SMC Entertainment, Inc. Files 10-Q for Period Ending June 30, 2023

TL;DR

<b>SMC Entertainment, Inc. filed its quarterly report (10-Q) for the period ending June 30, 2023, detailing its financial status and business operations.</b>

AI Summary

SMC Entertainment, Inc. (FYNN) filed a Quarterly Report (10-Q) with the SEC on March 8, 2024. SMC Entertainment, Inc. filed a 10-Q for the period ending June 30, 2023. The company's fiscal year ends on December 31. The filing was made on March 8, 2024. The company is incorporated in Nevada. The SIC code for SMC Entertainment, Inc. 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 filing provides investors with an update on the company's financial performance and any material changes since the last report. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — SMC Entertainment, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate indicators of significant financial distress or major positive developments, suggesting a neutral outlook based solely on this document.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any specific trends or risks.

Key Numbers

• 2023-06-30 — Reporting Period End Date (Conformed Period of Report)
• 2024-03-08 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 7374 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SMC Entertainment, Inc. (company) — Filer
• 2023-06-30 (date) — Conformed Period of Report
• 2024-03-08 (date) — Filed as of date
• 7374 (other) — Standard Industrial Classification
• NV (other) — State of Incorporation
• 1934 Act (other) — SEC Act
• Mammoth Corporation (company) — Related entity
• Fyniti (company) — Related entity

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 Form 10-Q, which is a mandatory quarterly report for publicly traded companies in the United States, governed by the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the period ending June 30, 2023.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Check for any disclosures related to subsequent events or material changes that occurred after the reporting period.

Key Dates

• 2023-06-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing for the period ending June 30, 2023. Specific comparative data from a previous filing (e.g., 10-Q for March 31, 2023, or 10-K for December 31, 2022) is not directly provided in this extracted header information.

Key Financial Figures

• $0.001 — The number of shares of Common Stock, $0.001 par value of the registrant outstanding
• $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

Filing Documents

• smcentertainment_10q.htm (10-Q) — 751KB
• smcentertainment_ex311.htm (EX-31.1) — 12KB
• smcentertainment_ex312.htm (EX-31.2) — 12KB
• smcentertainment_ex321.htm (EX-32.1) — 5KB
• smcentertainment_ex322.htm (EX-32.2) — 5KB
• 0001654954-24-002891.txt (&nbsp;) — 4059KB
• smc-20230630.xsd (EX-101.SCH) — 38KB
• smc-20230630_lab.xml (EX-101.LAB) — 206KB
• smc-20230630_cal.xml (EX-101.CAL) — 33KB
• smc-20230630_pre.xml (EX-101.PRE) — 207KB
• smc-20230630_def.xml (EX-101.DEF) — 151KB
• smcentertainment_10q_htm.xml (XML) — 694KB

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 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II Other Information 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21

Signatures

Signatures 22 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 June 30, 2023 (unaudited) and December 31, 2022 4 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2023, and 2022 (unaudited) 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (unaudited) 8 Notes to the Consolidated Financial Statements (unaudited) 9 3 Table of Contents SMC ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2023 2022 ASSETS (Unaudited)/ (Restated) (Audited) Current Assets: Cash $ 41,091 $ 2,350 Receivable 300,000 300,000 Prepaids and other current assets — 6,000 Total Current Assets 341,091 308,350 Goodwill 64,194 — Total Assets $ 405,285 $ 308,350 LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued liabilities $ 94,882 $ 30,044 Accrued compensation 1,206,835 926,835 Due to related parties 20,625 15,625 Convertible notes and accrued interest 1,205,924 1,154,805 Derivative liability 652,815 536,399 Total Current Liabilities 3,181,081 2,663,708 Total Liabilities 3,181,081 2,663,708 Shareholders' Deficit : Series A Preferred stock, $ 0.001 par value, 1,000,000 shares authorized; 989,626 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; 1,162,060,743 and 962,535,830 shares issued and outstanding, respectively 1,162,061 962,536 Discount for series B Preferred stock ( 24,967,500 ) — Common stock to be issued 16,900 23,500 Additional paid-in capital 12,801,795 12,657,620

View Full Filing

View this 10-Q filing on SEC EDGAR