REALBIZ MEDIA GROUP, INC

CIK:0001430523|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Income Statement [Abstract]
Revenue		$ 35,456		$ 383,300
Cost of revenue		9,811		178,678
Gross Profit		25,645		204,622
Operating Expenses:
Salaries and benefits	59,706	73,971	191,659	227,931
Selling and promotions expense		3,358		3,358
Legal and professional fees	25,000	23,840	100,000	23,840
General and administrative	231,529	98,251	468,213	456,733
Total Operating Expenses	316,235	199,420	759,872	711,862
Operating loss	(316,235)	(173,775)	(759,872)	(507,240)
Other (Expense) Income:
Interest expense	(86,584)	(52,473)	(272,377)	(199,414)
Amortization of original issue discounts and deferred financing costs	(10,441)	(49,152)	(87,220)	(113,916)
Loss on extinguishment and settlement of convertible notes payable	(204,940)	(41,325)	(320,026)	(76,266)
Gain (loss) on change in fair value of derivative liability	32,480	(19,743)	(22,919)	8,229
Default principal increase on convertible notes payable			(47,100)
Initial derivative liability expense			(143,657)	(800,213)
Gain on forgiveness of Paycheck Protection Program loan		104,479		104,479
Gain on settlement of liabilities				104,774
Total Other (Expense) Income	(269,485)	(58,214)	(893,299)	(972,327)
Loss from continuing operations before income taxes	(585,720)	(231,989)	(1,653,171)	(1,479,567)
Income taxes
Loss from continuing operations	(585,720)	(231,989)	(1,653,171)	(1,479,567)
Discontinued operations (Note 11)
(Loss) gain from discontinued operations	(40)	(71,498)	(41,079)	22,432
Net loss	$ (585,760)	$ (303,487)	$ (1,694,250)	$ (1,457,135)
Loss per common share:
Loss from continuing operations per common share – basic and diluted	$ (0.00)	$ (0.02)	$ (0.01)	$ (0.12)
Loss from discontinued operations per common share – basic and diluted	(0.00)	(0.00)	(0.00)	0.00
Loss per common share – basic and diluted	$ (0.00)	$ (0.02)	$ (0.01)	$ (0.12)
Weighted average shares outstanding – basic and diluted	658,855,426	13,423,712	252,734,069	12,507,231

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Jul. 31, 2022	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Oct. 31, 2021
Cash flows from operating activities:
Net loss	$ (585,760)	$ (602,689)	$ (303,487)	$ (446,135)	$ (1,694,250)	$ (1,457,135)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on extinguishment and settlement of debt	204,940		41,325		320,026	76,266
Allowance for accounts receivable					177,900
Initial derivative liability expense					143,657	800,213
Amortization of original issue discounts and deferred financing costs	10,441		49,152		87,220	113,916
Stock-based compensation					62,479	(25,523)
Default principal increase on convertible notes payable					47,100
Depreciation and amortization					30,624	31,403
Loss (Gain) on change in fair value of derivative liability	(32,480)		19,743		22,919	(8,229)
Gain on settlement of liabilities						(104,774)
Gain on forgiveness of Paycheck Protection Program loan			(104,479)			(104,479)
Changes in operating assets and liabilities:
Increase in accounts receivable						(345,982)
Increase in inventory						(25,289)
Decrease in prepaid expenses						124,229
Increase in other assets						(805)
Increase in accounts payable and accrued expenses					507,919	232,231
Decrease in right to use and lease obligation, net						(9,386)
Net cash used in operating activities of continuing operations					(294,406)	(703,344)
Net cash provided by (used in) operating activities of discontinued operations					41,062	(806)
Net cash used in operating activities					(253,344)	(704,150)
Cash flows from financing activities:
Proceeds from issuance of convertible notes payable, net of commissions					209,000	578,400
Proceeds from issuance of notes payable						240,325
Payments applied to convertible promissory notes						(63,000)
Net cash provided by financing activities of continuing operations					209,000	755,725
Net (decrease) increase in cash					(44,344)	51,575
Cash at beginning of period		$ 66,022		$ 6,150	66,022	6,150	$ 6,150
Cash at end of period	$ 21,678		$ 57,725		21,678	57,725	$ 66,022
Supplemental disclosure:
Cash paid for interest						18,765
Common Stock Issued In Exchange For Conversion Of Convertible Promissory Note And Accrued Interest [Member]
Supplemental disclosure of non-cash investing and financing activities:
Value					$ 1,863,342	$ 793,279
Shares					1,602,719,541	4,101,218
Common Stock Issued For Note Payable Issuance [Member]
Supplemental disclosure of non-cash investing and financing activities:
Value						$ 88,000
Shares						400,000
Common Stock Issued For Vendor Services [Member]
Supplemental disclosure of non-cash investing and financing activities:
Value						$ 18,964
Shares						67,728
Common Stock To Be Issued For Vendor Services [Member]
Supplemental disclosure of non-cash investing and financing activities:
Value						$ 43,100
Shares						227,824

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2022	Oct. 31, 2021
Current Assets
Cash	$ 21,678	$ 66,022
Accounts receivable, net	125,318	303,218
Inventory	145,129	145,129
Other assets	16,144	16,144
Assets of discontinued operations	326	105,974
Total Current Assets	308,595	636,487
Property and equipment, net	54,443	85,067
Operating lease right-of-use asset	129,494	198,637
Total Assets	492,532	920,191
Current Liabilities
Accounts payable and accrued expenses	873,856	638,315
Operating lease liability	96,308	92,771
Interest payable	563,218	368,709
Due to former officer	221,586	221,586
Notes payable	1,367,735	1,533,294
Convertible notes payable, net	157,449	530,358
Derivative liability	54,136	471,219
Liabilities of discontinued operations	162,752	227,338
Total Current Liabilities	3,497,040	4,083,590
Operating lease liability, net of current portion	33,186	105,866
Total Liabilities	3,530,226	4,189,456
Commitments and Contingencies (Note 9)
Stockholders’ Deficit
Common stock, $0.000001 par value; 7,500,000,000 shares authorized and 1,626,564,107 and 23,844,566 shares issued at July 31, 2022 and October 31, 2021, respectively (as adjusted for a 1-for-500 reverse stock split as discussed in Note 1)	1,627	24
Additional paid-in-capital	48,798,578	46,889,360
Shares to be issued	20,000	5,000
Accumulated deficit	(51,857,929)	(50,163,679)
Total Stockholders’ Deficit	(3,037,694)	(3,269,265)
Total Liabilities and Stockholders’ Deficit	492,532	920,191
Series A Convertible Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock value	29	29
Series B Convertible Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock value
Series C Convertible Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock value	$ 1	$ 1