were developed and licensed by CarbonMeta Technologies, Inc. or its subsidiaries.

 

In order to further grow its business, the Company plans to:

 

  Develop and patent new microwave catalysis processes and catalysts that can be scaled up to yield large volumes of high value hydrogen and carbon products;
     
  Develop and patent new processes and formulas for producing carbon-negative building products that help alleviate climate change by capturing carbon dioxide (CO2) for renewable energy projects;