Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Document And Entity Information | ||
Entity Central Index Key | 0001444839 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 000-53505 | |
Entity Registrant Name | BRAVO MULTINATIONAL INCORPORATED | |
Entity Incorporation State or Country Code | WY | |
Entity Tax Identification Number | 85-4068651 | |
Entity Address, Address Line One | 2020 General Booth Blvd., Unit 230 | |
Entity Address, City or Town | Virginia Beach | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23454 | |
City Area Code | 757 | |
Local Phone Number | 306-6090 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock Par Value $0.0001 | |
Trading Symbol | BRVO | |
Name of Exchange on which Security is Registered | NONE | |
Entity Common Stock, Shares Outstanding | 47,641,010 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 6,153 | $ 6,273 |
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 | 120 | |
Total current assets | 6,273 | 6,273 |
Total Assets | 6,273 | 6,273 |
Liabilities | ||
Accounts Payable and Accrued Expenses | 105,727 | 100,232 |
Customer Deposits | 35,800 | 35,800 |
Due to Related Parties | 114,150 | 92,714 |
Notes payable | 9,490 | 9,490 |
Accrued Board of Directors Fees | 706,167 | 587,417 |
Total liabilities | 971,334 | 825,653 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Deficit | ||
Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized, 47,641,010 Issued and Outstanding, Respectively | 4,763 | 4,763 |
Additional Paid-In-Capital | 89,168,393 | 89,168,393 |
Accumulated deficit | (90,138,217) | (89,992,536) |
Total Stockholders' Deficit | (965,061) | (819,380) |
Total Liabilities and Stockholders' Deficit | $ 6,273 | $ 6,273 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for Doubtful Accounts | $ 42,312 | $ 42,312 |
Allowance for Notes Receivable Current | 2,725 | 2,725 |
Allowance for Notes Receivable - Related Party | $ 418,000 | $ 418,000 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 47,641,010 | 47,641,010 |
Common stock, shares outstanding | 47,641,010 | 47,641,010 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Expenses | ||
General and Administrative | $ 2,611 | $ 3,779 |
Consulting - Related Party | 12,000,000 | |
Professional Fees | 24,233 | 26,459 |
Board of Directors Fees | 118,750 | 48,079,167 |
Total Expenses | 145,594 | 60,109,405 |
Loss from Operations | 145,594 | 60,109,405 |
Other (Income) and Expense | ||
Interest Expense | 87 | 87 |
Gain on Stock Payable Conversion | (8,795) | |
Total Other (Income) and Expense | 87 | (8,708) |
Loss Before Income Taxes | 145,681 | 60,100,697 |
Income Taxes | ||
Net Loss for the Period | $ 145,681 | $ 60,100,697 |
Weighted Average Number of Common Shares - Basic and Diluted | 47,641,010 | 12,520,419 |
Net Loss for the Period Per Common Shares - Basic and Diluted | $ 0 | $ (4.80) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Loss for the Period | $ (145,681) | $ (60,100,697) |
Non-Cash Adjustments: | ||
Preferred Stock Issued for Board of Directors Fees | 48,000,000 | |
Preferred Stock Issued for Consulting Fees | 12,000,000 | |
Gain on Stock Payable Conversion | (8,795) | |
Changes in Assets and Liabilities: | ||
Prepaid Expenses | (120) | 10,000 |
Accounts Payable and Accrued Expenses | 5,495 | 2,580 |
Accrued Board of Directors Fees | 118,750 | 79,167 |
Net Cash Flows Used In Operating Activities | (21,556) | (17,745) |
Cash Flows from Investing Activities | ||
Cash Flows from Financing Activities | ||
Due to Related Parties, Net | 21,436 | 17,745 |
Net Cash Flows Provided by Financing Activities | 21,436 | 17,745 |
Net Change in Cash and Cash Equivalents | (120) | |
Cash and Cash Equivalents - Beginning of Period | 6,273 | 6,286 |
Cash and Cash Equivalents - End of Period | 6,153 | 6,286 |
Cash Paid During the Period 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 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - UNAUDITED - USD ($) | Common Stock [Member] | Preferred Stock - Preferred A [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 893 | $ 27,430,354 | $ (29,518,707) | $ (2,087,460) | |
Balance, shares at Dec. 31, 2019 | 8,929,057 | ||||
Preferred Shares Issued for Services | $ 250 | 59,999,750 | 60,000,000 | ||
Preferred Shares Issued for Services, shares | 2,500,000 | ||||
Common Stock Issued to Pay Due to Related Party | $ 13 | 34,549 | 34,562 | ||
Common Stock Issued to Pay Due to Related Party, shares | 132,932 | ||||
Common Stock Issued to Pay Stock Payable | $ 796 | 1,592,552 | 1,593,348 | ||
Common Stock Issued to Pay Stock Payable, shares | 7,963,802 | ||||
Net Loss for the Period | (60,100,697) | (60,100,697) | |||
Balance at Mar. 31, 2020 | $ 1,702 | $ 250 | 89,057,205 | (89,619,404) | (560,247) |
Balance, shares at Mar. 31, 2020 | 17,025,791 | 2,500,000 | |||
Balance at Dec. 31, 2020 | $ 4,763 | 89,168,393 | (89,992,536) | (819,380) | |
Balance, shares at Dec. 31, 2020 | 47,641,010 | ||||
Net Loss for the Period | (145,681) | (145,681) | |||
Balance at Mar. 31, 2021 | $ 4,763 | $ 89,168,393 | $ (90,138,217) | $ (965,061) | |
Balance, shares at Mar. 31, 2021 | 47,641,010 |
Organization & Description of B
Organization & Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization & Description of Business | NOTE 1 – Organization & Description of Business Bravo Multinational Corporation (the “Company,” “we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp. On August 7, 2007, the Company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated. On March 22, 2016, the board of directors of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance with all regulatory requirements mandated by FINRA. Further, as a result of the change of the company’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,” and the company’s CUSIP identifier be changed to a newly issued number. FINRA granted its approval of the change of the company’s name on April 6, 2016. As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO” and the CUSIP identifier was changed to 10568F109. On August 3, 2020, the Board of Directors agreed in changing the Company's incorporation from Delaware to Wyoming. On September 25, 2020, the Company merged into its wholly owned subsidiary Bravo Multinational (Wyoming) to achieve the change in state incorporation. 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 in the business of buying and reselling gaming equipment. The Company also buys machines for its own use that are placed in casinos or gaming areas to obtain monthly revenue streams from the machines’ net win revenue. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2020, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim financial statements as of March 31, 2021 and 2020, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report"), filed with the Securities and Exchange Commission (the "SEC"). It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statement presentation. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results of operations expected for the year ending December 31, 2021. -7- Index NOTE 2 – Summary of Significant Accounting Policies - continued Principles of Consolidation The condensed consolidated financial statements include the accounts of Bravo Multinational Incorporated, and its wholly owned subsidiary, Universal Entertainment SAS, Ltd., (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's condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). 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. 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. -8- Index NOTE 2 – Summary of Significant Accounting Policies - continued Fair Value Measurements The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value. We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring basis. Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers 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 three months ended March 31, 2021 and 2020 because conditions in Nicaragua have not changed and discontinued operations in Nicaragua. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | 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. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
GOING CONCERN [Abstract] | |
Going Concern | NOTE 4 – Going Concern The Company's condensed 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 is an accumulated deficit at March 31, 2021. While the Company is attempting to continue operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 5 – Accounts Receivable Accounts receivable consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 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. The Allowance for Doubtful Accounts in the amount of $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 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. |
Notes Receivable - Related Part
Notes Receivable - Related Parties | 3 Months Ended |
Mar. 31, 2021 | |
Officers, Directors, and Consultants [Member] | |
Notes Receivable - Related Parties | NOTE 6 – Notes Receivable – Related Parties Notes receivable related parties consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 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, 2017. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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’s former chief executive officer, for a total of $770,000. The sales were financed by a notes receivable in the amount of $342,000. Due to uncertainty of repayment, the notes receivable of $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’ note payable from the Company in the amount of $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. The sale reduced the note payable to Mr. Brooks in the amount of $209,000. The sale was also financed by a note receivable in the amount of $76,000. Due to uncertainty of repayment, the note receivable of $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) current directors, one (1) former director. Amounts due were $114,150 and $92,714 at March 31, 2021 and December 31, 2020, respectively. 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. For each of the three months ended March 31, 2021 and 2020 the Company paid press release wire services in the amount of $-0-. The Company also currently operates out of the Yes International Inc., offices at no cost. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 8 – Notes Payable Notes Payable consists of the following unsecured notes: March 31, 2021 December 31, 2020 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 each of the three months ended March 31, 2021 and 2020 was $87. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | NOTE 9 – 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. 10,000,000 of these blank check preferred shares have been separately allocated to Series A Preferred leaving 40,000,000 blank check preferred authorized. 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. 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. 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. At March 31, 2021 and December 31, 2020 there were -0- shares issued and outstanding. 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. During the three months ended March 31, 2020 the Company issued 132,932 shares of common stock to pay $28,580 due to a related party. The shares value was based on 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 three months ended March 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. 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. Stock Compensation Plan On March 15, 2018, the Company resolved to adopt the Employees, Officers, Directors and Consultants Stock Plan for the Year 2018. The purpose of this Plan is to enable the Company, to promote the interests of the company and its stockholders by attracting and retaining employees, officers, directors and consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the company’s stockholders, by paying their retainers or fees in the form of shares of the Company’s common stock. The Plan shall expire on March 15, 2028. As of March 31, 2021, no shares had been issued from this plan. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – 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 three months ended March 31, 2021 and 2020 was $-0-. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 - Subsequent Events 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. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2020, has been derived from audited financial statements and the accompanying unaudited condensed consolidated interim financial statements as of March 31, 2021 and 2020, have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related footnotes included in our Annual report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report"), filed with the Securities and Exchange Commission (the "SEC"). It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statement presentation. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results of operations expected for the year ending December 31, 2021. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Bravo Multinational Incorporated, and its wholly owned subsidiary, Universal Entertainment SAS, Ltd., (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 | Method of Accounting The Company's condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
Use of Estimates | 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. |
Cash and Cash Equivalents | 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 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 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 | 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. |
Fair Value Measurements | Fair Value Measurements The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts payable, accrued liabilities, and notes payable approximate fair value. We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The carrying amounts of accounts receivable, inventory, notes payable, accounts payable, accrued liabilities approximate fair value given their short-term nature or effective interest rates. We measure certain financial instruments at fair value on a recurring basis. |
Revenue Recognition | Revenue Recognition Beginning January 1, 2018, the Company implemented ASC 606, Revenue from Contracts with Customers 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 three months ended March 31, 2021 and 2020 because conditions in Nicaragua have not changed and discontinued operations in Nicaragua. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Accounts Receivable $ 42,312 $ 42,312 Less: Allowance for Doubtful Accounts ( 42,312 ) (42,312 ) Net Accounts Receivable $ — $ — |
Notes Receivable - Related Pa_2
Notes Receivable - Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Officers, Directors, and Consultants [Member] | |
Schedule of Notes Receivable Related Parties | Notes receivable related parties consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 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 $ — $ — |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Notes | Notes Payable consists of the following unsecured notes: March 31, 2021 December 31, 2020 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 |
Accounts Receivable (Schedule o
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts Receivable | $ 42,312 | $ 42,312 |
Less: Allowance for Doubtful Accounts | (42,312) | (42,312) |
Net Accounts Receivable |
Notes Receivable - Related Pa_3
Notes Receivable - Related Parties (Schedule of Notes Receivable Related Parties) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total Notes Receivable | $ 418,000 | $ 418,000 |
Less: Allowance for Doubtful Accounts | (418,000) | (418,000) |
Net Notes Receivable - Related Parties | ||
Investcom [Member] | ||
Related Party Transaction [Line Items] | ||
Total Notes Receivable | 342,000 | 342,000 |
Rentcom [Member] | ||
Related Party Transaction [Line Items] | ||
Total Notes Receivable | $ 76,000 | $ 76,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Shares issue | 0 | 0 | ||
Preferred stock voting rights description | 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. | |||
Consulting Contract [Member] | ||||
Related Party Transaction [Line Items] | ||||
Term of contract | 3 years | |||
Shares issue | 500,000 | |||
Shares issue value | $ 12,000,000 | |||
Price per share | $ 0.24 | |||
Preferred stock voting rights description | preferred stock can be converted into 100 shares of common stock and has dividend and voting rights as though converted into common stock. | |||
Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | $ 770,000 | |||
Proceeds from note payable | 76,000 | |||
Financing receivable, sale | 342,000 | |||
Bad debt | 342,000 | |||
Mr. Doug Brooks [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | 525,000 | |||
Proceeds from note payable | 209,000 | |||
Financing receivable, sale | 76,000 | |||
Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 114,150 | $ 92,714 | ||
Bad debt | $ 76,000 | |||
Richard Kaiser [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of press release wire services | $ 0 | $ 0 |
Notes Payable (Schedule of Unse
Notes Payable (Schedule of Unsecured Notes) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total Notes Payable | $ 9,490 | $ 9,490 | |
Interest Expense | 87 | $ 87 | |
Al Yee [Member] | |||
Debt Instrument [Line Items] | |||
Total Notes Payable | $ 5,000 | 5,000 | |
Accrued interest rate | 7.00% | ||
Debt maturity date | Jan. 31, 2017 | ||
Michael Walkil [Member] | |||
Debt Instrument [Line Items] | |||
Total Notes Payable | $ 4,490 | $ 4,490 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | Dec. 07, 2020 | Feb. 04, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 09, 2020 | Dec. 31, 2017 | Jan. 16, 2017 |
Preferred stock, shares authorized | 40,000,000 | 5,000,000 | 50,000,000 | |||||
Preferred stock voting rights description | 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. | |||||||
Reverse stock split | 1:300 | |||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||
Shares authorized | 1,050,000,000 | |||||||
Amount due to related party | $ 28,580 | |||||||
Loss on loan conversion | 5,982 | |||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, par value per share | 0.0001 | |||||||
Stock issue to pay stock payable | 1,593,348 | |||||||
Net gain on conversion | $ 14,778 | |||||||
Common Stock [Member] | ||||||||
Stock issue to pay to related party | 132,932 | |||||||
Price per share | $ 0.26 | |||||||
Stock issue to pay stock payable | $ 7,963,802 | |||||||
Stock payable amount | $ 1,608,126 | |||||||
Common Stock [Member] | Minimum [Member] | ||||||||
Price per share | $ 0.08 | |||||||
Common Stock [Member] | Maximum [Member] | ||||||||
Price per share | $ 0.26 | |||||||
Series A Preferred Stock [Member] | ||||||||
Preferred stock, shares authorized | 10,000,000 | |||||||
Preferred Stock, par value per share | $ 0.0001 | |||||||
Series A Preferred Stock [Member] | Two Board Members [Member] | ||||||||
Preferred stock voting rights description | preferred stock can be converted into 100 shares of common stock and has dividend and voting rights as though converted into common stock. | |||||||
Retirement of preferred shares in exchange for common shares | 2,500,000 | |||||||
Issue of common stock in exchange | 30,000,000 | |||||||
Preferred stock, shares issued | 2,500,000 | |||||||
Preferred stock, value | $ 60,000,000 | |||||||
Price per share | $ 0.24 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent Expense | $ 0 | $ 0 |