SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________________
FORM
(Mark One)
For the fiscal year ended
For the transition period from ____________________ to _____________________
Commission File No.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered under Section 12(b) of the Act:
Title of each class | Ticker symbol(s) | Name of each exchange on which registered |
N/A | N/A | N/A |
If securities are registered pursuant to Section 12(b) of the Act, indicate
by check mark whether the financial statements of the registrant included in the fi ling reflect the correction of an error to previously
issued financial statements.
Securities registered under Section 12(g) of the Exchange Act: Common stock, par value $0.0001 per share; Stock Symbol BRVO.
Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act. Yes ☐
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files).
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its annual report.☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer ☐ | Accelerated filer | ☐ | ||
Smaller reporting company | | |||
Emerging Growth | |
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12(b)-2 of the Exchange Act). Yes ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The aggregate market value of the 26,880,031 shares of common equity held
by non-affiliates computed by reference to the average bid and ask price of $0.0845 per share of the registrant’s common stock (as reported
on the OTCPINK operated by “The OTC Markets Group, Inc.”) at which the common equity was last sold as of the last business day
of its most recently completed second fiscal quarter (June 30, 2024) was approximately $
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. At April 14, 2025 the registrant had outstanding
shares of common stock, par value $0.0001 per share.
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Table of Contents
INDEX
PART I | -Page- | |
Item 1. | Business | 2 |
Item 1A. | Risk Factors | 3 |
Item 1B. | Unresolved Staff Comments. | 3 |
Item 2. | Property | 3 |
Item 3. | Legal Proceedings | 3 |
Item 4. | Mine Safety Disclosures | 3 |
PART II | ||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 4 |
Item 6. | Selected Financial Data | 6 |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 6 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 8 |
Item 8. | Financial Statements and Supplementary Data | 8 |
Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 8 |
Item 9A. | Controls And Procedures | 8 |
Item 9B. | Other Information | 9 |
PART III | ||
Item 10. | Directors, Executive Officers and Corporate Governance | 10 |
Item 11. | Executive Compensation | 12 |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 14 |
Item 13. | Certain Relationships and Related Transactions and Director Independence | 14 |
Item 14. | Principal Accountant Fees and Services | 14 |
PART IV | ||
Item 15. | Exhibits, Financial Statement Schedules | 15 |
Signatures | 16 |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
PART I
Except for historical information, this report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause volatile and intensely competitive environment in the business sectors in which we operate, rapid technological change, and our dependence on key and scarce employees in a competitive market for skilled personnel. These factors should not be considered exhaustive; we undertake no obligation to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, as well as those discussed in the section “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances taking place after the date of this document.
Item 1. Business.
Company Overview
We were originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, our name was changed to Java Group, Inc., which tried and failed to start a chain of coffee bars. On September 1, 2004, our name was changed to Consolidated General Corp., and under that name the company attempted to buy tier 2 and 3 professional sports teams, including the Vancouver Ravens lacrosse team and the “San Diego Soccers” soccer team. On August 7, 2007, our name was changed to Goldcorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co.
On March 22, 2016, the board of directors of the Registrant, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interest of the Registrant that the name of the Registrant should be changed to Bravo Multinational Incorporated, to reflect its new business, which is the purchase and leasing of gaming equipment. The change of name was effective upon compliance with all regulatory requirements mandated by FINRA. Further, as a result of the change of the Registrants name the trading symbol for the shares of the Registrant’s common stock has been changed to “BRVO.” Registrant’s CUSIP identifier has been changed to 10568F109.
The Registrant filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.
On January 16, 2017, The Board of Directors of the Company unanimously approved an amendment to the Company’s Articles of Incorporation in order to effect a plan of recapitalization that provides for a one-for-three hundred (1-for-300) reverse stock split of our common stock. Pursuant to written resolutions, the shareholders of the Company voted to approve the proposal to authorize the reverse split. The reverse stock split took effect, after filing a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Delaware. The amended Articles of Incorporation increased the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. The common and preferred shares will have a par value of $0.0001 per share. The preferred shares are blank check preferred. Registrant’s CUSIP identifier has been changed to 10568F208.
On October 4, 2019 the Company amended its Articles of Incorporation to designate 10,000,000 shares of its “blank check ” preferred stock as Series ‘A’ Preferred Stock, which left 40,000,000 “blank check” authorized but unissued. The Preferred Series ‘A’ had a par value of $0.0001 per share, and entitled holders to receive one hundred (100) time the dividends per share of common stock, 100:1 stock voting rights, 100:1 liquidation rights and conversion ratio of 1:100 to common stock. Currently, there are no Series ‘A’ Preferred shares outstanding.
On October 09, 2020, The Company moved it state of incorporation from the State of Delaware to the State of Wyoming. After the move to Wyoming, authorized capital of Bravo Multinational Incorporated consists of an unlimited number of shares of Common Stock, par value $0.0001 per share, an unlimited number of shares of Preferred Stock, $0.0001 par value per share and an unlimited number of shares of Series Preferred ‘A’ stock at a par value of $0.0001, which has the same characteristics as described above. The reincorporation did not affect total stockholder equity or total capitalization of the Company (See Exhibit 3.1).
There was a successful change in control on July 03, 2023. Since that time, the management team at Bravo Multinational, Inc. (OTC: BRVO) has pursued business ventures in the entertainment, hospitality, and technology sectors. The Company’s goal is to create long-term value for its shareholders from high-growth business opportunities, although that goal may not be realized.
Former Business
We are no longer engaged in the business of leasing and selling gaming equipment. We, ceased operations in Nicaragua in 2017 due to political and economic instabilities.
Management throughout the period 2018 to 2023 evaluated other possible gaming related operations with the expectation of finding an economically viable operation. No viable gaming businesses became apparent, and management pursued other industry alternatives.
We currently own 76.63 acres of land within seven patented mining claims with a 29.167% ownership interest. We allowed all of our BLM unpatented and placer claims to expire. We may look to expand on our mining claim holdings in the future. Currently, the carrying value on such patented claims was fully impaired due to lack of economic viability of such properties.
However, it should be noted that we were not at any time a mining operator. As described above, the Company owns mining claims, but none of those claims are leased to a third party. Since the mining operations of our lessee no longer have any relevance to our business of the leasing and selling of gaming equipment, we will only include financial information relating to revenues, expenses, and results of operations and other relevant information with respect to the former mining activities of the lessee of our mining properties. For a complete discussion of the mining activities on our mining claims conducted by other parties, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the SEC
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Company’s Business
The Company plans to offer a wide range of on-demand content, including movies, series, concerts and original programming, at minimal or no cost to viewers. Once the service becomes available it can be accessible across various devices, with dedicated apps available on platforms such as Roku, Apple and Google Play stores.
Our plan is to create a streaming service that could offer a portion of its content for free, catering to the growing demographic of cord-cutters and aligning with the dynamic landscape of advertising-based video on demand (AVOD) streaming. It is expected that Bravo’s Over-The-Top (OTT) streaming platform could be specifically crafted to deliver content directly to viewers via the internet, accessible through a browser or freely downloadable apps on smartphones, tablets and smart TVs.
A report from Fortune Business Insights, a global market research and reporting firm, estimated the global video streaming market at $455.45 billion in 2022. It is projected to grow from $554.33 billion in 2023 to $1.9 trillion by 2030, achieving a CAGR of 19.3% during the forecast period. Growth drivers, according to the report, include a rising number of users of Video-on-Demand services (YouTube, for example) worldwide and the growing adoption of OTT content providers (like Netflix and Hulu, among many others) by consumers, as well as consumers’ willingness to spend more for streaming video content.
Transfer Agent
Our transfer agent is Transfer Online, Inc. whose address is 512 SE Salmon Street, Portland, Oregon 97214, and telephone number (503) 227-2950.
Company Contact Information
Our principal executive offices are located at 2020 General Booth Blvd., Unit 230, Virginia Beach, VA 23454, telephone (757) 306-6090. The information to be contained in our Internet website, www.bravomultinational.com, shall not constitute part of this report.
Item 1A. Risk Factors
Not applicable to smaller reporting companies.
Item 1B. Unresolved Staff Comments.
None.
Item 2. Properties.
The Company office is located at 2020 General Booth Blvd, Unit 230, Virginia Beach, VA 23454. Current rent expense is zero, since the Company is sharing office space at no cost with its Director and CFO, Mr. Richard Kaiser.
A description of our mining properties is included in Item 1. Above under the heading “Business-Former Business” and is incorporated herein by reference. We have written-off the cost of the mining properties inasmuch as the value of any future revenue is unknown. We believe that we have good title to our mining properties, subject to liens incident to minor encumbrances, liens for credit arrangements and easements and restrictions that do not materially detract from the value of these properties, our interests in these properties, or the use of these properties in a business. We have no plans to revive our mining operations at this time, although, we continue to evaluate the benefits of doing so.
Our mining claims are listed below:
Name | Ownership Interest | Type of Claim | Acres |
Poorman Lode Claim | 29.167% | Patented | 3.44 |
London Lode Claim | 29.167% | Patented | 17.52 |
North Empire Lode Claim | 29.167% | Patented | 1.25 |
Illinois Central Lode Claim | 29.167% | Patented | 2.85 |
South Poorman Lode Claim | 29.167% | Patented | 20.57 |
Jackson Lode Claim | 29.167% | Patented | 10.34 |
Oso Lode Claim | 29.167% | Patented | 20.66 |
A patented mining claim is one which the federal government has passed title to the claimant, making the claimant the owner of the surface and mineral rights. An unpatented mining claim is one which is still owned by the federal government, but which the claimant has a right to possession to extracted minerals, provided the land is open to mineral extraction.
Item 3. Legal Proceedings.
None
Item 4. Mine Safety Disclosure.
Not applicable.
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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock trades on the OTC Markets - Pink, OTCPK, under the trading symbol “BRVO.”
The following table sets forth the high and low bid prices for our common stock on the OTCPK as reported by various market makers:
High | Low | |
Fiscal 2023 Quarter Ended | ||
March 31, 2023 | $0.0589 | $0.0589 |
June 30, 2023 | $0.48 | $0.48 |
September 30, 2023 | $0.18 | $0.18 |
December 31, 2023 | $0.40 | $0.17 |
High | Low | |
Fiscal 2024Quarter Ended | ||
March 31, 2024 | $0.24 | $0.2175 |
June 30, 2024 | $0.0799 | $0.0799 |
September 30, 2024 | $0.055 | $0.055 |
December 31, 2024 | $0.0514 | $0.046 |
As of December 31, 2024 we had 47,641,011 shares of our common stock outstanding. Our shares of common stock are held by approximately 130 stockholders of record. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of our common stock whose shares are held in the names of various securities brokers, dealers, and registered clearing agencies.
Dividends
We have not paid or declared any dividends on our common stock, nor do we anticipate paying any cash dividends or other distributions on our common stock in the foreseeable future. Any future dividends will be declared at the discretion of our board of directors and will depend, among other things, on our earnings, if any, our financial requirements for future operations and growth, and other factors as our board of directors may then deem appropriate.
Preferred Stock
Bravo Multinational, Inc. is authorized to issue an unlimited number of shares of “Blank Check” Preferred stock, with a par value of $0.0001 per share. There are no “Blank Check” preferred shares outstanding and there is no trading market for our “Blank Check” preferred stock. .
Additionally, the Company is authorized to issue Series ‘A’ Preferred stock. The Series ‘A’ Preferred stock has a par value of $0.0001 per share, and each share is entitled to receive one hundred (100) times the dividends per share of common stock, each shares has voting rights equal to 100 shares of common stock, and they have liquidation rights and conversion rights equal to 100 shares of common stock. There are no Series ‘A’ Preferred shares outstanding at this time, and there is no trading market for the Series ‘A’ Preferred stock.
Securities Authorized for Issuance under Equity Compensation Plans
None.
Recent Sales of Unregistered Securities
On July 7, 2023 the Company issued 8,500,000 shares of its common stock in a share exchange with the shareholders of Recombinant Productions, Inc. (“RPI”) the shares were issued in a private placement pursuant to Section 4(2) of the Securities Act and were not registered with the commission.
On November 20, 2023, the parties agreed to terminate the Recombinant Productions, Inc. (“RPI”) contract and entered into a rescission agreement which reversed all actions previously taken on this matter and terminated the Share Exchange.
The securities described above if any were issued would have had a reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act or Rule 506(3) of Regulation D promulgated under the Securities Act. Each investor acquired his securities for investment purposes without a view to distribution and had access to information concerning us and our business prospects, as required by the Securities Act. In addition, there was no general solicitation or advertising for the purchase of our securities. Our securities were sold only to accredited investors, as defined in the Securities Act with whom we had a direct personal preexisting relationship, and after a thorough discussion. Each certificate contained a restrictive legend as required by the Securities Act. Finally, our stock transfer agent has been instructed not to transfer any of such securities, unless such securities are registered for resale or there is an exemption with respect to their transfer.
Corporate Actions in 2023
On April 11, 2023, a director and officer of the Company sold his controlling interest, approximately 67%, in a private transaction. Furthermore, the board of directors agreed with the creditors to eliminate previously accrued board of directors’ fees in the amount of $1,656,167 and amounts due to the two current directors in the amount of $203,602.
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On April 12, 2023, the board of directors accepted the resignation of Mr. Merle Ferguson as the Company’s Chairman of the Board, Chief Executive Officer, and President, to be effective on the completion of the seating of a new board of directors.
On May 17, 2023, the Company filed a Schedule 14f, an information statement under the 1934 Act in order to notify shareholders of a change in majority control of the “Company’s Board of Directors other than by a Meeting of Stockholders.”
On July 03, 2023, Mr. Grant Cramer was appointed Chairman and Chief Executive Officer of the Company, Frank Hagan, Jr. was appointed President and Director, Kayla Slick was appointed Chief Operations Officer and Director, and Josh Vance was appointed Director. Richard Kaiser remained as the Company’s Chief Financial Officer, Secretary and Director.
On July 7, 2023 the Company issued 8,500,000 shares of its common stock in a share exchange with the shareholders of Recombinant Productions, Inc. (“RPI”) the shares were issued in a private placement pursuant to Section 4(2) of the Securities Act and were not registered with the commission.
On July 20, 2023, Bravo formed a wholly-owned subsidiary, Global Merchandising, Inc., a Nevada Corporation.
On September 27, 2023, the Bravo Multinational Inc.’s Board of Directors created an Advisory Board to assist the Company’s management team with strategic planning and development. Advisory Board members will have extensive business experience and some members will be experts in the film, telephone and digital media industries.
On September 28, 2023, Bravo Multinational, Inc.’s Board of Directors appointed David McKillop as the first member of its Advisory Board.
On November 20, 2023, the parties agreed to terminate the Recombinant Productions, Inc. (“RPI”) contract and entered into a rescission agreement which reversed all actions previously taken on this matter and terminated the Share Exchange.
On December 20, 2023, Bravo Multinational, Inc. (“BRVO”) entered into a Letter of Intent to acquire certain assets of Streaming TVEE, Inc. (“STV”). The purchase price for the assets, if the arrangement closed, would have been $9,760,000, consisting of convertible promissory notes in the amount of $7,760,000 and the assumption of $2,000,000 in STV debt. The agreement was subsequently cancelled.
Corporate Actions in 2024
On January 9, 2024 Bravo Multinational, Inc. (“Bravo”) entered into a letter of intent with Pythia Experiences LLC (“Pythia”), a Virginia limited liability company. >Under the terms of the letter of intent, the two companies would have created a new company that will be owned 51% by Pythia and 49% by Bravo. Pythia will contribute to Newco its ownership of Vidgo, Inc., a Delaware corporation, which owns rights to substantial entertainment content. The agreement was subsequently cancelled.
On March 11, 2024, Bravo Multinational, Inc. (“BRVO”), a Wyoming corporation, entered into a non-binding term sheet (the “Agreement”) with Vidgo, Inc, a Delaware corporation (“Vidgo”).Under the terms of the Agreement, BRVO could have acquired certain Vidgo contracts from entertainment content providers, such as Walt Disney, ABC, and Fox News. The agreement was subsequently cancelled.
On February 6, 2024, the Company (“Bravo”) entered into a Letter of Intent on an Asset Purchase Agreement with Streaming TVEE, Inc. (“STV”), a Delaware corporation, the Asset Purchase Agreement provided specific assets beyond the orginal December 20, 2023, Letter of Intent, and if the arrangement closed it could have provided Bravo with certain streaming assets of STV. The agreement was subsequently cancelled.
On May 8, 2024, Bravo Multinational, Inc. (the “Company) replaced BF Borgers CPA PC (“BF Borgers”) as its independent registered public accounting firm. The Company retained Michael Gillespie & Associates, PLLC as its new auditing firm.
On November 19, 2024, the Company signed a non-binding Letter of Intent (LOI) with MWP Entertainment Group, LLC (MWP) to acquire certain contents of MWP’s library and an assignable license for a streaming platform. As of the date of this filing, the LOI has yet to be finalized into a definitive agreement.
Directors
The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:
Name | Position |
Grant Cramer | Director/Chief Executive Officer |
Frank J. Hagan, Jr. | Director/President |
Kayla Slick | Director/Chief Operations Officer |
Richard Kaiser | Director/Chief Financial Officer |
Josh Vance | Director |
Employment Contracts
On February 1, 2020, the Board of Directors approved a 5-year contract for Mr. Richard Kaiser as the Company’s Director, Chief Financial Officer and Secretary with an annual salary of $175,000 to be paid in cash, shares or combination of cash and shares. 500,000 Preferred Series ‘A’ shares were issued to Mr. Kaiser as part of the compensation agreement (See Exhibit 10.11). On December 7, 2020, Bravo Multinational Incorporated, issued 5,000,000 shares of its common stock to Mr. Kaiser in exchange for the return of the 500,000 shares of its Preferred Series ‘A’ shares. The common shares issued are thinly traded and because they are restricted from sale under Rule 144, it is very likely that the actual cash value of those shares is greatly less than the aforementioned and imputed accounting value. The Contract expires on February 1, 2025, and will become a month to month agreement until management reaches a new contract with Mr. Kaiser.
The other directors and officers, Grant Cramer, Frank J, Hagan, Jr., Kayla Slick and Josh Vance have no formal employment contracts in place as of the date of this filing.
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Consulting Agreements
On February 2, 2020, the Company signed a three year consulting agreement with Ms. Susan Donohue. In consideration for entering into that contract, the Company issued a one-time payment of 500,000 Preferred Series ‘A’ shares to Ms. Donohue as payment-in-full for the agreement (See Exhibit 10.12). On December 7, 2020, the Series A Preferred shares issued to Ms. Donohue were returned to the Company in exchange for 5,000,000 shares of common stock. The contract expired on February 02, 2023.
Item 6. Selected Financial Data.
Not applicable.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
THE FOLLOWING DISCUSSION SHOULD BE READ TOGETHER WITH THE INFORMATION CONTAINED IN THE FINANCIAL STATEMENTS AND RELATED NOTES INCLUDED ELSEWHERE IN THIS ANNUAL REPORT ON FORM 10-K.
The following discussion reflects our plan of operation. This discussion should be read in conjunction with the financial statements which are attached to this report. This discussion contains forward-looking statements, including statements regarding our expected financial position, business and financing plans. These statements involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, particularly under the headings “Special Note Regarding Forward-Looking Statements.”
Unless the context otherwise suggests, “we,” “our,” “us,” and similar terms, as well as references to “BRVO” and “Bravo Multinational Incorporated,” all refer to the “Company”.
As mentioned above, over the years, and prior to our entry into the entertainment, hospitality, and technology sectors, we were in the businesses of leasing and selling gaming equipment at one point and at another point we were in the business of owning and leasing mining claims; see “Item 1. Business - Former Business.”
For a complete discussion of our former businesses, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the SEC.
Going Concern
Our auditors have noted in the footnotes to our financial statements that there is substantial doubt about our ability to continue as a going concern. (see footnote 4 to our financial statement.) While we believe in our ability to raise funds and to generate revenues under our new business plan, we may not be successful. Our ability to continue as a going concern will depend on our success in raising funds and generating revenues through our new business plan.
Year Ended December 31, 2024, compared to the Year Ended December 31, 2023
Revenues for the Company’s year ended December 31, 2024 totaled $-0- and for year ended December 31, 2023 totaled $-0. No sales occurred throughout the years ended December 31, 2023 and 2022.
Cost of Goods Sold for the year ended December 31, 2024 totaled $-0- and for year ended December 31, 2023 totaled $-0. No sales occurred throughout the years ended December 31, 2023 and 2022.
Gross margins for the years ended December 31, 2024 and 2023 were 0%, respectively.
General and Administrative expenses for the year ended December 31, 2024 totaled $49,681 compared to $ $18,071 for year ending December 31, 2023. The increase was attributed to higher fees paid to the Company’s stock transfer agent, press release fees, marketing and Edgar document conversion fees in 2024.
Professional Fees for the year ending December 31, 2024 totaled $204,625compared to $158,974 for year ending December 31, 2023, the increase was attributed to higher legal and accounting fees incurred as a fully reporting Company with the SEC.
Board of Director fees for the year ending December 31, 2024 totaled $175,000 compared to $250,000 for year ending December 31, 2023.
Total Expense for the year ending December 31, 2024 was $429,306 compared to $427,045 for year ending December 31, 2023, the increase was from higher general and administrative cost and higher legal and accounting fees.
Net Loss
Net loss for the years ended December 31, 2024 and 2023 were $393,506 and $4,847,145 a respectively. The decrease in loss in 2024 was substantially lower in comparision to 2023 which has an operational loss of $4,847,045 attributed from an operation loss of $427,045 and from the cancellation of 8,500,000 shares of common stock that were issued in a share exchange agreement for 51% of Recombinant Productions, Inc. (“RPI”). These shares were valued at the market value of the Company on July 13, 2023 and resulted in goodwill impairment of $4,420,000 for the year ended December 31, 2023. On November 14, 2023, the share agreement was rescinded and the shares were returned to the Company. Upon the termination of the share agreement, the goodwill impairment was reclassified to discontinued operations along with the net loss of RCI in the amount of $100 for the year ended December 31, 2023.
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Liquidity and Capital Resources:
As of December 31, 2024, our only asset, consisted of Cash, in the amount of $288. The Company’s total liabilities at December 31, 2024 were $802,397 which consisted primarily of accounts payable, accrued expenses and accrued board of director fees. As of this date the Company had an accumulated deficit of $96,181,171 and working capital of deficit of $802,109. This increase in our deficit in 2024 occurred from the increases in liabilities.
For the year ended December 31, 2024, net cash used in operations of $143,235 was the result of a net loss of $393,506, from a decrease of $35,800 from income from a customer deposit write off, accounts payable and accrued expenses of $111,071 and from accrued board of directors compensation of $$175,000.
For the year ended December 31, 2023, net cash used in operations of $165,000 was the result of a net loss of $4,847,045, from an increase of discontinued operations of $4,420,000, accounts payable and accrued expenses of $11,703 and from accrued board of directors compensation of $250,000.
The Company’s significant operating losses raise substantial doubt about its ability to continue as a going concern (see footnote 4 of the financial statements). The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As indicated herein, we need capital for the implementation of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the Company is able to raise working capital, it is likely that the Company will either have to cease operations or substantially change its methods of operations or change its business plan.
Cash from Financing Activities
Net cash provided by financing activities was $142,343 for year ended December 31, 2024, and was $166,449 for year ended December 31, 2023.
Accounting Principals
Our consolidated financial statements and accompanying notes are prepared in accordance with the United States generally accepted accounting principles. Preparing financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. Critical accounting policies include revenue recognition and impairment of long-lived assets.
Stock-Based Compensation
In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718)to expand the scope of ASC 718,Compensation - Stock Compensation (Topic 718)(“ASU 2018-07”), to include share-based payment transactions for acquiring goods and services from nonemployees. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. The Company is still evaluating this ASU and anticipates it will not have significant impact on our condensed consolidated financial statements and related disclosures.
Revenue Recognition
In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: (1) Identify the contract with a client; (2)Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to performance obligations in the contract; and (5) Recognize revenues when or as the company satisfies a performance obligation.
We adopted this ASU on January 1, 2018. Although the new revenue standard is expected to have an immaterial impact, if any, on our ongoing net income, we did implement changes to our processes related to revenue recognition and the control activities within them.
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Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not applicable.
Item 8. Financial Statements and Supplementary Data.
The financial statements and related notes are included as part of this report as indexed in the appendix on page F-1,et seq.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including the Chief Operating Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer), we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this report.
Evaluation of Disclosure Controls and Procedures
We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure Controls”) as of the end of the period covered by this Form 10-K. The Disclosure Controls evaluation was conducted under the supervision and with the participation of management, including our Chief Operating Officer and Chief Financial Officer. Disclosure Controls are controls and procedures designed to reasonably assure that information required to be disclosed in our reports filed under the Exchange Act, such as this Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms. Disclosure Controls are also designed to provide reasonable assurance that such information is accumulated and communicated to our management, including our Chief Operating Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
The evaluation of our Disclosure Controls included a review of the controls’ objectives and design, our implementation of the controls and the effect of the controls on the information generated for use in this Form 10-K. Throughout the course of our evaluation of our internal control over financial reporting, we advised our Board of Directors that we had identified a material weakness as defined under standards established by the Public Company Accounting Oversight Board (United States). A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness we identified is discussed in “Internal Control Over Financial Reporting” below. Our Chief Operating Officer and Chief Financial Officer have concluded that as a result of the material weakness, as of the end of the period covered by this Annual Report on Form 10-K, our Disclosure Controls were not effective.
Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting; as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act.
Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles. Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management, including our principal operating officer and principal accounting officer, conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework.
Based on our evaluation, our management concluded that there is a material weakness in our internal control over financial reporting. The material weakness identified did not result in the restatement of any previously reported financial statements or any related financial disclosure, nor does management believe that it had any effect on the accuracy of the Company’s financial statements for the current reporting period.
The material weakness are set forth below:
● | The Company has inadequate segregation of duties within its cash disbursement control design. |
● | During the year ended December 31, 2024, the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. |
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● | The Company is continuing the process of remediating its control deficiencies. However, the material weakness in internal control over financial reporting that has been identified will not be remediated until numerous internal controls are implemented and operate for a period of time, are tested, and the Company is able to conclude that such internal controls are operating effectively. The Company cannot provide assurance that these procedures will be successful in identifying material errors that may exist in the financial statements. The Company cannot make assurances that it will not identify additional material weaknesses in its internal control over financial reporting in the future. Management plans, as capital becomes available to the Company, to increase the accounting and financial reporting staff and provide future investments in the continuing education and public company accounting training of our accounting and financial professionals. |
Our internal control over financial reporting includes those policies and procedures that:
(i) | pertain to the maintenance of records, that in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
(ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors, and; |
(iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management, including our Principal Executive Officer and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In making this assessment, management used the May 2013 updated criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control over Financial Reporting - Guidance for Smaller Public Companies.
It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control system, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Because of the material weakness described above, management concluded that, as of December 31, 2024, our internal control over financial reporting was not effective based on the criteria established in Internal Control-Integrated Framework issued by COSO. There has been no change in our internal controls that occurred during our most recent fiscal period that has materially affected, or is reasonably likely to affect, our internal controls.
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) released an updated version of its Internal Control - Integrated Framework (“2013 Framework”), Initially issued in 1992, the original framework (“1992 Framework”) provided guidance to organizations to design, implement and evaluate the effectiveness of internal control concepts and simplify their use and application. The 2013 Framework is intended to improve upon systems of internal control over external financial reporting by formalizing the principles embedded in the 1992 Framework, incorporating business and operating environment changes and increasing the framework ease of use and application. The 1992 Framework remained available until December 15, 2014, after which it was superseded by the 2013 Framework. As of December 31, 2014, the Company transitioned to the 2013 Framework. The Company did not experience significant changes to its internal control over financial reporting as a result of the transition to the 2013 Framework.
This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit smaller reporting companies like us to provide only management’s report in this annual report.
This report shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
No changes have occurred in the Company’s internal controls over financial reporting during the Company’s last fiscal quarter, which has materially affected or is likely to affect such controls.
Item 9B. Other Information
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PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The following table sets forth information concerning the directors and executive officers of Bravo Multinational of December 31, 2024:
Name | Age | Position(s) | ||
Grant Cramer | 62 | CEO and Director | ||
Frank Hagan | 70 | President and Director | ||
Richard Kaiser | 60 | CFO and Director | ||
Kayla Slick | 36 | COO and Director | ||
Joshua Vance | 44 | Director |
BIOGRAPHY
The following sets forth biographical information regarding the Company’s proposed officers and directors following the completion of the Transaction:
GRANT CRAMER
Mr. Cramer, age 62, has been appointed Chief Executive Officer and a Director of the Company. Mr. Cramer has over three decades of experience in the entertainment business, and he has worked as an actor, writer, producer and production executive. Mr. Cramer founded Landafar Entertainment in Los Angeles, California in 2016 and Global Pictures Media in Ocala, Florida in 2015. As part of his work with those companies, he has developed and produced 14 feature films, including End Of Watch, Escape Plan, and 2 Guns. Mr. Cramer was also the executive producer of Lone Survivor, November Man, and Arctic Dogs. Mr. Cramer also produced And So It Goes, which was directed by Rob Reiner and starred Michael Douglas and Diane Keaton. His 30-minute short film Say Goodnight, Michael won several awards, including the Grand Jury Award at the New York International Independent Film Festival. Mr. Cramer attended the University of California Los Angeles from 1979 to 1981.
FRANK HAGAN
Mr. Hagan, age 70, has been appointed President and Director of the Company. Mr. Hagan is a seasoned producer with over 30 years of experience in the entertainment industry. He has produced national and local TV shows, award-winning talk shows, and reality programs. Mr. Hagan co-founded RRE Media, LLC. (Production Company) in 2011. Mr. Hagan has worked as a producer for major networks, including Discovery, History Channel, and Relativity Media. Mr. Hagan attended St. Mary’s College in Emmitsburg, Maryland, from 1971 to 1972. From 1973 to 1974, Mr. Hagan attended Westchester Community College in Valhalla, New York, where he received an Associate’s degree.
RICHARD KAISER
Richard Kaiser since 2018 is the Company’s Director, Acting CFO, Corporate Secretary and Corporate Governance Officer. He has served as an officer and Co-Owner of Yes International since July, 1991. Yes International is a full-service EDGAR conversion filing agent, investor relations and venture capital firm located in Virginia Beach, Virginia. Mr. Kaiser has a Bachelor of Arts degree in International Economics from Oakland University (formerly known as Michigan State University-Honors College.) From July 1, 2013 to the present, Mr. Kaiser has also served as a director, secretary and interim CFO of BioForce NanoSciences Holdings, a public company, trades under symbol BFNH on OTC Markets and is Nevada Corporation with its headquarters located in Virginia Beach, Virginia. BioForce NanoSciences Holdings, Inc. is in the business private labeling vitamins and nutritional supplements. In August 2022, Mr. Kaiser became a Director and Chief Financial Officer of Gold Rock Holdings, Inc., located in Virginia Beach, VA. Gold Rock Holdings is a Nevada Corporation which trades under the symbol GRHI on OTC Markets. Gold Rock Holdings, Inc. is a Web3 technology platform entity. The Board reviewed Mr. Kaiser’s background and considered him qualified for his position due to his educational background and his experience with SEC filings and public companies.
KAYLA SLICK
Mrs. Slick, age 36, has been appointed Chief Operating Officer and a Director of the Company. Mrs. Slick has 15 years of experience in operations management, business development, strategic and digital marketing, and public relations. Mrs. Slick worked at The Platt Group and INSIDE Public Accounting from 2009 to 2016. Mrs. Slick co-founded and produced The PRIME Symposium in 2011, an annual conference, built around the best practices of IPA’s Best of the Best firms. From 2013 to 2015, Mrs. Slick worked at Tricor Automotive Group as Administrator, organizing annual global events for shareholders. In 2016 to 2022, she worked for Interactive Digital Solutions, Inc. where she developed the Sales Development Program and was later promoted to Marketing Communications Director for their MedSitter, LLC division. Mrs. Slick attended Purdue University from August 2006 to December 2010 and she received a Bachelor of Science degree in Financial Counseling & Planning and Organizational Leadership & Supervision. She is currently pursuing her Master of Science degree in Communications at Purdue University.
JOSHUA VANCE
Mr. Vance, age 44, was appointed as a Director of the Company. Mr. Vance has over 24 years’ experience in Commercial Real Estate. Mr. Vance is a partner at Mountain West Commercial Real Estate, where he is engaged in buying, leasing and selling commercial real estate from 1999 to present. Mr. Vance has been a proprietor of BOM, LLC. From August 2006 to present, Mr. Vance has been employed at InterNet Properties, Inc. buying, leasing and selling real estate.
Committees of the Board
We currently have an Executive Committee of our board of directors which was established on March 24, 2015. However, we do not currently have an Audit, Finance, Compensation, or Nominating Committee, or any other committee of the board of directors. We have adopted a charter for the Executive Committee as well as charters for the other committees, in the event that we elect to implement them. Copies of the charters for each committee have been previously filed with the Securities and Exchange Commission. In addition, we have posted copies of the charters for each committee on our website at www.bravomultinationalinc.com. We will provide to any person without charge, upon request, a copy of the charter for any of our committees. In addition, we intend to post on our website all disclosures that are required by law concerning any amendments to our committees or their charters. Any such request should be directed to Mr. Richard Kaiser, our corporate secretary, at 3419 Virginia Beach Boulevard, Unit 252, Virginia Beach, Virginia 23452, telephone (757) 306-6090, or you may email Mr. Kaiser at [email protected]. The information contained in our website shall not constitute part of this filing.
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For the areas where we don’t have committees, such responsibilities of these committees are fulfilled by our board of directors and all of our directors participate in such responsibilities, none of whom is “independent” as defined under Rule 4200(a)(15) of the NASDAQ’s listing standards described below. Our financial constraints have made it extremely difficult to attract and retain qualified independent board members. Since we do not have any of the subject committees, other than our Executive Committee, our entire board of directors participates in all of the considerations with respect to our audit, finance, compensation, and nomination deliberations.
Rule 4200(a)(15) of the NASDAQ’s listing standards defines an “independent director” as a person other than an executive officer or employee of the Company or any other individual having a relationship which, in the opinion of the issuer’s board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The following persons shall not be considered independent:
● | A director who is, or at any time during the past three years was, employed by the company. |
● | A director who accepted or who has a Family Member who accepted any compensation from the Company in excess of $120,000 during any period of twelve consecutive months within the three years preceding the determination of independence, other than the following: (i) compensation for board or board committee service; (ii) compensation paid to a Family Member who is an employee (other than as an executive officer) of the Company; or (iii) benefits under a tax-qualified retirement plan, or non-discretionary compensation. |
● | A director who is a Family Member of an individual who is, or at any time during the past three years was, employed by the Company as an executive officer; |
● | A director who is, or has a Family Member who is, a partner in, or a controlling stockholder or an executive officer of, any organization to which the Company made, or from which the Company received, payments for property or services in the current or any of the past three fiscal years that exceed five percent of the recipients consolidated gross revenues for that year, or $200,000, whichever is more, other than the following: (i) payments arising solely from investments in the Company’s securities; or (ii) payments under non-discretionary charitable contribution matching programs; |
● | A director of the issuer who is, or has a Family Member who is, employed as an executive officer of another entity where at any time during the past three years any of the executive officers of the issuer serve on the compensation committee of such other entity; or |
● | A director who is, or has a Family Member who is, a current partner of the Company’s outside auditor, or was a partner or employee of Bravo’s outside auditor who worked on the Company’s audit at any time during any of the past three years. |
We hope to add qualified independent members of our board of directors at a later date, depending upon our ability to reach and maintain financial stability.
Executive Committee
In accordance with Article III of our Bylaws, our board of directors has established an Executive Committee which consists of members who have been appointed by the board of directors. Thereafter, the chairman of the Executive Committee, Grant Cramer was appointed by the members of the Executive Committee. The other member of the Executive Committee is Richard Kaiser. The members of the Executive Committee shall serve at the pleasure of the board of directors or until their successors shall be duly designated. Vacancies in the Executive Committee shall be filled by the board of directors.
During the intervals between the meetings of the board of directors, the Executive Committee shall have and may exercise all of the authority of the board of directors in the management of the business affairs of Bravo to the extent authorized by the resolution providing for the Executive Committee or by subsequent resolution adopted by a majority of the whole board of directors. This authorization is subject to the limitations imposed by law, the bylaws of Bravo Multinational Incorporated or the board of directors.
During the fiscal year ended December 31, 2024, the Executive Committee held no formal meetings.
Audit Committee
The entire board of directors performs the functions of an audit committee, but no written charter governs the actions of the board when performing the functions of what would generally be performed by an audit committee. The board approves the selection of our independent accountants and meets and interacts with the independent accountants to discuss issues related to financial reporting. In addition, the board reviews the scope and results of the audit with the independent accountants, reviews with management and the independent accountants our annual operating results, considers the adequacy of our internal accounting procedures and considers other auditing and accounting matters including fees to be paid to the independent auditor and the performance of the independent auditor. At the present time, Richard Kaiser, our Chief Financial Officer is considered to be our expert in financial and accounting matters.
Nominating Committee
Our size and the size of our board, at this time, do not require a separate nominating committee. This function is performed by the entire board of directors.
Finance Committee
Although we currently do not have a Finance Committee, we have adopted a charter which provides that when established it will oversee all areas of corporate finance for Bravo and its subsidiaries, including capital structure, equity and debt financing, capital expenditures, cash management, banking activities and relationships, investments, foreign exchange activities and share repurchase activities. The Finance Committee will consist of a minimum of three members of the board of directors, the majority of whom shall meet the same independence and experience requirements of the Audit Committee of Bravo and the applicable provisions of federal law and the rules and regulations promulgated thereunder and the applicable rules of the OTC Market, the NASDAQ Stock Market, the New York Stock Exchange, or any other exchange where the shares of Bravo may be listed or quoted for sale. The members of the Finance Committee are to be recommended by the Nominating and Corporate Governance Committee and are appointed by and serve at the discretion of the board of directors.
Compensation Committee
Although we currently do not have a Compensation Committee, we have adopted a charter which provides that when established it is to assist the board of directors in meeting its responsibilities with regard to oversight and determination of executive compensation and to review and make recommendations to the board of directors with respect to major compensation plans, policies and programs of Bravo. The Compensation Committee shall consist of not fewer than two members of the board of directors, with the exact number being determined by the board. Members of the Compensation Committee shall be appointed from time to time to serve in such capacity by the Board. Each member shall meet the independence and outside director requirements of applicable tax and securities laws and regulations and stock market rules.
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Conflicts of Interest
With respect to transactions involving real or apparent conflicts of interest, we have adopted written policies and procedures, which are contained in our Corporate Governance Principles, and which require that:
● | The fact of the relationship or interest giving rise to the potential conflict be disclosed or made known to the directors prior to their authorization or approval of such actions; |
● | The transaction to be approved by a majority of our disinterested directors; and |
● | The transaction to be fair and reasonable to us at the time it is authorized or approved by our directors. |
Code of Ethics for Senior Executive Officers and Senior Financial Officers
We have adopted an amended Code of Ethics for Senior Executive Officers and Senior Financial Officers that applies to our president, chief executive officer, chief operating officer, chief financial officer, and all financial officers, including the principal accounting officer.
Code of Business Conduct
We have adopted a Code of Business Conduct, which applies to Bravo and all of our subsidiaries, whereby we expect each employee to use sound judgment to help us maintain appropriate compliance procedures and to carry out our business in compliance with laws and high ethical standards. Each of our employees is expected to read our Code of Business Conduct and demonstrate personal commitment to the standards set forth in our Code of Business Conduct. Our officers and other supervising employees are expected to be leaders in demonstrating this personal commitment to the standards outlined in our Code of Business Conduct and recognizing indications of illegal or improper conduct. All employees are expected to report appropriately any indications of illegal or improper conduct. An employee who does not comply with the standards set forth in our Code of Business Conduct may be subject to discipline in light of the nature of the violation, including termination of employment.
Copies of our Corporate Governance Principles, our amended Code of Ethics for Senior Executive Officers and Senior Financial Officers, and our Code of Business Conduct have been previously filed with the Securities and Exchange Commission. We will provide to any person without charge, upon request, a copy of our Corporate Governance Principles, our amended Code of Ethics for Senior Executive Officers and Senior Financial Officers, and our Code of Business Conduct. In addition, we intend to post on our website all disclosures that are required by law concerning any amendments to our Corporate Governance Principles, our amended Code of Ethics for Senior Executive Officers and Senior Financial Officers, and our Code of Business Conduct. Any request for review of such documents should be directed to Mr. Richard Kaiser, our corporate secretary, at 3419 Virginia Beach Boulevard, Unit 252, Virginia Beach, Virginia 23452, telephone (757) 306-6090, or email him at [email protected]. The information contained on our website shall not constitute part of this Information Statement.
Board of Directors Meetings
During the year ended December 31, 2024, our board of directors held six (6) meetings. All of Bravo’s directors attended 100% of our meetings in 2024.
Communication with Directors
Stockholders and other interested parties may contact any of our directors by writing to them at Bravo Multinational Incorporated, 3419 Virginia Beach Boulevard, Unit 252, Virginia Beach, Virginia 23452, Attention: Corporate Secretary, telephone 757-306-6090, or email at [email protected]; website www.bravomultinationalinc.com.
Our board has approved a process for handling letters received by us and addressed to any of our directors. Under that process, our vice president reviews all such correspondence and regularly forwards to the directors a summary of all such correspondence, together with copies of all such correspondence that, in the opinion of our vice president, deal with functions of the board or committees thereof or that he otherwise determines requires their attention. Directors may at any time review a log of all correspondence received by us that are addressed to members of the board and request copies of such correspondence.
Item 11. Executive Compensation.
Summary of Cash and Certain Other Compensation
At present, Bravo Multinational Incorporated has two executive officers. Beginning in March 2015, the compensation program for our executives consists of three key elements:
● A base salary;
● Additional compensation; and,
● Periodic grants and/or options of our common stock.
Base Salary. Our executive officers receive compensation based on such factors as competitive industry salaries, a subjective assessment of the contribution and experience of the officer, and the specific recommendation by our board of directors.
Additional Compensation. Each of our officers receives additional compensation as provided in the officers’ employment agreement. All payments to officers must be approved by our board of directors or compensation committee based on the individual officer’s performance and company performance.
Stock Incentive. Stock grants and options are awarded to executive officers based on their positions and individual performance. Stock grants and options provide incentive for the creation of stockholder value over the long term and aid significantly in the recruitment and retention of executive officers. The board of directors or compensation committee considers the recommendations of the chief executive officer for stock grants and options to executive officers (other than the chief executive officer) and approves, disapproves or modifies such recommendation. Stock grants and options for our executive officers will be recommended and approved by our board of directors. See “Market Price of and Dividends on our Common Equity and Related Stockholder Matters - Securities Authorized for Issuance under Equity Compensation Plans.”
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Bravo Multinational Incorporated Summary Compensation Table
The following table sets forth compensation for our two named executive officers for the two completed fiscal years ended December 31, 2024 and December 31, 2023:
Name and Principal Position | Year | Salary ($)(2) |
Stock Award ($) |
Total ($) (1)(2) |
Grant Cramer, |
2023 |
$-0- |
$-0- |
$-0- |
CEO and Director (3) | 2024 | $-0- | $-0- | $-0- |
Frank Hagan, Jr. |
2023 |
$-0- |
$-0- |
$-0- |
President and Director (3) | 2024 | $-0- | $-0- | $-0- |
Kayla Slick |
2023 |
$-0- |
$-0- |
$-0- |
COO and Director (3) | 2024 | $-0- | $-0- | $-0- |
Josh Vance |
2023 |
$-0- |
$-0- |
$-0- |
Director (3) | 2024 | $-0- | $-0- | $-0- |
Richard Kaiser |
2023 |
$-0- |
$-0- |
$-0- |
CFO, Secretary and Director | 2024 | $-0- | $-0- | $-0- |
Merle Ferguson |
2023 |
$-0- |
$-0- |
$-0- |
President, CEO and Director (4) | 2024 | $-0- | $-0- | $-0- |
(1) | Does not include perquisites and other personal benefits, or property, unless the aggregate amount of such compensation is more than $10,000. |
(2) | Employment agreements were entered into with Mr. Ferguson and Mr. Kaiser in 2020. Mr. Ferguson cancelled his employment agreement and in 2023 forgave in its entirety accrued amounts owed to him by the Company. Richard Kaiser has an active employment agreement but he too forgave in its entirety amounts owed to him through March 31, 2023. Total accrued compensation owed to Kaiser from April 1, 2023 to December 31, 2023 is $131,250. This amounts had been accrued by the Company, but not paid. The other directors and officers, Grant Cramer, Frank J, Hagan, Jr., Kayla Slick and Josh Vance have no formal employment contracts in place as of the date of this filing. Accrued wages may or may not be paid in the future or, in the alternative, the Company could issue stock in lieu of cash payments. Any common shares issued are thinly traded and because they are restricted from sale under Rule 144, it is very likely that the actual cash value of those shares is greatly less than the aforementioned and imputed accounting value. |
(3) | On July 03, 2023, the Company had a change in control in the management team at Bravo Multinational, Inc. The Company appointed Grant Cramer, Chairman and Chief Executive Office, Frank Hagan, Jr., President and Director, Kayla Slick, Chief Operations Officer and Director, and Josh Vance, Director. Richard Kaiser remains as the Company’s Chief Financial Officer, Secretary and Director. |
(4) | On July 03, 2023, Merle Ferguson resigns as Chairman, CEO and Director. |
Outstanding Equity Awards at Fiscal Year-End
None.
Bravo Multinational Employment Agreements
As of December 31, 2024, Bravo Multinational Incorporated has one employment agreement with Mr. Richard Kaiser, Director, Chief Financial Officer, Secretary, and Corporate Governance Officer.
Richard Kaiser’s Employment Agreement: On February 1, 2020, Mr. Kaiser entered into a new five-year (5) contract as the Company’s Director, Chief Financial Officer and Secretary with an annual salary of $175,000 to be paid in cash, shares or combination of cash and shares. Any common shares issued for compensation are considered thinly traded and because they are restricted from sale under Rule 144, it is very likely that the actual cash value of those shares is greatly less than the aforementioned and imputed accounting value.
The other directors and officers, Grant Cramer, Frank J, Hagan, Jr., Kayla Slick and Josh Vance have no formal employment contracts in place as of the date of this filing.
You may obtain copies of the employment agreements at www.sec.gov or by clicking on the Securities and Exchange Commission Filings link on the Investor Relations section of our website at www.bravomultinationalinc.com, or by contacting Mr. Richard Kaiser, our Corporate Secretary, at 3419 Virginia Beach Boulevard, Unit 252, Virginia Beach, Virginia 23452, telephone (757) 306-6090, or email him at [email protected].
Director Compensation
The following table provides information relating to compensation of our directors for our fiscal year ended December 31, 2024. The current directors do not receive compensation for their duties as directors.
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) |
Non-qualified Deferred Compensation Earnings ($) |
All Other Compensation ($) |
Total ($) |
Grant Cramer | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
Frank Hagan, Jr. | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
Richard Kaiser | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
Kayla Slick | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
Richard Kaiser | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
Merle Ferguson (1) | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
(1) On July 03, 2023, Merle Ferguson resigns as Chairman, CEO and Director.
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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table presents information regarding the beneficial ownership of all shares of our common stock as of the date of this filing by:
● Each person who owns beneficially more than five percent of the outstanding shares of our common stock;
● Each director; and,
● All directors and officers as a group.
Name of Beneficial Owner (1) |
Shares of Common Stock Beneficially Owned (2) | |
Number | Percent (11) | |
Richard Kaiser (3) | 1,664,801 | 3.49% |
Kayla Slick (4) | 120,000 | 0.25% |
Grant Cramer | -0- | 0% |
Frank Hagan, Jr. | -0- | 0% |
Josh Vance | -0- | -0- |
All Directors and Officers as a group ( 5 people) | 1,784,801 | 3.74% |
La La La, LLC (5) | 4,362,857 | 9.16% |
WTFJ Investments, LLC (6) | 4,362,857 | 9.16% |
TSMS, LLC (7) | 4,242,858 | 8.91% |
Richard Tavano (8) | 2,993,920 | 6.28% |
Paul Parliament (9) | 3,013,687 | 6.33% |
(1) | Unless otherwise indicated, the address for each of these stockholders is c/o Bravo Multinational Incorporated Co., 2020 General Booth Blvd., Unit 230, Virginia Beach, VA 23454. Also, unless otherwise indicated, each person named in the table above has the sole voting and investment power with respect to our shares of common stock or preferred stock which they beneficially own. |
(2) | Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission. As of February 21, 2024 there were outstanding 47,641,011 shares of our common stock outstanding. Therefore, the “controlling stockholders”, as a group, have voting control over all matters which may be acted upon by our stockholders. There are no voting agreements among the “controlling stockholders.” |
(3) | Mr. Kaiser, our Chief Financial Officer, Secretary, Corporate Governance Officer, and Director, has Rule 144 - restricted shares of 1,077,421 and non-restricted shares of 587,380 for a total of 1,664,801shares |
(4) | Kayla Slick, our Chief Operations Officer and Director has indirect ownership of 120,000 non-restricted shares held in Greenstem Consulting Group, LLC. |
(5) | La La La, LLC is a Delaware limited liability company owned and controlled by Brian Lemke. |
(6) | WTFJ Investments, LLC is a Nevada limited liability company owned and controlled by Wayne Jefferies. |
(7) | TSMS, LLC is a Delaware limited liability company owned and controlled by Tim Shelburn. |
(8) | Richard Tavano is an indirect beneficial owner who holds 2,993,920 shares. |
(9) | Paul Parliament is a former officer/director of the Company; holds 3,013,687 non-restricted shares. |
Item 13. Certain Relationships and Related Transactions and Director Independence.
The Company is sharing office space at no cost with its Director and CFO, Mr. Richard Kaiser at his office, Yes International, LLC.
Item 14. Principal Accounting Fees and Services.
Audit Fees
The aggregate fees billed by BF Borgers, Independent Registered Public Accounting Firm, for professional services rendered for the audit of our annual financial statements for the fiscal years ended December 31, 2023 was $63,000.
The aggregate fees billed by Michael Gillespie & Associates, CPAs,PLLC for audit and review services for financial statements for the year ended December 31, 2024 was $67,995 (On May 7, 2024, the Company’s changed its PCAOB auditing firm to Michael Gillespie & Associates, CPAs ,PLLC.)
Audit Related Fees
None.
Tax Fees
The aggregate tax fees billed by BF Borgers, Independent Registered Public Accounting Firm, for professional services rendered for tax services for the fiscal years ended December 31, 2023 was $-0-
The aggregate fees billed by Michael Gillespie & Associates, CPAs,PLLC for professional services rendered for tax services for the fiscal years ended December 31, 2024 was $-0-.
-14- |
All Other Fees
There were no other fees billed by BF Borgers, Independent Registered Public Accounting Firm, for professional services rendered during the fiscal years ended December 31, 2023, other than as stated under the captions Audit Fees, Audit-Related Fees, and Tax Fees.
There were no other fees billed by Michael Gillespie & Associates, CPAs, PLLC. for professional service rendered for the fiscal years ended December 31, 2024, other than as stated under the captions Audit Fees, Audit-Related Fees, and Tax Fees.
Section 16A Beneficial Ownership Reporting Compliance
All Section 16A reporting is current with the filings of both Form 3s and Form 4s.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) All financial statements are included in Item 8 of this report.
(b)All financial statement schedules required to be filed by Item 8 of this report and the exhibits contained in this report are included in Item 8 of this report.
(c) The following exhibits are attached to this report:
Exhibit No. | Identification of Exhibit |
3.1* | Articles of Incorporation Bravo Multinational Inc.( Wyoming) Original and Amended; Filed in Form DEFR 14C - September 29, 2020 |
3.2* | Bylaws of Bravo Multinational Inc. (Wyoming);Filed in Form DEFR 14C -September 29, 2020 |
4.1* | Agreement and Plan of Merger from Bravo Multinational, Inc. (Delaware) to Bravo Multinational, Inc.(Wyoming); Filed in Form DEFR 14C - September 29, 2020 |
4.2* | Articles of Merger from Bravo Multinational, Inc. (Delaware) to Bravo Multinational, Inc.(Wyoming); Dated October 02, 2020; Filed March 3, 2021 as Exhibit 4.2, Form 10-K for year ended Dec. 31, 2020 |
4.3* | Certificate of Merger from Bravo Multinational, Inc. (Delaware) to Bravo Multinational, Inc.(Wyoming); Dated October 02, 2020; Filed March 3, 2021 as Exhibit 4.3, on Form 10-K for year ended Dec. 31, 2020 |
10.1* | Charter of the Audit Committee of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.1 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.2* | Charter of the Compensation Committee of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.2 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.3* | Corporate Governance Principles of the Board of Directors of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.3 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.4* | Charter of the Executive Committee of the Board of Directors of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.4 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.5* | Charter of the Finance Committee of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.5 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.6* | Charter of the Governance and Nominating Committee of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 10.6 on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
10.7* | Order to Convert (corrected)-Douglas Brooks- December 4, 2019; Filed as Exhibit 10.42 of Form 10-K September 03, 2019. |
10.8* | Private Placement Agreement - M. Corrigan July 16, 2019 (filed as exhibit 10.13 on September 30, 2017 Qtr. Report). |
10.9* | Consulting Agreement -RSDI Enterprises & Aldo Dalla-Vecchia, July, 1 2019 (filed as exhibit 10.14 on September 30, 2017 Qtr. Report). |
10.10* | Employment Contract- Ferguson- February 1, 2020. |
10.11* | Employment Contract-Kaiser-February 1, 2020. |
10.12* | Consulting Agreement -Donohue- February 4, 2020 . |
14.1* | Code of Business Conduct of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 14.1 to the Registrant’s Current Report on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
14.2* | Amended Code of Ethics for Officers of Goldland Holdings Co. dated March 24, 2015, filed as Exhibit 14.2 to the Registrant’s Current Report on Form 8-K/A, Amendment No. 1, on April 1, 2015, Commission File Number 000-53505. |
31.1+ | Certification of Grant Cramer, Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. |
31.2+ | Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. |
32.1+ | Certification of Grant Cramer, Chief Executive Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
32.2+ | Certification of Richard Kaiser, Chief Financial Officer and Principal Accounting Officer of Bravo Multinational Incorporated, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
101+ | XBRL Interactive Exhibits. |
+Filed herewith.
*Previously filed.
-15- |
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized.
BRAVO MULTINATIONAL INCORPORATED
Signature | Title | Date | ||
/s/ Grant Cramer Grant Cramer |
Chairman, Chief Executive Officer, and Director | April 15, 2025 | ||
/s/ Richard Kaiser Richard Kaiser |
CFO, Secretary, Corporate Governance Officer and Director | April 15, 2025 |
-16- |
BRAVO MULTINATIONAL INCORPORATED
FINANCIAL REPORTS |
AT |
DECEMBER 31, 2024 |
F-1 |
MICHAEL GILLESPIE & ASSOCIATES, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
Vancouver, WA 98666
206.353.5736
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders, Board of Directors & Shareholders
Bravo Multinational Incorporated.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Bravo Multinational Incorporated as of December 31, 2024 and 2023 and the related statements of operations, changes in stockholders’ deficit, cash flows, and the related notes (collectively referred to as “financial statements”) for the years then ended. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for the years December 31, 2024 and 2023 in conformity with accounting principles generally accepted in the United States of America.
Going Concern
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #4 to the financial statements, although the Company has limited operations and it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/S/
We have served as the Company’s auditor since 2024.
PCAOB ID:
April 15, 2025
F-2 |
Bravo Multinational Incorporated
CONSOLIDATED BALANCE SHEETS
December 31, | 2024 | 2023 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and Cash Equivalents | $ | $ | ||||||
Total Current Assets | ||||||||
Total Assets | $ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Liabilities | ||||||||
Accounts Payable and Accrued Expenses | $ | $ | ||||||
Customer Deposits | ||||||||
Due to Related Parties | ||||||||
Accrued Board of Directors Fees | ||||||||
Total Liabilities | ||||||||
Commitments and Contingencies (Note 9) | ||||||||
Stockholders’ Deficit | ||||||||
Common Stock - $ | Par; Shares Authorized, Issued and Outstanding||||||||
Additional Paid-In-Capital | ||||||||
Accumulated Deficit | ( | ) | ( | ) | ||||
Total Stockholders’ Deficit | ( | ) | ( | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | $ |
The accompanying notes are an integral part of these consolidated financial statements.
F-3 |
Bravo Multinational Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31, | 2024 | 2023 | ||||||
Expenses | ||||||||
General and Administrative | $ | $ | ||||||
Professional Fees | ||||||||
Board of Directors Fees | ||||||||
Total Expenses | ||||||||
Loss Before Other (Income) and Expense | ||||||||
Discontinued Operations | ||||||||
Income from Customer Deposit Writeoff | ( | ) | ||||||
Loss Before Income Taxes | ||||||||
Income Taxes | ||||||||
Net Loss | $ | $ | ||||||
Weighted Average Number of Common Shares -Basic and Diluted | ||||||||
Net Loss Per Common Shares - Basic and Diluted | $ | ) | $ | ) |
The accompanying notes are an integral part of these consolidated financial statements.
F-4 |
Bravo Multinational Incorporated
CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
Common Stock | Additional | Total | ||||||||||||||||||
$ 0.0001 Par | Paid-In | Accumulated | Stockholders’ | |||||||||||||||||
For the Year Ended December 31, 2023 | Shares | Amount | Capital | Deficit | Deficit | |||||||||||||||
Balance - January 1, 2023 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
Capital Contributions - Directors | - | |||||||||||||||||||
Merger with RPI and Share Issuance | ( | ) | ||||||||||||||||||
Rescission with RPI | ( | ) | ( | ) | ( | ) | ||||||||||||||
Net Loss | - | ( | ) | ( | ) | |||||||||||||||
Balance - December 31, 2023 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
For the Year Ended December 31, 2023 | ||||||||||||||||||||
Balance - January 1, 2024 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
Net Loss | - | ( | ) | ( | ) | |||||||||||||||
Balance - December 31, 2024 | $ | $ | $ | ( | ) | $ | ( | ) |
The accompanying notes are an integral part of these consolidated financial statements.
F-5 |
Bravo Multinational Incorporated
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, | 2024 | 2023 | ||||||
Cash Flows from Operating Activities | ||||||||
Net Loss | $ | ( | ) | $ | ( | ) | ||
Adjustments to reconcile net loss to net cash | ||||||||
used in operating activities: | ||||||||
Discontinued Operations | ||||||||
Income from Customer Deposit Writeoff | ( | ) | ||||||
Changes in Assets and Liabilities: | ||||||||
Accounts Payable and Accrued Expenses | ||||||||
Accrued Board of Directors Fees | ||||||||
Net Cash Flows Used In Operating Activities | ( | ) | ( | ) | ||||
Cash Flows from Investing Activities | ||||||||
Cash Flows from Financing Activities | ||||||||
Due to Related Parties, Net | ||||||||
Net Cash Flows Provided by Financing Activities | ||||||||
Net Change in Cash and Cash Equivalents | ( | ) | ||||||
Cash and Cash Equivalents - Beginning of Year | ||||||||
Cash and Cash Equivalents - End of Year | $ | $ | ||||||
Cash Paid During the Year for: | ||||||||
Interest | $ | $ | ||||||
Income Taxes | $ | $ | ||||||
Non-Cash Transactions | ||||||||
Accrued Board of Directors Fees - Contributed to Capital | $ | $ | ||||||
Due to Related Parties - Contributed to Capital | $ | $ |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-6 |
NOTE 1 – Organization & Description of Business
Bravo Multinational Corporation (the “Company,” “we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp. On August 7, 2007, the Company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated. On March 22, 2016, the board of directors of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance with all regulatory requirements mandated by FINRA. Further, as a result of the change of the company’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,” and the company’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company’s name on April 6, 2016. As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO” and the CUSIP identifier was changed to 10568F109. On August 3, 2020, the Board of Directors agreed in changing the Company’s incorporation from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) to achieve the change in state incorporation. On July 20, 2023, the Company formed a wholly-owned subsidiary; Global Merchandising Inc., a Nevada Corporation. This company has had no activity through September 30, 2024.
The Company’s previous business plan was the buying and reselling of gaming equipment. The Company also bought machines for its own use that were placed in casinos or gaming areas to obtain monthly revenue streams from the machines’ net win revenue. On July 3, 2023, the Company changed its business plan and will pursue business ventures in the entertainment, hospitality and technology sectors.
NOTE 2 – Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Bravo Multinational Incorporated, its wholly owned subsidiaries, Universal Entertainment SAS, Ltd., and Global Merchandising, (the “Company”). All significant inter-company balances have been eliminated in consolidation.
Method of Accounting
The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Cash and Cash Equivalents
Cash and cash equivalents may include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. The Company maintains cash and cash equivalents at financial institutions located in the United States, which periodically may exceed federally insured amounts.
NOTE 2 – Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings (loss) per share of common stock are computed in accordance with FASB ASC 260 “Earnings per Share”. Basic earnings (loss) per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and diluted earnings (loss) per share.
F-7 |
The Company has issued and may issue stock in lieu of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party fair values of shares or the value of services, whichever is more readily determinable, is used to value the transaction.
Revenue Recognition
The Company implemented ASC 606, Revenue from Contracts with Customers. These included the development of new policies based on the five-step model provided in the new revenue standard, ongoing contract review requirements, and gathering of information provided for disclosures.
The Company recognizes revenue and cost of goods sold from product sales or services rendered when control of the promised goods are transferred to our clients in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation.
Fair Value Measurements
The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value.
We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
· | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
· | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
· | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring basis.
NOTE 3 – Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE 4 – Going Concern
The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reported recurring losses from operations and has net current liabilities and an accumulated deficit. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.
While the Company is attempting to continue operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. During the year ended December 31,2023 due to lack of revenues the officers of the Company paid for all expenses through loans to the Company. This allowed the Company to continue as a going concern.
NOTE 5 – Related Party Transactions
Due to Related Parties consist of payments of Company expenses by the Company’s
one (1) current director, one (1) former director, one (1) shareholder and two (2) companies with related shareholders. Amounts due were
$
The Company utilizes the services of Yes International Inc., which is controlled
by Mr. Richard Kaiser who is a member of the Board of Directors. Yes International provides all services at no cost except for press release
wire services and filing fees. For each of the year ended December 301 2024 and 2023 the Company paid webhosting, press release wire services
and filing fees a total in the amount of $
F-8 |
NOTE 6 – Capital Stock
Preferred Stock
On January 16, 2017, the Company amended its certificate of incorporation
to authorize an increase in blank check preferred shares to
Common Stock
On January 16, 2017, the Articles of Incorporation were amended to increase the authorized shares to
, consisting of shares of common stock.
On September 20, 2023,
Stock Compensation Plan
On March 15, 2018, the Company resolved to adopt the Employees, Officers, Directors and Consultants Stock Plan for the Year 2018. The purpose of this Plan is to enable the Company, to promote the interests of the company and its stockholders by attracting and retaining employees, officers, directors and consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the company’s stockholders, by paying their retainers or fees in the form of shares of the Company’s common stock. The Plan shall expire on March 15, 2028. As of December 31, 2024, previously issued shares totaled
from this plan.
NOTE 7 – Write off of Customer Deposits
During the year ended December 31, 2024, the Company wrote off $35,800
of customer deposits that were on the books as a current liability. The Company has held this deposit since July 2016. The customer in
this case has disappeared and has never requested a return of the prepayment in almost eight years. The Company’s management does
not expect to ever repay the advance. Therefore, income from customer deposit write off of $
NOTE 8 – Commitments and Contingencies
Beginning in 2018, the Company leases space at Yes International, LLC.,
a related party, at no cost. Rent expense for the each of the years ended December 31, 2024 and 2023 was $-
On July 13, 2023 the Company and RPI closed their share exchange agreement.
The Company issued
Since RPI had no assets or operations the goodwill was immediately impaired and is shown in the statement of operations for the year ended December 31, 2023.
On November 14, 2023, the
NOTE 10– Subsequent Events
In accordance with ASC 855-10, the Company has analyzed its operations
subsequent to December 31, 2024 to the date of April 15, 2025 and has determined that it has subsequent events. A related party has advanced
to the Company $
F-9 |