0001091818-17-000033.txt : 20170310 0001091818-17-000033.hdr.sgml : 20170310 20170310094548 ACCESSION NUMBER: 0001091818-17-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 33 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20170310 DATE AS OF CHANGE: 20170310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bravo Multinational Inc. CENTRAL INDEX KEY: 0001444839 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 900350814 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53505 FILM NUMBER: 17680437 BUSINESS ADDRESS: STREET 1: 590 YORK ROAD, UNIT 3 CITY: NIAGARA ON THE LAKE STATE: A6 ZIP: L0S 1J0 BUSINESS PHONE: 716- 803-0621 MAIL ADDRESS: STREET 1: 590 YORK ROAD, UNIT 3 CITY: NIAGARA ON THE LAKE STATE: A6 ZIP: L0S 1J0 FORMER COMPANY: FORMER CONFORMED NAME: GoldLand Holdings Corp. DATE OF NAME CHANGE: 20101019 FORMER COMPANY: FORMER CONFORMED NAME: GoldCorp Holdings Corp. DATE OF NAME CHANGE: 20090508 FORMER COMPANY: FORMER CONFORMED NAME: GoldCorp Holding Co. DATE OF NAME CHANGE: 20080910 10-Q 1 brvo0228201710qsept2016.htm QTR. REPORT ENDED SEPT 2016

U.S. 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 September 30, 2016

[  ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

Commission File No. 000-33053

_____________________________________

BRAVO MULTINATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of

incorporation or organization)

26-1266967    

(I.R.S. Employer Identification Number)

 

 

590 York Road, Unit 3, Niagara on the Lake, Ontario, Canada L0S 1J0

(Address of principal executive offices)

 

(716) 803-0621

(registrant’s telephone number, including area code)

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 requirement for the past 90 days.  Yes [ ] No [ X ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [   ]  No [  ]

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

Large accelerated filer [  ]

Accelerated filer [  ]

Non-accelerated filer [  ]

Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12(b)-2 of the Exchange Act).  Yes [  ]  No [ X ]

The number of shares of the issuer’s common stock, par value $.001 per share, outstanding as of March 10, 2016 was approximately 258,389,888.



-1-



TABLE OF CONTENTS

PART I

 

 

Item 1.

Condensed Financial Statements

3

 

Unaudited Consolidated Balance Sheets at September 30, 2016 and December 31, 2015

4

 

Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2016 and 2015

5

 

Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended  September 30, 2016 and 2015

6

 

Unaudited Consolidated Statements of changes in Equity for Nine Months Ended

7

 

Notes to Unaudited Consolidated Financial Statements 

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

11

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

18

Item 4.

Controls and Procedures

18

Item 4(T).

Controls and Procedures

19

PART II

  

Item 1.

Legal Proceedings

20

Item 1A.

Risk Factors

20

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 3.

Defaults Upon Senior Securities

25

Item 4.

Mining Safety Disclosures

25

Item 5.

Other Information

26

Item 6.

Exhibits

29

 

Signatures

30



-2-



PART I – FINANCIAL INFORMATION

Item 1.- Financial Statements.


BRAVO MULTINATIONAL INCORPORATED

Niagara On The Lake, Ontario, Canada



FINANCIAL REPORTS

AT

SEPTEMBER 30, 2016

 




-3-


Bravo Multinational Incorporated

Niagara On The Lake, Ontario, Canada

CONSOLIDATED BALANCE SHEETS

 

September 30,

 

December 31,

 

 2016

 

 2015

 

(Unaudited)

 

(Audited)

    

ASSETS

   

Current Assets

   

Cash and Cash Equivalents

 $           6,659

 $           2,563

Inventory - Gaming Machines

          643,500

                  —

Prepaid Expenses

          367,173

 

          439,390

 

Total Current Assets

       1,017,332

          441,953

 

Property and Equipment - Net of Accumulated Depreciation

          220,584

          287,598

 

Investment - Bravo Gaming Corp

       1,250,000

 

                  —

 

Total Assets

 $     2,487,916

 

 $       729,551

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Liabilities

Accounts Payable and Accrued Expenses

 $       110,406

 $         44,200

Customer Deposits

            47,200

                  —

Deposit on Sale of Shares

            50,000

                  —

Equipment Loan Payable

          321,750

                  —

Notes Payable

            46,878

            54,201

Accrued Compensation

            40,000

            22,000

Directors Loans

            25,278

 

          158,498

 

Total Liabilities

          641,512

 

          278,899

 

Stockholders' Equity

Common Stock - $0.0001 Par; 1,000,000,000 Shares Authorized,  

         376,918,570 and 263,405,812 Issued and Outstanding, Respectively

            37,691

            26,340

Preferred Stock: 5,000,000 Shares Authorized,

         5,000,000 and 3,000,000 Issued and Outstanding, Respectively

                500

                300

Additional Paid-In-Capital

      27,259,197

      24,125,219

Accumulated Deficit

     (25,450,984)

 

     (23,701,207)

 

Total Stockholders' Equity

       1,846,404

 

          450,652

 

Total Liabilities and Stockholders' Equity

 $     2,487,916

 

 $       729,551

 


The accompanying notes are an integral part of these unaudited condensed financial statements.

 

-4-


 

Bravo Multinational Incorporated

Niagara On The Lake, Ontario, Canada

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

  

For the Three Months Ended

 

For the Nine Months Ended

  

September 30,

 

September 30,

 

 

2016

 

2015

 

2016

 

2015

         

Sales

 

 $               —

 $               —

 $         49,346

 $               —

  

Cost of Sales

 

                  —

 

                  —

 

           31,500

 

                  —

  

Gross Profit

 

                  —

 

                  —

 

           17,846

 

                  —

  

Expenses

 

Commissions

 

                  —

                  —

             6,650

                  —

Corporate Development

 

                  —

                  —

           81,666

                  —

Depreciation Expense

 

           22,574

           22,574

           67,722

           67,722

General and Administrative

 

           55,717

           28,011

          104,706

           49,334

Professional Fees

 

          131,382

           15,258

          856,505

          575,801

Salary

 

           21,000

          118,312

           63,000

          128,812

Stock Compensation Expense

 

          370,967

 

          146,600

 

          569,091

 

          512,839

  

Total Expenses

 

          601,640

 

          330,755

 

       1,749,340

 

       1,334,508

  

Loss from Operations

 

         (601,640)

         (330,755)

      (1,731,494)

      (1,334,508)

  

Interest Expense

 

           16,566

 

             5,388

 

           18,283

 

             8,305

  

Net Loss for the Period

 

 $      (618,206)

 

 $      (336,143)

 

 $   (1,749,777)

 

 $   (1,342,813)

  

Weighted Average Number of Common Shares -

  Basic and Diluted

 

   371,530,315

   204,710,749

   314,766,630

   206,610,342

  

Net Loss for the Period Per Common Shares -

  Basic and Diluted

 

 $           (0.00)

 

 $           (0.00)

 

 $           (0.01)

 

 $           (0.01)

         

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

-5-



Bravo Multinational Incorporated

Niagara On The Lake, Ontario, Canada

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30,

 

2016

 

2015

 
      

Cash Flows from Operating Activities

     
      

Net Loss for the Period

 

 $      (1,749,777)

 $  (1,342,813)

 
  
 

Non-Cash Adjustments:

 
 

Depreciation Expense

 

              67,722

          67,722

 

Common Stock Issued in Exchange for Services

 

            660,056

         492,151

 

Common Stock Issued for Interest on Debt Conversion

 

              12,947

                 —

 

Common Stock Issued for Debt Conversion

 

                     —

         206,945

 

Common Stock Issued for Compensation

 

            268,924

         606,800

 

Common Stock Issued for Legal Award

 

                     —

            1,335

 

Common Stock Issued from Treasury

 

                     —

            4,000

 

Preferred Stock Issued for Services

 

            200,000

               300

 

Changes in Assets and Liabilities:

 
 

Prepaid Expenses

 

              89,217

            1,884

 

Inventory - Gaming Machines

 

              31,500

                 —

 

Due to Related Party

 

                     —

            5,311

 

Accounts Payable and Accrued Expenses

 

            166,781

        (102,351)

 

Customer Deposits

 

              47,200

                 —

 

Deposit on Sale of Shares

 

              50,000

                 —

 

Accrued Compensation

 

              18,000

          35,000

 

Payroll Liabilities

 

                     —

 

           (3,737)

 
  
 

Net Cash Flows Used In Operating Activities

 

           (137,430)

 

         (27,453)

 
  
 

Cash Flows from Investing Activities

 
 

Acquisition of Fixed Assets

 

                  (707)

 

          11,645

 
  
 

Cash Flows from Financing Activities

 
 

Proceeds from Notes Payable

 

                   260

          10,701

 

Payment of Equipment Loan

 

             (15,750)

                 —

 

Director's Loans

 

            157,723

 

            1,643

 
  
 

Net Cash Flows Used In Financing Activities

 

            142,233

 

          12,344

 
  
 

Net Change in Cash and Cash Equivalents

 

                4,096

           (3,464)

 
  
 

Cash and Cash Equivalents - Beginning of Period

 

                2,563

 

            3,604

 
  
 

Cash and Cash Equivalents - End of Period

 

 $             6,659

 

 $            140

 
  
 
  
 

Cash Paid During the Period for:

 
 

Interest

 

 $                  —

 $              —

 

Income Taxes

 

 $                  —

 

 $              —

 
  
 
  
 

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Common Stock Issued for Services

 

 $          660,056

 $     492,151

 

Common Stock Exchanged for Debt Conversion

 

 $          311,473

 $     206,945

 

Common Stock Issued for Legal Award

 

 $                  —

 $         1,335

 

Common Stock Issued for Compensation

 

 $          268,924

 $     606,800

 

Preferred Stock Issued for Services

 

 $          200,000

 $            300

 

Common Stock Issued for Acquisition of Equipment

 

 $          337,500

 $              —

 

Loan Payable for Acquisition of Equipment

 

 $          337,500

 $              —

 
  
 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

-6-




Bravo Multinational Incorporated

Niagara On The Lake, Ontario, Canada

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2016

              
 

Common Stock

 

Preferred Stock

 

Additional

   

Total

 

$ .0001 Par

 

$ .0001 Par

 

Paid-In

 

Accumulated

 

Stockholders'

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Deficit

              

Balance - January 1, 2014

    142,749,669

 $  14,275

                   —

 $             —

 $    21,450,055

 $       (21,416,837)

 $               47,493

 

Common Stock Issued in Exchange for Services

      34,393,511

       3,439

                   —

                —

           515,789

                       —

                519,228

 

Common Stock Issued in Exchange for Compensation

      26,543,939

       2,654

                   —

                —

           686,474

                       —

                689,128

 

Common Stock Issued for Legal Award

           150,000

           15

                   —

                —

              1,320

                       —

                    1,335

 

Common Stock Issued from Treasury

           170,940

           17

                   —

                —

              3,983

                       —

                    4,000

 

Common Stock Issued for Loan Conversion

      11,092,928

       1,109

                   —

                —

           205,836

                       —

                206,945

 

Common Stock Issued for Corporate Development

      17,500,000

       1,750

                   —

                —

           488,250

                       —

                490,000

 

Common Stock Issued for Expense Reimbursement

           158,119

           16

                   —

                —

              3,627

                       —

                    3,643

 

Common Stock Issued for Consulting

        2,146,706

         215

                   —

                —

             46,035

                       —

                  46,250

 

Common Stock Issued for Contract Cancellations

      28,500,000

       2,850

                   —

                —

           723,850

                       —

                726,700

 

Preferred Stock Issued for Services

                   —

           —

        3,000,000

              300

                   —

                       —

                       300

 

Net Loss

                   —

 

           —

 

                   —

 

                —

 

                   —

 

           (2,284,370)

 

             (2,284,370)

 

Balance - January 1, 2015

    263,405,812

     26,340

        3,000,000

              300

      24,125,219

         (23,701,207)

                450,653

 

Common Stock Issued in Exchange for Accrued Expenses

        5,000,000

         500

                   —

                —

           100,075

                       —

                100,575

 

Common Stock Issued for Loan Conversions

      20,744,476

       2,074

                   —

                —

           309,399

                       —

                311,473

 

Common Stock Issued in Exchange for Compensation

      10,044,098

       1,004

                   —

                —

           267,920

                       —

                268,924

 

Common Stock Issued for Acquisition of Equipment

      12,500,000

       1,250

                   —

                —

           336,250

                       —

                337,500

 

Common Stock Issued for San Andreas Deal

        2,861,885

         286

                   —

                —

           371,759

                       —

                372,045

 

Common Stock Issued for Services

      12,362,299

       1,236

                   —

                —

           303,775

                       —

                305,011

 

Common Stock Issued for Acquisition of Nevada Gaming Corp

      50,000,000

       5,000

                   —

                —

        1,245,000

                       —

              1,250,000

 

Preferred Stock Issued for Services

                   —

           —

        2,000,000

              200

           199,800

                       —

                200,000

 

Net Loss  

                   —

 

           —

 

                   —

 

                —

 

                   —

 

           (1,749,777)

 

           (14,751,242)

 

Balance - September 30, 2016

    376,918,570

 

     37,691

 

        5,000,000

 

              500

 

      27,259,197

 

         (25,450,984)

 

           (11,155,060)

 
              

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

-7-





BRAVO MULTINATIONAL INCORPORATED

Niagara On The Lake, Ontario, Canada

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 – Organization & Description of Business

 

Bravo Multinational Corporation (the “Company,” “we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp.  On August 7, 2007, the company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated.  On March 22, 2016, the board of directors of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance with all regulatory requirements mandated by FINRA.  Further, as a result of the change of the company’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,” and the company’s CUSIP identifier be changed to a newly issued number.  FINRA granted its approval of the change of the company’s name on April 6, 2016.  As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO” and the CUSIP identifier was changed to 10568F109.

 

The Company filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

The Company owns land and lease claims on War Eagle Mountain in the state of Idaho.  The Company has entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015, so that SFMI could restructure is finances. The company has now determined that SFMI is unable to pay the lease and that any debt owing by SFMI to the company is not recoverable.

On September 19, 2013, our wholly-owned subsidiary entered into an asset purchase agreement to acquire certain gaming equipment from Universal Entertainment SAS, Ltd., a corporation formed under the laws of the Country of Colombia, for 17,450,535 shares of our common stock (post-split). Closing was conditioned on our completion of a 1 for 10 reverse stock split, among other things. The equipment includes approximately 67 video poker and slot machines; 8 blackjack and miscellaneous game tables and related furniture and equipment; roulette table and related furniture and equipment; bingo equipment and furniture; casino chips, bill acceptors, coin counter and related equipment; and miscellaneous office equipment, like chairs, tables, etc. We completed the reverse split in March 2014, and completed the purchase on March 6, 2014. Upon closing of the acquisition, we simultaneously leased the equipment to VOMBLOM & POMARE S.A., a company formed under the laws of Colombia, which provides for lease payments of $700,000 per year, payable $58,333 per month, and a term of five years with one five year renewal option. This lease was subsequently suspended. The company intends to re-lease the equipment in a new agreement.

 



-8-


BRAVO MULTINATIONAL INCORPORATED

Niagara On The Lake, Ontario, Canada

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 – Organization & Description of Business - continued

 On May 4th, 2016 the company entered into an agreement to purchase 500 gaming machines from Centro de Entretenimiento y Diversion Mombacho S.A., a Nicaraguan corporation. On May 6th, 2016 the transaction closed and an initial purchase of 150 gaming machines was completed, with the balance of machines to be purchased over approximately 18 months, prior to December 31, 2017. This initial purchase was paid for with the issuance of 12,500,000 million common restricted shares of the registrant and an open loan held by the seller in the amount of $337,500 at an annual rate of 3.5%. The company intends to re-sell this equipment individually and has contracted GameTouch LLC to oversee this retail program.    


NOTE 2 – Basis of Presentation

 

The condensed consolidated financial statements of Bravo Multinational Incorporated (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).  Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s Form 10-K and other reports filed with the SEC.

 

The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.  The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required for interim financial reporting purposes has been omitted.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of Bravo Multinational Incorporated, and its wholly owned subsidiary; Universal Entertainment SAS, Ltd., (the “Company”).  All significant inter-company balances have been eliminated in consolidation.

 

NOTE 3 – Summary of Significant Accounting Policies

 

                All significant accounting policies can be viewed on the Company’s annual report filed with the Securities and Exchange Commission.

 

NOTE 4 – Recently Issued Accounting Standards

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.


 



-9-


BRAVO MULTINATIONAL INCORPORATED

Niagara On The Lake, Ontario, Canada

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 5 – Going Concern 

 

The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reported recurring losses from operations.  As a result, there is an accumulated deficit of at September 30, 2016.

 

The Company has begun to generate income from its operation in Nicaragua and anticipates that this income may sufficiently support the ongoing operating expenses of the Company going forward.

 

While the Company is attempting to commence operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.  Management intends to raise additional funds by way of a public or private offering.  Management believes that the actions presently being taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues.

 

NOTE 6 –  Related Party Transactions

 

     None except as disclosed with Directors loans payable.

 

NOTE 7 –  Notes Payable

 

Notes Payable consists of $46,878 of unsecured notes and $25,278 due to directors and corporate advisors for unreimbursed expense at September 31, 2016. The notes to directors and officers are unsecured, non-interest bearing and are repayable only when the company has cash flow or available stock.


NOTE 8- Subsequent Events

Promissory Notes



 

Mr. Parliament is our chairman of the board of the directors, chief executive officer, president and a director. On October 3, 2016 Mr. Parliament returned 34,725,323 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $1,128,573.00.



 

Mr. Wolfe is our former Chief financial officer, principal accounting officer, and treasurer, who resigned due to personal reasons. On October 3, 2016 Mr. Wolfe returned 6,422,547 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $208,732.78.



 

Mr. Brooks is our vice president and a director. On October 3, 2016 Mr. Brooks returned 13,591,363 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $441,719.29.



 

Mr. Kaiser is our Interim CFO, secretary and corporate governance officer, and director. On October 3, 2016 Mr. Kaiser returned 3,050,329 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $99,135.69.



 

Mr. Kosta has a Consulting Agreement with Bravo Multinational Incorporated. On October 3 and 11, 2016 Mr Kosta returned 1,122,997 and 5,333,334 common shares to Bravo treasury for cancellation in exchange for convertible promissory notes with a face value of $36,497.40 and $160,000.

 



Recapitalization

 

The Board of Directors and the Shareholders have approved a recapitalization (reverse stock split) and the authorization of additional shares (the “Action”). As of the close of business on January 16, 2017, the record date for shares entitled to notice of and to sign written consents in connection with the recapitalization, there were 257,560,828 shares of our common stock and 5,000,000 shares of our preferred stock outstanding.  The Actions are expected to take place 20 days from the mailing of the Information Statement.


1.) Each three hundred shares of common stock outstanding will be converted into one share of common stock of the Company.

 

The Plan of Recapitalization provides for the mandatory exchange of shares from the current common stock to new common stock representing one-three hundredth (1/300th) of the previous number of shares held.


2.) The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:

 

Paul Parliament

Director

Douglas Brooks

Director

Richard Kaiser

Director


3.) The Articles of Incorporation will be amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. The common and preferred shares will have a par value of $.0001 per share. The preferred shares are blank check preferred and they may be issued with the preferences determined by the board of directors.

 

4.)Kappin Certified Public Accountants, will be approved to act as our outside auditors for our fiscal year ending December 31, 2016 and December 31, 2017.

 



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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

THE FOLLOWING DISCUSSION SHOULD BE READ TOGETHER WITH THE INFORMATION CONTAINED IN THE FINANCIAL STATEMENTS AND RELATED NOTES INCLUDED ELSEWHERE IN THIS REPORT ON FORM 10-Q.

The following discussion reflects our plan of operation.  This discussion should be read in conjunction with the financial statements which are included in this Report.  This discussion contains forward-looking statements, including statements regarding our expected financial position, business and financing plans.  These statements involve risks and uncertainties.  Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Report.

Unless the context otherwise suggests, “we,” “our,” “us,” and similar terms, as well as references to “Goldland Holdings,” all refer to Bravo Multinational Incorporated and its subsidiaries as of the date of this report.

Company Overview

We were originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989.  On April 23, 1996, our name was changed to Java Group, Inc., which tried and failed to start a chain of coffee bars.  On September 1, 2004, our name was changed to Consolidated General Corp., which tried to buy tier 2 and 3 professional sports teams, including the Vancouver Ravens lacrosse team and the San Diego Soccers soccer team.  On August 7, 2007, our name was changed to Goldcorp Holdings Co.  On October 15, 2010, our name was changed to GoldLand Holdings Co and on April 6, 2016 (effective date) our name was changed to Bravo Multinational Incorporated to better reflect the planned future activities of the company.

Former Business

Over the years, and prior to our entry into the business of the leasing of gaming equipment described below, we have been engaged in the business of leasing mining claims.  On September 14, 2007, we acquired an interest in 174.82 acres of land on War Eagle Mountain in Idaho from Bisell Investments Inc. and New Vision Financial Ltd., two of our then major stockholders, for a total of 90,000,000 shares of our common stock.  We acquired a 29.167% interest in these claims, respectively.  We also leased five placer claims on War Eagle Mountain from the U.S. Bureau of Land Management (the “BLM”), each of which covered approximately 20 acres, or approximately 100 acres in total.  Subsequently, as a result we allowed our BLM claims to laps.

eFor a complete discussion of the mining activities on our mining claims conducted by other parties, please see our previous Form 10-Ks, 10-Qs, and 8-Ks filed with the Commission.  However it should be noted that at no time was Bravo (Goldland Holdings) a mining operator.  As described above, Bravo owns and or maintains mining claims..  Since the mining operations of our lessee no longer have any relevance to our new business of the leasing of gaming equipment, we will only include financial information relating to revenues, expenses, and results of operations and other relevant information with respect to the former mining activities of our mining properties.

Current Business

We are currently engaged in the business of the leasing and selling of gaming equipment.  On September 19, 2013, Universal Equipment SAS, Inc., our wholly-owned subsidiary, entered into an asset purchase agreement to acquire certain gaming equipment from Universal Entertainment SAS, Ltd., a corporation formed under the laws of the Country of Colombia, for 17,450,535 shares of our common stock (post reverse-split on March 6, 2014).  The closing occurred on March 6, 2014.  The gaming equipment includes approximately 67 video poker and slot machines; eight blackjack and miscellaneous game tables, and related furniture and equipment; roulette table and related furniture and equipment; bingo equipment and furniture; casino chips, bill acceptors, coin counter and related equipment, and miscellaneous office equipment, like chairs and tables.

Upon closing of the acquisition of the gaming equipment, through our wholly owned subsidiary Universal Entertainment SAS, Inc. on March 6, 2014, we leased the gaming equipment to Vomblom & Pomare S.A., a company formed under the laws of the Country of Colombia, and controlled by Claudia Cifuentes Robles, pursuant to a lease agreement which provided for lease payments of $700,000 per year, payable in the amount of $58,333 per month, with a term of five years with one five year renewal option.  The gaming equipment was to be used primarily in the operation of a casino that is owned and operated by the lessee on San Andres Isla, Colombia.  However, some of the gaming equipment, such as video poker and slot machines, could have been placed in retail locations under agreements with the retail merchants to divide winnings from the machines.

The above referred to lease agreement was cancelled by Universal Equipment SAS, Inc., on June 18, 2015, due to non-payment of the lease payments.  We are now assessing new opportunities for the leasing of the gaming equipment. The company intends to re-lease the equipment in a new agreement.

 



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           On May 6, 2016 the company closed an agreement to purchase 500 gaming machines from Centro de Entretenimento y Diversion Mombacho S.A., a Nicaraguan corporation. The company then initiated a program to offer for retail sale individual gaming machines. The company has engaged GameTouch LLC to oversee the promotion and sale of this equipment.

During the current quarter, the majority of the company’s activities where used to defended a legal suit whereas the concentration as such minimized the effort on sales and marketing.

Risks Related to Our Gaming Equipment Operations

We are affected by the risks faced by foreign casino owners who we expect will be our future customers.  Our prospective gaming machine customers are engaged in economically sensitive and competitive businesses.  As a result, we will be indirectly affected by all the risks facing foreign casino owners, which are beyond our control.  Our results of operations will depend, in part, on the financial strength of our customers and our customers’ ability to compete effectively in the marketplace and manage their risks.  Many of these risks are discussed below.

Reductions in Consumer and Corporate Spending.  Consumer demand for hotel/casino resorts, trade shows and conventions, and for luxury amenities is particularly sensitive to downturns in the economy and the corresponding impact on discretionary spending on leisure activities.  Changes in discretionary consumer spending or corporate spending on conventions and business travel could be driven by many factors, such as perceived or actual general economic conditions; any further weaknesses in the job or housing market; additional credit market disruptions; high energy, fuel and food costs; the increased cost of travel; the potential for bank failures; perceived or actual disposable consumer income and wealth; fears of recession and changes in consumer confidence in the economy; or fears of war and future acts of terrorism.  These factors could reduce consumer and corporate demand for the luxury amenities and leisure activities of our customers, thus imposing additional limits on pricing and harming our operations.

Regulations Affecting Casinos.  Casinos are subject to extensive regulation and the cost of compliance or failure to comply with such regulations may have an adverse effect on their business, financial condition, results of operations or cash flows.  Casinos are required to obtain and maintain licenses from the jurisdictions in which they operate, and are subject to extensive background investigations and suitability standards.  In some cases, a casino license may be subject to revocation at any time by government officials.  There can be no assurance that our prospective casino customers will be able to obtain new licenses or renew any of their existing licenses, or that if such licenses are obtained, that such licenses will not be conditioned, suspended or revoked.  The loss, denial or non-renewal of any of their licenses could have a material adverse effect on their and our business, financial condition, results of operations or cash flows.

Casinos are Subject to Anti-Money Laundering Laws.  Our prospective casino customers will deal with significant amounts of cash in their operations and will be subject to various reporting and anti-money laundering regulations.  Any violation of anti-money laundering laws or regulations, or any accusations of money laundering or regulatory investigations into possible money laundering activities, by any of the properties, employees, or customers of our prospective casino customers could have a material adverse effect on their financial condition, results of operations or cash flows.

Travel Concerns.  Casinos are sensitive to the willingness of customers to travel.  Only a small amount of our potential casino customers’ business will be generated by local residents.  Most of their customers travel to reach their properties.  Acts of terrorism may severely disrupt domestic and international travel, which would result in a decrease in customer visits to our potential customers’ properties.  Regional conflicts could have a similar effect on domestic and international travel.  We cannot predict the extent to which disruptions in air or other forms of travel as a result of any further terrorist act, outbreak of hostilities or escalation of war would have on our potential casino customers’ financial condition, results of operations or cash flows.

 



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Win Rates.  Win rates for casinos gaming operations depend on a variety of factors, some beyond their control.  Consequently, the winnings of a casino’s gaming customers could exceed the casino’s winnings.  The gaming industry is characterized by an element of chance.  In addition to the element of chance, win rates are also affected by other factors, including the players’ skill and experience, the mix of games played the financial resources of the players, the spread of table limits, the volume of bets placed and the amount of time played.  Our potential casino customers’ gaming profits are expected to mainly derive from the difference between their casino winnings and the casino winnings of their gaming customers.  Since there is an inherent element of chance in the gaming industry, our potential casino customers will not have full control over their winnings or the winnings of their gaming customers.  If the winnings of their gaming customers exceed their winnings, they may record a loss from gaming operations, which could have a material adverse effect on their (and our) business, financial condition, results of operations and cash flows.

Fraud and Cheating Issues.  Casinos face the risk of fraud and cheating.  Our potential casino customers’ will most likely face attempts by some of their customers to commit fraud or cheat in order to increase winnings.  Acts of fraud or cheating could involve the use of counterfeit chips or other tactics, possibly in collusion with a casino’s employees.  Internal acts of cheating could also be conducted by employees through collusion with dealers, surveillance staff, floor managers or other casino or gaming area staff.  Failure to discover such acts or schemes in a timely manner could result in losses to our potential casino customers gaming operations.  In addition, negative publicity related to such schemes could have an adverse effect on our potential casino customers’ reputations, likely causing a material adverse effect on their (and our) business, financial condition, results of operations and cash flows.

Limited Markets.  Because we expect to be dependent primarily upon gaming operations in two markets, Central and South America, initially in Nicaragua and San Andres, Columbia, for all of our cash flow, we will be subject to greater risks than competitors with more casino customers or which operate in more markets.  We do not currently have any casino equipment leasing operations.  As a result, we do not have any current cash flow from operations.

Given that our operations are initially expected to be conducted only in Nicaragua and San Andres, Columbia, we will be subject to greater degrees of risk than competitors with more operating properties or that operate in more markets.  The risks to which we will have a greater degree of exposure will include the following:

·

Local economic and competitive conditions;

·

Inaccessibility due to inclement weather, road construction or closure of primary access routes;

·

Decline in air passenger traffic due to higher ticket costs or fears concerning air travel;

·

Changes in local and state governmental laws and regulations, including gaming laws and regulations;

·

Natural or man-made disasters, or outbreaks of infectious diseases;

·

A decline in the number of visitors to San Andres Isla, Columbia, where we expect to commence operations.

 



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Tax Laws and Regulations.  Changes in tax laws and regulations could impact our financial condition and results of operations.  We will be subject to taxation and regulation by various governmental agencies, primarily in Columbia, and other Central and South American countries, and the United States (federal, state and local levels).  From time to time, U.S. federal, state, local and foreign governments make substantive changes to tax rules and the application of these rules, which could result in higher taxes than would be incurred under existing tax law or interpretation.  In particular, governmental agencies may make changes that could reduce the profits that we can effectively realize from our non-U.S. operations.  Like most U.S. companies, our effective income tax rate will reflect the fact that income earned and reinvested outside the U.S. is taxed at local rates, which are often lower than U.S. tax rates.  If changes in tax laws and regulations were to significantly increase the tax rates on non-U.S. income, these changes could increase our income tax expense and liability, and therefore, could have an adverse effect on our effective income tax rate, financial condition and results of operations.

Financial Markets Financing Concerns.  Disruptions in the financial markets could have an adverse effect on our ability to raise additional financing.  To expand our casino equipment leasing business, we will need to finance the purchase of new casino equipment.  We currently do not have any arrangements to obtain debt or equity capital to finance new equipment purchases, and if we do not obtain such capital we may be unable to expand our anticipated operations.  Severe disruptions in the commercial credit markets in the recent past have resulted in a tightening of credit markets worldwide.  Liquidity in the global credit markets was severely contracted by these market disruptions, making it difficult and costly to obtain new lines of credit or to refinance existing debt.  The effect of these disruptions was widespread and difficult to quantify.  While economic conditions have recently improved, that trend may not continue and the extent of the current economic improvement is unknown.  Any future disruptions in the commercial credit markets may impact liquidity in the global credit market as greatly, or even more, than in recent years.

Our business and financing plan may be dependent upon completion of future financings.  If the credit environment worsens, it may be difficult to obtain any additional financing on acceptable terms, which could have an adverse effect on our ability to complete our planned projects, and as a consequence, our results of operations and business plans.  Should general economic conditions not improve, if we are unable to obtain sufficient funding or applicable government approvals such that completion of planned projects is not probable, or should management decide to abandon certain projects, all or a portion of our investment to date in our planned projects could be lost and would result in an impairment charge.

Currency Risks.  Our potential casino customers will be subject to currency risks.  Our gaming equipment lease provides for lease payments in U.S. dollars, while our lessees will conduct business in the currency of the country where the lessee is located.  Accordingly, our lessees’ ability to make lease payments will be subject to our lessees’ ability to convert the foreign currency into U.S. dollars.  As a result, our lessee’s ability to make lease payments will be subject to fluctuations in the exchange rate of the applicable foreign currency against the U.S. dollar, as well as local laws and regulations which may limit or impair a foreign person or entity’s ability to convert the subject foreign currency to U.S. dollars.

Our Legal Rights and Remedies are Uncertain in the Event of a Default by a Lessee.  In the event we are required to take any legal action under a lease of our casino equipment, such as to repossess our equipment, we would be required to do so in the courts, and under the laws, of the country where the equipment is located.  The legal systems of foreign countries may not allow for the repossession of equipment as quickly and as cost-effectively as in the U.S., with the result that we may face greater delays and expenses in exercising any rights under our leases.  Consequently, losses due to a default by a lessee may be greater than otherwise would be the case.

Conflict of Interest.  Paul Parliament, our chairman, president, chief executive officer, and director, has an indirect conflict of interest inasmuch as he has a private business relationship with Game Touch Technologies Inc., a company controlled by one of our consultants and current major stockholder, Julios Kosta, from whom Mr. Parliament purchased gaming equipment in 2014.

Competition

To the extent we expand leasing our casino equipment to more than one operator we will face competition from casino equipment suppliers, leasing affiliates of casino equipment suppliers, and independent leasing companies.  Most of our potential competitors may have far greater resources than we have and may have far greater experience in the casino industry than we possess.

 



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Markets and Major Customers

While all casinos need casino equipment, we define our market as casinos in Central and South America, which we believe is an underserved market.

Going Concern

As of September 30, 2016 the registrant had an accumulated deficit of $25,450,984

 During the three months ended September 30, 2016, the registrant increased net cash of $4,096 from operating activities.  These factors raise substantial doubt about the registrant’s ability to continue as a going concern.

While the registrant is attempting to commence operations and generate revenues, the registrant’s cash position may not be significant enough to support the registrant’s daily operations.  Management intends to raise additional funds by way of a public or private offering.  Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for the registrant to continue as a going concern.  While the registrant believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the registrant to continue as a going concern is dependent upon the registrant’s ability to further implement its business plan and generate revenues.

 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 COMPARED TO THE THREE MONTHS ENDED SEPTEMBE 30, 2015

 

Revenues

 

Revenues of -0- for the three months ended September 30, 2016 as compared to $-0- for the three months ended September 30, 2015.  

Cost of Revenues

 

Cost of revenues was $ -0- for the three months ended September 30, 2016 as compared to $-0- for the three months ended September 30, 2015

Operating Expenses

 

Operating expenses increased approximately 45% to $601,640 for the three months ended September 30, 2016 compared to $330,955 for the three months ended September 30, 2015.  For the three months ended September 31, 2016, General and Administrative expenses increased approximately 50% to $55,717 from $28,011 for the three months ended September 30, 2015 because of increased in travel, rent and expense reimbursements.  Professional Fees increased 761% to $131,382 for the three months ended September 30, 2016 compared to $15,258 for the three months ended September 30, 2015, increase associated with legal fees on management’s defense of a legal suit which was settled in favor of management.  Salary decreased 82% to $21,000 for the three months ended September 30, 2016 compared to $118,312 for three months ended September 30, 2015 because of staff size reductions and compensation paid- in -shares in lieu of cash.  Stock based compensation increased approximately 153% to $370,967 during the period in comparison to $146,600 for the three month ended September 30, 2015. These increases were based on shares issued for officers’ salaries and marketing fees.

Loss from Operations

 

The Company’s loss from operations increased to $618,206 during the three months ended September 30, 2016 as compared to $336,143 for the three months ended September 30, 2015. The primary reasons for the increase was an increase in professional fees, general and administrative fees and stock based compensation fees.

Net Loss

 

Net Loss per common share remained to $0.00 the three months ended September, 2016 and 2015, respectively.

 



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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2015

 

Revenues

 

Revenues from operations were $49,346 for the nine months ended September 30 2016 as compared to $-0- for the nine months ending September 30, 2015.

Cost of Revenues

 

Cost of revenues was $31,500 for the nine months ended September 30, 2016, as compared to $-0- for the nine months ended September 30, 2015.  

Operating Expenses

 

Operating expenses increased to $1,749,340 for the nine months ended September 30, 2016, compared to $1,334,508 for the nine months ended September 30, 2015.  Professional fee expenses increased to $856,505 for the nine months ended September 30, 2016 in comparison to $575,801 for the nine months ending September 30, 2015. This increase was mainly the results of legal expenses related to a legal suit, which the Company defended and which resulted in a settlement between the parties.  Salaries decreased to $63,000 for the nine months ended September 30, 2016 compared to $128,812 for nine month ended September 30, 2015, decrease due to smaller executive personnel and the acceptance of stock base compensation in lieu of cash.

Loss from Operations

 

The Company’s loss increased to $1,749,777 during the nine months ended September 30, 2016 as compared to a loss of $1,342.813 for the nine months ended September 30, 2015. The primary reason for the increase was the increases in stock based compensation, professional fees and general / administrative expenses as it relates to rents and travel expenses. 

Net Loss

 

Net loss per common share remained to ($0.01) for the nine months ended September 30, 2016 and 2015, respectively. The weighted average number of shares outstanding was 314,766,630 for the nine month period ended September 30, 2016 compared with 206,610,342 for the nine month period ended September 30, 2015.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Net cash used in operating activities was $137,430 for the nine months ended September 30 2016 compared to $27,453 for the nine months ended September 30, 2015. This increase cash used was mainly attributable to increases in non-cash adjustments and changes within the assets and liabilities.

Net cash provided by financing activities was $142,233 for the nine months ended September 30, 2016 compared to $12,344 for the nine months ended September 30, 2015. The increase was primarily due to cash infusions from director loans.

Our obligations are being met on a month-to-month basis as cash becomes available and believe present flow of cash will not be sufficient to meet current and future obligations.

 



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We have incurred losses since our inception and continue to require additional capital to fund operations and development. As such, our ability to pay our already incurred obligations is mostly dependent on the Company being able to have substantially increased revenues and raising substantial additional capital through the sale of its equity or debt securities. There can be no assurance that the Company will be successful in accomplishing any of the foregoing.

The costs to operate our current business are approximately $65,000 per month. In order for us to cover our monthly operating expenses, we would have to generate revenues of approximately $100,000 per month. Accordingly, in the absence of revenues, we will need to secure $65,000 in equity or debt capital and/or directors’ loans each month to cover overhead expenses. In order to remain in business for one year without any revenues we would need to secure $800,000, approximately.

 

Seasonality of Business

Because we intend to lease our gaming equipment pursuant to master leases, we do not expect that our revenues and earnings from our casino equipment line of business will be affected by seasonal factors.  However, casino lessees may be located in resort or vacation locations, which make their operations subject to seasonal fluctuations, which may affect our cash flows.

Impact of Inflation

We are affected by inflation along with the rest of the economy.  Specifically, our costs to operate a company whose shares are publicly traded.

Adequacy of Working Capital

We will apply great efforts to raise through equity or debt offerings what we feel is sufficient working capital for our intended business plan by various means. Our re-sale program of equipment in Nicaragua has begun and should generate income sufficient capital. We hope to generate sufficient capital to fund our business plan through investments in our securities, revenues from our operations, or borrowings. If we are not able to raise additional capital as described above, we would not be able to continue and our business may fail. As of the date of this report, we do not have any commitments for financing.

Our Financial Results May Be Affected by Factors Outside of Our Control

Our future operating results may vary significantly from quarter to quarter due to a variety of factors, many of which are outside our control.  Our anticipated expense levels are based, in part, on our estimates of future revenues and may vary from projections.  We may be unable to adjust spending rapidly enough to compensate for any unexpected revenues shortfall.  Accordingly, any significant shortfall in revenues in relation to our planned expenditures would materially and adversely affect our business, operating results, and financial condition.  Further, we believe that period-to-period comparisons of our operating results are not necessarily a meaningful indication of future performance.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.  Preparing financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses.  These estimates and assumptions are affected by management’s application of accounting policies.  Critical accounting policies include revenue recognition and impairment of long-lived assets.

We recognize revenue in accordance with Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements.”  Sales are recorded when products are shipped to customers.  Provisions for discounts and rebates to customers, estimated returns and allowances and other adjustments are provided for in the same period the related sales are recorded.

We evaluate our long-lived assets for financial impairment on a regular basis in accordance with Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” which evaluates the recoverability of long-lived assets not held for sale by measuring the carrying amount of the assets against the estimated discounted future cash flows associated with them.  At the time such evaluations indicate that the future discounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their fair values.

 



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Quantitative and Qualitative Disclosures About Market Risk

We conduct all of our transactions, including those with foreign suppliers and customers, in U.S. dollars.  We are therefore not directly subject to the risks of foreign currency fluctuations and do not hedge or otherwise deal in currency instruments in an attempt to minimize such risks.  Demand from foreign customers and the ability or willingness of foreign suppliers to perform their obligations to us may be affected by the relative change in value of such customer or supplier’s domestic currency to the value of the U.S. dollar.  Furthermore, changes in the relative value of the U.S. dollar may change the price of our products relative to the prices of our foreign competitors.

Stock-Based Compensation

We recognize compensation cost for stock-based awards based on the estimated fair value of the award on date of grant.  We measure compensation cost at the grant date based on the fair value of the award and recognize compensation cost upon the probable attainment of a specified performance condition or over a service period.

Recently Issued Accounting Pronouncements

In June 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The update removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. In addition, the update adds an example disclosure in Risks and Uncertainties (Topic 275) to illustrate one way that an entity that has not begun planned principal operations could provide information about the risks and uncertainties related to the company’s current activities. Furthermore, the update removes an exception provided to development stage entities in Consolidations (Topic 810) for determining whether an entity is a variable interest entity-which may change the consolidation analysis, consolidation decision, and disclosure requirements for a company that has an interest in a company in the development stage.  The update is effective for the annual reporting periods beginning after December 15, 2014, including interim periods therein.  Early application with the first annual reporting period or interim period for which the entity’s financial statements have not yet been issued (Public business entities) or made available for issuance (other entities). The Company adopted this pronouncement for the nine months ended September 30, 2015.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

There has been no material change in our market risks since the end of the second quarter June 30, 2016

Item 4.

Controls and Procedures.

See Item 4(T) below.

 



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Item 4(T).

Controls and Procedures.

The term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act (15 U.S.C. 78a,  et seq.  ) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The term internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuer’s principal executive and principal financial officers, or persons performing similar functions, and effected by the issuer’s board of directors, management and other personnel, 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 and includes those policies and procedures that:

·

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;

·

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and

·

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.

Our management, including our chief executive officer and chief financial officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of inherent limitations in all control systems, internal control over financial reporting may not prevent or detect misstatements, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the registrant have been detected.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Evaluation of Disclosure and Controls and Procedures.  Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act, and for evaluating the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d -15(e)).  Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.  We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report.  The evaluation was undertaken in consultation with our accounting personnel.  Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective at March 31, 2016, due to the fact that there is no effective separation of duties, which include monitoring controls between management.  The controls were also evaluated for December 31, 2015 and there have not been any changes since then. We intend to hire additional employees when we obtain sufficient capital.

Changes in Internal Controls over Financial Reporting.  There were no changes in the internal controls over our financial reporting and other factors that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 



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PART II – OTHER INFORMATION

Item 1.

Legal Proceedings.

          On April 25, 2016, In the Court of Chancery of the State of Delaware, under C.A. No. 12255-VCG, styled Allan Breitkreuz and John Prosser II, Plaintiff v. Paul Parliament, Martin Wolfe, Douglas Brooks, and Bravo Multinational Corporation (sic), Defendants, an action was commenced by the plaintiffs against the defendants alleging that the defendants purported to take over the registrant.  The plaintiffs alleged that the defendants, in calling for a special meeting of the stockholders of the registrant, first violated Delaware law in purporting to remove the plaintiffs, both of whom had committed highly questionable acts detrimental to the registrant, and three other members of the registrant's board of directors, each of whom had caused serious harm to the registrant, and then, allegedly, the defendants purported to elect themselves as directors and officers of the registrant, even though Messrs. Parliament and Wolfe were already directors and officers of the registrant.  The allegations of the plaintiffs are wholly without merit, and are contrary to the registrant's certificate of incorporation and bylaws, as amended, as well as the Delaware General Corporation Law.  On June 24, 2016 the plaintiffs agreed to a Joint Stipulation of Dismissal, thereby the case was dismissed without prejudice and the court lifted the status quo order. The registrant is not engaged in any other material litigation at the present time, and management is unaware of any claims or complaints that could result in future litigation.

 Management will seek to minimize disputes with its customers but recognizes the inevitability of legal action in today’s business environment as an unfortunate price of conducting business.

Item 1A.

Risk Factors.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

       On the dates specified below, we have issued shares of our common stock and preferred stock to various parties:

- On March 11, 2016 we issued 649,351 shares of our common stock to KBM Worldwide Inc. per a loan agreement dated January 4, 2015 permitting a conversion of the loan to common shares. The shares were valued at $15,000.

- On March 30, 2016 we issued 1,972,316 shares of our common stock to Julios Kosta as per a consulting agreement dated October 1, 2015 for the period October 1, 2015 to February 29, 2016 The shares were valued at $62,500.

- On March 30, 2016 we issued 1,577,852 shares of our common stock to Jack Frydman as per a consulting agreement dated October 1, 2015 for the period October 1, 2015 to February 29, 2016. The shares were valued at $50,000.

 



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- On April 28th and June 30, 2016 we issued 1,882,052 and 629,409 shares of our common stock to Douglas Brooks as per his employment agreement for the pay period of the preceding 6 months and the preceding 2 months, with a value of $60,000 and $20,000.

- On April 28th and June 30, 2016 we issued 566,667 and 629,409 shares of our common stock to Jack Frydman as per his employment contract for the pay period of the preceding 2 months and the preceding 2 months, with a value of $20,000 and $20,000.

- On April 28th and June 30, 2016 we issued 708,333 and 786,762 shares of our common stock to Julios Kosta as per his employment contract for the pay periods of the preceding 2 months and the preceding 2 months, with a value of $25,000 and $25,000.

 

- On April 28th and June 30, 2016 we issued 729,334 and 409,116 shares of our common stock to Martin Wolfe as per his employment contract for the pay period of the preceding 6 months and the preceding 2 months, with a value of $30,666 and $13,000.

-On April 28th and June 30, 2016 we issued 729,334 and 409,116 shares of our common stock to Rich Kaiser as per his employment contract for the pay periods of the preceding 6 months and the preceding 2 months, with a value of $30,666 and $13,000.

- On April 28th and June 30, 2016 we issued 2,352,565 and 786,762 shares of our common stock to Paul Parliament as per his employment contract for the pay periods of the preceding 6 months and the preceding 2 months, with a value of $75,000 and $25,000.

- On May 5th, 2016 we issued 2,798,678 shares of our common stock to Julios Kosta in connection with the closing of an asset purchase contract, with a value of $75,564. *

- On May 5th, 2016 we issued 50,000,000 shares of our common stock to Bravo Gaming Corporation, a wholly owned subsidiary of Bravo Multinational Incorporated, with a value of  $1,250,000.

- On May 5th, 2016 we issued 1,500,000 shares of our common stock to Alfonso Castiglione in connection with the closing of an asset purchase contract, with a value of $40,500*.

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Lori Goldfinger in connection with the closing of an asset purchase contract, with a value of $27,000*.

 



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- On May 5th, 2016 we issued 1,059,322 shares of our common stock to Silvia Ibarra  in connection with the closing of an asset purchase contract, with a value of  $28,601*.

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Uri Igra in connection with the closing of an asset purchase contract, with a value of $27,000*.  

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Micheal Kosta in connection with the closing of an asset purchase contract, with a value of $27,000*.

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Lisa Kosta in connection with the closing of an asset purchase contract, with a value of $27,000*.

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Daryl Nisivoccia in connection with the closing of an asset purchase contract, with a value of $27,000*.

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to Olga Lopez Rojas in connection with the closing of an asset purchase contract, with a value of $27,000*.

- On May 5th, 2016 we issued 142,000 shares of our common stock to Andrew Vajda in connection with the closing of an asset purchase contract, with a value of $3,834.*

- On May 5th, 2016 we issued 1,000,000 shares of our common stock to David Ziruinikoff  in connection with the closing of an asset purchase contract, with a value of $27,000*.

- On May 5th, 2016 we issued 2,861,885 shares of our common stock to Claudia Cifuentas Robles in connection with the closing of an asset purchase contract, with a value of $372,045.

- On June 30th, 2016 we issued 594,533 shares of our common stock to Allen Simon as per his advisory agreement contract for the pay period of the preceding 8 months, with a value of $19,250.

- On July 5th and September 3rd, 2016 we issued 1,500,000 and 2,276,470 shares of our common stock to Jack Frydman as per his employment contract for the pay compensation, with a value of $39,000 and $45,500.**

- On July 12th and September 3rd, 2016 we issued 1,122,977 and 1,470,588 shares of our common stock to Julios Kosta for reimbursement of personally paid company expense and as per his employment contract for pay compensation, with a value of $23,583 and $25,000.

 



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- On July 20th and September 3rd, 2016 we issued 7,429,606 and 1,176,470 shares of our common stock to Douglas Brooks for Promissory Note conversion and as per his employment contract for pay compensation, with a value of $112,275 and $20,000.

- On July 20th and September 3rd, 2016 we issued 12,665,519 and 1,470,588 shares of our common stock to Paul Parliament for Promissory Note conversion and as per his employment contract for pay compensation, with a value of $191,614 and $25,000.

- On July 5th, 2016 we issued 2,000,000 shares of our common stock to Norman Reynolds for legal services rendered as invoiced, with a value of $52,000.  

- On August 1st, 2016 we issued 1,000,000 shares of our common stock to RedChip Companies Inc., for Pubic Relations services as per a contract, with a value of $17,000.

- On September 3rd, 2016 we issued 764,706 shares of our common stock to Rich Kaiser as per his employment contract for pay compensation, with a value of $13,000.

- On September 3rd, 2016 we issued 764,706 shares of our common stock to Martin Wolfe as per his employment contract for pay compensation, with a value of $13,000.**

- On September 3rd, 2016 we issued 294,118 shares of our common stock to Allen Simon as per his advisory contract for pay compensation, with a value of $5,000.

- On September 19th, 2016 we returned to treasury for cancellation 3,000,000 shares of our common stock issued to FMW Media Works Corp., with original issuance value of  $168,000.

*These issuances where in relationship to the asset purchase agreement on May 4, 2016, whereas the owner of such shares, Mr. Julios Kosta, directed Bravo's management to issue shares to these persons from his share position on his behalf.

** Subsequently, contracts cancelled (refer to Part II, Item 5).

 

Item 3.

Defaults Upon Senior Securities.

Not applicable.

Item 4.

Mine Safety Disclosures.

Not applicable.

 



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Item 5.

Other Information.

Results of Annual General Meeting Held September 29, 2016

On September 29, 2016, at the registrants Annual General meeting Paul Parliament and Douglas Brooks were reelected as directors of the registrant, and Richard Kaiser was elected as the third member of the Board of Directors of the registrant.  

The Registrant’s new director, Richard Kaiser, has been the registrant’s corporate secretary and corporate governance officer since March 24, 2015, and has served as Co-owner of Yes International since July 1991, a full service investor relations and venture capital firm. He has a Bachelor of Arts degree in International Economics from Oakland University.

Martin Wolfe did not seek reelection as a director and will remain as the registrants Chief Financial Officer.

The current officers of the Company as of September 29, 2016 will continue to serve until their successors in office have been duly elected and have been qualified, or until their terms of office have otherwise been terminated, as provided by the bylaws of the registrant:

  

 

 

Office

Name

Chairman of the Board, Chief Executive Officer, and President

 

Paul Parliament

 

 

Vice President

Douglas Brooks

 

 

Chief Financial Officer, Principal Accounting Officer, and Treasurer

 

Martin Wolfe

 

 

Secretary and Chief Governance Office

Richard Kaiser

 

The Registrant held its Annual Meeting of Stockholders on September 29, 2016 (the “Annual Meeting”).

 



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At the Annual Meeting, the registrant’s stockholders:

(i) elected the persons listed above to serve as directors for a term of one year expiring at the 2017 Annual Meeting of Stockholders and until their successors are duly elected and qualified;

(ii) ratified the amendment and restatement of our bylaws adopted by our directors and stockholders on September 25, 2015;

(iii) ratified the amendment and restatement of our certificate of incorporation adopted by our directors and stockholders on September 25, 2015, and filed with the Secretary of State of Delaware on September 25, 2015, and as submitted to our directors on July 20, 2016, for ratification by our stockholders;

(iv) ratified the Bravo Multinational Incorporated Employees, Officers, Directors, and Consultants Stock Plan for the Year 2016, adopted by our directors on March 18, 2016, and amended on March 21, 2016 and;

(v)  ratified the appointment of Independent Registered Public Accounting Firm Scrudato & Co. CPA, as the Company’s independent registered public accounting firm for the current fiscal year 

Voting was based on 1 vote for each share of Common Stock, no Preferred ‘A’ shares with voting rights were tallied at this Annual General Meeting. 376,300,924 Common Shares outstanding where qualified to vote as of the record date August 1, 2016, which 214,699,401 Common Shares voted or 57.05%. 96% of these voted shares ratified in favor of all five proxy proposals.

DEF 14 C FILED FEBRUARY 13, 2017

On February 13, 2017 The Company filed with the US SEC a DEF 14C- “INFORMATION STATEMENT to its shareholders of record as of January 16, 2016.  The Company pending regulatory approval will move forward with the following:

1.)Each three hundred shares of common stock outstanding will be converted into one share of common stock of the Company.

The Plan of Recapitalization provides for the mandatory exchange of shares from the current common stock to new common stock representing one-three hundredth (1/300th) of the previous number of shares held.

 



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2.) The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:

Paul Parliament

Director

Douglas Brooks

Director

Richard Kaiser

Director


3.) The Articles of Incorporation will be amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. The common and preferred shares will have a par value of $.0001 per share. The preferred shares are blank check preferred and they may be issued with the preferences determined by the board of directors.

4.) Kappin Certified Public Accountants, was approved to act as our outside auditors for our fiscal year ending December 31, 2016 and December 31, 2017.

Contract Cancellations, Contract Changes, and Officer Changes

Jack Frydman’s consulting agreement was cancelled January 6, 2017, and no further compensation was given to him since September 1, 2016 and Mr. Frydman agreed to the cancellation of his contract.

Mr. Martin Wolfe resigned as the Company's CFO and Treasurer, effective February 28, 2017.

Mr. Richard Kaiser was appointed as Interim CFO, whereas Mr. Kaiser’s positions with Company are Secretary, Interim CFO and Director.

On January 6, 2017 the Company’s Investor Relation Firm RedChip, Inc. agreed to reduce it contract compensation amount from $5,000 to $2,500 per month for February, March and April, 2017.

The Company's head office rent has been extended to December 31, 2017 with a rent reduction from $1884 per month to $942 per month for the months of February to November, 2017

Promissory Notes



 

Mr. Parliament is our chairman of the board of the directors, chief executive officer, president and a director. On October 3, 2016 Mr. Parliament returned 34,725,323 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $1,128,573.00.

 



Mr. Wolfe is our former Chief financial officer, principal accounting officer, and treasurer, who resigned due to personal reasons. On October 3, 2016 Mr. Wolfe returned 6,422,547 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $208,732.78.



 

Mr. Brooks is our vice president and a director. On October 3, 2016 Mr. Brooks returned 13,591,363 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $441,719.29.



-28-


 

Mr. Kaiser is our Interim CFO, secretary and corporate governance officer, and director. On October 3, 2016 Mr. Kaiser returned 3,050,329 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $99,135.69.



 

Mr. Kosta has a Consulting Agreement with Bravo Multinational Incorporated. On October 3 and 11, 2016 Mr Kosta returned 1,122,997 and 5,333,334 common shares to Bravo treasury for cancellation in exchange for convertible promissory notes with a face value of $36,497.40 and $160,000.

 

Pending Machine Sales Contract



 

The Company signed gaming machine contracts during the quarter ended September 30, 2016 but had yet to close those transactions until subsequent months after the closing of this quarterly report. All closed sales will show as revenues in those months in which the contract transactions were finalized.

 

Item 6.

Exhibits.

Exhibit No.

Identification of Exhibit

31.1*

Certification of Chief Executive Officer of Bravo Multinational Corporation, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

 

31.2*

Certification Chief Financial Officer of Bravo Multinational Corporation, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

 

32.1*

Certification of Chief Executive Officer of Bravo Multinational Corporation, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002

.

32.2*

Certification of Chief Financial Officer of Bravo Multinational Corporation, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

 

101*

XBRL Exhibts

____________

*

Filed herewith.

 



-29-


SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRAVO MULTINATIONAL CORPORATION

Date: March 10, 2017

By /s/ Paul Parliament

    Paul Parliament, Chief Executive Officer and Chairman



By /s/Richard Kaiser


Richard Kaiser, Interim Chief Financial Officer, Secretary, and Director



 



-29-

EX-31.1 2 ex311.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF
CHIEF EXECUTIVE OFFICER

I, Paul Parliament, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Bravo Multinational, 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 report;

4.

The registrant’s other certifying officer(s) and I are 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 13-a-15(f) and 15d-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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal 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.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable 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 involved management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:  March 10, 2017

Bravo Multinational, Inc.  

By: /s/ Paul Parliament

       Paul Parliament

       Chief Executive Officer

EX-31.2 3 ex312.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF
CHIEF FINANCIAL OFFICER

I, Richard Kaiser, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Bravo Multinational, 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 report;

4.

The registrant’s other certifying officer(s) and I are 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 13-a-15(f) and 15d-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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal 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.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable 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 involved management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:  March 10, 2017

Bravo Multinational, Inc. 

By: /s /Richard Kaiser

       Richard Kaiser

       Interim Chief Financial Officer

EX-32.1 4 ex321.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying Quarterly Report on Form 10-Q of Bravo Multinational, Inc. (the "Company") for the quarter ending September 30, 2016, I, Paul Parliament, Chief Executive Officer of the Company hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.

Such Quarterly Report on Form 10-Q for the quarter ending September 30, 2016, 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 such Quarterly Report on Form 10-Q for the quarter ending September 30, 2016, fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated:  March 10, 2017

Bravo Multinational, Inc.

By: /s/ Paul Parliament

        Paul Parliament

EX-32.2 5 ex322.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350

 

In connection with the accompanying Quarterly Report on Form 10-Q of Bravo Multinational, Inc. (the "Company") for the quarter ending September 30, 2016, I, Richard Kaiser, Interim Chief Financial Officer of the Company hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.

Such Quarterly Report on Form 10-Q for the quarter ending September 30, 2016, 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 such Quarterly Report on Form 10-Q for the quarter ending September 30, 2016, fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: March 10, 2017

Bravo Multinational, Inc.  

 

By:  /s/Richard Kaiser

Richard Kaiser

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On April 23, 1996, the Company&#146;s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp. &#160;On August 7, 2007, the company&#146;s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co. 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The equipment includes approximately 67 video poker and slot machines; 8 blackjack and miscellaneous game tables and related furniture and equipment; roulette table and related furniture and equipment; bingo equipment and furniture; casino chips, bill acceptors, coin counter and related equipment; and miscellaneous office equipment, like chairs, tables, etc. We completed the reverse split in March 2014, and completed the purchase on March 6, 2014. Upon closing of the acquisition, we simultaneously leased the equipment to VOMBLOM &#38; POMARE S.A., a company formed under the laws of Colombia, which provides for lease payments of $700,000 per year, payable $58,333 per month, and a term of five years with one five year renewal option. This lease was subsequently suspended. 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These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company&#146;s Form 10-K and other reports filed with the SEC.</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt; padding-left: 48.25pt; font-size: 11pt; text-align: justify">The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. &#160;The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. 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Prior to the mailing of this Information Statement, certain shareholders who represent a majority of &#160;its outstanding voting shares, signed written consents approving each of the actions listed. As a result, the Actions have been approved and neither a meeting of its stockholders nor additional written consents are necessary.&#160;They did not ask shareholders for a Proxy and Shareholders are requested not to send a Proxy. &#160;The Actions was to be effective 20 days from the mailing of an Information Statement, which was expected to take place on or around February 13, 2017, and such Actions will result in the following:</p> <p style="margin: 0pt"><br /></p> <p style="line-height: 13pt; margin: 0pt; text-indent: 56pt; font-size: 11pt">1.) 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[Member] Class of Stock [Axis] Subsequent Event Type [Axis] Subsequent Event [Member] Related Party Transaction [Axis] Mr. Parliament [Member] Mr. Wolfe [Member] Mr. Kaiser [Member] Mr. Kosta [Member] Paul Parliament [Member] Mr. Brooks [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash and Cash Equivalents Inventory - Gaming Machines Prepaid expenses Total current assets Property and Equipment - Net of Accumulated Depreciation Investment - Bravo Gaming Corp Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts Payable and Accrued Expenses Customer Deposits Deposit on Sale of Shares Equipment Loan Payable Notes payable Accrued compensation Directors loans Total liabilities Stockholders' Equity Common Stock - 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Gaming Machines Due to Related Party Accounts Payable and Accrued Expenses Customer Deposits Deposit on Sale of Shares Accrued Compensation Payroll Liabilities Net Cash Flows Used In Operating Activities Cash Flows from Investing Activities Acquisition of Fixed Assets Cash Flows from Financing Activities Proceeds from Notes Payable Payment of Equipment Loan Director's Loans Net Cash Flows Used In Financing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning of Period Cash and Cash Equivalents - End of Period Cash Paid During the Period for: Interest Income Taxes SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Common Stock Issued for Services Common Stock Exchanged for Debt Conversion Common Stock Issued for Legal Award Common Stock Issued for Compensation Common Stock Issued for Acquisition of Equipment Loan Payable for Acquisition of Equipment Statement [Table] Statement [Line Items] Balance Balance, shares Common Stock Issued in Exchange for Services Common Stock Issued in Exchange for Services, shares Common Stock Issued in Exchange for Compensation Common Stock Issued in Exchange for Compensation, shares Common Stock Issued for Legal Award Common Stock Issued for Legal Award, shares Common Stock Issued from Treasury Common Stock Issued from Treasury, share Common Stock Issued in Exchange for Accrued Expenses Common Stock Issued in Exchange for Accrued Expenses, shares Common Stock Issued for Loan Conversion Common Stock Issued for Loan Conversion, shares Common Stock Issued for Corporate Development Common Stock Issued for Expense Reimbursement Common Stock Issued for Expense Reimbursement, shares Common Stock Issued for Consulting Common Stock Issued for Consulting, shares Common Stock Issued for Contract Cancellations Common Stock Issued for Contract Cancellations, shares Common Stock Issued for Acquisition of Equipment Common Stock Issued for Acquisition of Equipment, shares Common Stock Issued for San Andreas Deal Common Stock Issued for San Andreas Deal, shares Common Stock Issued for Services Common Stock Issued for Services, shares Common Stock Issued for Acquisition of Nevada Gaming Corp Common Stock Issued for Acquisition of Nevada Gaming Corp, shares Preferred Stock Issued for Services Preferred Stock Issued for Services, shares Net loss Balance Balance, shares Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization & Description of Business Basis Of Presentation Basis of Presentation Accounting Policies [Abstract] Summary of Significant Accounting Policies Recently Issued Accounting Standards Recently Issued Accounting Standards GOING CONCERN [Abstract] Going Concern Related Party Transactions [Abstract] Related Party Transactions Debt Disclosure [Abstract] Notes Payable Subsequent Events [Abstract] Subsequent Events Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Line Items] AssetPurchaseAxis [Axis] Royalty percentage Issuance of common stock for purchase of gaming equipment, shares Debt instrument face amount Debt instrument interest rate percentage Annual lease payment Monthly lease payment Lease term Lease renewal term Unsecured notes Due to directors and corporate advisors for unreimbursed expense Subsequent Event [Table] Subsequent Event [Line Items] Related Party [Axis] Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory Common stock shares outstanding Preferred stock shares outstanding Number of shares converted Common stock outstanding converted Recapitalization Shares authorized Common stock Shares authorized Preferred stock Shares authorized Common stock par value Preferred stock par value Represents the information pertaining to Allan Breitkreuz. Bisell Investments, Inc. [Member] Bonus Claimed [Member]. Represents the information pertaining to Christian Quilliam. Represents the information pertaining to Denise Quilliam. Diamond Creek Mill, Inc. [Member] FMW Media Group, Inc. [Member]. Represents information pertaining to Game Touch, LLC, Claudia Cifuentes Robles and Julios Kosta. Fair value of stock issued as payment of a legal award. KBM Worldwide Inc. [Member] Represents the information pertaining to Lewis Georges. Represents the information pertaining to New Vision Financial, Ltd. Officers, Directors, and Consultants [Member]. Officers Directors And Significant Shareholders [Member] Annual operating lease payment to be received. Monthly operating lease payment to be received. Palmirs, Inc. [Member] Represents the information pertaining to Pascale Quilliam. Represents the information pertaining to Pascale Tutt. Represents the information pertaining to Paul Parliament. Percentage Of Royalty Fee. Represents the information pertaining to Q-Prompt, Inc. Silver Falcon Mining, Inc. [Member]. Two Shareholders Of The Seller [Member] Unpaid Consulting Fees And Travel Expense Allowances Claimed [Member]. Going Concern [Abstract]. Issuance of common stock for debt conversion. Shares issued for loan conversion, shares. Shares issued from Treasury, value. Stock issued from treasury shares, shares. Shares issued for consulting, value. Stock issued for consulting, shares. Douglas Brooks [Member] Martin Wolfe [Member] Richard Kaiser [Member] Deposit on sale of shares. Sales commission expense. Shares issued for San Andreas deal. Shares issued for San Andreas deal, shares. Asset Purchase [Axis] Universal Entertainment SAS Ltd [Member] Centro De Entretenimiento Diversion Mombacho [Member] Preferred shares issued for services. Fair value of stock issued as payment of convertible debt. Mr. Kosta [Member] Common stock outstanding converted. Shares authorized amended to increase. Description of recapitalization. Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares. Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory. Value of stock issued in lieu of cash for legal award contributed to the entity. Number of shares issued in lieu of cash for legal award contributed to the entity. Number of shares issued in lieu of cash for corporate development contributed to the entity. Value of stock issued in lieu of cash for corporate development contributed to the entity. Value of stock issued in lieu of cash for expense reimbursement contributed to the entity. Number of shares issued in lieu of cash for expense reimbursement contributed to the entity. Value of stock issued in lieu of cash for contract cancellations contributed to the entity. Number of shares issued in lieu of cash for contract cancellations contributed to the entity. Common Stock Issued in Exchange for Services. Common Stock Issued in Exchange for Services, shares. Common stock issued in exchange for accrued expenses. Common stock issued in exchange for accrued expenses shares. Brooks [Member] Common Stock Issued from Treasury. Increase (decrease) on sale of shares. Common Stock Issued for Legal Award. Common Stock Issued for Compensation. Common Stock Issued for Acquisition of Equipment. Loan Payable for Acquisition of Equipment. Proceeds from (payments for) fixed assets. Common Stock Issued for Loan Conversion. Common Stock Issued for Compensation. Cash and Cash Equivalents, at Carrying Value Assets, Current Assets Liabilities [Default Label] Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Increase (Decrease) in Prepaid Expense Increase (Decrease) in Inventories Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Customer Deposits IncreaseDecreaseOnSaleOfShares Increase (Decrease) in Accrued Salaries Net Cash Provided by (Used in) Operating Activities, Continuing Operations Repayments of Debt Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) CommonStockIssuedForLegalAward CommonStockIssuedForCompensation Shares, Outstanding CommonStockIssuedInExchangeForServices StockIssuedDuringPeriodValueIssuedForLegalAward StockIssuedFromTreasuryValue Stock Issued During Period, Value, Purchase of Assets Stock Issued During Period, Value, Issued for Services Stock Issued During Period, Value, Other Business Description and Basis of Presentation [Text Block] Description of New Accounting Pronouncements Not yet Adopted [Text Block] Debt Disclosure [Text Block] EX-101.PRE 11 brvo-20160930_pre.xml XML 12 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2016
Feb. 28, 2017
Document And Entity Information    
Entity Registrant Name Bravo Multinational Inc.  
Entity Central Index Key 0001444839  
Document Type 10-Q  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   258,389,888
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and Cash Equivalents $ 6,659 $ 2,563
Inventory - Gaming Machines 643,500
Prepaid expenses 367,173 439,390
Total current assets 1,017,332 441,953
Property and Equipment - Net of Accumulated Depreciation 220,584 287,598
Investment - Bravo Gaming Corp 1,250,000
Total Assets 2,487,916 729,551
Liabilities    
Accounts Payable and Accrued Expenses 110,406 44,200
Customer Deposits 47,200
Deposit on Sale of Shares 50,000
Equipment Loan Payable 321,750
Notes payable 46,878 54,201
Accrued compensation 40,000 22,000
Directors loans 25,278 158,498
Total liabilities 641,512 278,899
Stockholders' Equity    
Common Stock - $.001 Par; 1,000,000,000 Shares Authorized, 376,918,570 and 263,405,812 Issued and Outstanding, Respectively 37,691 26,340
Preferred Stock: 5,000,000 Shares Authorized, 5,000,000 and 3,000,000 Issued and Outstanding, Respectively 500 300
Additional Paid-In-Capital 27,259,197 24,125,219
Accumulated deficit (25,450,984) (23,701,207)
Total Stockholders' Equity 1,846,404 450,652
Total Liabilities and Stockholders' Equity $ 2,487,916 $ 729,551
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 376,918,570 263,405,812
Common stock, shares outstanding 376,918,570 263,405,812
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 5,000,000 3,000,000
Preferred stock, shares outstanding 5,000,000 3,000,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income:        
Sales $ 49,346
Cost of Sales 31,500
Gross Profit 17,846
Expenses        
Commissions 6,650
Corporate Development 81,666
Depreciation Expense 22,574 22,574 67,722 67,722
General and Administrative 55,717 28,011 104,706 49,334
Professional Fees 131,382 15,258 856,505 575,801
Salary 21,000 118,312 63,000 128,812
Stock compensation expense 370,967 146,600 569,091 512,839
Total Expenses 601,640 330,755 1,749,340 1,334,508
Loss from Operations (601,640) (330,755) (1,731,494) (1,334,508)
Interest Expense 16,566 5,388 18,283 8,305
Net Loss for the Period $ (618,206) $ (336,143) $ (1,749,777) $ (1,342,813)
Weighted Average Number of Common Shares - Basic and Diluted 371,530,315 204,710,749 314,766,630 206,610,342
Net loss per common share - basic and fully diluted $ (0.00) $ (0.00) $ (0.01) $ (0.01)
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net Loss for the Period $ (1,749,777) $ (1,342,813)
Non-Cash Adjustments:    
Depreciation Expense 67,722 67,722
Common Stock Issued in Exchange for Services 660,056 492,151
Common Stock Issued for Interest on Debt Conversion 12,947
Common Stock Issued for Debt Conversion 206,945
Common Stock Issued for Compensation 268,924 606,800
Common Stock Issued for Legal Award 1,335
Common Stock Issued from Treasury 4,000
Preferred Stock Issued for Services 200,000 300
Changes in Assets and Liabilities:    
Prepaid Expenses 89,217 1,884
Inventory - Gaming Machines 31,500
Due to Related Party 5,311
Accounts Payable and Accrued Expenses 166,781 (102,351)
Customer Deposits 47,200
Deposit on Sale of Shares 50,000
Accrued Compensation 18,000 35,000
Payroll Liabilities (3,737)
Net Cash Flows Used In Operating Activities (137,430) (27,453)
Cash Flows from Investing Activities    
Acquisition of Fixed Assets (707) 11,645
Cash Flows from Financing Activities    
Proceeds from Notes Payable 260 10,701
Payment of Equipment Loan (15,750)
Director's Loans 157,723 1,643
Net Cash Flows Used In Financing Activities 142,233 12,344
Net Change in Cash and Cash Equivalents 4,096 (3,464)
Cash and Cash Equivalents - Beginning of Period 2,563 3,604
Cash and Cash Equivalents - End of Period 6,659 140
Cash Paid During the Period for:    
Interest
Income Taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common Stock Issued for Services 660,056 492,151
Common Stock Exchanged for Debt Conversion 311,473 206,945
Common Stock Issued for Legal Award 1,335
Common Stock Issued for Compensation 268,924 606,800
Preferred Stock Issued for Services 200,000 300
Common Stock Issued for Acquisition of Equipment 337,500
Loan Payable for Acquisition of Equipment $ 337,500
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
Common Stock [Member]
Preferred Stock [Member]
Additional Paid in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2014 $ 14,275 $ 21,450,055 $ (21,416,837) $ 47,493
Balance, shares at Dec. 31, 2014 142,749,669      
Common Stock Issued in Exchange for Services $ 3,439 515,789 519,228
Common Stock Issued in Exchange for Services, shares 34,393,511      
Common Stock Issued in Exchange for Compensation $ 2,654 686,474 689,128
Common Stock Issued in Exchange for Compensation, shares 26,543,939      
Common Stock Issued for Legal Award $ 15 1,320 1,335
Common Stock Issued for Legal Award, shares 150,000      
Common Stock Issued from Treasury $ 17 3,983 4,000
Common Stock Issued from Treasury, share 170,940      
Common Stock Issued for Loan Conversion $ 1,109 205,836 206,945
Common Stock Issued for Loan Conversion, shares 11,092,928        
Common Stock Issued for Corporate Development $ 1,750 488,250   490,000
Common Stock Issued for Expense Reimbursement $ 16 3,627 3,643
Common Stock Issued for Expense Reimbursement, shares 158,119      
Common Stock Issued for Consulting $ 215 46,035 46,250
Common Stock Issued for Consulting, shares 2,146,706      
Common Stock Issued for Contract Cancellations $ 2,850 723,850 726,700
Common Stock Issued for Contract Cancellations, shares 28,500,000      
Preferred Stock Issued for Services $ 300 300
Preferred Stock Issued for Services, shares 3,000,000      
Net loss (2,284,370) (2,284,370)
Balance at Dec. 31, 2015 $ 26,340 $ 300 24,125,219 (23,701,207) 450,652
Balance, shares at Dec. 31, 2015 263,405,812 3,000,000      
Common Stock Issued in Exchange for Compensation $ 1,004 267,920 268,924
Common Stock Issued in Exchange for Compensation, shares 10,044,098      
Common Stock Issued in Exchange for Accrued Expenses $ 500 100,075 100,575
Common Stock Issued in Exchange for Accrued Expenses, shares 5,000,000      
Common Stock Issued for Loan Conversion $ 2,074 309,399 311,473
Common Stock Issued for Loan Conversion, shares 20,744,476        
Common Stock Issued for Acquisition of Equipment $ 1,250 336,250 337,500
Common Stock Issued for Acquisition of Equipment, shares 12,500,000      
Common Stock Issued for San Andreas Deal $ 286 371,759 372,045
Common Stock Issued for San Andreas Deal, shares 2,861,885      
Common Stock Issued for Services $ 1,236 303,775 305,011
Common Stock Issued for Services, shares 12,362,299      
Common Stock Issued for Acquisition of Nevada Gaming Corp $ 5,000 1,245,000 1,250,000
Common Stock Issued for Acquisition of Nevada Gaming Corp, shares 50,000,000      
Preferred Stock Issued for Services $ 200 199,800 200,000
Preferred Stock Issued for Services, shares 2,000,000      
Net loss (1,749,777) (1,749,777)
Balance at Sep. 30, 2016 $ 37,691 $ 500 $ 27,259,197 $ (25,450,984) $ 1,846,404
Balance, shares at Sep. 30, 2016 376,918,570 5,000,000      
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization & Description of Business
9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization & Description of Business

NOTE 1 – Organization & Description of Business

 

Bravo Multinational Corporation (the “Company,” “we” or “us”) was originally formed as Montrose Ventures, Inc. in the State of Delaware on May 25, 1989. On April 23, 1996, the Company’s name was changed to Java Group, Inc., and on September 1, 2004 the name was changed to Consolidated General Corp.  On August 7, 2007, the company’s name was changed to GoldCorp Holdings Co. On October 15, 2010, our name was changed to GoldLand Holdings Co. On April 6, 2016, we changed our corporate name to Bravo Multinational Incorporated.  On March 22, 2016, the board of directors of the company, pursuant to Section 242 of the Delaware General Corporation Law, determined it was in the best interests of the company that the name of the company should be changed to Bravo Multinational Incorporated, with such change of name to be effective upon compliance with all regulatory requirements mandated by FINRA.  Further, as a result of the change of the company’s name and upon satisfaction of all regulatory requirements, the trading symbol for the shares of the company’s common stock should be changed to “BRVO,” and the company’s CUSIP identifier be changed to a newly issued number.  FINRA granted its approval of the change of the company’s name on April 6, 2016.  As a result of the change of name of the company, the company’s trading symbol was changed to “BRVO” and the CUSIP identifier was changed to 10568F109.

 

The Company filed a Form 8-K with the SEC on April 7, 2016, announcing the change of name, trading symbol, and CUSIP identifier.

The Company owns land and lease claims on War Eagle Mountain in the state of Idaho.  The Company has entered into a lease agreement with Silver Falcon Mining, Inc. (SFMI) under which SFMI is entitled to mine the land and the Company is entitled to a 15% net royalty on all minerals extracted by SFMI from tailing piles on the premises or through shafts or adits located on the premises. The lease agreement was deferred for a two year period, 2014 and 2015, so that SFMI could restructure is finances. The company has now determined that SFMI is unable to pay the lease and that any debt owing by SFMI to the company is not recoverable.

On September 19, 2013, our wholly-owned subsidiary entered into an asset purchase agreement to acquire certain gaming equipment from Universal Entertainment SAS, Ltd., a corporation formed under the laws of the Country of Colombia, for 17,450,535 shares of our common stock (post-split). Closing was conditioned on our completion of a 1 for 10 reverse stock split, among other things. The equipment includes approximately 67 video poker and slot machines; 8 blackjack and miscellaneous game tables and related furniture and equipment; roulette table and related furniture and equipment; bingo equipment and furniture; casino chips, bill acceptors, coin counter and related equipment; and miscellaneous office equipment, like chairs, tables, etc. We completed the reverse split in March 2014, and completed the purchase on March 6, 2014. Upon closing of the acquisition, we simultaneously leased the equipment to VOMBLOM & POMARE S.A., a company formed under the laws of Colombia, which provides for lease payments of $700,000 per year, payable $58,333 per month, and a term of five years with one five year renewal option. This lease was subsequently suspended. The company intends to re-lease the equipment in a new agreement.

 On May 4th, 2016 the company entered into an agreement to purchase 500 gaming machines from Centro de Entretenimiento y Diversion Mombacho S.A., a Nicaraguan corporation. On May 6th, 2016 the transaction closed and an initial purchase of 150 gaming machines was completed, with the balance of machines to be purchased over approximately 18 months, prior to December 31, 2017. This initial purchase was paid for with the issuance of 12,500,000 million common restricted shares of the registrant and an open loan held by the seller in the amount of $337,500 at an annual rate of 3.5%. The company intends to re-sell this equipment individually and has contracted GameTouch LLC to oversee this retail program.   

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis of Presentation
9 Months Ended
Sep. 30, 2016
Basis Of Presentation  
Basis of Presentation

NOTE 2 – Basis of Presentation

 

The condensed consolidated financial statements of Bravo Multinational Incorporated (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).  Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s Form 10-K and other reports filed with the SEC.

 

The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.  The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required for interim financial reporting purposes has been omitted.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of Bravo Multinational Incorporated, and its wholly owned subsidiary; Universal Entertainment SAS, Ltd., (the “Company”).  All significant inter-company balances have been eliminated in consolidation.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 3 – Summary of Significant Accounting Policies

 

                All significant accounting policies can be viewed on the Company’s annual report filed with the Securities and Exchange Commission.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Recently Issued Accounting Standards
9 Months Ended
Sep. 30, 2016
Recently Issued Accounting Standards  
Recently Issued Accounting Standards

NOTE 4 – Recently Issued Accounting Standards

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Going Concern
9 Months Ended
Sep. 30, 2016
GOING CONCERN [Abstract]  
Going Concern

NOTE 5 – Going Concern 

 

The Company’s consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reported recurring losses from operations.  As a result, there is an accumulated deficit of at September 30, 2016.

 

The Company has begun to generate income from its operation in Nicaragua and anticipates that this income may sufficiently support the ongoing operating expenses of the Company going forward.

 

While the Company is attempting to commence operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.  Management intends to raise additional funds by way of a public or private offering.  Management believes that the actions presently being taken to further implement the Company’s business plan and generate revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 –  Related Party Transactions

 

     None except as disclosed with Directors loans payable.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Notes Payable
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Notes Payable

NOTE 7 –  Notes Payable

 

Notes Payable consists of $46,878 of unsecured notes and $25,278 due to directors and corporate advisors for unreimbursed expense at September 31, 2016. The notes to directors and officers are unsecured, non-interest bearing and are repayable only when the company has cash flow or available stock.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 8- Subsequent Events

Promissory Notes



 

Mr. Parliament is our chairman of the board of the directors, chief executive officer, president and a director. On October 3, 2016 Mr. Parliament returned 34,725,323 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $1,128,573.00.



 

Mr. Wolfe is our former Chief financial officer, principal accounting officer, and treasurer, who resigned due to personal reasons. On October 3, 2016 Mr. Wolfe returned 6,422,547 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $208,732.78.



 

Mr. Brooks is our vice president and a director. On October 3, 2016 Mr. Brooks returned 13,591,363 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $441,719.29.



 

Mr. Kaiser is our Interim CFO, secretary and corporate governance officer, and director. On October 3, 2016 Mr. Kaiser returned 3,050,329 common shares to Bravo treasury for cancellation in exchange for a convertible promissory note with a face value of $99,135.69.



 

Mr. Kosta has a Consulting Agreement with Bravo Multinational Incorporated. On October 3 and 11, 2016 Mr Kosta returned 1,122,997 and 5,333,334 common shares to Bravo treasury for cancellation in exchange for convertible promissory notes with a face value of $36,497.40 and $160,000.

 



Recapitalization

 

The Board of Directors has apporved a recapitalization (reverse stock split). As of the close of business on January 16, 2017, the record date for shares entitled to notice of and to sign written consents in connection with the recapitalization, there were 257,560,828 shares of its common stock and 5,000,000 shares of our preferred stock outstanding. Prior to the mailing of this Information Statement, certain shareholders who represent a majority of  its outstanding voting shares, signed written consents approving each of the actions listed. As a result, the Actions have been approved and neither a meeting of its stockholders nor additional written consents are necessary. They did not ask shareholders for a Proxy and Shareholders are requested not to send a Proxy.  The Actions was to be effective 20 days from the mailing of an Information Statement, which was expected to take place on or around February 13, 2017, and such Actions will result in the following:


1.) Each three hundred shares of common stock outstanding will be converted into one share of common stock of the Company.

 

The Plan of Recapitalization provides for the mandatory exchange of shares from the current common stock to new common stock representing one-three hundredth (1/300th) of the previous number of shares held.


2.) The following persons were elected to the board of directors to serve until the next annual meeting or until their replacement is elected:

 

Paul Parliament

Director

Douglas Brooks

Director

Richard Kaiser

Director


3.) The Articles of Incorporation will be amended to increase the authorized shares to 1,050,000,000, consisting of 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. The common and preferred shares will have a par value of $.0001 per share. The preferred shares are blank check preferred and they may be issued with the preferences determined by the board of directors.

 

4.)Kappin Certified Public Accountants, will be approved to act as our outside auditors for our fiscal year ending December 31, 2016 and December 31, 2017.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization & Description of Business (Details) - USD ($)
1 Months Ended 9 Months Ended
May 04, 2016
Jun. 30, 2014
Sep. 30, 2013
Sep. 30, 2016
Business Acquisition [Line Items]        
Royalty percentage       15.00%
Universal Entertainment SAS Ltd [Member]        
Business Acquisition [Line Items]        
Issuance of common stock for purchase of gaming equipment, shares     17,450,513  
Annual lease payment   $ 700,000    
Monthly lease payment   $ 58,333    
Lease term   5 years    
Lease renewal term   5 years    
Centro de Entretenimiento y Diversion Mombacho S.A. [Member]        
Business Acquisition [Line Items]        
Debt instrument face amount $ 337,500      
Debt instrument interest rate percentage 3.50%      
Centro de Entretenimiento y Diversion Mombacho S.A. [Member] | Common Stock [Member]        
Business Acquisition [Line Items]        
Issuance of common stock for purchase of gaming equipment, shares 12,500,000      
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Notes Payable (Details)
Sep. 30, 2016
USD ($)
Debt Disclosure [Abstract]  
Unsecured notes $ 46,878
Due to directors and corporate advisors for unreimbursed expense $ 25,278
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details) - USD ($)
1 Months Ended
Oct. 11, 2016
Oct. 03, 2016
Feb. 13, 2017
Jan. 16, 2017
Sep. 30, 2016
Dec. 31, 2015
Subsequent Event [Line Items]            
Common stock shares outstanding         376,918,570 263,405,812
Preferred stock shares outstanding         5,000,000 3,000,000
Common stock Shares authorized         1,000,000,000 1,000,000,000
Preferred stock Shares authorized         5,000,000 5,000,000
Common stock par value         $ 0.001 $ 0.001
Subsequent Event [Member]            
Subsequent Event [Line Items]            
Common stock shares outstanding       257,560,828    
Preferred stock shares outstanding       5,000,000    
Shares authorized     1,050,000,000      
Common stock Shares authorized     1,000,000,000      
Preferred stock Shares authorized     50,000,000      
Common stock par value     $ 0.0001      
Preferred stock par value     $ 0.0001      
Subsequent Event [Member] | Paul Parliament [Member]            
Subsequent Event [Line Items]            
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares   34,725,323        
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory   $ 1,128,573        
Number of shares converted     300      
Common stock outstanding converted     1      
Subsequent Event [Member] | Mr. Wolfe [Member]            
Subsequent Event [Line Items]            
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares   6,422,547        
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory   $ 208,732        
Subsequent Event [Member] | Mr. Brooks [Member]            
Subsequent Event [Line Items]            
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares   13,591,363        
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory   $ 441,719        
Subsequent Event [Member] | Mr. Kaiser [Member]            
Subsequent Event [Line Items]            
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares   3,050,329        
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory   $ 99,135        
Subsequent Event [Member] | Mr. Kosta [Member]            
Subsequent Event [Line Items]            
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory, shares 5,333,334 1,122,997        
Shares returned during period to Bravo treasury for cancellation in exchange for a convertible promissory $ 160,000 $ 36,497        
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