Resonate Blends, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Resonate Blends, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Resonate Blends, Inc. (KOAN) filed a Annual Report (10-K) with the SEC on April 16, 2024. Resonate Blends, Inc. filed its 2023 Form 10-K on April 16, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Textmunication Holdings, Inc. Resonate Blends, Inc. is incorporated in Nevada. The company's business address is in Calabasas, California.

Why It Matters

For investors and stakeholders tracking Resonate Blends, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Resonate Blends, Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The filing includes historical financial data and disclosures about the company's capital structure, including various series of preferred stock, offering insights into its funding and equity evolution.

Risk Assessment

Risk Level: — Resonate Blends, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a 10-K filing, which typically contains forward-looking statements and risk factors that require careful analysis to determine the overall investment risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Resonate Blends, Inc.'s financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-04-16 — Filing Date (Date the 10-K was filed with the SEC)

Key Players & Entities

• Resonate Blends, Inc. (company) — Filer of the 10-K
• Textmunication Holdings, Inc. (company) — Former name of Resonate Blends, Inc.
• Nevada (location) — State of incorporation
• Calabasas, California (location) — Business address

FAQ

Industry Context

Resonate Blends, Inc. operates within the software services industry, as indicated by its SIC code 7372. This sector involves the development and provision of prepackaged software solutions.

Regulatory Implications

As a publicly traded company in the United States, Resonate Blends, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K to assess revenue, expenses, and profitability for fiscal year 2023.
2. Examine the 'Risk Factors' section to understand potential challenges and uncertainties facing Resonate Blends, Inc.
3. Review management's discussion and analysis (MD&A) to gain insights into the company's performance drivers and strategic outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Resonate Blends, Inc.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period for which the financial results in the 10-K are reported.)

Year-Over-Year Comparison

This is the initial 10-K filing for Resonate Blends, Inc. under its current name, providing a baseline for future comparative analysis.

Key Financial Figures

• $0.0001 — each class Common Stock, par value of $0.0001 Indicate by check mark if the registr
• $10.00 — s C Preferred Stock to Mr. Morrison for $10.00 in cash. Mr. Morrison now possesses vot
• $5,400 — ergen, New Jersey 04047. We pay rent of $5,400 per month at this location. We believe
• $280,000 — s follows: In March 2024, we issued a $280,000 face amount promissory note (with $28,0
• $28,000 — 0,000 face amount promissory note (with $28,000 in OID) to an investor, in consideratio
• $252,000 — ration of loan which netted our company $252,000 in proceeds. This note bears interest a
• $30,000 — 0,000 face amount promissory note (with $30,000 in OID) to an investor, in consideratio
• $250,000 — tion of a loan which netter our company $250,000 in proceeds. This note bears interest a
• $28,000, b — sory note (the "AJB Note"), with OID of $28,000, bearing interest at 12% per annum, with p
• $30,000, b — te (the "Vollintine Note"), with OID of $30,000, bearing interest at 12% per annum, with p
• $16,468 — 2023 and 2022 Revenues We generated $16,468 in revenues for the year ended December
• $49,501 — 31, 2023, as compared with revenues of $49,501 for the year ended December 31, 2022, d
• $114,140 — oncern. 7 Gross Profit We accrued $114,140 in cost of revenues for the year ended
• $97,762 — , 2023, resulting in a gross profit of ($97,762) for the year then ended. We accrued $3
• $33,068 — 62) for the year then ended. We accrued $33,068 in cost of revenues for the year ended

Filing Documents

• form10-k.htm (10-K) — 1254KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• form10-k_001.jpg (GRAPHIC) — 14KB
• form10-k_002.jpg (GRAPHIC) — 3KB
• form10-k_003.jpg (GRAPHIC) — 7KB
• 0001493152-24-014876.txt (&nbsp;) — 4712KB
• koan-20231231.xsd (EX-101.SCH) — 30KB
• koan-20231231_cal.xml (EX-101.CAL) — 43KB
• koan-20231231_def.xml (EX-101.DEF) — 162KB
• koan-20231231_lab.xml (EX-101.LAB) — 269KB
• koan-20231231_pre.xml (EX-101.PRE) — 227KB
• form10-k_htm.xml (XML) — 525KB

Business

Business 3 Item 1A. Risk Factors 4 Item 1B. Unresolved Staff Comments 4 Item 2.

Properties

Properties 4 Item 3. Legal Proceedings 4 Item 4. Mine Safety Disclosures 4 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 5 Item 6. Selected Financial Data 6 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Item 8. Financial 10 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 10 Item 9A. Controls and Procedures 10 Item 9B. Other Information 10 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 10 PART III Item 10. Directors, Executive Officers and Corporate Governance 11 Item 11. Executive Compensation 14 Item 12. Security 15 Item 13. Certain Relationships and Related Transactions, and Director Independence 16 Item 14. Principal Accountant Fees and Services 17 PART IV Item 15. Exhibits, Financial Statement Schedules 18 Item 16. Form 10-K Summary 19

Signatures

Signatures 20 Certifications 2 PART I Forward-Looking This Annual Report on Form 10-K contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Item 1. Business Recent Acquisition, Change in Control and Change in Business Plan Change in Control . Effective March 14, 2024, Geoffrey Selzer, our former Chief Executive Officer and Director, and Jim Morrison, our current President and Director, entered into a Securities Purchase Agreement (the "Control Agreement"), pursuant to which Mr. Selzer sold all 2,000,000 outstanding shares of the Company's Series C Preferred Stock to Mr. Morrison for

View Full Filing

View this 10-K filing on SEC EDGAR