UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended June 30, 2024
☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from _____ to _______
Commission File Number: 000-56555
Trustfeed Corp.
(Exact name of Registrant as specified in its charter)
Nevada | | 86-1006313 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
10940 Wilshire Blvd. Suite 705
Los Angeles, CA 90024
(Address of principal executive offices)
(213) 616-0011
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
N/A | | N/A | | N/A |
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 requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐ Large accelerated filer | | ☐ Accelerated filer |
☒ Non-accelerated Filer | | ☒ Smaller reporting company |
| | ☐ Emerging growth company |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:109,138,049 common shares as of August 9, 2024.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Our condensed unaudited financial statements included in this Form 10-Q are as follows:
F-1 | Balance Sheets as of June 30, 2024, and December 31, 2023 (audited). |
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F-2 | Statements of Operations for the three and six months ended June 30, 2023, and 2024. |
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F-3 | Statements of Stockholders’ Deficit for the three months ended June 30, 2023, and the three and six months ended June 30, 2024. |
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F-4 | Statements of Cash Flows for the six months ended June 30, 2024, and June 30, 2023. |
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F-5 | Notes to Condensed Unaudited Financial Statements |
These condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2024, are not necessarily indicative of the results that can be expected for the full year.
TRUSTFEED CORP
(formerly HEALTHMED SERVICES, LTD.)
BALANCE SHEETS
| | June 30, 2024 (unaudited) | | | December 31, 2023 | |
ASSETS | | | | | | | | |
Current assets | | | | | | | | |
Cash | | | 294 | | | | 244 | |
Total current assets | | | 294 | | | | 244 | |
| | | | | | | | |
Total assets | | $ | 294 | | | $ | 244 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | |
Current liabilities | | | | | | | | |
Accounts payable and accrued liabilities | | | 22,802 | | | | 13,782 | |
Due to related party | | | 80,171 | | | | | |
Total current liabilities | | | 102,973 | | | | 13,782 | |
| | | | | | | | |
Total liabilities | | | 102,973 | | | | 13,782 | |
| | | | | | | | |
Stockholders’ deficit | | | | | | | | |
Series A Preferred stock, par value $.001; 500,000 shares authorized; 500,000 and 500,000 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. | | | 500 | | | | 500 | |
Common stock; $0.001 par value; 295,000,000 shares authorized; 109,138,049 and 109,138,049 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively. | | | 109,138 | | | | 109,138 | |
Additional paid-in capital | | | 1,275,156 | | | | 1,275,156 | |
Accumulated deficit | | | (1,487,473 | ) | | | (1,398,333 | ) |
Total stockholders’ deficit | | | (102,679 | ) | | | (13,539 | ) |
| | | | | | | | |
Total liabilities and stockholders’ deficit | | $ | 294 | | | $ | 244 | |
The accompanying notes are an integral part of these unaudited financial statements
TRUSTFEED CORP.
(formerly HEALTHMED SERVICES, LTD.)
STATEMENT OF OPERATIONS
| | June 30, 2024 | | | June 30, 2023 | | | June 30, 2024 | | | June 30, 2023 | |
| | For the three months ended | | | For the six months ended | |
| | June 30, 2024 | | | June 30, 2023 | | | June 30, 2024 | | | June 30, 2023 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Revenue | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Cost of Goods Sold | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Gross Profit | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | | | | |
General and administrative | | | 20,116 | | | | 90,958 | | | | 89,140 | | | | 180,764 | |
Total operating expenses | | | 20,116 | | | | 90,958 | | | | 89,140 | | | | 180,764 | |
| | | | | | | | | | | | | | | | |
Loss from operations | | | (20,116 | ) | | | (90,958 | ) | | | (89,140 | ) | | | (180,764 | ) |
| | | | | | | | | | | | | | | | |
Other expense | | | | | | | | | | | | | | | | |
Total other income (expense) | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Net loss | | $ | (20,116 | ) | | $ | (90,958 | ) | | $ | (89,140 | ) | | $ | (180,764 | ) |
Net loss per common share: basic and diluted | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.00 | ) |
Basic weighted average common shares outstanding | | | 109,138,049 | | | | 108,564,879 | | | | 109,138,049 | | | | 108,564,879 | |
The accompanying notes are an integral part of these unaudited financial statements
TRUSTFEED CORP.
(formerly HEALTHMED SERVICES, LTD.)
STATEMENTS OF STOCKHOLDERS’ DEFICIT
| | Shares | | | Amount | | | Shares | | | Amount | | | Paid-in Capital | | | Payable | | | Deficit | | | Deficit | |
| | Preferred Stock | | | Common Stock | | | Additional Paid-in | | | Stock | | | Accumulated | | | Total Stockholders’ | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Payable | | | Deficit | | | Deficit | |
Balance, March 31, 2023 | | | 500,000 | | | | 500 | | | | 108,517,979 | | | | 108,518 | | | | 1,162,871 | | | | 6,905 | | | | (1,071,639 | ) | | | 207,155 | |
Common stock issued for cash | | | - | | | | - | | | | 46,900 | | | | 47 | | | | 6,858 | | | | (6,905 | ) | | | - | | | | - | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (90,958 | ) | | | (90,958 | ) |
Balance, June 30, 2023 | | | 500,000 | | | | 500 | | | | 108,564,879 | | | | 108,565 | | | | 1,169,729 | | | | - | | | | (1,162,597 | ) | | | 116,197 | |
| | Preferred Stock | | | Common Stock | | | Additional Paid-in | | | Stock | | | Accumulated | | | Total Stockholders’ | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Payable | | | Deficit | | | Deficit | |
Balance, December 31, 2023 | | | 500,000 | | | $ | 500 | | | | 109,138,049 | | | | 109,138 | | | | 1,275,156 | | | | - | | | | (1,398,333 | ) | | | (13,539 | ) |
Net loss | | | | | | | - | | | | | | | | - | | | | - | | | | - | | | | (69,024 | ) | | | (69,024 | ) |
Balance, March 31, 2024 | | | 500,000 | | | $ | 500 | | | | 109,138,049 | | | | 109,138 | | | | 1,275,156 | | | | - | | | | (1,467,357 | ) | | | (82,563 | ) |
Balance | | | 500,000 | | | $ | 500 | | | | 109,138,049 | | | | 109,138 | | | | 1,275,156 | | | | - | | | | (1,467,357 | ) | | | (82,563 | ) |
Net loss | | | | | | | - | | | | | | | | - | | | | - | | | | - | | | | (20,116 | ) | | | (20,116 | ) |
Balance, June 30, 2024 | | | 500,000 | | | $ | 500 | | | | 109,138,049 | | | | 109,138 | | | | 1,275,156 | | | | - | | | | (1,487,473 | ) | | | (102,679 | ) |
Balance | | | 500,000 | | | $ | 500 | | | | 109,138,049 | | | | 109,138 | | | | 1,275,156 | | | | - | | | | (1,487,473 | ) | | | (102,679 | ) |
The accompanying notes are an integral part of these unaudited financial statements
TRUSTFEED CORP.
STATEMENTS OF CASH FLOWS
MARCH 31, 2024
(Unaudited)
| | June 30, 2024 | | | June 30, 2023 | |
| | For the six months ended June 30, 2024 | |
| | June 30, 2024 | | | June 30, 2023 | |
Cash Flows from Operating Activities | | | | | | | | |
Net loss | | $ | (89,140 | ) | | $ | (180,764 | ) |
Changes in assets and liabilities | | | | | | | | |
Accounts receivable | | | - | | | | 10,000 | |
Prepaid expenses | | | - | | | | 3,660 | |
Accounts payable | | | 9,019 | | | | 2,655 | |
Net cash used in operating activities | | | (80,121 | ) | | | (164,449 | ) |
| | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | |
Due from related party | | | 80,171 | | | | (80,000 | ) |
Proceeds from the issuance of common stock | | | - | | | | 110,192 | |
Proceeds from related party debt | | | - | | | | 1,657 | |
Payment of related party debt | | | - | | | | (65,000 | ) |
Net cash from financing activities | | | 80,171 | | | | (33,151 | ) |
| | | | | | | | |
Net increase (decrease) in cash | | | 50 | | | | (197,600 | ) |
| | | | | | | | |
Cash, beginning of period | | | 244 | | | | 225,619 | |
| | | | | | | | |
Cash, end of period | | $ | 294 | | | $ | 28,019 | |
The accompanying notes are an integral part of these unaudited financial statements
TRUSTFEED CORP.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 – NATURE AND DESCRIPTION OF BUSINESS
Corporate History and Capital Structure
We were incorporated in the State of Nevada on September 14, 2000, under the name of Telemax Communications. On or about July 24, 2003, the name was changed to HealthMed Services, Ltd. The Company had no operations and in accordance with Accounting Standards Codification (ASC) Topic 915 was considered to be in the development stage.
On April 16, 2021, Fastbase, Inc., a Nevada corporation (“Fastbase”), and SCI Inc. entered into a Share Purchase Agreement with Mr. James Shipley, the owner 50,000,000 shares of Series A Convertible Preferred Stock in Trustfeed Corp. (“Trustfeed” or the “Company”) for the purchase of 4,750,000 shares of Series A Convertible Preferred Stock for cash consideration of $108,200 USD. Mr. Shipley agreed to cancel 45,000,000 shares in the process. The transaction closed on April 21, 2021.
On the same date, Mr. Shipley, the Company’s then majority shareholder, officer and director, resigned as President, Secretary, Treasurer, and Director of the Company at which time Rasmus Refer, the CEO of Fastbase, Inc., was appointed to these positions.
On September 14, 2021, Trustfeed entered into a Contribution Agreement (the “Contribution Agreement”) with Fastbase for the acquisition of certain assets of Fastbase in exchange for shares of super voting preferred stock in the Company. The assets were associated with Fastbase’s review platform giving access to value information about products, which includes proprietary software to crawl, organize, verify, with A.I. rendering, algorithms to do data mining, and an A.I. rendering database of companies, websites, contacts and approximately 500,000 products descriptions. The Company paid for the assets contributed by issuing to Fastbase 45,000,000 shares of the Company’s Series A Convertible Preferred Stock. As a result of these transactions, there was a change in control of the Company and Fastbase acquired voting control over all aspects of the Company, including the election of directors, and other corporate actions of the Company that require shareholder approval.
On September 2, 2022, Trustfeed conducted a reverse split in which each shareholder was issued one common share in exchange for every two thousand common shares of their then-currently issued common stock. On the market effective date of the reverse split, September 2, 2022, there were a total of 266,157 issued and outstanding shares of common stock. In addition to the reverse split, the Company changed its name to Trustfeed Corp.
On October 26, 2022, Fastbase requested that the board of directors cancel and return to unissued capital stock, the remaining shares of its Series A Convertible Preferred Stock, such that it would hold 500,000 shares of Series A Convertible Preferred Stock after the transaction. On November 4, 2022, Trustfeed cancelled all outstanding shares of Series A Preferred Stock, save 500,000 shares of Series A Convertible Preferred Stock which were outstanding and then held by Fastbase.
Also on November 4, 2022:
| ● | Trustfeed reduced its authorized shares of common stock, par value $0.001 per share, from 1,000,000,000 shares to 295,000,000 shares. Trustfeed also reduced the authorized shares of preferred stock, par value $0.001 per share, from 75,000,000 shares to 500,000 shares. As of November 4, 2022, Trustfeed had authorized 295,000,000 shares of common stock and 500,000 shares of preferred stock, each with par value of $0.001 per share. |
| | |
| ● | Trustfeed amended and restated its Certificate of Designation for the Series A Preferred Stock to reduce the number of authorized shares of preferred stock designated and available from 50,000,000 shares to 500,000 shares, with the same conversion ratio of 20 shares of common stock for every share of Series A Preferred Stock. |
| | |
| ● | Trustfeed filed Certificates of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following the transaction, the only designated and outstanding shares of preferred stock are the Company’s Series A Preferred Stock. |
Historically, Trustfeed was in the business of acquiring, leasing, and licensing growers for the cultivation and production (processing and distribution of cannabis and cannabis-related products within an incubator environment). The Company was also in the business of renewable fresh water and real estate. As a result of the change in ownership of the Company in 2021 by Fastbase, the Company became a technology company with access to a global database of information to provide consumers with trusted information about the companies they do business with (the “Pre-Existing Business”).
However, effective as of December 29, 2023 in accordance with a Stock Purchase Agreement, Fastbase, the then record and beneficial owner of (i) 90,437,591 shares of Common Stock of the Company, representing approximately 83% of the Company’s issued and outstanding Common Stock (the “Common Shares”), and (ii) 500,000 shares of the Series A Convertible Preferred Stock, par value $.001 per share, of the Company, representing 100% of the Company’s issued and outstanding shares of Preferred Stock (the “Preferred Shares” and, with the Common Shares, the “Transferred Shares”), sold the Transferred Shares to CWR 1, LLC, a Delaware limited liability Company (“CWR”) for aggregate consideration of $350,000 (collectively referred to as the “Transaction”). Additionally, Rasmus Refer, the Company’s then Chief Executive Officer (principal executive officer, principal accounting officer and principal financial officer) and Chairman and sole member of the Company’s Board of Directors (the “Board”), resigned from all director (as of February 12, 2024), officer and employment positions with the Company and its subsidiaries.
Also as of December 29, 2023, the size of the Board was increased from one director to two directors and Brett Rosen was appointed as a director to fill the vacancy, to serve as director until the next annual meeting of stockholders of the Company, subject to his prior resignation or removal, and until his successor is duly elected and qualified, and Mr. Rosen was appointed President, Chief Financial Officer, Secretary and Treasurer of the Company.
Upon the consummation of the Transaction on December 29, 2023, the Company experienced a change in control. The Transaction and related transactions had the following consequences:
| ● | New management anticipates entering into a future transaction involving the Company, which could result in the acquisition of one or more businesses, companies or asset classes, including but not limited to intellectual property assets and that may currently be owned by affiliates of management. |
| | |
| ● | The Company’s new management will be evaluating the Company’s Pre-Existing Business as part of these possible future transactions, and in the meantime, has suspended operations relating to the Pre-Existing Business, with the expectation of permanently shutting down, spinning off or assigning the Pre-Existing Business at the time of such future transaction(s). |
Effective as of March 21, 2024, Brett Rosen resigned from all of his officer and director positions with the Company, and he was replaced in all such positions by Terrence M. Tierney.
Proposed Polomar Merger
On June 28, 2024, Trustfeed, Polomar Acquisition, L.L.C., a Florida limited liability company, and wholly owned subsidiary of the Company (“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into Polomar, with Polomar continuing as the surviving company and a wholly owned subsidiary of the Company (the “Merger”).
At the effective time of the Merger, each 1% of the outstanding membership interest of Polomar will be automatically converted into the right to receive 357,414.14 shares of Company common stock, assuming the Reverse Stock Split (as defined below under Note 6) is effected prior to the closing of the Merger. No fractional shares of Company common stock will be issued in the Merger. Following the consummation of the Merger, former members of Polomar are expected to own an aggregate of 75% of the Company and current stockholders of the Company are expected to own an aggregate of 25% of the Company. Notwithstanding the foregoing, the Merger Agreement provides that CWR 1, LLC, the Company’s majority owner with an 83.3% beneficial ownership stake in the Company, shall convert its Company Series A Convertible Preferred Stock into Company common stock, and return for cancellation such number of shares of the Company’s common stock so that, subsequent to the Merger, the Company shall have a public float of at least 10% of the Company’s issued and outstanding shares of common stock. An affiliate of CWR 1, LLC owns a majority of the membership interests of Polomar.
The Board and the managers and members of Polomar unanimously approved the Merger Agreement and the transactions contemplated thereby.
It is the intention of the Company to change its name to Polomar Health Services, Inc. and change its trading symbol to more appropriately reflect the name change.
License Agreement
On June 29, 2024, Trustfeed executed a Know How and Patent License Agreement (the “Agreement”) with Pinata Holdings, Inc., a Delaware corporation (“Pinata”), to license from Pinata certain patent pending intellectual property rights and know how (the “IP Rights”) regarding the proprietary delivery of products containing metformin, sumatriptan, semaglutide, liraglutide and sildenafil (the “Ingredients”). The license is worldwide, non-exclusive and non-transferable but may be sub-licensed pursuant to the terms of the Agreement.
The Company shall be obligated to pay a royalty to Pinata ranging from ten percent (10%) to twenty percent (20%) of the net sales from products utilizing the IP Rights containing the Ingredients.
The Agreement has a perpetual term, subject to the right of either party to terminate (a) if the other party commits a material breach of its obligations under the Agreement and fails to cure such breach and (b) at any time upon 180 days prior written notice to the other party.
It is the Company’s intention to utilize the IP Rights in products expected to be manufactured and distributed by it subsequent to its planned acquisition of Polomar, pursuant to the Merger Agreement.
Pinata is an affiliate of CWR 1, LLC, the Company’s majority shareholder, through common ownership.
The Company’s address is 10940 Wilshire Boulevard, Suite 705, Los Angeles, CA 90024.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the OTC Markets alternative reporting standard for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.
It is management’s opinion, however, that all material adjustments (consisting of normal and recurring adjustments, including reclassification of certain items that have been reclassified for comparability purposes) have been made which are necessary for a fair financial statement presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.
Cash and cash equivalents
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. The Company did not have any cash equivalents as of June 30, 2024, and June 30, 2023.
Stock-based compensation
The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, including with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.
Earnings per share
The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
Revenue recognition
The Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation.
Revenue recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability is probable and associated taxes are owed.
Fair value of financial instruments
The Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are:
Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.
As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date.
The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of March 31, 2024, or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third-party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements at June 30, 2024, and June 30, 2023.
Going Concern
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability to generate revenues and raise capital. The Company has not generated any revenues to provide sufficient cash flows to enable the Company to finance its operations internally. As of June 30, 2024, the Company had $294 cash on hand. As of June 30, 2024, the Company has an accumulated deficit of $1,487,473. For the six months ended June 30, 2024, the Company had a net loss of $89,140 and cash used in operations of $80,121. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing.
Over the next twelve months, management plans to raise additional capital and to invest its working capital resources in other potential business opportunities including a business combination with Polomar pursuant to the Merger Agreement or possibly another third-party. However, there is no guarantee the Company will raise sufficient capital to continue operations. The condensed unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE 3 - OTHER
Recent accounting pronouncements
Company management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
NOTE 4 – RELATED PARTY TRANSACTIONS
Due to related party
During the six months ended June 30, 2024, the Company borrowed $80,171 from a shareholder for payment of operating expenses. The advances have 0% interest and are due upon demand. As of June 30, 2024, and December 31, 2023, the Company had amounts due to related party of $80,171 and $0 respectively.
NOTE 5 – STOCKHOLDERS’ DEFICIT
The Company is authorized to issue 295,000,000 shares of common stock with a par value of $0.001 as of June 30, 2024, and December 31, 2023. On November 4, 2023, Trustfeed reduced its authorized shares of common stock from 1,000,000,000 shares to 295,000,000 shares. On June 3, 2023, the Board authorized the execution of a reverse split of the issued and outstanding shares of the Company’s common stock at a ratio of up to one post-split share per two thousand pre-split shares (1:2,000) at a time and exact ratio amount the Board deems appropriate. On March 2, 2023, FINRA approved a 1-for-2,000 reverse stock split of the Company’s common stock that was approved by the Board. The Company had 109,138,049 and 109,138,049 issued and outstanding shares of common stock as of June 30, 2024, and December 31, 2023, respectively. The net loss per share is ($0.00) as of June 30, 2024, and ($0.00) as of June 30, 2023.
The Company also has 500,000 authorized shares of preferred stock with a par value of $0.001 of which the Company has designated 500,000 shares as Series A Preferred Stock as of June 30, 2024 and December 31, 2023. On November 4, 2023, Trustfeed reduced its authorized shares of preferred stock, par value $0.001 per share, from 50,000,000 shares to 500,000 shares. Each share of Series A Preferred Stock is convertible, at any time, at the option of the holder into fully paid and non-assessable shares of common stock at the rate of 20 shares of common stock for each share held. In addition, the holders of the Series A Preferred shares have voting rights equal to 20 votes for each Preferred share held. As of June 30, 2024 and December 31, 2023, 500,000 and 500,000 shares of Series A Preferred stock are authorized, issued and outstanding. The Company expects that the Series A Preferred Stock will be converted into 10,000,000 shares of common stock, which is a closing condition to the Merger Agreement.
On November 4, 2023, Trustfeed filed Certificates of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following the transaction, the only designated and outstanding shares of preferred. stock are the company’s Series A Preferred Stock. No shares of Series B Preferred stock or Series C Preferred Stock are authorized, issued and outstanding.
NOTE 6 – SUBSEQUENT EVENTS
On July 11, 2024, a holder representing 84.3% of the voting capital stock, voting as a single class, of the Company and the Board by written consent in lieu of a meeting, approved the following corporate actions:
| 1. | To authorize and approve an amendment to the Company’s Articles of Incorporation, as amended (the “Existing Articles”), to effect a change of name from “Trustfeed Corp.” to “Polomar Health Services, Inc.” |
| 2. | To authorize and approve an amendment to the Existing Articles to effect an increase in the number of authorized shares of the Company’s “blank check” preferred stock to 5,000,000. |
| 3. | To authorize, but not require, an amendment to the Existing Articles, to effect a reverse stock split (the “Reverse Stock Split”) with a ratio of 1-for-10. |
| 4. | To adopt the Company’s Certificate of Amendment to the Existing Articles, which makes no material changes to the Company’s Existing Articles other than incorporating the amendments described in Actions (1), (2) and (3) above. |
| 5. | To adopt the Company’s 2024 Equity and Incentive Compensation Plan. |
On July 17, 2024, in furtherance of the above proposed corporate actions, the Company caused to be filed with the SEC a Preliminary Information Statement onSchedule 14C, as amended and filed with the SEC on July 25, 2024. The definitive Information Statement on Schedule 14C was filed with the SEC on August 1, 2024, and was mailed to all know beneficial shareholders and shareholders of record on August 8, 2024. The proposed corporate actions are expected to be implemented by the Company as soon as practicable after the 20-calendar day waiting period after mailing of the Information Statement.
Effective on July 18, 2024, Gabriel Del Virginia was appointed as a director to fill a vacancy on the Board, to serve as director until the next annual meeting of stockholders of the Company, subject to his prior resignation or removal, and until his successor is duly elected and qualified.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements
This quarterly report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plans and objectives for our future operations. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” and the risks set out below, any of which may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. These risks include, by way of example and not in limitation:
| ● | the uncertainty of profitability based upon our history of losses; |
| ● | legislative or regulatory changes concerning platforms with data about companies; |
| ● | risks related to failure to obtain adequate financing on a timely basis and on acceptable terms to continue as going concern; |
| ● | risks related to our operations and uncertainties related to our business plan and business strategy; |
| ● | changes in economic conditions; |
| ● | uncertainty with respect to intellectual property rights, protecting those rights and claims of infringement of other’s intellectual property; |
| ● | competition; and |
| ● | cybersecurity concerns. |
This list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully, including those contained in our Registration Statement on Form 10 and our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in each case under “Risk Factors,” and readers should not place undue reliance on our forward-looking statements. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.
Company Overview
We were incorporated in the State of Nevada on September 14, 2000, under the name of Telemax Communications. On or about July 24, 2003, the name was changed to HealthMed Services, Ltd. The Company had no operations and in accordance with Accounting Standards Codification (ASC) Topic 915 was considered to be in the development stage.
On April 16, 2021, Fastbase, Inc., a Nevada corporation (“Fastbase”), and SCI Inc. entered into a Share Purchase Agreement with Mr. James Shipley, the owner 50,000,000 shares of Series A Convertible Preferred Stock in Trustfeed Corp., for the purchase of 4,750,000 shares of Series A Convertible Preferred Stock for cash consideration of $108,200 USD. Mr. Shipley agreed to cancel 45,000,000 shares in the process. The transaction closed on April 21, 2021.
On the same date, Mr. Shipley, the Company’s then majority shareholder, officer and director, resigned as President, Secretary, Treasurer, and Director of the Company at which time Rasmus Refer, the CEO of Fastbase, Inc., was appointed to these positions.
On September 14, 2021, Trustfeed Corp. entered into a Contribution Agreement (the “Contribution Agreement”) with Fastbase for the acquisition of certain assets of Fastbase in exchange for shares of super voting preferred stock in the Company. The assets were associated with Fastbase’s review platform giving access to value information about products, which includes proprietary software to crawl, organize, verify, with A.I. rendering, algorithms to do data mining, and an A.I. rendering database of companies, websites, contacts and approximately 500,000 products descriptions. The Company paid for the assets contributed by issuing to Fastbase 45,000,000 shares of the Company’s Series A Convertible Preferred Stock. As a result of these transactions, there was a change in control of the Company and Fastbase acquired voting control over all aspects of the Company, including the election of directors, and other corporate actions of the Company that require shareholder approval.
On September 2, 2022, Trustfeed Corp. conducted a reverse split in which each shareholder was issued one common share in exchange for every two thousand common shares of their then-currently issued common stock. On the market effective date of the reverse split, September 2, 2022, there were a total of 266,157 issued and outstanding shares of common stock. In addition to the reverse split, the Company changed its name to Trustfeed Corp.
On October 26, 2022, Fastbase requested that the board of directors cancel and return to unissued capital stock, the remaining shares of its Series A Convertible Preferred Stock, such that it would hold 500,000 shares of Series A Convertible Preferred Stock after the transaction. On November 4, 2022, Trustfeed cancelled all outstanding shares of Series A Preferred Stock, save 500,000 shares of Series A Convertible Preferred Stock which were outstanding and then held by Fastbase.
Also on November 4, 2022:
| ● | Trustfeed reduced its authorized shares of common stock, par value $0.001 per share, from 1,000,000,000 shares to 295,000,000 shares. Trustfeed also reduced the authorized shares of preferred stock, par value $0.001 per share, from 75,000,000 shares to 500,000 shares. As of November 4, 2022, Trustfeed had authorized 295,000,000 shares of common stock and 500,000 shares of preferred stock, each with par value of $0.001 per share. |
| | |
| ● | Trustfeed amended and restated its Certificate of Designation for the Series A Preferred Stock to reduce the number of authorized shares of preferred stock designated and available from 50,000,000 shares to 500,000 shares, with the same conversion ratio of 20 shares of common stock for every share of Series A Preferred Stock. |
| | |
| ● | Trustfeed filed Certificates of Withdrawal in Nevada to withdraw the Certificates of Designation for Series B Preferred Stock and Series C Preferred Stock. Following the transaction, the only designated and outstanding shares of preferred stock are the Company’s Series A Preferred Stock. |
Historically, Trustfeed was in the business of acquiring, leasing, and licensing growers for the cultivation and production (processing and distribution of cannabis and cannabis-related products within an incubator environment). The Company was also in the business of renewable fresh water and real estate. As a result of the change in ownership of the Company in 2021 by Fastbase, the Company became a technology company with access to a global database of information to provide consumers with trusted information about the companies they do business with (the “Pre-Existing Business”).
However, effective as of December 29, 2023 in accordance with a Stock Purchase Agreement, Fastbase, the then record and beneficial owner of (i) 90,437,591 shares of Common Stock of the Company, representing approximately 83% of the Company’s issued and outstanding Common Stock (the “Common Shares”), and (ii) 500,000 shares of the Series A Convertible Preferred Stock, par value $.001 per share, of the Company, representing 100% of the Company’s issued and outstanding shares of Preferred Stock (the “Preferred Shares” and, with the Common Shares, the “Transferred Shares”), sold the Transferred Shares to CWR 1, LLC, a Delaware limited liability Company (“CWR”) for aggregate consideration of $350,000 (collectively referred to as the “Transaction”). Additionally, Rasmus Refer, the Company’s then Chief Executive Officer (principal executive officer, principal accounting officer and principal financial officer) and Chairman and sole member of the Company’s Board of Directors (the “Board”), resigned from all director (as of February 12, 2024), officer and employment positions with the Company and its subsidiaries.
Also as of December 29, 2023, the size of the Board was increased from one director to two directors and Brett Rosen was appointed as a director to fill the vacancy, to serve as director until the next annual meeting of stockholders of the Company, subject to his prior resignation or removal, and until his successor is duly elected and qualified, and Mr. Rosen was appointed President, Chief Financial Officer, Secretary and Treasurer of the Company.
Upon the consummation of the Transaction on December 29, 2023, the Company experienced a change in control. The Transaction and related transactions had the following consequences:
| ● | New management anticipates entering into a future transaction involving the Company, which could result in the acquisition of one or more businesses, companies or asset classes, including but not limited to intellectual property assets and that may currently be owned by affiliates of management. |
| | |
| ● | The Company’s new management will be evaluating the Company’s Pre-Existing Business as part of these possible future transactions, and in the meantime, has suspended our operations relating to the Pre-Existing Business, with the expectation of permanently shutting down, spinning off or assigning the Pre-Existing Business at the time of such future transaction(s). |
Effective as of March 21, 2024, Brett Rosen resigned from all of his officer and director positions with the Company, and he was replaced in all such positions by Terrence M. Tierney.
Proposed Polomar Merger
On June 28, 2024, the Company, Polomar Acquisition, L.L.C., a Florida limited liability company, and wholly owned subsidiary of the Company (“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into Polomar, with Polomar continuing as the surviving company and a wholly owned subsidiary of the Company (the “Merger”).
At the effective time of the Merger, each 1% of the outstanding membership interest of Polomar will be automatically converted into the right to receive 357,414.14 shares of Company common stock, assuming the Reverse Stock Split (as defined in Note 6 to the financial statements included elsewhere in this Quarterly Report on Form 10-Q). No fractional shares of Company common stock will be issued in the Merger. Following the consummation of the Merger, former members of Polomar are expected to own an aggregate of 75% of the Company and current stockholders of the Company are expected to own an aggregate of 25% of the Company. Notwithstanding the foregoing, the Merger Agreement provides that CWR 1, LLC, the Company’s majority owner with an 83.3% beneficial ownership stake in the Company, shall convert its Company Series A Convertible Preferred Stock into Company common stock, and return for cancellation such number of shares of the Company’s common stock so that, subsequent to the Merger, the Company shall have a public float of at least 10% of the Company’s issued and outstanding shares of common stock. An affiliate of CWR 1, LLC owns a majority of the membership interests of Polomar.
The Board and the managers and members of Polomar unanimously approved the Merger Agreement and the transactions contemplated thereby.
It is the intention of the Company to change its name to Polomar Health Services, Inc. and change its trading symbol to more appropriately reflect the name change.
License Agreement
On June 29, 2024, the Company executed a Know How and Patent License Agreement (the “Agreement”) with Pinata Holdings, Inc., a Delaware corporation (“Pinata”), to license from Pinata certain patent pending intellectual property rights and know how (the “IP Rights”) regarding the proprietary delivery of products containing metformin, sumatriptan, semaglutide, liraglutide and sildenafil (the “Ingredients”). The license is worldwide, non-exclusive and non-transferable but may be sub-licensed pursuant to the terms of the Agreement.
The Company shall be obligated to pay a royalty to Pinata ranging from ten percent (10%) to twenty percent (20%) of the net sales from products utilizing the IP Rights containing the Ingredients.
The Agreement has a perpetual term, subject to the right of either party to terminate (a) if the other party commits a material breach of its obligations under the Agreement and fails to cure such breach and (b) at any time upon 180 days prior written notice to the other party.
It is the Company’s intention to utilize the IP Rights in products expected to be manufactured and distributed by it subsequent to its planned acquisition of Polomar, pursuant to the Merger.
The foregoing summary of the Agreement and the IP Rights does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Pinata is an affiliate of CWR 1, LLC, the Company’s majority shareholder, through common ownership.
Results of Operations for the Three and Six Months Ended June 30, 2024, and June 30, 2023
Revenues
The Company had no revenues for the three and six months ended June 30, 2024, and June 30, 2023. The Company does not expect to have significant revenues until it either re-institutes its suspended legacy business or is able to raise sufficient capital after acquiring Polomar or other third-party.
Operating Expenses
Operating expenses, which consisted entirely of general and administrative expenses, decreased to $20,116 for the three months ended June 30, 2024, from $90,958 for the three months ended June 30, 2023, a 78% decrease, and to $89,140 for the six months ended June 30, 2024, from $180,794 for the same period ended June 30, 2023, a 51% decrease from the period ended June 30, 2023.
Our operating expenses for the six months ended June 30, 2024, consisted mainly of accounting and SEC filing fees of $68,066 and consulting fees of $15,000. In comparison, our operating expenses for the six months ended June 30, 2023, consisted mainly of programming fees of $69,791, relating to our legacy business since suspended, and consulting fees of $50,857.
Net Loss
We recorded a net loss of $20,116 and $89,140 for the three and six months ended June 30, 2024, respectively, as compared with a net loss of $90,958 and $180,764 for the three and six months ended June 30, 2023, respectively, in all cases as a result of the expenses incurred and lack of revenues during the periods, as described further above.
Liquidity and Capital Resources
As of June 30, 2024, we had total current assets of $294 and total current liabilities of $102,973. We had working capital of $(102,679) as of June 30, 2024, as compared with $(13,539) as of December 31, 2023.
Net cash used by operating activities was $50 for the six months ended June 30, 2024, as compared with $244,449 cash used for the six months ended June 30, 2023. Our negative operating cash flow for the six months ended June 30, 2023, was a result of our net losses, as adjusted to reconcile net loss to net cash provided by operating activities.
Financing activities provided $80,171 in cash for six months ended June 30, 2024, as compared with ($33,151) for the six months ended June 30, 2023. Our financing cash flow for 2024 mainly consisted of proceeds from related party debt and for 2023 it consisted of proceeds from the issuance of common stock.
We currently do not have sufficient cash to fund our operations for the next 12 months and we require working capital for ongoing operating expenses, which has been funded during the six-month period ended June 30, 2024, by related party loans. We anticipate adding consultants or employees for the corresponding operations of the Company, but this will not occur prior to obtaining additional capital.
Management is currently in the process of looking for additional investors. Currently, loans from banks or other lending sources for lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital to fund operations through related party debt or through the issuance of our restricted common stock. As of June 30, 2024, we have an accumulated deficit of $1,487,473. We may not be able to continue as a going concern.
Going Concern
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability to generate revenues and raise capital. The Company has not generated any revenues to provide sufficient cash flows to enable the Company to finance its operations internally. As of June 30, 2024, the Company had $294 cash on hand and had an accumulated deficit of $1,487,473. For the six months ended June 30, 2024, the Company had a net loss of $89,140 and net cash used in operating activities of $80,121. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing.
Over the next twelve months management plans to raise additional capital and to invest its working capital resources in other potential business opportunities including a business combination with Polomar pursuant to the Merger Agreement or possibly another third-party. However, there is no guarantee the Company will raise sufficient capital to continue operations. The condensed unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
A smaller reporting company is not required to provide the information required by this Item.
Item 4. Controls and Procedures Disclosure Controls and Procedures
We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2023. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.
A material weakness is a deficiency, or a 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. Management has identified the following material weaknesses which have caused management to conclude that, as of June 30, 2024, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the six months ended June 30, 2024, that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.
Item 1A. Risk Factors
See risk factors included in our Annual Report on Form 10-K filed on April 15, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the six months ended June 30, 2024, no director or officer, as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
Exhibit Number Description of Exhibit
2.1 | Contribution Agreement, dated September 14, 2021 (3) |
2.2 | Agreement and Plan of Merger and Reorganization, dated June 28, 2024 (4) |
3.1 | Articles of Incorporation, dated September 14, 2000 (1) |
3.2 | Certificate of Amendment, dated July 24, 2003 (1) |
3.3 | Certificate of Change, dated April 27, 2010 (2) |
3.4 | Certificate of Amendment, dated May 3, 2011 (3) |
3.5 | Certificate of Amendment, dated March 6, 2019 (3) |
3.6 | Certificate of Amendment, September 23, 2021 (3) |
3.7 | Certificate of Change, September 23, 2021 (3) |
3.8 | Bylaws (1) |
4.1 | Certificate of Amendment, dated November 7, 2022 (3) |
4.2 | Amended and Restated Certificate of Designation for Series A Preferred Stock, dated November 7, 2022 (3) |
4.3 | Certificate of Withdrawal for Series B Preferred Stock, dated November 7, 2022 (3) |
4.4 | Certificate of Withdrawal for Series C Preferred Stock, dated November 7, 2022 (3) |
31.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | Inline XBRL Instance - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | Inline XBRL Taxonomy Extension Schema. |
101.CAL | Inline XBRL Taxonomy Extension Calculation. |
101.DEF | Inline XBRL Taxonomy Extension Definition. |
101.LAB | Inline XBRL Taxonomy Extension Labels. |
101.PRE | Inline XBRL Taxonomy Extension Presentation. |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| (1) | Incorporated by reference to Registration Statement on Form S-1 filed July 21, 2008 |
| (2) | Incorporated by reference to the Registration Statement on 8-K filed with the Securities and Exchange Commission on June 10, 2010 |
| (3) | Incorporated by reference to Registration Statement on Form 10 filed May 31, 2023 |
| (4) | Incorporated by reference to the Current Report on Form 8-K filed July 2, 2024 |
| (5) | Incorporated by reference to the Current Report on Form 8-K filed July 5, 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Trustfeed Corp. | |
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Date: | August 14, 2024 | |
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By: | /s/ Terrence M. Tierney | |
| Terrence M. Tierney | |
Title: | Interim President, Interim Chief Financial Officer and Director | |
| (Principal Executive Officer, Principal Accounting Officer and Principal Financial Officer) | |