Freeze Tag, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Freeze Tag, Inc. filed its 2023 10-K, reporting $75.1M in assets and $4.4M in revenue.</b>

AI Summary

Freeze Tag, Inc. (FRZT) filed a Annual Report (10-K) with the SEC on April 1, 2024. Freeze Tag, Inc. reported total assets of $75,056,123 as of December 31, 2023. The company's total debt was $2,480,482 as of December 31, 2023. Revenue for the fiscal year ending December 31, 2023, was $4,355,000. Net income for the fiscal year ending December 31, 2023, was $163,255. Earnings per share (EPS) for the fiscal year ending December 31, 2023, was $0.01.

Why It Matters

For investors and stakeholders tracking Freeze Tag, Inc., this filing contains several important signals. The filing provides a comprehensive overview of Freeze Tag, Inc.'s financial health and operational performance for the fiscal year 2023, including detailed asset and debt figures. Investors and stakeholders can use this report to assess the company's financial position, profitability, and potential risks moving forward.

Risk Assessment

Risk Level: medium — Freeze Tag, Inc. shows moderate risk based on this filing. The company has a relatively small revenue base and significant debt relative to its net income, indicating potential financial strain.

Analyst Insight

Monitor Freeze Tag, Inc.'s revenue growth and debt reduction strategies in upcoming filings to assess financial stability.

Financial Highlights

revenue

4355000

total Assets

75056123

total Debt

2480482

net Income

163255

eps

0.01

Revenue Breakdown

Key Numbers

• 75056123 — Total Assets (As of December 31, 2023)
• 2480482 — Total Debt (As of December 31, 2023)
• 4355000 — Revenue (For the fiscal year ended December 31, 2023)
• 163255 — Net Income (For the fiscal year ended December 31, 2023)
• 0.01 — EPS (For the fiscal year ended December 31, 2023)

Key Players & Entities

• Freeze Tag, Inc. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 2024-04-01 (date) — Filing date
• $75,056,123 (dollar_amount) — Total assets as of December 31, 2023
• $2,480,482 (dollar_amount) — Total debt as of December 31, 2023
• $4,355,000 (dollar_amount) — Revenue for the fiscal year ending December 31, 2023
• $163,255 (dollar_amount) — Net income for the fiscal year ending December 31, 2023
• $0.01 (dollar_amount) — Earnings per share for the fiscal year ending December 31, 2023

FAQ

Risk Factors

• Financial Condition [medium — financial]: The company's financial statements present its assets, liabilities, and equity as of December 31, 2023, and its revenues and expenses for the year then ended.

Key Financial Figures

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• $0.014 — $ 443,144 based on the closing price of $0.014 on June 30, 2023 of our common stock. T
• $0 — 6,123 shares of common stock, par value $0.00001, issued and outstanding. Documen
• $0.99 — en the user is required to pay, usually $0.99 per feature or item or $0.99 for a bund

Filing Documents

• frzt_10k.htm (10-K) — 1020KB
• frzt_ex311.htm (EX-31.1) — 13KB
• frzt_ex312.htm (EX-31.2) — 13KB
• frzt_ex321.htm (EX-32.1) — 6KB
• frzt_ex322.htm (EX-32.2) — 6KB
• frzt_10kimg6.jpg (GRAPHIC) — 46KB
• 0001477932-24-001717.txt (&nbsp;) — 3820KB
• frzt-20231231.xsd (EX-101.SCH) — 36KB
• frzt-20231231_lab.xml (EX-101.LAB) — 214KB
• frzt-20231231_cal.xml (EX-101.CAL) — 38KB
• frzt-20231231_pre.xml (EX-101.PRE) — 180KB
• frzt-20231231_def.xml (EX-101.DEF) — 92KB
• frzt_10k_htm.xml (XML) — 376KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 14 ITEM 1B. Unresolved Staff Comments 25 ITEM 1C. Cybersecurity 25 ITEM 2.

Properties

Properties 25 ITEM 3.

Legal Proceedings

Legal Proceedings 25 ITEM 4. Mine Safety Disclosures 25 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 ITEM 6.

Selected Financial Data

Selected Financial Data 28 ITEM 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 34 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36 ITEM 9A.

Controls and Procedures

Controls and Procedures 36 ITEM 9B. Other Information 37 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 38 ITEM 11.

Executive Compensation

Executive Compensation 40 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 44 ITEM 14. Principal Accounting Fees and Services 45 PART IV ITEM 15. Exhibits, Financial Statement Schedules 46 ITEM 16. Form 10-K Summary 49

SIGNATURES

SIGNATURES 50 2 Table of Contents PART I Explanatory Note This Annual Report includes forwardlooking statements within the meaning of the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on management's beliefs and assumptions, and on information currently available to management. Forwardlooking statements include the information concerning possible or assumed future results of operations of the Company set forth under the heading "Management's Discussion and Analysis of Financial Condition or Plan of Operation." Forwardlooking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider" or similar expressions are used. Forwardlooking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. The Company's future results and shareholder values may differ materially from those expressed in these forwardlooking statements. Readers are cautioned not to put undue reliance on any forwardlooking statements.

– BUSINESS

ITEM 1 – BUSINESS Corporate History We were incorporated as Freeze Tag, Inc. in February 2006 in the State of Delaware. In March 2006, Freeze Tag, LLC, our predecessor which was formed in October 2005, was merged with and into Freeze Tag, Inc. In October of 2017, we completed a merger transaction with Munzee Inc. in a transaction in which Freeze Tag, Inc. became the surviving entity and both companies merged their operations together (the "Merger"). Under U.S. generally accepted accounting principles, the Merger is treated as a "reverse merger" under the purchase method of accounting, with Munzee as the accounting acquirer. Accordingly, Munzee's historical financial results of operations replace Freeze Tag's historical financial results of operations for all periods prior to the Merger and, for all periods following the Merger, our financial statements include the financial results of operations of the combined company. The consolidated entity maintains office addresses in Tustin, California and McKinney, Texas. Other corporate actions that occurred as a result of the merger are that Robert Vardeman, Jr., former CEO of Munzee Inc. became President of Freeze Tag, Inc. and both Robert Vardeman, Jr. and Robert D. Vardeman were added to the Freeze Tag, Inc. Board of Directors. Our Board of Directors currently consists of Craig Holland, Mick Donahoo, Robert Vardeman, Jr., and Robert D. Vardeman. In the quarter ended March 31, 2020, our wholly-owned subsidiary, Space Coast Geo Store, LLC, a Florida limited liability company, began selling merchandise to the geocaching industry, and its financial results are consolidated in our financial statements. Business Overview Freeze Tag, Inc. is a creator of location-based, mobile social games that are fun and engaging for consumers and businesses. Based on a free-to-play business model that has propelled games built and marketed by some of our competitors to worldwide success, we employ state-of-the-art data analytics and p

View Full Filing

View this 10-K filing on SEC EDGAR