SMC Entertainment, Inc. Files 10-Q/A for Period Ending September 30, 2023

TL;DR

<b>SMC Entertainment, Inc. has filed an amended 10-Q report for the period ending September 30, 2023, providing updated financial and operational details.</b>

AI Summary

SMC Entertainment, Inc. (FYNN) filed a Amended Quarterly Report (10-Q/A) with the SEC on March 14, 2024. SMC Entertainment, Inc. filed a 10-Q/A on March 14, 2024, for the period ending September 30, 2023. The filing indicates a fiscal year end of December 31. The company's principal business address is 9170 Glades Road, Suite 150, Boca Raton, FL 33433. The company was formerly known as SMC Recordings Inc., with a name change on July 22, 2010. The SIC code for the company is 7374, Services-Computer Processing & Data Preparation.

Why It Matters

For investors and stakeholders tracking SMC Entertainment, Inc., this filing contains several important signals. This amended filing suggests potential revisions or clarifications to previously reported financial information, which could impact investor understanding of the company's performance. The filing provides specific details about the company's business operations, including its address and former name, which are important for identifying and tracking the entity.

Risk Assessment

Risk Level: — SMC Entertainment, Inc. shows moderate risk based on this filing. The filing is an amendment (10-Q/A) which typically indicates corrections or updates to previously filed information, but without specific financial data or changes highlighted, the immediate risk impact is low.

Analyst Insight

Investors should review the specific changes made in this 10-Q/A filing to understand any impact on SMC Entertainment's financial position or operational disclosures.

Financial Highlights

revenue

1315960743

net Income

962535830

Key Numbers

• 7374 — Standard Industrial Classification (Services-Computer Processing & Data Preparation)
• NV — State of Incorporation (Nevada)
• 1231 — Fiscal Year End (December 31)
• 10-Q/A — Form Type (Amended Quarterly Report)
• 000-56558 — SEC File Number (Securities and Exchange Commission file number)

Key Players & Entities

• SMC Entertainment, Inc. (company) — Filer name
• 20230930 (date) — Conformed period of report
• 20240314 (date) — Filed as of date
• 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
• SMC Recordings Inc. (company) — Former company name

FAQ

Key Dates

• 2024-03-14: Filing Date — Filing of 10-Q/A
• 2023-09-30: Reporting Period End — Period covered by the 10-Q/A
• 2010-07-22: Name Change — Date of former company name change

Key Financial Figures

• $0.001 — The number of shares of Common Stock, $0.001 par veralue of the registrant outstandi
• $300,000 — t GFL agreed to pay a rescission fee of $300,000, $50,000 of which was to be paid within
• $50,000 — ed to pay a rescission fee of $300,000, $50,000 of which was to be paid within 21 days
• $36,365 — d September 30, 2023, Mammoth converted $36,365 of the note into 103,900,000 shares of

Filing Documents

• smc_10qa.htm (10-Q/A) — 910KB
• smc_ex311.htm (EX-31.1) — 10KB
• smc_ex312.htm (EX-31.2) — 10KB
• smc_ex321.htm (EX-32.1) — 4KB
• smc_ex322.htm (EX-32.2) — 4KB
• 0001654954-24-003110.txt (&nbsp;) — 4670KB
• smc-20230930.xsd (EX-101.SCH) — 39KB
• smc-20230930_lab.xml (EX-101.LAB) — 215KB
• smc-20230930_cal.xml (EX-101.CAL) — 34KB
• smc-20230930_pre.xml (EX-101.PRE) — 212KB
• smc-20230930_def.xml (EX-101.DEF) — 155KB
• smc_10qa_htm.xml (XML) — 904KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

Signatures

Signatures 24 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INDEX TO FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 2023 (unaudited)/(restated) and December 31, 2022 4 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 (restated) and 2022 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2023 (restated), and 2022 (unaudited) 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 (restated) and 2022 (unaudited) 8 Notes to the Consolidated Financial Statements (unaudited) 9 3 Table of Contents SMC ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2023 2022 (Unaudited)/ (Restated) (Audited) ASSETS Current Assets: Cash $ 17,917 $ 2,350 Receivable 300,000 300,000 Prepaids and other current assets — 6,000 Total Current Assets 317,917 308,350 Goodwill 64,194 — Total Assets $ 382,111 $ 308,350 LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued liabilities $ 83,813 $ 30,044 Accrued compensation 1,343,835 926,835 Due to related parties 22,394 15,625 Convertible notes and accrued interest 1,237,590 1,154,805 Derivative liability 608,344 536,399 Total Current Liabilities 3,295,976 2,663,708 Total Liabilities 3,295,976 2,663,708 Shareholders' Deficit: Series A Preferred stock, $ 0.001 par value, 1,000,000 shares authorized; 990,346 shares issued and outstanding 990 990 Series B Preferred stock, $ 10.00 par value, 4,500,000 shares authorized; 2,500,000 and 0 shares issued and outstanding, respectively 25,000,000 — Common stock $ 0.001 par value, 3,000,000,000 shares authorized; 1,315,960,743 and 962,535,830 shares issued and outstanding, respectively 1,315,961 962,536 Discount for series B Preferred stock ( 24,967,500 ) — Common stock to be issued 1

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View this 10-Q/A filing on SEC EDGAR