SMC Entertainment, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>SMC Entertainment, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

SMC Entertainment, Inc. (FYNN) filed a Annual Report (10-K) with the SEC on April 15, 2024. SMC Entertainment, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's fiscal year end is December 31. SMC Entertainment, Inc. is incorporated in Nevada. The company's business and mailing address is 9170 GLADES ROAD, STE 150, BOCA RATON, FL 33433. The business phone number is 3608205973.

Why It Matters

For investors and stakeholders tracking SMC Entertainment, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — SMC Entertainment, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand SMC Entertainment's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-15 — Filing Date (As of date)
• 0001497230 — Central Index Key (Filer's CIK)
• 7374 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SMC Entertainment, Inc. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240415 (date) — Filing date
• NV (jurisdiction) — State of incorporation
• 9170 GLADES ROAD, STE 150 (address) — Business address
• BOCA RATON (location) — Business address city
• FL (location) — Business address state
• 33433 (postal_code) — Business address zip

FAQ

Industry Context

SMC Entertainment, Inc. operates within the Services-Computer Processing & Data Preparation industry, as indicated by its SIC code 7374.

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934, requiring public companies to disclose annual financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review the risk factors section for potential business challenges and uncertainties.
3. Examine any disclosures regarding executive compensation or significant corporate events.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock Par Value $0.001 Indicate by check mark if the registr
• $50,000 — d RIA will be charged an initial fee of $50,000 and a monthly maintenance fee for the s
• $100,000 — intenance fee for the software of up to $100,000 per month. The Company anticipates sign
• $1,560,683 — 31, 2023, the Company had a net loss of $1,560,683, had net cash used in operating activit
• $188,763 — et cash used in operating activities of $188,763, and an accumulated deficit of $17,560,
• $17,560,687 — $188,763, and an accumulated deficit of $17,560,687. These matters raise substantial doubt
• $145,274.93 — nt, SMC is seeking (i) the repayment of $145,274.93 which includes payments made to Spectru
• $300,000 — t GFL agreed to pay a rescission fee of $300,000, $50,000 of which was to be paid within
• $25,000,000 — ti will be Twenty-Five Million Dollars ($25,000,000) to be paid by delivery of Two Million
• $10.00 — shares (the "Shares" ) of the Company's $10.00 Series B Preferred Stock. The Purchase
• $10 — length, and the parties agreed that the $10 par value of the Company's Series B Pre
• $2,000,000 — ate; The Company agrees to raise up to $2,000,000 with $250,000 to be paid to Fyniti upon
• $250,000 — y agrees to raise up to $2,000,000 with $250,000 to be paid to Fyniti upon the Closing.
• $250,000 b — to Fyniti in quarterly installments of $250,000 based on the milestone achievements. The
• $1.2 — h management platform market is roughly $1.2 trillion worldwide. The market is forec

Filing Documents

• smc_10k.htm (10-K) — 950KB
• smc_ex31.htm (EX-3.1) — 4KB
• smc_ex33.htm (EX-3.3) — 16KB
• smc_ex34.htm (EX-3.4) — 2KB
• smc_ex35.htm (EX-3.5) — 21KB
• smc_ex103.htm (EX-10.3) — 2KB
• smc_ex311.htm (EX-31.1) — 11KB
• smc_ex312.htm (EX-31.2) — 11KB
• smc_ex321.htm (EX-32.1) — 7KB
• smc_10kimg5.jpg (GRAPHIC) — 15KB
• smc_ex33img5.jpg (GRAPHIC) — 18KB
• smc_ex33img4.jpg (GRAPHIC) — 16KB
• smc_ex33img3.jpg (GRAPHIC) — 14KB
• smc_ex33img22.jpg (GRAPHIC) — 9KB
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• smc_10kimg3.jpg (GRAPHIC) — 20KB
• smc_10kimg2.jpg (GRAPHIC) — 16KB
• smc_ex33img24.jpg (GRAPHIC) — 155KB
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• smc_ex33img26.jpg (GRAPHIC) — 129KB
• smc_ex33img25.jpg (GRAPHIC) — 123KB
• smc_ex33img9.jpg (GRAPHIC) — 16KB
• smc_ex33img18.jpg (GRAPHIC) — 13KB
• smc_ex33img17.jpg (GRAPHIC) — 15KB
• smc_ex33img16.jpg (GRAPHIC) — 16KB
• smc_ex31img1.jpg (GRAPHIC) — 48KB
• smc_10kimg4.jpg (GRAPHIC) — 18KB
• smc_ex31img2.jpg (GRAPHIC) — 51KB
• smc_ex31img3.jpg (GRAPHIC) — 106KB
• smc_ex31img4.jpg (GRAPHIC) — 69KB
• smc_ex31img5.jpg (GRAPHIC) — 64KB
• smc_ex33img13.jpg (GRAPHIC) — 9KB
• smc_ex33img10.jpg (GRAPHIC) — 14KB
• smc_ex33img11.jpg (GRAPHIC) — 10KB
• smc_ex33img12.jpg (GRAPHIC) — 6KB
• smc_ex33img15.jpg (GRAPHIC) — 15KB
• smc_ex33img14.jpg (GRAPHIC) — 13KB
• 0001654954-24-004626.txt (&nbsp;) — 6038KB
• smc-20231231.xsd (EX-101.SCH) — 39KB
• smc-20231231_lab.xml (EX-101.LAB) — 209KB
• smc-20231231_cal.xml (EX-101.CAL) — 35KB
• smc-20231231_pre.xml (EX-101.PRE) — 198KB
• smc-20231231_def.xml (EX-101.DEF) — 136KB
• smc_10k_htm.xml (XML) — 625KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6 Issuer Purchases of Equity Securities 21 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 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8.

Financial Statements

Financial Statements 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 26 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 28 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 30 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principal Accountant Fees and Services 32 Item 15. Exhibits 33

SIGNATURES

SIGNATURES 34 2 Table of Contents As used in this registration statement, unless the context otherwise requires, the terms the "Company," "Registrant," "we," "us," "our," or "SMCE," refer to SMC Entertainment, Inc., a Nevada corporation.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for statements of historical fact, some information in this document contains "forward-looking statements" that involve substantial risks and uncertainties. You can identify these forward-looking statements by words such as "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. The statements that contain these or similar words should be read carefully because these statements discuss our future expectations, contain projections of our future results of operations or of our financial position, or state other forward-looking information. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able accurately to predict or control. Further, we urge you to be cautious of the forward-looking statements which are contained in this registration statement because they involve risks, uncertainties and other factors affecting our operations, market growth, service, products, and licenses. The factors listed in the sections captioned "Risk Factors" and "Description of Business," as well as other cautionary language in this registration statement and events in the future may cause our actual results and achievements, whether expressed or implied, to differ materially from the expectations we describe in our forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this registration statem

Business

Item 1. Business Our wholly owned subsidiary, Fyniti Global Equities EBT Inc. markets a software-as-a-service ("SaaS") proprietary platform for Certified Public Accountants ("CPAs") Financial Institutions and Registered Investment Advisors ("RIAs") (the "Platform"). The Platform is a SaaS platform enabling users to see the developing market trends and use it to create customizable baskets if applicable. Currently, the Company has earned only minimal revenue. The SaaS is ready to implement, and we are currently talking to different CPAs and RIAs about beta testing the Platform beginning in the first quarter of 2024. Pending the results of beta testing, the Company plans on using a model of an initial set up fee with a monthly content fee. Each CPA, Financial Institution and RIA will be charged an initial fee of $50,000 and a monthly maintenance fee for the software of up to $100,000 per month. The Company anticipates signing a beta test contract after its Form 10 Registration Statement is effective. The Platform's IQ Engine enables the user to see changes occurring on the underlying indexes daily and provides alternatives based on machine learning ("ML") and artificial intelligence ("AI") which the user can incorporate into its decision making process. Our AI and ML Capabilities: Fyniti Global Equities EBT employs state-of-the-art AI/ML technologies along with Quant algorithms, to enhance our quantitative investing strategies and wealth management solutions. The primary purpose of our AI/ML capabilities is to optimize trading strategies, risk management, and portfolio allocation. Operation of the IQ Engine: The IQ Engine operates by continuously analyzing vast amounts of financial data, market indicators, and historical trading patterns. It employs advanced statistical models and machine learning algorithms to identify trends, correlations, and anomalies in the data. These insights are then used to make data-driven decisions regarding the execution of trades

View Full Filing

View this 10-K filing on SEC EDGAR