Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2021 | Nov. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K/A | |
Amendment Flag | true | |
Amendment Description | This Amendment No. 2 (“Amendment No. 2”) to the Annual Report on Form 10-K of GEX Management, Inc. (together with the subsidiaries, the “Company”, “we”, “our”, or “us”) for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission on August 1, 2022 (the “2021 Annual Report”), is to amend Part II (Item 9A) with updated notes related to the effectiveness of internal controls and with the updated audit report and related information as reviewed by the Independent Registered Public Accounting Firm per the requirements of Form 10-K. | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38288 | |
Entity Registrant Name | GEX MANAGEMENT, INC. | |
Entity Central Index Key | 0001681556 | |
Entity Tax Identification Number | 56-2428818 | |
Entity Incorporation, State or Country Code | TX | |
Entity Address, Address Line One | 3662 W. Camp Wisdom Road | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75237 | |
City Area Code | 877 | |
Local Phone Number | 210-4396 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 516,588,823 | |
Auditor Firm ID | 6849 | |
Auditor Name | Hudgens CPA, PLLC | |
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 137,638 | $ 6,641 |
Accounts receivable, net | 170,380 | 211,222 |
Other current assets and prepaids | 5,682 | 107,289 |
Total Current Assets | 313,700 | 325,152 |
Other assets | 3,131,545 | |
Total Assets | 313,700 | 3,456,697 |
Current Liabilities: | ||
Accounts payable | 30,206 | 10,833 |
Related party payables | 172,567 | 141,592 |
Accrued expenses | 352,176 | 233,688 |
Accrued interest payable | 74,270 | 99,445 |
Convertible notes payable, net | 980,290 | 634,290 |
Settlement Payable | 195,250 | 195,250 |
Line of credit – related party | 483,677 | 483,677 |
Notes Payable | 3,174,977 | 3,174,977 |
Total Current Liabilities | 5,463,413 | 4,973,752 |
Total Liabilities | 5,463,413 | 4,973,752 |
Shareholders’ Deficit | ||
Common stock, $0.001 par value; 100,000,000,000 shares authorized, at December 31, 2021 and December 31, 2020 there were 172,478,025 and 3,616,044 issued and outstanding, respectively | 172,478 | 3,616 |
Additional Paid-In-Capital | 7,536,452 | 5,285,449 |
Accumulated Deficit | (12,858,643) | (6,806,120) |
Total Shareholders’ Deficit | (5,149,713) | (1,517,055) |
Total Liabilities and Shareholders’ Deficit | $ 313,700 | $ 3,456,697 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000,000 | 100,000,000,000 |
Common stock, shares issued | 172,478,025 | 172,478,025 |
Common stock, shares outstanding | 3,616,044 | 3,616,044 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 1,315,669 | $ 750,682 |
Cost of Revenues | 494,698 | 113,717 |
Gross Profit | 820,971 | 636,965 |
Operating Expenses: | ||
General and administrative | 2,719,876 | 680,202 |
Total Operating Expenses | 2,719,876 | 680,202 |
Total Operating Loss | (1,898,905) | (43,237) |
Other Income (Expense) | ||
Gain (loss) on Extinguishment of Debt | (607,605) | 340,551 |
Impairment expense | (2,917,945) | |
Interest Expense | (613,703) | (125,438) |
Derivative Gain (Loss) | (521,289) | |
Other Income (Expense) | (14,356) | 123,866 |
Net Other Income (Expense) | (4,153,618) | (181,530) |
Net Loss | $ (6,052,523) | $ (224,947) |
Income per common share: | ||
Net loss per common share – basic and diluted | $ (0.04) | $ (0.07) |
Weighted Average Shares: | ||
Basic and diluted | 167,316,519 | 3,163,044 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2019 | $ 1,043 | $ 5,207,921 | $ (6,581,173) | $ (1,372,209) |
Balance, shares at Dec. 31, 2019 | 590,351 | |||
Shares issued for services | $ 132 | 24,783 | $ 24,915 | |
Share issued for services, shares | 131,717 | 131,717 | ||
Shares issued of for debt conversions | $ 2,441 | 52,745 | $ 55,186 | |
Shares issued of for debt conversions, shares | 2,440,976 | |||
Net Loss | (224,947) | (224,947) | ||
Balance at Dec. 31, 2020 | $ 3,616 | 5,285,449 | (6,806,120) | (1,517,055) |
Balance, shares at Dec. 31, 2020 | 3,616,044 | |||
Net Loss | (6,052,523) | (6,052,523) | ||
Beneficial Conversion Feature | 1,334,143 | 1,334,143 | ||
Beneficial Conversion Feature, Shares | ||||
Issuance of Common Shares for Debt Conversions | $ 168,862 | 916,860 | 1,085,722 | |
Issuance of Common Shares for Debt Conversions, Shares | 168,861,981 | |||
Balance at Dec. 31, 2021 | $ 172,478 | $ 7,536,452 | $ (12,858,643) | $ (5,149,713) |
Balance, shares at Dec. 31, 2021 | 172,478,025 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | ||
Net Loss | $ (6,052,523) | $ (224,947) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and Amortization | 213,600 | 230,314 |
Gain/loss on Extinguishment of Debt | 607,605 | (340,551) |
Amortization of debt discount | 539,433 | |
Impairment | 2,917,945 | |
Stock based compensation | 24,915 | |
Gain /Loss on Derivative Instruments | 521,289 | |
Change in Assets and Liabilities: | ||
Accounts Receivable | 40,842 | (203,755) |
Other Current Assets | 101,607 | 111,838 |
Other Assets | ||
Accounts Payable | 19,373 | 22,922 |
Accrued Expenses | 118,488 | (50,112) |
Accrued Interest Payable | 74,270 | (185,105) |
Net Cash Used by Operating Activities | (1,419,360) | (93,192) |
Financing Activities: | ||
Proceeds from convertible notes payable | 1,550,357 | 95,570 |
Net Cash Provided by Financing Activities | 1,550,357 | 95,570 |
Net increase in cash and cash equivalents | 130,997 | 2,378 |
Cash and cash equivalents | ||
Cash and cash equivalents at beginning of year | 6,641 | 4,263 |
Cash and cash equivalents at end of year | 137,638 | 6,641 |
Non-Cash Investing and Financing Activities: | ||
Common Shares Issued for Debt Conversions | 1,085,722 | 55,186 |
Beneficial conversion feature | $ 1,334,143 |
DESCRIPTION OF BUSINESS AND SIG
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business GEX Management, Inc. (“GEX”, the “Company”, “we”, “our”, “us”) is a professional business services company that was originally formed in 2004 as Group Excellence Management, LLC d/b/a MyEasyHQ. The Company converted from a limited liability company to a C corporation in March 2016, and changed its name to GEX Management, Inc. in April 2016. Basis of Presentation Our financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), as well as the applicable regulations and rules of the Securities and Exchange Commission (“SEC”). This requires management to make estimates and assumptions that affect the amounts reported in the financial statements and their accompanying notes. The actual results could differ from those estimates Principles of Consolidation The consolidated financial statements include the accounts of GEX Management, Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to our accounting policies that have a material impact on our financial statements and accompanying notes. Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term investments with original maturities of three months or less. The Company had no Accounts Receivable Accounts receivable consists of accrued services and consulting receivables due from customers. The receivables are generally due within 30 to 45 days after the date of the invoice. Accounts receivable is carried at their face amount, less an allowance for doubtful accounts. Write-offs are recorded at the time when a customer receivable is deemed uncollectible. Impairment of Long-Lived Assets The Company records an impairment of long-lived assets used in operations, other than goodwill, and its equity method investments when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company evaluated the long-lived assets as of December 31, 2021 and determined that the long lived assets should be fully impaired as they no longer held future value. As a result, the Company recorded an impairment expense in the amount Revenue Recognition GEX enters into contracts with its clients for professional services. GEX’s contract stipulates the rate and price charged to each client. GEX’s contracts for these services are generally cancellable at any time by either party with 30-days’ written notice. GEX fulfills its performance obligations each month, and the contracts generally have a term of one year with an automatic renewal after 12 months. Sta fin Services and Professional Services Staffing services revenue is derived from supplying temporary staff to clients. Temporary staff generally consists of temporary workers working under a contract for a fixed period of time, or on a specific client project. The temporary staff includes both GEX employees and third-parties contracted by GEX. Temporary staff are provided to clients through a Staffing Service Agreement (‘SSA’) involving a specified service that the temporary staff will provide to the client. When GEX is the principal or primary obligor for the temporary staff, GEX records the gross amount of the revenue and expense from the SSA. GEX is generally the primary obligor when GEX is responsible for the fulfillment of services under the SSA, even if the temporary staff are not employees of GEX. This typically occurs when GEX contracts third-parties to fulfill all or part of the SSA with the client, but GEX remains the holder of the credit risk associated with the SSA, and GEX has total discretion in establishing the pricing under the SSA. All other Professional Services revenues are recognized in the period the services are performed as stipulated in the client’s Outsourcing Agreement, when the client is invoiced, and collectability is reasonably assured. Revenue recognition for arrangements with multiple deliverables constituting a single unit of accounting is recognized generally over the greater of the term of the arrangement or the expected period of performance. Income Taxes The Company uses the liability method in the computation of income tax expense and the current and deferred income taxes payable. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Fair Value Measurements ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair value of financial instruments is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s credit worthiness, among other things, as well as unobservable parameters. Earnings Per Share Earnings per share are calculated in accordance with ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing the period income (loss) available to common shareholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed by dividing the income (loss) available to common share holders by the weighted average number of common shares outstanding plus additional common shares that would have been outstanding if dilutive potential common shares had been issued. For purposes of this calculation, common stock dividends, warrants and options to acquire common stock, would be considered common stock equivalents in periods in which they have a dilutive effect and are excluded from this calculation in periods in which these are anti-dilutive to the net loss per share. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications have had no effect on the financial position as of December 31, 2021, statements of operations or cash flows for the periods ended December 31 2021. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN The accompanying financial statements have been prepared on a going concern basis. The working capital of the Company is currently negative and raises substantial doubt of the ability for the Company to continue. The Company requires capital for its operational activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s plan of operations, and its ultimate transition to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. Management plans to continue funding operations through issuance of financing and issuance of securities until operations become profitable. However, there can be no assurance that the Company will be successful in its efforts to raise the capital necessary to continue as a going concern. During year ended December 31, 2021, the Company’s financial results and operations were not materially adversely impacted by the COVID-19 pandemic. The extent to which the Company’s future financial results could be impacted by the COVID-19 pandemic depends on future developments that are highly uncertain and cannot be predicted at this time. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change, as new events occur, and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. To date, the Company has not experienced any significant economic impact due to COVID-19. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 3. STOCKHOLDERS’ EQUITY General On September 21, 2020, the Company issued 30,409 On September 23, 2020, the Company issued 31,872 On September 24, 2020, the Company issued 336,134 On September 25, 2020, the Company issued 39,085 On September 29, 2020, the Company issued 57,808 On October 6, 2020, the Company issued 60,693 On October 16, 2020, the Company issued 51,170 On November 2, 2020, the Company issued 66,294 On December 3, 2020, the Company issued 69,583 On December 8, 2020, the Company issued 72,860 On December 10, 2020, the Company issued 76,691 On December 10, 2020, the Company issued 72,860 On December 14, 2020, the Company issued 72,700 On December 15, 2020, the Company issued 84,153 On December 17, 2020, the Company issued 81,481 On December 21, 2020, the Company issued 84,153 On December 15, 2020, the Company issued 100,636 On December 24, 2020, the Company issued 105,658 On December 24, 2020, the Company issued 209,643 On December 28, 2020, the Company issued 81,633 On December 29, 2020, the Company issued 240,884 On December 30, 2020, the Company issued 272,828 On December 31, 2020, the Company issued 141,118 During the year ended December 31, 2020, the Company issued 131,717 24,915 In January 2021, the Company issued a total of 9,775,136 In February 2021, the Company issued a total of 16,464,637 In March 2021, the Company issued a total of 19,758,900 In April 2021, the Company issued a total of 14,216,850 In May 2021, the Company issued a total of 9,404,717 In June 2021, the Company issued a total of 24,611,656 In July 2021, the Company issued a total of 25,599,299 In August 2021, the Company issued a total of 27,291,759 In September 2021, the Company issued a total of 1,720,213 In December 2021, the Company issued a total of 15,310,308 During the year ended December 31, 2021, The Company issued 330,000,000 5 0.0035 Total warrants outstanding and exercisable as of December 31, 2021 and December 31, 2020 were 330,000,000 zero |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 4. NOTES PAYABLE In 2018, the Company entered into several notes secured by future receivables of the Company. The Lender declared bankruptcy and the Company has made no payments on the notes since fiscal year 2019. The notes are recorded on the balance sheet in the amount of $ 3174,977 During fiscal years 2018 and 2019, the Company entered into multiple convertible notes with various lenders. The notes were convertible at a fixed price of $ 2.50 8 1 607,605 On June 9, 2021, the Company entered into a convertible promissory note in the amount of $ 80,000 10 1 0.0035 22,857,143 0.0035 80,000 On June 25, 2021 the Company entered into a convertible promissory note in the amount of $ 110,000 10 1 0.0035 31,428,571 0.0035 110,000 On July 8, 2021 the Company entered into a convertible promissory note in the amount of $ 600,000 10 1 0.0035 188,571 On August 9, 2021 the Company entered into a convertible promissory note in the amount of $ 295,000 10 1 0.0035 84,285,714 0.0035 295,000 On August 10, 2021, the Company entered into a convertible promissory note in the amount of $ 100,000 10 1 0.0035 28,571,429 0.0035 100,000 On August 10, 2021, the Company entered into a convertible promissory note in the amount of $ 95,000 10 1 0.0035 21,142,857 0.0035 95,000 On August 20, 2021, the Company entered into a convertible promissory note in the amount of $ 100,000 10 1 0.0035 28,571,429 0.0035 100,000 On September 1, 2021, the Company entered into a convertible promissory note in the amount of $ 27,500 10 1 0.0035 7,857,143 0.0035 27,500 On September 1, 2021, the Company entered into a convertible promissory note in the amount of $ 55,000 10 1 0.0035 15,714,286 0.0035 55,000 On September 1, 2021, the Company entered into a convertible promissory note in the amount of $ 27,500 10 1 0.0035 7,857,143 0.0035 27,500 On September 1, 2021, the Company entered into a convertible promissory note in the amount of $ 27,500 10 1 0.0035 7,857,143 0.0035 27,500 On September 2, 2021, the Company entered into a convertible promissory note in the amount of $ 155,000 10 1 0.0035 44,285,714 0.0035 155,000 On September 8, 2021, the Company entered into a convertible promissory note in the amount of $ 55,000 10 1 0.0035 15,714,286 0.0035 55,000 On September 8, 2021, the Company entered into a convertible promissory note in the amount of $ 16,500 10 1 0.0035 4,714,286 0.0035 16,500 On September 9, 2021, the Company entered into a convertible promissory note in the amount of $ 11,000 10 1 0.0035 3,142,857 0.0035 55,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS On March 1, 2015 the Company entered into a Line of Credit Agreement with P413 at an interest rate of 6 483,677 The Company owed a director of the Company $ 172,567 141,592 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Litigation From time to time, claims are made against the Company in the ordinary course of its business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur, such as monetary damages, fines, penalties, or injunctions prohibiting the Company from selling one or more products or engaging in other activities. The occurrence of an unfavorable outcome in any specific period could have a material adverse effect on the Company’s results of operations for that period or future periods. In 2019, a judgement was received against the Company awarding EMA Financial, a former note holder of the Company, settlement of default notes payable, accrued interest and fees in the amount of $ 195,250 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS Between January and April 2022, the Company has issued 242,628,908 0.0035 |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), as well as the applicable regulations and rules of the Securities and Exchange Commission (“SEC”). This requires management to make estimates and assumptions that affect the amounts reported in the financial statements and their accompanying notes. The actual results could differ from those estimates |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of GEX Management, Inc. and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to our accounting policies that have a material impact on our financial statements and accompanying notes. |
Related Parties | Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term investments with original maturities of three months or less. The Company had no |
Accounts Receivable | Accounts Receivable Accounts receivable consists of accrued services and consulting receivables due from customers. The receivables are generally due within 30 to 45 days after the date of the invoice. Accounts receivable is carried at their face amount, less an allowance for doubtful accounts. Write-offs are recorded at the time when a customer receivable is deemed uncollectible. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company records an impairment of long-lived assets used in operations, other than goodwill, and its equity method investments when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company evaluated the long-lived assets as of December 31, 2021 and determined that the long lived assets should be fully impaired as they no longer held future value. As a result, the Company recorded an impairment expense in the amount |
Revenue Recognition | Revenue Recognition GEX enters into contracts with its clients for professional services. GEX’s contract stipulates the rate and price charged to each client. GEX’s contracts for these services are generally cancellable at any time by either party with 30-days’ written notice. GEX fulfills its performance obligations each month, and the contracts generally have a term of one year with an automatic renewal after 12 months. Sta fin Services and Professional Services Staffing services revenue is derived from supplying temporary staff to clients. Temporary staff generally consists of temporary workers working under a contract for a fixed period of time, or on a specific client project. The temporary staff includes both GEX employees and third-parties contracted by GEX. Temporary staff are provided to clients through a Staffing Service Agreement (‘SSA’) involving a specified service that the temporary staff will provide to the client. When GEX is the principal or primary obligor for the temporary staff, GEX records the gross amount of the revenue and expense from the SSA. GEX is generally the primary obligor when GEX is responsible for the fulfillment of services under the SSA, even if the temporary staff are not employees of GEX. This typically occurs when GEX contracts third-parties to fulfill all or part of the SSA with the client, but GEX remains the holder of the credit risk associated with the SSA, and GEX has total discretion in establishing the pricing under the SSA. All other Professional Services revenues are recognized in the period the services are performed as stipulated in the client’s Outsourcing Agreement, when the client is invoiced, and collectability is reasonably assured. Revenue recognition for arrangements with multiple deliverables constituting a single unit of accounting is recognized generally over the greater of the term of the arrangement or the expected period of performance. |
Income Taxes | Income Taxes The Company uses the liability method in the computation of income tax expense and the current and deferred income taxes payable. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Fair Value Measurements | Fair Value Measurements ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair value of financial instruments is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s credit worthiness, among other things, as well as unobservable parameters. |
Earnings Per Share | Earnings Per Share Earnings per share are calculated in accordance with ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing the period income (loss) available to common shareholders by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed by dividing the income (loss) available to common share holders by the weighted average number of common shares outstanding plus additional common shares that would have been outstanding if dilutive potential common shares had been issued. For purposes of this calculation, common stock dividends, warrants and options to acquire common stock, would be considered common stock equivalents in periods in which they have a dilutive effect and are excluded from this calculation in periods in which these are anti-dilutive to the net loss per share. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications have had no effect on the financial position as of December 31, 2021, statements of operations or cash flows for the periods ended December 31 2021. |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2020 | Dec. 30, 2020 | Dec. 29, 2020 | Dec. 28, 2020 | Dec. 24, 2020 | Dec. 21, 2020 | Dec. 17, 2020 | Dec. 15, 2020 | Dec. 14, 2020 | Dec. 10, 2020 | Dec. 08, 2020 | Dec. 03, 2020 | Nov. 02, 2020 | Oct. 16, 2020 | Oct. 06, 2020 | Sep. 29, 2020 | Sep. 25, 2020 | Sep. 24, 2020 | Sep. 23, 2020 | Sep. 21, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Stock issued during period shares issued for services | 131,717 | |||||||||||||||||||||||||||||||
Stock issued during period value issued for services | $ 24,915 | |||||||||||||||||||||||||||||||
Weighted average remaining term of warrants | 5 years | |||||||||||||||||||||||||||||||
Weighted average exercise price fo warrants | $ 0.0035 | $ 0.0035 | ||||||||||||||||||||||||||||||
Warrants exercisable | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Stock issued during period shares issued for services | 131,717 | |||||||||||||||||||||||||||||||
Stock issued during period value issued for services | $ 132 | |||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Warrants outstanding | 330,000,000 | 330,000,000 | 330,000,000 | 330,000,000 | ||||||||||||||||||||||||||||
Convertible Note [Member] | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Number of common shares issued for debt conversion | 141,118 | 272,828 | 240,884 | 81,633 | 105,658 | 84,153 | 81,481 | 84,153 | 72,700 | 76,691 | 72,860 | 69,583 | 66,294 | 51,170 | 60,693 | 57,808 | 39,085 | 336,134 | 31,872 | 30,409 | 15,310,308 | 1,720,213 | 27,291,759 | 25,599,299 | 24,611,656 | 9,404,717 | 14,216,850 | 19,758,900 | 16,464,637 | 9,775,136 | ||
Convertible Note [Member] | Common Stock [Member] | Investor [Member] | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Warrants to purchase a common stock | 330,000,000 | 330,000,000 | ||||||||||||||||||||||||||||||
Convertible Note One [Member] | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||
Number of common shares issued for debt conversion | 209,643 | 100,636 | 72,860 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||
Sep. 09, 2021 | Sep. 08, 2021 | Sep. 02, 2021 | Sep. 01, 2021 | Aug. 20, 2021 | Aug. 10, 2021 | Aug. 09, 2021 | Jul. 08, 2021 | Jun. 25, 2021 | Jun. 09, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-Term Debt [Line Items] | ||||||||||||||
Notes payable current | $ 3,174,977 | $ 3,174,977 | ||||||||||||
Debt extinguishment | $ 607,605 | $ (340,551) | ||||||||||||
Convertible Notes [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price per share | $ 2.50 | $ 2.50 | ||||||||||||
Debt interest rate | 8% | 8% | ||||||||||||
Debt instrument term | 1 year | 1 year | ||||||||||||
Convertible Promissory Note [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price per share | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | ||||
Debt interest rate | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | ||||
Debt instrument term | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | ||||
Principal amount | $ 11,000 | $ 55,000 | $ 155,000 | $ 27,500 | $ 100,000 | $ 100,000 | $ 295,000 | $ 600,000 | $ 110,000 | $ 80,000 | ||||
Warrant shares issued for debt issuance costs | 3,142,857 | 15,714,286 | 44,285,714 | 7,857,143 | 28,571,429 | 28,571,429 | 84,285,714 | 31,428,571 | 22,857,143 | |||||
Warrants exercise price per share | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | $ 0.0035 | ||||||
Unamortized debt discount | $ 55,000 | $ 55,000 | $ 155,000 | $ 27,500 | $ 100,000 | $ 100,000 | $ 295,000 | $ 188,571 | $ 110,000 | $ 80,000 | ||||
Convertible Promissory Note One [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price per share | $ 0.0035 | $ 0.0035 | $ 0.0035 | |||||||||||
Debt interest rate | 10% | 10% | 10% | |||||||||||
Debt instrument term | 1 year | 1 year | 1 year | |||||||||||
Principal amount | $ 16,500 | $ 55,000 | $ 95,000 | |||||||||||
Warrant shares issued for debt issuance costs | 4,714,286 | 15,714,286 | 21,142,857 | |||||||||||
Warrants exercise price per share | $ 0.0035 | $ 0.0035 | $ 0.0035 | |||||||||||
Unamortized debt discount | $ 16,500 | $ 55,000 | $ 95,000 | |||||||||||
Convertible Promissory Note Two [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price per share | $ 0.0035 | |||||||||||||
Debt interest rate | 10% | |||||||||||||
Debt instrument term | 1 year | |||||||||||||
Principal amount | $ 27,500 | |||||||||||||
Warrant shares issued for debt issuance costs | 7,857,143 | |||||||||||||
Warrants exercise price per share | $ 0.0035 | |||||||||||||
Unamortized debt discount | $ 27,500 | |||||||||||||
Convertible Promissory Note Three [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price per share | $ 0.0035 | |||||||||||||
Debt interest rate | 10% | |||||||||||||
Debt instrument term | 1 year | |||||||||||||
Principal amount | $ 27,500 | |||||||||||||
Warrant shares issued for debt issuance costs | 7,857,143 | |||||||||||||
Warrants exercise price per share | $ 0.0035 | |||||||||||||
Unamortized debt discount | $ 27,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 01, 2015 | Dec. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Line of credit amount | $ 483,677 | $ 483,677 | |
Due to related parties current | $ 172,567 | $ 141,592 | |
Credit Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Interest rate during period | 6% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Settlement payable current | $ 195,250 | $ 195,250 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Common Stock [Member] - $ / shares | 4 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||
Conversion of convertible notes, shares | 168,861,981 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Conversion of convertible notes, shares | 242,628,908 | |
Conversion price per share | $ 0.0035 |