EAT AT JOES LTD

CIK:0000829325|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 1,000		$ 2,000	$ 1,000
Cost of goods sold	(1,000)		(1,000)	(2,000)
Gross profit (loss)			1,000	(1,000)
Expenses
Labor and related expenses	(496,000)	577,000	418,000	1,352,000
Rent	6,000	5,000	18,000	53,000
Depreciation and amortization	76,000	3,000	131,000	10,000
Professional fees	637,000	43,000	2,154,000	606,000
Research and development			33,000	9,000
Other general and administrative	30,000	133,000	54,000	234,000
Total Operating Expenses	253,000	761,000	2,808,000	2,264,000
Operating Loss	(253,000)	(761,000)	(2,807,000)	(2,265,000)
Other Income (Expense)
Interest Expense	(615,000)	(185,000)	(2,197,000)	(529,000)
Amortization of Debt Discounts	(251,000)		(471,000)
Other Income	1,000		1,000
Loss on Conversion of Debt			(32,000)
Loss on Settlement			(30,000)
Loss on Issuance of Common Stock			(16,000)
Loss on Issuance of Convertible Debt		(832,000)		(832,000)
Gain on Forgiveness of Debt		73,000		73,000
Gain on Settlement of Debt		498,000		498,000
Gain on disposition of assets		(1,000)		4,000
Settlement Expense			(98,000)
Change in value of derivative liability	185,000	(164,000)	1,120,000	(336,000)
Unrealized gain on trading securities				1,000
Total Other Expense	(680,000)	(611,000)	(1,723,000)	(1,121,000)
Loss from continuing operations	(933,000)	(1,372,000)	(4,530,000)	(3,386,000)
Loss from discontinued operations		(12,000)		(111,000)
Net Loss	$ (933,000)	$ (1,384,000)	$ (4,530,000)	$ (3,497,000)
Basic and Diluted loss per share	$ (0.00)	$ (0.01)	$ (0.01)	$ (0.02)
Weighted Average Common Shares
Basic and Diluted	321,316,536	222,105,801	306,520,613	215,637,527

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities:
Net Loss	$ (4,530,000)	$ (3,497,000)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Loss on Discontinued Operations		111,000
Depreciation and Amortization	132,000	10,000
Common Stock Issued for Employee Compensation		239,000
Common Stock Issued for Services	1,093,000	471,000
Common Stock Issued for Settlement Expense	98,000
Amortization of Debt Discounts on Convertible Notes Payable and Notes Payable	2,176,000	356,000
Unrealized Gain on Trading securities		(1,000)
Gain on Disposition of Assets		(4,000)
Gain on Settlement of Debt		(498,000)
Loss on Conversion of Debt	32,000
Loss on Issuance of Convertible Debt		832,000
Gain on Forgiveness of Debt		(73,000)
Change in Value of Derivative Liability	(1,120,000)	336,000
Changes in Operating Assets and Liabilities:
Other Receivables		4,000
Prepaid Expenses	43,000	3,000
Inventory		(60,000)
Operating Lease Right-of-Use Liability		(54,000)
Accounts Payable and Accrued Liabilities	419,000	367,000
Accrued Interest on Notes Payable Related Party	19,000	53,000
Accrued Interest on Notes Payable	468,000	5,000
Accrued Interest and Liquidated Damages on Convertible Notes	34,000	111,000
Net Cash Used in Operating Activities from Continuing Operations	(1,136,000)	(1,261,000)
Net Cash Used in Operating Activities from Discontinued Operations		(1,000)
Net Cash Used in Operating Activities	(1,136,000)	(1,262,000)
Cash Flows From Investing Activities:
Sale of Property and Equipment		10,000
Net Cash Provided by Investing Activities		10,000
Cash Flows From Financing Activities:
Proceeds from Notes Payable, related party		501,000
Proceeds from Long-Term Convertible Notes	910,000	198,000
Proceeds from Short-Term Convertible Notes Payable	269,000
Repayment of Short-Term Convertible Notes Payable	(30,000)
Repayment of Notes Payable	(38,000)
Proceeds from SBA PPP Note Payable		73,000
Net Cash Provided by Financing Activities	1,111,000	772,000
Net Change in Cash	(25,000)	(480,000)
Cash and Cash Equivalents at Beginning of Period	32,000	510,000
Cash and Cash Equivalents at End of Period	7,000	30,000
Supplemental Disclosure of Interest and Income Taxes Paid:
Interest Paid during the Period
Income Taxes Paid during the Period
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Debt Discounts on Long-Term Convertible Notes Payable	910,000
Common Stock Issued for Debt Conversion	234,000	330,000
Extinguishment of derivative liability from conversion of notes payable	623,000
Common Stock and note payable issued for asset acquisition	9,739,000
Fair Value of Partial Conversion Embedded Conversion Option		$ 220,592

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 7,000	$ 32,000
Prepaid Expenses	4,000	47,000
Inventory	115,000
Current Assets of Discontinued Operations		3,000
Total Current Assets	126,000	82,000
Other Assets:
Property and Equipment, net	9,000	16,000
Intangible Asset, net	9,500,000
Other Assets	1,000	1,000
TOTAL ASSETS	9,636,000	99,000
Current Liabilities:
Accounts Payable and Accrued Liabilities	2,057,000	1,825,000
Related Party Notes Payable, current portion	543,000	524,000
Notes Payable, current portion		38,000
Short-Term Convertible Notes Payable, net of discount	273,000	206,000
Current Liabilities of Discontinued Operations	815,000	815,000
Total Current Liabilities	3,688,000	3,408,000
Other Liabilities:
Notes Payable, net of discount	11,760,000	2,534,000
Long-Term Convertible Notes Payable, net of discount	449,000	286,000
Derivative Liability	2,780,000	1,907,000
Total Liabilities	18,677,000	8,135,000
Stockholders’ Deficit:
Common Stock, $0.0001 par value, 750,000,000 shares authorized; 332,793,439 and 245,050,988 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	33,279	24,505
Common stock to be issued	381,417	425,097
Additional Paid-In Capital	62,008,291	58,448,385
Accumulated Deficit	(71,464,000)	(66,934,000)
Total Stockholder’s Deficit	(9,041,000)	(8,036,000)
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT	9,636,000	99,000
Preferred Class A [Member]
Stockholders’ Deficit:
Preferred stock, value	11	11
Preferred Class E [Member]
Stockholders’ Deficit:
Preferred stock, value	$ 2	$ 2