Vemanti (VMNT) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Cover [Abstract]
Entity Registrant Name	VEMANTI GROUP, INC.
Entity Central Index Key	0001605057
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		70,304,086
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	46-5317552
Entity Address Address Line 1	7545 Irvine Center Dr.
Entity Address Address Line 2	Ste 200
Entity Address City Or Town	Irvine
Entity Address State Or Province	CA
Entity Address Postal Zip Code	92618
City Area Code	949
Local Phone Number	559-7200

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash	$ 427,805	$ 243,494
Accounts receivable	1,109	1,224
Due from Fvndit, Inc.	25,142	24,498
Digital assets	6,107	0
Total current assets	460,163	269,216
Equipment, net	817	1,373
Other assets	296,405	298,056
TOTAL ASSETS	757,385	568,645
Current Liabilities:
Accounts payable	14,340	1,077
Deferred revenues	0	613
Accrued expenses	420,300	0
Total current liabilities	434,640	1,690
Long-term Liabilities:
Loan from stockholder	125,000	0
TOTAL LIABILITIES	559,640	1,690
STOCKHOLDERS' EQUITY:
Preferred stock, $0.0001 par value, 50,000,000 shares authorized; 40,000,000 shares issued and outstanding	4,000	4,000
Common stock, $0.0001 par value, 500,000,000 shares authorized; 69,914,086 and 68,984,086 shares issued and outstanding as of September 30, 2021, and December 31, 2020, respectively	6,991	6,898
Additional paid-in capital	2,937,802	2,215,020
Accumulated deficit	(2,751,048)	(1,658,963)
Total stockholders' equity	197,745	566,955
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 757,385	$ 568,645

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders' Deficit
Preferred stock, shares par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	40,000,000	40,000,000
Preferred stock, shares outstanding	40,000,000	40,000,000
Common stock, shares par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	69,914,086	68,984,086
Common stock, shares outstanding	69,914,086	68,984,086

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Sales	$ 37,112	$ 39,507	$ 111,039	$ 126,816
Cost of sales	5,804	9,012	16,256	30,486
Gross margin	31,308	30,495	94,783	96,330
Operating expenses:
General and administrative expenses	607,207	27,551	1,177,954	157,043
Total operating expenses	607,207	27,551	1,177,954	157,043
Income (loss) from operations	(575,899)	2,944	(1,083,171)	(60,713)
Other income (expense):
Interest income	0	2,130		12,626
Other income (expense)	0	5,086	(1,750)	5,086
Unrealized loss	0	(13,025)	(1,651)	(5,176)
Impairment of digital assets	(1,068)	0	(3,893)	0
Total other income (expense)	(1,068)	(5,809)	(7,294)	12,536
Loss before provision for income taxes	(576,967)	(2,865)	(1,090,465)	(48,177)
Provision (credit) for income taxes	820	4,989	1,620	(17)
Net loss	$ (577,787)	$ (7,854)	$ (1,092,085)	$ (48,160)
Loss per share:
Basic	$ 0	$ 0	$ 0	$ 0
Diluted	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding:
A Basic	69,844,086	68,984,086	69,513,976	68,984,086
B Diluted	69,844,086	68,984,086	69,513,976	68,984,086

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2019		40,000,000	68,984,086
Balance, amount at Dec. 31, 2019	$ 643,831	$ 4,000	$ 6,898	$ 2,215,020	$ (1,582,087)
Net loss	(34,071)	$ 0	$ 0	0	(34,071)
Balance, shares at Mar. 31, 2020		40,000,000	68,984,086
Balance, amount at Mar. 31, 2020	609,760	$ 4,000	$ 6,898	2,215,020	(1,616,158)
Balance, shares at Dec. 31, 2019		40,000,000	68,984,086
Balance, amount at Dec. 31, 2019	643,831	$ 4,000	$ 6,898	2,215,020	(1,582,087)
Net loss	(48,160)
Balance, shares at Sep. 30, 2020		40,000,000	68,984,086
Balance, amount at Sep. 30, 2020	605,051	$ 4,000	$ 6,898	2,215,020	(1,620,867)
Balance, shares at Mar. 31, 2020		40,000,000	68,984,086
Balance, amount at Mar. 31, 2020	609,760	$ 4,000	$ 6,898	2,215,020	(1,616,158)
Net loss	3,145	$ 0	$ 0	0	3,145
Balance, shares at Jun. 30, 2020		40,000,000	68,984,086
Balance, amount at Jun. 30, 2020	612,905	$ 4,000	$ 6,898	2,215,020	(1,613,013)
Net loss	(7,854)	$ 0			(7,854)
Balance, shares at Sep. 30, 2020		40,000,000	68,984,086
Balance, amount at Sep. 30, 2020	605,051	$ 4,000	$ 6,898	2,215,020	(1,620,867)
Balance, shares at Dec. 31, 2020		40,000,000	68,984,086
Balance, amount at Dec. 31, 2020	566,955	$ 4,000	$ 6,898	2,215,020	(1,658,963)
Net loss	(69,967)	0	$ 0	0	(69,967)
Stock issued for cash, shares			380,000
Stock issued for cash, amount	265,000	$ 0	$ 38	264,962	0
Balance, shares at Mar. 31, 2021		40,000,000	69,364,086
Balance, amount at Mar. 31, 2021	761,988	$ 4,000	$ 6,936	2,479,982	(1,728,930)
Balance, shares at Dec. 31, 2020		40,000,000	68,984,086
Balance, amount at Dec. 31, 2020	566,955	$ 4,000	$ 6,898	2,215,020	(1,658,963)
Net loss	(1,092,085)
Balance, shares at Sep. 30, 2021		40,000,000	69,914,086
Balance, amount at Sep. 30, 2021	197,745	$ 4,000	$ 6,991	2,937,802	(2,751,048)
Balance, shares at Mar. 31, 2021		40,000,000	69,364,086
Balance, amount at Mar. 31, 2021	761,988	$ 4,000	$ 6,936	2,479,982	(1,728,930)
Net loss	(444,331)	0	$ 0	0	(444,331)
Stock issued for cash, shares			175,000
Stock issued for cash, amount	150,000	0	$ 18	149,982	0
Stock issued for professional services, shares			150,000
Stock issued for professional services, amount	151,500	$ 0	$ 15	151,485	0
Balance, shares at Jun. 30, 2021		40,000,000	69,689,086
Balance, amount at Jun. 30, 2021	619,157	$ 4,000	$ 6,969	2,781,449	(2,173,261)
Net loss	(577,787)	0	$ 0	0	(577,787)
Stock issued for professional services, shares			225,000
Stock issued for professional services, amount	156,375	$ 0	$ 22	156,353	0
Balance, shares at Sep. 30, 2021		40,000,000	69,914,086
Balance, amount at Sep. 30, 2021	$ 197,745	$ 4,000	$ 6,991	$ 2,937,802	$ (2,751,048)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (1,092,085)	$ (48,160)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	556	555
Common stock issued for consulting services	307,875	0
Unrealized (gain)/loss from investment in Fvndit	1,651	5,176
Impairment of digital asset	3,893	0
Changes in assets and liabilities:
Accounts receivable	115	(1,786)
Due from Fvndit	(644)	(5,364)
Accounts payable	13,263	(500)
Accrued expenses	420,300	1,484
Deferred revenues	(613)	0
Net cash used in operating activities	(345,689)	(48,595)
Cash flows from investing activities:
Proceeds from note receivable	0	200,000
Purchase of digital assets	(10,000)	0
Net cash provided by (used in) investing activities	(10,000)	200,000
Cash flows from financing activities:
Loan from stockholder	125,000	0
Issuance of common stock for cash	415,000	0
Net cash provided by financing activities	540,000	0
Net increase in cash	184,311	151,405
Cash, beginning of the period	243,494	118,806
Cash, end of the period	427,805	270,211
Cash paid for:
Interest	0	0
Income tax	$ 1,620	$ 800

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
NOTE 1 - Summary of Significant Accounting Policies	NOTE 1 - Summary of Significant Accounting Policies Basis of Presentation These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our General Form of Registration of Securities on Form 10, as amended, which we initially filed with the Securities and Exchange Commission (“SEC”) on April 9, 2021 and notes thereto. In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates and assumptions included in the Company’s consolidated financial statements relate to revenue recognition, allowances for doubtful accounts, valuations for deferred income taxes and recoverability of investments. Reclassification Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, VoiceStep and Vemanti Digital. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include, among others, revenue recognition, recoverability of accounts receivable, investments and deferred income taxes. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. As of September 30, 2021 and December 31, 2020, the Company had no cash equivalents. Accounts Receivable The Company regularly reviews its accounts receivable for collectability and establishes an allowance for doubtful accounts as necessary using the allowance method. The receivables are not collateralized. The Company estimates the ability to collect receivables by performing ongoing credit evaluations of its customers’ financial condition. Estimates are based on assumptions and other considerations, including payment history, credit ratings, customer financial performance, industry financial performance and aging analysis. The Company reviews its accounts receivable by aging category and to identify customers with known disputes or collection issues. In determining the allowance, the Company makes judgments about the creditworthiness of a majority of its customers based on ongoing credit evaluations. The Company also considers its historical level of credit losses and current economic trends that might impact the level of future credit losses. Accounts receivable are written-off when they are deemed uncollectible. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers The Company recognizes revenues derived from sub-leasing telecommunications infrastructure and the provision of telecommunications and colocation services. These revenues are accounted for as a single performance obligation satisfied over time because the customer simultaneously receives and consumes the benefits of the Company’s performance on a monthly basis. These arrangements stipulate monthly billing and the Company has elected the “as invoiced” practical expedient to recognize revenue as the services are consumed as the Company has the right to payment in an amount that corresponds directly with the value of performance completed to date. Taxes collected from customers and remitted to a governmental authority are reported on a net basis and are excluded from revenue. Most revenue is billed in advance on a fixed-rate basis. The remainder of revenue is billed in arrears on a transactional basis determined by customer usage. The Company often bills customers for upfront charges. These charges relate to down payments or prepayments for future services or equipment and are influenced by various business factors including how the Company and customer agree to structure the payment terms. These payments are recognized as deferred revenue until the service is provided or equipment is delivered and installed. All ongoing fees are billed and recognized as revenue on a monthly basis as service is provided. Stock-Based Compensation The Company records stock-based compensation in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation – Stock Compensation Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Basic and Diluted Earnings (Loss) Per Share Earnings (loss) per share is calculated in accordance with ASC Topic 260, Earnings Per Share Fair Value Measurements The Company applies the provisions of ASC 820-10, ”Fair Value Measurements and Disclosures.” · Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash investments, and current liabilities, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At September 30, 2021 and December 31, 2020, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value. Recent Authoritative Guidance In December 2019, the FASB issued ASU No. 2019-12 Income Taxes Simplifying the Accounting for Income Taxes

Digital Assets

Digital Assets	9 Months Ended
	Sep. 30, 2021
Digital Assets
NOTE 2 - Digital Assets	NOTE 2 – Digital Assets The following represents the change in digital assets: September 30, 2021 December 31, 2020 Cryptocurrencies Beginning balance $ - $ - Purchase of crypto currencies 10,000 - Impairment (3,893 ) - Ending balance $ 6,107 $ - The Company does not record fair value gains (losses) associated with its digital assets. Cryptocurrencies are classified as intangible assets, and the Company continuously tests these assets for impairment.

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2021
Stockholders Equity
NOTE 3 - Stockholders' Equity	NOTE 3 – Stockholders’ Equity Members’ Interest VoiceStep is governed by the terms and conditions of the Limited Liability Company Agreement (the Agreement) dated May 3, 2005, as amended on January 27, 2014. VoiceStep shall continue until terminated in accordance with the terms of the Agreement or as provided by law, including events of dissolution. VoiceStep shall be dissolved only upon any of the following events: (i) the vote of Member(s) holding a majority to the dissolution and winding up of VoiceStep, (ii) the entry of a decree of judicial dissolution of VoiceStep and (iii) at any time there are no Member(s), subject to remedy within 90 days of occurrence of termination event by the last remaining Member in writing. VoiceStep originally consisted of two Members each owning 50% of VoiceStep. On January 27, 2014, one of the members was bought out with the remaining member owning 100% of the membership interest in VoiceStep. On April 3, 2014, the remaining member exchanged his 100% interest in VoiceStep for 40,000,000 shares of Vemanti common stock. Preferred stock The Company has authorized the issuance of 50,000,000 shares of preferred stock, $0.0001 par value. At both September 30, 2021 and December 31, 2020, the Company had 40,000,000 shares of preferred stock issued and outstanding. The Articles of Incorporation were amended on May 1, 2014, designating 40,000,000 shares of authorized and issued preferred stock of the Company as “Series A Preferred Stock” with voting rights, preferences and powers such that each share of Series A Preferred Stock shall vote as a class on all issues to which shareholders of common stock have a right to vote but shall have ten (10) votes per share of Series A Preferred stock while the shares of Common Stock shall have one vote per share. There are 40,000,000 of Series A Preferred Stock outstanding. Common stock The Company has authorized the issuance of 500,000,000 shares of common stock, $0.0001 par value. At September 30, 2021 and December 31, 2020, the Company had 69,914,086 shares and 68,984,086 shares of common stock issued and outstanding, respectively. During the nine months ended September 30, 2021, the Company issued 555,000 shares of its common stock for cash of $415,000, and 375,000 shares of its common stock valued at $307,875 to consultants in exchange for professional services. Stock Incentive Plan On March 25, 2015, the Company adopted a stock incentive plan. This plan allows the Board of Directors to issue up to 5,000,000 shares of common stock to employees, directors, or consultants of the Company or its affiliates under terms determined by the Board of Directors. This plan automatically terminates ten years from its date of adoption. As of the date of this report no stock has been issued under this plan.

Investment in Fvndit, Inc. (for

Investment in Fvndit, Inc. (formerly Directus Holdings, Inc.)	9 Months Ended
	Sep. 30, 2021
Investment in Fvndit, Inc. (formerly Directus Holdings, Inc.)
NOTE 4 - Investment in Fvndit, Inc. (formerly Directus Holdings, Inc.)	NOTE 4 – Investment in Fvndit, Inc. (formerly Directus Holdings, Inc.) On November 13, 2018, the Company purchased a 20% investment in Directus Holdings, Inc., which owns eLoan, JSC (“eLoan”), a fintech company based in Vietnam, for $300,000. Half of the investment was made through a cash payment of $150,000, and the remaining half of the investment was made through the issuance of 1,252,086 shares of Vemanti Group’s common stock to the Founders of eLoan. On December 19, 2018, Directus Holdings, Inc. filed a Certificate of Amendment to Articles of Incorporation to the State of Nevada for its corporation name to be changed to Fvndit, Inc. On October 5, 2020, Fvndit issued 500,000 shares of common stock to Tan Tran, CEO and majority shareholder of Vemanti. The issuance raised the total number of Fvndit outstanding shares to 40,500,000. Mr. Tran and Vemanti together owned 8,500,000 shares or 20.99% of total Fvndit outstanding shares at that time. On March 16, 2021, Tan Tran resigned as an Officer and Director of Fvndit. On that same date, Fvndit issued 2,500,000 shares of common stock to Thomas Duc Tran (unaffiliated with Tan Tran), and appointed him as the Chairman, CEO, President, Secretary, and Treasurer of Fvndit. The issuance raised the total number of Fvndit outstanding shares to 43,000,000. As a result, Mr. Tran and Vemanti together own 19.77% of total Fvndit outstanding shares. This investment is accounted for under the cost method of accounting since March 16, 2021. As of September 30, 2021, this investment had a balance of $296,405 and is reflected in other assets on the accompanying condensed consolidated balance sheets.

Loan to Fvndit, Inc. (formerly

Loan to Fvndit, Inc. (formerly Directus Holdings, Inc.)	9 Months Ended
	Sep. 30, 2021
Loan to Fvndit, Inc. (formerly Directus Holdings, Inc.)
NOTE 5 - Loan to Fvndit, Inc. (formerly Directus Holdings, Inc.)	NOTE 5 – Loan to Fvndit, Inc. (formerly Directus Holdings, Inc.) On August 9, 2019, Vemanti entered into an agreement to lend $200,000 to Fvndit for the purpose of developing a peer-to-peer business lending platform operating in Vietnam. The annual interest rate on the loan was 10.5% payable monthly to Vemanti. On August 12, 2019, Fvndit drew down the full $200,000. The entire loan was subsequently repaid in 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions
NOTE 6 - Related Party Transactions	NOTE 6 – Related Party Transactions Since 2019, the Company has paid for some administrative expenses on behalf of Fvndit. The balance of those payments were $24,498 on December 31, 2020 and $25,142 on September 30, 2021, and are recorded as Due from Fvndit, Inc. on the accompanying condensed consolidated balance sheets. From October 2018 through March 2021, Tan Tran served as an Officer and Director of Fvndit. On October 5, 2020, Fvndit issued 500,000 shares of common stock to Tan Tran. The issuance raised the total number of Fvndit outstanding shares to 40,500,000. The Company pays the CEO for professional services and health insurance premium for his family. The total of those professional service payments were $40,000 in 2020, and no payment was made during the nine months ended September 30, 2021. The total of health insurance premium payments were $17,344 in 2020 and $11,170 for the nine months ended September 30, 2021. Such costs are reflected as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. The Company pays a member of the CEO’s family for technical services. The total of those payments were $40,000 in 2020, and $39,000 during the nine months ended September 30, 2021. Such costs are reflected as a component of general and administrative expenses on the accompanying condensed consolidated statements of operations. On August 6, 2021, the Company borrowed $125,000 from the CEO. The loan will mature and become payable 12 months from the date of signing. Interest at the rate of 1% will be accrued on the outstanding balance.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies
NOTE 7 - Commitments and Contingencies	NOTE 7 – Commitments and Contingencies Legal Proceedings On June 29, 2021, the Company filed a complaint against Messrs. Chenyuan Anthony Chen and Ang Hu (the “Defendants”) in the Superior Court of the State of California, County of Orange (the “Complaint”). Pursuant to a Consulting Agreement dated April 1, 2019 by and among the Company and the Defendants (the “Consulting Agreement”), the Company issued to the Defendants 3,250,000 shares of the Company’s common stock (the “Consulting Shares”) as compensation for certain consulting services to be performed by the Defendants. Pursuant to the Complaint, the Company alleges that the Defendants breached the Consulting Agreement by failing to perform such consulting services and thereby seeks injunctive relief to restrain Defendants from sales of the Consulting Shares, the cancellation of the Consulting Shares, and compensatory damages and legal fees. As of the date of this Quarterly Report, the Complaint is pending.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
NOTE 8 - Subsequent Events	NOTE 8 – Subsequent Events The Company has evaluated subsequent events through November 5, 2021, the date on which the accompanying condensed consolidated financial statements were available to be issued, and concluded that, no material subsequent events have occurred since September 30, 2021 that require recognition or disclosure in the consolidated financial statements except as follows: On October 1, 2021, the Company issued 100,000 shares of its common stock and $20,000 cash to one consultant in exchange for their professional services. The shares were valued at $125,000. On October 27, 2021, the Company issued 175,000 shares of its common stock to three consultants in exchange for their professional services. The shares were valued at $152,250. On November 1, 2021, the Company issued 15,000 shares of its common stock valued at $16,050 to one consultant and 100,000 shares of its common stock valued at $107,000 to another consultant in exchange for their professional services.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements in our General Form of Registration of Securities on Form 10, as amended, which we initially filed with the Securities and Exchange Commission (“SEC”) on April 9, 2021 and notes thereto. In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates and assumptions included in the Company’s consolidated financial statements relate to revenue recognition, allowances for doubtful accounts, valuations for deferred income taxes and recoverability of investments.
Reclassification	Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year’s presentation.
Principles of Consolidation	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, VoiceStep and Vemanti Digital. All significant intercompany transactions and balances have been eliminated.
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include, among others, revenue recognition, recoverability of accounts receivable, investments and deferred income taxes. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved.
Cash and Cash Equivalents	Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. As of September 30, 2021 and December 31, 2020, the Company had no cash equivalents.
Accounts Receivable	The Company regularly reviews its accounts receivable for collectability and establishes an allowance for doubtful accounts as necessary using the allowance method. The receivables are not collateralized. The Company estimates the ability to collect receivables by performing ongoing credit evaluations of its customers’ financial condition. Estimates are based on assumptions and other considerations, including payment history, credit ratings, customer financial performance, industry financial performance and aging analysis. The Company reviews its accounts receivable by aging category and to identify customers with known disputes or collection issues. In determining the allowance, the Company makes judgments about the creditworthiness of a majority of its customers based on ongoing credit evaluations. The Company also considers its historical level of credit losses and current economic trends that might impact the level of future credit losses. Accounts receivable are written-off when they are deemed uncollectible.
Revenue Recognition	The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers The Company recognizes revenues derived from sub-leasing telecommunications infrastructure and the provision of telecommunications and colocation services. These revenues are accounted for as a single performance obligation satisfied over time because the customer simultaneously receives and consumes the benefits of the Company’s performance on a monthly basis. These arrangements stipulate monthly billing and the Company has elected the “as invoiced” practical expedient to recognize revenue as the services are consumed as the Company has the right to payment in an amount that corresponds directly with the value of performance completed to date. Taxes collected from customers and remitted to a governmental authority are reported on a net basis and are excluded from revenue. Most revenue is billed in advance on a fixed-rate basis. The remainder of revenue is billed in arrears on a transactional basis determined by customer usage. The Company often bills customers for upfront charges. These charges relate to down payments or prepayments for future services or equipment and are influenced by various business factors including how the Company and customer agree to structure the payment terms. These payments are recognized as deferred revenue until the service is provided or equipment is delivered and installed. All ongoing fees are billed and recognized as revenue on a monthly basis as service is provided.
Stock-based compensation	The Company records stock-based compensation in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation – Stock Compensation
Income Taxes	The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
Basic and Diluted Earnings (Loss) Per Share	Earnings (loss) per share is calculated in accordance with ASC Topic 260, Earnings Per Share
Fair Value Measurements	The Company applies the provisions of ASC 820-10, ”Fair Value Measurements and Disclosures.” · Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash investments, and current liabilities, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At September 30, 2021 and December 31, 2020, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value.
Recent Authoritative Guidance	In December 2019, the FASB issued ASU No. 2019-12 Income Taxes Simplifying the Accounting for Income Taxes

Digital Assets (Tables)

Digital Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Digital Assets
Schedule of change in digital assets	September 30, 2021 December 31, 2020 Cryptocurrencies Beginning balance $ - $ - Purchase of crypto currencies 10,000 - Impairment (3,893 ) - Ending balance $ 6,107 $ -

Digital Assets (Details)

Digital Assets (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies
Beginning balance	$ 0	$ 0	$ 0
Purchase of crypto currencies	10,000		0
Impairment	(3,893)	$ 0	0
Ending balance	$ 6,107		$ 0

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	Apr. 03, 2014	Mar. 25, 2015	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2020	May 01, 2014	Jan. 27, 2014
Preferred stock, shares authorized			50,000,000		50,000,000	50,000,000
Preferred stock, shares par value			$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares issued			40,000,000		40,000,000	40,000,000
Preferred stock, shares outstanding			40,000,000		40,000,000	40,000,000
Common stock, shares issued			69,914,086		69,914,086	68,984,086
Common stock, shares outstanding			69,914,086		69,914,086	68,984,086
Common stock, shares authorized			500,000,000		500,000,000	500,000,000
Common stock, shares par value			$ 0.0001		$ 0.0001	$ 0.0001
Stock issued for professional services, Amount			$ 156,375	$ 151,500
VoiceStep [Member]
Business acquisition, purchase price, shares issued	40,000,000
Membership interest	100.00%		50.00%		50.00%			100.00%
Consultants [Member]
Stock issued for professional services, shares					375,000
Stock issued for professional services, Amount					$ 307,875
Stock issued for cash, Shares					555,000
Stock issued for cash, Amount					$ 415,000
Series A Preferred Stock [Member]
Preferred stock, shares authorized							40,000,000
Preferred stock, shares issued							40,000,000
Preferred stock, shares outstanding							40,000,000
Voting right, description					each share of Series A Preferred Stock shall vote as a class on all issues to which shareholders of common stock have a right to vote but shall have ten (10) votes per share of Series A Preferred stock while the shares of Common Stock shall have one vote per share.
Stock Incentive Plan [Member]
Common stock, shares authorized		5,000,000
Plan term		10 years

Investment in Fvndit Inc (forme

Investment in Fvndit Inc (formerly Directus Holdings Inc) (Details Narrative) - USD ($)	Nov. 13, 2018	Sep. 30, 2021	Mar. 16, 2021	Dec. 31, 2020	Oct. 05, 2020
Other assets		$ 6,107		$ 0
Tan Tran
Common stock, shares outstanding, Fvndit					40,500,000
Common stock shares issued by Fvndit					500,000
Thomas Duc Tran
Common stock, shares outstanding, Fvndit			43,000,000
Common stock shares issued by Fvndit			2,500,000
Other assets		$ 296,405
Fvndit
Common stock shares owned by Mr. Tan Tran and Vemanti					8,500,000
Equity method investment, ownership percentage, owned by Mr. Tan Tran and Vemanti			19.77%		20.99%
Directus Holdings, Inc
Equity method investment, purchase price, cash paid	$ 150,000
Equity method investment, ownership percentage	20.00%
Equity method investment, purchase price	$ 300,000
Equity method investment, purchase price, shares issued	1,252,086

Loan to Fvndit Inc (formerly Di

Loan to Fvndit Inc (formerly Directus Holdings Inc) (Details Narrative) - Fvndit - USD ($)	Aug. 09, 2019	Aug. 12, 2019
Peer-to-peer lending amount	$ 200,000
Due from related party		$ 200,000
Interest rate on Loan	10.5

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 06, 2021	Oct. 05, 2020
Due from Fvndit, Inc.	$ 25,142		$ 24,498
Professional service payments	307,875	$ 0
CEO
Loan from related parties				$ 125,000
Interest rate				1.00%
Professional service payments			40,000
Health insurance premium payments	11,170		17,344
Technical services payments made by VoiceStep	$ 39,000		$ 40,000
Tan Tran
Common stock, shares outstanding, Fvndit					40,500,000
Common stock shares issued by Fvndit					500,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	1 Months Ended
	Jun. 29, 2021shares
Consulting Agreement
Common stock, shares issued to defendants	3,250,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Nov. 01, 2021	Oct. 01, 2021	Oct. 27, 2021	Sep. 30, 2021	Jun. 30, 2021
Stock issued for professional services, value				$ 156,375	$ 151,500
Another Consultants [Member] | Subsequent Event [Member]
Stock issued for professional services, shares	100,000
Stock issued for professional services, value	$ 107,000
Three Consultants [Member] | Subsequent Event [Member]
Stock issued for professional services, shares			175,000
Stock issued for professional services, value			$ 152,250
One Consultants [Member] | Subsequent Event [Member]
Stock issued for professional services, shares	15,000	100,000
Stock issued for professional services, value	$ 16,050	$ 125,000
Cash		$ 20,000