10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM           TO           .

COMMISSION FILE NUMBER: 0-25053

THEGLOBE.COM, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

STATE OF DELAWARE	14-1782422
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)	(I.R.S. EMPLOYER IDENTIFICATION NO.)

5949 SHERRY LANE, SUITE 950, DALLAS, TX 75225

c/o Toombs Hall and Foster

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES

(214) 369-5695

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	tglo	None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x  No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ¨ No x

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

¨ Large accelerated filer	¨Accelerated filer
x Non-accelerated filer	x Smaller reporting company
¨ Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

The number of shares outstanding of the Registrant’s Common Stock, $.001 par value (the “Common Stock”) as of August 3, 2020 was 441,480,473.

THEGLOBE.COM,
INC.

FORM 10-Q

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		2
ITEM 1.	FINANCIAL STATEMENTS	2
	CONDENSED BALANCE SHEETS AT JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019	2
	UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019	3
	UNAUDITED CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019	4
	UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019	5
	NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS	6
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	8
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	10
ITEM 4.	CONTROLS AND PROCEDURES	11
PART II - OTHER INFORMATION		11
ITEM 1.	LEGAL PROCEEDINGS	11
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	12
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	12
ITEM 4.	MINE SAFETY DISCLOSURES	12
ITEM 5.	OTHER INFORMATION	12
ITEM 6.	EXHIBITS	12
SIGNATURES		13

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED FINANCIAL
STATEMENTS   THEGLOBE.COM, INC.   CONDENSED BALANCE SHEETS

	JUNE 30, 2020 (Unaudited)			DECEMBER 31, 2019
ASSETS
Current Assets:
Cash	$	9,961		$	86,961
Total current assets	$	9,961		$	86,961
LIABILITIES AND  STOCKHOLDERS’  DEFICIT
Current Liabilities:
Accounts payable	$	2,000		$	9,078
Accrued expenses and other current liabilities		21,369			24,000
Accrued interest due to related party		65,327			43,224
Notes payable due to related party		554,100			554,100
Total current liabilities		642,796			630,402
Stockholders’ Deficit:
Common stock, $0.001 par value; 500,000,000 shares authorized; 441,480,473 shares issued at June 30, 2020 and December 31, 2019		441,480			441,480
Preferred stock, $0.001 par value; 3,000,000 shares authorized; 0 shares issued at June 30, 2020 and December 31, 2019		—			—
Additional paid in capital		296,594,042			296,594,042
Accumulated deficit		(297,668,357	)		(297,578,963	)
Total stockholders’ deficit		(632,835	)		(543,441	)
Total liabilities and stockholders’ deficit	$	9,961		$	86,961

See notes to unaudited condensed financial statements

2

THEGLOBE.COM, INC.

CONDENSED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(UNAUDITED)						(UNAUDITED)
Net Revenue	$	—		$	—		$	—		$	—
Operating Expenses:
General and administrative		30,968			41,578			67,291			97,103
Operating Loss		(30,968	)		(41,578	)		(67,291	)		(97,103	)
Other Expense:
Related party interest expense		11,051			7,687			22,103			14,428
Loss from Operations Before Income Tax		(42,019	)		(49,265	)		(89,394	)		(111,531	)
Income Tax Provision		—			—			—			—
Loss from Operations		(42,019	)		(49,265	)		(89,394	)		(111,531	)
Net Loss	$	(42,019	)	$	(49,265	)	$	(89,394	)	$	(111,531	)
Loss Per Share:
Basic and Diluted: Operations	$	—		$	—		$	—		$	—
Weighted Average Common Shares Outstanding	$	441,480,473		$	441,480,473		$	441,480,473		$	441,480,473

See notes to unaudited condensed financial statements

3

THEGLOBE.COM, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

Six Month Period Ended June 30, 2020

(UNAUDITED)

	Common Stock				Additional Paid-in Capital		Accumulated Deficit			Total
	Shares		Amount
Balance, January 1, 2020		441,480,473		441,480		296,594,042		(297,578,963	)		(543,441	)
Net Loss		—		—		—		(89,394	)		(89,394	)
Balance, June 30, 2020		441,480,473	$	441,480	$	296,594,042	$	(297,668,357	)	$	(632,835	)

Six Month Period Ended June 30, 2019

(UNAUDITED)

 

	Common Stock				Additional Paid-in Capital		Accumulated Deficit			Total
	Shares		Amount
Balance, January 1, 2019		441,480,473		441,480		296,594,042		(297,367,589	)		(332,067	)
Net Loss		—		—		—		(111,531	)		(111,531	)
Balance, June 30, 2019		441,480,473	$	441,480	$	296,594,042	$	(297,479,120	)	$	(443,598	)

Three Month Period Ended June 30, 2020

(UNAUDITED)

	Common Stock				Additional Paid-		Accumulated
	Shares		Amount		in Capital		Deficit			Total
Balance, March 31, 2020		441,480,473		441,480		296,594,042		(297,626,338	)		(590,816	)
Net Loss		—		—		—		(42,019	)		(42,019	)
Balance, June 30, 2020		441,480,473	$	441,480	$	296,594,042	$	(297,668,357	)	$	(632,835	)

Three Month Period Ended June 30, 2019

(UNAUDITED)

	Common Stock				Additional Paid-		Accumulated
	Shares		Amount		in Capital		Deficit			Total
Balance, March 31, 2019		441,480,473		441,480		296,594,042		(297,429,855	)		(394,333	)
Net Loss		—		—		—		(49,265	)		(49,265	)
Balance, June 30, 2019		441,480,473	$	441,480	$	296,594,042	$	(297,479,120	)	$	(443,598	)

See notes to unaudited condensed financial statements

4

THEGLOBE.COM, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2020			2019
	(UNAUDITED)			(UNAUDITED)
Cash Flows from Operating Activities
Net Loss	$	(89,394	)	$	(111,531	)
Adjustments to reconcile net loss to net cash flows used in operating activities
Changes in operating assets and liabilities
Accounts payable		(7,078	)		(5,767	)
Accrued expenses and other current liabilities		(2,631	)		1,858
Accrued interest due to related party		22,103			14,427
Net cash flows used in operating activities		(77,000	)		(101,013	)
Cash Flows from Financing Activities
Borrowings on notes payable		—			164,638
Net cash flows provided by financing activities		—			164,638
Net Increase/(Decrease) in Cash		(77,000	)		63,625
Cash at beginning of period		86,961			5,895
Cash at end of period	$	9,961		$	69,520

See notes to unaudited condensed financial statements.

5

THEGLOBE.COM, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF THEGLOBE.COM

theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets.

On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our Common Stock, par value $0.001 per share (“Common Stock”), representing approximately 70.9% of our Common Stock (the “Purchase Agreement”). On December 31, 2017 (the “Closing Date”), the former officers and directors, including Mr. Egan, resigned from their respective positions with the Company. William “Rusty” Nichols was appointed the sole member of our Board and our sole executive officer. Effective June 29, 2018, our Board of Directors (the Board) appointed Mr. Frederick Jones as President, Chief Executive Officer, Chief Financial Officer, and Director of the Company, and Mr. Nichols resigned from his positions of President, Chief Executive Officer, Chief Financial Officer, Director, and any other directorships, offices or other positions with the Company.

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of June 30, 2020, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act.

UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION

The unaudited interim condensed financial statements of the Company at June 30, 2020 and for the six months ended June 30, 2020 and 2019 included herein have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements.

In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2020 and the results of its operations and its cash flows for the six months ended June 30, 2020 and 2019. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses.

NET INCOME PER SHARE

The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended June 30, 2020.

6

RECENT ACCOUNTING PRONOUNCEMENTS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations.

(2) LIQUIDITY AND GOING CONCERN CONSIDERATIONS

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. However, for the reasons described below, Company management does not believe that cash on hand and cash flows generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months. These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company (see Note 3). At June 30, 2020, the Company had a net working capital deficit of approximately $633,000. Such working capital deficit included accrued expenses of approximately $21,000, accounts payable of approximately $2,000 and approximately $619,000 in principal and accrued interest owed under the Promissory Note with Delfin.

The recent coronavirus (COVID-19) pandemic and its impact on debt and equity markets could also have a material adverse effect on our financial condition and ability to operate as a going concern.

MANAGEMENT’S PLANS

Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.

(3) DEBT

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand.

(4) RELATED PARTY TRANSACTIONS

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. The Company expects continued funding from Delfin. Delfin anticipates extending additional capital at the end of August 2020. Related party interest expense associated with such debt totaling $22,103 and $14,428 has been recognized in our condensed statement of operations for the six months ended June 30, 2020 and 2019, respectively. See Note 3, “Debt,” for a more complete discussion of related party debt.

(5) SUBSEQUENT EVENTS

The Company’s management evaluated subsequent events through the time of the filing of this report on Form 10-Q. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements.

7

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology, such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “intend,” “potential” or “continue” or the negative of such terms or other comparable terminology, although not all forward-looking statements contain such terms. In addition, these forward-looking statements include, but are not limited to, statements regarding:

• our need for additional equity and debt capital financing to continue as a going concern, and the sources of such capital;

• our intent with respect to future dividends;

• the continued forbearance of certain related parties from making demand for payment under certain contractual obligations of, and loans to, the Company; and

• our estimates with respect to certain accounting and tax matters.

These forward-looking statements reflect our current view about future events and are subject to risks, uncertainties and assumptions. Unless required by law, we do not intend to update any of the forward-looking statements after the date of this Form 10-Q or to conform these statements to actual results. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. A description of risks that could cause our results to vary appears under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by those risks included in the Form 10-Q. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward- looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

• our ability to raise additional and sufficient capital;

• our ability to continue to receive funding from related parties;

• the impact of the COVID-19 pandemic on the economy and financial markets; and

• our ability to successfully estimate the impact of certain accounting and tax matters.

The following discussion should be read together in conjunction with the accompanying unaudited condensed financial statements and related notes thereto and the audited financial statements and notes to those statements contained in the Annual Report on Form 10-K for the year ended December 31, 2019.

OVERVIEW

theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b-2 of the Exchange Act, with no material operations or assets. We currently have no material operations or assets.

On December 20, 2017, our former Chief Executive Officer and majority stockholder, Mr. Egan entered into the Purchase Agreement with Delfin for the purchase by Delfin of shares owned by Mr. Egan representing approximately 70.9% of our Common Stock. On the Closing Date, the former officers and directors, including Mr. Egan, resigned from their respective positions with the Company. Mr. Nichols was appointed the sole member of our Board and our sole executive officer. Effective June 29, 2018, our Board appointed Mr. Frederick Jones as President, Chief Executive Officer, Chief Financial Officer, and Director of the Company, and Mr. Nichols resigned from his positions of President, Chief Executive Officer, Chief Financial Officer, Director, and any other directorships, offices or other positions with the Company.

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of June 30, 2020, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets.

8

BASIS OF PRESENTATION OF CONDENSED FINANCIAL STATEMENTS; GOING CONCERN

We received a report from our independent registered public accountants, relating to our December 31, 2019 audited financial statements, containing an explanatory paragraph regarding our ability to continue as a going concern. As a shell company, our management believes that we will not be able to generate operating cash flows sufficient to fund our operations and pay our existing current liabilities. Based upon our current limited cash resources and without the infusion of additional capital and/or the continued forbearance of our creditors, our management does not believe we can operate as a going concern beyond the next twelve months. See “Future and Critical Need for Capital” section of this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further details.

Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, our condensed financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern.

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2020 COMPARED

TO THE

THREE MONTHS ENDED JUNE 30, 2019

NET REVENUE. Commensurate with the sale of our Tralliance business on September 29, 2008, we became a shell company, and we have not had any material operations since then. As a result, net revenue for both the three months ended June 30, 2020 and 2019 was $0.

GENERAL AND ADMINISTRATIVE. General and administrative expenses include only customary public company expenses, including accounting, legal, audit, insurance and other related public company costs. General and administrative expenses totaled approximately $31,000 in the second quarter of 2020 as compared to approximately $42,000 for the same quarter of the prior year. This decrease was primarily due to decreased legal expenses due to securities filings in 2019.

RELATED PARTY INTEREST EXPENSE. Related party interest expense for the three months ended June 30, 2020 totaled $11,051 compared to $7,687 for the three months ended June 30, 2019. This increase consisted of interest due and payable to Delfin for additional loan amounts.

NET LOSS. Net loss for the three months ended June 30, 2020 was approximately $42,000 as compared to a net loss of approximately $49,000 for the three months ended June 30, 2019. This decrease was primarily due to decreased legal expenses, partially offset by an increase in interest expenses.

SIX MONTHS ENDED JUNE 30, 2020 COMPARED TO THE

SIX MONTHS ENDED JUNE 30, 2019

NET REVENUE. Commensurate with the sale of our Tralliance business on September 29, 2008, we became a shell company, and we have not had any material operations since then. As a result, net revenue for both the six months ended June 30, 2020 and 2019 was $0.

GENERAL AND ADMINISTRATIVE. General and administrative expenses include only customary public company expenses, including accounting, legal, audit, insurance and other related public company costs. General and administrative expenses totaled approximately $67,000 for the first six months of 2020 as compared to approximately $97,000 for the same period of the prior year. This decrease was primarily due to decreased legal expenses.

RELATED PARTY INTEREST EXPENSE. Related party interest expense for the six months ended June 30, 2020 totaled $22,103 compared to $14,428 for the six months ended June 30, 2019. This increase consisted of interest due and payable to Delfin as the loan amount has increased.

NET LOSS. Net loss for the six months ended June 30, 2020 was approximately $89,000 as compared to a net loss of approximately $112,000 for the six months ended June 30, 2019. This decrease was primarily due to decreased legal expenses.

LIQUIDITY AND CAPITAL RESOURCES

CASH FLOW ITEMS

As of June 30, 2020, we had $9,961 in cash as compared to $86,961 as of December 31, 2019. Net cash flows used in operating activities totaled approximately $77,000 for the six months ended June 30, 2020 compared to net cash flows used in operating activities of approximately $101,000 for the six months ended June 30, 2019.

9

Net cash flows provided by financing activities totaled approximately $0 for the six months ended June 30, 2020 compared to approximately $165,000 for the six months ended June 30, 2019. Delfin funds theglobe when cash is needed, hence the large increases/decreases in cash flow are attributed to receiving funding, then using most of the funds until being funded again.

FUTURE AND CRITICAL NEED FOR CAPITAL

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern. However, for the reasons described below, our management does not believe that cash on hand and cash flow generated internally by us will be adequate to fund our limited overhead and other cash requirements beyond the next twelve months. These reasons raise significant doubt about our ability to continue as a going concern. Additionally, the COVID 19 pandemic could have an adverse effect on our ability to continue operating. Please see Item 1A. RISK FACTORS.

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company and anticipates receiving additional capital at the end of August 2020.

At June 30, 2020, we had a net working capital deficit of approximately $633,000. This deficit included accrued expenses of approximately $21,000, accounts payable of approximately $2,000 and approximately $619,000 in principal and accrued interest owed under the Promissory Note with Delfin, the Company’s majority stockholder.

EFFECTS OF INFLATION

Management believes that inflation has not had a significant effect on our results of operations during 2020 and 2019.

MANAGEMENT’S DISCUSSION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates.

Certain of our accounting policies require higher degrees of judgment than others in their application. Primarily, these include valuation of accounts payable and accrued expenses.

IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable to smaller reporting companies such as the Company.

10

ITEM 4. CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure (1) that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (“SEC”) rules and forms, and (2) that this information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost benefit relationship of possible controls and procedures.

Our Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2020. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer has concluded that, as of June 30, 2020, our disclosure controls and procedures were effective in alerting him in a timely manner to material information regarding us that is required to be included in our periodic reports to the SEC.

Our Chief Executive Officer and Chief Financial Officer has evaluated any change in our internal control over financial reporting that occurred during the quarter ended June 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting, and has determined there to be no reportable changes.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

You should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which could materially affect our business, financial position, or future results of operations. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial position, or future results of operations. The risk factors set forth below update, and should be read together with, the risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

You should also carefully consider the factor discussed in Part I, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which could materially affect our business, financial position, or future results of operations. The risk described in our Quarterly Report on Form 10-Q for the period ended March 31, 2020, refers to the recent coronavirus (COVID-19) and how it may impact our funding.

11

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) Unregistered Sales of Equity Securities.

None.

(b) Use of Proceeds From Sales of Registered Securities.

Not applicable.

(c) Repurchases.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

31.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a).
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and Rule 15d-14(b).
101.1NS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

12

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: August 7, 2020	theglobe.com, inc.
	By:	/s/ Frederick Jones
	Frederick Jones
	Chief Executive Officer and Chief Financial Officer
	(Principal Executive Officer and Duly Authorized Officer)

13

EXHIBIT INDEX

31.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a).
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and Rule 15d-14(b).
101.1NS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

14

EX-31.1

EXHIBIT 31.1

CERTIFICATE PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

I, Frederick Jones, Chief Executive Officer and Chief Financial Officer of theglobe.com, inc., certify that:

1.          I have reviewed this quarterly report on Form 10-Q of theglobe.com, inc.;

2.          Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.          Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;

4.          I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) for the Registrant and have:

a.          designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, is made known to us by others within the entity, particularly during the period in which this report is being prepared;

b.          designed such control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.          evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.          disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Registrant’s auditors:

a.          all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 7, 2020	By:	/s/ Frederick Jones
	Name:	Frederick Jones
	Title:	Chief Executive Officer and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO
SECTION 906
OF THE SARBANES-OXLEY ACT
OF 2002

In connection with the Quarterly Report of theglobe.com, inc. (the “Company”) on Form 10-Q for the period ending June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Frederick Jones, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 7, 2020	By:	/s/ Frederick Jones
	Frederick Jones
	Chief Executive Officer and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	THEGLOBE COM INC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		441,480,473
Entity Central Index Key	0001066684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	TGLO

XML

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 9,961	$ 86,961
Total current assets	9,961	86,961
Current Liabilities:
Accounts payable	2,000	9,078
Accrued expenses and other current liabilities	21,369	24,000
Accrued interest due to related party	65,327	43,224
Notes payable due to related party	554,100	554,100
Total current liabilities	642,796	630,402
Stockholders' Deficit:
Common stock, $0.001 par value; 500,000,000 shares authorized; 441,480,473 shares issued at June 30, 2020 and December 31, 2019	441,480	441,480
Preferred stock, $0.001 par value; 3,000,000 shares authorized; 0 shares issued at June 30, 2020 and December 31, 2019
Additional paid-in capital	296,594,042	296,594,042
Accumulated deficit	(297,668,357)	(297,578,963)
Total stockholders' deficit	(632,835)	(543,441)
Total liabilities and stockholders' deficit	$ 9,961	$ 86,961

XML

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
CONDENSED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	441,480,473	441,480,473
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred Stock, Shares Issued	0	0

XML

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED STATEMENTS OF OPERATIONS
Net Revenue	$ 0	$ 0	$ 0	$ 0
Operating Expenses:
General and administrative	30,968	41,578	67,291	97,103
Operating Loss	(30,968)	(41,578)	(67,291)	(97,103)
Other Expense:
Related party interest expense	(11,051)	(7,687)	(22,103)	(14,428)
Loss from Operations
Before Income Tax	(42,019)	(49,265)	(89,394)	(111,531)
Income Tax Provision	0	0	0	0
Loss from Operations	(42,019)	(49,265)	(89,394)	(111,531)
Net Loss	$ (42,019)	$ (49,265)	$ (89,394)	$ (111,531)
Loss Per Share - Basic and Diluted:
Operations	$ 0	$ 0	$ 0	$ 0
Weighted Average Common Shares Outstanding	441,480,473	441,480,473	441,480,473	441,480,473

XML

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 441,480	$ 296,594,042	$ (297,367,589)	$ (332,067)
Balance (in shares) at Dec. 31, 2018	441,480,473
Net Loss			(111,531)	(111,531)
Balance at Jun. 30, 2019	$ 441,480	296,594,042	(297,479,120)	(443,598)
Balance (in shares) at Jun. 30, 2019	441,480,473
Balance at Mar. 31, 2019	$ 441,480	296,594,042	(297,429,855)	(394,333)
Balance (in shares) at Mar. 31, 2019	441,480,473
Net Loss	$ 0	0	(49,265)	(49,265)
Balance at Jun. 30, 2019	$ 441,480	296,594,042	(297,479,120)	(443,598)
Balance (in shares) at Jun. 30, 2019	441,480,473
Balance at Dec. 31, 2019	$ 441,480	296,594,042	(297,578,963)	(543,441)
Balance (in shares) at Dec. 31, 2019	441,480,473
Net Loss	$ 0	0	(89,394)	(89,394)
Balance at Jun. 30, 2020	$ 441,480	296,594,042	(297,668,357)	(632,835)
Balance (in shares) at Jun. 30, 2020	441,480,473
Balance at Mar. 31, 2020	$ 441,480	296,594,042	(297,626,338)	(590,816)
Balance (in shares) at Mar. 31, 2020	441,480,473
Net Loss	$ 0	0	(42,019)	(42,019)
Balance at Jun. 30, 2020	$ 441,480	$ 296,594,042	$ (297,668,357)	$ (632,835)
Balance (in shares) at Jun. 30, 2020	441,480,473

XML

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net Loss	$ (89,394)	$ (111,531)
Changes in operating assets and liabilities
Accounts payable	(7,078)	(5,767)
Accrued expenses and other current liabilities	(2,631)	1,858
Accrued interest due to related party	22,103	14,427
Net cash flows used in operating activities	(77,000)	(101,013)
Cash Flows from Financing Activities
Borrowings on notes payable	0	164,638
Net cash flows provided by financing activities	0	164,638
Net Increase/(Decrease) in Cash	(77,000)	63,625
Cash at beginning of period	86,961	5,895
Cash at end of period	$ 9,961	$ 69,520

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2020

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1)ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF THEGLOBE.COM

theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b‑2 of the Exchange Act, with no material operations or assets.

On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our Common Stock, par value $0.001 per share (“Common Stock”), representing approximately 70.9% of our Common Stock (the “Purchase Agreement”). On December 31, 2017 (the “Closing Date”), the former officers and directors, including Mr. Egan, resigned from their respective positions with the Company. William “Rusty” Nichols was appointed the sole member of our Board and our sole executive officer. Effective June 29, 2018, our Board of Directors (the Board) appointed Mr. Frederick Jones as President, Chief Executive Officer, Chief Financial Officer, and Director of the Company, and Mr. Nichols resigned from his positions of President, Chief Executive Officer, Chief Financial Officer, Director, and any other directorships, offices or other positions with the Company.

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of June 30, 2020, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act.

UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION

The unaudited interim condensed financial statements of the Company at June 30, 2020 and for the six months ended June 30, 2020 and 2019 included herein have been prepared in accordance with the instructions for Form 10‑Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements.

In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2020 and the results of its operations and its cash flows for the six months ended June 30, 2020 and 2019. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses.

NET INCOME PER SHARE

The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended June 30, 2020.

RECENT ACCOUNTING PRONOUNCEMENTS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations.

XML

LIQUIDITY AND GOING CONCERN CONSIDERATIONS

6 Months Ended

Jun. 30, 2020

LIQUIDITY AND GOING CONCERN CONSIDERATIONS.

LIQUIDITY AND GOING CONCERN CONSIDERATIONS

(2)LIQUIDITY AND GOING CONCERN CONSIDERATIONS

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. However, for the reasons described below, Company management does not believe that cash on hand and cash flows generated internally by the Company will be adequate to fund its limited overhead and other cash requirements over the next twelve months. These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company (see Note 3). At June 30, 2020, the Company had a net working capital deficit of approximately $633,000. Such working capital deficit included accrued expenses of approximately $21,000, accounts payable of approximately $2,000 and approximately $619,000 in principal and accrued interest owed under the Promissory Note with Delfin.

The  recent coronavirus (COVID-19) pandemic and its impact  on debt and equity markets could also have a material adverse effect on our financial condition and ability to operate as a going concern.

MANAGEMENT’S PLANS

Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.

XML

DEBT

6 Months Ended

Jun. 30, 2020

DEBT

DEBT

(3)DEBT

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000 , in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand.

XML

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

(4)RELATED PARTY TRANSACTIONS

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. The Company expects continued funding from Delfin. Delfin anticipates extending additional capital at the end of August 2020. Related party interest expense associated with such debt totaling $22,103 and $14,428 has been recognized in our condensed statement of operations for the six months ended June 30, 2020 and 2019, respectively. See Note 3, “Debt,” for a more complete discussion of related party debt.

XML

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

(5)SUBSEQUENT EVENTS

The Company’s management evaluated subsequent events through the time of the filing of this report on Form 10‑Q. The Company’s management is not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on its financial statements.

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2020

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF THEGLOBE.COM

DESCRIPTION OF THEGLOBE.COM

theglobe.com, inc. (the “Company,” “theglobe,” “we” or “us”) was incorporated on May 1, 1995 and commenced operations on that date. Originally, we were an online community with registered members and users in the United States and abroad. On September 29, 2008, we consummated the sale of the business and substantially all of the assets of our subsidiary, Tralliance Corporation (“Tralliance”), to Tralliance Registry Management Company, LLC, an entity controlled by Michael S. Egan, our former Chairman and Chief Executive Officer. As a result of and on the effective date of the sale of our Tralliance business, which was our last remaining operating business, we became a “shell company,” as that term is defined in Rule 12b‑2 of the Exchange Act, with no material operations or assets.

On December 20, 2017, Delfin Midstream LLC (“Delfin”) entered into a Common Stock Purchase Agreement with certain of our stockholders for the purchase of a total of 312,825,952 shares of our Common Stock, par value $0.001 per share (“Common Stock”), representing approximately 70.9% of our Common Stock (the “Purchase Agreement”). On December 31, 2017 (the “Closing Date”), the former officers and directors, including Mr. Egan, resigned from their respective positions with the Company. William “Rusty” Nichols was appointed the sole member of our Board and our sole executive officer. Effective June 29, 2018, our Board of Directors (the Board) appointed Mr. Frederick Jones as President, Chief Executive Officer, Chief Financial Officer, and Director of the Company, and Mr. Nichols resigned from his positions of President, Chief Executive Officer, Chief Financial Officer, Director, and any other directorships, offices or other positions with the Company.

As a shell company, our operating expenses have consisted primarily of, and we expect them to continue to consist primarily of, customary public company expenses, including personnel, accounting, financial reporting, legal, audit and other related public company costs.

As of June 30, 2020, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act.

UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION

UNAUDITED INTERIM CONDENSED FINANCIAL INFORMATION

The unaudited interim condensed financial statements of the Company at June 30, 2020 and for the six months ended June 30, 2020 and 2019 included herein have been prepared in accordance with the instructions for Form 10‑Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements.

In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2020 and the results of its operations and its cash flows for the six months ended June 30, 2020 and 2019. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period.

USE OF ESTIMATES

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and assumptions relate primarily to estimates of accounts payable and accrued expenses.

NET INCOME PER SHARE

NET INCOME PER SHARE

The Company reports basic and diluted net income per common share in accordance with FASB ASC Topic 260, “Earnings Per Share.” Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). Common equivalent shares are excluded from the calculation if their effect is anti-dilutive. There were no potentially dilutive securities and common stock equivalents for the period ended June 30, 2020.

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

Management has determined that all recently issued accounting pronouncements will not have a material impact on the Company’s financial statements or do not apply to the Company’s operations.

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - $ / shares		6 Months Ended
	Dec. 20, 2017	Jun. 30, 2020	Dec. 31, 2019
Significant Accounting Policies
Entity Incorporation, Date of Incorporation		May 01, 1995
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Potentially dilutive securities		0
Delfin Midstream LLC- [Member]
Significant Accounting Policies
Purchase of Shares of Common Stock	312,825,952
Common stock, par value (in dollars per share)	$ 0.001
Percentage of Common Stock	70.90%

XML

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
LIQUIDITY AND GOING CONCERN CONSIDERATIONS.
Working Capital Deficit, Net	$ 633,000
Accrued Expenses And Other Current Liability	21,369	$ 24,000
Accounts Payable, Current	2,000	$ 9,078
Revolving Credit Facility, Principal and Accrued Interest	$ 619,000

XML

DEBT (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Nov. 30, 2019	Jun. 30, 2019	Nov. 30, 2018	May 31, 2018	Mar. 31, 2018
Short-term Debt
Notes Payable, Related Parties, Current	$ 554,100	$ 554,100		$ 465,000	$ 350,000	$ 150,000
Delfin Midstream LLC- [Member]
Short-term Debt
Notes Payable, Related Parties, Current			$ 554,100	$ 465,000	$ 350,000	$ 150,000
Promissory Notes [Member] | Delfin Midstream LLC- [Member]
Short-term Debt
Accounts Payable, Interest-bearing, Interest Rate							8.00%

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Nov. 30, 2019	Nov. 30, 2018	May 31, 2018
RELATED PARTY TRANSACTIONS
Notes Payable, Related Parties, Current	$ 554,100	$ 465,000	$ 554,100	$ 465,000	$ 554,100		$ 350,000	$ 150,000
Line of Credit Facility, Maximum Borrowing Capacity						$ 554,100
Related party interest expense	$ 11,051	$ 7,687	$ 22,103	$ 14,428