OneMeta Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>OneMeta Inc. has filed its Q1 2024 10-Q report, detailing financial data and historical company information.</b>

AI Summary

OneMeta Inc. (ONEI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. OneMeta Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as WebSafety, Inc., Blindspot Alert, Inc., and Promotions on Wheels Holdings, Inc. The filing includes data related to Series A Preferred Stock and Series B One Convertible Preferred Stock. Financial data points such as Common Stock, Additional Paid In Capital, and Retained Earnings are presented for various periods. The report details Building Improvements as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking OneMeta Inc., this filing contains several important signals. This filing provides a snapshot of OneMeta Inc.'s financial position and changes during the first quarter of 2024, which is crucial for investors to assess performance and stability. Understanding the company's historical name changes and its current capital structure, including preferred stock, is important for evaluating its corporate evolution and potential future financing activities.

Risk Assessment

Risk Level: low — OneMeta Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial events or disclosures that would indicate high risk.

Analyst Insight

Monitor future 10-Q filings for revenue growth, profitability trends, and any changes in the company's capital structure or debt levels.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Date Filed)
• 2024-01-01 — Quarter Start Date (Fiscal Quarter)
• 2023-12-31 — Previous Year End Date (Balance Sheet Comparison)

Key Players & Entities

• OneMeta Inc. (company) — Filer
• WebSafety, Inc. (company) — Former company name
• Blindspot Alert, Inc. (company) — Former company name
• Promotions on Wheels Holdings, Inc. (company) — Former company name
• NV (location) — State of incorporation
• CA (location) — State of business address
• Series A Preferred Stock (security) — Equity classification
• Series B One Convertible Preferred Stock (security) — Equity classification

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a summary of financial performance and condition for a three-month period.)

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock. (Indicates a specific type of equity structure that can affect shareholder rights and company valuation.)

Additional Paid In Capital

The amount of money paid by investors for stock above its par value. (Reflects capital raised from equity issuance beyond the nominal stock value.)

Retained Earnings

The cumulative amount of net income that has not been distributed to shareholders as dividends. (Shows the company's historical profitability and its ability to reinvest earnings.)

Key Financial Figures

• $0.001 — nding as of May 9, 2024 Common Stock, $0.001 par value 33,082,960 Series A Prefe

Filing Documents

• form10-q.htm (10-Q) — 481KB
• ex3-1.htm (EX-3.1) — 156KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 10KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-018695.txt (&nbsp;) — 3001KB
• onei-20240331.xsd (EX-101.SCH) — 18KB
• onei-20240331_cal.xml (EX-101.CAL) — 24KB
• onei-20240331_def.xml (EX-101.DEF) — 102KB
• onei-20240331_lab.xml (EX-101.LAB) — 251KB
• onei-20240331_pre.xml (EX-101.PRE) — 188KB
• form10-q_htm.xml (XML) — 275KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Balance Sheets 3 4 5 6

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 7 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 12 Item 4.

Controls and Procedures

Controls and Procedures 16 PART II. OTHER INFORMATION 17 Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ONEMETA INC. BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ 200,092 $ 1,129,935 Accounts receivable 6,160 6,935 Prepaid and other current assets 14,295 6,820 Total current assets 220,511 1,143,690 Total assets $ 220,511 $ 1,143,690 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 417,681 $ 522,917 Accrued expenses, related party 258,390 281,012 Deferred revenue 16,000 - Note payable, related party 221,990 221,990 Total current liabilities 914,061 1,025,919 Total liabilities 914,061 1,025,919 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock, $ 0.001 par value, 50,000,000 shares authorized, Series A preferred stock, $ 0.001 par value, 2,068 shares authorized, 2,068 issued and outstanding 2 2 Series B-1 convertible preferred stock, $ 0.001 par value, 8,619,420 shares authorized, 8,619,420 shares issued and outstanding 862 862 Preferred stock, value 862 862 Common stock, $ 0.001 par value, 500,000,000 shares authorized, 33,082,960 and 32,995,460 shares issued and outstanding, respectively 33,083 32,996 Additional paid in capital 34,118,396 33,992,707 Accumulated deficit ( 34,845,893 ) ( 33,908,796 ) Total stockholders' equity (deficit) ( 693,550 ) 117,771 Total liabilities and stockholders' equity (deficit) $ 220,511 $ 1,143,690 See accompanying notes to the unaudited financial statements. 3 ONEMETA INC. OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2024 March 31, 2023 Revenue $ 5,387 $ 3,160 Total revenue 5,387 3,160 Operating expenses: Research and development 232,889 145,032 General and administrative 464,039 305,459 Advertising and marketing 33,026 60,607 Legal and professional 205,651 24,584 Total operating expenses 935,605 535

Business

Business Summary At the time of its initial formation in 2006, the Company was a development stage company that offered live promotions and marketing events using custom-built mobile displays. Today, the Company is developing a stack of cutting-edge artificial intelligence technologies that solve everyday problems with an innovative and pragmatic approach. Using natural language processing sentiment analytics and behavioral prediction to metaverse enhancement, the Company is attempting to solve problems that will elevate our human condition. The Company has recently launched two products: Verbum, which is a platform that enables fluent and effective communication among individuals that do not speak the same language; and Verbum SDK. Verbum SDK is a software development kit that allows developers to create multi-language translation tools for their own use. Our Products The Company's current products described in detail below have proprietary technology and associated patents. The Company is currently working on patents for future product offerings. Verbum . Verbum supports near-real time web-based conversations, discussions, meetings, and online chats in 112 languages and 40 dialects, enabling fluent and effective communication among individuals that do not speak the same language. This product is distributed through the Company's online platform, direct sales to businesses and organizations, and the Company is attempting to develop partnerships with existing video conferencing providers. The competitive position is against other video conferencing providers that also offer live interpretation services, such as Microsoft Teams, Zoom and Google Meet. The Company believes its main competitors are organizations that supply human interpreters which can be 10X times more expensive than the Company's Verbum product. The primary market for the Company's Verbum product is for organizations or individuals that require real-time interpretation services. Verbum S

View Full Filing

View this 10-Q filing on SEC EDGAR