SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

FORM 10-K(Mark One)

(Mark One)

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to _____________________

[X]

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

[ ]

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to _____________________

Commission File No. 000-53505

BRAVO MULTINATIONAL INCORPORATED

(Exact name of registrant as specified in its charter)

Wyoming85-4068651

BRAVO MULTINATIONAL INCORPORATED

(Exact name of registrant as specified in its charter)

Wyoming

85-4068651

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)


2020 General Booth Blvd, Unit 230

Virginia Beach, VA

(principal executive offices)


23454

(Zip Code)

Registrant's telephone number, including area code: (757)-306-6090

Securities registered under Section 12(b) of the Act:

Registrant's telephone number, including area code: (757)-306-6090Title of each class

Ticker symbol(s)Name of each exchange on which registered

Securities registered under Section 12(b) of the Exchange Act:

N/A

None

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.

 

Securities registered under Section 12(g) of the Exchange Act:

Common stock, par value $0.0001 per share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] ☐ No [X] ☒

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 [ ] ☐ No [X] ☒

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. Yes [X] ☒ No [ ]

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). Yes [X] ☒ No [ ]

-i-

 

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 [ ]

Non-accelerated filer [X]

 ☒

Smaller reporting company [X]

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 [ ] ☐ No [X] ☒

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 10,962,52326,880,031 shares of common equity held by non-affiliates computed by reference to the average bid and ask price of $0.14$0.48 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, 2020)2023) was approximately $1,534,753.$12,802,415. Common stock held by each officer and director and by each person known to the registrant to own five percent or more of the outstanding common stock has been excluded in that those persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.  At March 02, 202128, 2024 the registrant had outstanding 47,641,011shares47,641,011 shares of common stock, par value $0.0001 per share.

-ii-

-ii-

Table of Contents

INDEX

15
PART I-Page-

PART I

Item 1.

Business

-Page-

2

Item 1.

1A.

 Business

Risk Factors

2

3

Item 1A.

 Risk Factors

4

Item 1B.

Unresolved Staff Comments.

4

3

Item 2.

Property

4

3

Item 3.

Legal Proceedings

5

3

Item 4.

Mine Safety Disclosures

5

3

PART II

Item 5.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

6

4

Item 6.

Selected Financial Data

11

5

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

11

5

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

14

7

Item 8.

Financial Statements and Supplementary Data

14

7

Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

14

7

Item 9A.

Controls And Procedures

14

7

Item 9B.

Other Information8
PART III

Item 10.

Directors, Executive Officers and Corporate Governance

16

9

Item 11.

Executive Compensation

23

11

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

26

13

Item 13.

Certain Relationships and Related Transactions and Director Independence

27

13

Item 14.

Principal Accountant Fees and Services

27

13

PART IV

PART IV

Item 15.

Exhibits, Financial Statement Schedules

28

14

Signatures

31

-1-

-1-

 

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 or contribute to such differences include, but are not limited to, our business reliance on third parties to provide us with technology, our ability to integrate and manage acquired technology, assets, companies and personnel, changes in market condition, the 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 Registrant'sRegistrants 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.

-2-

 

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

 

-2-

Current

Company's Business

 

We are currently engagedIn February 2024, Bravo finalized a deal to acquire Streaming TVEE Inc.’s assets, marking a pivotal step in establishing the business of leasing and selling gaming equipment. We, however, ceased operations in Nicaragua in 2017 due to political and economic instabilities. We are planning to operate our business in the US and other more stable democracies in Latin America.

During October 2017 severe weather, hurricanes, rain and flooding occurred in Nicaragua where the company had its gaming machines operation. Lower tourism and local traffic due to these uncontrollable weather issues had an effect on the Company's machine revenues during the fourth quarter of 2017.Company’s flagship, TVee NOW™ service. The Company had purchased 300 gaming machines that were placed in casinos where they were producing a monthly revenue stream based on net wins of each machine. Consequently, revenue and account receivable due on these machines cannot be collectable due to the social and economic conditions which prevailed after the storms. Currently, the country has economic and trade sanctions in place by the U.S. Government.

-3-

On or about the first week of December 2017, Centro de Entretenimiento y Diversion Mombacho S.A. and GameTouch, LLC notified management of serious issues throughout the Country of Nicaragua. Civil unrest started due to lack of simple social services, like electricity, running water and destroyed infrastructure from Hurricane Nate.  The ever growing political and civil unrest affected the country's economy, which had a direct effect on the gaming industry in Nicaragua. The dangerous situation throughout Nicaragua eliminated BRVO from operating its gaming interests, effectively. On December 30, 2017, management canceled the business contracts with both Centro de Entretenimiento y Diversion Mombacho S.A. and GameTouch, LLC. Currently, the US Government placed trade and financial sanctions on the Government of Nicaragua, which greatly affected BRVO's business practices in the Country.

Throughout 2018,acquired assets provide the Company struggledwith the technology and foundation to maintain its gaming operations. The politically unstable situation in Nicaragua, in additionsoon offer streaming services, including Video-On-Demand (VOD) and linear TV, often referred to US financialas traditional broadcast TV, which encompasses cable and trade sanctions against the current Nicaraguan Government, caused Bravo Multinational, Inc. to reassess it gaming operations. As such, on November 18, 2018, management changed the direction of the Company by evaluating gaming operations as they might exist in the USA and Canadian markets and other more stable democracies within Latin America. satellite networks. (See Item 9B -Other Information, Subsequent Events).

 

Throughout 2019, management evaluated other possible casino gaming operationsThrough the asset purchase agreement with Streaming TVEE, Inc., the Company obtained exclusive rights to stream 117 high-definition music and comedy performances, each offering a director’s cut and multiple camera perspectives. Some of the music artists include Snoop Dogg, H.E.R., Kings of Leon, Alicia Keys and Bone Thugs-N-Harmony, along with comedic performances from Bill Burr, Jim Gaffigan, Kristen Schaal, Rob Delaney and others. This original footage will allow Bravo to recreate shows in diverse formats, which can showcase these concert films in a compelling full-feature format.

TVee NOW™ 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.

TVee NOW’s streaming service is expected to offer a portion of its content for free, catering to the growing demographic of cord-cutters and aligning with the expectationdynamic landscape of finding an economic viable operation. Also,advertising-based video on demand (AVOD) streaming. Bravo’s Over-The-Top (OTT) streaming platform is 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 2019, management did due diligence on other industry opportunities outside2022. 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 casino gaming industries. Management determined and evaluated these opportunities and made the determination that moving forward was not accretiveforecast period. Growth drivers, according to the Company,report, include a rising number of users of Video-on-Demand services (YouTube, for example) worldwide and was unlikelythe growing adoption of OTT content providers (like Netflix and Hulu, among many others) by consumers, as well as consumers’ willingness to create meaningful shareholder value.

Throughout 2019 and 2020, management evaluated other possible casino gaming operations with the expectation of finding an economically viable business model. Also, management is in the process of conducting due diligence and negotiations in connection with other opportunities outside of the casino gaming industry.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.applicable to smaller reporting companies.

 

Item1B. 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 Acting CFO, Mr. Richard Kaiser.

-4-

 

A description of our mining properties is included in "ItemItem 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:

NameOwnership InterestType of ClaimAcres
Poorman Lode Claim29.167%Patented3.44
London Lode Claim29.167%Patented17.52
North Empire Lode Claim29.167%Patented1.25
Illinois Central Lode Claim29.167%Patented2.85
South Poorman Lode Claim29.167%Patented20.57
Jackson Lode Claim29.167%Patented10.34
Oso Lode Claim29.167%Patented20.66

 

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 entry.extraction. 

 

Item 3. Legal Proceedings.

 

None

 

Item 4. Mine Safety Disclosure(Removed and Reserved).Disclosure.

Not applicable.

-3-

-5-

 

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 2019 Quarter Ended (1):

 

 

 

 

March 31, 2019

 

$0.63

$0.63

 

June 30, 2019

September 30, 2019

December 31, 2019

 

    $0.48125

    $0.50475

    $0.302

      $0.48

      $$0.50475

      $0.2621

 

 HighLow
Fiscal 2022 Quarter Ended  
March 31, 2022$0.049$0.049
June 30, 2022$0.035$0.035
September 30, 2022$0.041$0.041
December 31, 2022$ 0.05$ 0.05

 

 

 

High

Low

Fiscal 2020 Quarter Ended

 

 

 

 

March 31, 2020

 

$0.24

$0.20

 

June 30, 2020

September 30, 2020

December 31, 2020

 

    $0.14

    $0.08

    $0.105

      $0.14

      $0.057

      $0.081

 

 HighLow
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

 

As of December 31, 20202023 we had 47,641,00147,641,011 shares of our common stock outstanding. Our shares of common stock are held by approximately 122132 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.

-6-

 

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 factsfactors 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

 

In 2022, The Company had no sales of unregistered securities.

On July 19, 2019,7, 2023 the Company signed a stock purchase agreement with an outside party in the amount of $30,000 for one hundred fifty thousand (150,000)issued 8,500,000 shares of restrictedits common stock (See Exhibit 10.16).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 inwould 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.

 

-7-

On February 4, 2020, Bravo Multinational, Inc. issued 2,500,000 shares of its Preferred Series 'A' shares pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933.

Subsequently, on December 7, 2020, Bravo Multinational Incorporated, issued 30,000,000 shares of its common stockCorporate Actions in exchange for the 2,500,000 shares of its Preferred Series 'A' shares then outstanding. These shares were issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933. The issuance was not a public offering as defined in Section 4(2) due to the limited number of persons that received the shares, and the manner of the issuances. In addition, the transferees of the common stock represented that they had the necessary investment intent as required by Section 4(2) and agreed to receive share certificates or book entry shares containing a legend that states the securities were restricted pursuant to Rule 144 of the Securities Act. Following this transaction the Series 'A' Preferred shares were returned to authorized but unissued status.

Corporate Actions

On October 4, 2019 the Company amended its Articles of Incorporation with the State of Delaware to designate 10,000,000 shares of its 50,000,000 "Blank Check" preferred stock to Series 'A' Preferred Stock. The Preferred Series 'A' has a par value of $0.0001 per share, and entitles the holder 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.2022

 

On September 25, 2020,07, 2022, the Company dissolved the "Business Advisory Board" that it formed in 2020.

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.

-4-

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 Definitive Information Statement onSchedule 14f, an information statement under the 1934 Act in order to notify shareholders of a shareholder consent to reincorporatechange 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 20, 2023, Bravo formed a wholly-owned subsidiary, Global Merchandising, Inc., a Nevada Corporation.

On September 27, 2023, the Bravo Multinational Incorporated fromInc's Board of Directors created an Advisory Board to assist the State of Delaware toCompany's management team with strategic planning and development. Advisory Board members will have extensive business experience and some members will be experts in the State of Wyoming (See Exhibit 4.1)film, telephone and digital media industries.

 

-8-On September 28, 2023, Bravo Multinational, Inc.'s Board of Directors appointed David McKillop as the first member of its Advisory Board.

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 is $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.

 

Directors

 

The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:

 

NamePosition

Merle Ferguson

Grant Cramer

Director

Director/Chief Executive Officer

Richard Kaiser

Frank J. Hagan, Jr.

Director

Director/President

John LaViolette

Kayla Slick

Director

Director/Chief Operations Officer

Steven Gagnon

Richard Kaiser

Director

Director/Chief Financial Officer

Sasha Shapiro

Josh Vance

Director

 

Employment Contracts

On February 1, 2020, the Board of Directors approved a 5-year contract for Mr. Merle Ferguson as the Company's Chairman & President with an annual salary of $300,000 to be paid in cash, shares or combination of cash and shares. 1,500,000 Preferred Series 'A' shares were issued to Mr. Ferguson as part of the compensation agreement (See Exhibit 10.10). On December 7, 2020, Bravo Multinational Incorporated, issued 20,000,000 shares of its common stock issued to Mr. Ferguson in exchange for the return of the 1,500,000 shares of its Preferred Series 'A' shares.

 

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 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.

 

Consulting Agreements

 

On February 2, 2020, Thethe 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.

Purchases of Equity Securities by the Registrant and Affiliated Purchasers

There were no purchases of our equity securities by Bravo Multinational or any affiliated purchasers during any month within the fiscal year covered by this report. 

Corporate Events During 2019

On July 1, 2019, the Company signed a consulting agreement with an outside party for general consulting management services for three months ending The contract expired on September 30, 2019.

On July 18, 2019, the Company signed a stock purchase agreement with an outside party in the amount of $30,000 for one hundred fifty thousand (150,000) shares of restricted common stock.

On July 19, 2019, the Board of Directors approved the issuance of 73,171 S-8 free traded shares of common stock to Mr. Paul Parliament for his consulting services rendered based on the closing price of the Company's stock on July 19, 2019); shares were issued on January 28, 2020

On October 4, 2019 the Company amended its Articles of Incorporation with the State of Delaware to designate 10,000,000 shares of its 50,000,000 authorized shares of "Blank Check" preferred stock to Preferred Stock Series A. The Series A has a par value of $0.0001 per share, and entitles the holder 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 (see Exhibit 3.1).

-9-

Corporate Events During 2020

On January 28, 2020, the Company issued 73,171 shares of the Company’s S-8 registered common stock in settlement of amounts owed on a consulting agreement that was entered into on November 28, 2018 (See Note 10 Financial Statements).

To repay Mr. Parliament for funds he advanced for the benefit of the Company on $28,580 he was issued 132,482 shares of the Company’s common stock (See Note 10 Financial Statements).

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 a combination of cash and shares. (See Note 10 Financial Statements)02, 2023.

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 a combination of cash and shares. (See Note 10 Financial Statements).

On February 4, 2020, the Board of Directors approved a 3-year non-employee consulting contract for Mr. Susan Donohue A one-time issuance of 500,000 Preferred Series 'A' shares were issued as payment for the 3-year agreement (See Note 7 Financial Statements).

On February 7, 2020, the Company converted Richard Kaiser's $117,476 promissory note, dated October 3, 2016 into 587,380 shares of Bravo common stock (See Note 10 Financial Statements).

On February 7, 2020, the Company converted Douglas Brook's $285,270 promissory note, dated October 3, 2016 into 1,426,350 shares of the common stock of Bravo (See Note 10 Financial Statements).

On February 7, 2020, the Company converted Paul Parliament's $468,473 promissory note, dated October 3, 2016 into 2,192.365 shares of Bravo common stock (See Note 10 Financial Statements).

On February 7, 2020, the Company converted Marsid Parliament's $ 268,279 promissory note, dated November 19, 2018 into 1,341,395 shares of Bravo common stock (See Note 10 Financial Statements).

On July 29, 2020, Julios Kosta sent a written notification to the Company's management that he forgave the Company's $40,127 obligation owed to him and his company, Centro de Entertenimento y Diversion Mombacho, S.A. ("Mombacho") (See Note 9 Financial Statements).

On September 25, 2020, The Company filed with the SEC a Definitive Information Statement for the purpose of a shareholder consent to move the Company's state of incorporation from the State of Delaware to the State of Wyoming.

On November 27, 2020 the Board of Directors of Bravo Multinational, Inc. voted to elect Mr. John LaViolette, Mr. Steven Gagnon and Mr. Sasha Shapiro as new members of the Company's board of directors.

On November 27, 2020 the Board of Directors of Bravo Multinational, Inc. formed a "Business Advisory" board whose objective was to assist the Company with the evaluation of business opportunities within the media, entertainment, and sports industries sectors.

On November 30, 2020, the Board of Directors appointed to the "Business Advisory" board the following four individuals: Mr. Mark Greenberg, Mr. Neil Davis, Mr.Stephen Scheffer and Mr. Edward Pergjini. All four individuals accepted their positions.

On December 7, 2020, Bravo Multinational Incorporated, issued 30,000,000 shares of its common stock in exchange for 2,500,000 shares of its Series 'A' Preferred shares. The outstanding Series A shares were returned to authorized but unissued status, and at this time there are no Series 'A' shares outstanding.

-10-

Gaming Machine Loans

On June 30, 2017 the Board of Directors agreed to provide financing to Rentcom. Inc, in the form of a promissory note for gaming equipment. The principal amount of the note was $76,000, and all principle plus $3,040 in interest was due in one lump payment by December 30, 2017. Rentcom, Inc. is an entity owned by Douglas Brooks, a former officer and director of the Company. For the years-ending December 31, 2020 and 2019, and as of the date of this filing, the Company had not received any payments on the note. The Company has made a provision in the amount of $76,000 in its financial statements for this bad debt (See Note 6 Financial Statements)

On June 30, 2017 the Board of Directors agreed to provide financing for 6-months (due December 30, 2017) for gaming equipment purchased by Investcom, Inc. The face value of the note is $152,000, and all principle and $6,080 in interest was due in one lump payment on December 30, 2017. Investcom, Inc. is an entity owned by Paul Parliament, a former officer and director of the Company. For the years-ending December 31, 2020 and 2019, and as of the date of this filing, the Company had not received any payments on the note. The Company has made a provision in the amount of $152,000 in its financial statements for this bad debt (See Note 6 Financial Statements).

On September 01, 2017, the Board of Directors issued a promissory note to Investcom, Inc. for $190,000, with interest at a rate of 8% per annum for gaming equipment purchases. The note and interest were due and payable on or before December 30, 2017. Investcom, Inc. is an entity owned by Paul Parliament, a former officer and director of the Company. For the years-ending December 31, 2020 and 2019, and as of the date of this filing, the Company had not received any payments on this note. The Company has made a provision in its financial statements for the bad debt in the amount of $190,000 (See Note 6 Financial Statements).

 

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 businessentertainment, hospitality, and technology sectors, we were in the businesses of the leasing ofand selling gaming equipment described below,at one point and at another point we had been engagedwere in the business of owning and leasing mining claims,claims;  see "Item 1.  Business - Former Business."

 

For a complete discussion of our former leasing of mining claims,businesses, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the SEC.  

 

-11-

-5-

 

Coronavirus Impact (COVID-19)

Due to the recent outbreak of the coronavirus reported in many countries worldwide, local and federal governments have issued travel advisories, canceled large scale public events and closed schools. In addition, companies have begun to cancel conferences and travel plans and require employees to work from home. Global financial markets have also experienced extreme volatility and disruptions to capital and credit markets.

Adverse events such as health-related concerns about working in our offices, the inability to travel, potential impact on our business partners and customers, and other matters affecting the general work and business environment could harm our business and delay the implementation of our business strategy.

Management is currently aware of the global and domestic issues arising from the Covid-19 pandemic and the possible direct and indirect effects on the Company's operations which could have a material adverse effect on the Company's current financial position, future results of operations, or liquidity, because its current operations are limited. However, investors should also be aware of factors, which includes the possibility of Covid-19 effects on operational status, could have a negative impact on the Company's prospects and the consistency of progress in the areas of revenue generation, liquidity, and generation of capital resources. These may include: (i) variations in revenue, (ii) possible inability to attract investors for its equity securities or otherwise raise adequate funds from any source should the company seek to do so, (iii) increased governmental regulation or significant changes in that regulation, (iv) increased competition, (v) unfavorable outcomes to litigation involving the Company or to which the Company may become a party in the future, and (vi) a very competitive and rapidly changing operating environment. The adverse events may also adversely impact our ability to raise capital or to continue as a going concern. We continue to monitor the recent outbreak of the coronavirus on our operations. The global economic slowdown and the other risks and uncertainties associated with the pandemic could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company's business and results of operations. It may also have the effect of heightening many of the other risks and uncertainties which the Company faces.

 

Going Concern

 

As of December 31, 2020, Bravo Multinational had an accumulated deficit of $89,992,536. Our independent certified public accountantsauditors have statednoted in their report onthe footnotes to our audited financial statements for the calendar year-end that there is a substantial doubt about our ability to continue as a going concern.  While we are attempting(see footnote  4  to generate revenues, our cash position may not be significant enough to support our daily operations. Management intends to raise additional funds by way of an offering of our securities. Management believes that the actions presently being taken to further implement our business plan and generate revenues will improve the Company's operating results.financial statement.) While we believe in the viability of our strategy to generate revenues and in our ability to raise additional funds and to generate revenues under our new business plan, we may not be successful.  Our ability to continue as a going concern is dependent uponwill depend on our capability to further implementsuccess in raising funds and generating revenues through our new business plan and generate revenues. This issue is addressed in footnote 4 to the financial statements.plan.

 

Year Ended December 31, 2020,2023, compared to the Year Ended December 31, 20192022

 

Revenues for the Company's year ended December 31, 20202023 totaled $-0- and for year ended December 31, 20192022 totaled $-0. No machines sales occurred throughout the years ended December 31, 20192023 and 2020.2022.

 

Cost of Goods Sold for the year ended December 31, 20202023 totaled $-0- and for year ended December 31, 20192022 totaled $-0. No gaming machines were purchased or sold duringsales occurred throughout the years ended December 31, 20202023 and 2019.2022.

 

Gross margins for the years ended December 31, 20202023 and 20192022 were 0%, respectively.

Gross profit for the year ended December 31, 2020 and 2019 were $-0-, respectively. The was $-0- gross profit for the years ending December 31, 2020 and 2019, due to the fact that no gaming machines were bought or sold.

-12-

 

General and Administrative expenses for the year ended December 31, 20202023 totaled $16,045$18,071 compared to $23,599$8,793 for year ending December 31, 2019.2022. The decreaseincrease was primarily attributed to lower printing costs duehigher fees paid to the fact that the Company became a fully reporting Company with the SEC during that period.Company's stock transfer agent, press release fees, and Edgar document conversion fees in 2023.

 

Professional Fees for the year ending December 31, 20202023 totaled $70,930$158,974 compared to $124,452to$ 44,265 for year ending December 31, 2019,2022, the decreaseincrease was attributed to lowerhigher legal and accounting fees incurred as a fully reporting Company with the SEC.

 

Board of Director fees for the year ending December 31, 20202023 totaled $48,435,417$250,000 compared to $-0-$475,000 for year ending December 31, 2019, the increase was attributed to the imputed value of $48,000,000 from the issuance of 2,000,000 Series 'A' Preferred shares and accrued compensation of $435,417 for pay of two of the Company's Board of Directors per terms of their employment contracts.2022.

 

Consulting feesTotal Expense for the year ending December 31, 2020 totaled $12,000,0002023 was $427,045 compared to $30,000$528,058 for the year ending December 31, 2020,2022, the increasedecrease was attributed to the imputed value from the issuancelower Board of 500,000 Series 'A' Preferred shares per terms of the consulting agreement.Directors Fees in 2023.

 

Net Loss

 

Net loss for the years ended December 31, 20202023 and 20192022 were $60,473,829$4,847,145 and $179,985,$528,058 respectively. The increase in loss in 2023 occurred from operational loss of $60,293,844$427,045 and from the cancellation of 8,500,000 shares of common stock that were issued in 2020a 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 duerescinded and the shares were returned to the implantationCompany. Upon the termination of accounting rulesthe share agreement, the goodwill impairment was reclassified to discontinued operations along with the net loss of RCI in the amount of $100 for the handling of equity based compensationyear ended December 31, 2023,

 

Liquidity and Capital Resources:

 

As of December 31, 2020,2023, our assets, consisting primarilyonly asset, consisted of cash, totaled $6,273.Cash, in the amount of $1,180. The Company's total liabilities at December 31, 20202023 were $825,653,$409,783, which consisted primarily of accounts payable, accrued expenses, customer deposits, amounts due to related parties, notes payable, and accrued board of director fees. As of this date the Company had an accumulated deficit of $89,992,536$95,787,765 and working capital of deficit of $819,380.$408,703. This significant increasedecrease in our deficit over the same period in 2019, is not due to operational issues, but is instead attributable to the accounting treatment of equity compensation issued during the period.

As of December 31, 2019, our assets totaled $16,286, which consisted of cash and prepaid expenses. The Company's total liabilities were $2,103,747, which consisted of accounts payable, accrued expenses, customer deposits, amounts due to related parties, notes payable, accrued board of director fees, and stock payables to related parties. As of this date2023 occurred from the Company had an accumulated deficitDirectors capital contributions of $29,518,707$1,785,906 and a working capitalthe merger-share issuance in the amount of deficit of $2,087,461.$4,420,000.

 

The Company's significant operating losses raise substantial doubt about its ability to continue as a going concern (see footnote 4 toof 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. For the next 12 months the Company has an oral commitment from its CEO to advance funds as necessary to meet our operating requirement.

Investing Activities

Net cash used in investing activities was $-0- for both calendar years ended December 31, 2020, and 2019.

 

Cash from Financing Activities

 

Net cash provided by financing activities was $76,498$166,449 for year ended December 31, 2020,2023, and was $166,575$53,014 for year ended December 31, 2019.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and is evaluating any that may impact its financial statements, including revenue recognition. The Company does not believe that there are any other new accounting pronouncements that have been issued at this time that might have a material impact on its financial position or results of operations.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.

 

-13-

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. 

 

-6-

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

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

 

Our management, withWe conducted an evaluation of the participationeffectiveness of our Principal Executive Officerthe design and Principal Financial Officer, evaluated the effectivenessoperation of our disclosure controls and procedures (as defined(“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 ActCommission’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 1934 Rules 13a-15(e)our Disclosure Controls included a review of the controls’ objectives and 15d-15(e))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. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.10-K, our Disclosure Controls were not effective.

 

Based on our evaluation, our Principal Executive Officer and Principal Financial Officer, after considering the existence of material weaknesses identified, determined that our internal control over financial reporting disclosure controls and procedures were not effective as of December 31, 2020.

Management's Annual Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reportingreporting; as such term is defined in Rules 13a-15(f) and 15d-15(f) underof the Securities Exchange Act of 1934, as amended. Act.

Our internal control over financial reporting issystem was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with U.S. 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.

 

-14-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, 2023, 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.

-7-

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;

(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;

(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.

(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, 2020.2023. 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.

Based on management's evaluation, they have identified the following deficiencies which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of December 31, 2020:

● The Company has inadequate segregation of duties within its cash disbursement control design.

● During the year ended December 31, 2020, 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.

● 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.

-15-

 

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, 2023 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'sCompany’s registered public accounting firm regarding internal control over financial reporting. Management'sManagement’s report was not subject to attestation by the Company'sCompany’s registered public accounting firm pursuant to rules of the Securities and Exchange CommissionSEC that permit smaller reporting companies like us to provide only management'smanagement’s report in this annual report.

 

We regularly review our systemThis report shall not be deemed to be filed for purposes of internal control over financial reportingSection 18 of the Securities Exchange Act of 1934, or otherwise subject to ensure we maintain an effective internal control environment. There were nothe 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 ourthe Company’s internal controls over financial reporting during the year ended December 31, 2019 that haveCompany’s last fiscal quarter, which  has materially affected or are reasonablyis likely to materially affect our internal control over financial reporting.such controls.

Item 9B. Other Information

Subsequent Events

On February 6, 2024, the Company (“Bravo”) entered into an Asset Purchase Agreement with Streaming TVEE, Inc. (“STV”), a Delaware corporation, The Asset Purchase Agreement provides that Bravo will acquire certain streaming assets of STV. At the closing, STV will receive from Bravo the purchase price of $9,760,000, consisting of a promissory note in the amount of $7,760,000 and the assumption of $2,000,000 in STV debt. Bravo will assume no other debt of STV. The Asset Purchase Agreement contains other provisions consistent with agreements of a similar nature. The board of directors of BRAVO approved the Asset Purchase Agreement as well as the underlying transaction. A significant element of the assets to be acquired under the Asset Purchase Agreement is the TVee NOW™ streaming platform, slated for launch in Q1 of 2024. This strategic move enables Bravo to own cutting-edge OTT streaming technology, as well as a hybrid model blending advertising-based Video-on-Demand (AVOD) along with a subscription based Video-on-Demand (SVOD) services. Furthermore, the assets to be acquired include various transferable Letters of Intent (LOIs) for the purpose of partnering with nonprofit organizations to white-label the platform, granting these entities their own applications powered by TVee NOW™. This initiative, if successful, will allow revenue sharing for Bravo and will create a philanthropic opportunity by enabling the Company to give back to the communities it serves. Additionally, the Agreement's inclusion of Streaming TVEE's recent acquisition of MWP Entertainment Group’s video property assets, featuring exclusive rights to premium music and comedy performances, will enhance Bravo's content portfolio, which will include acclaimed artists such as H.E.R., Snoop Dogg, Bill Burr.

-8-

 

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, 2020:2023: 

 

Name

Age

Position

Director Since

Merle Ferguson74Chairman of the Board, Chief Executive Officer, President, and Director (Nov. 2018)2018

Richard Kaiser

56

Secretary and Corporate Governance Officer, Interim Chief Financial Officer (Feb. 2017)

2016

John LaViolette

60

Director

2020

Steve Gagnon

56

Director

2020

Sasha Shapiro

61

Director

2020

NameAgePosition(s)
Grant Cramer  61CEO and Director
Frank Hagan69President and Director
Richard Kaiser  59CFO and Director
Kayla Slick  35COO and Director
Joshua Vance43Director

BIOGRAPHY

 

The following sets forth biographical information regarding the Company's directors.Company’s proposed officers and directors following the completion of the Transaction:

GRANT CRAMER

 

Mr. Ferguson became Chairman of the Board of the Company on July 8, 2013,Cramer, age 61, has been appointed Chief Executive Officer and subsequently on December 1, 2016 he also became CEO and Presidenta Director of the Company. PriorMr. 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 WatchEscape Plan, and 2 Guns. Mr. Cramer was also the executive producer of Lone SurvivorNovember 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 that, he had no relationship with1981.  

FRANK HAGAN

Mr. Hagan, age 69, has been appointed President and Director of the Company.  Mr. Ferguson attended Yakima Valley College from 1964-1966Hagan is a seasoned producer with a major in forestry and a minor in Business Management. In Aprilover 30 years of 1966, he enlistedexperience in the United States Marine Corps, serving two toursentertainment 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 Vietnam,2011.  Mr. Hagan has worked as a producer for major networks, including Discovery, History Channel, and was honorably dischargedRelativity Media. Mr. Hagan attended St. Mary’s College in 1970.Emmitsburg, Maryland, from 1971 to 1972.  From January 12, 20101973 to March, 19, 2019,1974, Mr. Ferguson served as Chairman, Secretary, Treasurer and a majority shareholder of Predictive Technology Group, Inc., a company locatedHagan attended Westchester Community College in Salt Lake City, Utah, a biotech company involved in the manufacturing and marketing of products involving stem cells and genetic therapeutics. Predictive Technology Group, Inc.'s stock trades on the OTC Markets-Pink. From January 2009 to the present, Mr. Ferguson serves as Chairman, President, CEO, CFO and majority owner of Element Global, Inc., located in Las Angeles, California.  Element Global provides mining, media and energy services. Beginning in May, 2014, Mr. Ferguson also became Chairman and President of Element Global. The stock of Element Global is trades on the OTC Markets Pink, no information market. From January 2002 to 2014, Mr. Ferguson served asValhalla, New York, where he received an Officer and Director of Gold Rock. Since 2014, he has also served as President, Chairman and CEO of Gold Rock, located in Virginia Beach, Virginia, which manufactures homes using rare earth substances and recycled tires. Gold Rock Holdings, Inc. is traded on the over the counter market. The Board reviewed Mr. Ferguson's background and it considers him as qualified to fill this position, due to his extensive business experience and work with public companies.Associate’s degree. 

 

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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. It has revenues of approximately $200,000 and it has Three (3) employees. In 1990, Mr. Kaiser receivedhas 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, formedtrades under the laws ofsymbol 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.

 

John LaViolette is the Co-FounderKAYLA SLICK

Mrs. Slick, age 35, has been appointed Chief Operating Officer and Co-CEO of Element International Inc, and Co-CEO anda Director of Element Global,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. The stockwhere 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 Element Global trades on the OTC Markets Pink, no information market. Mr. LaViolette was also a senior partnerScience degree in the entertainment law firmFinancial Counseling & Planning and Organizational Leadership & Supervision.  She is currently pursuing her Master of Bloom, Hergott, Diemer, Rosenthal, LaViolette, Feldman, Schenkman & Goodman LLP. He has deep relationships with all major Hollywood studios and networks and has represented a vast number of "A-list" actors, writers, and directors. The Board reviewed Mr. LaViolette's background and it considers him as qualified to fill this position, due to his extensive business experience and work with public companies.Science degree in Communications at Purdue University.

 

Steven Gagnon is the Co-Founder and Co-CEO of Element International Inc., and isJOSHUA VANCE

Mr. Vance, age 43, was appointed as a Director Co-CEO and COO of Element Global, Inc. The stock of Element Global trades on the OTC Markets Pink, no information market. Mr. Gagnon has a 20-year history in media in the financing and production of film, television and music videos. Mr. Gagnon served as President of the sports groupCompany. 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 Madison SportsBOM, LLC. From August 2006 to present, Mr. Vance has been employed at InterNet Properties, Inc. buying, leasing and Entertainment Group, Inc., and worked as a supervisor in the offshore oil and construction industry for International Underwater Contractors. The Board reviewed Mr. Gagnon's background and it considers him as qualified to fill this position, due to his extensive business experience and work with public companies.

Sasha Shapiro is President and Director of Element Global, Inc. and Vice Chairman and President of Element Media Group. The stock of Element Global trades on the OTC Markets Pink, no information market. Mr. Shapiro is Managing Director of Media Content Capital, a private equity fund focused on investments in early/medium-stage media, internet, and entertainment companies. He has held senior management positions at Warner Bros Studios and Pacifica Ventures and has served as a producer on films including Fury, Sabotage, Fading Gigolo, Dirty Grandpa, Rock the Kasbah, Naked and Ophelia. He sits on the Board of Directors of Sonifi Solutions, QED International, Covert Media and VR MediaTech. The Board reviewed Mr. Shapiro's background and it considers him as qualified to fill this position, due to his extensive business experience and work with public companies.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.bravomultinational.com.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 info@bravomultinational.com.info@bravomultinationalinc.com. 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.

 

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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 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. Provided, however, that in addition to the requirements contained in this paragraph, audit committee members are also subject to additional, more stringent requirements under NASDAQ Rule 4350(d).

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. Provided, however, that in addition to the requirements contained in this paragraph, audit committee members are also subject to additional, more stringent requirements under NASDAQ Rule 4350(d).

 

● 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 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 recipient's 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 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.

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, Merle FergusonGrant 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, 2020,2023, 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.

 

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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. When evaluating director nominees, our directors consider the following factors:

● The appropriate size of our board of directors;

● Our needs with respect to the particular talents and experience of our directors;

● The knowledge, skills and experience of nominees, including experience in finance, administration or public service, in light of prevailing business conditions and the knowledge, skills and experience already possessed by other members of the board;

● Experience in political affairs;

● Experience with accounting rules and practices; and

● The desire to balance the benefit of continuity with the periodic injection of the fresh perspective provided by new board members.

Our goal is to assemble a board that brings together a variety of perspectives and skills derived from high quality business and professional experience. In doing so, the board will also consider candidates with appropriate non-business backgrounds.

Other than the foregoing, there are no stated minimum criteria for director nominees, although the board may also consider such other factors as it may deem in our best interests as well as in the best interests of our stockholders. In addition, the board identifies nominees by first evaluating the current members of the board willing to continue in service. Current members of the board with skills and experience that are relevant to our business and who are willing to continue in service are considered for re-nomination. If any member of the board does not wish to continue in service or if the board decides not to re-nominate a member for re-election, the board then identifies the desired skills and experience of a new nominee in light of the criteria above. Current members of the board are polled for suggestions as to individuals meeting the criteria described above. The board may also engage in research to identify qualified individuals. To date, we have not engaged third parties to identify or evaluate or assist in identifying potential nominees, although we reserve the right in the future to retain a third party search firm, if necessary. The board does not typically consider stockholder nominees because it believes that its current nomination process is sufficient to identify directors who serve our best interests.

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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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Business Advisory Board

Advisory Board to assist the Company's management team with strategic planning and development. Advisory Board Members will have extensive business experiences, and some members will be experts in the film, television and digital media industries.

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 known to the directors who authorize or approve the transaction prior to such authorization or approval;

● 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.

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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. The code provides as follows:

● Each officer is responsible for full, fair, accurate, timely and understandable disclosure in all periodic reports and financial disclosures required to be filed by us with the Securities and Exchange Commission or disclosed to our stockholders and/or the public.

● Each officer shall immediately bring to the attention of the audit committee, or disclosure compliance officer, any material information of which the officer becomes aware that affects the disclosures made by us in our public filings and assist the audit committee or disclosure compliance officer in fulfilling its responsibilities for full, fair, accurate, timely and understandable disclosure in all periodic reports required to be filed with the Securities and Exchange Commission.

● Each officer shall promptly notify our general counsel, if any, or the president or chief executive officer as well as the audit committee of any information he may have concerning any violation of our Code of Business Conduct or our Code of Ethics, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other employees who have a significant role in our financial reporting, disclosures or internal controls.

● Each officer shall immediately bring to the attention of our general counsel, if any, the president or the chief executive officer and the audit committee any information he may have concerning evidence of a material violation of the securities or other laws, rules or regulations applicable to us and the operation of our business, by us or any of our agents.

● Any waiver of this Code of Ethics for any officer must be approved, if at all, in advance by a majority of the independent directors serving on our board of directors. Any such waivers granted will be publicly disclosed in accordance with applicable rules, regulations and listing standards.

 

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.

 

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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 info@bravomultinational.com.info@bravomultinationalinc.com. The information contained on our website shall not constitute part of this Information Statement.

 

Business Advisory Board

On November 27, 2020 the Board of Directors of Bravo Multinational, Inc. formed a "Business Advisory" board with an objective to assist the Company with the evaluation of business opportunities within the media, entertainment, and sports industries sectors.

Effective November 30, 2020, the Board of Directors appointed to the "Business Advisory board four individuals, Mr. Mark Greenberg, Mr. Neil Davis, Mr. Stephen Scheffer and Mr. Edward Pergjini; all four individuals accepted their positions.

Mark Greenberg is CEO of Element Media Group Inc, a wholly-owned subsidiary of Element Global, Inc. He served as the Founder and Chief Executive Officer of EPIX from 2009 to 2017 and was previously Executive Vice President for Showtime Networks, Inc., and  Director of Direct Marketing at HBO (Home Box Office).  

Neil Davis is the Chief Business Development Officer in Element Media Group, a wholly-owned subsidiary of Element Global, Inc. Mr. Davis is a seasoned digital executive who has created well over $2 billion of revenue for various companies including, AOL, Blockbuster, Dish Network and Qello Media, where he served as Chief Business Officer. He was previously CEO at Monetize, where he consulted for the media and entertainment industries. Prior to that, he was Head of Corporate and Digital Development at Blockbuster-Dish Digital. 

Mr. Scheffer has served almost 30 years at HBO (Home Box Office) as President of Film Programming, Video and Enterprises. Mr. Scheffer was responsible for overseeing all motion picture programming for HBO. As President of HBO Pictures, he was responsible for the financing and production of HBO's Silver Screen Partners and Cinema Plus theatrical movie ventures. Prior to HBO, Mr. Scheffer held executive positions at Time Life Films, Allied Artists, Polydor Records, MGM and Columbia Pictures.

Edward Pergjini is the President of Element Sports Group Inc, a wholly-owned subsidiary of Element Global, Inc. Mr. Pergjini has over 30-years of experience working with multinational companies across disciplines including, commercial strategy, team management, the construction and development of international brands, and the management of broad real estate heritages. He also has a strong understanding of cross-cultural marketing, along with deep expertise in the economic and financial workings of professional European soccer clubs. Mr. Pergjini resides in France, and received his MBA from Fairleigh Dickinson University.

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Board of Directors Meetings

 

During the year ended December 31, 2020,2023, our board of directors held six (6)ten (10) formal meetings and two (2) meetings by written consent.meetings. All of Bravo's directors attended 100% of our meetings in 2020.2023.

 

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 info@bravomultinational.com.info@bravomultinationalinc.com; 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.

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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 officer'sofficers' 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, 20192023 and December 31, 2020:2022:

Name and
Principal Position
YearSalary ($)(2)Stock
Award ($)
Total ($)
(1)(2)

Grant Cramer,

CEO and Director (3)

2023$-0-$-0-$-0-
     

Frank Hagan, Jr.

President and Director  (3)

2023$-0-$-0-$-0-
     

Kayla Slick

COO and Director  (3)

2023$-0-$-0-$-0-
     

Josh Vance,

Director (3)

2023$-0-$-0-$-0-
     

Richard Kaiser

CFO, Secretary and Director

2022

2023

$-0-

$-0-

$-0-

$-0-

$-0-

$-0-

     

Merle Ferguson

President, CEO and Director (4)

2022

2023

$-0-

$-0-

$-0-

$-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 Execuitve 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)

Name and Principal Position

Year

Salary ($)(2)

Stock

Award ($)

Total ($)

(1)(2)(3)(4)

On July 03, 2023, Merle Ferguson

President, resigns as Chairman, CEO and Director

2019

2020

$-0-

$-0-

$-0-

$36,000,000 (3)

$-0-

$36,000,000

Richard Kaiser

CFO,Secretary and Director  

2019

2020

$-0-

$-0-

$-0-

$12,000,000 (4)

$-0-

$12,000,000

Director.

(1) Does not include perquisites and other personal benefits, or property, unless the aggregate amount of such compensation is more than $10,000.

(2) In 2020, employment agreements were entered into with Mr. Ferguson and Mr. Kaiser. Under the terms of those employment agreements Mr. Ferguson is owed $275,000 as of the year-ended December 31, 2020. Mr. Kaiser is owed $160,417 under the current employment agreement and he is owed $76,000 under his prior employment agreement, totaling $236,417 owed by the Company as of the year-ended December 31, 2020. Those amounts have been accrued by the Company, but not paid. These wages may or may not be paid in the future or, in the alternative, the Company could issue stock in lieu of cash payments.

(3) On February 4, 2020, 1,500,000 Series 'A' Preferred shares were issued to Mr. Ferguson as a signing bonus to enter into his employment agreement with the Company. The imputed value of $36,000,000 of the Series 'A' Preferred shares issued was based on share-based compensation expense calculated in accordance with the provisions of Accounting Standards Codification Section 718 - Compensation - Stock Compensation, as set forth in Note 10 to our consolidated financial statements in Item 8. Series 'A' Preferred stock, none of which is outstanding at this time. The Series A Preferred Stock has the following characteristics: (1) each share can be converted into 100 shares of common stock; (2) each share has dividend rights equal to 100 times common, and (3) each share has voting rights equal to 100 shares of common stock. On December 7, 2020, Mr. Ferguson returned these 1,500,000 shares of Series 'A' Preferred to be retired. In exchange, the Company issued to Mr. Ferguson 20,000,000 common shares. The Series 'A' Preferred shares of stock do not trade on a stock exchange and therefore are illiquid. Furthermore, 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.

(4) On February 4, 2020, 500,000 Series 'A' Preferred shares were issued to Mr. Kaiser as a signing bonus to enter into his employment agreement with the Company. The imputed value of $12,000,000 of the Series 'A' Preferred shares issued was based on share-based compensation expense calculated in accordance with the provisions of Accounting Standards Codification Section 718 - Compensation - Stock Compensation, as set forth in Note 10 to our consolidated financial statements in Item 8. Series 'A' Preferred stock, none of which is outstanding at this time. Mr. Kaiser returned these 500,000 shares of Series 'A' Preferred shares to the Company. In exchange, the Company issued 5,000,000 common shares to Mr. Kaiser. The Series 'A' Preferred shares do not trade on a stock exchange and therefore are illiquid. Furthermore, 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.

-24-

 

Outstanding Equity Awards at Fiscal Year-End

 

None.

 

Bravo Multinational Employment Agreements

 

As of December 31, 2020,2023, Bravo Multinational Incorporated hadhas one employment agreements with Mr. Merle Ferguson, Chairman of the Board, Chief Executive Officer, and President andagreement with Mr. Richard Kaiser, actingDirector, Chief Financial Officer, Secretary, and Corporate Governance Officer.

Merle Ferguson's Employment Agreement: On February 1, 2020, Mr. Ferguson entered into five-year (5) employment contract as the Company's Chairman & President with an annual salary of $300,000 to be paid in cash, shares or combination of cash and shares. A 1,500,000 Preferred Series 'A' was agreed to be issued as part of the compensation agreement (See Exhibit 10.10). On December 07, 2020, the Company issued 20,000,000 common shares in exchange for the 1,500,000 Series Preferred 'A' shares. The Series A Preferred shares were then returned to authorized but unissued status..

 

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. 500,000 Preferred Series 'A' shares were issued to Mr. Kaiser as a signing bonus for entering into the employment agreement (See Exhibit 10.11). On December 07, 2020, the Company issued to Mr. Kaiser 5,000,000The 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 other directors and officers, Grant Cramer, Frank J, Hagan, Jr., Kayla Slick and Josh Vance have no formal employment contracts in exchange forplace as of the 500,000 Series Preferred 'A' shares. The Series ‘A’ Preferred shares were then returned to authorized but unissued status.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.bravomultinational.com,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 info@bravomultinational.cominfo@bravomultinationalinc.com.

 

Director Compensation

 

The following table provides information relating to compensation of our directors for our fiscal year ended December 31, 2020.2023.  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

($)

Merle Ferguson

-0-

 -0-

-0-

-0-

-0-

-0-

-0-

Richard Kaiser

 -0-

-0-

-0-

-0-

-0-

-0-

-0-

John LaViolette

 -0-

-0-

-0-

-0-

-0-

-0-

-0-

Steven Gagnon

 -0-

-0-

-0-

-0-

-0-

-0-

-0-

Sasha Shapiro

 -0-

-0-

-0-

-0-

-0-

-0-

-0-

NameFees
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.

-12-

 

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 February 22, 2021 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.

-25-

 

Name of Beneficial Owner (1)

Shares of Common Stock

Beneficially Owned (2)

Number

Percent (11)

Merle Ferguson(2)(3)(4)

20,000,000

41.98%

Richard Kaiser (2)(3)(5)

6,664,801

13.99%

John LaViolette

-0-

0%

Steven Gagnon

-0-

0%

Sasha Shapiro

-0-

0%

All Directors and Officers as a group ( 5 people)

26,664,801

55.97%

Paul Parliament (6)

5,013,687

10.52%

Susan Donohue(7)5,000,00010.50%

________

(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.

Name of Beneficial Owner (1)

Shares of Common Stock

Beneficially Owned (2)

 NumberPercent (11)
Richard Kaiser (3)1,664,8013.49%
Kayla Slick (4)120,0000.25%
Grant Cramer-0-0%
Frank Hagan, Jr.-0-0%
Josh Vance-0--0-
All Directors and Officers as a group (5 people)1,784,8013.74%
La La La, LLC (5)4,362,8579.16%
WTFJ Investments, LLC (6)4,362,8579.16%
TSMS, LLC (7)4,242,8588.91%
Richard Tavano (8)2,993,9206.28%
Paul Parliament (9)3,013,6876.33%

 

(2) Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission. As of February 22, 2021 there were outstanding 47,641,0111 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. Ferguson now effectively controls 41.98%, Mr. Kaiser controls 13.99% and together they control 55.97% of the voting shares outstanding.

(4) Mr. Ferguson is our chairman of the board of the directors, chief executive officer, president and a director; all 20,000,000 shares are Rule 144 - Restricted shares; over 10% shareowner

(5 )Mr. Kaiser, our acting chief financial officer, secretary, corporate governance officer, and director, has 5,490,041 Rule 144 - Restricted shares and 587,380 freely trades shares for a total of 6,664,801 common shares. This makes him a greater than 10% shareowner.

(6) Mr. Parliament is a former office and director who owns 5,013,687 shares. This makes him a greater than 10% shareowner.

(7) Ms. Susan Donohue was issued 5,000,000 Rule 144 - Restricted shares in exchange for 500,000 Preferred Series 'A shares which were issued 'per terms of a non-employee consulting agreement. This makes her a greater than 10% shareowner.

-26-

(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.Certain13. Certain Relationships and Related Transactions and Director Independence.

 

The Company is sharing office space at no cost with its Director and Acting 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, 20202023 and 20192022 were $30,000$63,000 and $30,000,$34,600, respectively, with a total for both years of $60,000.$97,600.

 

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, 20202023 and 20192022 was $-0- and $-0-,respectively.

 

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, 20202023 and 2019,2022, 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.

-27-

-13-

 

 

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.

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+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

4.34.3*+

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

-28-

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.

Order to Convert (corrected)-Douglas Brooks- December 4, 2019; Filed as Exhibit 10.42 of Form 10-K September 03, 2019.

-29-

Private Placement Agreement - M. Corrigan July 16, 2019 (filed as exhibit 10.13 on September 30, 2017 Qtr. Report).
Consulting Agreement -RSDI Enterprises & Aldo Dalla-Vecchia, July, 1 2019 (filed as exhibit 10.14 on September 30, 2017 Qtr. Report).
Employment Contract- Ferguson- February 1, 2020 .2020.
Employment Contract-Kaiser-February 1, 2020.
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 Merle FergusonGrant 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 Merle FergusonGrant 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.

-14-

-30-

 

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

 

Date: March 02, 2021

By/s/ Merle Ferguson

Merle Ferguson, President, Chief Executive Officer, and Chairman

By/s/ Richard Kaiser

Richard Kaiser, Chief Financial Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this amended report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SignatureTitleDate
/s/ Grant CramerChairman, Chief Executive Officer, and DirectorMarch 29, 2024
Grant Cramer
     

Signature

Title

Date

/s/ Merle Ferguson
Merle Ferguson

Richard Kaiser

Chairman, President, Chief ExecutiveCFO, Secretary, Corporate Governance Officer and Director

March 02, 202129, 2024
Richard Kaiser    

/s/ Richard Kaiser
Richard Kaiser

CFO, Secretary, Corporate Governance Officer and Director

March 02, 2021

-31-

BRAVO MULTINATIONAL INCORPORATED

 

-15-

BRAVO MULTINATIONAL INCORPORATED

FINANCIAL REPORTS

AT

DECEMBER 31, 2020

2023


TABLE OF CONTENTS 
  
Report of Independent Registered Public Accounting FirmF-3F-2

Consolidated Balance Sheets at December 31, 20202023 and 2019-Audited  

2022-Audited

F-4

F-3

Consolidated Statements of Operations for the Years Ended December 31, 20202023 and 2019-2022- Audited

F-5

F-4

Consolidated Statements of Stockholders'Stockholders Deficit for the Years Ended December 31, 20202023 and 2019-Audited        

2023-Audited

F-6

F-5

Consolidated Statements of Cash Flows for the Years Ended December 31, 20202023 and 2019-Audited

2022-Audited

F-7

F-6

Notes to the Financial Statements

F-8F-7-10

F-1

F-1

Report of Independent Registered Public Accounting Firm (PCAOB ID 5041)

 

To the shareholders and the board of directors of Bravo Multinational Incorporated:Incorporated

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Bravo Multinational Incorporated (the ";Company";) as of December 31, 20202023 and 2019,2022, the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the ";financial"financial statements";). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 20202023 and 2019,2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are 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 audit 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 audits 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'sCompany’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audit 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.

 

Substantial Doubt about the Company's Ability to Continue as a Going ConcernCritical Audit Matter

 

The accompanyingCritical audit matters are matters arising from the current-period audit of the financial statements have been prepared assuming that were communicated or required to be communicated to the Company will continue as a going concern. As discussed in Note 4audit committee and that (1) relate to accounts or disclosures that are material to the financial statements the Company's minimal activities raise substantial doubt about its ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.and (2) involved our especially challenging, subjective, or complex judgments.

 

We determined that there are no critical audit matters.

/s/ S/ BF Borgers CPA PC

BF Borgers CPA PC (PCAOB ID 5041)

 

We have served as the Company's auditor since 2017

Lakewood, CO

March 2, 2021

F-229, 2024

 

F-2

Bravo Multinational Incorporated

 

CONSOLIDATED BALANCE SHEETS

December 31,2020 2019
    

ASSETS

   

Current Assets

   

Cash and Cash Equivalents

 $           6,273

 $           6,286

Accounts Receivable (Net of Allowance of $42,312 and $42,312, respectively)

                  -

                 -

Note Receivable (Net of Allowance of $2,725 and $2,725, respectively)

                  -

                  -

Notes Receivable - Related Party (Net of Allowance of $418,000 and $418,000, respectively)

                  -

                  -

Prepaid Expenses

                  -

 

            10,000

 

Total Current Assets

              6,273

 

            16,286

 

Total Assets

 $           6,273

 

 $         16,286

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

Liabilities

Accounts Payable and Accrued Expenses

 $       100,232

 $         99,408

Customer Deposits

            35,800

            35,800

Inventory Loan Payable - Related Party

                  -

              4,500

Due to Related Parties

            92,714

            80,423

Notes Payable

              9,490

              9,490

Accrued Board of Directors Fees

          587,417

          266,000

Stock Payable - Related Parties

                  -

 

       1,608,126

 

Total Liabilities

          825,653

 

       2,103,747

 

Commitments and Contingencies (Note 11)

 

Stockholders' Deficit

Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized,  

        47,641,010 and 8,929,057 Issued and Outstanding, Respectively

              4,763

                892

Additional Paid-In-Capital

      89,168,393

      27,430,354

Accumulated Deficit

     (89,992,536)

 

     (29,518,707)

 

Total Stockholders' Deficit

         (819,380)

 

      (2,087,461)

 

Total Liabilities and Stockholders' Deficit

 $           6,273

 

 $         16,286

 

         
December 31, 2023  2022 
ASSETS        
Current Assets        
Cash and Cash Equivalents $1,180  $73 
Accounts Receivable (Net of Allowance of $42,312 and $42,312, respectively)  -   - 
Note Receivable (Net of Allowance of $2,725 and $2,725, respectively)  -   - 
Notes Receivable - Related Party (Net of Allowance of $418,000 and $418,000, respectively)  -   - 
         
Total Current Assets  1,180   73 
         
Total Assets $1,180  $73 
         
LIABILITIES AND STOCKHOLDERS' DEFICIT        
         
Liabilities        
Accounts Payable and Accrued Expenses $12,453  $750 
Customer Deposits  35,800   35,800 
Due to Related Parties  154,280   193,570 
Accrued Board of Directors Fees  207,250   1,537,417 
         
Total Liabilities  409,783   1,767,537 
         
Commitments and Contingencies (Note 9)        
         
Stockholders' Deficit        
Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized, 47,641,010 Issued and Outstanding  4,763   4,763 
Additional Paid-In-Capital  95,374,299   89,168,493 
Accumulated Deficit  (95,787,765)  (90,940,720)
         
Total Stockholders' Deficit  (408,703)  (1,767,464)
         
Total Liabilities and Stockholders' Deficit $1,180  $73 

The accompanying notes are an integral part of these financial statements

F-3

F-3

 

Bravo Multinational Incorporated

 

CONSOLIDATED STATEMENTS OF OPERATIONS

    

For the Years Ended December 31,

 

2020

 

2019

      

Expenses

     

Depreciation

  

 $               -

 $        184

General and Administrative

  

           16,045

      23,599

Consulting - Related Party

  

     12,000,000

      30,000

Professional Fees

  

           70,939

    124,452

Board of Directors Fees

 

 

     48,435,417

 

            -

   

Total Expenses

 

 

     60,522,401

 

    178,235

   

Loss from Operations

  

     60,522,401

    178,235

   

Other (Income) and Expense

  

Interest Expense

  

                350

        1,750

Gain on Stock Payable Conversion

  

            (8,795)

            -

Gain on Loan Payable Forgiveness

 

 

          (40,127)

 

            -

   

Total Other (Income) and Expense

  

          (48,572)

        1,750

   

Loss Before Income Taxes

  

     60,473,829

    179,985

   

Income Taxes

 

 

                  -

 

            -

   

Net Loss

 

 

 $  60,473,829

 

 $ 179,985

   

 Weighted Average Number of Common Shares - Basic and Diluted

  

17,982,076

 8,847,276

   

  Net Loss Per Common Shares -Basic and Diluted

 

 

 $           (3.36)

 

 $      (0.02)

   

         
For the Years Ended December 31, 2023  2022 
Expenses        
General and Administrative $18,071  $8,793 
Professional Fees  158,974   44,265 
Board of Directors Fees  250,000   475,000 
         
Total Expenses  427,045   528,058 
         
Loss from Operations Before Goodwill Impairment  427,045   528,058 
         
Discontinued Operations  4,420,100   - 
         
Loss Before Income Taxes  4,847,145   528,058 
         
Income Taxes  -   - 
         
Net Loss  4,847,145   528,058 
         
Weighted Average Number of Common Shares - Basic and Diluted  49,084,847   47,641,010 
         
Net Loss Per Common Shares -  Basic and Diluted $(0.10) $(0.01)

The accompanying notes are an integral part of these financial statements

F-4

 

F-4

Bravo Multinational Incorporated

 

CONSOLIDATED STATEMENTS OF CHANGES IN DEFECIT FOR THE YEARS ENDED DECEMBER 31, 20202023 AND 2019

2022
             
 

Common Stock

Preferred Stock - Preferred A

 

Additional

   

Total

 

$ 0.0001 Par

$ 0.0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

 

Shares

 

Amount

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

             

Balance -  January 1, 2019

        8,779,057

 $      877

                   -

 $            -

 $  27,263,993

 $ (29,338,722)

 $      (2,073,852)

 

Cash Proceeds from Sale of Stock

           150,000

           15

                   -

                -

             29,985

                       -

                  30,000

 

Capital Contributions - Directors

                   -

           -

                   -

                -

           136,376

                       -

                136,376

 

Net Loss

                   -

 

           -

                   -

 

                -

 

                   -

 

              (179,985)

 

               (179,985)

 

Balance -  December 31, 2019

        8,929,057

         892

                   -

                -

      27,430,354

         (29,518,707)

             (2,087,461)

 

Preferred Shares Issued for Services

-

           -

        2,500,000

              250

      59,999,750

                       -

            60,000,000

 

Common Stock Issued to Pay Due to Related Party

           132,932

           13

                   -

                -

             34,549

                       -

                  34,562

 

Common Stock Issued to Pay Accrued Compensation

           615,219

           62

                   -

                -

           113,938

                       -

                114,000

 

Retirement of Preferred Shares in Exchange for Common Shares

      30,000,000

       3,000

       (2,500,000)

             (250)

             (2,750)

                       -

                         -

 

Common Stock Issued to Pay Stock Payable

        7,963,802

         796

                   -

                -

        1,592,552

                       -

              1,593,348

 

Net Loss

                   -

 

           -

                   -

 

                -

 

                   -

 

         (60,473,829)

 

           (60,473,829)

 

Balance -  December 31, 2020

      47,641,010

 

 $   4,763

   -

 

 $            -

 

 $  89,168,393

 

 $ (89,992,536)

 

 $      (819,380)

 

                     
  Common Stock  Additional     Total 
  $ 0.0001 Par  Paid-In  Accumulated  Stockholders' 
  Shares  Amount  Capital  Deficit  Deficit 
                
Balance - January 1, 2022  47,641,010  $4,763  $89,168,393  $(90,412,662) $(1,239,506)
                     
Capital Contribution  -   -   100   -   100 
                     
Net Loss  -   -   -   (528,058)  (528,058)
                     
Balance - December 31, 2022  47,641,010   4,763   89,168,493   (90,940,720)  (1,767,464)
                     
Merger with RPI and Share Issuance  8,500,000   850   4,421,004   (1,854)  4,420,000 
                     
Rescission with RPI  (8,500,000)  (850)  (1,104)  1,954   - 
                     
Capital Contributions - Directors  -   -   1,785,906   -   1,785,906 
                     
Net Loss  -   -   -   (4,847,145)  (4,847,145)
                     
Balance - December 31, 2023  47,641,010  $4,763  $95,374,299  $(95,787,765) $(408,703)

The accompanying notes are an integral part of these financial statements

F-5

 

F-5

Bravo Multinational Incorporated

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31,

 

2020

 

2019

     

Cash Flows from Operating Activities

    
     

Net Loss

 

 $    (60,473,829)

 $      (179,985)

  

Non-Cash Adjustments:

 

Depreciation

 

                     -

                184

Preferred Stock Issued for Current Year Board of Directors Fees

 

        48,000,000

                  -

Preferred Stock Issued for Current Year Consulting Fees

 

        12,000,000

                  -

Gain on Stock Payable Conversion

 

               (8,795)

                  -

Gain on Loan Payable Forgiveness

 

             (40,127)

                  -

Changes in Assets and Liabilities:

 

Prepaid Expenses

 

              10,000

                  -

Accounts Payable and Accrued Expenses

 

                   823

          (10,538)

Stock Payable - Related Parties

 

                     -

           30,000

Accrued Board of Directors Fees

 

             435,417

 

                  -

  

Net Cash Flows Used In Operating Activities

 

             (76,511)

 

        (160,339)

  

Cash Flows from Investing Activities

 

                     -

 

                  -

  

Cash Flows from Financing Activities

 

Cash Proceeds from Sale of Stock

 

                     -

           30,000

Due to Related Parties, Net

 

              76,498

                199

Capital Contributions - Directors

 

                     -

 

         136,376

  

Net Cash Flows Provided by Financing Activities

 

              76,498

 

         166,575

  

Net Change in Cash and Cash Equivalents

 

                    (13)

             6,236

  

Cash and Cash Equivalents - Beginning of Year

 

                6,286

 

                 50

  

Cash and Cash Equivalents - End of Year

 

 $           6,273

 

 $        6,286

  

Cash Paid During the Year for:

 

Interest

 

 $                  -

 $               -

Income Taxes

 

 $                  -

 

 $               -

  

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Common Stock Issued from Stock Payable

 

 $    1,593,348

 $               -

Common Stock Exchanged for Due to Related Party

 

 $         34,562

 $               -

Preferred Stock Issued for Services

 

 $  60,000,000

 $               -

Common Stock Issued to Pay Accrued Compensation

 

 $       114,000

 $               -

  

         
For the Years Ended December 31, 2023  2022 
       
Cash Flows from Operating Activities        
         
Net Loss $(4,847,145) $(528,058)
Adjustments to Reconcile Net Loss to Net Cash        
Used in Operating Activities:        
Discontinued Operations  4,420,100   - 
Changes in Assets and Liabilities:        
Prepaid Expenses - Retainers  -   40 
Accounts Payable and Accrued Expenses  11,703   (16)
Accrued Board of Directors Fees  250,000   475,000 
         
Net Cash Flows Used In Operating Activities  (165,342)  (53,034)
         
Cash Flows from Investing Activities  -   - 
         
Cash Flows from Financing Activities        
Capital Contributions  -   100 
Due to Related Parties, Net  166,449   52,914 
         
Net Cash Flows Provided by Financing Activities  166,449   53,014 
         
Net Change in Cash and Cash Equivalents  1,107   (20)
         
Cash and Cash Equivalents - Beginning of Year  73   93 
         
Cash and Cash Equivalents - End of Year $1,180  $73 
         
Cash Paid During the Year for:        
Interest $-  $- 
Income Taxes $-  $- 
         
Non-Cash Transactions        
Accrued Board of Directors Fees - Contributed to Capital $1,580,167  $- 
Due to Related Parties - Contributed to Capital $205,739  $- 

The accompanying notes are an integral part of these financial statements

F-6

 

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'sCompany’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'sCompany’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'scompany’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company'scompany’s common stock should be changed to “BRVO,” and the company'scompany’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company'scompany’s name on April 6, 2016. As a result of the change of name of the company, the company'scompany’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'sCompany’s incorporation from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) in order to achieve the change in state incorporationincorporation. On July 20, 2023 the Company formed a wholly-owned subsidiary, Global Merchandising Inc., a Nevada Corporation. This company has had no activity through December 31, 2023.

 

The Company filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

 

The Company owned patented and unpatented mining claims on War Eagle Mountain in the state of Idaho. The Company entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015, so that SFMI could restructure its finances. The Company determined that SFMI is unable to pay the lease and that any debt owing by SFMI to the Company is not recoverable. The Company currently owns 76.63 acres within seven patented claims with a 29.167% ownership interest on War Eagle Mountain in the state of Idaho. The Company allowed all of its BLM (Bureau of Land Management) unpatented and placer claims to expire. The carrying value on such claims both patented and unpatented was fully impaired due to lack of economic viabilities of such properties.

 

The Company is currently engaged inCompany’s previous business plan was the business of buying and reselling of gaming equipment.  The Company also buysbought machines for its own use that arewere placed in casinos or gaming areas to obtain monthly revenue streams from the machines'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, and its wholly owned subsidiary,subsidiaries, Universal Entertainment SAS, Ltd., and Global Merchandising, (the “Company”). All significant inter-company balances have been eliminated in consolidation. During the year ended December 31, 2017, management recognized that Universal is an inactive Florida corporation which no longer operates.

 

Method of Accounting

 

The Company'sCompany’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.

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.

 

F-7

NOTE 2 - Summary of Significant Accounting Policies - continued

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.

Accounts Receivable

Accounts receivable are customer obligations due under normal trade terms which are recorded at net realizable value.  The Company establishes an allowance for doubtful accounts based on management's assessment of collectability of trade receivables.  A considerable amount of judgment is required in assessing the amount of the allowance.  The Company makes judgments about creditworthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future.  If the financial condition of the customers were to deteriorate, resulting in their inability to make payments, a specific allowance will be required.

Earnings (Loss) per Share

 

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.

 

Stock Based Compensation

 

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.

 

F-7

NOTE 2 – Summary of Significant Accounting Policies (contnued)

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 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 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.

·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.

F-8

NOTE 2 - Summary of Significant Accounting Policies - continued

Revenue Recognition

Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers.  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.  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.  

The guidance requires increased disclosures, including qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

The Company operates as one reportable segment.

There was no revenue during the years ended December 31, 2020 and 2019 since conditions in Nicaragua have not changed.

 

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.

 

In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet and requires expanded disclosures about leasing arrangements. We adopted the standard on fiscal year January 1, 2019. Based on our assessment of the new standard on our condensed consolidated financial statements, which will consist primarily of a balance sheet gross up of our operating leases to show equal and offsetting lease assets and lease liabilities, we have concluded that the impact is insignificant to our condensed consolidated financial statements based on the short-term nature of our leases and our election of such practical expedient.

NOTE 4 - Going Concern

 

The Company's condensedCompany’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. As a result, there isoperations and has net current liabilities and an accumulated deficit at December 31, 2020.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'sCompany’s cash position may not be significant enough to support the Company'sCompany’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'sCompany’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'sCompany’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 - Accounts Receivable

 

Accounts receivable consisted of the following at December 31, 20202023 and 2019:2022:

   

December 31,

2020

2019

   

Accounts Receivable

$     42,312

$       42,312

Less:  Allowance for Doubtful Accounts

(42,312)

(42,312)

   

Net Accounts Receivable

 $              --

$              --

Schedule of accounts receivable        
  

December 31,

2023

  December 31,
2022
 
       
Accounts Receivable $42,312  $42,312 
Less:  Allowance for Doubtful Accounts  (42,312)  (42,312)
         
Net Accounts Receivable $-  $- 

 

Due to civil unrest and the devastation of Hurricane Nate in Nicaragua in October 2017, the Company wrote off the machine income that was in accounts receivable on December 31, 2017, in the amount of $42,312.  $42,312.

 

The Allowance for Doubtful Accounts in the amount of $42,312$42,312 was collected but it remains in Nicaragua because of the political instability, social unrest, and US Government's trade and economic sanctions; no transfer of funds to the US can be done at this time. Since these issues have yet to be resolved both domestically and internationally with Nicaragua, the $42,312$42,312 amount has not been paid in the US and has been written-off. Since the revenue was earned and collected in Nicaragua, the revenue remains recognized as an account receivable.

 

F-8

F-9

 

NOTE 6 - Notes Receivable - Related Parties

 

Notes receivable related parties consisted of the following at December 31, 20202023 and 2019:2022:

   

December 31

2020

2019

   

Investcom - See Note 8 Related Party

$   342,000

$      342,000

Rentcom - See Note 8 Related Party

76,000

76,000

Total Notes Receivable

418,000

418,000

Less:  Allowance for Doubtful Accounts

(418,000)

(418,000)

   

Net Notes Receivable - Related Parties

$              --

$              --

Schedule of notes receivable related parties December 31,  December 31, 
  2023  2022 
       
Investcom – See Note 8 Related Party $342,000  $342,000 
Rentcom – See Note 8 Related Party  76,000   76,000 
Total Notes Receivable  418,000   418,000 
Less: Allowance for Doubtful Accounts  (418,000)  (418,000)
         
Net Notes Receivable – Related Parties $-  $- 

 

Since no collections have been received on the above notes through the date of this report, the Company has allowed for these notes receivable in full at December 31, 2020 and 2019.2017.

 

NOTE 7 - Related Party Transactions

 

During the year ended December 31, 2017, one hundred ten (110) gaming machines were sold to a company controlled by Mr. Paul Parliament, the Company'sCompany’s former chief executive officer, for a total of $770,000.$770,000. The sales were financed by a notes receivable in the amount of $342,000.$342,000. Due to uncertainty of repayment, the notes receivable of $342,000$342,000 were allowed for as a bad debt at December 31, 2017 (See Note 6). The above mentioned sales were also paid for by reducing Mr. Parliaments'Parliaments’ note payable from the Company in the amount of $76,000.  $76,000.

 

During the year ended December 31, 2017, seventy-five (75) gaming machines were sold to a company controlled by Mr. Doug Brooks, a former director of the Company, for a total of $525,000.$525,000. The sale reduced the note payable to Mr. Brooks in the amount of $209,000.$209,000. The sale was also financed by a note receivable in the amount of $76,000.$76,000. Due to uncertainty of repayment, the note receivable of $76,000$76,000 was allowed for as a bad debt at December 31, 2017 (See Note 6).

 

Due to Related Parties consist of payments of Company expenses by the Company's two (2)Company’s one (1) current directors,director, one (1) former director.director, one (1) shareholder and two (2) companies with related shareholders.  Amounts due were $92,714$154,280 and $80,423$193,570 at December 31, 20202023 and 2019,2022, respectively. Due to related party, Julios Kosta of $35,627 which was included in the balance at December 31, 2019 was forgiven by Mr. Kosta on July 29, 2020 and is included in gain on loan forgiveness during the year ended December 31, 2020.

During the year ended December 31, 2020, the Company entered into a three year consulting contract. The contract was paid in full with the issuance of 500,000 preferred shares. The shares were valued at $12,000,000 based on the market price of the Company's common stock of $0.24 on the measurement date, given that such preferred stock can be converted into 100 shares of common stock and has dividend and voting rights as though converted into common stock.

 

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.services and filing fees. For each of the years ended December 31, 20202023 and 20192022 the Company paid press release wire services in the amount of $-0-.$1,720 and $-0-, respectively. The Company paid Yes International for filing fees in the amount of $2,795 and $-0-, respectively for the years ended December 31, 2023 and 2022. The Company also currently operates out of the Yes International Inc., offices at no cost.

 

Stock payable - related parties consisted of the following at December 31, 2020 and 2019:

  

 

December 31

2020

2019

   

Doug Brooks

$       --

$       285,270

Rich Kaiser

--

117,476

Julios Kosta

--

468,628

Marsadi Parliament

--

268,279

Paul Parliament

--

468,473

   

Total Stock Payable - Related Parties

$       --

$    1,608,126

F-10

NOTE 8 - Notes Payable

Notes Payable consists of the following unsecured notes:

   

December 31,

2020

2019

   

Al Yee - 7% Interest, Matures January 2017

$       5,000

$       5,000

Michael Walkil - Non Interest Bearing, Due on Demand

4,490

4,490

   

Total Notes Payable

$       9,490

$       9,490

Interest expense on Mr. Yee's loan for the years ended December 31, 2020 and 2019 was $350 and $1,750, respectively. Interest expense from January 2015 (note inception) through September 30, 2019 in the amount of $1,575 was recorded in September 2019.

NOTE 9 - Inventory Loan Payable - Related Party

Inventory loan payable is a non-interest bearing loan due to Centro de Entretenimiento y Diversion Mombacho S.A., a related party.  Payment of $2,250 per gaming equipment sold is due immediately once the sale of gaming equipment is complete.  On July 29, 2020, Centro de Entretenimiento y Diversion Mombacho S.A forgave the $4,500 loan payable.  This is included in gain on loan forgiveness for the year ended December 31, 2020.  Amount due at December 31, 2020 and 2019 was $-0- and $4,500, respectively.

NOTE 10 - 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 50,000,000 from 5,000,000.10,000,0005,000,000.  10,000,000 of these blank check preferred shares have been separately allocated to Series 'A'A Preferred leaving 40,000,000 blank check preferred authorized. Series 'A' Preferred stock - A can be converted into 100 shares of common stock, have dividend rights at 100 times common and have voting rights equal to 100 shares of common stock. At December 31, 20202023 and 20192022, there were -0--0- shares issued and outstanding.

On February 4, 2020, the Company issued 2.5 million shares of Series 'A' preferred stock as compensation for their two board members and payment of a consulting contract. The preferred shares were valued at $60 million based on the market price of the Company's common stock of $0.24 on the measurement date, given such preferred stock can be converted into 100 shares of common stock and has dividend and voting rights as though converted into common stock. On December 7, 2020, the two board of directors and the consultant returned these 2,500,000 shares to be retired. In exchange the Company issued 30,000,000 common shares.

NOTE 10 - Capital Stock - continued

 

Common Stock

 

On January 16, 2017, the Articles of Incorporation were amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock.

 

DuringOn September 20, 2023, 8,500,000 shares of common stock were issued to the two (2) shareholders of RPI Inc., per the share exchange agreement for 51% of RPI that was closed on July 13, 2023.  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, 20202023.  On November 14, 2023, the Company issued 132,932share agreement was rescinded and the shares were returned to the Company. Net loss of common stock to pay $28,580 due to a related party.  The shares value was based onRPI are therefore included in discontinued operations as is the market price of the Company's common stock of $0.26 on the measurement date which caused $5,982 loss on conversion.

During the year ended December 31, 2020 the Company issued 615,219 shares of common stock to pay $114,000 accrued compensation.  The shares value was based on the market price of the Company's common stock of $0.1853 on the measurement date.

During the year ended December 31, 2020 the Company issued 7,963,802 shares of common stock to pay $1,608,126 of stock payable.  The shares value was based on the varying market prices from $0.08 to $0.26 since the stock was issued on multiple dates. These conversions caused a net $14,778 gain on conversion.

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NOTE 10 - Capital Stock - continued

Reverse Stock Split 

On January 16, 2017, the Company approved a one-for-three hundred (1:300) reverse stock split.  This reverse stock split became effective as of the close of business on January 16, 2017. The reverse stock split had no effect on the par value of its common stock and did not reduce the number of authorized shares of common stock but reduced the number of issued and outstanding shares of common stock by the ratio. Accordingly, the issued and outstanding shares, stock options disclosures, net loss per share, and other per share disclosures for all periods presented have been retrospectively adjusted to reflect the impact of this reverse stock split.goodwill impairment.

 

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'scompany’s stockholders, by paying their retainers or fees in the form of shares of the Company'sCompany’s common stock. The Plan shall expire on March 15, 2028.  As of December 31, 2020, no2023, previously issued shares had been issuedtotaled 4,516,667 from this plan.

 

NOTE 11 - 9 – Commitments and Contingencies

 

Beginning in 2018, the Company leases space at Yes International Inc., a related party, at no cost.  Rent expense for the each of the years ended December 31, 20202023 and 20192022 was $-0-.$-0-.

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NOTE 10 – Share Exchange

On July 13, 2023 the Company and RPI closed their share exchange agreement. The Company issued 8,500,000 shares of common stock in exchange for 51% of the outstanding common shares of RPI. The value of this exchange was $4,420,000 placed to goodwill.

Since RPI had no assets or operations the goodwill was immediately impaired and is shown in the statement of operations for the three and nine months ended December 31, 2023.

On November 14, 2023, the share exchange agreement was rescinded by all parties and the issued shares were returned.

 

NOTE 1211 - Subsequent Events

 

Coronavirus Impact (COVID-19)On December 19, 2023, the Company signed a letter of intent to purchase the assets of Streaming TVEE, Inc., (“TVEE”). The purchase price is $9,760,000, consisting of a convertible promissory note in the amount of $7,760,000 and the assumption of $2,000,000 of TVEE’s debt. The promissory note is convertible into the common stock of the Company based on the closing price of the common stock on December 19, 2023. The agreement has closed as of February 6, 2024.

 

Due toOn January 9, 2024, the recent outbreakCompany entered into a binding letter of intent with Pythia Experiences LLC (“Pythia”), a Virginia limited liability company. Under the terms of the coronavirus reported in many countries worldwide, localletter of intent, the two companies will create a new company that will be owned 51% by Pythia and federal governments49% by the Company. Pythia will contribute to Newco its ownership of Vidgo, Inc., a Delaware corporation, which owns rights to substantial entertainment content. The Company, at the same time, will contribute a streaming platform to Newco. The object of the agreement is for Newco to provide streaming entertainment, video, and audio as a subscription service to subscribers.  As a result of this transaction, Pythia will become a wholly owned subsidiary of Newco and Newco will become a partially owned subsidiary of the Company. The transaction has been approved by the Board of Directors of the Company, subject to certain contingencies. In order to close the transaction, the parties have issued travel advisories, canceled large scale public events and closed schools.agreed to enter into a Definitive Agreement, on terms common to such agreements. In addition, companies have begunthe final closing will be subject to cancel conferences and travel plans and require employees to work from home. Global financial markets have also experienced extreme volatility and disruptions to capital and credit markets.completion of all applicable regulatory approvals.

 

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We are unable to predict the impact of the coronavirus on our operations at this time. Adverse events such as health-related concerns about working in our offices, the inability to travel, potential impact on our business partners and customers, and other matters affecting the general work and business environment could harm our business and delay the implementation of our business strategy. The adverse events may also adversely impact our ability to raise capital or to continue as a going concern. We continue to monitor the recent outbreak of the coronavirus on our operations.

 

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